Maine's Debt Snapshot - 12-31-2008
David G. Lemoine, State Treasurer
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. |
$453.30 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. |
$83.14 million |
| Tax-Supported Certificates of Participation (COP's) |
Debt secured by state-issued lease payments. |
$20.70 million |
| Maine Government Facilities Authority (MGFA) |
Debt secured by the tax supported agency budgets. |
$192.94 million |
| Capital Leases |
State obligations under non-cancelable leasing arrangements. |
$40.59 million |
| GARVEE |
Debt secured by future federal transportation funds. |
$83.18 million |
| Transcap |
Debt issued by the Maine Municipal Bond Bank and secured by future state revenues. |
$50.00 million |
| TOTAL |
Actual and authorized tax-supported debt. |
$923.85 million |
| Authorized but Unissued GO Bonds |
Description |
Total |
| Authorized but Unissued GO Bonds |
Bonds authorized by voters, but not yet borrowed upon. |
$141.37 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. |
$ 3.03 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. |
$ 4.02 billion |
| Cash-Flow Financing |
Description |
FY 09 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 $618. The national median is $889. Tax-supported debt as a percentage of personal income is 1.9%. The national median is 2.6%. (Moody's, April 2008). |
| Debt Capacity |
Maine has no legal debt ceiling. |
Debt Service and Budget Capacity
