Kyoto Prefecture Financial Profile and Fiscal Reforms
October 2019 Contents
Kyoto Prefecture: Introduction 2
Vision for Kyoto Prefecture 7
Current Financial Profile and Fiscal Reforms 11
Prefectural Bond Issuance Operation 18 Kyoto Prefecture: Introduction Overview of Kyoto Prefecture
Kyoto is one of the biggest prefectures in Japan with a population and economy ranked between the 10th and 15th in the nation. It has an arterial transportation network stretching from east to west, including the Meishin Expressway, Shin-Meishin Expressway, and Tokaido Shinkansen, as well as excellent accessibility from major airports—about 55 min. from Osaka International Airport and about 75 min. from Kansai International Airport—making it a sightseeing destination for an increasing number of foreign tourists. That plus the expressway has stretched from Kyotango City in the north to Kizugawa City in the south with the opening of the route between Joyo JCT/IC and Yawata JCT/IT on the Shin-Meishin Expressway. Further development is therefore expected in Kyoto’s economy.
Basic Facts about Kyoto Prefecture Kyoto Prefecture Transportation Network
Area 4,612 km2 31st in Japan 2018 Tottori Toyooka Miyazu Expressway 【Status of Maizuru Port】 ◆Frequency of cruise port calls 23 (2018) → 33 (2019E)
Population 2.59million 13th in Japan 2018 Kyoto Maizuru Port Kyotango City
Prefectural GDP 10,345.5 billion yen 13th in Japan FY2015
Kyoto Prefectural Income million yen th in Japan FY2015 Prefecture per Capita 2.94 17 Tokaido Shinkansen Manufacturing Value Kyotamba-Wachi IC to Tamba IC Added th 2,198.4 billion yen 16 in Japan 2017 Opened on July 18, 2015 *Businesses with 4 or *Fully completed more employees Shin-Meishin Expressway Osaka Int’l Airport (Itami)
Annual Retail Sales 2,811.5 billion yen 13th in Japan 2015 Keinawa Expressway Joyo JCT/IC to Yawata Kizugawa JCT/IC City Opened on April 30, 2017
Legend Osaka Bay In service Under Construction (including surveying and investigation) Construction not started Kansai Int’l Airport (KIX) 3 Kyoto’s Unique Industries
Kyoto's economy is supported by industries that create value that is unique to Kyoto, such as the tourism and traditional industries supported by 1,200 years of history and culture, as well as high-technology industries that combine the technological excellence of Kyoto's traditional industries with innovative ideas. Kyoto establishes one-stop system to support start up business, management and human resource development based in Kyoto Keizai Center started operations in March 2019.
Nishijin brocade Lacquerware Kyoto City was ranked top 10 in the world’s best cities for the seventh year in a row Kyo-yaki and Kiyomizu-yaki History and Culture Kyo yuzen dyeing by readers of the US magazine, Travel+Leisure ceramics Kyo butsudan ・Visitors for sightseeing: 85.05 million Tango chirimen (Buddhist altars) ・Overnight visitors: 17.60 million (silk crepes) Of which international overnight visitors: 4.59 million (highest ever) Designated “300 Years of Tango Chirimen Textile ・Tourism expenditure: Road” as Japan Heritage (April 28, 2017) Traditional Tourism 1,370.1 billion yen (highest ever) Industry (2018) Ceramic technology for Ceramic capacitors and artificial teeth Technology Unique industrial Textile technology for structure harnessing the Beauty of Nature Surface acting agents and polymer drug strengths of Kyoto Northern Kyoto Amanohashidate and Global Geopark Central Kyoto Academic Institutions Ashiu Forest and villages of Southern Kyoto Tamba highlands ・Seven national and public universities and Uji tea production scenery 27 private universities (Largest number of students and universities per population) Industry-University High-Tech ・RIKEN established an iPS drug discovery Cooperation base in Kansai Science City Industry Kyoto Keizai Center (Opened on March 16, 2019)
Nintendo Co., Ltd. Business organizations Omron Corp. (Kyoto) (Kyoto and Uji plants) in Kyoto gathered to provide opportunities to Kyocera Corp. (Kyoto) Horiba, Ltd. (Kyoto) “communicate and Shimadzu Corp. (Kyoto) Murata Manufacturing Co., Ltd. (Nagaokakyo) collaborate” to create new values 4 Kyoto Firms Creating High Added Value
Supported by Kyoto’s unique strengths in technologies, the Kyoto-based manufacturing industry holds significant shares of Japan’s high- technology product markets and others. Home to many companies operating profitable businesses that employ their own home-grown technologies, Kyoto boasts the 10th highest corporate taxable income in Japan.
