DES MOINES, Iowa—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.
Locally, the report shows that Boone County’s debt went from just over $3 million at the end of June 2018 to more than $5.3 million the end of June 2019.
The City of Boone had it’s debt decrease during that time from nearly $15.8 million to just over $14.3 million. The City of Madrid went from over $4.6 million in 2018 to over $6.3 million in 2019. The City of Ogden went from over $2.7 million in 2018 to nearly $6.2 million last June.
All other cities in Boone County, Beaver, Berkley, Boxholm, Luther and Pilot Mound had no debt to report.
The Boone School District had a decrease in debt from 2018 to 2019, going from just over $29-million to just over $27.1 million. The Madrid School District debt also declined from over $2.4 million to just under $2.2 million last June. Ogden School District had an increase from $11.8 million to just over $13.2 million in 2019.
The United School District had no debt to report.
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.
(contributed press release IA State Treasurer)
