DES MOINES, Iowa—State Treasurer Michael L. Fitzgerald reports that outstanding debt obligations for state and local governments in Iowa totaled $15.4 billion as of June 30, 2016. Overall, this represents and increase of 0.92% over the last year. In a release from the State Treasurer, he explained “This year, school districts, which typically have larger annual increases showed an increase of 0.8%, This is down from an increase of 3.8% in fiscal year 2015.”
Education-related debt continues to comprise about 40% of the total debt (public schools 24%, Board of Regents 12% and community colleges 4%). Community colleges showed a large percentage debt increase this year at just over 9%, while the Board of Regents only modestly increased its debt load by 1.25%.
Iowa cities still account for the largest portion of outstanding debt at 36%, increasing their obligations by $117 million over the past year. Counties decreased their debt by just over $158,000, or 0.02%, from fiscal year 2015.
The State of Iowa decreased its total debt to $850 million, a 4.5% difference from 2015, while state authorities also saw a decrease in total debt, down 2.4%. Together, outstanding debt for these entities decreased $87.6 million.
The largest amounts of outstanding debt were issued to finance public buildings and schools (38% of total debt, or $5.9 billion) and pay for public utilities (21% of total debt, or $3.2 billion).
Locally, Boone County had total debt for 2016 reported at $3,885,000 down from $4,440,000 in the previous fiscal year.
The Boone City debt was $21,410,000 down from $21,472,000 the previous year. The Madrid City debt went from $4,905,565 down to $4,497,615. The debt for the City of Ogden began to increase with their sewer plant project, going from $2,080,475 to $2,707,237.05.
The Boone Community School District reported debt at the end of the 2016 Fiscal year of $33,081,000 down from $34,740,000 in 2015. Madrid Community School District had debt of $3,112,000 down from $3,162,000. Ogden School District had debt of $4,304,916.74 down from $5,768,320 in Fiscal Year 2015.
The total debt for entities in Boone County as reported by the State Treasurer’s office was $72,997,769 for Fiscal Year 2016 down from $76,568,360 the previous year. Cities of Beaver, Berkley, Boxholm, Fraser, Luther and Pilot Mound and the United Community School District had no listed debt.