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Kyoto Prefecture

Financial Profile and

Fiscal Reforms

2012 Oct.

目次

Kyoto Prefecture: An Introduction 2

The Vision for Kyoto Prefecture 8

Current Financial Profile and Fiscal Reforms 10

Prefectural Bond Issuance Operation 19

Contents

Kyoto Prefecture:

An Introduction

Tokyo

Kanagawa

ChibaTochigi

Saitama

Gunma

Ibaraki AichiKyoto

Mie

Hiroshima

Shizuoka

Nara

Fukuoka

OkayamaFukushima

Wakayama

MIyagiNaganoYamaguchi

Okinawa

Kagawa

Osaka

Saga

Shiga

Yamagata

Hyogo

Nagasaki

Tottori

EhimeKumamoto

Ishikawa

Gifu

Oita

NiigataYamanashi

Akita

ToyamaFukui

Kochi

Miyazaki

Hokkaido

Kagoshima

Aomori

Shimane

Iwate

Tokushima

0

3

6

9

12

15

18

21

24

0.2 0.4 0.6 0.8 1

財政負担の軽さ＝実質公債費比率（％）

Economic Bases = Financial Capability Index

1～10位グループ




Ligh

t Fis

cal B

urde

n =

Rea

l Deb

t Ser

vice

Rat

io (%

)

Ranked #1~#10

Ranked #11~20

Ranked #21~30

Ranked #31~47

Kyoto Ranks 9th in Japan*

Fiscal capability index: 0.57(11th in Japan)Read Debt Service Ratio: 14.2％(13th in Japan)

Basic Facts about Kyoto Prefecture

Population and economic levels stand at between 10th and 13th among all of Japan’s 47 prefectures Kyoto features light debt burden and strong economic bases

Overview of Kyoto Prefecture

3

Economic Bases and Fiscal Burden

Area 4,613km2 31st FY2010

Population 2.64 million 13th FY2010

Prefectural GDP ¥9,553.9 billion 13th FY2009

Prefectural Income per Capita ¥2.82 million 10th FY2009

Manufacturing Value Added

Workplaces with 10 or more employees

¥1,760.3 billion 17th FY2010

Annual Retail Sales ¥3,022.5 billion 12th FY2007

*The ranking is based on average fiscal capability indices and real debt service ratios in FY2009-2011

Transport Network Supporting Economic Bases

4

Traffic Network

Kyoto economy is supported by improved traffic network of Meishin Expressway, Shin-Meishin Expressway and Tokaido Shinkansenlinking east and west, as well as Kyoto-Jukan Expressway and Keinawa Expressway connecting north and south.Quick access of approx. 75 min from Kansai International Airport and 55 min from Osaka International Airport.

In service

Under Construction

Construction not started

*Names of ICs are tentative for those not completed

Kyotanba-Wachi IC to Tanba IC to be opened in FY2015

Kutsukake IC to Oyamazaki JCTCommon use planned in FY2013

Shin-Meishin Expressway

Kyoto Maizuru Port

KyotoPrefecture

Keinawa Expressway

[Status of Maizuru Port (2011)]

Annual cargo handling volume: 10,930,000 tons

Cargo volume of container ships: 126,265 tons

The number of containers: 8,441TEU

Tokaido Shinkansen

Kansai Int’l Airport(KIX)

Osaka Int’l Airport(Itami)

Tottori Toyooka Miyazu Expressway

Osaka Bay

1.38

1.25

1.42

1.44

1.04

3.57

0.49

1.39

1.32

0.96

0.10

1.39

0.38

2.71

2.03

2.05

1.85

0.45

0.88

0.89

0.90

0.92

Individual Services

Medical, Nursing

Education, Research

Information, Communication

Transportation

Real Estate

Finance, Insurance

Commerce

Construction

Precision Instrument

Transport Machinery

Electronic Component

Electrical Machinery

General Machinery

Steelmaking

Ceramic, Pottery

Chemical

Printing

Pulp, Paper, Wood

Textile

Food, Beverages

Agriculture

0 1 2 3 4

Kyoto economy is strengthened by tourism and traditional industry based on 1,200 years of history and culture as well as high technology industry, all of which creates value-added products

Kyoto’s Unique Industries

5

Specialization Coefficient by Industry

Sources: 2005 Kyoto Pref. industry statistics

History and CultureVisitors 76.74 millionForeign Visitors 1 million

(2010)

Omron(Kyoto), Kyocera (Kyoto), Shimadzu (Kyoto),

Nintendo (Kyoto and Uji plants), Horiba (Kyoto), Murata (Nagaokakyo)

6 national and public universities and 27 private universitiesLargest number of students and universities per population

Ceramic technology forCeramic capacitors and artificial tooth

Textile technology forSurface acting agents, polymer drug

Textiles, ceramics, Buddhist Altars,lacquerware and etc.

