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507. State and Local Governments--Indebtedness

[In billions of dollars (335.6 represents $335,600,000,000), except as indicated. For fiscal year ending in year shown; see text, this section . Except for 1987, local government amounts are estimates subject to sampling variation; see Appendix III and source. For definition of debt, see below table]

 
Debt outstanding LONG TERM
 
Per Long term Short- Net Debt Debt
Item Total Resident capita 1 term long- issued retired
pop (dol.) Local Utilities All other term
schools 2
 
1980: Total 335.6 226.542 1,481 32.3 55.2 235.0 13.1 262.9 42.4 17.4
        State 122.0 225.904 540 3.8 4.6 111.5 2.1 79.8 16.4 5.7
        Local 213.6 226.542 943 28.5 50.6 123.5 11.0 183.1 25.9 11.7
1985: Total 568.6 237.924 2,390 43.8 90.8 414.5 19.6 430.5 101.2 43.5
        State 211.9 237.289 893 6.7 8.6 193.8 2.8 110.4 41.7 16.4
        Local 356.7 237.924 1,499 37.1 82.2 220.6 16.8 320.1 59.5 27.2
1986: Total 658.9 240.133 2,744 43.0 104.8 492.8 18.3 458.9 162.0 74.4
        State 247.7 239.495 1,034 4.1 10.0 232.0 1.6 129.1 64.0 26.4
        Local 411.2 240.133 1,712 38.9 94.9 260.6 16.7 329.8 98.1 48.0
1987: Total 727.1 242.289 3,001 49.2 120.5 541.5 15.9 518.3 134.4 83.0
        State 265.7 241.652 1,099 7.9 11.9 244.1 1.6 143.4 50.2 33.3
        Local 461.5 242.289 1,905 41.3 108.6 297.3 14.3 375.0 84.1 49.8
1988: Total 755.0 244.499 3,088 47.5 124.9 566.9 15.7 425.4 89.7 63.8
        State 276.8 243.869 1,135 3.3 12.2 260.0 1.3 108.8 36.4 26.1
        Local 478.2 244.499 1,956 44.2 112.7 306.9 14.4 316.5 53.3 37.6
1989: Total 798.4 246.814 3,235 52.7 127.5 600.2 18.0 445.5 102.2 63.8
        State 295.5 246.195 1,200 3.7 12.2 277.4 2.3 118.2 42.0 26.9
        Local 502.9 246.814 2,037 49.0 115.3 322.8 15.7 327.2 60.2 36.8
1990: Total 860.6 248.765 3,459 60.4 134.8 646.1 19.3 477.0 108.5 64.8
        State 318.3 248.159 1,282 4.4 12.3 298.8 2.8 125.5 43.5 22.9
        Local 542.3 248.765 2,180 56.0 122.4 347.4 16.5 351.5 65.0 42.0
1991: Total 915.8 252.124 3,632 71.0 141.2 681.8 21.7 509.9 118.1 65.7
        State 345.6 251.531 1,374 5.9 12.5 323.7 3.4 139.9 50.5 25.4
        Local 570.2 252.124 2,261 65.1 128.7 358.1 18.3 369.9 67.6 40.3
1992: Total 970.5 255.002 3,806 78.4 150.4 720.4 21.3 561.6 155.1 99.2
        State 372.3 254.417 1,463 7.6 13.7 348.1 2.9 125.4 70.2 45.0
        Local 598.1 255.002 2,345 70.9 136.7 373.1 18.4 409.1 85.0 54.3
1993: Total 1,016.2 257.746 3,943 89.2 157.6 746.8 22.6 617.1 195.0 146.3
        State 389.7 257.169 1,515 9.4 14.8 361.7 3.9 176.9 77.1 60.7
        Local 628.0 257.746 2,437 79.8 142.7 385.2 18.9 440.2 118.4 86.3
1994: Total 1,074.7 260.289 4,129 143.5 164.9 438.0 26.7 672.8 207.8 166.6
        State 411.0 259.723 1,582 10.4 16.7 162.0 4.9 200.8 78.5 61.3
        Local 663.7 260.289 2,550 86.2 148.2 276.0 21.8 472.0 129.3 105.3
1995: Total 1,115.3 262.765 4,244 118.2 163.9 756.0 27.0 835.3 129.3 95.1
        State 427.2 262.212 1,629 11.3 17.0 345.0 6.1 205.3 52.6 37.5
        Local 688.1 262.765 2,619 107.0 146.9 411.0 20.9 629.9 76.8 57.6
1996: Total 1,169.7 265.190 4,411 130.7 170.3 868.8 24.0 890.2 141.1 106.5
        State 452.4 264.650 1,709 11.2 16.3 424.9 5.8 224.4 60.2 42.4
        Local 717.3 265.190 2,705 119.5 154.0 443.8 18.2 665.7 80.9 64.1
 
