Governor Vilsack, IA Values FunTHOMAS J. VlLSACK
GOVERNOR
OFFICE OF THE GOVERNOR
SALLY J. PEDErSON
LT. GOVERNOR
June 19, 2003
Michael C. Van Milligen
City Manager
City of Dubuque
50 West 13th Street
Dubuque, Iowa 52001-4864
Dear Michael:
Thank you for your letter regarding the Iowa Values Fund legislation and the Republican proposals for tax
and regulatory changes.
On Thursday, June 19th, I took action on House File 683 and House File 692, creating the Iowa Values
Fund, winch I had called for in my Condition of the State address. I decided to take action on the bills to put Iowa
on the path to a transformed economy that will mean better paying jobs for Iowans, and a brighter, more prosperous
future for our state.
At the same time, I used my authority granted by the Iowa Constitution to line-item-veto unacceptable
portions of these bills, which were fiscally irresponsible, harmful to workers, dangerous to consumers, and unduly
burdensome on state government. I also used the line item-veto to provide common sense tax relief by continuing
the phase-out of sales tax on residanfial utilities and providing every Iowan tax relief.
The Iowa Values Fund will create more than 50,000 quality, good paying jobs over the next four yeers.
These jobs will help better support families, attract more college-experienced workers to our workforce, and
generate revenue for the State. These new jobs and the new resources generated from them will increase support for
education, health care, public safety, and environmental protection.
The Iowa Values Fund will be invested in a targeted manner by a board of directors comprised of leading
Iowans in the fields of agriculture, business, education, government, and labor. This effort will support the life
sciences, modernize manufacturing, and expand financial services, insurance, and information solutions
opportunities.
Our state has been impacted by the national downturn in the economy. While other states are straggling
with multi-billion dollar budget deficits, raising taxes, and cutting essential services to their citizens, Iowa has
maintained a balanced budget and is in the position of being able to look ahead and invest in a better future. Iowans
should be very proud of their state.
Now is the time to focus on opportunities that will transform our economy and create hope for the future. I
intend to swiftly and aggressively implement the legislation signed into law today. I call upon you to join with me
to mmsform this economy, support our values, and make Iowa the best place in all the land to live, to work, and to
raise a family.
STATE CAPITOL
Thomas J. Vilsack
Governor
DES MOINES, IOWA 50319
FAX 515-281-6611