Des Moines, Iowa – The state ended the year with an over $300 million surplus, according to the non-partisan Legislative Services Agency (LSA). The surplus was over $200 million higher than projected and means the state ended the fiscal year on June 30 in solid financial shape.
"Growing our economy and balancing the state budget without raising taxes were our top priorities this year and the over $300 million surplus proves our efforts are having a positive impact," said State Representative Bob Kressig of Cedar Falls. "While many Iowans are still struggling to make ends meet, the healthy surplus is just the latest evidence that our economy is beginning to recover and grow again."
The LSA report was released today after the state 2010 fiscal year ended on June 30. The report shows the budget was not only balanced, but will also increase the amount of money in the state’s savings account. Combined with current projections, the surplus means the state’s savings accounts will be nearly full again at the end of next year.
Other signs pointing to an economic recovery include fewer unemployed Iowans, a positive outlook from Iowa businesses over the next six months, and strong job growth in the first five months of the year. Iowa is also one of just seven states to earn the "triple crown" of credit ratings from all three of the major agencies that rate fiscal health for businesses and governments in the country and Iowa was tied for 2nd best in the nation for fiscal strength from the non-partisan Pew Center on the States.