State of Iowa Closes Fiscal Year 2020 with Strong Surplus

October 1, 2020

Gov. Kim Reynolds announced yesterday that Iowa will officially close FY20 with a robust surplus of $305.5 million in the General Fund. Iowa’s cash reserves also remain full with over $770 million available. The fiscal year in Iowa closed on June 30, but the accrual period officially ends on Sept. 30 each year. This great news comes as Iowa has positioned itself as the most fiscally sound and resilient state in the country when it comes to getting through COVID-19, according to a report issued by the Council of State Governments earlier this year. None of this would be possible without the responsible and prudent budgeting of the Iowa Legislature and the governor. Read the news release.