A new report released Thursday concluded the state of Iowa ended the 2010 fiscal year with a $335.6 million budget surplus, the second highest in a decade, according to the Iowa Department of Management.

In addition to the surplus, $419 million remains in reserve funds. The Department of Management said they had only estimated an ending balance of the general fund at a $100.7 million surplus.

Gov. Chet Culver said the state brought in more revenue than it spent after making budget cuts, attributing the higher than expected balance to hiring controls, travel restrictions and general fiscal management.

“When times got tough, we made the tough decisions,” Culver said. “And with our economy improving, these numbers show that state government is on solid ground.”

But the announcement met immediate criticism by the Terry Branstad gubernatorial campaign, which said they’ve heard the budget was balanced before.

“Don’t forget, this is the same governor who, in the summer of 2009, claimed his budget was balanced, only to slash spending across-the-board by 10 percent when he could no longer hide the truth from Iowans,” said Jeff Boeyink, Branstad’s 2010 campaign manager .

To create a balanced budget last year, the Culver administration moved millions over from the cash reserve fund.

The Branstad campaign also pointed out because of the cuts to education, which makes up a large portion of the state’s budget, local school boards were forced to raise property taxes to cover for lost revenue, which they said was the largest increase in 30 years.

Branstad communications director Tim Albrecht sent out an e-mail later in the afternoon with a statement Culver made Sept. 25, 2009 in TheGazette.com:

“In spite of the economic challenges brought on by the world-wide recession, and a projected shortfall for the fiscal year 2011 budget, Iowa not only has a balanced budget for fiscal year 2009 but a budget surplus of well over $450 million for the current fiscal year.”

Culver revised the state’s budget in October 2009 when the 10 percent cut was implemented. He said at the time his choices were either that or calling the legislature back for a special session.

“Our state is faced with simple but painful choices: to increase taxes, cut spending, or both,” Culver said in Oct. 2009. “I have been clear on this: I believe now is not the time to raise taxes on hard-working Iowans.”

Culver also mandated all school boards spend to spend the entirety of their cash reserves before any increase in property taxes.

The only other time the budget surplus has been this high was in 2006, when the year ended with $361 million in the black at the end of Tom Vilsack’s second term as governor.