FY2023

Summary of theTokyo Metropolitan Government
Budget Proposal

This is a partial English version of Summary of the Tokyo Metropolitan Government Budget
Proposal for Fiscal Year 2023.
This material is furnished solely for the purpose of the reader's reference only.
If there is any conflict and/or discrepancy between this material and the Japanese original of
the Summary, information in the Japanese original prevails.

February 2023
Tokyo Metropolitan Government

＊ This document reflects details after adjustment of figures, etc. in material published on January 27, 2023.
＊ The FY2023 budget amounts shown in this document are the figures in the initial budget proposal.
＊ In principle, figures in each table are rounded to the nearest unit.
＊ In principle, percentages of change and ratios are calculated from the figures in each table.
＊ Some project names include provisional names.

Contents(1) Budget Points
2

FY2023 Budget Points

4

Perspectives for the Deployment of Measures in the FY2023 Budget

6“Investment in the Future” to Resolve Issues Facing the Tokyo Metropolis

10

FY2023 Budget by Program Area

(2) Revenues and Expenditures Budget Status
18

Financial Scale

20

Status of Revenues (General Account)

22

Status of Expenditures (General Account)(3) Sustainable Financial Management
28

Promotion of Sustainable Financial Management

1

17

27

１

Budget Points-1-

FY2023 Budget Points
Budget Compilation Policy
The
The positioning
positioning ofof thethe FY2023
FY2023 budget
budget isis as
as follows:
follows:

Realizing
Realizing aa brightbright “Future“Future Tokyo,”Tokyo,” aa budget
budget to
to maintain
maintainthethe steadysteady evolution
evolution ofof TokyoTokyo into
into aa shining
shining city
city thatthat
embraces
embraces both
both “growth”“growth” andand “maturity”“maturity” inin thethe future.
future.

The budget is compiled on the basis of the following points:
1

2• Tackling the resolution of various issues important
to Tokyo citizens with a sense of urgency in orderto promote steps towards a sustainable future• Rapidly accelerating the “Great Tokyo Reform”• Evolution into a more active and flexible
organization• Thorough initiatives to reduce unnecessary
spending• Energizing the TMG and maintaining a resilient
financial foundation• Proactive deployment of bold measures thatbreak down conventional concepts from a longterm perspective

 Summary of FY2023 Budget Framework, etc.
General Account Total Expenditure

８ trillion 41.0 billion yen(Previous FY initial budget comparison+240.0 billion yen, +3.1%)

 By adopting budget distribution that prioritizes investment for children, safety and security thatserve as the foundations for metropolitan activities, and initiatives to leave a sustainable andbeautiful planet for the future, the general account budget scale has become the highest ever,increasing by 240 billion yen compared to the previous fiscal year.

General Expenditure(Policy Expenditure)

５ trillion 935.4 billion yen(Previous FY initial budget comparison +94.7 billion yen, +1.6%)(Less anti-Covid measures+453.2 billion yen, +8.3%)

 Through initiatives for realizing a children-first society, where children come first, increasing thecity’s resilience, and realizing a carbon-free society, etc., general expenditure recorded an increase
for the third successive year of 94.7 billion yen compared to the previous fiscal year.
* Regarding measures against COVID-19, expenditures related to responses during normal times, such as investigations
and research by the Tokyo iCDC experts’ board, etc., are earmarked. Considering social conditions, an additional
supplementary budget will be compiled in early February in order to appropriate funds for expenditures related to
special responses, such as securing beds.
* “Less anti-Covid measures” indicates that the expenditures related to the anti-Covid measures special response areexcluded from the initial budget of the previous fiscal year (same hereunder).

Tax Revenues

６ trillion 201.0 billion yen(Previous FY initial budget comparison +570.2 billion yen, +10.1%)

 Metropolitan tax revenues increase by about 570.0 billion yen to 6.201 trillion yen, mainly due toincreased revenues from the corporate inhabitant and enterprise taxes (two corporate taxes)
following a recovery in corporate earnings.

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Promotion of Policy Reviews and Project Reviews
 Policy reviews

 Project reviews
Number announced
Secured financial
resources amount

11 Policy groups

Number announced (89 projects in total)

 We have further reinforced policy and project review
initiatives through the implementation of reviews that
achieve even greater objectivity by adopting outside
experts’ opinions, and verification of project deployment
speed-up, etc.
 We have announced 11 policy groups for policy reviews and1,436 review results of project reviews, and secured thehighest ever financial resources amount of 114.1 billion yen
through project review initiatives.

1,436
114.1 billion yen

Changes in secured financial
resource amounts¥114.1 billion

Amount secured
over 7 years: approx.
¥690.0 billion

07

09

11

13

15

17

19

21

23 (FY)

1 trillion 728.8 billion yen(Previous fiscal year’s post-final
adjustment budget comparison–424.6 billion yen, –19.7%)

Funds Balance* Based on the ordinary account In the FY2023 budget, in order to steadily promote measures
to reinforce the city’s resilience, improve social capital, andrealize an advanced welfare city, funds for the realization of
3-cities are proactively utilized.
 We will continue with the strategic utilization of funds,
through their use as financial resources for the steadypromotion of policies set forth in the “Future Tokyo:
Tokyo’s Long-Term Strategy,” etc., while discerning trends
in tax revenues.

Changes in the 3-cities funds
balance¥1,450.0 billion¥1,004.6 billion

Proactive utilization of funds

2022

2023 (FY)

４ trillion 831.4 billion yen

TMG Bonds Balance(Previous fiscal year’s post-final
adjustment budget comparison–25.2 billion yen, –0.5%)

 Until now, along with efforts to restrain TMG bonds
issuance through financial reconstruction initiatives,
subsequent TMG bonds have been issued according to thestatus of metropolitan tax revenues, etc.
 In the FY2023 budget, the end-FY2023 TMG bonds balanceis expected to decrease due to restrained issuanceamounts through the utilization of increased tax revenues.

-3-

Changes in TMG
bonds balance¥7,638.4 billion¥4,831.4 billion

A decrease of about 40%
compared to peak levels
2001

2023 (FY)Perspectives for the Deployment of Measures in the FY2023 Budget With climate change issues that cannot allow a moment’s delay and economic recession concerns
fuelled by the credit squeeze in the western nations, etc., the global environment is becoming
increasingly harsh. When we turn our eyes to domestic environment, with issues such as low birth rate,
which is shaking the existential foundations of society, and increasing frequency and severity of natural
disasters, etc., it is no exaggeration to say that all sectors are facing their greatest challenges since
WWII.
 Now that we stand on this turning point in history, we must concentrate the wisdom of the world andthe wisdom of TMG as a whole to face these challenges head-on, and endeavour resolutely to evolve
Tokyo into a city that creates new value.
 In the FY2023 budget, financial resources are boldly allocated to “Investment in the future” for the
resolution of issues facing the Tokyo metropolis, such as initiatives to realize a children-first society,increase the city’s resilience, and realize a carbon-free society. Upgrading measures for the various
sectors of the TMG, we are comprehensively implementing pioneering measures to usher in a newera.
 Moreover, in order to vigorously deploy such measures and dramatically heighten the QOS (Quality ofService) of the TMG, we will rapidly accelerate the “Great Tokyo Reform,” which includes theevolution into a more active and flexible organization and thorough initiatives to reduce unnecessary
spending.

A Tokyo full of the smiles of children, where children are vibrant• For those of us alive today, the children who will carry the next generation are
the future. The most essential constituent of a nation is its population, and a
population decrease due to a low birth rate could lead to the weakening of anation’s strengths.
• To combat the low birth rate, which is shaking the existential foundations ofsociety, Tokyo must promote seamless support in a comprehensive andcontinuous manner, from before the child is born up until the time the child has
grown into a healthy adult.

A Tokyo that heightens and draws out the strengths of “people,”to allow each person to fulfil a leading role
• As the issues of a progressively aging society with low birth rate and a declining
population become ever more serious, the strengths of “people” will provide thedriving force that creates new value and carves a new path towards a bright
future Tokyo.
• We will drastically enhance initiatives to support child growth that enable thechildren and youth who will carry the future to acquire the strengths to become
the driving force of an international society. Additionally, in order to flexibly
accommodate the conversion of industrial structures, etc., through thedevelopment of DX and GX, we will reinforce initiatives related to re-skilling, etc.,
providing strong support from re-learning through to career progression.

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A Tokyo in which everyone can make the most of theirindividuality and participate with vitality• The power that is demonstrated when various people mutually understand andrespect each other, and participate actively as they are, is the engine that willfurther develop Tokyo into an affluent city.

• We will promote comprehensive measures towards the realization of a highly
diverse and inclusive coexistence-oriented society in which, regardless of age,gender or the presence/absence of disability, everyone can make the most of
their individuality and demonstrate their strengths.

A Tokyo where challengers are born, gather from around the world,
and are embraced• Startups perform a leadership role of new growth, contributing to the world
through the creation of innovation with ground-breaking technologies andideas, the resolution of social issues, the creation of employment, and thestimulation of economy.
• Making every effort to back up challengers who pioneer the future, we willdevelop an environment in which startups are born, gather, and operate withenergetic vibrancy.

A safe and secure Tokyo that protects the lives, health, andproperty of its citizens• The raging tide of natural disasters shows no sign of abating. Accordingly,
large-scale wind and flood disasters, earthquakes, volcanic eruptions,
epidemics of new diseases, etc., could occur at any time.
• Now, as we reach the 100th year since the Great Kanto Earthquake,collaborating with various entities, we further reinforce initiatives for “Selfhelp, Mutual aid, Public assistance” and work towards the proactive
deployment of measures from both tangible and intangible perspectives,
through which we can build a resilient and sustainable Tokyo metropolis thatwill be secure for another 100 years.