Kyoto's Major Products Corporate Taxable Income by Prefecture
Industry Products Shipments Rank Taxable Income Number of Rank Prefecture Pollution measuring instruments 9.6 billion yen (35%) 1 (Million yen) Firms Rank
Advanced Photometers, illuminometers 5.2 billion yen (26%) 1 1 Tokyo 24,741,028 566,866 1 Technology 2 Osaka 5,350,110 229,519 2 & Material testing equipment 13.0 billion yen (39%) 1 Research 3 Aichi 3,216,655 157,654 4 Equipment Medical X-ray equipment 20.4 billion yen (14%) 1 4 Kanagawa 1,687,960 176,724 3 Dental apparatus and equipment 12.0 billion yen (16%) 2 5 Fukuoka 1,121,268 97,093 9 Ready-made kimono and obi 6.8 billion yen (38%) 1 6 Hyogo 1,050,210 99,442 8 Chirimen textile 2.8 billion yen (79%) 1 Traditional 7 Saitama 944,814 104,443 7 Crafts 1.2 billion yen (50%) 1 Jacquard card 8 Chiba 912,909 130,083 5 4.9 billion yen (15%) 1 Religious equipment 9 Hokkaido 897,516 113,226 6 Sake 61.2 billion yen (13%) 2 10 Kyoto 745,949 56,678 12 Food & Japanese confectionery 35.2 billion yen ( 6%) 1 Beverages 11 Shizuoka 733,784 73,552 10 Green tea (refined tea) 37.3 billion yen (15%) 2 12 Hiroshima #10 in Taxable Income 712,619 60,047 11 Source: METI: 2018 industry statistics (domestic market share in %) 13 Niigata 411,425 41,767 16 #12 in Number of 14 Miyagi Firms 406,783 42,070 15 15 Gunma 394,051 41,571 17 Source: National Tax Agency (avg. of FY2013-FY2017)
5 Tourism Industry Supporting the Prefectural Economy
Kyoto has an abundance of tourism resources, including cultural assets, such as the ancient capital and Amanohashidate, one of Japan‘s top three scenic wonders. Its history, culture, natural environment, and scenic beauty are magnets for visitors from around the world, and tourism plays an important role in Kyoto’s economy. Kyoto mapped out comprehensive tourism strategy (policy for all industry to achieve growth and development from a perspective of tourism) in March 2019 “Kyoto by the Sea” - No. of visitors to northern Kyoto tops 10 million. By using “Umi no Kyoto (Kyoto by the Sea) DMO” and offering hospitality to increasing cruise ship passengers, Redbrick Warehouses San’in Kaigan (Important赤れんが倉庫 cultural property we aim to make this area one of the top tourist destinations Geopark Amanohashidate天橋立 designated（国重要文化財） by the national (One of the Three Most government) in Japan. Beautiful（日本三景） Views in Japan) Kiyomizu-dera (World清水寺 Heritage site; （世界遺産・国宝）national treasure) “Woodland Kyoto” (New quasi-national park) -Supporting the growth and prosperity of the former imperial capital Kyoto
Under “Morino Kyoto (Kyoto in forests ) DMO", we will further Tango山陰海岸 Chirimen Textile Road” promote the development of tourist destinations which highlight Japanジオパーク Heritage site Kyoto’s rich natural environment, abundant forests, the lifestyle and Kyoto Tamba Kogen culture of unspoiled countryside areas (Satoyama) that coexist with Quasi-National Park Byodo-in Kyoto City, as well as Kyoto’s agriculture and forestry businesses with (World平等院 Heritage site; Kyoto City Rafting on stupendous craftsmanship （世界遺産・国宝）national treasure) 保津川下りHozugawa 京都市 “Kyoto infused with tea” Old Prefectural Hall - Inheritance of legacy of “Kyoto Infused with Tea Expo” (Important京都府庁旧館 cultural property designated（国重要文化財） by the national government) We are committed to conveying the Soen Nagatani attractiveness of tea culture and the landscape of Birthplace (Japan Heritage site) tea fields, and promoting tourism, the premium Take流れ橋-no-Michi Uji tea brands, and innovation in the tea industry (Bamboo Road) under "Kyoto infused with tea DMO" “Kyoto Otokuni Banboo Grove”
Kamikoma Tea Another gateway of Kyoto Wholesale District Muko, Nagaokakyo and Oyamazaki, which are famous for (Japan Heritage site) cultural heritage including remains of Nagaokakyo and Tennouzan, as well as bamboo forests and young bamboo #2 in Japan National Heritage Sites 2,187 2019 (16.5%) shoots, are positioned as “Otokuni, village of bamboos” and Protected Historical #1 in Japan promote tourism policy named “Kyoto, Princess Kaguya 8,513 ha 2017 Areas (42.4%) tourism” Sources: Agency for Cultural Affairs, Ministry of Land, Infrastructure, 6 Transport and Tourism Vision for Kyoto Prefecture Comprehensive plan (provisional) -final draft