Unique industrial structure Strengthened by

Characteristics of Kyoto

Accumulation of Information

From Universities

Nature

High-Tech Industry

Tech

nolo

gy

Industry-University

Cooperation

Traditional Industry Tourism

*Specialization Coefficient – Production value by sector in Kyoto/Production value by sector in Japan. Sector with figure topping 1.0 has higher composition ratio than that in Japan

Kyoto Shipment

Kyoto-based manufacturing industry holds a significant market share in Japan in a wide range of products, supported by Kyoto’s unique strength in technology With many companies running profitable businesses with their own technology, Kyoto ranks 7th in Japan in its corporate taxable income

Kyoto Firms Creating High Added Value

6

Industry Item Shipments Ranks

Advanced Technology

&Research

Equipment

Pollution measuring instrument

¥18.5 billion (67%) 1

Spectral photometer ¥9.8 billion (25%) 3

Other analyzing equipment ¥36.1 billion (42%) 1

Physical, chemical machinery and appliances

¥12.2 billion (19%) 2

Medical X-ray apparatus ¥28.2 billion(15%) 2

Semiconductor, IC tester ¥7.9 billion(11%) 3

Photomasks※ ¥12.1 billion (9%) 3

Printmaking&

Printing

Printmaking Machinery ¥14.7 billion (70%) 1

Prints excl. paper ¥147.5 billion (20%) 1

TraditionalCraft

Ready-made kimono, obi ¥4.7 billion (29%) 1

Chirimen textile ¥2.4 billion (65%) 1

Food&

Beverages

Sake ¥63.9 billion (14%) 2

Japanese confectionery ¥33.1 billion (7%) 1

*Glass plate to be used to copy electronics component circuit Sources: METI: FY2009 industry statistics (domestic market share in %)

Rank Prefecture Taxable Income (¥mil)Number of

Firms Rank

1 T o k y o 15,765,595 547,559 1

2 O s a k a 3,584,112 223,073 2

3 A i c h i 2,103,397 156,132 4

4 Kanagawa 1,059,138 174,688 3

5 H y o g o 816,413 96,226 8

6 F u k u o k a 743,693 90,314 9

7 K y o t o 735,738 55,268 12

8 S a i t a m a 663,849 127,724 5

9 H okka ido 604,816 101,614 7

10 C h i b a 556,854 113,825 6

11 S h i z u o k a 533,650 75,505 10

12 Hiroshima 479,219 60,596 11

13 G u n m a 345,936 41,674 17

14 E h i m e 312,408 28,344 25

15 N i i g a t a 297,269 38,865 19Sources: National Tax Agency (avg of FY2008-2010)

Corporate Taxable Income by Prefecture

#12 in Number of Firms

#7 in Taxable Income

7

Amanohashidate(one on the Three Views of Japan)

Redbrick Warehouses

(Important cultural property designated

by the national government)

Kozuya Bridge

Rafting on the Hozugawa

Sanin KaiganGeopark

Old Prefectural Hall

(Important Cultural property designated

by the national government)

Kiyomizu-dera(World Heritage site;

national treasure)

Byodo-in(World Heritage site:

national treasure)

Sources: Agency for Cultural Affairs, Ministry of Land, Infrastructure, Transport and Tourism

Tourism resources, including history, culture, nature and scenery

are attracting both Japanese and foreign tourists. Tourism plays

an important roll for Kyoto Economy

Kyoto Tourism Strategies

Expand Kyoto tourism and maintaincompetitiveness

Setting promotional organizations for wide-areatourism to make tourism networks

Creating high quality tourism program utilizing classic Culture and traditional and contents industryHuman resources development for local tourism Promotion targeting East Asia, Europe and United States