A Tokyo that leads the world in the realization of a carbon-free society• Now, as we face the two crises of climate and energy, the world is seeking
structural conversions aimed at decarbonization and improved energy selfsufficiency rates.
• We refine policies from the perspective of HTT, which stands for Herasu (save),
Tsukuru (generate), and Tameru (store) energy, aiming for the unified realizationof decarbonization and energy security. Besides, we deploy a diverse range of
support for the smooth implementation of mandatory solar power generationequipment installation for new residential buildings, etc., commencing fromFY2025.

In view of these perspectives, the FY2023 budget will proactively deploy highly effective
measures. We will provide an outline of the main initiatives by sector in the following pages.

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“Investment in the Future” to Resolve Issues Facing the Tokyo Metropolis
Reinforcing Measures for the Realization of a Children-First Society• Annual births in Japan are expected to fall below 800,000 for
the first time, and the issue of declining birthrates, which hascome to be known as the “silent threat,” represents analarming state of affairs that is shaking the existential
foundations of society.
• In order to break away from this low birth rate trend, apressing issue that cannot be deferred a moment longer, theTMG is leading the way in the implementation ofcomprehensive and continuous measures.
Initiatives todatewhich all children can growup in health as they are

Continuous arm-in-arm support frombefore the child is born up to growth into
adulthood¥1.4 trillion+ ¥200.0 billion¥1.6

Approx.
trillion
earmarked from Tokyo tocombat the low birth rate

・Infertility treatment fee subsidy ・Tokyo childbirth support project ・Childcare cost burden
alleviation from the 2nd child onwards ・Measures for children on waiting-lists for nurserycare ・Support for children requiring medical care ・Practically free high school tuition etc.

Pregnancyand Birth

Marriage

Realization of a society in

FY2022 Approx.

1 Response to the wish
to meet and marry
新
New
New
新

Child-rearing

2 Support for persons wishing to give birth

Match making
support project

New Subsidy for assisted reproductive medicine using

frozen eggs
◆ Enriched seamless support for pregnancy,
childbirth and child-rearing

3 Arm-in-arm support for child-rearing
households

Measures to prevent
harm to consumers
using matching
applications“018 Support” benefits for children

New ages 0-18

New Free daycare for the second child

4 Development of an environment in which children can be born andraised with peace of mind
New

Continuous provision of metropolitan public housing and JKK
housing for persons planning to marry
New

Family attendant

New

Dissemination and enlightenment of young caregivers

6 Support for children withdisabilities

New

Disabled persons (children) short-stay service (support forestablishment of short-term nursery facilities)

7 Child abuse measures

New

Preparations for the establishment of
the Nerima child guidance center

8 Responses to school nonattendance and bullying

New

Placement of guidance and support
staff in separate rooms in schools

9 Measures against suicide◆ Mind and life consultation and support – Tokyo network

5 Deployment of new measuresfor children

NewChild and child-rearing mentor

Education-related initiatives for kindergarten, elementary andjunior high school, and high school operation, etc.

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Reinforcement of Measures to Increase the City’s Resilience• Due to the effects of climate change, wind and flood disasters have become increasingly frequent andsevere. Additionally, accompanying social change, today's social issues regarding disasters such as anearthquake directly striking Tokyo have become challenging. Moreover, there are concerns that these
events might occur at the same time.
• Even within this backdrop, we will work to realize a “resilient Tokyo” by raising the level of all measuresagainst disasters, in order to protect the lives and livelihoods of Tokyo citizens, and maintain the functions
and economic activities of Tokyo, the capital and the backbone of Japan.
Aiming for“another 100 years
TOKYO Resilience Projectof security”
commences in
2023
Crises facing Tokyo
A resilient Tokyo in the
2040s• Intensifying windand flood disasters• Large earthquakes up
Up to the 2040s
to Level 7 (Japaneseintensity scale)trillion• Islands and Mount
Of which,
Fuji eruption
overthenext 10 years
Approx.
billion• Interruption of power
earmarked in order tosupply and communications,trillionproactively deploy projects
etc.
from
the start of this project• Epidemics of new diseases
Approx. 1.5 times the amount of
the past 10 years¥15¥740.0¥６

Reinforcement of Measures for the Realization of a Carbon-free Society• Circumstance involving the environment, suchas the increasing severity of the climate crisis,changes in the aquatic and atmosphericenvironments, has become major issues on a
global scale, leaving no room for delay.
• Now, as we face the two crises of climate andenergy, we must pioneer solutions toenvironmental issues of increasing diversity
and severity, through initiatives that lead thecountry and the world, from the perspectives ofdecarbonization and energy security.
• Following the revision of the ordinance forenvironmental security, we are advancing asocial change towards a “Zero Emission Tokyo”
by promoting combined and multi-layered
measures of city-wide decarbonization throughthe reinforcement of support measures andsystems for the expansion of renewable energyuse, and the implementation of high-level
energymanagement
andcutting-edge
technologies, etc.

<The principal targets and initiatives for carbon-half by 2030>
Solar power generation

2 million kW or more

Providing support for the smooth
implementation of the amended
Environmental Security Ordinance¥78.0 billion

Energy consumption

Energy-saving measures

50% decrease¥13.4 billion

Renewable electricalenergy usage rate

Expansion of renewableenergy introduction

About 50%

¥23.4 billion

Non-gasoline new car
sales

Promotion of ZEVs

100%

¥55.6 billion
Approx.

¥180.0etc.

billionearmarked
in order to press forward withdecarbonization following therevision of the ordinance forenvironmental security-7-

Initiatives for the Realization of “3-Cities”• Aiming for a bright “Future Tokyo” that embraces both “growth” and “maturity,” we areproactively deploying bold measures that break down conventional concepts, with a view towards
the realization of “3-cities”: “Diverse city” where all people can live and participate with verve,“Safe city” that is safe, secure and full of vitality, and “Smart city” that is open to the world, a
leading environmental city, and an international finance and economy city.

Diverse City• We will work to realize Tokyo, the city in which everyone can make themost of their individuality and demonstrate their strengths, throughcontinuous arm-in-arm support for the children who will carry the next
generation, etc.
Measures in the FY2023 budget
・ Seamless support covering marriage, pregnancy, child-birth, and child-rearing
・ Deployment of new measures for children
・ HR development that carves a new path for a new era
・ Realization of a society in which anyone can work with verve
・ Realization of longevity-based society that can be showcased to the world
・ Realization of a society in which disabled persons can live with verve
・ Promotion of women’s empowerment
・ Reinforcement of child counseling, etc.
・ Realization of a society in which everyone feels the kindness,and supports each otheretc.

Safe City• We will assertively promote Tokyo’s resilience from both tangible andintangible perspectives to realize a sustainable capital, Tokyo, which will
be secure for another 100 years.
Measures in the FY2023 budget
・ City development that protects Tokyo citizens from the threat of disasters
・ Enrichment of medical systems, etc. ・ Lifestyle safety and security assuranceetc.

Smart City• We will build a world’s choice and world leading city, Tokyo, by
improving Tokyo’s presence, and realizing a carbon-free society, etc.
Measures in the FY2023 budget
・ Realization of a city full of appeal that attracts the world
・ Realization of a city driving the world’s economy
・ Realization of a convenient and pleasant Tokyo・ Realization of a Zero Emission Tokyo

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etc.

3Cs to Build a Tokyo in which “People” can Shine• The TMG positioned the 3Cs (Children, Choju (longevity), Community) as the core elements ofstrategies in the “Future Tokyo: Tokyo’s Long-Term Strategy” drafted in March 2021. From theperspectives of these “3Cs,” we will steer these strategies towards the realization of diversity bybuilding a Tokyo that heightens the strengths of “people,” draws out the strengths of “people,”and allows each person to fulfil a leading role.

⑤ ¥755.7 billion (+¥192.1 billion)

Children - Children First -We will create a Tokyo in which the children can shine, by providing seamless comprehensive andcontinuous support, arm-in-arm with child-rearing households, from before the child is born up
until the time the child has grown into a healthy adult.
Main initiatives• Reinforcement of comprehensive support for child-rearing households• Education and enlightenment to promote understanding of the “Tokyo
Metropolitan Government Basic Ordinance for Children”

New

•
New

“Play” promotion project• Promoting the assignment of coordinators who refer young caregivers toappropriate support

New

Choju - Choju (longevity) Society Showcased to the World -⑤ ¥75.4 billion (+¥2.2 billion)

Engaging in QOL improvements for the elderly through social participation support and digital
divide measures, we will create a Tokyo in which the elderly can participate with vitality and live
rewarding lives in the lifespan 100-years era.
Main initiatives

Promoting initiatives for nursing-care operators to maintain andimprove the level of required nursing care of care recipients, etc.
• TOKYO smart-phone supporter system• Nursing-care site DX and task share promotion project
New• Subsidy for construction and improvement of special nursing-carehomes for the elderly, etc.

