State Finances

BOONE, Iowa---Republican Governor -Elect Terry Branstad says he'll keep his promise to support big tax cuts despite facing a budget shortfall of up to $700-million. Tax cuts at the state level will also have an impact locally. Boone City Administrator Luke Nelson this week told the City Council that tax issues being talked about by the State Legislature could have a $500,000 impact on the city. Nelson told the Council the General Fund portion of the budget would see a possible $340,000 loss of revenue. Over the past three years, the city has reduced General Fund expenditures by an estimated $500,000.