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Fiscal Status of Fiscal Status of Shizuoka Prefecture Shizuoka Prefecture September 2012 September 2012

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Page 1: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Fiscal Status ofFiscal Status ofShizuoka PrefectureShizuoka Prefecture

September 2012September 2012

Page 2: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

1 Overview of Shizuoka

(1)Location and Scale 5

(2)Stable Economic Foundation 6

(3)Economic Scale 7

(4)Transportation Infrastructure 8

(5)Active Industrial Location 9

(6)Abundant Tourism Resources 10

2 Fiscal Position of Shizuoka

(1)Change in Revenue Accounts 12

(2)Change in Expenditure Accounts 13

(3)Status of Debts 14

(4)Medium-term Fiscal Outlook 15

3 Bond Management of Shizuoka

(1)Management of Prefectural Bonds 17

(2)Prefectural Bond Issuance Plan 18

4 Reference Materials

Table of Contents

Page 3: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Presentation Highlights

1. Shizuoka has active industries and strong economicfundamentals

2. Shizuoka constantly performs administrative reformand sustains a healthy budget

3. Shizuoka prefectural bonds have received high creditratings from two credit rating companies (Aa3 fromMoody's and AA+ from R&I)

⇒ Overview of Shizuoka (P4 – P10)

⇒ Fiscal Position of Shizuoka (P11 – P15)

⇒ Bond Management of Shizuoka(P16 – P18)

Page 4: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

•Mt. Fuji (3,776m, highest point in Japan)

•Annual Number of Mountain Climbers: approx. 300,000)

1 Overview of Shizuoka

ShizuokaPrefecture

Page 5: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Located in the center of Japan

・Situated between Tokyo and Nagoya(Travel time by Shinkansen)

Tokyo, Nagoya: 1hr, Osaka: 2hrs

・Economic activity within a 300km radius ofShizuoka accounts for 70% of the JapaneseGDP

Per capita income ranked 5th(out of 47 prefectures)

・Population: 3.75 million (Ranked 10th largest)

・Area: 7,780 ㎢ (Ranked 13th largest)

●Per Capita Income: approx. JPY 3 million(Ranked 5th highest)

Nagoya1hr

Tokyo1hr

Osaka2hrs

300kmradius

Overview of Shizuoka - Location and Scale

Page 6: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

● Revenue from manufacturedproducts (Ranked 3rd in Japan)Ranked 1st Electrical devices /Beverages, Cigarettes, Foodstuffs /Pulp, Paper

Ranked 2nd Transportation equipmentmanufacturing

・SUZUKI, YAMAHA, HONDA, all nowglobal brand name companies,were founded in Shizuoka

・The founders of YAMAHA, HONDA,and TOYOTA were born in Shizuoka

Major Prefectural Companies

15,793billion yen

Beverages,cigarettes,foodstuff

Foods

General

machinery

IT/telecom

equipment

Chemicals

Electrical

devices

Pulp, paper

27.6%Others23.0%

12.0%

8.9%

5.5%

6.8%7.1%

3.9%

5.2%

Transportationequipment

3rd Ranked

PianoManufacturing

Total revenue from manufactured products (2010)

Leading domestic"Land of Manufacturers"

Balanced Industrial Structure

Overview of Shizuoka - Stable Economic Foundation

Page 7: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

GDP comparable to the Philippines・GDP: US$188,900,000,000

・Ranked 10th in Japan (out of 47 prefectures)

GDP of Shizuoka and Other Countries (2009)

Indonesi

a

SaudiAra

bia

Taiw

an

Iran

Thailand

Mala

ysi

a

Hong

Kong

Singapore

Isra

el

Philip

pin

es

Shiz

uoka

Pakis

tan

Kuw

ait

Qata

r

Unit: Billion dollars

Overview of Shizuoka - Economic Scale

189 189 175131 130

213223225238319357

431444

707

0

100

200

300

400

500

600

700

800

Page 8: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

TagonouraPort

Port ofShimizu

OmaezakiPort

Domestic Routes 4 routes 35

round-trips per week International Routes 4 routes 21

round-trips per week

<Destinations>

・Seoul, Shanghai, Wuhan, Taipei

Port of Shimizu: 23.5

routes per week to

China, South East Asia,

North America, etc…

Suruga Bay Port

TokaidoShinkansen

Tomei Expressway

New TomeiExpressway

Port of Shimizu

Upgrade to the road trafficnetwork with the opening ofthe New Tomei Expressway inApril 2012 running parallel tothe Tomei Expressway, amajor artery of Japan.

