State Treasurer Michael L. Fitzgerald reports that outstanding debt obligations for state and local governments in Iowa totaled over $14.4 billion as of June 30, 2012. Overall, this represents an increase of 4.37% from last year. “While we did see an increase this year, it is the lowest increase we have seen in outstanding debt since 2005,” Fitzgerald explained.
All political subdivisions, instrumentalities, and agencies of the state are required to disclose this information annually to the State Treasurer. Cities continued to report the greatest amount of outstanding obligations with 35% or $5.1 billion of all outstanding debt. Most city debt was issued as general obligation debt (59%).
Schools and Area Education Agencies reported the second largest amount of outstanding debt with an increase of 10.31% over last year. Of the $3 billion reported, the majority (over $2.9 billion) was for public buildings and schools. Iowa counties reported a decrease of 3.66% in debt over last year. Polk County reported 32% of the $798 million in outstanding county debt.
Other entities with outstanding debt issues include state agencies with $1.0 billion, state authorities with $2.4 billion, community colleges with $579 million, the Board of Regents with $1.4 billion, and others (utility systems) with $43 million.
The report is available in its entirety at iowatreasurer.gov (can also be viewed by county, excluding short term/anticipatory debt) or from the Office of the State Treasurer, State Capitol Building, Des Moines, Iowa 50319.