Home → Debts & Bonds → Maine Debt Summary
Maine's Debt Snapshot - 06/30/07
David G. Lemoine, State Treasurer
Published June 30, 2007
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
- View Maine's 2006 Debt Summary.
- View Maine's 2005 Debt Summary.