State and Local Outstanding Debt Obligations Increase 4.8 Percent
February 14, 2020
State Treasurer Michael Fitzgerald reports the Iowa outstanding debt obligations for state and local governments totaled $17.1 billion as of June 30, 2019, a 4.84% increase from fiscal year 2018. “While this is the largest percentage increase since 2011, it is not alarming,” stated Fitzgerald. “This growth is expected in a time when interest rates are low.”
Cities recorded the largest share of outstanding debt, accounting for 36.79% of the total outstanding debt and totaling $6.2 billion. Rounding out the top three are schools with $4.2 billion and state authorities with $2.2 billion. Iowa Finance Authority and Tobacco Settlement Authority are included in the state authorities’ category. Community colleges, State of Iowa and the Board of Regents were the only entities to decrease their total outstanding debt from fiscal year 2018.
All political subdivisions, instrumentalities and agencies of the state are required to annually disclose outstanding long-term obligations to the state treasurer. Included in these obligations are bonds, notes, capital leases and loans. The treasurer’s office makes this information available to all Iowans by county so they can see the total debt and changes over the years in their own communities.
Visit the state treasurer’s office website at IowaTreasurer.gov and click ‘Outstanding Obligation Report’ under the ‘For Governments’ tab to view the report and additional information by a specific reporting entity. Keep up with all of the treasurer’s office programs on Facebook and Twitter.