•
New

Community - Maintaining Connections and Supporting Each Other - ⑤ ¥38.3 billion (+¥12.0 billion)
We will build a Tokyo that extends a hand of support to persons carrying worries and concerns,
through the reinforcement of support systems for a variety of concerns, and the creation ofconnections between people, etc.
Main initiatives• Reinforcement of support and counselling systems to protect mind and life
Commissioning of railway station barrier-free investigations• Visitation and advisory support project for business operators working toNewbecome LGBT friendly• Reinforcement of the disaster prevention strengths of town councils andNew
residents’ associations on the occasion of the centennial of the Great Kanto
Earthquake
New
•

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FY2023 Budget by Program Area
I A City Full of the Smiles of Children• Working towards the realization of a society that hands down hope to the next
generation, we will deploy comprehensive and continuous measures such associety-wide support for the healthy growth of children, and arm-in-arm
support for children and child-rearing households.
Main initiatives
New

Match making support project⑤¥0.09 billion

New

Studies on providing support for egg freezing⑤¥0.1 billion

NewFree daycare for the second child⑤¥11.0 billion

New“018 support” benefits for children ages 0-18

⑤ ¥126.1 billion

Creation of opportunities to connect with a diverse range ofother people⑤

New¥2.4 billion

II Human Resource Development to Heighten and Draw out the Powerof People• We will invest in children and youth with a view towards the development of HR thatcan become the driving force of an international society, strongly promote re-learningand career progression, and develop an environment in which anybody can work inthe manner they desire.
Main initiatives
New

Creation of opportunities to experience foreign languages⑤ ¥0.09 billion

New

Overseas exchange program for metropolitan high school students⑤¥0.6 billion

Commissioned training for re-employment promotion, etc.
(Specialist HR development training)⑤¥0.8 billion（④ ¥0.5 billion)

New

Women’s career change support project⑤¥0.2 billion

New

Senior citizen’s re-engagement support lectures to accommodate
the needs of an new era⑤¥0.1 billion

Ⅲ An Inclusive Society where Everyone can Embrace Their
Individuality and Lead Vibrant Lives• We will remove various barriers and promote measures towards the realizationof a richly diverse and inclusive coexistence-oriented society in which anyone
can shine, regardless of age, gender or the presence/absence of disability, etc.
Main initiatives

Providing support for the use of digital technology to enhance
the QOL of senior citizens
New Care support project for children requiring medical careNew

⑤ ¥0.2 billion⑤ ¥0.08 billion

New

More support project for child-rearing men⑤ ¥0.5 billion

New

Foodbank donation promotion project⑤ ¥0.1 billion

Responses to school non-attendance, etc.

⑤ ¥7.0 billion（④ ¥5.2 billion)-10-

IV A Financial, Economic, and Cultural Hub that is theWorld’s City of Choice• We will proactively deploy measures to improve Tokyo’s presence, create
innovation, and improve the city’s functions, with the aim of realizing a world’s
choice and world leading city.
Main initiatives

Strategically promoting TMG’s new concept “SusHi Tech Tokyo” or“Sustainable High Tech City Tokyo”⑤ ¥0.08 billion

Rolling out projection mapping events⑤ ¥1.8 billion

Promotion fund for university launched startups (provisional
name)⑤ ¥5.0 billion

Subsidies to promote the attraction of GX related companies
Decarbonization fund to support small and medium-sizedNewenterprises working towards Scope 3 compliance⑤ ¥0.3 billion

New
New
New
New

⑤ ¥6.0 billion

V The World’s Safest, Most Secure and Resilient City• Working towards the realization of a resilient and sustainable city that will be“secure for another 100 years,” we aim to deploy proactive measures fromboth tangible and intangible perspectives against the crises facing the TMG,
such as wind and flood disasters, earthquakes, and volcanic eruptions.
Main initiatives⑤ ¥1.1 billion (④ ¥0.8 billion)

Constructing new regulating reservoirs⑤ ¥0.6 billion (④ ¥0.4 billion)
Subsidy system for earthquake resistance for homes
Renewal of “Disaster Preparedness Tokyo” and “Disaster Readiness⑤ ¥3.2 billion
New
Guide – Prepare Yourself and Your Family”
New Reinforcement of disaster prevention ship disaster-response capabilities⑤ ¥0.4 billion
New

Home medical care promotion reinforcement project⑤ ¥0.2 billion

VI Realization of a Carbon-Neutral Society• Following the revision of the ordinance for environmental security, we will
fully mobilize various measures such as the expansion of renewable energyuse, and conduct a society-wide acceleration of “HTT” initiatives to Herasu(save), Tsukuru (generate), and Tameru (store), steadily advancing towards
the realization of carbon-half by 2030.
Main initiatives

New

Buildings Environment Report system promotion project⑤ ¥3.4 billion (④ Supplementary allocation)

Project for the expansion of insulated and solar-powered homesthat are resistant to disasters and contribute to health⑤ ¥49.6 billion (④ ¥24.7 billion)

Home HTT movement promotion project⑤ ¥0.4 billionNew⑤ ¥3.4 billion
Project to support the introduction of energy saving
equipment and improved operations to achieve zero emissions

New

Support project for the implementation of equipment forgreen hydrogen production and utilization-11-⑤ ¥1.2 billion

VII Promotion of “Smart Tokyo” and "SHIN-TOSEI“ (Structural
Reform of the TMG)
• We will draw out Tokyo’s potential and heighten Tokyo citizens’ QOL (Quality ofLife) by assertively promoting DX in each sector through initiatives for therealization of “Smart Tokyo”, structural reforms of the TMG, etc.
Main initiatives
New

Development of “Anytime-connect Tokyo” Wi-Fi access points⑤¥1.2 billion

New

Establishing a new organization, GovTech Tokyo, etc.

⑤

¥2.3 billion

New

Opening a base for experiencing digital contents⑤¥0.4 billion

Hosting of the Tokyo Governor’s Cup Open Data Hackathon⑤¥0.1 billion(④ ¥0.06 billion)New

TDA (Tokyo Digital Academy) portal site construction and operation ⑤ ¥0.02 billion

Digital Related Expenses• In the FY2023 budget, digital related expenses rise to 275.8 billion yen, an increase of 42.4 billion yen
over the previous fiscal year, in order to promote DX in Tokyo, such as the realization of “Smart Tokyo.”• Working towards further improvements in the TMG’s QOS (Quality of Service), we will be taking on
the following stages of reform.
Realization of “Smart Tokyo”

ヒト
People・Realization of affluent and convenient lifestyles throughenriched smart services that utilize 5G and AI, etc.

¥112.6 billion

2,000
200

ソフトウェアSoftware
275.8

173.7

¥60.1 billion
1,000
100

Systems maintenance and management, etc.
・Operation and maintenance of existing systems, etc.

300

233.4

Promotion of TMG structural reforms “Shin-Tosei”
・Construction of foundation for the digital government,
TMG through TMG offices workstyle reform, thoroughservices design, etc.

3,000

モノ
Things(¥ billion)¥157.8 billion00* As there is some overlap (¥54.7 billion), the sum of breakdowns and the total do not match.

R３
2021

R４
2022

R５
2023

VIII Promotion of the Tama Area and Tokyo Islands• We will promote effective initiatives towards sustainable development,such as improving presence in Japan and overseas, and promoting town
development utilizing the attraction and potential of the region.
Main initiatives
New

Holding events to commemorate the 130th anniversary of the Tamaarea coming under Tokyo’s jurisdiction⑤ ¥0.1 billion

New

Tama area and Tokyo islands lifestyle experience tour

⑤ ¥0.2 billion

New

Project to promote Tama and Tokyo islands adventure tourism⑤ ¥0.2 billion

Measures against introduced species project (Reeve’s muntjac deer)⑤ ¥0.8 billion(④ ¥0.7 billion)

Tokyo Takarajima – Sustainable island creation project⑤ ¥1.3 billion(④ ¥0.4 billion)-12- Eight Pillars of the FY2023 Budget¥474.5 billion(+¥171.8 billion)

2 Deployment of new measures for children¥11.8 billion(+¥6.4 billion)

Ⅱ Human Resource Development to Heighten and Draw out
the Power of People
1 HR development that carves a new path for a new¥253.2 billionera
2 Realization of a society in which anyone can work
¥36.2 billion
with verve(+¥12.8 billion)(+¥6.0 billion)

Ⅲ An Inclusive Society where Everyone can Embrace Their Individuality andLead Vibrant Lives
1 Realization of longevity-based society that can be(+¥2.2 billion)¥75.4 billion
showcased to the world
2 Realization of a society in which disabled persons(+¥9.6 billion)¥76.9 billion
can live with verve
3 Promotion of women’s empowerment¥6.3 billion(+¥1.1 billion)

4 Reinforcement of child counseling, etc.

¥16.1 billion(+¥1.1 billion)

5 Realization of a society in which everyone feels thekindness and supports each other¥26.8 billion(+¥4.8 billion)

Ⅳ A Financial, Economic, and Cultural Hub that is the World’s City of Choice
1 Realization of a city full of appeal that attracts theworld¥73.1 billion(+¥16.6 billion)

2 Realization of a city driving the world’s economy¥481.5 billion(+¥54.2 billion)

3 Realization of a convenient and pleasant Tokyo¥452.1 billion(+¥28.3 billion)

Ⅴ The World’s Safest, Most Secure and Resilient City
1 City development that protects Tokyo citizens fromthe threat of disasters¥322.6 billion (+¥26.3 billion)

2 Enrichment of medical systems, etc.

¥64.5 billion

3 Lifestyle safety and security assurance¥59.3 billion (+¥22.9 billion)(+¥4.4 billion)

Ⅵ Realization of a Carbon-Neutral Society
1 Realization of a Zero Emission Tokyo¥182.2 billion (+¥113.0 billion)

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Ⅷ

Promotion of the Tama Area and Tokyo Islands

1 Seamless support covering marriage, pregnancy,
child-birth, and child-rearing

Ⅶ

Promotion of “Smart Tokyo” and "SHIN-TOSEI“ (Structural Reform of the TMG)Ⅰ A City Full of the Smiles of Children

Acceleration of Project Execution for Early Indication of the Effects of Measures• In the FY2023 budget, from the perspective of returning the effects of measures to Tokyo citizens
as early as possible, we will further promote the early commencement of all projects (from 1 stquarter) and the proactive utilization of debt burden.
2nd quarter and later start
1st quarter start■ Early Commencement of Projects
2023(New projects)
2022

2021
37%

10%

12%

90%

88%

63%

568 projects

430 projects■ Proactive Utilization of Debt Burden(Simple diagram)

Beforeacceleration

2023

2024

SurveyBasic design

2025

Implementation
design2026

615 projects

Number of projects accelerated
through utilization of debt burden

97

Works
commence

Only survey expenses are earmarked.

After
acceleration

2023
SurveyBasicdesign2024

Implementation
design2025

Works
commence7

Accelerated development
completion2022
In addition to survey expenses, basic design expenses are earmarked.
The basic design expenses that straddle over to FY2024 are earmarked as debt burden.

