Greetings from Des Moines,

 This has been a very exciting week.  Several family members were here to witness my swearing in ceremony on Monday January 13^th.  My parents Sam & Juanita Sands, son & daughter-in-law Josh & Christi Sands, daughter Anna, were all able to join me on the floor of the house chambers.  My sisters Rita Garrett and Deb Paetz and her husband Jeff, niece Bobbi Jo, and nephews Amos Garrett & Dereck Halstead, all watched from the balcony.

The committee assignments have all been made and the committee meetings have started.  I am the Vice Chair of the Commerce, Regulation, and Labor Committee, and a member on the Ways & Means Committee and the Public Safety Committee.

I will be scheduling several Saturday afternoon sessions and they will be posted on my web site, www.sandsforstatehouse.com.  You may reach me while I am in Des Moines at 515-281-3221 or e-mail tom.sands@legis.state.ia.us. 

There is much to be done and the work has begun.  There is finally some good news regarding general fund revenue.  Through the first six months of FY 2003, revenue increased by $64 million, or 2.7 percent compared to FY 02.  The Revenue Estimating Conference (REC) estimate for FY 03 is $17.5 million, or 0.3 percent above FY 02.  The FY 03 budge was approved using the original REC estimate of $-55 million, or 1.1 percent below FY 02.  If the fiscal year ended today, the general fund would have a $120 million surplus.  Strong revenue growth in all areas helped drive the revenue increase in December.  Income tax estimate payments and withholding continued to run ahead of estimates.  For the first time this fiscal year, sales, use and corporate income tax also showed gains.  Sales tax receipts increased by $8.2 million, or 7.9 percent compared to December 2001.  Use tax receipts grew by $1.9 million, or 20.7 percent compared to last December.  Finally, corporate income tax receipts increased by $20.8 million, a 10.4 percent increase.

It still may be too early to say that the economy has turned around, but it does appear that general fund revenue bottomed out in FY 02 and will show at least some growth in FY 03 and FY 04.

The House Republicans will examine everything they do this session based on the following three questions:

1.      Does it foster the creation of wealth in Iowa?

2.      Does it improve student performance in Iowa?

3.      Does it put Iowa on a sound financial footing for the future?

 This will be all for this week.