Iowa State Sen. Herman Quirmbach has released the following statement in response to this afternoon’s meeting of the School Finance Formula Review Committee.
“The majority party’s priorities have created a disturbing structural deficit in our state’s budget,” Quirmbach (D-Ames) said. “The twin threats of declining revenues and rapidly expanding private school voucher spending create a clear and present danger to the state’s long-term fiscal health. One-time funds will have to be used next year just to sustain current expenditures. That is not sustainable long term.”
As Gov. Reynolds herself admitted, “Our tax cuts … are driving the reduction of state revenue.” Revenues are forecast to fall by more than $1 billion from FY 2024 to FY 2026 while vouchers next year will expand to subsidize families making hundreds of thousands of dollars. The added cost will exceed $100 million.
“As the income eligibility cap goes away and we prepare to siphon off further hundreds of millions of dollars to subsidize private schools and wealthy families, Republican lawmakers simply cannot look at our budget situation and determine it to be fiscally sustainable,” Quirmbach said. “The majority party has starved public education in favor of its misguided priorities for far too long. It’s time to recognize that public dollars are for public schools.”
Sen. Quirmbach is the Ranking Democrat on the Senate Education Committee.