2023

By aiming for the scheduled and swift execution of each measure, such as various construction, systemdevelopment and subsidized projects, which expedites the realization of the targets and effects ofmeasures, the TMG’s QOS will also improve in terms of speed.

Initiatives towards Visualization of TMG Finances• In order to convey TMG finances information in an easy to understand manner, beginning with the“Tokyo Budget Visualization Board,” we are posting “TMG Finances Visualization Boards” in order
to visualize key budget and settlement data.
• Following the release of the “Tokyo Budget Visualization Board” in January 2021, along withrepeated continuous improvements, we have added other dashboards of the settlement of theordinary account, financial statements, policy reviews and project reviews, and subsidies, to achievea multifaceted visualization of TMG finances.
TOKYO subsidies search(July 2022 release)■ TMG Finances Visualization Boards

Simple and easy to understand, allowing anyone to utilize the data
Taking user reviews into consideration, we will continue improvements to make thedashboards even easier to use.
The TMG Finances Visualization Boards can be accessed via the Bureau of Finance website.
https://www.zaimu.metro.tokyo.lg.jp/zaisei/dashboard.html-14-

System of Project Proposals by Tokyo Citizens,
University Researchers, and TMG Staff
The objective of this system is to solve the pressing issues facing the TMG by utilizing new
perspectives not tied to conventional concepts and the knowledge that has congregated in Tokyo.
System of Project Proposals by Tokyo Citizens [FY2023 budget amount ¥0.41 billion]••

Through “Proposals put forward by Tokyo citizens and selected by Tokyo citizens,” this mechanism allows
measures to directly reflect the voices of Tokyo citizens.
From 684 proposals, 7 projects are selected with votes from Tokyo citizens taken into consideration.
Seamless support
covering marriage,
pregnancy, child-birth,and child-rearing
HR development thatcarves a new path for a
new eraChild-rearing information sharing app and site

¥61 million

Cultural programs and school cooperation projects (regional
cooperation type)¥41 million

Realization of longevitybased society that can beshowcased to the worldTOKYO Senior Canteen promotion project¥50 million

Promotion of women’s
empowerment

Project to enhance wellness for working women¥49 million

Realization of a society inwhich everyone feels thekindness and supports
each otherCommissioning of railway station barrier-free investigations¥10 million

Bad apartment management prevention and improvement
support project¥18 million

Enhancing the functions of the disaster prevention app¥176 million

City development that
protects Tokyo citizens
from the threat ofdisasters•

Budget amountAlong with votes from Tokyo citizens, we asked voters to send in points for improvement, etc., in relation to
proposed projects, and received 2,828 opinions.
For status of reflected opinions, please follow the Bureau of Finance website “Tokyo citizen’s proposals” link below.
https://www.zaimu.metro.tokyo.lg.jp/zaisei/teian/5tomin.html

System of Project Proposals by University Researchers [FY2023 budget amount ¥0.13 billion,
total project expenses ¥1.01 billion ]• Based on proposals from researchers, this mechanism creates projects through cooperation withresearchers and universities.
• From 40 proposals, 5 projects are selected, with examinations by experts, etc., and votes from
Tokyo citizens taken into consideration.
Budget amount

Total project expenses(Anticipated)

Realization of a longevitybased society that can beshowcased to the world

Supporting training of home nursing personnel¥26 million¥210 million

Enrichment of medical
systems, etc.

Support for balancing cancer treatment and work

¥24 million¥100 million

Urban solar battery power generation and storage
reinforcement promotion project¥30 million¥490 million

Food donation project for the children who will
carry the future¥30 million¥90 million

Tsunami detection system construction project¥20 million¥120 million

Realization of Zero
Emission Tokyo

Regional development fullof individuality and appeal
in the islands

System of Project Proposals by TMG staff• Three projects are reflected in the budget, including “Cashless payment machines for metropolitan tax
certification and viewing charges,” at the metropolitan tax offices.

-15-

２

Revenues and Expenditures
Budget Status-17-

Financial Scale
General Account Budget Scale 8,041 billion yen (+240.0 billion yen, +3.1%, compared tothe previous fiscal year) The general account budget scale increases by 3.1% over the previous fiscal year to reach the highest
ever amount of 8,041 billion yen.

Financial Scale Metropolitan tax revenues increase by 10.1% compared to the previous fiscal year, to 6,201 billion
yen, mainly due to increased revenues from the two corporate taxes following a recovery in corporate
earnings.

General Account General expenditure, which is policy expenditure, increases by 1.6% compared to the previous fiscal
year, to 5,935.4 billion yen mainly due to intensive allocation of financial resources to initiatives torealize a children-first society, increase the city’s resilience, and realize a carbon-free society, etc.

FY2022

Change inamountPercentage ofchangeItem

FY2023

Annual revenues

8,041.0billion

7,801.0billion

240.0billion

3.1%

Of whichmetropolitan
taxes

6,201.0billion

5,630.8billion

570.2billion

10.1%

Annual expenditures

8,041.0billion

7,801.0billion

240.0billion

3.1%

Of which general
expenditure

5,935.4billion

5,840.7billion

94.7billion

1.6%

Of which lessanti-Covid
measures5,935.4billion

5,482.2billion

453.2billion

8.3%

Specialaccounts[18 accounts]

6,278.2billion

5,838.2billion

440.0billion

7.5%

Publicenterpriseaccounts[9 accounts]

1,762.9billion

1,754.7billion

8.2billion

0.5%

Total accounts[28 accounts]

16,082.1billion

15,393.9billion

688.2billion

4.5%* The term “General expenditure” indicates so-called “policy expenditure” and refers to expenses in the general account excluding expenses for
public bonds and expenses allocated to municipalities as a fixed percentage of taxes (tax-related expenses) such as special wards fiscal
adjustment account transfers and local consumption tax grants.

-18-

Financial Scale and Changes in General Expenditure (General Account Initial Budget)(Trillion yen)

9.0
Financial scale¥8,041 billion

General expenditure portion

3.1% increase compared tothe previous fiscal year

8.0
7.0
6.0
5.0
4.0
3.0
2.0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 (FY)Item

FY2018FY2019FY2020

FY2021

FY2022

FY2023Financialscale¥7,046.0 billion¥7,461.0 billion¥7,354.0 billion¥7,425.0 billion¥7,801.0 billion¥8,041.0 billion

1.3%

5.9%

–1.4%

1.0%

5.1%

3.1%

¥5,182.2 billion
Generalexpenditure
2.7%¥5,597.9 billion¥5,533.2 billion¥5,612.2 billion¥5,840.7 billion¥5,935.4 billion

8.0%

–1.2%

1.4%

4.1%

1.6%

* All figures are initial budget based.
* Lower values indicate percentage change compared to the previous fiscal year.

 Status of TMG Budget, National Budget and Local Public Finance Measure
Item
Financial scale
Generalexpenditure
Tax revenue
Dependency onbond issuance
Bond issuancebalance

TMG

National

Local public finance measure(General account initial budget)(General account initial budget)¥8,041.0 billion¥114,381.2 billion¥92,040.0 billion¥5,935.4 billion¥72,731.7 billion¥76,480.0 billion¥6,201.0 billion¥69,440.0 billion¥42,875.1 billion(3.1%)(Revenues in regular portion)(6.3%)(1.6%)(1.6%)(8.0%)(10.1%)(0.8%)(6.4%)(4.0%)

31.1%

3.6%

7.4%

–0.2 percentage pts–3.2 percentage pts–1.0 percentage pts¥4.8 trillion¥1,068 trillion¥182 trillion(–2.9%)Tax revenue ratio 0.8 times(4.1%)Tax revenue ratio 15.4 times(–3.2%)Tax revenue ratio 4.2 times* Values in ( ) indicate percentage change compared to the previous fiscal year.
* Dependency on bond issuance is the percentage of revenues accounted for by bond issuance.
* The national general expenditure is the total expenditure less JGB expenses and local allocation tax grants, etc.
* The national bond issuance balance includes reconstruction bonds.
* The bond issuance balance of local public finance measure includes the Great East Japan Earthquake portion.

-19-

Status of Revenues (General Account)
Total Revenues 8,041 billion yen (+240.0 billion yen, +3.1%, compared to the previous fiscalyear) Metropolitan tax revenues increase by 570.2 billion yen or 10.1% compared to the previous fiscal
year, mainly due to increased revenues from the two corporate taxes following a recovery incorporate earnings.
 As expenses related to special responses for measures against COVID-19 are not earmarked in theinitial budget, national treasury disbursements decrease by 354.1 billion yen or 47.7% compared tothe previous fiscal year, mainly due to decreases in grants for anti-Covid measures.
 While funds such as the “Tokyo Resilience Promotion Fund” (provisional name) are proactively utilized
in order to protect the lives and livelihoods of Tokyo citizens from the threat of natural disasters,
funds transfers decrease by 65.6 billion yen or 11.6% compared to the previous fiscal year, mainly due
to decreased funds transfers from the social capital improvement fund.
 TMG bonds decrease by 3.8 billion yen or 1.3% compared to the previous fiscal year, due to restrained
issuance amounts through the utilization of increased tax revenues. Of these, regarding ESG bonds,
about 100 billion yen will be issued, the same level as the previous year, to further promote ESG
investment and drive realization of SDGs from the financial sector.

