State issuer · one obligor
State of New Jersey
As of June 30, 2025 the state reported $38.6 billion of long-term bonded obligations and $170.8 billion of non-bonded long-term obligations. Those are different claims. County debt, Turnpike toll bonds, and the Transportation Trust Fund are not added on top.
Issuer
State of New Jersey
Constitutional state. ACFR cover.
Report
Annual Comprehensive Financial Report, FY2025
Transmitted March 27, 2026. Year ended June 30, 2025.
As-of date
June 30, 2025
Bonded long-term obligations
$38.6 billion
Down $1.1 billion from the prior year. Trend from FY2021: $48.2 → $43.9 → $41.5 → $39.7 → $38.6 billion.
Non-bonded long-term obligations
$170.8 billion
Includes pension and OPEB. Not the same claim as bonded debt.
Total governmental long-term
$209.4 billion
Up $8.5 billion / 4.21% after restatements.
Authorized but unissued
$8.9 billion
Down $1.5 billion after restatements.
FY2025 principal and interest paid
$4.6 billion
The figure printed as $4.6 million in secondary coverage is rejected. The ACFR figure is billions.
Who pays
State operating funds and dedicated streams, as appropriated.
The budget debt-service line and Note 11 fund split are not attached in this sitting.
Vote
Legislative bond acts and appropriation acts. Not one roll call.
The statute layer exists. Each authorizing act is not attached here.
Registered owner
Cede & Co., nominee of The Depository Trust Company, on ordinary public paper.
Series-level confirmation stays blank until that official statement is attached.
Advisor and underwriter
Blank this sitting.
Beneficial owners
None published. Refused.
No public natural-person holder list exists for U.S. municipal bonds.
Source: New Jersey Treasury, Annual Comprehensive Financial Report, fiscal year ended June 30, 2025, transmitted March 27, 2026. Payment source by fund is still not proven until the budget debt-service page is attached.
This is New Jersey’s fill of a shared frame
The questions — decision, debt statement, cap, ethics rule, map, audited number, who pays, other borrowers — are the same in every state. These answers are not. A later state does not inherit the Local Bond Law, the 2 percent county cap, or the $38.6 billion.
Read the nine New Jersey answers