INTRODUCTION
City’s outstanding long-term debt obligations were retired in FY 2010-11; the City has no outstanding debt.
Legal Debt Margin Under state law, the City has a legal debt limitation not to exceed 15 percent of the total adjusted assessed valuation of taxable property within City boundaries. In accordance with California Government Code Section 43605, only the City’s general obligation bonds are subject to that legal debt limit. The City has no outstanding general obligation bonds. The table below summarizes the City’s debt limit margin over a three-year period:
Computation of Debt Limit Margin Years ended 2015 through 2018
2015
2016
2017
2018
Assessed Valuation Conversion Percentage
$
55,693,885,275
$
60,912,693,965
$
65,754,243,380
$
71,898,708,288
25%
25%
25%
25%
Adjusted Assessed Valuation
$
13,923,471,319
$
15,228,173,491
$
16,438,560,845
$
17,974,677,072
Debt Limit Percentage
15%
15%
15%
15%
Debt Limit
$
2,088,520,698
$
2,284,226,024
$
2,465,784,127
$
2,696,201,561
Total Net Debt Applicable to Limit General Obligation Bonds
$ $
-
$ $
-
$ $
-
$ $
-
Legal Debt Margin
2,088,520,698
2,284,226,024
2,465,784,127
2,696,201,561
Additional information about the services provided by the City is included in each department chapter in this document. Information about City services can also be found on the City’s website (www.cityofirvine.org) under the “Government” heading.
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FY 2019-21 Proposed Budget
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