Senate Republicans release target budget for FY 2024

DES MOINES, Iowa — Senate Republicans have released the overall budget target for fiscal year (FY) 2024.

In a press release sent out on Thursday, it stated that Senate Majority Leader Jack Whitver and Senate Appropriations Chair Tim Kraayenbrink released the plan to spend $8.486 billion in FY 2024.

“This budget target ensures the tax cuts implemented last year are sustainable,” said Sen. Whitver. “Iowa has increased funding for K-12 schools every year, it has an ongoing surplus, and incomes taxes are falling every year for Iowans, including the elimination of the tax on retirement income this year. "

The released budget is the same amount Gov. Reynolds released in her budget earlier this year, representing a 3.3% increase in state spending.

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Senate Appropriation Subcommittees will be working to create budgets funding priorities in the state to meet the target goal.