Gov. Culver: $1 Billion Shortfall Possible Next Year

Caption: Iowa Gov. Chet Culver delivers his annual condition of the state address before a joint session of the Iowa legislature, Tuesday, Jan. 13, 2009, at the Statehouse in Des Moines, Iowa. (AP Photo/Charlie Neibergall)

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By Nick Weig

Story Created: Oct 16, 2009 at 6:34 AM CDT

Story Updated: Oct 16, 2009 at 11:46 AM CDT

DES MOINES (AP) - Gov. Chet Culver says the state could face a budget shortfall of $1 billion in the next fiscal year. Culver told staff of The Des Moines Register on Thursday that he agreed with estimates by others that a shortfall in the budget year beginning July 1 could range from $750 million to $1.1 billion.
Culver says he hopes it's not worse.

He says the state should reconsider how it estimates state revenue so future projections are more accurate. The troubling budget news comes despite a 10 percent across-the-board budget cut that Culver has ordered for the current
fiscal year. That will total about $565 million in reductions. Culver blames the cuts on plunging tax revenues as Iowa muddles through an economic recession.

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