Iowa General Fund receipts, after the issuing of tax refunds, posted a minor increase for the month of June, said Jeff Robinson, a senior fiscal analyst for the Legislative Services Agency, in his monthly video memo. Net receipts for fiscal year 2016 increased a modest 1.6 percent, with gains in income tax withholding and sales and use tax offset by decreased corporate income tax and increased tax refunds issued. At 1.6 percent growth for the year, net revenue is currently below the expected 2.2 percent growth for the fiscal year. The final reconciliation for fiscal year 2016 will not be complete until the end of September.  

Watch the Video >>> | Read a breakdown