State Bonded Obligations, 4th Edition

by Jonathan Williams, Lee Schalk, Thomas Savidge & Nick Stark

Introduction

State governments borrow for a myriad of reasons and issue various types of bonded obligations. Today, their total bonded liabilities exceed $1.23 trillion, representing just over $3,700 per person nationally. State Bonded Obligations, 4th Edition surveys data from the Annual Comprehensive Financial Reports for states and the MSRB EMMA website for bonds issued by states and their component units for all 50 states. This report analyzes the types of bonds issued, debt payment schedules as well as total liabilities and liabilities per capita. This report uses data as recent as December of 2021. The differences between states offer important insights into state approaches to managing these obligations.