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DEBT at a Glance

TEXAS STATE LINE

POP. 26,956,958

% Change Population, 2005-2014

+18.3% Texas +7.9% U.S.

Source: U.S. Census Bureau

Texas, the second-largest state, has a highly robust and diversified economy. Despite plummeting oil prices in 2014, Texas continues to have one of the fastest-growing economies in the nation, with gross domestic product (GDP) growth second only to North Dakota’s.

Texas issues state debt to fund a variety of purposes, including transportation, water projects, public housing and construction at state colleges and universities. According to recent Census data, Texas has the second lowest state debt per capita among the 10 largest states.


The data on this page is provided as of the date indicated and may not reflect debt, debt service, population or other data as of any subsequent date. See other explanations.

For more information on the types of debt, refer to our Debt Glossary.

Current Debt Obligations

TEXAS STATE DEBT OUTSTANDING,

as of August 31, 2014 (Thousands)

General Obligation Debt $15,088,332 
Non-General Obligation Debt $29,238,479 
Total Debt Outstanding $44,326,811 

Source: Texas Bond Review Board
Note: Numbers may not sum due to rounding.
Some of this debt may be self-supporting, that is, paid in whole or part with dedicated non-tax revenue, even when backed by a pledge of general revenue.

TEXAS STATE DEBT AUTHORIZED BUT UNISSUED

as of August 31, 2014 (Thousands)

Authorized but unissued debt for the state is debt that the legislature has approved but has yet to be issued and may be issued any time in the future.

General Obligation Debt $15,843,771 
Non-General Obligation Debt $3,192,081 

Source: Texas Bond Review Board
Note: Numbers may not sum due to rounding.
Some of this debt may be self-supporting, that is, paid in whole or part with dedicated non-tax revenue, even when backed by a pledge of general revenue.

GENERAL OBLIGATION (GO) DEBT is legally secured by a constitutional pledge of the first monies coming into the State Treasury that are not constitutionally dedicated for another purpose. GO debt must be approved by a 2/3 vote of both houses of the legislature and a majority of Texas voters.

NON-GENERAL OBLIGATION DEBT includes debt that is secured by a specific revenue source and some lease purchase obligations. Generally, non-general obligation debt does not require voter approval and is not considered "debt" limited by the Texas Constitution.

How Texas Compares

10 MOST POPULOUS STATES
TOTAL Debt Outstanding,

As of States' Respective Fiscal Year End 2012

State Total Debt
Outstanding
Debt Outstanding
Per Capita
Population
California  $153,528,617,000   $4,034   38,062,780 
Texas  $45,626,393,000   $1,749   26,094,422 
New York  $135,884,070,000   $6,930   19,607,140 
Florida  $38,171,049,000   $1,972   19,355,257 
Illinois  $64,301,765,000   $4,995   12,873,763 
Pennsylvania  $46,198,646,000   $3,618   12,770,043 
Ohio  $33,602,457,000   $2,909   11,550,901 
Georgia  $13,400,514,000   $1,351   9,919,000 
Michigan  $30,823,672,000   $3,118   9,884,781 
North Carolina  $18,291,688,000   $1,876   9,748,181 

Source: U.S. Census Bureau, 2012 State and Local Government Finance Survey.
Note: Texas debt outstanding from the Census Bureau differs from that reported by the Texas Bond Review Board. The 2012 State and Local Government Finance Survey is the latest year for which this data is available, and the population figures are 2012 Census estimates.

State Debt Service Requirements

Debt service includes principal and interest payable over the life of outstanding debt. Some of this debt may be self-supporting, that is, paid in whole or in part with dedicated non-tax revenue, even when backed by a pledge of general revenue.

