Office of the Chief Financial Officer

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2014 DS0 ZA0 CP0 ZB0 SM0 DT0 Debt Service

Thursday, August 8, 2013

The mission of Debt Service administration is to finance the District's capital and cash flow needs as well as minimize costs associated with such financing, exercise fiscally responsible debt management practices, and make timely payment of all debt service.

Summary of Services
Timely debt service payments are necessary to satisfy the District's commitments to its investors (bondholders) and maintain a good credit standing in the financial marketplace. Under the District of Columbia Home Rule Act, the District may issue debt to finance capital projects or seasonal cash needs, subject to certain limitations. Specifically, no long-term debt may be issued that would cause total debt service on all tax-supported debt to exceed 12 percent of total general fund expenditures in any year during the 6-year capital plan period. No short-term debt may be issued in an amount that would cause total outstanding short-term debt to exceed 20 percent of the projected revenue of the fiscal year in which the debt is issued. Short-term debt must be repaid by the end of the fiscal year in which it is issued. The District’s total outstanding tax-supported long-term debt as of December 2012 was $8.7 billion. The District issued $675 million of short-term debt in FY 2013, which will be repaid by September 28, 2013. Appropriations are budgeted from Local funds in amounts sufficient to meet the required payments for the various types of debt service.

Please note that in the "tables" file, schedules 40-G and 41-G were updated on April 5, 2013.