Iowa is on pace to save approximately $1.7 billion in the next five years following newly implemented cost-saving measures, a state report said yesterday.

The report monitors newly implemented money-saving procedures created by executive order and legislation in several areas, a news release from outgoing Gov. Chet Culver’s office said.

A 2009 efficiency review report released 90 recommendations that would account for the projected savings.

The report said savings for fiscal year 2011 are now estimated to be $298 million, higher than the $270 million projected in March. Specific cost-saving measures include increasing the use of state master contracts for commonly purchased goods, reducing unnecessary assets for state operations and consolidating facilities and programs.