DES MOINES, Iowa (AP) — Iowa State Auditor Mary Mosiman says state officials have done a good job with budgeting, keeping spending below revenues for seven consecutive years.
She gives the governor and legislators a B-plus grade for budgeting at her annual review of the fiscal year 2017 budget which begins in July 1 and ends next June 30.
Mosiman says state revenues are lower than they were but stable and reserve funds are filled to the legal limit of $738 million.
She says property tax reform and education spending bills passed in 2013 have eaten away at the surplus balance left at the end of the year and cautioned lawmakers to be careful about passing similar long-term financial commitments that grow in cost.
Low commodity prices have decreased farm income, curbing state tax revenue.
