In accordance with Section 232 of the City Charter, the following table represents estimates of New York City’s Debt-Incurring Power as of July 1, 2020 and each of the three ensuing fiscal years
($ in millions)
|
|
July 1, 2020 |
July 1, 2021 a |
July 1, 2022 a |
July 1, 2023 a |
|
|
|
|
|
|
|
Gross Statutory Debt-Incurring Power |
$123,018 |
$130,024 |
$133,698 |
$135,933 |
|
Actual Bonds Outstanding as of July 1, 2020 (net) b |
38,684 |
36,559 |
34,261 |
31,869 |
|
Plus: New Capital Commitments c |
|
|
|
|
|
FY 2021 |
|
8,708 |
8,708 |
8,708 |
|
FY 2022 |
|
|
12,227 |
12,227 |
|
FY 2023 |
|
|
|
13,781 |
|
Less: Appropriations for General Obligation Principal |
(2,139) |
(2,302) |
(2,386) |
(2,429) |
|
|
|
|
|
|
|
Incremental TFA Bonds Outstanding Above |
26,640 |
25,279 |
23,719 |
22,211 |
|
|
|
|
|
|
|
Subtotal: Net Funded Debt Against the Limit |
$63,185 |
$68,244 |
$76,529 |
$86,367 |
|
|
|
|
|
|
|
Plus: Contract and Other Liability |
14,020 |
14,020 |
14,020 |
14,020 |
|
|
|
|
|
|
|
Total Indebtedness Against the Limit |
$77,205 |
$82,264 |
$90,549 |
$100,387 |
|
Remaining Debt-Incurring Power within General |
$45,813 |
$47,760 |
$43,149 |
$35,546 |
a FYs 2022 through 2024 debt limits are based on the NYC Comptroller’s Office’s forecasts of
the full market value of real property.
b Net adjusted for Original Issue Discount, Capital Appreciation Bonds, GO bonds issued for the water and sewer system and Business
Improvement District debt.
c Reflect City-funds capital commitments as of the FY 2021 Adopted Capital Commitment Plan (released in November 2020) and
includes cost of issuance and certain Inter-Fund Agreements. In July 2009, the State Legislature authorized the issuance of TFA Future
Tax Secured bonds above the initial authorization of $13.5 billion, with the condition that this debt would be counted against the general
debt limit. Thus, City capital commitments will be funded with TFA debt as well.
Note: The Debt Affordability Statement released by the City in April 2020 presents data for the last day of each fiscal year,
June 30th, instead of the first day of each fiscal year, July 1, as reflected in this table. The City’s Debt Affordability
Statement forecasts that indebtedness would be below the general debt limit by $33.7 billion at the end of FY 2021.
Source: NYC Comptroller’s Office and the NYC Office of Management and Budget.