Maine's Debt Snapshot

6/30/24

Table showing a line-by-line snapshot of the state debt position.

Maine's Debt Snapshot - 6.30.24
Henry E.M. Beck, State Treasurer
Tax-Supported Debt  Description FY24 Total (millions) FY23 Total (millions)
General Obligation Bonds (GOs) Debt secured by State's full faith, credit, and taxing power.                454.30                  559.37
Tax-Supported Certificates of Participation (COPs) Debt secured by State-issued lease payments.                102.60                    86.60
Maine Government Facilities Authority (MGFA) Bonds Debt secured by the tax-supported agency budgets.                446.60                  379.62
Capital Leases State obligations under non-cancelable lease arrangements.                249.04                  234.50
 as of 6/30/2023   as of 6/30/2022 
GARVEE Bonds Debt secured by future federal transportation funds.                168.32                  188.02
Transcap Bonds Debt issued by the Maine Municipal Bond Bank and secured by future State revenues.                  50.76                    66.00
Liquor Revenue Bonds Debt issued by the Maine Municipal Bond Bank and secured by future State revenues.                        -                            -  
Maine Energy, Housing & Economic  Recovery (MEHER) Revenue Bonds Debt issued by the Maine State Housing Authority and secured by the state's portion of real estate transfer tax                  44.45                    47.49
TOTAL              1,516.07              1,561.60
Authorized but Unissued GO Bonds Description Total (millions) Total (millions)
Authorized but Unissued GO Bonds Bonds authorized by voters, but not yet borrowed upon.  none   none 
Constitutional Obligations Description  Liability   Liability 
Net Pension Liability based on GASB 68 implementation in FY2015 The State's proportionate share of the collective net pension liability for the State Employee and Teachers plan as of June 30, 2016.             2,271.73               1,413.80
 as of 6/30/23   as of 6/30/22 
   
Moral Obligation Debt Description Total (millions) 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.             4,158.36               3,677.30
Cash-Flow Financing Description Total (millions) Total (millions)
Tax-Anticipation Notes (TANs) and Short-term borrowing used to meet current obligations by borrowing against tax revenues expected later in the fiscal year.   none   none 
Lines of Credit (LOC)
Other Debt Created By Statutory Entities  Description Total (millions) 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.                515.54                  535.68
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.                217.65                  236.70
Debt Burden Net Tax-Supported Debt per Maine resident is $1,086 compared to the State Debt Median of $1,178.  Net Tax-Supported Debt as a percentage of Maine personal income is 1.80%, compared to a State Debt Median 2.10%.
Debt Capacity Maine has no legal debt ceiling.  

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