DEBT INFORMATION

FISCAL YEAR 2023-2024 ANNUAL BUDGET

Introduction

As of June 30, 2022, the last audited fiscal year, the City of Royal Oak had 21 outstanding bond debt issues and contracts totaling $173.4 million.


The City currently has a strong AA+ bond rating. This indicator of financial strength allows the City to obtain more favorable rates when issuing debt and through refinancing – by lowering interest expenditures and paying off debt sooner than anticipated.


Michigan statute limits general obligation debt to 10 percent ($391,257,349) of state equalized value and a five percent limit for capital improvement bonds. Our exempt debt of $28,257,817 leaves approximately $243.1 million of additional bond debt that can be incurred. Click here for more information on the City's legal debt margin.


The City's outstanding debt service requirements are summarized below.

Debt Service Requirements

Annual Debt Service

Principal Outstanding

Additional Information on Debt Issuances

Please visit the Debt Summary page for more detail on the City's outstanding debt.