Iowa budget closes with full cash reserves, surplus of $305M

This content provided by the Office of the Governor of Iowa, Kim Reynolds as a press release.

Gov. Kim Reynolds announced today that the State of Iowa will end Fiscal Year 2020 with a balance of $305.5 million in its General Fund. 

“Fiscal responsibility has put the state of Iowa in a strong position despite some significant challenges ranging from a global pandemic to trade disruption,” said Gov. Reynolds. “In Iowa, we have turned those obstacles into opportunities, making significant investments in education, agriculture, workforce, technology, and health care. The actions we have taken this year will help Iowa emerge from this unprecedented pandemic stronger than ever before. Going forward, we will continue to invest responsibly in Iowans’ priorities and remain mindful of the potential challenges that still lie ahead.”   

“Iowa is in a strong financial position due to responsible spending practices and our strong cash reserves of over $770 million,” said Dave Roederer, Director of the Iowa Department of Management. “I commend Governor Reynolds and the Iowa legislature for their efforts to maintain a strong ending balance. We will continue to monitor the impact COVID19 has on our state budget for the coming fiscal year.”  

FY 2020 closed on June 30th, but the accrual period officially ends on September 30th. During this time, Iowa closes the books and pays out and receives outstanding obligations. Last year’s budget surplus was $289 million dollars. 

This content provided by the Office of the Governor of Iowa, Kim Reynolds as a press release.

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As Iowa’s 43rd Governor, Kim Reynolds is determined to make sure that Iowa’s success is every Iowan’s success. Whether it’s preparing Iowans for cutting-edge careers, fighting for education, improving healthcare and mental health access, or empowering our rural communities, Kim’s priorities are making a difference in all four corners of the state. Her vision keeps Iowans at the center of all decisions, especially in the area of fiscal responsibility. Kim knows that when Iowa taxpayers are able to keep more of their money, great things happen. She also believes in redemption. Kim’s justice reform initiatives carefully balance second chances with victim rights. As Governor, Kim’s strong voice for international trade, agriculture, and advanced manufacturing is opening new markets and maintaining relationships with leaders in China, Mexico, Canada, Israel, Thailand, Vietnam, the Philippines, Germany, Brazil and Argentina, to name just a few. Although she’s traveled the world telling Iowa’s story, Kim is still a small-town girl at heart with common-sense values. These principles are reflected in the Governor’s Empower Rural Iowa initiative and Future Ready Iowa. At age 57, Kim earned a bachelor’s degree from Iowa State University. Then, nearly two years later, on Nov. 4, 2018, she was elected by Iowans to become their first woman Governor. Family means everything to Kim and her husband, Kevin. They have three daughters (Jennifer, Nicole and Jessica) who are happily married, and Kim and Kevin love spending time with their 10 very active grandchildren.