Overview of Shizuoka - Transportation Infrastructure

Page 9: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

2008: Ranked 1st (144)

2009: Ranked 5th (44)

2010: Ranked 4th (41)

2011: Ranked 3rd (37)

45 global companies with bases ofoperations established in Shizuoka

Attracting global companies

High Level of IndustrialLocations

Germany

Moeller

Osram-Melco

Netherlands

New Tritec

France

Cosmeroll

Imerys Minerals

Switzerland

ABB

Schindler Elevator

Liechtenstein

Triumph

Austria

Ecka-granules

No. of Global Companies in Shizuoka by Country

Overview of Shizuoka - Active Industrial Location

1

1

1

1

23

7

3

3

1

1

1

1

1

United States

Switzerland

Germany

France

Netherlands

Sweden

China

Austria

Luxembourg

Denmark

Liechtenstein

Singapore

Italy

Page 10: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Taipei

Shanghai

Seoul

HongKong

Mt. Fuji Shizuoka Airport

Wuhan

Including efforts to register

Mt. Fuji as a world heritage

next fiscal year, Shizuoka is

also the location of the

renowned tourist spot, Izu

Peninsula.

Largest number of Japanese

style inns (ryokan) and hot

spring facilities in Japan.

10

Overview of Shizuoka - Abundant Tourism Resources

Hot springsShirakabe-soh

Asagiri Food Court and Mt. Fuji

Page 11: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

“Diamond-Fuji” seen from the lakeside of Tanukiko

2 Fiscal Position of Shizuoka

ShizuokaPrefecture

Page 12: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

12

Decline in tax revenue has stoppedand stabilized after bottoming out

39.6%

32.2%

49.9%

36.3%

17.0%

1,133

1,445

1,131

0

500

1,000

1,500

FY1998

FY1999

FY2000

FY2001

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

est

imate

0%

20%

40%

60%

80%

Prefectural Tax Prefectural Bonds

Others Prefectural Tax as % of Total (right axis)

Prefectural Bonds as % of Total (right axis)

Fiscal Position of Shizuoka-Change in Revenue Accounts

Unit: Billion yen

Page 13: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Reduction in expenditures through administrative reform

488

170

51.3%56.4%55.5%53.9%

42.0%

34.1%

14.8% 14.2% 15.0%

1,131

1,3631,431

0

500

1,000

1,500

FY1998

FY1999

FY2000

FY2001

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

est

imate

0%

20%

40%

60%

80%

Mandatory Expenses Investment ExpensesOthers Mandatory Expenses as % of Total (right axis)Investment Expenses as % of Total (right axis)

13

• 20% reduction in staff over 10 years• Over 50% reduction in investment

expenses over 10 years

Fiscal Position of Shizuoka-Change in Expenditure Accounts

Unit: Billion yen

Page 14: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Surplus maintained for primary balance

14

CategoryEnd of FY2011(billion yen)

Status

Prefecturalbond balance

2,532Proportion of GDP (2009): approx. 16%

Note: National figure approx. 129%

Category End of 2011 (billion yen) Status

Primary balance 109 Surplus maintained

Fiscal Position of Shizuoka-Status of Debts and PB

Page 15: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

15

All fiscal indicators established by the national government are healthy

All four indicators are lower than the nationally established standards

4 Indicators* DescriptionFiscal

2011

Mid-Term Outlook National Standard

Fiscal

2012

Fiscal

2014

Fiscal

2016

Early

warning

limit

Reconstru

ction limit

Real deficit ratio

Amount of general account

deficit as a proportion of fiscal

scale

(Surplus) (Surplus) (Surplus) (Surplus) 3.75% 5.0%

Consolidated real

deficit ratio

Amount of all account deficits as

a proportion of fiscal scale(Surplus) (Surplus) (Surplus) (Surplus) 8.75% 25.0%

Real debt

payment ratio

Public debt expenses as a

proportion of fiscal scale15.3% 14.9% 14.9% 15.2% 25.0% 35.0%

Future burden

ratio

Prefectural bond balance as a

proportion of fiscal scale248.2% 253.1% 263.8% 266.8% 400.0% -

* With the exception of the Future Burden Ratio, if national standards are exceeded, national government authorizationand additional national government involvement is required to issue bonds

