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Capital Debt Affordability Committee Treasurer Nancy K. Kopp, Chair Louis L. Goldstein Treasury Building 80 Calvert Street, Assembly Room Annapolis, MD 21401

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Capital Debt Affordability Committee Treasurer Nancy K. Kopp, Chair Louis L. Goldstein Treasury Building 80 Calvert Street, Assembly Room Annapolis, MD 21401 Capital Debt Affordability Committee Treasurer Nancy K. Kopp, Chair Louis L. Goldstein Treasury Building 80 Calvert Street, Assembly Room Annapolis, MD 21401 Agenda October 10, 2019 1:00 PM 1) Treasurer’s Opening Comments 2) CDAC Workgroup Report on Implementation of GASB 87 Christian Lund, Director of Debt Management, State Treasurer’s Office 3) Review of Size and Condition of State Tax-Supported Debt: a. General Obligation Bonds State Treasurer’s Office: Christian Lund, Director of Debt Management b. Consolidated Transportation Bonds Maryland Department of Transportation: June Hornick, Assistant Director c. Maryland Stadium Authority Bonds Maryland Stadium Authority: David Raith, Chief Financial Officer d. Bay Restoration Bonds Maryland Water Quality Financing Administration: Jeff Fretwell, MWQFA Director e. GARVEE Bonds Maryland Transportation Authority: Allen Garman, Director of Treasury and Debt Management f. Capital Leases State Treasurer’s Office: Tanya Mekeal, Lease Administrator 4) Review of Size and Condition of Debt of Higher Education Institutions: a. Baltimore City Community College Debra L. McCurdy, PhD, President b. Morgan State University Sidney Evans Jr., Vice President for Finance and Management c. University System of Maryland Robert Page, Associate Vice Chancellor for Financial Affairs d. St. Mary’s College Paul Pusecker, Vice President for Business and CFO The final CDAC meeting will be held on Thursday, October 17, 2019 at 9:30 am to review and discuss the recommendation of general obligation bond authorizations. CDAC Workgroup Report on Implementation of GASB 87 2019 CDAC Working Group: Report to CDAC on New GASB Lease Guidance October 10, 2019 1 Topics of Discussion 1. Background 2. What We Know Now 3. Recommendations 2 Background 3 Background • Over the summer and continuing through the fall, a CDAC workgroup convened to discuss changes to the Governmental Accounting Standards Board (GASB) guidance on lease accounting. • Agencies represented: • State Treasurer’s Office • Comptroller of Maryland • Department of Legislative Services • Department of Budget and Management • Maryland Department of Transportation 4 Background Why accounting standards are an issue for CDAC: • Capital leases supported by tax revenue are defined by State law as tax-supported debt. • CDAC has historically followed GASB guidance to determine which leases should be considered capital. • GASB has finalized Statement No. 87 (GASB 87) which must be implemented by fiscal year 2021. CDAC needs to determine if and how it will respond to the new guidance. 5 Background: Current GASB Guidance GASB currently considers a lease capital if it meets at least one of the criteria below: . Ownership of the property transfers to the lessee by the end of the lease term; . Allows the lessee to purchase the property at a bargain price at fixed points and for fixed amounts; . The term is 75% or more of the useful life of the property; or . The PV of the lease payments is ≥90% of the fair value of the property. If none of the above criteria apply, the lease is classified as an operating lease. Most of the State’s leases are currently considered operating. 6 Background: Guidance Following GASB 87 • Effective December 15, 2019, the Government Accounting Standards Board guidance on classifying leases will change. • In effect, all leases other than short-term leases (leases lasting twelve months or less) will be classified in the State’s financial statements as capital leases. • This is expected to significantly increase the number and amount of outstanding capital leases the State has on its books. 7 What We Know Now 8 What We Know Now • Implementation is not required until fiscal year 2021, so the State’s understanding of the magnitude of the change on the State’s books is in its infancy. • A JCR response1 submitted in January 2019 estimated that the impact of GASB 87 during fiscal year 2018 would have been: • An additional $91 million in debt service • An additional $516 million in debt outstanding 1Document available online at https://treasurer.state.md.us/media/123541/2018_p187_dbm_dgs_mdot_gasb_lease_rule.pdf 9 What We Know Now • However, the workgroup believes the JCR estimate may reflect the floor, not the ceiling, of GASB 87’s impact. • The JCR response focused solely on real property operating leases held by the Department of General Services (DGS), which will almost certainly be considered capital after GASB 87 is implemented. • However, other State agencies are only now beginning to determine whether or not they have other leases that need to be counted. • There are also other technical factors that have not yet been determined, such as a dollar threshold for counting capital leases. 