NC
Strategic Scorecard |
8.3.1 State
Government Stewardship |
|
Target: Less
than 90% of US average per capita state government
debt
Actual: 60%
of US average
US
Rank 2003: 11th (down
from 4th in 1994)
SE
Rank 2003: 4th (down
from 2nd in 1994)
SE
Region: AL
FL GA KY MS NC SC TN VA WV Updated
4/17/06
|
|
| |
| Primary
Performance Indicator |
Per Capita State Government
Debt
|
Performance
Trend:
The
trend depicts the degree to which actual
performance has approached the target in
recent years. |
|
|
|
Comments
• |
NC’s
per capita state government debt has increased significantly
since 1996 due to numerous factors, including natural
disasters, economic setbacks and major public investments
(e.g., the higher education bonds).
|
• |
Still,
NC’s per capita state government debt is only
60% of the national average, giving NC the 11th lowest
debt in the US and the 4th lowest in the region.
|
|
|
| |
Definition
(What Is Being Measured)
Total
state government debt, including short-term,
long-term, full faith and credit, non-guaranteed
and public debt for private purposes, divided
by total population.
Source: US
Census Bureau, State and Local Government Finances; rankings
from Morgan Quitnos |
Relevance
(Why This Is Important)
Per
capita state government debt, coupled with nationally-recognized
credit ratings, provide an important gauge of state financial condition. |
| |
| Other
Highlights |
| North
Carolina |
• |
NC
state government continues to earn high debt ratings from
the major rating agencies. |
• |
In
2004, NC earned an AAA bond rating from Standard and Poor’s
and Fitch, their highest rating, but dropped to an AA-1
rating (with a positive outlook) with Moody’s, that
agency’s second highest rating (Source: State Treasurer's
Office). |
• |
Since
2000, the state’s debt service increased from $255
million to $483 million (from 1.9% to 3.0% of total spending)
and has been projected to reach $656 million by 2006 (Source:
Raleigh N&O, 10-10-04). |
|
| |
| |
| • |
In
2003, State Policy Research, Inc. concluded that NC state
government had the 5th strongest fiscal condition (per
its Solvency Index) in the US and the strongest in the
SE region. |
| Southeast
Region |
National |
Global |
|
|
|
Goal
8.3:
Ensure
Fiscally Prudent Government |
|