Fiscal Position of Shizuoka – Medium term Fiscal Outlook

Page 16: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Japanese paintings (Ukiyo-e) “Gaifu-Kaisei”

3 Bond Management of Shizuoka

ShizuokaPrefecture

Page 17: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

BIS Risk Weight : 0%

IssuancePolicy

IssuancePolicy

Maturity : 5y, 10y, 15y, 20y and 30y

Format: Japanese domestic municipal bondLocal Government bond

creditworthiness

and Safety of Japanese LGB

• There are strong financialsupport system and checksystem for LGs by NG(National Government).

• The bankruptcy ofLGs(Local Governments)and debt discharge of LGBis NOT allowed undercurrent Japanese system.

• Therefore, payment failurehas NOT happened up tonow.

• From these facts, Japanesefinancial authorityassigned 0 % riskweight toLGB in the standardizedapproach of BIS regulations(Basel II).

Accumulation rule for Sinking FundAccumulation of 3.7% (1/27th) of total prefectural bond

issuance after 3 year deferral period (Lump sumpayment at maturity)

格付投資情報センター(R&I) ムーディーズ

Aa3安定的

• Relatively low debt burden when comparedwith other local government organizations

• Excluding supplementary debt, prefectural debtbalances have continuously decreased; healthyfiscal management and solid local economicfundamentals

l 中長期的に経済基盤が損なわれる可能性は低いl 地域経済活性化と財政健全化を意識した県政運営

参考:国債格付・・・Aa3安定的

格付会社のコメント(23年12月)

参考:国債格付・・・AA+安定的

l Shizuoka Issued Bond Ratings

格付会社のコメント(23年12月)

AA+安定的

Rating and Investment Information, Inc. Moody’s

Aa3Stable

• Low likelihood of damage to economicfundamentals in the mid to long term

• Prefectural administration focusing onstimulating the local economy and maintaininga healthy fiscal status

Reference: Bond Rating Aa3 Stable

Rating Company Comment (Dec 2011)

Reference: Bond Rating AA+ Stable

l

AA+ Stable

Rating Company Comment (Dec 2011)

Management of Prefectural Bonds

17

Page 18: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

18

● Shizuoka Prefectural BondIssuance Plan - Fiscal 2012

5-Year (FY201~)

Maturity Rate SpreadIssue Amount

(¥bil) MDY R&I Launch Date2017/6/21 0.272 JGB+3.0bp 20 - AA+ 2012/6/62017/4/20 0.394 JGB+4.0bp 10 Aa3 AA+ 2012/4/4

10-Year (FY2012~)

Maturity Rate SpreadIssue Amount

(¥bil) MDY R&I Launch Date2022/7/20 0.849 JGB+3.5bp 10 Aa3 AA+ 2012/7/42022/5/20 0.906 JGB+4.5bp 20 Aa3 AA+ 2012/5/92022/4/20 1.068 JGB+3.5bp 10 Aa3 AA+ 2012/4/4

15-Year

Maturity Rate SpreadIssue Amount

(¥bil) MDY R&I Launch Date2027/6/25 1.406 JGB+2.5bp 10 Aa3 AA+ 2012/6/152027/3/19 1.514 JGB+2.5bp 10 Aa3 AA+ 2012/3/7

20-Year (FY2010~)

Maturity Rate SpreadIssue Amount

(¥bil) MDY R&I Launch Date2032/6/18 1.736 JGB+7.0bp 20 - AA+ 2012/6/82031/10/171.777 JGB+7.0bp 20 Aa3 AA+ 2011/10/62031/6/20 2.003 JGB+9.0bp 10 Aa3 AA+ 2011/6/102030/10/181.841JGB+11.0bp 10 Aa3 AA+ 2010/10/82030/6/14 2.072 JGB+6.0bp 10 Aa3 AA+ 2010/6/3

