Local governmental debt stands at $39.6 million

COUNTY – Local governments in Shelby County have debt obligations totaling $36.7 million, most of which can be attributed to the City of Harlan and Harlan Community Schools.
    Much of the school’s debt, totaling $10.9 million as of June 30, 2016, directly correlates to construction projects, namely paying off its primary building project.  The city’s debt obligations total $22.9 million, and include the Harlan Municipal Utilities’ debt.
    Other agencies with debt include the cities of Elk Horn, Irwin, Defiance, Panama, and Shelby, as well as the Elk Horn-Kimballton Community School District and Shelby County.  (see table)    
    State Treasurer Michael L. Fitzgerald reports that outstanding debt obligations for state and local governments in Iowa totaled $15.4 billion as of June 30, 2016.
    Overall, this represents an increase of 0.92% over last year, down from an all-time high of 26.3% at the turn of the century. All political subdivisions, instrumentalities and agencies of the state are required to disclose outstanding long-term obligations, including bonds, notes, capital leases and loans, annually to the state treasurer.