Governor: no special session needed for FY17

Governor: no special session needed for FY17

Department of Management Director Dave Roederer held a budget briefing for members of the media Wednesday morning.

Governor Kim Reynolds says a special session is not necessary. "This is also audited ever year by the auditor".

"That was reckless and we took our time and we monitored where the revenue stood and it was the right thing to do", Reynolds said during a stop in southwest Iowa on Wednesday.

"This has been a hard budget year, but I am pleased we were able to manage lower-than-expected revenues without cuts to education or Medicaid", Gov. Reynolds said.

Although the state budget was growing over the previous year, it was not growing almost as much as expected. That's on top of the almost $249 million in previous cuts and borrowing from reserves.

More news: Focusing the Lens in on KALYANI STEELS LTD. (KSL.BO) Shares

Price says former Governor Terry Branstad and Reynolds have drained "about half" of the billion dollars in the state's cash reserve and "rainy day" fund.

Reynolds said the state still will have another $605 million available in reserve funds. This is the final action on the FY 2017 budget, which ended June 30, 2017.

The budget officials said the fiscal 2017 budget was projected to grow by 2.7 percent but actually grew by 2.5 percent. That whittled the deficit for the last budgeting year to a level Reynolds had the authority to erase on her own, without legislative action. The candidates who hope to challenge Reynolds in 2018 as she seeks a full, four-year term as governor are lining up to question the state's finances.

The state of Iowa officially closes its financial books on Fiscal Year 2017 at the end of September.

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