30-Year

Maturity Rate Spread

IssuingAmount(¥bil) MDY R&I Launch Date

2042/9/19 2.092JGB+18.0bp 10 Aa3 AA+ 2012/9/72041/9/20 2.108JGB+15.0bp 20 Aa3 AA+ 2011/11/22040/9/20 2.198JGB+19.0bp 20 Aa3 AA+ 2010/11/112039/9/20 2.381JGB+14.0bp 20 Aa3 AA+ 2009/11/122038/9/17 2.54 JGB+27.0bp 20 Aa3 AA+ 2008/11/13

Expected Issuance from October■10-year: 30 billion yen

(Oct: 10 billion yen, March: 20 billion yen)

■ 5-year:20 billion yen(Nov: 10 billion yen, March: 10 billion yen)

■20-year:10 billion yen(After Oct: 10 billion yen)

329.0Total

59Others

270Total Public Offering

60Joint Issuances (10-year)

210Sub-Total

30Others

1030-year

3020-year

8010-year

605-year

ShizuokaPrefecturalBond

Issue Amount(Unit: Billion yen)

Prefectural Bond Issuance Plan

※Non-residents and non-domestic entities are exempted frompaying taxes on the interest of transfer local government bonds.The procedures have been simplified from June 2010.

Page 19: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

● Japanese Local Government Bonds

● Fiscal Health Indicators

● General Accounts - Change in Revenues

● General Accounts - Change in Expenditures

● Change in Prefectural Bond Balance

● Change in Primary Balance

● Status of Sinking Fund Reserves

● Financial Statements (Fiscal 2010)

4 Reference Materials

ShizuokaPrefecture

Page 20: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Japanese local government bonds have a risk weight of zero as a result of powerful national fiscal backing, a tax systemdesigned to prevent failure and other measures as described below.

From January 1, 2008, tax exemption measures apply with respect to the interest on transfer local government bonds fornon-residents and non-domestic entities which satisfy the following prescribed conditions. Prior to that, a 15% sourcededuction was deducted from interest earned on Japanese local government bonds by non-residents etc.

Settled through the Japan Securities Depository Center, Inc. ■ Non-resident holds the bonds through a qualified foreign intermediary orqualified account management institution etc

Submits the appropriate tax exemption form

Effective June 2010, the following has been implemented to simplify thetax exemption procedures related to interest earned on transfer localgovernment bonds by non-residents and expand those qualified for taxexemption status.

Furthermore, it is now possible to settle with Euroclear.

Simplification of procedures by the elimination of separate individual bookkeeping undercertain prescribed conditions, and a change from having to perform tax exemptionprocedures for each issuer (several) to just each transfer institution.

Expansion of the range of qualified foreign securities investment trusts, and tax exemptionstatus for redemption profit and loss

Non-residents/Non-domestic entities

Qualified foreign intermediary

(including Clearstream, Euroclear)

Specified transfer institution (subcustodian)

Director of tax office with jurisdictionover the specified transfer institution

Simplification of tax exemption procedures

1.Local Issue Tax System

When determining budgets for each fiscal year, the national government sets forth an estimate of revenues and expenditures for all localgovernments, and guarantees revenue shortfalls.

As a part of this system, the national government provides backing for the redemption of the principal and interest of local government bonds,thereby strengthening the repayment capacity of local government bonds by local governments.

2.Bond issuance approval system as an early correction measure

■ Local governments must discuss with the national government before issuing bonds, and receive confirmation that the new bond issuance isreasonable and will not negatively affect the the local governments' future ability to repay principal and interest of local government bonds.

20

(Reference) Japanese Local Government Bonds

Page 21: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Real deficit ratio

Amount of general account based real deficit as aproportion of standard fiscal scale, serving as anindicator of the deficit level, and the extent ofdeterioration of fiscal management.

Consolidated realdeficit ratio

Amount of all account (including publiccorporation accounts) based real deficit oramount of fund shortage as a proportion ofstandard fiscal scale, serving as an indicator of thedeficit level and the extent of deterioration offiscal management by combining the deficits andsurpluses of all accounts.

Real debt paymentratio

Amount of redemption of principal and interestcovered by general accounts as a proportion offiscal scale, serving as an indicator of the amountpayable for local government bonds and cash flowlevels.

Future burden ratio

Real debt, including investment entities engagingin local public corporations and losscompensation, to be covered by general accountsas a proportion of fiscal scale, serving as anindicator of the current balance of localgovernment bonds and bonds likely to be paid inthe future by general accounts, and the extent ofpressure on future finances.

