Debt service includes the payment of principal and interest on long-term debt and payments on certain lease/purchase or contractual obligation contracts. Under lease/purchase or contractual obligation financing arrangements, public authorities and certain municipalities have issued debt to finance the acquisition, construction, and rehabilitation of State facilities or equipment and expect to receive rental or contractual payments from the State in an amount equal to the debt service on the debt issued by the authority or municipality.
Use of debt service expenditure accounts for expenditures chargeable to debt service appropriations is restricted for Office of the State Comptroller and Public Authorities use only.
Click here to download the table below as a Microsoft Excel file.
| SFS Account | Title | Description |
|---|---|---|
| 60401 | Principal – Fixed Rate Bonds | Debt service payment – principal amount on Fixed (Interest) Rate Bonds |
| 60402 | Principal – Variable Rate Demand Bonds | Debt service payment – principal amount on Variable Rate Demand Bonds |
| 60403 | Principal – Auction Rate Security Bonds | Debt service payment – principal amount on Auction Rate Security Bonds |
| 60411 | Interest – Fixed Rate | Debt service payment – interest on Fixed (Interest) Rate Bonds |
| 60412 | Interest – Variable Rate Demand Bonds | Debt service payment – interest on Variable Rate Demand Bonds |
| 60413 | Interest – Auction Rate Securities | Debt service payment – interest on Auction Rate Securities |
| 60415 | Interest – Synthetic Variable Rate SWAP | Debt service payment – interest on synthetic variable rate SWAP |
| 60416 | Interest – Synthetic Fixed Rate SWAP | Debt service payment – interest on synthetic fixed rate SWAP |
| 60451 | DS Offset – Interest Earnings | Use of interest earnings on reserve fund balances to offset current debt service expenses. |
| 60452 | DS Offset – Capital Reserve Earnings | Use of interest earnings on Capitalization Reserve balances to offset current debt service expenses. |
| 60453 | DS Offset – Reserve Fund Releases | Reduction in required reserve fund balances (set aside at time of debt issuance) to offset current debt service expense. |
| 60454 | DS Offset – SWAP Receipt Credits | Record payment received from swap counterparties. |
| 60455 | DS Offset – Cash Defeasance | Used when a State debt issuer (most likely a public authority) is using some excess cash on hand to defeasance some routine debt payment and offsetting the amount of cash the Authority would draw from the State by this amount |
| 60457 | DS Offset – Miscellaneous | Used for any miscellaneous cash that is being applied toward a debt service payment and which will reduce the amount of State draw by the Authority. |
Guide to Financial Operations
REV. 11/26/2019