Iowa's government debt has reached a new all-time high and is now the equivalent of more than $4,700 per resident, according to a report obtained by the Des Moines Register.
The Register says the state treasurer's office will release a report on Monday showing that state agencies, counties, cities, school districts and other public groups have accumulated $14.4 billion in debt. That's up more than four percent from a year ago and nearly 40 percent over the last five years.
Some state officials say the report isn't necessarily a cause for alarm. State Treasurer Michael Fitzgerald says borrowing makes sense when providing essential, long-term services such as water plants and schools.
Moody's Investor Services also says Iowa has the nation's 48th-lowest per-capita level of government debt.
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