Iowa's tax revenue is more than expected; +80M for 2012 and 2013 - KWWL - Eastern Iowa Breaking News, Weather, Closings

Iowa's tax revenue is more than expected; +80M for 2012 and 2013

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DES MOINES (KWWL) -

Iowa's tax revenue is expected to grow more than initially expected.

The Revenue Estimating Conference (REC) held its final meeting of the fiscal year at the statehouse Friday.

The REC increased its revenue estimate for fiscal year 2012 by $51 million more than they had initially had projected in December.

The committee anticipates a $29 million increase for the upcoming fiscal year.

That's $80 million more than was anticipated for the 2012 and 2013 fiscal years.

While the committee remains concerned about surging gas prices and a slow housing market, they are seeing steady job growth and an increase in sales.

"I think that the general consensus of the three of us is that we're optimistic about Iowa economy but we're cautiously optimistic and that they are still some factors out there that we need to be concerned about," Dave Roederer in Department of Management said.

The money can't be used on spending this legislative session. By law the governor must base his budget on the REC's December estimates.

Click here for a look at the numbers.

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