House Republicans Release Budget Plans for Fiscal Year 2023
Today, House Republicans released their spending plan for the Fiscal Year 2023 state budget.
House Republicans are moving forward with a state budget of $8.2738 billion for the next fiscal year beginning July 1, 2022. The proposed budget is an increase of $148.9 million over the current year spending level of $8.1249 billion. This amount is an increase of 1.83 percent over Fiscal Year 2022.
The funding breakdown amongst the various budget subcommittees is:
The largest increase goes to the state’s local school districts, who receive an additional $159 million through the 2.5 percent increase in the state foundation formula, $5 per pupil increase for student funding equity, and funding school transportation assistance at the state-wide average.
The plan also includes a $20 million increase to the Justice Systems budget to continue House Republicans' commitment to supporting public safety and the Department of Corrections. Additional funds across various budget subcommittees will be used to address workforce shortage issues through training and childcare programs.
What appears to be a reduction in funding within the Administration and Regulation budget is the result of the federal government taking over costs to expand access to broadband. The proposed budget takes into account House Republicans' plan to cut taxes for all Iowans passed by the full chamber on February 16th.
"Iowa House Republicans have once again proposed a responsible funding plan for the state," said Representative Gary Mohr (R-Bettendorf), Chairman of the Appropriations Committee. "Thanks to the responsible budgeting practices we've implemented over the past decade, we are faced with a historic opportunity this session, to deliver tax relief for every Iowan and maintain our funding commitments to Iowans' priorities."
Speaker Pat Grassley (R-New Harford) expressed his support for the funding plan.
“Once again, we are delivering on the promises we have made to Iowans,” said Grassley. “This plan follows the same responsible budgeting principles Iowans have come to expect from House Republicans, while returning the overcollection of Iowans’ money back to the taxpayer. We’ve said from the beginning of session we would deliver a tax cut and budgeting plan that was sustainable and provided relief for all Iowans and that’s exactly what we’ve done.”
Budget subcommittees will finalize work on their individual budgets in the coming weeks.