Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Computation of Legal Debt Margin
Last Ten Fiscal Years
TABLE 14
2008-09 2007-08 2006-07 2005-06 2004-05 2003-04 2002-03 2001-02 2000-01 1999-00
Total net debt applicable to limit $ 141,302,416
148,656,800 156,937,600 165,988,287 165,375,304 138,094,965 143,524,025 125,316,282 99,427,444 101,717,884
Debt limit 2,449,428,970 2,214,502,370 2,068,018,972 1,877,324,663 1,713,217,857 1,627,881,798 1,513,649,468 1,389,360,631 1,271,486,828 1,160,525,666
Legal debt margin 2,308,126,554 2,065,845,570 1,911,081,372 1,711,336,376 1,547,842,553 1,489,786,833 1,370,125,443 1,264,044,349 1,172,059,384 1,058,807,782
Total net debt applicable to the limit
as a percentage of debt limit 5.77% 6.71% 7.59% 8.84% 9.65% 8.48% 9.48% 9.02% 7.82% 8.76%
Net assessed value $ 23,412,712,570
Add: exempt property 1,081,577,128
Total gross assessed value $ 24,494,289,698
155
Debt limit - 10% of total assessed value (1) 2,449,428,970
Amount of debt applicable to debt limit:
Total bonded debt 159,235,000
Less:
Assets in debt service funds
available for payment of bonds 17,932,584
Total amount of debt applicable to debt limit 141,302,416
Legal debt margin $ 2,308,126,554
(1) Per Section 607 of the City Charter, bonded indebtedness of the City may not exceed 10% of total assessed valuation
of property within the City, exclusive of any indebtedness incurred for the purpose of water supply or sewers or storm drains.
Source: City of Santa Monica Finance Department