Maine's Debt Snapshot - 6/30/13

Table showing a line-by-line snapshot of the state debt position
Tax-Supported Debt Description Total (millions)
General Obligation Bonds (GOs) Debt secured by State's full faith, credit, and taxing power.
$369.73
Tax-Supported Certificates of Participation (COPs) Debt secured by State-issued lease payments.
$121.57
Maine Government Facilities Authority (MGFA) Bonds Debt secured by the tax-supported agency budgets.
$199.91
Capital Leases State obligations under non-cancelable lease arrangements.
$34.68
GARVEE Bonds Debt secured by future federal transportation funds.
$94.83
Transcap Bonds Debt issued by the Maine Municipal Bond Bank and secured by future State revenues.
$208.93
Motor Oil Revenue Bonds Debt issued by the Finance Authority of Maine, secured by future State revenues, and the Moral Obligation of the State.
$12.41
TOTAL
$1,042.06
Authorized but Unissued GO Bonds Description Total (millions)
Authorized but Unissued GO Bonds Bonds authorized by voters, but not yet borrowed upon.
$104.58
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.
$2,670.00
as of 6/30/12
Statutory Obligations Description Total (millions)
Other Post-Employment Benefits (OPEB) Liability for State Employees and Teachers Statutory commitment to pay for health insurance in future years.
$1,850.00
as of 6/30/12
Moral Obligation Debt Description Total (millions)
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, and Maine Educational Loan Authority.
$3,615.30
Cash-Flow Financing Description FY 12
Tax-Anticipation Notes (TANs) and Lines of Credit (LOC) Short-term borrowing used to meet current obligations by borrowing against tax revenues expected later in the fiscal year.
none
Other Debt Created by Statutory Entities Description Total (millions)
Maine Turnpike Authority Bonds are not debts of the State, but are paid exclusively from tolls. The Maine Turnpike Authority’s ability to sell bonds is detailed in statute.
$438.70
University of Maine System Money borrowed by the System and evidences of indebtedness issued by the System does not constitute any debt or liability of the State or any municipality or subdivision of the State, but shall be payable solely from the revenues of the System or any project for which they are issued. The University of Maine System’s ability to sell bonds is detailed in statute.
$169.24
Debt Burden Tax-supported debt per Maine resident is $845. The national median is $1,117. Tax-supported debt as a percentage of Maine personal income is 2.3%. The national median is 2.8%. (Moody's Investors Service, May 2013).
Debt Capacity Maine has no legal debt ceiling.