Following debt authorizations of $39 million for fiscal years 2002 through 2004, debt authorized increased each year for fiscal years 2005 through 2015, and decreased for fiscal years 2016 through 2021. Authorizations since fiscal year 2002 have been:
2002: $39.000,000
2003: $39,000,000
2004: $39,000,000
2005: $41,000,000
2006 $45,000,000
2007: $45,000,000
2008: $49,200,000
2009: $64,650,000
2010: $69,955,000
2011: $71,825,000
2012 & 2013: $153,160,000 (2-Year Authorization of $76,580,000 per year)
2014 & 2015: $159,900,000 (2-Year Authorization of $79,950,000 per year)
2016 & 2017: $144,000,000 (2-Year Authorization of $72,000,000 per year)
2018 & 2019: $132,460,000 (2-Year Authorization of $66,230,000 per year)
2020 & 2021: $123,180,000 (2-Year Authorization of $61,590,000 per year)
2022 & 2023: $123,180,000 (2-Year Authorization of $61,590,000 per year)
2024 & 2025: $108,000,000 (2-Year Authorization of $54,000,000 per year)
In its 2010 Report, the Capital Debt Affordability Advisory Committee ("CDAAC") recommended, and the Governor and Legislature adopted, a 2-year biennium authorization to better-manage large capital expenditures that otherwise required multi-year debt authorizations to finance. The Recommended Annual Net Tax-Supported Debt Authorization in the September 2018 CDAAC Report for fiscal years 2020 and 2021 was $123.18 million, a decrease of 7.0 percent from the 2018-2019 period.
The Recommended Annual Net Tax-Supported Debt Authorization in the October 2020 CDAAC Report for fiscal years 2022 and 2023 was $123.18 million, reflecting no change from the 2020-2021 period.
By keeping new authorizations at moderate levels, the State of Vermont has maintained a stable debt profile. At June 30, 2020, total net tax-supported debt outstanding was $678.6 million.
The State has achieved significant progress in the level of debt outstanding and in debt ratios considered critical to debt rating agencies in formulating the State's bond ratings. The current level of debt authorization demonstrates that the State continues to manage its debt issuance program in a prudent and restrained manner.
Total debt service, which is the amount appropriated to pay principal and interest on bonds, is estimated at $81.03 million for fiscal year 2022, versus $79.38 million in 2021.
