Fiscal year 2011 projected to end with nearly 50% larger surplus - KWWL - Eastern Iowa Breaking News, Weather, Closings

Fiscal year 2011 projected to end with nearly 50% larger surplus

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DES MOINES (KWWL) -- According to Governor Chet Culver's Office, state budget director Richard Oshlo says fiscal year 2011 will end with nearly a 50% larger budget surplus than originally projected. 

Oshlo says that FY 2011 is projected to end with a total budget surplus of $914.3 million, up from the original projection of $616.6 million.

Oshlo told Governor Culver in a that the new projection is based on the Revenue Estimating Conference's revised official projections of state revenues at its October 11, 2010 meeting and before consideration of any supplemental appropriations.

He said the State's FY 2011 General Fund budget's ending balance is estimated to increase from $182.6 million to $480.3 million, and the State's Reserve or Rainy Day Funds' ending balances will be $434.0 million in total.

Oshlo credits higher-than-expected state revenues due to an improving economy as the reason for the increased projection.

We have included a link to Mr. Oshlo's memo on the left side of the page.

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