Hartford’s Long-Term Debt as of June 2012

Like an individual bond issue, the overall bonded debt of the City can be analyzed as a stream of future principal and interest payments. As of June 30, 2012 Hartford’s General Obligation debt included scheduled payments until the fiscal year ending in 2032.

2014-11-01 Debt Profile as of 2012-06-30

The City’s scheduled debt payments were highest in the near term and decreased over time. About $25 million in principal was due in each of 2013 through 2016. With interest, the payments began at almost $40 million.

According to data from the City’s Comprehensive Annual Financial Reports (2001, 2008, 2013), Hartford’s actual debt payments (principal + interest) were below $25 million per year through 2006.

2014-11-01 Debt Service Payments as of 2012-06-30

Annual debt service quickly climbed to over $35 million per year. As of June 30, 2012 it was projected to remain above $35 million through 2016, and above $20 million through 2024.

Note that the forward looking chart does not match the information reported in the 2012 Comprehensive Annual Financial Report exactly (Note 8 on the 68th page of the pdf). With that said, the calculation is close enough to useful. The most meaningful error is an approximately 2% overstatement of the interest payment due in 2013, making the total due in 2013 about 0.68% too high.

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