10 Recommendations 11 Recommendations The JCR response stated, and the CDAC workgroup agreed, that CDAC has three options to choose from. However, all have drawbacks: 1. Remove leases from CDAC consideration. This would likely require a statutory change and the effect on the CDAC affordability benchmarks cannot be determined until the State better understands the impact of GASB 87. 2. Consider all 13+ month leases as capital. The effect on the CDAC affordability benchmarks cannot be determined until the State better understands the impact of the change. 3. Maintain current practice. CDAC’s treatment of leases would not match the GASB guidance. 12 Recommendations • After considering these options, the workgroup recommends maintaining current practice for now and revisiting the issue next year for the following reasons: • It likely requires a statutory change to eliminate capital leases from the affordability analysis. • Adopting GASB 87 when calculating the CDAC affordability benchmarks is not possible since the amounts are not yet known. • The State will have a better understanding of how GASB 87 impacts the State’s books by the time of next year’s CDAC meeting. • The workgroup will revisit the issue next summer and aims to make a final recommendation to the Committee during next year’s meetings. 13 Review of Size and Condition of State Tax-Supported Debt: General Obligation Bonds 2019 Update on Maryland General Obligation Bonds for the Capital Debt Affordability Committee October 10, 2019 1 Topics of Discussion 1) General Obligation (GO) Bond Status Update 2) Debt Projections 3) Fiscal Year 2019 Capital Budget Authorization History 4) Refunding Potential 5) Use of Variable Rate Debt, Derivatives and Guaranteed Investment Contracts 2 Fiscal Year 2019 GO Bond Issuances Fiscal Year 2019 General Obligation Bond Issues Totaled $1.0 Billion ($ in millions) All-In True Dates of Series Tax-Exempt: Tax-Exempt: Tax-Exempt: Taxable: Interest Cost Sales New Money New Money Refunding Taxable Federal Tax (TIC) Competitive Negotiated Competitive Credit 2018 2nd Series 8/1/18 $510.0 2.814% 2019 1st Series 3/26/19 $490.0 2.344% 3 Fiscal Year 2020 GO Bond Issuances Fiscal Year 2020 YTD General Obligation Bond Issues Total $550.0 Million ($ in millions) Overall True Dates of Series Tax-Exempt: Tax-Exempt: Tax-Exempt: Taxable: Interest Cost Sales New Money New Money Refunding Taxable Federal Tax (TIC) Competitive Negotiated Competitive Credit 2019 2nd Series 8/14/19 $500.0 $50.0 1.659% 4 GO Bonds Issued in Prior Five Fiscal Years Including FY 2020 YTD $8.14 billion in General Obligation Bonds issued since July 1, 2014: $7.87 billion in tax-exempt bonds (decrease of $368.9M from previous 5 years) • $5.60 billion in tax-exempt new money bonds (71%) • $2.27 billion in tax-exempt refunding bonds (29%) $268.8 million in taxable bonds (decrease of $44.5M from previous 5 years) • $250.0 million in taxable bonds (93%) • $18.8 million in taxable, direct subsidy Qualified Zone Academy Bonds (QZABs) (7%) 5 Outstanding GO Debt and Amounts Authorized but Unissued General obligation debt outstanding: • $9.607 billion was outstanding as of June 30, 2019 • $395.5 million retired since June 30, 2019 • $550.0 million issued since June 30, 2019 • $9.761 billion outstanding as of October 17, 2019 $2.508 billion of general obligation debt was authorized but unissued as of June 30, 2019. 6 Current Projections for Future Issuances The following figures are based on the most recent recommendations from the Spending Affordability Committee and the Governor’s Capital Improvement Plan. Fiscal Year Authorizations Issuances 2020 $1,085 $995 2021 $1,095 $1,075 2022 $1,105 $1,090 2023 $1,115 $1,100 2024 $1,125 $1,110 All $ figures in millions. Preliminary and subject to change. 7 Ten Year Debt Service Projections $1,800.0 $1,600.0 $1,400.0 $1,200.0 $994.7 $1,013.9 $1,033.9 $1,000.0 $950.9 $967.7 $978.5 $908.4 $934.0 $941.3 $800.0 $1,012.3 $1,036.2 $600.0 $400.0 $482.8 $495.6 $513.7 $527.5 $506.4 $535.8 $532.5 $533.8 $200.0 $401.4 $286.0 $287.0 $- 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 General Fund Annuity Bond Fund 8 All $ figures in millions. FYs 2020-2029 are projections which are preliminary and subject to change. Fiscal Year 2020 Capital Budget Authorization History In September 2018, the CDAC voted 4-1 to recommend an authorization of $995 million for fiscal year 2020. In December 2018, the Spending Affordability Committee recommended an authorization of $1.085 billion for FY 2020, consistent with its policy of including approximately 1.0% annual growth over the prior year authorization. In January 2019, the Governor proposed a capital budget for fiscal year 2020 consistent with the 2018 SAC recommendation of $1.085 billion. The net final authorization amount for the FY 2020 capital budget approved during the 2019 Legislative Session was $1.085 billion. 9 Refunding Potential The State has been aggressive in pursuing refunding savings. The most recent refunding, issued in August 2017, generated $75.8 million in debt service savings on a net present value (NPV) basis.
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