According to State Treasurer Roby Smith, Iowa’s combined state and local government debt obligations rose by 4.49 percent in Fiscal Year (FY) 2024, totaling $21.9 billion as of June 30, 2024. Despite the increase, the growth rate was slightly below the seven-year average of 4.51 percent. The report breaks down debt across multiple sectors. Cities held the largest share at $8.236 billion, with the state’s 10 largest cities accounting for 35.14 percent, or $2.999 billion, of that debt. Counties saw the highest year-over-year percentage increase, rising 10.88 percent. In comparison, state agencies reduced their obligations by 10.2 percent, the largest margin of decline. Data shows a $392 million increase in total city debt in FY24 and a $285 million rise in state authorities’ obligations. Meanwhile, community colleges and state agencies saw debt reductions of $46 million and $43 million, respectively. Treasurer Smith says, “State and local governments rely on community bonds, capital leases, loans, and more to make meaningful investments into their communities. [This] announcement shows taxpayers the full picture of long-term obligations across multiple levels of government in a transparent manner for the public to evaluate.” To view individual government entity debt data, follow the link included below.
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