Maine's Debt Snapshot - 6/30/11

Bruce L. Poliquin , State Treasurer

Table showing a line-by-line snapshot of the state debt position
Tax-Supported Debt Description Total
General Obligation Bonds (GO's) Debt secured by State's full faith, credit, and taxing power. $520.23 million
Tax-Supported Certificates of Participation (COP's) Debt secured by state-issued lease payments. $73.55 million
Maine Government Facilities Authority (MGFA) Debt secured by the tax supported agency budgets. $172.15 million
Capital Leases State obligations under non-cancelable leasing arrangements. $33.69 million
GARVEE Debt secured by future federal transportation funds. $117.60 million
Transcap Debt issued by the Maine Municipal Bond Bank and secured by future state revenues. $173.93 million
Motor Oil Revenue Bonds Debt issued by the Finance Authority of Maine, secured by future state revenues, and the Moral Obligation of the State. $13.82 million
TOTAL   $1.105 billion
Authorized but Unissued GO Bonds Description Total
Authorized but Unissued GO Bonds Bonds authorized by voters, but not yet borrowed upon. $96.53 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. $ 2.4 billion
Statutory Obligations Description Total
Other Post-Employment Benefits (OPEB) Liability for State Employees and Teachers Statutory commitment to pay for health insurance in future years. $2.2 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. $ 4.18 billion
Cash-Flow Financing Description FY 11
Tax-Anticipation Notes (TANs)
Lines of Credit (LOC)
Short-term borrowings 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
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 found in statute $399.79 million
University of Maine System Monery 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 thery are issued. The University of Maine System's ability to sell bonds is found in statute. $189.79 million
Debt Burden Tax-supported debt per capita is $865. The national median is $1066. Tax-supported debt as a percentage of personal income is 2.4%. The national median is 2.8%. (Moody's, June 2011).
Debt Capacity Maine has no legal debt ceiling.