REC Estimates for Fiscal Year 2011

The Revenue Estimating Conference published their December predictions for fiscal year 2011 (July 2009 – June 2010). We know the margin of error for REC net revenue predictions for the following year 3.9%–higher than the ideal margin of error. REC revised, downward, their prediction to $5.403 billion in net revenues. Given their historical accuracy it […]

Accuracy of Iowa’s Revenue Estimating Conference

A lot of people have been paying attention to the Revenue Estimating Conference (REC) the last two years. By law, REC meets three times a year–March, October, and December–to forecast tax revenues for the next fiscal year (between July and June). The legislature and governor use the estimates to determine expenditures…