2019Green and Blue BondsImpact Report・ As compared with the local finance plan, the revenue structure of TMG has the following characteristics: (1) high dependence on local taxes; (2) no local allocation tax granted from the national government; (3) low dependence on national treasury disbursement; and (4) low dependence on local government bonds. All these characteristics indicate considerably higher financial autonomy and flexibility than other local governments in general.・ As regards the structure of expenditure, one of the characteristics of the TMG is the disbursement of grants for financial adjustments under the Special Ward System. The low ratio of expenses for public bonds, mainly for redemption of local bonds, also indicates greater financial flexibility than other prefectures.* "Ordinary account" refers to the accounts of each local government systematically restructured under the standards set by the Ministry of Internal Affairs and Communications to understand the financial status of local governments and analyze all local finance plans, among others.Ordinary expenses Allocated general revenue sources, etc.Ordinary general revenue sources, etc.(Calculation of the ordinary balance ratio)(H)(L)Financial flexibilityTMGAll Prefectures(H)(L)Financial flexibilityExpenses for public bonds, Allocated general revenue sources, etc.Total amount of general revenue sources, etc.(Calculation of Ratio of expenses for public bonds)TMGAll PrefecturesFinancial Standing of TMG (Appendix)・TMG's ordinary balance ratio and ratio of expenses for public bonds in FY2024 stood at 80.3% and 5.1%, respectively, highlighting greater financial flexibility than the prefectural average.・Assets and liabilities on the balance sheet come to total ¥37,173.4 billion and ¥6,195.1 billion, respectively, resulting in a total net worth (difference between assets and liabilities) of ¥30,978.2 billion.・The aggregate balance sheet of the TMG, including special accounts and public enterprise accounts and policy cooperation bodies, etc., as well as ordinary account, shows total assets of ¥51,039.1 billion, total liabilities of ¥13,071.3 billion, and a total net worth of ¥37,967.7 billion.＜Safety＞・The TMG is capable of financing the redemption of its bonds in a stable manner as it depends mostly on its own sources of revenue, such as local taxes, which it has power to impose.・The BIS applies 0% risk weighting to local government bonds, including TMG bonds, because the national government guarantees necessary funding for the repayment of principal and interest, for example by setting the total amount of the local allocation tax at a level to ensure a balance between total expenditure, including public bond costs, on the one hand, and total revenue on the other.・In recognition of its disciplined fiscal administration, the TMG enjoys from S&P Global Ratings Japan Inc. the A+ rating in the long-term issuer credit, and the aa+ rating in the stand-alone credit profile, or rating specific to the TMG, net of any influence from the national government.＜Liquidity＞・TMG bonds account for some 5% of the publicly offered local government bonds by amount issued, and some 8% by amount outstanding.Characteristics of TMG financeFor further information on the results of ordinary account in FY2024, please visit: https://www.zaimu.metro.tokyo.lg.jp/zaisei/kessan/r6/6nenjizaimuhoukokusho (TMG Annual Financial Report, FY2024).BIS risk weightingComparison of spending structure with other prefectures (financial results for FY2023)Comparison of revenue structure between TMG and other prefectures (financial results for FY2023)*Excluding citizen participatory-type public market offering bond.Publicly offered local government bond market (FY2024)TMG bonds 4.9%National publicly offered local government bonds 22.8%Other 72.3%TMG bonds 8.0%National publicly offered local government bonds 19.6%Other 72.3%Amount of issueAmount outstandingTMGOrdinary accountAssets¥37.2 trillionLiabilities¥6.2 trillionNet assets¥31.0 trillionTMG TMG total (consolidated basis)Assets¥51.0 trillionLiabilities¥13.1 trillionNet assets¥38.0 trillion TMG¥8,353.3 billionOther prefectures¥48,294.0 billionOther¥4,435.4 billionExpenses for public bonds¥6,263.6 billionOther¥24,269.4 billionInvestment expenditure¥7,318.2 billionPersonnel cost¥10,442.7 billionFiscal adjustment grants for special ward¥1,209.5 billionExpenses for public bonds¥380.8 billionInvestment expenditure¥790.0 billionPersonnel cost¥1,537.5 billion21.6%15.2%13.0%50.3%18.4%9.5%4.6%14.5%53.1%Ordinary balance ratio120.0100.080.060.0*The ratio for each prefecture is a weighted average, and it was calculated excluding followings from the regular general revenue sources. FY 2006: tax reduction compensation bonds and temporary fiscal countermeasure bonds. FY 2007–2019: the special portion of revenue shortfall compensation bonds and temporary fiscal countermeasure bonds. FY 2020–2021: the special portion of revenue shortfall compensation bonds, and special deferral bonds and temporary fiscal measures bonds. FY 2022–2023: the special portion of revenue shortfall bonds and temporary fiscal measures bonds.Ratio of expenses for public bonds*The ratio for all prefectures represents a weighted average excluding partial administrative cooperation associations, etc.20.010.00.0Composition of assets and liabilitiesBalance sheet（%）（%）*Based on financial results of ordinary account for FY2024Safety and Liquidity of TMG Bonds (Appendix)0607080910111213141516171819202124（FY）24（FY）060708091011121314151617181920212223222394.1%80.3%16.0%5.1%TMG¥8,898.7 billionOther prefectures¥49,590.3 billionLocal government bonds¥229.3 billionLocal allocation taxN.ALocal taxes ¥6,345.1 billionOther ¥1,662.8 billionNational treasury disbursement¥661.6 billionLocal government bonds¥4,115.1 billionLocal allocation tax¥9,699.7 billionLocal taxes ¥17,025.7 billionOther¥11,551.0 billionNational treasury disbursement¥7,201.7 billion19.6%34.3%14.5%8.3%23.3%71.3%7.4%18.7%2.6%*Percentages do not add up to 100% due to rounding.Investment in public enterprise accounts 6.2%Ordinary assets3.8%Other 6.6%Construction in progress 4.4%Long-term loans 3.1%Reserved funds11.6%Cash deposits1.8%AssetsOther 2.7%Reserve forretirement allowance 16.9%LiabilitiesTMG bonds (current liabilities)6.0%Administrative assets 21.8%Infrastructure assets40.8%TMG bonds (fixed liabilities)74.3%Japanese govtbondsGovt-backed bondsBankdebentureFinance bondsFILP agency bondsTMG bonds0%0%0%10%20%Rating of TMG bondsRating obtained from S&P Global Rating Japan Inc.Issuer credit ratingA+(Capped by the national government's rating)Stand-alone credit fileaa+
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