Maine's Debt Snapshot - 6-30-2009

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. $529.99 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. none
Tax-Supported Certificates of Participation (COP's) Debt secured by state-issued lease payments. $17.08 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. $45.94 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. $155.00 million
TOTAL Actual and authorized tax-supported debt. $1.02 billion
Authorized but Unissued GO Bonds Description Total
Authorized but Unissued GO Bonds Bonds authorized by voters, but not yet borrowed upon. $83.44 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. $ 3.995 billion (preliminary #)
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. $ 4.11 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 $743. The national median is $865. Tax-supported debt as a percentage of personal income is 2.2%. The national median is 2.5%. (Moody's, April 2009).
Debt Capacity Maine has no legal debt ceiling.

Debt Service and Budget Capacity

Diminishing Debt Service and Expanding Borrowing Capacity under the 5% Rule