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. |
$426.20 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 ($97.14 million) |
$71.21 million |
| Certificates of Participation (COP's) |
Debt secured by state-issued lease payments. |
$71.37 million |
| Maine Government Facilities Authority (MGFA) |
Debt secured by the tax supported agency budgets. |
$168.00 million |
| Capital Leases |
State obligations under non-cancelable leasing arrangements. |
$39.58 million |
| GARVEE |
Debt Secured by future federal transportation funds. |
$37.31 million |
| TOTAL |
Actual and authorized tax-supported debt. |
$813.67 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 |
| Authorized but Unissued GO Bonds |
Bonds authorized by voters, but not yet borrowed upon. |
$229.05 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. |
$ 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. |
$ 3.87 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 and Budget Capacity