Comprehensive plan (final draft), which will be an administrative policy for Kyoto, was submitted in September and under consideration The plan, which shows the vision of Kyoto of 20 years later, consists of ideological future vision and basic plan showing specific measures for over 4 years and regional development plan
Summary of final draft of Comprehensive plan (provisional) Future vision of Kyoto of 20 years later Kyoto where dreams of citizens of all areas will come true Future Vision (1)Place importance on citizens and communities (2)Create new value with cultural strength 4 aspects (3)Protect and create rich industry (4)Safety, security and environmentally friendly
5 challenges in collaboration with citizens Challenges in collaboration 1 Best environment for child-rearing 2 Energize citizens and their lives 3 Create new culture with citizens 4 Create new industry and growth 5 Disaster and crime prevention and safety
Visions by 5 areas for further growth and development Vision by area 1 Glocalization of northern Kyoto 2 Sports and wellness centered on Kyoto Stadium 3 Culture and relaxation in Kitayama 4 Basic Plan Higher levels of human flow and logistics based on Shin-Meishin expressway 5 Wider area cooperation in Keihanna Suggests visions of 20 years later for 20 fields and specific measures to achieve goals by indicating “analysis and challenges,” Specific measures to realize Basic plan by field the future vision “measures to cope with for over 4 years, specific measures,” and “numerical target”
Yamashiro area “Unique and attractive area with further development” Nantan area “Good place to come, sightsee and live with the number of visitors and related people totaling over 10 million” Regional development plan Chutan area “Enjoy both attractive countryside and urban function by seaside, in village and town where ideal life to be achieved” Tango area “Life with security and healthy, hope and dreams”
(FYR) Structure of past plan (“The Kyoto of Tomorrow” since 2012) Fundamental Three Paths to Achieving the Long-term Vision Ordinances Underlying principles of the administration of the prefecture Make communities safer Build Kyoto where everyone can live peacefully Long - term Where Kyoto is headed over the next 10 to 20 years Vision Achieve regional co-existence and cooperation Build Kyoto where society is held together by bonds of trust, relationships and cooperation Regional Development plan for Yamashiro, Medium- Basic strategy for the next four to five Development Leverage strength of Kyoto Build Kyoto where further development will Plan Nantan, Chutan, and Tango term Plan years to achieve the long-term vision be achieved in lifestyles, industry and regional growth 8 Kyoto-style Regional Revitalization: Creating New Cultures for a New Life
Working with the aim of creating unique regional cultures, we are implementing the "Kyoto Style Regional Revitalization" strategy across the prefecture to bring out the best of its outstanding resources and assets, which no other prefectures have, such as its long history and traditions, world-class universities and research institutions, small- to medium-sized companies with excellent technological capabilities, and rich natural environment.
1. Create a culture of human development (Basic objective: Create people who open a new future for Kyoto) Introduce loan system, housing support system, etc. to support childrearing, improve the environment to promote Kyoto Prefecture Regional telecommuting, etc. Revitalization Strategy 2. Create a culture of industry (Basic objective: Create jobs by revitalizing the local economy) Basic Objectives Evolve shopping streets by utilizing ICT, logistics system and others, build and popularize smart-agri, etc.
3. Create a culture of living in Kyoto (Basic objective: Create flow of people to Kyoto) Promote the improvement of public transportation system, set up Kyoto Prefecture version of “small bases of operation” in mountainous areas, etc.
