State revenue

Three times a year the Revenue Estimating Conference estimates how much the General Fund will take in. Its December estimate caps the budget (the state can spend 99% of it). Here’s each year’s estimate, meeting by meeting, against what actually came in. How the limit works

$8.31B

net General Fund revenue, FY26 (actual)

$8.54B

FY27 estimate, Oct 2026

$8.83B

FY28 estimate, Oct 2026

Estimates over time

FY28 (July 2027 – June 2028)
Mar 2026: $8.72BOct 2026: $8.83B
FY27 (July 2026 – June 2027)
Mar 2025: $8.96BOct 2025: $8.39BDec 2025: $8.50BMar 2026: $8.47BOct 2026: $8.54B
FY26 (July 2025 – June 2026)
Mar 2024: $9.60BMar 2025: $8.51BOct 2025: $8.13BDec 2025: $8.16BMar 2026: $8.11BActual: $8.31B (-13.5% vs. the first estimate)
FY25 (July 2024 – June 2025)
Oct 2023: $9.58BDec 2023: $9.64BMar 2024: $9.70BMar 2025: $9.13BActual: $8.94B (-6.6% vs. the first estimate)
FY24 (July 2023 – June 2024)
Mar 2022: $8.96BOct 2022: $9.59BDec 2022: $9.63BMar 2023: $9.65BOct 2023: $9.75BDec 2023: $9.75BMar 2024: $9.63BActual: $9.76B (+8.9% vs. the first estimate)
FY23 (July 2022 – June 2023)
Dec 2021: $9.21BMar 2022: $9.16BOct 2022: $9.53BDec 2022: $9.62BMar 2023: $9.75BActual: $9.85B (+6.9% vs. the first estimate)
FY22 (July 2021 – June 2022)
Dec 2021: $9.06BMar 2022: $9.17BActual: $9.80B (+8.2% vs. the first estimate)
FY21 (July 2020 – June 2021)
Actual: $8.80B
FY20 (July 2019 – June 2020)
Actual: $7.93B
FY19 (July 2018 – June 2019)
Actual: $7.86B

By tax

	FY26 actual	FY27 est.	FY28 est.
Personal income Tax	$4.14B	$4.33B	$4.42B
Sales and use Tax	$4.50B	$4.65B	$4.82B
Corporate Income Tax	$651.3M	$686.1M	$710.1M
Total Tax Receipts	$9.75B	$10.02B	$10.34B
Net General Fund revenue	$8.31B	$8.54B	$8.83B

Net revenue is what’s left after refunds and the transfer for school infrastructure, plus lottery and other transfers. Latest report: October 16, 2026.

From the Iowa Department of Management’s Revenue Estimating Conference reports, December 2021 on.