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Outstanding debt obligations experience increase in 2009

debt

DES MOINES - State Treasurer Michael L. Fitzgerald reports that outstanding debt obligations for state and local governments in Iowa totaled $11.6 billion as of June 30, 2009. Overall, this represents an increase of 6.33 percent from last year. All political subdivisions, instrumentalities, and agencies of the state are required to disclose this information annually to the State Treasurer.

Benton County entities have a total of $38.5 million in outstanding debt, led by the cities with $19.6 million. Vinton leads the cities at $5.2 million. Atkins follows at $3.1 million. Walford is at $2.1 million. Schools are at $18.8 million, led by Vinton-Shellsburg at $15.4 million. The county government has no debt.

Cities continued to report the greatest amount of outstanding obligations with 37.5 percent or $4.3 billion of all outstanding debt. Cities mainly issued debt for utility/sewer projects (30 percent). Most city debt was issued as general obligation debt (59 percent).

Schools and Area Education Agencies reported the second largest amount of outstanding debt with an increase of 8.21 percent over last year. Of the $2.3 billion reported, the majority (over $2.0 billion) was for public buildings and schools. Community Colleges reported the largest increase in debt with an increase of 18.8 percent over the last year mostly due to new building projects.

State agencies continued to pay off their existing debt and did not issue any new debt for fiscal year 2009. Of the $219 million that Iowa state agencies reported, $49 million was issued for the Department of Corrections, $138 million was for Vision Iowa, and $30 million was for School Infrastructure.

Other entities with outstanding debt issues include counties with $609 million, community colleges with $504 million, the Board of Regents with $1.1 billion, and others (utility systems) with $46 million.

The report is available in its entirety at www.treasurer.state.ia.us (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.

 

UPDATED December 16, 2009 11:28 AM

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