"(The Center Square) – Iowa had more than enough money to pay all of its bills in 2022, ending the fiscal year with an estimated taxpayer surplus of $5,000 per person, according to a new report.
However, the state still had not released its annual financial report for fiscal year 2022 as of August 2023, according to Truth in Accounting’s annual Financial State of the States report, where the think tank analyzes and ranks states based on their fiscal health.
Iowa ranked 11th based on data from its 2021 audited Annual Comprehensive Financial Report and retirement plans’ reports.
Iowa had $14.7 billion available to pay $9.3 billion worth of bills, leaving a $5.3 billion surplus leftover, which broke down to a surplus of $5,000 per taxpayer, according to the report.
Without access to the state’s 2022 financial report, it was unclear exactly where Iowa stood with its retirement plans.
“The information for many states that have produced their 2022 financial reports revealed that the large unrealized gains of 2021 turned into losses in 2022. When newer data is available, the state’s amount of unfunded pension promises could increase significantly,” the report said.
States are considered on time with their annual financial reports if released within 180 days after the fiscal year end.
“Without the information from the financial report, citizens and elected officials are left in the dark during the budgeting process,” the report said.
Iowa was among the majority of states that had enough money to pay its bills, while 28 states did not, according to the report."
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