The state of Iowa closed its fiscal year with a $289.3 million surplus.
Gov. Kim Reynolds attributed the state’s strong fiscal health and vibrant economy to “our ability to live within our means.”
“This year, we invested in important priorities like education, Future Ready Iowa, and health care so that we can be innovative, grow our workforce, and protect vulnerable Iowans,” she said in statement. “Going forward, we will continue to invest in Iowans’ priorities, but we also must be mindful of the economic headwinds in our agricultural economy and be prepared for whatever the future might hold. Fiscal responsibility and maintaining our state’s fiscal health will remain a top priority for my administration.”
Last month, Truth in Accounting published a report in which it deemed Iowa one of the few states in the country that has enough money to pay all of state government's bills.
According to the Chicago-based government finances watchdog, the Hawkeye State earned a B grade since it “owns more than it owes.”
Iowa has $9.3 billion in available assets and $8.5 billion in bills, according to TIA.
Bill Bergman, director of research for TIA, told The Center Square in September that Iowa “has managed to keep money available for future bills, which is fair among 50 states.”
“Iowa ranks among the top 20 percent of the states by our metrics for the overall financial condition of the state,” Bergman said.
TIA calculates the taxpayer burden according to the amount of money each taxpayer would have to pay for the state to pay all of its existing debt. A taxpayer surplus is the amount of money left over after all of a state’s bills are paid, divided by the estimated number of taxpayers in the state.
Iowa has a taxpayer surplus of $700.
Last year’s budget surplus was $127 million, according to the governor’s office.