 
1 1980 and 1990 based on enumerated resident population as of April 1;
other years based on estimated resident population as of July 1; see table 2.        
2 Includes debt for education activities other than higher education.
 
Source: U.S. Bureau of the Census; "Government Finances", Series GF No.5, annual 1980-92; thereafter
Estimates, annual; thereafter,
(accessed 21 May 1999).
 
http://www.census.gov/govs/www/estimate.html
 
****************************************************************************************
Public debt comprises all interest-bearing short-term credit
obligations and all long-term credit obligations incurred in the
name of the government and all its dependent agencies, whether
backed by the government's full faith and credit or nonguar-
anteed.  It includes tax-exempt as well as taxable public debt.
 
The Census Bureau concept of public debt is an inclusive one,
covering judgments, mortgages, "revenue" and "earning" bonds, and
special assessment obligations as well as the more traditional
general obligation bonds, notes, and interest-bearing short-term
warrants.  It includes not only public debt for public improve-
ments (roads, sewers, airports, etc.) but also public debt issued
for the direct benefit of the private sector (industrial
development, mortgage revenue, pollution control abatement,
etc.).  Indeed, the latter category has grown to become the
largest type of government debt today.  (See Section 9.3 for a
more detailed discussion of this topic.)
 
This definition covers obligations of all agencies, boards,
commissions, or other organizations categorized as dependent on
the government concerned (see Chapter 3).  For instance, govern-
ment business-type activities, particularly utilities, have debt
that is payable exclusively from earnings of the facilities which
the debt financed.  Many special assessment obligations are paid
completely from levies on the property benefitting from such
improvements, without recourse to the general credit of the
government.  State authorities, educational institutions, and
other agencies frequently have debt secured only by their own
revenues, other dedicated receipts, or agency properties.  These
types of obligations are issued widely by dependent agencies of a
government, such as special improvement districts of city
corporations, state dormitory authorities, or housing finance
agencies.  Often, the parent government does not even maintain
central accounts on such debt.  Nonetheless, all these examples
are types of credit obligations reported in Census Bureau
statistics on public debt.
 
The Bureau assigns public debt, as defined above, to the
government in whose name it is incurred, regardless of the
location of responsibility for debt service.  In the case of
public debt for private purposes, this generally represents the
government whose tax-exempt status was used to issued such debt.
State obligations for which interest and principal payments are
financed by local government payments to the state are treated as
state debt.  Similarly, debt of an agency classified as dependent
on a local government is treated as local government debt.
 
 
9.11 Liabilities Outside Census Bureau Definition
 
 
This concept of public debt, however, is not so broad that it
covers every liability listed on the balance sheets or elsewhere
in government finance reports.  The following types of liabil-
ities are excluded from Census Bureau statistics:
 
- Noninterest-bearing short-term obligations, such as accounts
payable, noninterest-bearing warrants, and the like.  Note,
however, that noninterest-bearing long-term obligations having
a formal debt instrument (such as a fixed repayment schedule)
are classified as government debt.
 
- Interfund advances, loans, or other obligations between
accounting funds of the same government (see Section 6.6 for a
discussion of intragovernmental transactions).  As a practical
matter, these debt statistics do include formal debt
instruments of a government that are held as investments by
its own agencies or fund.
 
- Amounts held (and owned) by a government in a trust or agency
capacity on behalf of others (see Section 6.5).
 
- Contingent loans and advances from other governments, which
are classed as intergovernmental transactions (see Section
6.4).
 
- Rights of individuals to benefits from retirement funds or
other social insurance trust systems.
 
- Unfunded liabilities of retirement systems, unpaid annual or
sick leave, or other obligations without a formal debt
instrument specifying terms, length, interest rate, etc.
 
