State Treasurer of Iowa

Treasurer Fitzgerald Reports State and Local Outstanding Debt Obligations Increase 4.77 Percent

January 20, 2021

DES MOINES, IA – State Treasurer Michael Fitzgerald reports the Iowa outstanding debt obligations for state and local governments totaled $17.9 billion as of June 30, 2020, a 4.77% increase from fiscal year 2019. “This is similar to the increase we saw last year,” said Fitzgerald. “With interest rates this low, public units are borrowing money to pay for capital projects that benefit Iowans, such as public buildings, schools and utility improvements.” The categories of public buildings/schools and utilities/sewers represent over 60% of the total debt reported. 

Cities recorded the largest share of outstanding debt ($6.56 billion), accounting for 36.56% of the total outstanding debt – an increase of over $259 million from 2019. Schools issued $4.45 billion while state authorities issued $2.84 billion. Counties, state authorities and community colleges had the highest percentage increases from 2019 levels, while the State of Iowa, Board of Regents and utilities decreased their total outstanding debt.

All political subdivisions, instrumentalities and agencies of the State are required annually to 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.

View the report on the Outstanding Obligations Report page of the State Treasurer’s website. The Report Detail by County page provides additional information for all entities by county. Keep up with all of the Treasurer’s Office programs on Facebook and Twitter by following @IowaTreasurer.


 
FY 19
FY 20
$ Change
% Change
Board of Regents
$1,776,857,681
$1,745,107,121
($31,750,560)
-1.79%
Cities
$6,296,279,685
$6,556,243,710
$259,964,025
4.13%
Schools/AEAs
$4,220,276,320
$4,450,359,545
$230,083,225
5.45%
State Agencies
$632,214,000
$582,313,000
($49,901,000)
-7.89%
State Authorities
$2,583,420,701
$2,840,683,823
$257,263,122
9.96%
Community Colleges
$613,751,866
$672,177,096
$58,425,230
9.52%
Counties
$930,349,935
$1,027,148,942
$96,799,007
10.40%
Other
$62,380,137
$57,337,833
($5,042,304)
-8.08%
Total
$17,115,530,325
$17,931,371,070
$815,840,745
4.77%

 

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