Status of Revenues
FY2023

FY2022

Change inamountMetropolitan taxes¥6,201.0 billion¥5,630.8 billion¥570.2 billion

10.1%

Local transfer taxes¥67.2 billion¥49.2 billion¥18.0 billion

36.6%

National treasury
disbursements¥388.1 billion¥742.2 billion–¥354.1 billion–47.7%

Funds transfers¥501.6 billion¥567.3 billion–¥65.6 billion–11.6%

TMG bonds¥290.8 billion¥294.6 billion–¥3.8 billion–1.3%

Other revenues¥592.3 billion¥517.0 billion¥75.3 billion

14.6%¥8,041.0 billion¥7,801.0 billion¥240.0 billion

3.1%

Item

Total

-20-

Change ofpercentage

Metropolitan Taxes
 Metropolitan tax revenues increase by 570.2 billion yen or 10.1% compared to the previous fiscal year
to 6,201.0 billion yen, mainly due to increased revenues from the two corporate taxes following a
recovery in corporate earnings and increased local consumption tax (post settlement).

 Metropolitan Tax Breakdown
FY2023

FY2022

Change inamountChange ofpercentage¥6,201.0 billion¥5,630.8 billion¥570.2 billion

10.1%

Two corporate taxes¥2,208.9 billion¥1,913.8 billion¥295.1 billion

15.4%

Local consumptiontax (post settlement)¥769.0 billion¥656.7 billion¥112.2 billion

17.1%

Fixed asset tax
City planning tax¥1,717.4 billion¥1,628.3 billion¥89.1 billion

5.5%

Other taxes¥1,505.7 billion¥1,431.9 billion¥73.8 billion

5.2%

Item
Metropolitan taxes[Financial resources of expenses required for social security measures]
In order to secure the financial resources of expenses required for social security measures, which are expected tocontinue increasing, the consumption tax rate, including national and local taxes, was raised from 5% to 8% from
April 1, 2014 (of which the local consumption tax rate: 1.7%), and again from 8% to 10% from October 1, 2019 (ofwhich the local consumption tax rate: 2.2%).
• The total amount of increased revenues accompanying the hikes in the local consumption tax rate, is allocated as
the financial resource of expenses required for social security measures.
•[Fixed asset tax, etc., burden alleviation measures]• The three existing burden alleviation measures (20% reduction in small-scale non-housing land, etc.) of fixed asset
tax, etc., will be continued in FY2023.

 Changes in Metropolitan Tax Revenues(trillion yen)
7.0

¥6.2 trillion

6.0
5.0
4.0

Other taxes
3.0
2.0
1.0

Two corporates taxes
0.0
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23* Values up to FY2021 are settled amounts, values for FY2022 are amounts after final adjustment, and values for
FY2023 are initial budget amounts.

-21-

(FY)

Status of Expenditures (General Account)
General expenditure
5,935.4 billion yen(Previous FY initial budget comparison
less anti-Covid measures+94.7 billion yen, +1.6%+453.2 billion yen, +8.3%)

 General expenditure increases by 1.6% compared to the previous fiscal year to 5,935.4 billion yen.
 Ordinary expenditures increase by 0.9% compared to the previous fiscal year to 4,907.9 billion yen,mainly due to initiatives for realizing a children-first society, a carbon-free society, and a Tokyo vibrantwith startups.
 Investment expenses increase by 5.1% compared to the previous fiscal year to 1,027.5 billion yen,mainly due to initiatives to increase the city’s resilience, and initiatives towards the formation of
convenient and comfortable transportation and shipping networks.
 Expenses for public bonds decrease by 0.4% compared to the previous fiscal year to 344.2 billion yen
as a result of steady redemption of TMG bonds to date.

Status of Expenditures
Item

FY2023

FY2022

Change inamountChange inpercentage

General expenditure¥5,935.4 billion¥5,840.7 billion¥94.7 billion

1.6%

Less anti-Covid
measures¥5,935.4 billion¥5,482.2 billion¥453.2 billion

8.3%

Ordinary expenditures¥4,907.9 billion¥4,863.1 billion¥44.8 billion

0.9%

Salary-related
expenses¥1,623.7 billion¥1,618.8 billion¥4.9 billion

0.3%

Other ordinary
expenditures¥3,284.2 billion¥3,244.3 billion¥40.0 billion

1.2%

Investment expenses¥1,027.5 billion¥977.6 billion¥49.8 billion

5.1%

Expenses for public bonds¥344.2 billion¥345.6 billion–¥1.4 billion–0.4%

Tax-related expenses, etc.

¥1,761.4 billion¥1,614.6 billion¥146.8 billion

9.1%

Total

¥8,041.0 billion¥7,801.0 billion¥240.0 billion

3.1%

-22-

Salary-Related Expenses
 Salary-related expenses increase by 4.9 billion yen compared to the previous fiscal year, mainly due toincreases accompanying revision of salaries.

 Changes in Salary-Related Expenses (Initial Budget)

Salary-related
expenses+0.3%(billion yen)
1,800

⑤ ¥1,623.7 billion④ ¥1,618.8 billion
1,600

1,400
03

04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

19

20

21

22

23 (FY)

Investment Expenses
 Financial resources are allocated with priority placed on projects that will be highly effective, such as
initiatives for city planning that protects Tokyo citizens from the threat of disasters in order to secure
the safety and security of Tokyo citizens, and initiatives towards the formation of convenient andcomfortable transportation and shipping networks including the promotion of continuous grade
separation of railways.
 Such initiatives increase investment expenses by 5.1% compared to the previous fiscal year to 1,027.5
billion yen.

 Changes in Investment Expenses (Initial Budget)

Investment
expenses+5.1%(billion yen)
1,300

⑤ ¥1,027.5 billion④ ¥977.6 billion

1,100

900

700

500
03

04

05

06

07

08

09

10

11

12

13

-23-

14

15

16

17

18

19

20

21

22

23 (FY)

Breakdown by Objective
 When looking at expenditure by objective, compared to the previous fiscal year, “Health and Welfare”
increases by 194.9 billion yen or 14.5% (when anti-Covid expenses are excluded), and “Labor andEconomy” increases 80.8 billion yen or 13.1%. We are working to improve the quality of Tokyo citizens’
lives through prioritized and efficient allocation of limited financial resources.
FY2023Item

FY2022
Ratio

Health and Welfare

Ratio

Change in amount

Change inpercentage¥1,538.4 billion

25.9%¥1,701.9 billion

29.1%–¥163.5 billion–9.6%¥1,538.4 billion

25.9%¥1,343.5 billion

24.5%¥194.9 billion

14.5%

Education and Culture¥1,198.0 billion

20.2%¥1,172.4 billion

20.1%¥25.5 billion

2.2%

Labor and Economy¥696.3 billion

11.7%¥615.5 billion

10.5%¥80.8 billion

13.1%

Living Environment¥320.5 billion

5.4%¥240.8 billion

4.1%¥79.7 billion

33.1%

Urban Development¥891.3 billion

15.0%¥842.4 billion

14.4%¥48.9 billion

5.8%

Police and Firefighting¥921.8 billion

15.5%¥911.5 billion

15.6%¥10.2 billion

1.1%

Planning and General Affairs¥369.1 billion

6.2%¥356.2 billion

6.1%¥12.9 billion

3.6%¥5,935.4 billion

100.0%¥5,840.7 billion

100.0%¥94.7 billion

1.6%¥5,935.4 billion

100.0%¥5,482.2 billion

100.0%¥453.2 billion

8.3%¥344.2 billion－¥345.6 billion－–¥1.4 billion–0.4%¥1,761.4 billion－¥1,614.6 billion－¥146.8 billion

9.1%¥8,041.0 billion－¥7,801.0 billion－¥240.0 billion

3.1%

Less anti-Covid measures

General expenditure
Less anti-Covid measures
Public Bonds

Tax-related Expenses, etc.
Expenditure Reasons for Changes in Each Sector
Health andWelfareIncreased by 14.5%, mainly due to the commencement of “018 support” benefits for children
ages 0-18 and free daycare for the second child, and increased support projects for childbirthand child-rearing in Tokyo. * Less anti-Covid measures.

Education
and Culture

Increased by 2.2%, mainly due to increased school buildings renovation expenses for
metropolitan schools, and increased expenses related to the development of “practicalEnglish skills.”
Increased by 13.1%, mainly due to increased expenses related to the institutional finance forsmall and medium-sized enterprises and renovation of “Tokyo Work Center” building, and thecommencement of technological development support projects related to the promotion of
new energies.
Increased by 33.1%, mainly due to increased expenses related to the project for the expansionof insulated and solar-powered homes that are resistant to disasters and contribute to health,and the expansion of the ZEV promotion project.

Labor andEconomyLivingEnvironment
Urban
Development

Increased by 5.8%, mainly due to increased expenses related to small and medium-sized riverdevelopment, the promotion of continuous grade separation of railways and the expansion of
the Shinjuku station vicinity development project.

Police andFirefighting

Increased by 1.1%, mainly due to increased expenses related to police station land acquisition
and management of police facilities.

Planning andGen. Affairs

Increased by 3.6%, mainly due to increased expenses related to the construction of the next
core system for tax administration, and the renewal of “Disaster Preparedness Tokyo” and“Disaster Readiness Guide – Prepare Yourself and Your Family.”-24-

Column

Budget per Tokyo Citizen• This section reorganizes the FY2023 budget to show budget per Tokyo citizen by objective. A large
portion of the budget is allocated to measures to address the falling birthrate and the graying
population, enrichment of school education, police and firefighting activities, etc.
• Comparison against figures for FY1993, 30 years ago, shows a significant increase for “Health andWelfare,” mainly due to measures for children and the elderly accompanying a falling birthrate andgraying population.
• In this way, we maintain an accurate understanding of the needs of Tokyo citizens as they changewith the times, and appropriately allocate limited financial resources from metropolitan tax
revenues, etc., to the necessary measures.
FY2023
BudgetSector

FY1993
Budget

Health and Welfare
e.g., measures to address the falling birthrate
and the graying population¥109,555¥52,673

Education and Culture
e.g., the enhancement of school education¥85,312¥94,335

Labor and Economy
e.g. revitalization of industry¥49,590¥37,404

Living Environmente.g., waste management¥22,823¥57,488

Urban Developmente.g., road development¥63,475¥134,550

Police and Firefighting
e.g., police and firefighting activities¥65,642¥72,631

Planning and General Affairse.g., staff training and welfare¥26,287¥46,838

Public Bonds
e.g., principal and interest redemption of
TMG Bonds¥24,511¥20,849

Tax-related Expenses, etc.
e.g., subsidies to municipalities¥125,439¥74,835

Total¥572,634¥591,602

Metropolitan taxes¥441,598¥363,514* Figures for total population in Tokyo for FY2023 are as of December 1, 2022, given in “Tokyo Population (Estimates)” (TMG Bureau of General Affairs).
* Figures for total population in Tokyo for FY1993 are as of December 1, 1993, given in “Tokyo Population (Estimates)” (TMG Bureau of General Affairs).

