Iowa’s Revenue Estimating Conference held their third, and final meeting of the fiscal year last week and it looks like more cuts are going to be needed in the state budget.

District 10 State Senator Jake Chapman says the March numbers resulted in a reduction of around $90 million in potential revenue for fiscal year 2015, along with another $20 million for fiscal year 2016.

“I continue to talk about the fact that we need to make sure we’re not spending more money than we’re taking in.  Unfortunately, with this down kick it looks like based on expenditures projected, we’re going to be outpacing our revenues by close to $200 million.  So that means we’ve got to look at ways we can cut back in the budget and tighten our belt.”

Chapman says now is the time the legislature needs to be looking at ways they can reduce expenditures in the state and make sure expenses are prioritized because they can’t continue to spend more money than they take in.