NYC Financing Program and TFA Bonds

The City financing program projects $56.4 billion of long-term borrowing for the period fiscal years 2021 through 20252 to support the City current capital program. The portion of the capital program not financed by the New York City Municipal Water Finance Authority (NYW or the Authority) will be split between General Obligation (GO) bonds of the City and Future Tax Secured (FTS) bonds of the New York City Transitional Finance Authority (TFA).

Figures below do not include state funded financing for education capital purposes through BARBs.

NYC Financing Program

($ in Millions)

Bonds 2021 2022 2023 2024 2025 Total
City General Obligation Bonds $2,000 $4,330 $5,140 $5,440 $5,890 $22,800
TFA Bonds(1) 3,173 5,530 5,140 5,440 5,890 25,173
Water Authority Bonds(2) 1,316 1,474 1,610 1,769 2,062 8,230
Total $6,489 $11,334 $11,890 $12,649 $13,842 $56,403
(1)TFA Bonds do not include BARBs issued for education capital purposes. TFA expects to continue to issue BARBs under the current legislative authorization.
(2)Includes commercial paper and revenue bonds issued for the water and sewer system's capital program. Figures don not include bonds that defease commercial paper or refunding bonds. Does not include bonds to fund reserves or cost of issuance.


Learn more about the City’s budget, which includes details on the Capital Budget and Financing Program.