Budget panel makes no change to revenue estimate

A panel of Iowa budget experts has predicted Thursday that tax revenue is substantially the same as its estimate in December, which means lawmakers will not need to change the assumptions they're using for the state budget.

The Revenue Estimating Conference left its estimate of net state revenue - made up of taxes and other sources - at $6.68 billion for the current fiscal year which ends June 30.

For the 2015 fiscal year, which starts July 1, the group estimates revenue of $6.98 billion, a 4.5 percent increase over the current year.

The group says the Iowa economy is steady and gradually improving but lower corn and soybean prices have affected farm income which could ripple throughout the economy.

They advised caution for lawmakers working on the state budget.