State Treasurer Michael L. Fitzgerald reports the Iowa outstanding debt obligations for state and local governments totaled $18.8 billion as of June 30, 2021. This represents a 5.30 percent increase from fiscal year 2020. “In fiscal year 2020, the total amount of debt increased due to public units taking advantage of the low interest rates,” said Fitzgerald. “We saw the same trend in 2021 as state and local entities continued to borrow at a time when interest rates are low. Nearly 60 percent of the funds were used for public building/schools or utilities and sewers.”
Cities, schools and state authorities reported a majority of the debt (79.59 percent), with cities issuing the largest portion ($7.1 billion). Schools came in second with $4.8 billion, followed by state authorities with $3 billion.
Cities, schools and state authorities also saw the largest increase in their debt from the previous year, with changes of 8.79 percent, 9.47 percent and 5.65 percent respectively. The Board of Regents and state agencies decreased their total debt, with state agencies disclosing the largest decrease (over 28 percent).
Each year, political subdivisions, instrumentalities and agencies of the State are required to report any outstanding long-term obligations to the State Treasurer. Outstanding obligations include bonds, notes, capital leases, anticipatory warrants and loans. The State Treasurer’s Office makes this information public to all Iowans, with the option to sort by county, so residents can view the total debt over the years in their community.
To view the complete report, visit IowaTreasurer.gov. Navigate to the For Governments dropdown menu and click Outstanding Obligations Report.
