Maine's Debt Snapshot - 06/30/07

David G. Lemoine, State Treasurer

Published June 30, 2007

Table showing a line-by-line snapshot of the state debt position
Tax-Supported Debt Description Totals
General Obligation Bonds (GO's) Debt secured by state's full faith, credit, and taxing power. $448.76 million
Bond Anticipation Notes (BANs) Short term promissory notes issued and repaid within a fiscal year to provide funds for bond projects. Drawn on the balance of authorized but unissued. $0
Certificates of Participation (COP's) Debt secured by state-issued lease payments. $45.49 million
Maine Government Facilities Authority (MGFA) Debt secured by the tax supported agency budgets. $182.61 million
Capital Leases State obligations under non-cancelable leasing arrangements. $41.75 million
GARVEE Debt Secured by future federal transportation funds. $41.33 million
TOTAL Actual and authorized tax-supported debt. $759.94 million
Authorized but Unissued GO Bonds Description Total
Authorized but Unissued GO Bonds Bonds authorized by voters, but not yet borrowed upon. $ 34.99 million
Bonds on Ballot, June 2007 Authorization took effect on July 22, 2007. $131.28 million
Bonds on Ballot, November 2007 If passed, authorization will take effect 30 days after election proclamation. $134.00 million
Bonds on Ballot June 2008 If passed, authorization will take effect 30 days after election proclamation. $ 29.70 million
Constitutional Obligations Description Liability
Unfunded Actuarial Liability (UAL) for the Maine State Retirement System Pension funds for state employees and teachers. Anticipated expenses and revenues must be actuarially balanced by 2028. (as of June 30, 2006) $ 2.6 billion
Moral Obligation Debt Description Total
Moral Obligation Bonds Bonds backed by the State's moral (but not legally enforceable) promise of payment. These bonds are issued and repaid by: Maine State Housing Authority, Maine Municipal Bond Bank, Maine Health and Higher Education Facilities Authority, Finance Authority of Maine, Maine Educational Loan Authority. $ 4.01 billion
Cash-Flow Financing Description FY 07-08 Borrowing-to-date
Tax-Anticipation Notes (TANs) Lines of Credit (LOC) Short-term borrowings used to meet current obligations by "bringing forward" tax revenues expected later in the fiscal year. none
Debt Burden Tax-supported debt per capita is $606. The national median is $787. Tax-supported debt as a percentage of personal income is 1.9%. The national median is 2.4%. (Moody's, April 2007).
Debt Capacity Maine has no legal debt ceiling.

Debt Service Projections and Budget Capacity

Diminishing Debt Service and Expaning Borrowing Capacity under the 5% Rule