-25-

３

Sustainable Financial Management-27-

Promotion of Sustainable Financial Management
The Context behind Financial Management in the Compilation of the FY2023 Budget As socioeconomic activities gradually return to normal after the Covid crisis, Japan’s economy is continuinga trend of gentle recovery, and metropolitan tax revenues in the FY2023 budget have reached approx.
6.2 trillion yen.
 Meanwhile, when looking at the future, in addition to responses to unavoidable financial demands, suchas maintenance and renewal of deteriorating social capital stock, and increased expenses for the social
security, “Investment in the future” is essential to the passing down of a “Future Tokyo” full of hope tothe next generation through actions such as low birth rate measures, the securing of safety and security
that form the foundation of city activities, and efforts towards compatibility between both decarbonizationand the economy.
 Within this backdrop, to ensure the fulfilment of the missions bestowed upon the TMG, there is a need toproactively deploy bold measures that break down conventional concepts, under financial managementwith a keen medium and long term focus.

 In the compilation of the FY2023 budget, with the recognition of aforementioned issues, we are fully
mobilizing the knowledge and experience nurtured to date in order to achieve compatibility
between the proactive deployment of measures and sustainable financial management, throughinitiatives towards a children-first society, the building up of Tokyo’s resilience, and the realizationof a carbon-free society.
 Specifically, we are engaged in various efforts, such as minus-ceiling at the budgetary request stage,
thorough re-examinations through project reviews, and termination and conversion of measures in thebudget compilation stage. The amount of financial resources secured through project reviews has reachedthe highest ever amount of 114.1 billion yen.
 In addition, along with the further reinforcement of policy review and project review initiatives, such as
the reinforcement of data analyses, and verification of project deployment speed-up, we are undertaking
sustainable financial management with considerations also given to financial capability for the future,through the creation of new funds, the securing of a stable amount of funds balance, and continued
restraints on TMG bonds issuance.

 Compatibility between Proactive Measures Deployment and Sustainable Financial Management
Reductions in the budgetary
request stage throughminus-ceiling

Sustainablefinancialmanagement

Investmentin the future

Approx. 10 billion yen

Financial resource amountsecured through projectreview initiatives
Approx. 110 billion yen

Termination andconversion of measures
Approx. 120 billion yen

 Securing a stable amount of funds balance while proactively utilizing funds➡ Amount of utilized funds: approx. 490 billion yen
Estimated year-end funds balance: approx. 1.7 trillion yen
 Steady decrease in TMG bonds balance through continued restraints on TMG bonds
issuance amounts➡ TMG bonds issuance amount: approx. 290 billion yen
Estimated year-end TMG bonds balance: approx. 4.8 trillion yen● Principal new and expanded measures in FY2023 (615 new projects, approx. 270 billion yen)
Initiatives for realizing achildren-first society

Initiatives to increase
the city’s resilience

Initiatives to realize acarbon-free society

We will refine financial capabilities and carve a path to a future full of hope throughthe proactive deployment of measures.

-28-

Column Autonomous and Flexible Financial Management Initiatives
Amounts of Revenue per capita

 Amounts of Revenue per capita

Local taxes• The TMG is the only prefecture that does notreceive local allocation tax grants, andconsequently needs to be more self-reliant in
the performance of financial management
than other prefectures.
• When comparing amounts of revenue percapita including local taxes and local allocation
tax grants, the level in Tokyo is almost thesame as the average of prefectural
governments, and not high at all.

Local allocation tax grants

Approx. halfthat ofPrefecture A
Same level as
the average ofprefectural
governments

Local transfer taxes, etc.

¥421,000¥230,000¥231,000

TMG

Prefecture A

東京都

Ａ県

Average ofprefectural
平均
governments* Created from Ministry of Internal Affairs and Communications materials (FY2020
Settlement)* Population figures are as of January 1, 2021, given in the “Basic Resident Register.” Securing Flexibility in Financial Management• In order to ensure the fulfillment of the mission imposed on the TMG with limited financial
resources, we have been striving to improve the efficiency and effectiveness of projects andstrengthen initiatives to reduce unnecessary spending, such as thorough ex post reviews
through the setting of end-of-terms, in addition to policy conversions including thediscontinuation of industrial waterworks.
• Specifically, by heightening the flexibility of financial capabilities through project review
initiatives, which have led to the securing of a total amount of approx. 690 billion yen infinancial resources since FY2017, and a reduction of approx. 20% in TMG bonds balance overten years, we were able to respond appropriately to the financial demands of the Tokyo 2020
Games and anti-Covid measures, etc., and follow through with the proactive deployment of
measures to create a “Future Tokyo.”
Amount of Financial Resources Secured
through Project Reviews

Changes in TMG Bonds Balanceover the Past Ten Years

Total approx. ¥690 billion from FY2017 to FY2023¥114.1 billion

Approx. ¥1.06 trillion down from FY2014 to FY2023¥5.9 trillion¥4.8 trillion¥72.0 billion

14

15

16

17

18

19

20

21

22

14

23

15

16

17

18

19

２0

21

22

23

• In addition to improving the efficiency and effectiveness of measures, we will continue toundertake robust and flexible financial management that can support the proactive
deployment of measures, through the strategic utilization of funds and TMG bonds.
Creation of new funds under
the FY2022 final
supplementary budget
Estimated funds balanceat end-FY2023¥1,728.8 billion

・Tokyo resilience promotion fund(provisional name)¥300.0 billion

・Fund to promote the installation ofrenewable energy equipment in newbuildings, etc. (provisional name)¥150.0 billion

・Tokyo 2020 legacy fund(provisional name)¥148.5 billion-29-

Local Corporate Taxation Reviews
 In local tax and financial systems, due to successive local corporate taxation reviews since the FY2008
tax reform, the so-called “measures to correct uneven distribution,” the transfer of corporate
inhabitant and enterprise taxes (two corporate taxes) to national tax had been processed.
 The impact amount of this series of “measures to correct uneven distribution” on FY2023, compared
to a hypothetical case in which tax reforms had not taken place, is –1,276.5 billion yen. The effect ofthese measures on TMG finances is not small.
 The TMG will continue to strongly urge the national government to establish the ideal local tax andfinancial systems, so that local governments can secure financial resources commensurate with theirroles and authority.
■ The Impact Amount of “Measures to Correct Uneven Distribution” on Local Corporate Taxation
FY2023 initial budget①

Corporate
enterprise tax–¥643.6 billion

Special corporate
enterprisetransfer tax¥63.8 billion

Corporate② inhabitant tax–¥679.9 billion

Two corporate taxes
and transfer tax
subtotal–¥1,259.7 billion③ Corporate enterprise–¥16.8 billion

tax grant

Total

Partial transfer of corporate enterprise tax to national tax
as special corporate enterprise tax
Special corporate enterprise tax distributed among
prefectures as local transfer tax (FY2023 local publicfinance measure: ¥2,013.7 billion)
Partial transfer of corporate inhabitant tax to the source of
local allocation tax grants as local corporate tax

A fixed percentage of corporate enterprise tax distributed
among municipalities in each prefecture–¥1 ,276. 5 bil lion

■ Overview of “Measures to Correct Uneven Distribution” on Local Corporate Taxation① Partial transfer
of corporate
enterprise tax
to national tax② Transfer ofcorporate
inhabitant tax
to the sourceof local
allocation tax
grants③ Corporate
enterprise tax
grant- A certain fraction of corporate enterprise tax (income basis and revenue basis) is transferred tonational tax as special corporate enterprise tax.
- The portion transferred to national tax is distributed among prefectures as special corporate
enterprise transfer tax in accordance with population.
Approx. 30% of corporate enterprise tax is transferred to national tax. In the distribution of
the transfer tax to the TMG, which does not receive local allocation tax grants, up to a
maximum of 75% is deducted from the amount proportionally allocated in accordance withpopulation.
- A certain fraction of corporate inhabitant tax proportionate to corporate tax is transferred tonational tax as local corporate tax, which is distributed as local allocation tax.
As the TMG does not receive local allocation tax grants, the tax rate reduction due to thetransfer to national tax directly leads to a fall in revenues.
[Standard tax rate for corporate inhabitant tax
proportionate to corporate tax]
Prefectural inhabitant tax:
5.0% → 1.0%
Municipal inhabitant tax:

12.3%

→

6.0%

[Tax rate reduction due to transfer to national tax]
Prefectural inhabitant tax:

–4.0%

Municipal inhabitant tax:

–6.3%

- Mainly in order to cover for the decreased revenues of municipalities accompanying thetransfer of corporate inhabitant tax to the source of local allocation tax grants, a fixed
percentage of corporate enterprise tax is distributed among municipalities in each prefecture.
* For the equivalent portion for special wards, the applicable corporate enterprise tax grantamount is added to the fiscal adjustment grants for special wards, which is then multiplied by
the percentage prescribed under the ordinance to obtain the grant amount (the impact
amount resulting from this is included in ②).

