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You are here: Home / Politics / Govt / Treasurer says government debt up, but he’s not concerned

Treasurer says government debt up, but he’s not concerned

December 13, 1999 By admin

State Treasurer Michael Fitzgerald says the amount of bond debt owed by governments in Iowa increased by four-point-four percent this year, a number he says is reasonable. He says it’s a small increase compared to last year’s eight-percent increase.Fitzgerald says the outstanding obligations for state and local governments totaled five-and-a-half billion dollars at the end of the fiscal year June 30th. He says a good economy has led to the increase in debt as governments are undertaking more building projects.Fitzgerald says county governments saw the biggest increase in debt with a nearly eight-point-seven percent increase, mainly due to the building of new jails. Debts owed by cities increased four-point-eight percent and debt owed by schools increased three-point-three percent. Fitzgerald says Iowa doesn’t owe much when compared to other states.Fitzgerald says Iowa’s overall debt has increased by 19-percent over the last five years.

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