The State's Credit Fundamentals Continue to Improve
Strength of the State's GO Pledge
•
Monies are transferred monthly to the GOBRI Fund and, by law, are used for the payment of GO Bonds issued under the Bond
Act and for the payment of Short-Term Debt.
The Bond Act constitutes an irrevocable and continuing authority for and direction to the Treasurer and Comptroller to make
the necessary transfers to the GOBRI Fund.
The State can draw from all State funds in the State Treasury that are not restricted by law to another use if needed to pay debt
service on GO bonds.
The Governor's Proposed FY2020 Budget estimates $2.3 billion in transfers from the General Funds to GOBRI in FY2020, with
the Balance expected from other State funds.
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In FY2020, the State transfers will average approximately $190 million a month from General Funds to GOBRI after the
issuance of the Series A Pension Acceleration Bonds.³
As of March 1, 2019, $1.0 billion was available in GOBRI.
Fiscal Year End All Fund Cash Balances¹
Transfers to the GOBRI Fund ($Millions)2
2019
2020
2016 2017 2018
Est. Proj.
12.0
$12
$12
$11
$12
$9
General Revenue
Fund
$10
10.0
8.0
Capital Bonds
Pension Bonds
1,423 1,609
$557 $626 $797 $608
1,576
$500
1,243
708
$Billions
Section 7.6 Bonds
527
801
982
6.0
Pension Acceleration
7
92
4.0
GRF subtotal
$1,979 $2,235 $2,899 $2,659 $2,282
Road Fund
334
305
349
339
338
2.0
School Infrastructure
Fund
212
115
172
157
154
0.0
2013
2014
2015
2016
2017
2018
Capital Projects Fund
TOTAL
533
477
285
481
633
$3,057 $3,133
3,706 $3,637 $3,407
1.
Does not include Federal Trust Funds. Includes GOBRI. June 30, 2016 balance show an increase from FY 2015 due in part to the late enactment of FY 2016 appropriations for many State
funds.
2.
Does not include debt service transfers on short-term debt as may have been from time to time outstanding
3.
This figure does not take into account the impact of the refunding
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