Legal Debt Margin Information

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Fiscal Year
(Amounts in Thousands)

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Assessed value ⁽²⁾	$ 1,230,177,675	$ 1,162,656,654	$ 1,062,428,933	$ 982,414,504	$ 902,361,491	$ 851,841,382	$ 813,548,810	$ 791,003,165	$ 768,526,703	$ 760,966,939	$ 762,244,037	$ 749,042,580	$ 704,188,669	$ 601,024,031	$ 533,355,005	$ 533,355,005	$ 470,509,862	$ 431,152,135	-	-	-	-	$ 293,319,239	$ 289,497,081	$ 309,483,646	$ 319,108,443	$ 350,268,411
Debt limit (10% of assessed value) ⁽³⁾	123,017,768	116,265,665	106,242,893	98,241,450	90,236,149	85,184,138	81,354,881	79,100,317	76,852,670	76,096,694	76,224,404	74,904,258	70,418,867	60,102,403	53,335,501	53,335,501	47,050,986	43,115,214	-	-	-	-	29,331,924	28,949,708	30,948,365	31,910,844	35,026,841
Debt applicable to limit:
General obligation bonds(4)	38,510,071	38,584,142	37,317,602	38,409,240	37,651,032	37,632,429	40,157,476	41,355,831	41,283,518	40,628,670	41,441,266	41,215,268	38,422,206	32,927,858	34,144,474	35,481,146	33,542,411	30,779,961	-	-	-	-	27,390,335	27,109,121	27,418,228	26,524,884	23,967,315
TFA Debt Outstanding (5) (6)	27,618,825	26,639,270	24,370,000	21,175,160	18,491,230	14,895,995	11,988,230	10,513,395	8,314,855	6,086,990	4,123,725	906,295	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustments:
Excluded fund debt (6)	(33,533)	(38,761)	(41,612)	(45,978)	(43,118)	(48,029)	(62,203)	(80,798)	(91,176)	(105,835)	(212,391)	(261,294)	(305,560)	(341,221)	(399,600)	(408,201)	(457,453)	(505,574)	-	-	-	-	(848,341)	(933,023)	(1,019,530)	(1,123,463)	(1,171,954)
Service fund and appropriations for redemption of non-excluded debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(1,597,624)	(1,398,773)	(1,475,020)	-	-	-	-	(1,092,997)	(1,053,804)	(1,083,501)	(1,256,752)	(1,190,819)
Anticipated TFA financing	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(3,397,272)	(5,395,744)	-	-	-
Anticipated TSASC debt incurring power	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(44,139)	-	-	-	-	-	-	-	-	-
Contract, land acquisition and other liabilities	15,725,379	14,019,952	15,279,491	11,536,695	10,112,072	9,726,230	7,542,104	6,115,944	6,671,191	6,709,900	8,610,479	9,745,279	9,432,580	9,980,604	7,440,758	6,238,891	6,231,095	5,084,927	-	-	-	-	5,593,557	5,322,442	1,876,864	5,032,132	5,043,462
Total net adjustments	15,691,846	13,981,191	15,237,879	11,490,717	10,068,954	9,678,201	7,479,901	6,035,146	6,580,015	6,604,065	8,398,088	9,483,985	9,127,020	9,639,383	7,041,158	4,233,066	4,374,869	3,060,194	-	-	-	-	254,947	(2,060,129)	(226,167)	2,651,917	2,680,689
Total net debt applicable to limit	81,820,742	79,204,603	76,925,481	71,075,117	66,211,216	62,206,625	59,625,607	57,904,372	56,178,388	53,319,725	53,963,079	51,605,548	47,549,226	42,567,241	41,185,632	39,714,212	37,917,280	33,840,155	-	-	-	-	27,645,282	25,048,992	27,192,061	29,176,801	26,648,004
Legal debt margin ⁽¹⁾	41,197,026	37,061,062	29,317,412	27,166,333	24,024,933	22,977,513	21,729,274	21,195,944	20,674,282	22,776,969	22,261,325	23,298,710	22,869,641	17,535,162	12,149,869	13,621,289	9,133,706	9,275,059	-	-	-	-	1,686,642	3,900,716	3,756,304	2,734,043	8,378,837
Total net debt applicable to the limit as a percentage of debt limit ⁽¹⁾	66.51 %	68.12 %	72.41 %	72.35 %	73.38 %	73.03 %	73.29 %	73.2 %	73.1 %	70.07 %	70.8 %	68.9 %	67.52 %	70.82 %	77.22 %	74.46 %	80.59 %	78.49 %	%	%	%	%	94.25 %	86.53 %	87.86 %	91.43 %	76.08 %

Notes:

(1) The Legal Debt Margin and the Net Debt Applicable to the Debt Limit as a Percentage of the Debt Limit are recalculated on July 1, the first day of each City fiscal year, based on the new assessed value in accordance with the new year’s enacted tax fixing resolution. For fiscal year 2022, beginning July 1, 2021, the Legal Debt Margin and the Net Debt Applicable to the Debt Limit as a Percentage of the Debt Limit are $47,697,902 and 62.55%, respectively.

(2) A five-year average of full valuations of taxable real estate from the Resolutions of the Council Fixing the Property Tax Rates for the fiscal year beginning on July 1, 2020 and ending on June 30, 2021.

(3) The Constitution of the State of New York limits the general debt-incurring power of The City of New York to ten percent of the five-year average of full valuations of taxable real estate.

(4) Includes adjustments for Business Improvement Districts, Original Issue Discount, and cash on hand for defeasance.

(5) To provide for the City's capital program, State legislation was enacted which created the Transitional Finance Authority (TFA). TFA debt above 13.5 billion (Excludes TFA Building Aid Revenue bonds and Recovery Bonds) is subject to the general debt limit of the City.

(6) Obligations for water supply and certain obligations for rapid transit are excluded pursuant to the State Constitution and in accordance with provisions of the State Local Finance Law. Resources of the General Debt Service Fund applicable to non-excluded debt and debt service appropriations for the redemption of such debt are deducted from the non-excluded funded debt to arrive at the funded debt within the debt limit.

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Legal Debt Margin Information