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IA Auditor Warns of Spending Surplus
DES MOINES, Iowa (AP) -- The state auditor in her annual review of the state budget says Iowa's political leaders have improved spending practices but Iowa still spends more than it takes in and covers the difference by dipping into a budget surplus.
Auditor Mary Mosiman delivered a largely positive review of state budgeting Monday but points out that the state is spending $171 million more than it takes in and will cover the overspending by tapping into the its $746 million surplus.
The budget for fiscal year 2015 which began July 1 spends $1.02 for every dollar taken in from tax revenue.
Mosiman also warns lawmakers and the governor must carefully plan ahead since they've committed hundreds of millions of dollars to commercial property tax reform and education reform for the next several years.
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