-30-

Policy Review and Project Review Initiatives
 In order to respond appropriately to the various issues it faces within the backdrop of limited financial
resources, as a part of the budget compilation process, the TMG bolsters the reorganization of measuresby integrally implementing "policy reviews," which evaluate the overall direction of measures, including
the establishment of new projects based on the degree of achievement of targets and opinions fromoutside experts, and "project reviews," which verify each project to improve its efficiency andeffectiveness.
 For policy reviews, in advance, we specified 11 policy groups including cross-bureau initiatives. By
analyzing and evaluating the effects and issues of each measure in relation to targets from a more resultsoriented perspective, using relevant administrative data, we reviewed each policy group, which led to theconstruction of further effective projects.
 For project reviews, the TMG announced 1,436 review results, along with 1,207 reviews and rebuilds,
mainly through thorough post-project verification of projects reaching their ends of terms, verification ofproject commencement timing, and the utilization of outside experts’ opinions in the reviews of digital
aspects.

Policy Review – Review and Expansion of Measures
 The TMG designated 20 achievement indicators for the ■ Settings of Achievement Indicators, etc.
■
11 policy groups. For the 89 projects associated witheach achievement indicator, we reviewed overall
Policy group
11 groups
direction of measures in each policy group withachievement of targets and opinions from outside
Achievement
experts taken into consideration.
20 indicators
indicators
 While 41 existing projects were reviewed and rebuiltwith the directionality of each policy group taken into
Individual
89
consideration, this also led to the expansion of 33
projects
projects and the construction of 15 new projects.
✔ Reviewed and rebuilt

41✔ New and expanded

48

Project Review – Announcement of Review Results■ Amount of Financial Resources Secured ■■ Number of Announcements ■* Total number of projects: Approx. 5,700(Projects)
1,600
1,400
1,200
1,000

Total number
announced(Billion yen)

1,436

1,360

Number of reviews andrebuilds

1,266
1,208
890

800
600
400

837

1,116
1,115

1,086

1,207

1,368

1,436

120
100

1,207

Amount of financial
resources secured¥114.1 billion

103.0
87.0

80

111.7
111.0

114.1

90.0

72.0

884

60

676
574

40

536

30.0

325

20

200

0

0

07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 (FY)-31-

07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 (FY)Integrated Implementation of Policy Reviews and Project Reviews
 Through the integrated implementation of policy and project reviews, we evaluate the directionality ofmeasures as a whole and verify each individual project.

Evaluation of the directionality ofmeasures as a whole

Policy review

Targets

Evaluation of measures as a whole withachievements taken into consideration
Achievement
indicators

Evaluation ofindividual projects

Policy group settings
Achievement indicatorsettings and analyses
Opinions of outside experts

Project A

Project B

Project C

New
project* Grouping of individual projects = Policy group

Project review

Verification of individual projects
with overall directionality taken
into consideration
Thorough cost analyses
Examination of effectiveness, etc.
Checks from specialist perspectives

Policy Review Flow Policy reviews consider achievement of targets, opinions of outside experts, and analysis results ofadministrative data, to evaluate the directionality of measures in each policy group as a whole.
Envisioned analyses(e.g., Educational staff working practice reform)[Policy Review] Policy group settings
 Setting of “Policy groups” consisting of multiple
projects working towards the same measure targets

Project
overview

Construction of systems
that streamline educational
staff duties[Policy review] Evaluation of the measures of eachpolicy group as a whole Hearing of opinions from outside experts in each sector
 Analyses of administrative data under the counsel ofoutside experts
 Evaluation of the directionality of measures in each policy
group as a whole

Analysistarget[Project review] Evaluation of individual projects withdirectionality taken into considerationData
analyses Project by project evaluation of individual projects
according to effect, efficiency, effectiveness, etc., in
relation to targets
With evaluation taking into consideration of achievement oftargets, the standards which should be achieved in each fiscal year,
and the opinions of outside experts, we heighten the effects ofmeasures.

-32-

Schools not
adopting thesystemSchools
adopting thesystemIn-school DX promotion

Directionality➡ Expansion of the TOKYO
Smart School ProjectProject Review Flow - Improvement system consisting of a year-round cycle of cooperation between project
bureaus, the bureau of finance, and other related bureaus

 Mainly by setting an end date for all projects and thoroughly
Action Plan
conducting ex-post verification since the compilation of the FY2017
Plan
Improve(Budget)(Budget compilation)budget, we have publicized the results of approximately 8,600
reviews over the past seven years. During the same period, we haveDo
Checkreviewed and rebuilt approximately 6,400 projects, resulting in the Review and verify
Implement(Execute)(atsettlement
andproject
review)
securing of approximately 690 billion yen in financial resources.
 For the future, we will strive to construct measures and projects
with even higher efficiency and effectiveness, through multifacetedverification, such as cooperation with related bureaus, andimplementation of reviews which takes the opinions of outside
experts into consideration.

Intra-TMG
cooperation
Project
bureaus

Bureau of
Finance

External
Relatedbureaus

Reviews of digital
aspects byoutside experts

Multi-facetedverification

Perspective ① Efficiency (thorough cost analyses)
Perspective ② Examination of effectiveness, etc.
Perspective ③ Checks from specialist perspectives

New Evaluation System that Prioritizes Outcomes of the TMG Group and the
Improvement of Tokyo Citizen’s QOL
 Regarding evaluations of policy cooperation organizations, shifting the hitherto management target
evaluation system* that prioritizes organizational operation, to a mechanism that leads to reviews ofspecific projects etc., from a perspective that places greater priority on achievements, we will establish
group cooperation project evaluation from the FY2024 budget compilation, which will be integrated
into policy and project reviews.

<Outline of Group Cooperation Project Evaluation>① Setting of collaborative targets for the TMG
Bureau with jurisdiction Policy cooperation organization Aof organization A
and the organizations to work towards- Cooperation with related– Promotion of DX- Specific numerical targets, etc., will be set inorganizations– Operation of subsidy
relation to targets that the bureau with
Receiptof subsidy
systemapplications from Tokyo
jurisdiction over an organization and said
– Dissemination andcitizens
organization should collaborate to achieve.
enlightenment- HR development, training② Analyses of target achievement status,
etc.
etc.
issues, etc.
Integrated review of initiatives of the
TMG and the organization- Regarding specific initiatives by the bureau
with jurisdiction over an organization and ① Setting collaborative②Analyses of③Project reviews, etc.
targets
said organization, achievements, issues, etc.,
achievements and issues
will be analyzed with the opinions of outside
experts taken into consideration.
③ Evaluation of the directionality of specificproject reviews, etc.
- Along with tying in to specific projectreviews, etc., the results of reviews will bereflected promptly in the following year’s
budget.

Integrated implementation of policy andproject reviews
TMG group operates the review system as awhole.

Establishment of a mechanism that ties into reviews of specificindividual projects and the construction of new projects, which
directly leads to the improvement of Tokyo citizen’s QOL
Better QOL* The evaluation committee of the management target evaluation system is scheduled to be discontinued from end-FY2022.

-33-

Utilization of Funds
 The TMG has steadily built up reserves to date, and the utilization of funds enabled the TMG to respondpromptly and accurately to successive supplementary budget compilations in relation to anti-Covid
measures.
 In the FY2022 final supplementary budget, with a view towards reinforcing the financial foundations thatallow the capital Tokyo to continue to evolve into a city that can generate new value, new funds are
created and deposits are made to existing funds.
 In the FY2023 budget, 486.7 billion yen is withdrawn from funds, including funds created in the FY2022
final supplementary budget, and proactively utilized for the steady promotion of policies to increase thecity’s resilience, improve social capital, and realize an advanced welfare city. Expected funds balance at
end-FY2023 is 1,728.8 billion yen.

 In order to proactively promote measures towards the realization of a bright “Future Tokyo,” the TMG
will continue to plan for strategic utilization of funds from a medium and long term perspective, whilefirmly discerning trends in future financial demand.

Deposits to Funds in the FY2022 Final Supplementary Budget
 Utilizing financial resources generated through increased tax revenues, examinations of annual
expenditures, etc., the FY2022 final supplementary budget makes deposits to the advanced welfare city
realization fund, in preparation for future financial demand, and also creates new funds to allocate
resources required for the promotion of the installation of renewable energy equipment in newbuildings, etc.
 In addition, through the reorganization of funds related to disaster prevention and funds for the hosting of
the Tokyo 2020 Games, we also creates new funds to increase the city’s resilience and to develop themulti-faceted initiatives of the Tokyo 2020 Games into legacies.
 Furthermore, in accordance with provisions specified under the ordinance, 163.7 billion yen, which is the
fixed amount of tax revenue increases, is deposited to the fiscal adjustment fund as mandatory reserves.
Consequently, the estimated end-FY2022 balance of the fiscal adjustment fund is 566.4 billion yen.
Increased tax revenues, examinations ofannual expenditures, etc.

Mandatory deposits to the fiscal adjustment fund¥163.7 billion

Funds related to disaster prevention

Deposits to the advanced welfare city realization fund¥100.0 billion– Disaster prevention fund for town planning– Fund for the promotion of utility poleelimination

Funds aimed at intensive and focused
initiatives for the 2020 Games- Japan arts fund- Omotenashi hospitality and tourism fund
- Fund for the development of a pleasant andpeople friendly city
- Fund for the promotion of sports for thedisabled

Tokyo Olympic and Paralympic Games
Hosting Fund Reserve

New Creation of the fund to promote the installation ofrenewable energy equipment in new buildings, etc.
(provisional name)¥150.0 billion

New Creation of the Tokyo resilience promotion fund(provisional name)¥300.0 billion

New Creation of the Tokyo 2020 legacy fund (provisional

name)

-34-

¥148.5 billion

Utilization of Funds in the FY2023 Initial Budget
 In the FY2023 initial budget, a total of 486.7 billion yen is withdrawn and utilized, mainly from the Tokyo
resilience promotion fund (provisional name) (136.1 billion yen) and the social capital improvement fund(124.2 billion yen). The FY2023 initial budget makes mandatory deposits of 32.6 billion yen to the fiscal
adjustment fund, and the expected end-FY2023 balance is 599.1 billion yen.
 As of end-FY2023, the expected balance for the funds for the realization of 3-cities, the fiscal adjustments
fund, etc., is 1,728.8 billion yen, which is roughly the same as pre-Lehman Shock levels. In this way, theTMG is securing a stable amount of funds balance from sustainable financial management perspectives.