- Leases, including both capital and operating leases (see
Section 9.63).
 
- Loan guarantees and nonguaranteed obligations of the Federal
Government.
 
Chart 9-A provides a sample of the most common types of govern-
ment liabilities that are included and excluded from this
definition of public debt.
 
 
9.12 Major Classification Changes with Fiscal Year 1987-88 Data
 
 
Because of the growing complexity of government debt financing
and the increasing difficulty in collecting statistics regarding
it, the Census Bureau instituted major classification changes to
this area, effective with fiscal year 1987-88 data.  The major
effects of the changes were to simplify the classification scheme
and to identify more completely public debt for private purposes.
 
The classification changes can be summarized as follows:
 
- The functional detail on long-term debt issued, retired, and
outstanding was reduced from 19 to eight categories, half of
which are for utilities.  The disposition of the previous
function codes is shown in the chart below:
 
Old                                                     New
Code               Purpose                              Code
 
Utility Debt1:
 
A   Water Supply Systems*                                A
B   Electric Power Systems*                              B
C   Natural Gas Supply Systems*                          C
D   Public Mass Transit Systems*                         D
 
General Debt2:
 
E   Air Transportation                                   X
F   Elementary and Secondary Education*                  F
G   Institutions of Higher Education                     G
H   Other Education, N.E.C.#                             G
J   Hospitals#                                           X
K   Highways-Regular                                     X
L           -Toll                                        X
M   Housing and Community Development#                   X
N   Parks and Recreation                                 X
Old                                                     New
Code               Purpose                              Code


General Debt (continued)1:

P Sewerage X R Veterans' Bonuses X S Water Transport and Terminals X T Industrial Development and Pollution Control T W Mortgage Revenue T X General Debt, N.E.C. X

* Indicates no change to category. # Indicates that some debt previously classified in this code is included in the new Public Debt for Private Purposes category.

- A new category, Public Debt for Private Purposes (code T), was created as a combination of industrial development and pollution control (old T code) and mortgage revenue (old W code) plus debt that was recorded in other functions (e.g., from the education debt categories, debt for student education loans and from hospital debt category, debt to finance private hospital construction).

- Two functional categories that had been used previously to classify state government full-faith and credit long-term debt, General Obligation Bonds and Debt Initially Payable from Specified Nontax Revenue, were eliminated. 9.2 Four-Way Classification of Public Debt For Census Bureau statistics, public debt is classified into four categories using a 3-digit coding scheme. Except for the first category, all apply solely to long-term debt. These categories are defined in detail in the description sheets at the end of this chapter. Below is a summary of each:

- By length of term. Debt is classified as being either short-term or long-term. Note that for short-term debt, only the amounts outstanding at the beginning and end of the fiscal year are reported. Unlike long-term debt data, no effort is made to collect the entire amount of short-term debt sold and paid off during the fiscal year or to categorize short-term debt by function.

#����! one of three types: issued during the year, retired during the year, or outstanding at the end of the government's fiscal year. Note that the first two record debt activity over a period of time while the last one measures debt at a specific point. Also, the end of fiscal year refers to the government's own fiscal year, not the Census Bureau reporting period.

-BY CHARACTER OF LONG-TERM DEBT. LONG-TERM DEBT IS CLASSIFIED as either backed by the full-faith and credit of the govern- ment or as nonguaranteed. For smaller local governments, long-term debt issued and retired is not classed in either category but is categorized as "unspecified in character."

-BY PURPOSE OF LONG-TERM DEBT. LONG-TERM DEBT IS CLASSIFIED according to the purpose, or function, intended to be financed from its proceeds. There are currently eight functional categories for debt:

-UTILITY DEBT1: WATER SUPPLY SYSTEMS Electric Power Systems Natural Gas Supply Systems Public Mass Transit Systems

- General Debt: Elementary and Secondary Education Higher and Other Education Public Debt for Private Purposes All Other Debt, N.E.C.2



https://allcountries.org/uscensus/507_state_and_local_governments_indebtedness.html

These tables are based on figures supplied by the United States Census Bureau, U.S. Department of Commerce and are subject to revision by the Census Bureau.

Copyright © 2006 Photius Coutsoukis and Information Technology Associates, all rights reserved.