4. Create a culture of community development (Basic objective: Create sustainable, attractive and vibrant communities) Create “Kyoto by the Sea,” “Kyoto in the Forests” and “Kyoto Infused with Tea,” offer vacant houses as a weekend house to city residents, etc.
Cultural Affairs Agency to Move to Kyoto
As part of its strategy for overcoming population decline and invigorating local economies, the national government has decided to relocate all functions of the Agency for Cultural Affairs to Kyoto. In FY2017, “Headquarters for Vitalizing Regional Cultures Agency for Cultural Affairs” was established within the Agency and preparations for relocation are underway. Prefectural Governor Yamada made a speech at The Council on Relocation of the Agency for Cultural Affairs determined on July 25, 2017 to “Memorial ceremony for establishment of relocate the Agency to the current main building of Kyoto Prefectural Police Headquarters. Headquarters for Vitalizing Regional Cultures Agency for Cultural Affairs” (April 9, 2017) 9 10 Current Financial Profile and Fiscal Reforms General Account: Annual Revenues and Expenditures Structure
General revenue sources accounted for approximately 70% of total revenue in FY2018, despite severe economic conditions. Mandatory Expenses (e.g. personnel expenses, debt service) accounted for a little under 40% of total expenditures. The proportion of investment- related expenditures increased with an increase in expense for restoration work from disaster
FY2018 General Account
*Excluding extraordinary financial countermeasures bonds
Reserves Local Bonds* 77 Investment and Loans 725 (0.9%) 863 (8.3%) (9.9%) Personal Expenses Other Revenues 2,201 Prefectural Tax (25.2%) Money transfers 894 (10.2%) 2,675 129 (30.5%) (1.5%) Special Purpose Rents and Fees Tax Revenue 120 2,593 Mandatory Social Assistance (1.4%) (29.6%) Expenses Expense Other 3,441 135 National Government Expenditures (39.4%) (1.5%) Disbursements Revenues General Revenue Expenditures 6,176 4,223 725 ¥876.9 bn (48.4%) ¥872.7 bn (8.3%) (70.4%)
Subsidy Expenses Extraordinary financial 2,950 Countermeasures bonds (33.8%) Investment-related Debt Service 455 Expenditures 1,105 (5.2%) Adjustment of local 1,063 (12.7%) consumption tax (12.2%) Local Transfer Tax 930 442 (10.6%) (5.0%) Ordinary Construction Works Local Allocation Tax / Special Expenditures Local Grants 954 1,674 (10.9%) Supplies Expenses Expense for Restoration Work (19.1%) 333 from Disaster (3.8%) 109 (1.3%) 12 General Account: Changes in Expenditures and Revenues
Prefectural revenues are recovering from a slump triggered by the Lehman bankruptcy When making investments in social capital, we ensure that an optimal balance is maintained between outstanding prefectural debt and funds for repayment, such as tax revenues Debt Service expenses are on the rise, while Personnel Expenses are on the decline. These changes are largely due to increasing number of extraordinary financial countermeasures bonds with allocation tax for redemption
Changes in revenues (actual) Changes in expenditures (actual) (100 million yen) (100 million yen) 10,000 Local Bonds 10,000
9,000 9,000
8,000 8,000
7,000 7,000
6,000 6,000
5,000 5,000 Ordinary Construction Works Expenditures 4,000 Extraordinary financial Countermeasures bonds 4,000 Debt Service 3,000 3,000
2,000 2,000 Prefectural Tax Personnel Expenses 1,000 1,000
0 0 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 Personnel Expenses Social Assistance Expenses Prefectural Tax Adjustment of local consumption tax Local Allocation Tax/ Special Local Grants Local Transfer Tax Debt Service Ordinary Construction Works Expenditures Extraordinary financial Countermeasures bonds National Government Disbursements Expense for Restoration Work from Disaster Supplies Expenses Rents and Fees Money transfers Subsidy Expenses Reserves Other Revenues Local Bonds Investment and Loans 13 Prefectural Tax Revenues
In FY 2018, tax revenues, including revenues transferred due to the revisions of a tax system, increased for the second straight year driven by economic recovery The figures are expected to continue increasing substantially for FY 2019
Prefectural Tax (100 million yen)
4,500 45% ¥336.2 bn ¥305.5 bn 39.6% 39.0% Revenues dropped with a tax reform (2009) 4,000 by which some portion of corporate tax, 40% ¥291.9 bn which had been prefectural tax, was ¥286.0 bn ¥287.6 bn transferred to national tax (redistribution as 34.2% ¥251.0 bn 3,500 local transfer tax) ¥279.4 bn 35% 31.7% ¥242.8 bn 29.6% 31.2% 30.4% 29.9% 31.2% 3,000 28.7% 30% 27.9% 27.5% ¥234.6 bn Transfer of 26.3% Transfer of tax sources 25.5% 25.1% 25.3% 25.7% tax sources 2,500 25%