State Debt Service Scheduled To Be Paid As Of August 31, 2014 (Thousands)
2015  $3,627,861 
2016  $3,639,107 
2017  $4,444,656 
2018  $3,496,782 
2019  $3,406,673 
2020 and beyond  $57,395,443 
Total Debt Service
(Principal and Interest)
$76,010,522 

Source: Texas Bond Review Board
Note: Variable rate debt and commercial paper (CP) are included in the table. The Bond Review Board estimates interest on variable rate debt based on data that is provided by its issuer. Debt service for revenue CP assumes a 20-year level debt service amortization and interest at 5% per annum. Debt service for General Obligation CP assumes a level-principal amortization. Actual debt service for variable rate debt and CP will vary depending on market conditions and future decisions regarding amortization. Issuers may accelerate the retirement of debt but must comply with debt covenants. Any debt prepayments would reduce debt service owed on the remaining outstanding debt.

CONSTITUTIONAL AMENDMENT PROPOSITIONS IMPACTING STATE FINANCES

2015 Prop. 7  Provides for the dedication of certain sales and use tax revenue and motor vehicle sales, use, and rental tax revenue to the state highway fund to provide funding for nontolled roads and the reduction of certain transportation-related debt. Up for Vote
2014 Prop. 1  Provides for the transfer of certain general revenue to the economic stabilization fund and to the state highway fund and for the dedication of the revenue transferred to the state highway fund. Approved
2013 Prop. 6  Provides for the creation of the State Water Implementation Fund for Texas and the State Water Implementation Revenue Fund for Texas to assist in the financing of priority projects in the state water plan to ensure the availability of adequate water resources. Approved

Source: Texas Secretary of State
Note: Reflects elections called as of August, 2015. Constitutional amendment elections generally happen in November of odd-numbered years.

DEBT TRENDS

Debt Per Capita changed by 44.3% from 2005 to 2014.

STATE OF TEXAS DEBT PER CAPITA Outstanding at Fiscal Year End: 10-YEAR TREND

Sources: Texas Bond Review Board, U.S. Census Bureau, Bureau of Labor Statistics
Note: Some debt issued before 2006 may not be reflected. Reflects debt in 2014 dollars divided by estimated population in the relevant year. Texas debt outstanding from the Texas Bond Review Board differs from that reported by the U.S. Census Bureau. Some of this debt may be self-supporting, that is, paid in whole or in part with dedicated non-tax revenue, even when backed by a pledge of general revenue.

CONSTITUTIONAL DEBT LIMIT RATIOS:

DEBT SERVICE AS A PERCENTAGE OF UNRESTRICTED GENERAL REVENUE

Ratio 1: Debt Service on Outstanding Debt 1.20%
Ratio 2: Debt Service on Outstanding Debt Plus Pro Forma Debt Service on Authorized but Unissued Debt 2.71%
Constitutional Debt Limit 5.00%

Source: Texas Bond Review Board, Legislative Budget Board
Notes:
In 1997 the 75th Legislature passed and the voters approved a constitutional debt limit (CDL) that restricts the amount of GR-supported debt the legislature may authorize. GR-supported debt may not be authorized if the annual debt service on all outstanding GR-supported debt, including authorized but unissued debt, exceeds 5 percent of the average annual unrestricted General Revenue Fund revenues for the previous three fiscal years.
The CDL excludes debt service designed and expected to be payable from a source other than the General Revenue Fund, even if backed by a pledge of general revenue. It also excludes revenues constitutionally dedicated for purposes other than state debt. Unrestricted General Revenue includes revenue available to pay debt service on state debt. For purposes of estimating debt obligations subject to the CDL, the BRB assumes authorized but unissued debt will have a 20-year term, level debt-service, and a 6 percent interest rate.
For the outstanding debt portion of the CDL, the Bond Review Board uses the peak debt service year for General Obligation and revenue debt. For the CDL calculated as of August 31, 2014, the peak debt service year is 2015. The peak debt service year is the year in which debt service is highest; the Bond Review Board aggregates all debt payable from unrestricted general revenue to determine the year with the highest total debt service.

An Introduction to Comprehensive Annual Financial Reports

When you’re ready to learn about a public entity’s fiscal health, you’ll find a great deal of information in comprehensive annual financial reports (CAFRs) and other yearly reports. Often posted online alongside other financial information, CAFRs report an entity’s accounting statements, debts and other key information for the past year.