7,6747,408

7,7997,4627,2607,0886,8666,7036,522

6,9636,557

7,063

6,970

6,8356,409

5,7955,263

4,920

0

2,000

4,000

6,000

8,000

10,000

2002 2003 2004 2005 2006 2007 2008 2009 2010

Visitors (ten thousand)

Visitor Spending (¥100mm)

Visitor levels steadily recovered from the impact of the recession and

influenza, and reached the highest level following the record high in 2008

Tourism Supporting Kyoto Economy

The Vision for Kyoto

Prefecture

Industrial Innovation / Small and Medium

Businesses

Cultivate brand industries by leveraging features of Kyoto[Numerical target] Real GDP growth rate: Increase from current figure of 24

Promote industrial exchange with the world[Numerical target] Container handling volume a year at a Maizuru Port: to 10,000 TEU from 6,690TEU (up 50% from the record high)

Develop tourism of Kyoto, and other initiatives[Numerical target] Amount of annual construction by tourists in the prefecture: to 800 billion yen from 706.3 billion yen (the largest-ever increase)

Mobility, Communication

& Exchange

Establish Kyoto as a center of cultural and academic research[Numerical target] The number of research institutes in Kansai Science City: to 75 from 60 (up 25%)

Have excellent human resources of the world gather in Kyoto, and other initiatives[Numerical target] The number of international conferences held in the prefecture per year: Staying at 187 (record high in the past 10 years)

Human Resources

Promote state-of-the–art academic research that contributes to the world and other initiatives

[Numerical target] The number of patent registrations by universities and research industries in Kansai Science City: To 1,500 from 1,143 (up 30%)

Environment

Create beautiful urban environments and views as well as natural living environments, and other initiatives

[Numerical target] The number of registration of Kyoto Prefecture landscape assets: to 30 from 13 (one or more each in all municipalities, except the city of Kyoto

Culture

Promote Kyoto culture by creating opportunities for people to experience it, and other initiatives

[Numerical target] The number of visitors to prefectural cultural facilities per year: 10 1.8 million from 1.243 million (up 50%)

The medium-term plan describes (1) the current situation, issues and approaches, (2) the mission, (3) objectives (benchmarks), and (4) concrete solutions for 17 action areas in accordance with the 3 paths of the long-term vision.

Structure of “The Kyoto of Tomorrow”

The Kyoto of Tomorrow, new guidelines for the administration of Kyoto Prefecture, started in January 2011The long-term vision specifies where Kyoto’s society is heading 10 to 20 years from now, and the medium-term plan outlines the basic strategy for the next four to five years.Under the medium-term plan, targeted levels, i.e., benchmarks are set and initiatives will continue to be taken to “Leverage the Strengths of Kyoto” and meet other objectives.

Long-Term Vision and Medium-Term Plan of “The Kyoto of Tomorrow”

9

Rebuild the security of residentsBuild Kyoto where everyone can live securely

Achieve regional co-existence and cooperationBuild Kyoto in which society is held together by the bonds of trust, relationship and cooperation

Leverage the Strengths of KyotoBuild Kyoto where lifestyle, industry and regional growth are a reality

3 Paths for Achieving the Long-Term Vision

Structure of the Medium-Term Plan

Underlying principles of the administration of the prefectureFundamental Fundamental Ordinances

