CITY OF LAGUNA NIGUEL LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (IN THOUSANDS) (UNAUDITED) Legal Debt Margin Calculation for Fiscal Year 2023 Assessed value $ 20,082,871 Debt limit (3.75% of assessed value) 753,108 Debt applicable to limit - Legal debt margin $ 753,108 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt limit $ 52497,655 $ 5465,703 $ 57,443 $ 5973,609 $ 63,132 $ 654,984 $ 68,288 $ 7175,878 $ 7531,940 $ ,108 Debt applicable to limit - - - - - - - - - - Legal debt margin 497,655 525,703 546 ,443 573,609 597 ,132 634,984 65 8,288 675,878 658,288 753 ,108 Total debt applicable to the limit as a percentage of debt limit - - - - - - - - - - Note: Thegeneral laws of the State of California for municipalities provide for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was established based on 25% of market value. Effective with FY1981-82, taxable property is assessed at 100% of market value. Although the debt limit provision has not been amended by the State since this change, the percentage has been proportionately modified to 3.75% for the purpose of this calculation for the consistency with the original intent of the State's debt limit. (114)