2,000 20%
1,500 15%
1,000 10%
500 5%
0 0% 2003H15 2004H16 2005H17 2006H18 2007H19 2008H20 2009H21 2010H22 2011H23 2012H24 2013H25 20H2614 2015H27 2016H28 2017H29 2018H30 R1 2019E 当初 Corporate Individual Local Consumption Inhabitant/ Other Ratio of Local Tax to Total Revenues Prefectural個人府民税 Tax 法人2税 Tax地方消費税 その他 歳入に占める地方税の比率 Enterprise Taxes 14 Fiscal Reforms
Sound Public Finance Guideline (FY1999 - FY2003) Earned 67.7 billion yen, topping the 65 yen billion target
Management Reform Plan (FY2004 - FY2008) Earned 59.7 billion yen, topping the 50 billion yen target
Earned 78.1 billion yen, topping the 60 billion yen target Citizen Satisfaction Maximization Plan Kyoto concentrates human, capital and facility resources on citizen satisfaction at a time when earnings outlook is still tough (FY2009 - FY2013) Target to decrease outstanding municipal bonds (excl. extraordinary fiscal policy bonds) by the end of FY2013 achieved Plan to Maximize Earned 56.0 billion yen, topping the 40 billion yen target Citizen Satisfaction Promotes collaborative prefectural administration aiming at improvement of quality of services, including one-stop services and Gather Strength for citizens in Kyoto Kyoto, which aims to raise tax revenue, has realized balance between outstanding municipal bonds forming capital stock and funds for repayment, including tax revenue, by stimulating the local economy through investment in social capital to establish (FY2014 - FY2018) sustainable financial structure
Establish sustainable financial structure Establishment of “Priority project for governor” and introduction of “Revitalization promotion program” in order to solve shortfall in income and expenditure and secure financial resources for new businesses to cope with administrative tasks Administrative and Organizational reform and human resource development to carry out on-sight principle Fiscal Reform Plan Organizational reform by transferring authority to local agencies and internal control (FY2019 – FY2023) Providing services for citizens that meet the needs of the times Various collaborations, further promotion of one-stop services and utilizing ICT Expects fiscal effect of JPY40bn with the administrative and fiscal reform plan for further improvement 15 Community-driven Public Works Projects for Enhancing Resident Satisfaction
A participatory development program was initiated in FY2009. Under the program, decisions on public works projects are based on proposals solicited from Kyoto Prefecture residents concerning areas they think need improvement on the basis of their daily observations and routine discoveries. The program is aimed at increasing citizens' interest in public works projects, fulfilling our accountability to citizens, and enhancing their satisfaction.
Japan's first innovative local community opinion-driven municipal public works projects initiative Local infrastructure renovation and repair work for enhancing safety and security, as Before well as improving scenic beauty
Eliminate road gutters
Eliminate irregular road surfaces
Dredge rivers Repair paved roads Example of a Repair river embankments and river walls specific Gratings were installed on a street with a narrow sidewalk Improve traffic lights resident Set up pedestrian crosswalks proposal After Repair road signs and markings
About 16,000 proposals received over ten years (FY2009 - FY2018)
16 Four Financial Soundness Indicators
All four indicators are well below the threshold of fiscal reconstruction and early fiscal consolidation standards set by law. Kyoto continues its efforts to ensure appropriate financial management and maintain its fiscal health.
[FY2018 Real Deficit Ratio] ▲3.75% ●5.00% Calculation of Future Burden Ratio Amount Real Deficit Ratio is not calculated Item (Million Notes yen) Outstanding local government Current balance of local government bonds including bonds to be bonds 2,267,484 redeemed in full at maturity 0% 1% 2% 3% 4% 5% Planned expenditures for debt [FY2018 Consolidated Part of budget to be allocated to public debt service as debt burden burden 5,367 Real Deficit Ratio] ▲8.75% ●15.00% Est. transfer from public corp. Estimated funds to be transferred for redemptions of local government bonds 27,880 bonds related to special accounts (non-general account) Consolidated Real Deficit Ratio is not calculated Estimated share of principal and interest redemption costs for labor Est. share for unions 2 unions, local development agencies, etc.
