Iowa budget closes with full cash reserves, surplus of $305mChristian Fernsby ▼ | October 5, 2020
Gov. Kim Reynolds announced that the State of Iowa will end Fiscal Year 2020 with a balance of $305.5 million in its General Fund.
Governor Kim Reynolds
"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.
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. ■