Categorized | Local News

Debt Obligation Increases Statewide, Increase Slows

Posted on 29 January 2017 by KWBG

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.
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