• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Saturday, September 23, 2023
The Iowa Torch
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
No Result
View All Result
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
The Iowa Torch
The Iowa Torch
No Result
View All Result
Home State Government

Iowa Ranks 9th Nationally for Fiscal Health

Iowa received a “B” in “financial condition” on its report card from Truth in Accounting as it released its Financial State of the States 2021 report.

Mary StrokabyMary Stroka
September 29, 2021
in State Government
Reading Time: 2 mins read

Photo by Shane Vander Hart

ADVERTISEMENT

(The Center Square) – Iowa received a “B” in “financial condition” on its report card from Truth in Accounting, a government watchdog, as it released its Financial State of the States 2021 report on Tuesday.

RELATED POSTS

Reynolds, Governors demand ‘honest, accurate’ information about relocated illegal immigrants.

New report says Iowa’s property taxes are 10th highest in U.S.

AG Bird sues over alleged fraudulent door-to-door stem cell therapy treatments

The state ranked 9th in the nation, with a $2 billion surplus or about $2,000 per taxpayer based on its unaudited preliminary financial report for fiscal year 2020 as it had $12.7 billion available to pay $10.6 billion in bills, according to the report. It is one of 11 states with enough money to pay its bills. The state’s overall financial condition improved nearly 25% “largely due to COVID-related grants” of $2 billion, the report said.

“[Federal support from COVID-19 related grants and the surplus] will help the state to weather any future public health or economic crises and downturns in the market, which can cause the value of a government’s assets to fluctuate,” the report said. “The uncertainty surrounding this current crisis makes it impossible to determine how much will be needed to maintain government services and benefits.”

States with a surplus exceeding $10,000 per taxpayer receive an “A.”

Thirty-nine states did not have enough funding to pay their bills. Fifteen of those had a taxpayer burden of $5,000 to $20,000. These states received a “D” on their report card. The 2020 fiscal year ended with $1.5 trillion in total debt among the 50 states.

While Iowa was a leader in fiscal health, it is the second least timely state to release its fiscal year 2020 financial report. As of Sept. 15, Iowa had not released an audited copy of its fiscal year 2020 report, according to a Truth in Accounting news release The Center Square received.

ADVERTISEMENT

California has not released its fiscal year 2020 report, according to the report. Illinois, the third least timely state, released its report 408 days after the end of the fiscal year. North Dakota (163 days), Minnesota (168 days), Wisconsin (174 days), and Nebraska (170 days) were within The Government Finance Officers Association’s standard for states, which is 180 days after the end of a fiscal year. The national average for publishing fiscal year 2020 financial reports was about 211 days.

“This is the tardiest that state governments have been at releasing their annual reports in the 12 years that we have surveyed the states,” the report said. “The COVID-19 pandemic may have contributed to the delays given that most state government employees switched to work-from-home schedules.”

The top three indebted states were:

  • Connecticut: per taxpayer burden of $62,500
  • New Jersey: per taxpayer burden of $58,300
  • Illinois: per taxpayer burden of $57,000

The average taxpayer burden across the 50 states was $9,300 for fiscal year 2020, $2,000 worse than the prior year.

The most fiscally healthy states were:

  • Alaska: per taxpayer surplus of $55,100
  • North Dakota: per taxpayer surplus of $39,200
  • Wyoming: per taxpayer surplus of $19,500

Nationwide, most state debt stems from unfunded retirement benefit promises, such as pension and retiree health care liabilities. For 2020, pension debt totaled $926.3 billion, and other post-employment benefits (OPEB), mainly retiree health care, totaled $638.7 billion.

Tags: fiscal policyIowa state budgetTruth In Accounting
ShareTweetShare
ADVERTISEMENT
Previous Post

Hendrickson: Iowa’s Conservative Budgeting and Pro-Growth Tax Policy Works

Next Post

Reynolds Appoints Kraig Paulsen to Head the Iowa Department of Management

Mary Stroka

Mary Stroka

Mary Stoka is a freelance writer, editor, journalist, and public relations professional who lives in Chicago, Ill.

Related Posts

Opinion

Hendrickson: Governor Kim Reynolds sets the gold standard for state policy

August 21, 2023
Reynolds signs bill phasing in 3.9 percent flat tax
Opinion

Hendrickson: Blue State Budget Woes vs. Red State Fiscal Health

June 27, 2023
Iowa vs. Minnesota: Neighboring states show different futures for America
Opinion

Iowa vs. Minnesota: Neighboring states show different futures for America

June 20, 2023
Iowa House approves 2.5 percent funding increase for school districts
Opinion

Hendrickson: Iowa is at the forefront of conservative budgeting

May 17, 2023
Opinion

Hendrickson: Iowa’s fiscal foundation is solid

March 22, 2023
Iowa House approves 2.5 percent funding increase for school districts
Opinion

Hendrickson: Hands off! Taxpayer Relief Fund belongs to the taxpayers

March 7, 2023
Next Post
Reynolds Appoints Kraig Paulsen to Head the Iowa Department of Management

Reynolds Appoints Kraig Paulsen to Head the Iowa Department of Management

Winnebago County Becomes Iowa’s 18th Second Amendment Sanctuary County

Winnebago County Becomes Iowa's 18th Second Amendment Sanctuary County

Sign-Up For Our Daily Updates

Get The Iowa Torch right in your inbox!

Please wait...

Thank you for signing up!

Recommended Articles

Hinson Describes Crisis at Southern Border

Hinson Blasts Biden Administration for Officially Canceling Border Wall Construction Projects

July 26, 2021
Polk County Republicans Elect First Female Chair

Polk County Republicans Elect First Female Chair

March 3, 2021
Reynolds Announces State Troopers Completed Deployment at Southern Border

Iowa Dept. of Public Safety Lends Support to National Women-in-Policing Initiative

September 21, 2021

Popular Stories

  • New ad features DeSantis plan for southern border

    New ad features DeSantis plan for southern border

    0 shares
    Share 0 Tweet 0
  • Feenstra: Combating President Biden’s electric vehicle mandates

    0 shares
    Share 0 Tweet 0
  • Iowa Schools Now Required to Lead Students in Pledge of Allegiance

    0 shares
    Share 0 Tweet 0
  • Reynolds, Governors demand ‘honest, accurate’ information about relocated illegal immigrants.

    0 shares
    Share 0 Tweet 0
  • Schmitt: Strong Women Leaders Work For Iowa. They Can Work For America Too.

    0 shares
    Share 0 Tweet 0

The Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans

Categories

  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • News
  • Opinion
  • Politics
  • State Government
  • Uncategorized
  • Uncategorized

Newsletter

Please wait...

Thank you for signing up!

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.

No Result
View All Result
  • Home
  • About Us
  • Advertise
  • Contact Us
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.