Estimated retirement allowances assuming voluntary retirement by all 0% 3% 6% 9% 12% 15% Est. retirement bonus burden 155,088 employees at the end of the previous fiscal year
[FY2018 Real Debt Service Ratio] ▲25% ●35% Est. share of established corporations’ liabilities 1,978
Local Roads Public Corp. 0 Estimated burden of Roads Public Corp. loan balance debt Land Development Corp. 0 Estimated burden of Land Development Corp. debt Third sector, etc. 1,978 Estimated share of indemnities for third-sector entities, etc. Consolidated real deficit 0 Real deficit on a total accounting basis Est. unions’ consolidated real N/A [FY2018 Future Burden Ratio] ▲400% deficit burdens Future Burden (A) 2,457,799 Allocable funds to local government bond redemption from balance of Allocable funds 200,929 all funds
Special revenue (e.g. publicly-managed housing fees) allocable to Allocable special revenue 32,673 redemption resources for local government bonds
Estimated funds obtained by multiplying the prefectural bond balance Est. standard fiscal demand 999,654 ▲ Early fiscal consolidation standard ● Fiscal reconstruction standard by the ratio of regular local allocation tax *The threshold for future burden ratio (▲) is set only for the early fiscal Allocable fiscal sources (B) 1,233,256 consolidation standard. Numerator (A-B) 1,224,543 17 Prefectural Bond Issuance Operation Characteristics of Issuance Operation
Kyoto Prefecture issues bonds in response to the opinions and needs of investors and through dialogs with markets.
Public bonds to be 5-yr and 10-yr bonds are issued in fixed months to facilitate annual financial planning. underwritten by syndicates The frequency of issuing bonds has been increased in response to investors' requests for more purchase _ are basically issued in opportunities. June, September, December, and March Until FY2010: 3 issues/year Beginning FY2011: 4 issues/year
Kyoto holds separate Individual meetings are held for investors to facilitate a better understanding of Kyoto’s fiscal situation. meetings _with each investors FY2009: 8 meetings FY2010: 24 meetings From FY2011: 50 per year on average
Kyoto has been stepping up efforts to Bonds issued via a negotiated sale from 2017 onwards meet investors’ needs for new issuance FY2017 FY2018 conditions. (100 million yen) First half Second half First half Second half
Since the launch of the flexible issuance 20-year 100 100 Kyoto steps up efforts to facility in FY2013, we have managed bond issues flexibly according to the 5-year 100 100 improve_ products opinions and requests of investors, as well as market conditions. 15-year 100 We will continue to place emphasis on 20-year scheduled communicating with investors in 100 100 100 managing bond issues. redemption 30-year scheduled Flexible 100 redemption issuance facility
19 Past Results and Future Plans
In FY2019, Kyoto Prefecture plans to issue conventional 5-year, 10-year, and 20-year municipal bonds in a nationwide public offering, and issued 20-year and 30-year fixed-term redemption bonds in October In FY2018, we issued 5-year bond and 20-year fixed-term redemption bond in April, and issued 20-year and 30-year fixed-term redemption bonds simultaneously in October by using a flexible issuance facility in order to further expand investor bases (100 million yen)
5-year 100 100 100 100 100 500 10-year 100 100 100 100 400
20-year 100 100 100 300 (Fixed-term redemption) (Fixed-term redemption) 30-year 100 100 (Fixed-term redemption) Joint Local Government Bonds 50 50 50 50 50 50 50 50 100 50 550
Total 250 50 250 50 150 200 200 50 250 50 100 250 1,850
5-year 100 100 100 100 100 500 10-year 100 100 100 100 400
20-year 100 200 100 400 (Fixed-term redemption) (Fixed-term redemption) 30-year 200 100 300 (Fixed-term redemption) Joint Local Government Bonds 50 50 50 50 50 50 50 50 50 50 500
Total 250 50 250 50 250 400 200 50 250 50 50 250 2,100
20 Contact Information
Finance Division, Department of General Affairs, Kyoto Prefecture
TEL 075-414-4415 FAX 075-441-7308
Assistant Director Takamasa Miura [email protected] Principal Ryoichi Shintani [email protected]
http://www.pref.kyoto.jp/zaisei/index.html
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