Where Kyoto’s society is heading 10 to 20 years from nowTerm Long-Term

Vision

Development plan for

Yamashiro, Nantan, Chutan

and TangoPlan

Regional Development

Plan

Basic strategy for the next

four to five years to achieve

the long-term visionTerm PlanMedium-

Term Plan

Excerpts from the Medium-Term Plan: Related to Leveraging the Strength of Kyoto

Current Financial Profile and

Fiscal Reforms

General Revenue5,854

（62.5%）

Special purposeTax revenue

3,518（37.5%）

Prefectural Tax2,391

（25.5%）

Adjustment ofLocal consumption

tax528

（5.6%）

Local Tax GrantsSpecial Grants on Local

Governments1,759

（18.8%）

Local Transferred Tax334

（3.6%）

Bonds for the Extraordinary

Financial measures842

（9.0%）

NationalGovernment

Disbursements947

（10.1%）

Rents and Fees85

（0.9%）

Provisions401

（4.3%）

Other Revenues

1,461（15.6%）

Local Bonds※

624（6.6%）

MandatoryExpenses

4,000（42.9%）

Investment-Related Expenditures

951（10.2%）

Other Expenditures

4,378（46.9%）

PersonnelExpenses

2,879（30.9%）

Social AssistanceExpenditures

138（1.5%）

Debt Service983

（10.5%）OrdinaryConstruction Works

Expenditures943

（10.1%）Expenses for

Restoration Work fromDisaster

8（0.1%）

Supplies Expenses

336（3.6%）

Subsidy Expenses

2,482（26.6%）

Reserves208

（2.2%）

Investment and Loans1,352

（14.5%）

Revenues¥937.2bn

Expenditures¥932.9 bn

General Account: Annual Revenues and Expenditures Structure

11

General revenue sources accounts for over 60 pct of overall revenues in FY 2011 despite severe economic conditionsMandatory expenses (e.g. personnel expenses, debt service) accounts for over 40 pct of overall expenditures. Kyoto governmentintends to further decrease such expenses

*Excluding bonds for the extraordinary financial measures

FY2011 General Account

Change in Revenues and Major Revenue Sources (Figure in 2003 as 100)

Through the weak economy led to a reduction in tax revenues and an increase in extraordinary financial countermeasures bonds, the full amount of redemption of principal and interest of extraordinary financial countermeasures bonds is covered by the local allocation taxThe total amount of public debt payments and ordinary construction costs are managed according to the “Public Debt Payment Program”Efforts to reduce personnel expenses are being maintained

General Account: Changes in Expenditures and Revenues

12

Changes in Expenditures and Major Expenditure Items(Figure in 2003 as 100)

(¥100mm) (¥100mm)

7,500

8,000

8,500

9,000

9,500

10,000

60

70

80

90

100

110

120

H15 H16 H17 H18 H19 H20 H21 H22 H23

歳出合計人件費(退手除き) 公債費普通建設事業費

7,500

8,000

8,500

9,000

9,500

10,000

40

60

80

100

120

140

160

180

200

H15 H16 H17 H18 H19 H20 H21 H22 H23

歳入合計地方税地方交付税

地方特例交付金

地方債臨財債等Total Revenues

Local

Taxes

Local Allocation Tax,

Local Special Allocations

Local Bonds

Extraordinary Financial

Counter-measure bonds

Total Expenditures

Personal Expenses

Public Debt Payments

Ordinary Construction Costs

2003 2004 2005 2006 2007 2008 2009 2010 2011 2003 2004 2005 2006 2007 2008 2009 2010 2011(FY) (FY)

28.8%

32.0%32.9%

27.8% 27.9% 27.5%

31.7%

34.2%

39.6% 39.0%

28.7%

26.3% 25.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

H11 H12 H13 H14 H15 H16 H17 H18 H19 H20 H21 H22 H23

Individual Prefectural Tax Corporate inhabitant, enterprise taxes Local Consumption Tax Others Ratio of Local Tax to Total Revenues

Prefectural Tax Revenues

13

Prefectural Tax

Prefectural tax revenues declined for the fourth straight year in FY2011 due to economic slowdownKyoto economy, however, shows signs of recovery in the year, with a rebound in corporate income

（億円）

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (FY)

Financial system instability caused a major decline in tax revenues and significant negative impact to the budget

Salaries and operating expenses were cut across the board

Fiscal Reforms

14

Sound Public Finance Guideline (FY1999-FY2003)

Kyoto has implemented steps to return to fiscal health and has achieved results exceeding targetsKyoto launched a plan in 2009 to maximize the satisfaction of its residents by preserving a high level of public services

The difficult fiscal situation continued

Through salary reductions, Kyoto streamlined its organization and operations without affecting public services

Kyoto undertook a program to reduce debt service expenses by controlling bond issuance so that total outstanding issuance would begin to decline by 2013

Management Reform Plan (FY2004-FY2008)

While fiscal strengthening initiatives continue, focus limited human, financial and infrastructure resources to maximize the satisfaction of residents

Based on the needs of residents, streamline programs and enhance regional cooperation

Streamline operational processes, develop training to maximize the strengths of human resources, and continue efforts to reduce debt service expenses

Citizen Satisfaction Maximization Plan (FY2009-FY2013)

Kyoto improved its budget position by 67.7 billion yen, exceeding the target of 65 billion

Kyoto achieved an improvement of 56.1 billion yen, exceeding the target of 50 billion

