State budget
Revenue and spending
What Iowa’s General Fund takes in each year next to what it spends, and the savings behind it. The General Fund pays for most of state government: schools, Medicaid, universities, prisons. Where the money goes · Revenue estimates · Reserve funds · Tax changes
$8.54B
revenue, FY27 (estimate)$9.60B
spending, FY27 (est.)−$1.06B
more going out than coming in, FY271$1.52B
left over at the end of FY26 (est.)General Fund revenue and spending
Billions of dollars by fiscal year (July to June). Years not yet finished use the latest estimate or the enacted budget.2
SpendingRevenue
Show the numbers
| Year | Revenue | Spending | Difference |
|---|---|---|---|
| FY19 | $7.86B | $7.65B | +$213M |
| FY20 | $7.93B | $7.83B | +$98M |
| FY21 | $8.80B | $7.83B | +$974M |
| FY22 | $9.80B | $8.10B | +$1.70B |
| FY23 | $9.85B | $8.19B | +$1.66B |
| FY24 | $9.76B | $8.53B | +$1.22B |
| FY25 | $8.94B | $8.93B | +$13M |
| FY26 | $8.31B | $9.47B | −$1.17B |
| FY27 | $8.54B est. | $9.60B est. | −$1.06B |
| FY28 | $8.83B est. | – | – |
Year by year
| Year | Revenue | Change | Spending | Change |
|---|---|---|---|---|
| FY19 | $7.86B | – | $7.65B | – |
| FY20 | $7.93B | +0.9% | $7.83B | +2.4% |
| FY21 | $8.80B | +11.0% | $7.83B | −0.1% |
| FY22 | $9.80B | +11.4% | $8.10B | +3.5% |
| FY23 | $9.85B | +0.4% | $8.19B | +1.0% |
| FY24 | $9.76B | −0.9% | $8.53B | +4.2% |
| FY25 | $8.94B | −8.3% | $8.93B | +4.7% |
| FY26 | $8.31B | −7.1% | $9.47B | +6.1% |
| FY27 | $8.54B est. | +2.8% | $9.60B est. | +1.3% |
| FY28 | $8.83B est. | +3.4% | – | – |
Revenue fell after the income tax cuts phased in (see tax changes over time), while spending kept growing; the difference has been covered by the money left over from the high-revenue years.
Savings: reserve funds and the year-end balance
Billions of dollars at each year’s end.3
Year-end balanceReserve funds