Iowa owns more than it owes. |
Iowa's Taxpayer Surplus™ is $5,000, and it received a "B" from TIA. |
Iowa is a Sunshine State with enough assets to cover its debt. |
Elected officials have created a Taxpayer Surplus™, which is each taxpayer's share of money available after state bills have been paid. |
TIA's Taxpayer Surplus™ measurement incorporates both assets and liabilities, not just pension debt. |
Iowa has $14.7 billion of assets available to pay the state's bills totaling $9.3 billion. |
Iowa has $5.3 billion available after bills have been paid, which breaks down to $5,000 per taxpayer. |
Iowa's reported net position is overstated by $115.8 million, largely because the state delays recognizing losses incurred when the net pension liability increases. |
The state's financial report was released 401 days after its fiscal year end, which is considered untimely according to the 180 day standard. |