With the implementation in April 2008 of the "Act on Assurance of Sound Financial Status of Local Governments," thefiscal status of local governments are objectively represented, and as a measure to evaluate the fiscal health or need forrestructuring, the following four fiscal indicators have been set forth as Fiscal Health Evaluation Ratios, and accordingly,all local governments are required each fiscal year to have their Fiscal Health Evaluation Ratios as based on figures forthe previous fiscal year, examined by an evaluation committee, and then report those results to the local assembly andlocal residents.

If even one of the Fiscal Health Evaluation Ratios exceeds the early warning limit standard, in addition to an externalaudit, a Fiscal Improvement Plan must be prepared and improvement efforts will be encouraged; if the 3 indicatorsexcluding the Future Burden Ratio worsens and any one of the indicators exceeds the reconstruction limit, additionalnational government involvement including the partial limitation on the issuance of bonds may be effected.

<<Illustration>>

Healthy stage (attention paid to maintain indicatorsand information disclosure)●Evaluation by evaluation committee, reporting to

local assembly, public announcement

Early-warning stage(Fiscal improvement by voluntary effort)●Preparation of Fiscal Improvement Plan (approved

by local assembly), public announcement●Mandatory external audit●Reporting to local assembly of status of plan

implementation, public announcement

Fiscal reconstruction stage (reconstruction involvingnational government)●Preparation of Fiscal Reconstruction Plan

(approved by local assembly), public announcement●Mandatory external audit●Discussion with and approval of Fiscal

Reconstruction Plan by Minister for Internal Affairs andCommunications● Reporting to local assembly of status of plan

implementation, public announcement

FiscallyHealthy

FiscalCollapse

21

(Reference) Fiscal Health Indicators

Reconstruction limit

Early warning limit

Page 22: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

22

* Fiscal 2012 figures are initial budget estimates, actual figures provided up to Fiscal 2011

(Units: billion yen, %)

(Reference) General Accounts – Change in Revenue

1,1311,1501,1691,2151,1441,1431,1341,1331,1671,1861,2241,3801,3711,4061,445Total

23.322.219.617.515.116.422.019.318.516.216.519.120.021.722.0% of Total

263256230212172188249218216192201264274306318Others

17.017.018.819.316.112.511.111.914.415.715.915.213.215.719.3% of Total

192195220234184143125135168186194210180221279Prefectural Bonds

10.711.912.816.611.410.311.213.615.516.016.816.816.216.616.8% of Total

121137149202130118127154181190206231223233243National TreasuryDisbursements

13.914.314.412.210.111.212.714.914.116.216.715.015.614.09.1% of Total

158164168148116128144169165192205207214197131Local AllocationTax

35.134.634.434.447.349.643.040.337.535.934.133.935.032.032.8% of Total

397398402418541567488457438425418468480449473Prefectural Tax

FY2012

FY2011

FY2010

FY2009

FY2008

FY2007

FY2006

FY2005

FY2004

FY2003

FY2002

FY2001

FY2000

FY1999

FY1998Categories

Page 23: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

23

(Reference) General Accounts – Change in Expenditures

1,1311,1351,1541,2041,1341,1321,1221,1211,1551,1691,2111,3631,3541,3921,431Total

28.630.431.332.727.526.525.624.423.222.821.024.823.524.423.9% of Total

323345361394312300287273268266254338318338341Others

6.76.26.88.610.09.79.69.610.410.911.513.113.915.518.1% of Total

757079103113110107108120128140179188217259Standalone

8.38.08.07.47.98.99.910.711.912.814.514.014.715.716.0% of Total

9490928990101111120137150175191199219229Public/Direct

15.014.114.916.017.918.619.520.322.323.726.027.128.631.234.1% of Total

170160171192203211219228258277315369387435488Investment Expenses

1.00.50.20.10.30.30.30.70.80.80.70.60.40.70.9% of Total

116313448999861013Disaster RecoveryExpenses

15.215.114.713.914.214.014.114.715.014.713.913.113.611.19.7% of Total

172172170168161159158165174173168179185155139Bond Expenses

7.57.16.76.06.15.85.65.04.94.65.04.34.03.22.9% of Total

858177726966635657546159554441Social AidExpenses

32.732.832.331.334.034.834.934.933.833.433.430.129.929.428.5% of Total

370372373377386393392391390390404410405410408PersonnelExpenses

56.455.553.951.354.654.954.955.354.553.553.048.147.944.442.0% of Total

638630623618619622617621629626642656649619601Mandatory Expenses

FY2012

FY2011

FY2010

FY2009

FY2008

FY2007

FY2006

FY2005

FY2004

FY2003

FY2002

FY2001

FY2000

FY1999

FY1998Categories

(Units: billion yen, %)

