Iowa State Sen. Janet Petersen has released the following statement regarding the final revenue numbers for FY2025.
“The books have officially closed on FY2025 and the numbers are even worse than anticipated,” Sen. Petersen (D-Des Moines) said. “With revenues down nearly $200 million since March’s REC estimates, the governor’s five-year projections are looking pretty rosy compared to the state’s fiscal reality.”
“The majority party is putting Iowa on a deficit spending road with no end in sight,” Sen. Petersen said. “We ended the legislative session knowing we already faced a $900+ million budget hole. Now that hole is growing as Iowa’s economy worsens and painful federal cuts come down the pike.”
“Republican lawmakers planned to spend more than we take in for at least the next five years,” Sen. Petersen said. “Our reserves won’t last forever. Just how much, or for how long, are they willing to deplete our reserves to cover their budget malpractice?”
Sen. Petersen is the Ranking Democrat on the Senate Appropriations Committee.