DES MOINES —
The city of Clinton ended last fiscal year with more than $87 million in outstanding debt, a new report from the Iowa Treasurer’s Office shows.
The amount is down from the $91.6 million in debt the city had at the end of fiscal year 2011, but sewer revenue bonds and the looming $100 million in projects for the long-term control plan will affect the city’s debt over the next few decades.
As a whole, Iowa’s debt is $14.4 billion, 35 percent of which is created by cities, according to the outstanding obligation report issued by the state Treasurer’s office Monday.
Clinton, which accounts for roughly 50 percent of Clinton County’s population, made up 75 percent of the $115 million in debt generated by the municipalities within the County.
Sewer revenue bonds accounted for $70.9 million of Clinton’s debt in fiscal year 2012. These bonds are to be paid by the revenue from sewer users; however, the city has been experiencing a serious cash flow problem with these funds.
The remaining portion of the city’s debt consists mainly of general obligation bonds. That portion, City Finance Director Jessica Kinser said, is at a comfortable level. But the pending $20 million in general obligation bonds the city plans to take out in order to pay for the first three years of projects for the long- term control plan could push the city to a more distressed disposition at 73 percent of its debt capacity.
“Those general obligation bonds that gets us to the capacity where we start to get a little uncomfortable,” Kinser said.
Also on the city’s obligation list for fiscal year 2012 were the $4.5 million EMS settlement, grant repayment and lease of the police facility.
Comparing the debt of cities with comparable populations to Clinton, Fort Dodge was the closest with $75 million in debt. Following was Burlington with $62.6 million in debt, Muscatine with $35 million, Marshalltown with $31 million, and Ottumwa with $28 million in debt.
Coralville topped the list of cities across the state with $279 million in debt at the end of fiscal year 2012.
The report also details the debt from school districts, which accounts for 21 percent of the state’s overall debt.
The Clinton School District had $32.6 million in debt at the end of fiscal 2012, down from $33.9 million at the end of fiscal year 2011.
“I think this district is very well balanced,” District CFO Jan Culbertson said. “This district has not overused its opportunities.”
In total, Clinton County, its cities and school districts had $195.5 million in debt at the end of last fiscal year.
Top News
Clinton has $87 million debt, state report says
- Top News
-
-
Clinton law enforcement honored
CLINTON — Members of the Clinton Police Department and Clinton County Sheriff's Office commemorated National Police Week with an awards ceremony and a memorial ceremony to honor those who protect the community.
-
Indians' Harksen takes 2nd in 400
DES MOINES -- There's a delicate balance for runners who qualify for the track and field state meet in the 200- and 400-meter dashes. Because there is little more than a half-hour between the races on the opening day of the three-day event, a runner
-
Focused leadership vs. social status
The strength of a community is only increased when its members recognize leaders. Maybe that leader is you!
-
2 finalists named for city administrator
CLINTON — Two finalists have been selected in the search for Clinton's next city administrator: Clinton Finance Director and interim City Administrator Jessica Kinser and Joliet, Ill., Assistant City Manager Benjamin Benson.
-
It's close-but-not-quite for Sabers
DES MOINES -- After running the anchor leg and nearly catching Kate Sandage of Greene County in her heat of the shuttle hurdle relay, Central DeWitt's Sam Barr knew it would be a matter of a fraction of a second as to whether the Sabers would earn a
-
Students honored at ceremony
CLINTON -- Seventy-four students from Clinton High School's class of 2013 were honored Thursday during the 27th annual senior honors convocation. The class of 2013 has taken more Advanced Placement tests and has earned some of the highest scores on
-
Jail escapee pleads guilty
CLINTON -- A man who escaped from the Clinton County jail on April 6 will spend as much as 10 years in prison. Kendrell Keith, 18, pleaded guilty Thursday to the escape and the second-degree theft charge that put him in jail.
-
LEVINE: Preparing for another child
With a little more than a month before another child occupies my home, it's becoming more apparent every day that my daughter is ready for her first sibling.
-
10 Things to Know for Friday
Your daily look at late-breaking news, upcoming events and the stories that will be talked about today.
-
Panthers get by Rams
MORRISON, Ill. -- The Riverdale Rams were coming off of an extra innings win over the West Carroll Thunder, 9-8, to get into Wednesday's contest with Erie/Prophetstown. The Rams were unable to continue the momentum. The Panthers came out ready to hit
- More Top News Headlines
-