But sometimes that information can be tricky to find – and tough to understand. Because of that, our office compiled some tips for locating an entity’s CAFRs and for understanding them. You’ll learn how all CAFRs have certain similarities and when and why different entities’ CAFRs will differ in key ways. Plus, we detail strategies for pinpointing the debt, expenditure and revenue information you need to hold a government entity accountable.

Note that the data in the following publication is presented as of the dates indicated in the publication and may not reflect debt, debt service, population or other data as of any subsequent date. For further or more current information, see the applicable agency’s filings on Electronic Municipal Market Access (EMMA®) or its own web site.

Read our Guide to Understanding
Comprehensive Annual Reports (CAFRs)

To learn more about the finances of public pension plans that may operate in this jurisdiction, please visit our public pension search tool.

Download 2014 Texas debt data. (CSV, 4K)


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Disclaimer

The outstanding debt data in Debt at a Glance has been obtained from the Bond Review Board, which compiles data reported by state agencies and local governments that neither the Board nor the Comptroller has independently verified. State agencies are not required to report all installment purchases but certain lease-purchase obligations are included. In addition, some state debt issued before 2006 may not be reflected.

Local governments are not required to report data for debt that is either not considered a public security as defined by state statute or does not require approval by the Office of the Attorney General of the state of Texas such as certain short-term notes, certificates of obligation delivered to contractors, bond anticipation notes and lease purchase agreements for personal property. Additionally, certain installment and lease-purchase obligations are not reported. Further, certain cash defeasances of debt may not be reported. Debt issued by a controlled non-profit corporation may be included as debt of its sponsoring city, county, or district. Debt includes principal but excludes interest, including compounded interest on capital appreciation bonds. Data for local debt issued before 2003 is included as estimates of debt outstanding. Outstanding debt excludes debt for which sufficient funds have been escrowed to retire the debt either from proceeds of refunding debt or from other sources. Consequently, the reported debt data may vary from actual debt outstanding, and the variance for a specific issuer could be substantial.

Debt at a Glance is intended to inform citizens, not to present comprehensive data for investors. Data is provided as of the date indicated and may not reflect debt, debt service, population or other data as of any subsequent date. For fuller, more detailed or more current information, see the issuers’ web sites or their filings at Electronic Municipal Market Access (EMMA®). The Comptroller does not control or guarantee the accuracy, completeness or currency of any such site. When you access any such site, you will be leaving the Comptroller’s website.

I have read and understood...

Disclaimer

The outstanding debt data in Debt at a Glance has been obtained from the Bond Review Board, which compiles data reported by state agencies and local governments that neither the Board nor the Comptroller has independently verified. State agencies are not required to report all installment purchases but certain lease-purchase obligations are included. In addition, some state debt issued before 2006 may not be reflected.

Local governments are not required to report data for debt that is either not considered a public security as defined by state statute or does not require approval by the Office of the Attorney General of the state of Texas such as certain short-term notes, certificates of obligation delivered to contractors, bond anticipation notes and lease purchase agreements for personal property. Additionally, certain installment and lease-purchase obligations are not reported. Further, certain cash defeasances of debt may not be reported. Debt issued by a controlled non-profit corporation may be included as debt of its sponsoring city, county, or district. Debt includes principal but excludes interest, including compounded interest on capital appreciation bonds. Data for local debt issued before 2003 is included as estimates of debt outstanding. Outstanding debt excludes debt for which sufficient funds have been escrowed to retire the debt either from proceeds of refunding debt or from other sources. Consequently, the reported debt data may vary from actual debt outstanding, and the variance for a specific issuer could be substantial.

Debt at a Glance is intended to inform citizens, not to present comprehensive data for investors. Data is provided as of the date indicated and may not reflect debt, debt service, population or other data as of any subsequent date. For fuller, more detailed or more current information, see the issuers’ web sites or their filings at Electronic Municipal Market Access (EMMA®). The Comptroller does not control or guarantee the accuracy, completeness or currency of any such site. When you access any such site, you will be leaving the Comptroller’s website.

I have read and understood...