We have reached the end of the ninth week of the 2022 Regular Session of the 89th General Assembly. Monday, March 14th, will mark Session Day 64 of the scheduled 100-day session.
Inside the Capitol, it is beginning to feel like the pieces are coming together for them to complete the session on time (or perhaps even early) depending on what priorities they decide to throw overboard. With many legislators getting to know newly drawn districts and some legislators facing primary elections against fellow colleagues, you get the sense that legislators would like to wrap up the session and get home to their districts sooner rather than later.
Second Funnel
The Legislature will spend this week moving some bills through the second funnel, while many other bills will die for the year. Any policy bill that does not emerge from committee by Friday of this week will die for the year and need to be re-introduced in the next General Assembly.
Other than the Appropriations, Ways & Means, and Oversight Committees, the second funnel deadline also marks the end of the year for committee work. After this week, all legislative action now shifts to tax and spending bills and debating policy bills in the full chambers.
REC
The Revenue Estimating Conference (REC) met Thursday to revise budget projections for Iowa for Fiscal Year (FY) 2022 and 2023. You can view the one pager HERE or watch a recording of the meeting HERE. As expected, the REC’s FY 2022 was revised upward, in this case by $110.5 million over the December estimate. This estimate reflects an overall increase in FY 2022 revenues of $370.5 million, or 4.2%, over FY 2021.
This March REC estimate accounts for the tax relief bill recently enacted by the Governor and Legislature. The REC predicts that FY 2023 revenues, on the other hand, will actually fall by 0.2 percent or roughly $14.8 million over FY 2022.
Budget
Since the Legislature must use the lower of the December and March estimates, that means that work behind the scenes over the past several weeks to set a budget based on the December REC numbers can continue as planned. The House rolled out four budget bills on Thursday – Agriculture & Natural Resources, Judiciary, Justice, and Transportation.
Before they can lock down final versions of the projected ten budget bills, they’ll need to come to agreement on total overall numbers. Right now, the House and Senate stand an estimated $72 million apart. The House’s overall budget rings in at $8.2738 billion while the Senate would prefer to allocate $8.2107 billion.
Filing Deadlines
In addition to March 18th being the second funnel deadline, it is also the deadline for filing paperwork for the June primary. As such, we are monitoring dozens of announcements about legislative retirements, matchups, and new candidates.
We will have more on this later, but we anticipate this election will usher in the largest number of new Senate and House members we have seen in quite a long time. This means it’s a great time for you to get out there this summer and fall and meet your local candidates! Offer to knock on some doors and make a few phone calls!