* Fiscal 2012 figures are initial budget estimates, actual figures provided up to Fiscal 2011

Page 24: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

24

(Reference) Change in Prefectural Bond Balance

(Units: billion yen)

1,9212,050 2,115

2,2282,318 2,373 2,401 2,401 2,402 2,419 2,479

2,579 2,663 2,719 2,794

0

500

1,000

1,500

2,000

2,500

3,000FY1998

FY1999

FY2000

FY2001

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

est

imate

General Account Special Account Corporate Account

Page 25: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

25

(Reference) Change in Primary Balance

109113

10

26

44

7773

58

75

0

20

40

60

80

100

120

FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011

(Units: billion yen)

Page 26: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Accumulation of 3.7% (1/27th) of total prefectural bondissuance after 3 year deferral period

314

275

237

208216211

183

164144

0

50

100

150

200

250

300

350

FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

estimate

26

(Reference) Status of Sinking Fund Reserves

(Units: billion yen)

Page 27: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

27

(Reference) Financial Statements (Fiscal 2010)

19.7Taxes receivable

43082 Non-Financial Assets

-3.9Bad debt reserve

5025.7TOTAL LIABILITIES AND NETASSETS5025.7TOTAL ASSETS

71.8Others1576.6Total Net Assets182.5Public use facility assets

AmountNET ASSETS852.5Public use land assets2749.8(2) Infrastructure Assets

3449.1TOTAL LIABILITIES6.2Non-tangible fixed assets,inventory assets

34.1(5) Others1530.9Tangible fixed assets13.2(4) Other reserves1558.2(1) Business Assets

395.3(3) Retirement benefitreserves

30.3Others26.8(2) Loans427.6Funds

2776.2(1) Local government bonds35.1Investment capital3245.62 Non-Current Liabilities493(4) Investments

10.6(5) Others27.9(3) Financial securities

151.2(4) Expected LGB redemptionnext fiscal year

62.6Loans, Others22.1(3) Bonus provisions20.8Accounts receivable

8.3(2) Advances received anddeferred income

99.2(2) Credits11.3(1) Accured expenses97.6(1) Cash

203.51 Current Liabilities717.71 Financial AssetsAmountLiabilitiesAmountAssets

● Balance Sheet

● Statement of Changes in Net Assets

1576.6Balance at end of current period

-74.2III Other changes in net assets

167.9II Revenue sources appropriated for asset formation

-46I Change in revenue source

1528.8Balance at end of previous period

Amount

● Statement of Cash Flow

97.6Closing funds balance

83.9Opening funds balance

13.7Current period income and expenditure

13.53 Financial income and expenditure

-1162 Capital income and expenditure

116.21 Ordinary income and expenditure

Amount

815.7Net Ordinary Expenses A-B

139.7Ordinary Income B26.7Business related income

113.1Business income955.4Ordinary Expenses A310.52 Moving expenses52.4Interest on loans, Others

45.9Public bond expenses(interest payable)

98.3(4) Business related expenses15.3Others0.1Bad debt reserves carried over22Outsourcing expenses

3.9Business expenses41.3(3) Expenses31.4Others35.8Depreciation expenses17.5Maintenance expenses13.5Supply expenses98.1(2) Building expenses83.4Others27.1Retirement benefit expenses21.3Bonus reserves carried over

275.3Employee wages407.1(1) Personnel expenses644.91 Ordinary Business Expenses

Amount● Statement of Administrative Costs

Page 28: Fiscal Status ofFiscal Status of Shizuoka PrefectureShizuoka

Address : Finance Division, Management Department

9-6 Otemachi, Aoi-ku, Shizuoka-City,

Shizuoka Prefecture 420-8601, JAPAN

TEL:054-221-2036

FAX:054-221-2750

Email: [email protected]

URL:

http://www.pref.shizuoka.jp/a_foreign/english/index.html

Shizuoka Prefecture