Kyoto is projecting a 60.0 billion yen improvement to its fiscal position

The Budget Screening Process and the Outcomes

15

Budget Screening Process

Kyoto examines programs in terms of their necessity, operating agency and benefits to the prefecture in order to efficiently allocate and focus limited resources in a way that increases the satisfaction of residents

Outcomes Reflected in Budgets

Internal Review (self-check by staff)Under the budgeting system, personnel conduct a review from

the perspective of public value and satisfaction when funds are requested

あ

External Review

Planning and finance departments review the program in terms of public need and benefit as well as operating

agency and methodsStaff liaise with residents and organizations to discover needs

and ensure that the budget reflects them

Records of some 210 reviews are available on the Kyoto web site

Following the request for funds and publication of the budget proposal, key records associated with the program are

disclosed in publicA step to ensuring the transparency of the budgeting process

Review by external experts

Roughly 30 major programs are reviewed each year

Programs by field of the medium-term plan of “The Kyoto of Tomorrow” are systematically reviewed

Through these initiatives, Kyoto revised 288 programs, saving ¥9.4bn from the Initial Budget in FY2012

(FY)

Real Investment Costs Limited at FY2005 Levels(Debt Service Expenses + Ordinary Construction Expenses)

Carefully plan construction of schools, social welfare facilities, police facilities, hospitals, etc in line with public need

Enhance prioritization of projects and project management

Compensate by Limiting Construction Projects

Public Bond Program

Faced with ongoing fiscal challenges including reduced tax revenues, Kyoto has continued its program to control debt service expenses, which it launched under the Management Reform Plan. The program, which seeks to limit the overall amount of debt service expenseand ordinary construction expense, has been retained as part of the Citizen Satisfaction Maximization Plan. Excluding issuances for extraordinary fiscal measures, Kyoto is working to limit its bond issuances

Public Bond Program

16

Size of Issue FY1998-2011

FY2005 Initial

Budget

Debt Service(excl. Extraordinary Financial Countermeasures Bonds and issuance for disaster relief)

¥87.7bn

Ordinary Construction(excl. disaster recovery projects)

¥101.2bn

approx. ¥190bn= Cap

728

534416

345416 442 473

538402 451 471 489 440 447

116166 148 130

3785

543

621

438

406

499

263275

264186

161227 217

12493

126

245562

398 306

275248

303

611993

841

0

200

400

600

800

1,000

1,200

1,400

1,600

H10 H11 H12 H13 H14 H15 H16 H17 H18 H19 H20 H21 H22 H23

その他退職手当債交付税措置のあるもの臨時財政対策債

FYH10～23は決算ベース

With

tax allocatio

n m

easu

res

With

out th

e tax allo

catio

n m

easu

res

(¥100mm)

1,155

854 877

1,160

1,267

1,1461,108

9791,026

1,149

1,271

1,447

1,594

1,466

Debt Outstanding decline in FY2013

Debt Service Expenses to Rise

Others Retirement benefit Bonds

Bonds with tax allocation measures

Extraordinary financial countermeasures bonds*Based on issue

amount. Differs from revenue

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

9,000

9,500

10,000

10,500

11,000

11,500

12,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Bond Balance forecast

17

Prefectural Bond Balance Forecast

As a result of fiscal health initiatives, including the program to reduce debt service expense, issuance outstanding in each year since FY2006 has been lower than the level targeted under the programThe prefecture is transitioning toward redemption of publicly offered bonds in full at maturity. Outstanding issuance, excluding issuance for extraordinary measures, will continue to rise until FY2012 when redemptions will begin. The balance is projected to decline from FY2013

¥2.5bn improvement at

year end FY2006


year end FY2007(¥100mm)


year end FY2008

¥4.6bn improvement at year end

FY2009

Actual Results

(~2005)

Projection under Public

Bond Program

Actual Results

(2006-2011)

Excl. extraordinary financial countermeasure bonds,Disaster management bonds


FY2010


FY2011

Debt Outstanding expected to start

declining in FY2013

0

2,000

4,000

6,000

H13 H14 H15 H16 H17 H18 H19 H20 H21 H22 H23

Outstanding Extraordinary Financial Countermeasure Bond Issue(¥100mm)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

(FY)

(FY)

