DES MOINES (AP) — A state panel predicted Friday that Iowa’s budget troubles will worsen, with 2009 revenues expected to be nearly $100 million less than previously forecast.

The Revenue Estimating Conference lowered its 2009 projection by $99.5 million. The panel cut the estimate for 2010 even more — by $132.6 million.

“It’s not good news,” said Charlie Krogmeir, the director of the Department of Management and head of the Revenue Estimating Conference. “But it shouldn’t be surprising news.”

All three members of the panel pegged a national economic slowdown as the primary cause of Iowa’s declining revenues. They said the state had done well to weather the country’s financial troubles over recent months, but that the size of the economy’s problems ensured that Iowans would feel an impact.

The new projection came just days after Gov. Chet Culver outlined $75 million in spending cuts, including the delay in construction of a state office building in Des Moines. After the committee met, Culver was quick to announce more cuts were coming.

In a statement, Culver said he would cut spending by an additional $60 million, which state officials said represents 1 percent of the state’s general fund revenues.

“As economic conditions have changed, my administration has neither overreacted nor under-reacted but has taken prudent steps to balance our strong fiscal management with the services Iowans need,” Culver said in the statement. “As governor, I will continue this approach, not only during this current fiscal year but as we head into what will likely be a very difficult budget year in 2010.”

Culver’s office expects to announce the cuts next week and said they would come from a combination of further spending reductions, transfers of unused money to the state’s general fund, and recommendations to the Legislature for additional de-appropriations — that is, not spending money already allocated.

On Tuesday, Culver asked the Legislature to withdraw $37 million in funding for a proposed new state office building to replace the aging Wallace Building. He also called for freezing current job vacancies and reducing overtime, limiting out-of-state travel, reducing the purchase of equipment and supplies and spending cuts by the Iowa Board of Regents, the judicial branch and the legislative branch.

While each member of the Revenue Estimating Conference forecast gloomy economic times, board member David Underwood, a private economist from Mason City, offered the most dreary prediction.

He said he was concerned that the panel had not gone far enough and that its estimates could be off by as much as $200 million.

“I don’t think anybody’s said we’ve hit bottom yet,” Underwood said. “We don’t know where the bottom is … so I am concerned.”

Panel member Holly Lyons, the head fiscal adviser to the Legislature, said Underwood’s projections might be right, but she went along with Krogmeir because she had not seen enough evidence to warrant such a massive cut in revenue projections.

“I’m pretty gloomy,” she said. “And I’m a bit nervous that we didn’t cut it enough. I guess we’ll see.”