Projecting the revenue streams is an issue.The deficit isn’t an actual debt. The $147 million figure is a projection of the sum total of future operating deficits to 2031 assuming revenue streams are generally static and after the House settlement player payment system kicks in.
Yes, they have to address by ceasing expensive capital projects like the renovation to the Hilton Center. However, I view the coverage on this as a warning shot over the bow for fans and other stakeholders. In other words, dig deeper in your wallets or else.
Iowa is very agriculture dependent, their US ranking as reported by the USDA.

If you look at the number of areas that they are highly ranked in export value shows directly how vulnerable they are to interuptions in agricultural exports. This with a President dead set on creating tariff wars can't make them feel comfortable.
Add to that the drive to deport or chase away a significant amount of their farm labor and you have a state that has reason to worry about future economic health.