March 29, 2024

Lawmakers agree to compromise budget topping $7 billion

DES MOINES (AP) — Under a compromise budget deal in the Legislature, the state will spend about $7.3 billion for the coming fiscal year, with some additional dollars coming to schools.

Lawmakers announced the terms of the tentative agreement Monday. The budget includes $7.17 billion in ongoing spending, plus another $125 million in one-time expenses. As it is structured, the Republican-led House maintains a pledge to limit ongoing spending, while the Democratic-controlled Senate gets some more money for key priorities like education.

Republicans say the one-time expenses will come out of the surplus dollars remaining at the end of the current budget year.

The plan includes new funding for state universities that lawmakers said should ensure a tuition freeze. And K-12 education will get new dollars through a combination of ongoing and one-time funds.