As 2020 kicks off the start of a new decade, I have big expectations on what I want to achieve and look forward to what lies ahead. However, before we can talk about the future, it’s essential to reflect on our prior successes in the treasurer’s office.
In May, I announced Iowa’s AAA credit rating was affirmed and a portion of Iowa’s IJOBS bonds had been refinanced. The new borrowing rate came in at 2.64%, nearly 2% less than the original bonds issued in 2009. In the first year, the state will save over $3 million and a total of $113.5 million over 15 years. Talk about big savings!
Invest in Iowa’s online auction continues to be a popular event for financial institutions across the state. In October we had the highest number of bids since October 2018. We currently have over $285 million invested through this program and over the past seventeen years the program has earned over $43 million in interest. Visit our website for more information on the Invest in Iowa program.
Iowa had a record fiscal year with earnings of over $56 million in its investment pool, the largest amount in over a decade. The money earned each year funds state programs and reduces the need to collect money from other sources. That’s $56 million saved!
Last year marked the 36 anniversary of the Great Iowa Treasure Hunt. Since I created the program in 1983, we’ve returned over $277 million of unclaimed property to their rightful owners. That’s enough money to buy more than 2.5 million tickets to Disney World!
College Savings Iowa is right there alongside the Great Iowa Treasure Hunt with astounding statistics of its own. Since its inception in 1998, College Savings Iowa account owners have used over $3 billion for qualified educational expenses. With that amount of savings, over 321,000 students could pay for one year of tuition at Iowa State University without having to take out a loan.
It’s only been three short years since IAble’s launch in 2017, but the plan has already grown to over 670 accounts with more than $4.6 million in assets. It’s difficult for us to think about a time where individuals with disabilities were not given opportunities to save without the possibility of losing eligibility for federal benefits like Medicaid or Supplemental Security Income (SSI). I am optimistic that we will continue to overcome the concept that individuals with disabilities are limited on what they can achieve.
Looking towards the next decade, I am expecting to see continued financial stability, high amounts of investment income, more treasures returned, and large growth in our 529 and IAble plans. Keep up to date with us into the next decade by following our Facebook and Twitter pages.