0% 1% 2% 3% 4% 5%

255.6%

0% 50% 100% 150% 200% 250% 300% 350% 400%

0% 3% 6% 9% 12% 15%

14.20%

0% 5% 10% 15% 20% 25% 30% 35%

All indicators are well below the limits for financial soundness and early financial soundness set by lawKyoto will step up efforts to maintain fiscal health in the future

Four Financial Soundness Indicators

18

▲Early Warning Limit ●Reconstruction Limit

*Future burden ratio as required for early financial soundness

▲25% ●35%[FY2011 Real Debt Service Ratio]

●15.00%▲ 8.75%[FY2011 Consolidated Real Deficit Ratio]

Consolidated Real Deficit Ratio is not calculated

▲3.75% ●5.00%[FY2011 Real Deficit Ratio]

Real Deficit Ratio is not calculated

[FY2011 Future Burden Ratio] ▲400%

ItemAmount(¥1mm)

Notes

Outstanding local government bonds

1,763,078Current balance of local government bonds including bonds to be redeemed in full at maturity

Planned expenditures for debt burden

7,180Part of budget to be allocated to public debt payments as debt burden

Est transfer from public corpbonds

42,175Estimated funds to be transferred for redemption of local government bonds related to special accounts (non general account)

Est share for unions N/A

Est retirement bonus burden 272,429Estimated retirement allowances assuming voluntary retirement by all employees at the end of previous fiscal year

Est share of established corporations’ liabilities

20,965

Local Roads Public Corp 0 Estimated burden of Roads Public Corp. loan balance debt

Land Development Corp 0 Estimated burden of Land Development Corp. debt

Quasi-sector, etc. 20,965 Estimated share of indemnities for quasi-corps

Consolidated real deficit 0 Real deficit on a total accounting basis

Est unions’ consolidated real deficit burdens

N/A

Future Burden (A) 2,105,827

Allocable funds 87,149Allocable funds to local government bond redemption from balance of all funds

Allocable special revenue 31,419Special revenue (e.g. publicly-managed housing fees) allocable to redemption resources for local government bonds

Est in standard fiscal demand

846,027Estimated funds added to ratio of regular local allocation tax in prefectural bond balance

Allocable fiscal sources(B) 964,595

Numerator (A-B) 1,141,232

Calculation of Future Burden Ratio

Prefectural Bond Issuance Operation

As for 5-yr and 10-yr bonds, issuance is initially scheduled in order to help develop Annual financial plan

The number of issues increased on demand from investors

Characteristics of the Issuance Operation

20

Public bonds to be underwritten by syndicates are issued basically in June, September, December and March

Kyoto Prefecture conducts bond issuances in dialogue with the market

Kyoto has been stepping up efforts to meet investors’ demand for new issuance conditions

Kyoto steps up efforts to improve products

～FY2010: 3 issues/year → FY2011～: 4 issues/year

In FY2012, Kyoto launched its 1st-ever offering with lead managers (10-yr)

Meetings are held for individual investors for better understanding in Kyoto’s fiscal situation

Kyoto holds separate meetings with individual investors

FY2009: 8 meetings → FY2010: 24 meetings → FY2011: 45 meetings

Past Results and Future Plans

21

FY2011

Kyoto government will continuously issue 5-yr, 10-yr and 20-yr bonds as nationwide public offering for FY2012It launched a 10-yr bond offering in October 2012 with its issue terms decided with bookrunners based on investors demand. It was Kyoto’s first such offering ever.

FY2012

Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Total

5-yr 100 100 100 100 4005-yr (Citizen

Participatory-type Bond) 25 25

10-yr 100 100 100 100 400

20-yr 200 200Joint Local Government

Bonds 150 50 50 100 50 50 50 0 50 50 50 700

Total 150 50 250 100 50 275 200 50 200 50 50 260 1,725

Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Total

5-yr 200 100 100 100 5005-yr (Citizen

Participatory-type Bond) 25 25

10-yr 200 100 100 100 100 600

20-yr 200 200Joint Local Government

Bonds 150 50 100 100 50 50 50 50 50 50 0 700

Total 150 50 500 100 250 275 100 50 250 50 50 200 2,025

(¥100mm)

(¥100mm)

TEL 075-414-4416

FAX 075-441-7308

Hironori [email protected]

Kiyonori [email protected]

URL http://www.pref.kyoto.jp/zaisei/index.html

Contacts

22

Finance Division, Department of General Affairs, Kyoto Prefecture

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