Revenue Estimating Conference adopts LSA FY26 estimate, sets FY28 growth at 2.9% and approves transfers

The Revenue Estimating Conference on March 12 adopted the Legislative Services Agency recommendation for fiscal year 2026 general fund estimates and approved a set of related fiscal decisions, including a 2.9% growth projection for fiscal year 2028 and transfers of gambling revenues and reserve interest to the Rebuild Iowa Infrastructure Fund.

Director Acton, who presented the conference with the economic and revenue outlook, said, "As of March 6, Iowa general fund revenues are down 8.2% for the year," and summarized national and state indicators behind the estimate. The chair emphasized the conference’s role in confirming that enacted FY26 appropriations can be met and noted the state’s cash position, saying, "The State has a $5,600,000,000 in cash on hand." Those presentations framed the votes that followed.

By voice vote, members accepted the LSA’s FY26 numbers. The chair restated the motion to adopt LSA’s recommendation for FY26; a conference member moved to accept the LSA numbers and Director Acton seconded. Members recorded aye and the motion carried unanimously.

Votes at a glance
- Adopt LSA FY26 general fund estimates — Motion: accept the LSA recommendation for FY26; Mover: Mister Plegge; Second: Director Acton; Tally: 3-0-0 (ayes); Outcome: adopted.
- Set FY28 growth projection at 2.9% — Motion: project growth for FY28 at 2.9%; Mover: Chair; Second: Mister Plegge; Tally: 3-0-0 (ayes); Outcome: adopted.
- Approve transfers of FY26/27 gambling revenues and interest to Rebuild Iowa Infrastructure Fund — Motion: adopt items on the sheet regarding transfers; Mover: not specified in transcript; Second: not specified; Tally: 3-0-0 (ayes); Outcome: adopted.

The conference conducted the votes by voice; roll-call tallies were not recorded in the transcript beyond unanimous ayes by the three participants. After the votes there was no further business and the chair adjourned the meeting.

The decisions set spending thresholds and revenue baselines staff will use for budget and policy work in the coming months. The conference did not specify next meeting dates during the session; attendees closed the meeting after the final vote.