 Changes in Funds Balances (Based on the Ordinary Account)(trillion yen)Funds classed as 3-cities funds

3.0

0.0

0

¥1.7733 trillion

Fiscal adjustment fund

2.0
1.0

¥2.7556 trillion

Other funds (national government grants, etc.)¥1.7288 trillion¥1.3674 trillion¥0.9822 trillion¥0.2136 trillion

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 (FY)* Values up to FY2021 are settled amounts, and values for FY2022 onwards are expected year-end balances.
* Past funds balances are classified according to new fund systems from FY2017 onwards.

Status of Funds Deposits and Withdrawals in FY2023 (Based on the Ordinary Account) Funds for the Realization of 3-cities
FY2022Item
Safe City
Tokyo resilience promotion fund (provisional name)
Smart City

FY2023Year-endbalance

Deposit amount(After final adjustment)(Initial)

Withdrawal amount(Initial)

Year-endbalance(Initial)¥300.0 billion－–¥136.1 billion¥163.9 billion¥300.0 billion－–¥136.1 billion¥163.9 billion¥772.7 billion¥11.8 billion–¥203.6 billion¥581.1 billion

Social capital improvement fund¥440.1 billion¥7.5 billion–¥124.2 billion¥323.5 billion

Fund reserve for new railway line construction, etc.

¥83.8 billion¥4.3 billion–¥1.3 billion¥86.9 billion

Smart Tokyo fund¥44.8 billion－–¥26.2 billion¥18.6 billion

Green Tokyo fund¥24.4 billion－–¥4.4 billion¥20.1 billion

Zero emission Tokyo fund
Fund to promote the installation of renewable energy
equipment in new buildings, etc. (provisional name)¥29.6 billion－–¥27.4 billion¥2.2 billion¥150.0 billion－–¥20.2 billion¥129.8 billion¥228.8 billion－–¥66.2 billion¥162.6 billion

Advanced welfare city realization fund228.8 billion－–¥66.2 billion¥162.6 billion

Tokyo 2020 legacy fund (provisional name)¥148.5 billion－–¥51.4 billion¥97.1 billion¥11.8 billion–¥457.4 billion¥1,004.6 billion¥137.1 billion¥17.3 billion–¥29.3 billion¥125.1 billion¥566.4 billion¥32.6 billion－¥599.1 billion¥2,153.4 billion¥61.7 billion–¥486.7 billion¥1,728.8 billion

General account¥2,128.0 billion¥61.7 billion–¥483.4 billion¥1,706.6 billion

Special accounts¥25.5 billion－–¥3.3 billion¥22.2 billion

Diverse City

Subtotal¥1,450.0 billion

 Funds Built up from National Government Grants, etc.
Other funds

 Fiscal Adjustment FundFiscal adjustment fundTotal

* As the deposit amounts do not include accumulations, the FY2023 year-end balance does not match the total of FY2022 year-end balance and FY2023 deposit amounts and withdrawal amounts.

-35-

Utilization of TMG bonds
 Since FY2000, the TMG had worked to restrain TMG bonds issuance through financial reconstruction
initiatives, and has subsequently worked towards steady financial management through TMG bonds
issuance in accordance with the status of metropolitan tax revenues, etc.
 In the FY2023 budget, the TMG also continues to restrain TMG bonds issuance amounts in considerationof burden on future generations, cultivating bond issue margin for the future. As a result, compared to theprevious fiscal year’s initial budget, TMG bonds have decreased by 3.8 billion yen or 1.3%, to 290.8
billion yen.

 Of these, regarding ESG bonds, about 100 billion yen will be issued, the same level as the previous
fiscal year, to further promote ESG investment and drive realization of SDGs from the financial
sector.
 In FY2023, dependency on bond issuance is 3.6%, down 0.2 percentage points compared to theprevious fiscal year, maintaining lower levels compared to the national government (31.1%) andlocal governments (7.4%).
 Changes in TMG Bonds Issuance Amounts and TMG Bonds Balance(billion yen)(trillion yen)

10

1,200

¥1,058.5 billion¥7.6384 trillion

1,000④ ¥4.8566 trillion⑤ ¥4.8314 trillion

TMG bonds
balance

800

Strategic utilizationof TMG bonds

600

adjustment¥252.3 billion

Lehmanshock

400

TMG bonds
issuance amount

200

High TMG bonds issuancewith a maximum inexcess of ¥1 trillion

8④ Initial¥294.6 billion④6After
4⑤¥290.8 billion
200

93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 (FY)* Values up to FY2021 are settled amounts, values for FY2022 are amounts after final adjustment, and values for
FY2023 are initial budget amounts.

 Changes in TMG and National Bond Issuance Balance per Citizen
Approx. 2.4 times
TMG

National

Approx. 40% decrease¥550,000¥420,000¥340,000

FY2003

FY2015

FY2023¥3,580,000¥6,340,000¥8,540,000

FY2003

FY2015

FY2023* Figures for total population of Tokyo are as given in “Tokyo Population (Estimates)” (TMG Bureau of General Affairs) (populations are asof October 1, 2003, October 1, 2015, and December 1, 2022).
* Figures for total population are as given in “Population Estimates” (Ministry of Internal Affairs and Communications) (populations are asof October 1, 2003, October 1, 2015, and July 1, 2022).
* TMG bonds balance is based on the general account, and FY2023 TMG bonds balance is as given in the initial budget.

-36- Changes in Dependency on Bond Issuance (Initial Budget)
（%）
50.0
40.0

National

30.0

31.1

Local publicfinance program

20.0
10.0

7.4
3.6

TMG

0.0

93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 (FY)* TMG values given for FY1994, FY1999, and FY2003 are after simultaneous adjustment.
* Values for the FY2023 local public finance program are as given in “Summary of local public finance measures in FY2023.”

Column Issuance of ESG Bonds (Green Bonds and Social Bonds)
 Issuance of Tokyo Green Bonds and Tokyo Social Bonds• Ahead of local authorities nationwide, the TMG has issued “Tokyo green bonds” since FY2017 and“Tokyo social bonds” since FY2021, to strongly promote environmental measures and stimulate
the domestic ESG bond market.
• In addition, in order to respond to calls from investors seeking information about the use ofproceeds after issuance and the environmental effects, etc., the TMG published the “Impact
report,” which is the first such report by a domestic authority to obtain external reviews.
• The TMG will continue to contribute to the development of the domestic ESG bond market,
including improvements to transparency.
Tokyo Green Bonds
Fiscal YearTokyo Social Bonds

For institutional investors For individuals For institutional investors

Total issuanceamountIssuance
amountSubscriber
surplusIssuance
amountIssuance
amountSubscriber
surplus

FY2017¥10 billion

x4.1¥10 billion－－¥20 billion

FY2018¥10 billion

x4.3¥10 billion－－¥20 billion

FY2019¥10 billion

x6.9¥10 billion－－¥20 billion

FY2020¥20 billion

x8.0¥10 billion－－¥30 billion

FY2021¥30 billion

x8.9¥10 billion¥60 billion

x8.9¥100 billion

FY2022¥30 billion

x5.5¥10 billion¥60 billion

x4.4 (*)¥100 billion* This is a result of the 3rd issue (30 billion yen), and the 4th is scheduled after February 2023.

 The Main Projects to which ESG Bonds will be Allocated (FY2023 Schedule)● Tokyo Green Bonds

 Installation of solar power equipment in TMG
facilities
 Development of regulating reservoirs for
torrential rain disasters
 Installation of storage batteries for theutilization of renewable energy [Added]
etc.

● Tokyo Social Bonds

 Promoting the removal of utility poles Equipment cost subsidies for disabled
person’s (children’s) facilities [Added]
 Internet environment improvement for Tokyoislands [Added]etc.

* [Added] Projects added as new allocation targets-37-Column “Future Tokyo: Tokyo’s Long-Term Strategy Version Up 2023”
Project Expenses List

• We aim to achieve 100% budget for the FY2023 projects of the “Future Tokyo: Tokyo’s Long-Term
Strategy,” with a total amount of 1,955.8 billion yen earmarked across all accounts, and total project
expenses over the next three years are expected to be 5,885.2 billion yen.
(In billion yen)
FY2023project
expenses

Strategy name3-year project
expenses(FY2023 – 2025)

Strategy 0

Strategy for Overcoming COVID-19

33.4

ー

Strategy 1

Strategy for Putting Smiles on the Faces of Children

311.9

926.0

Strategy 2Strategy for Supporting Children’s Development and Growth

130.4

356.1

Strategy 3

Strategy for Promoting Women’s Empowerment

131.6

398.2

Strategy 4

Strategy for Realizing a Choju (Longevity) Society

45.5

125.9

Strategy 5

Strategy for Realizing Work Styles Allowing Everyone to Shine

37.7

115.7

Strategy 6

Strategy for Diversity and an Inclusive Society

62.4

198.8

Strategy 7

Strategy for Valuing “Dwellings” and “Community”

143.0

455.9

Strategy 8

Strategy for Developing a Safe and Secure City

563.3

1,721.6

Strategy 9

Strategy for Enhancing Urban Functions

521.9

1,652.9

Strategy 10 Strategy for “Smart Tokyo: Tokyo Data Highway”

112.6

316.5

Strategy 11 Strategy for “Start-up City Tokyo”

28.6

77.0

Strategy 12 Strategy for a Tokyo with Earning Potential and Innovation

94.4

237.4

367.4

1,132.2

Strategy 14 Strategy for Zero Emission Tokyo

363.7

1,013.2

Strategy 15 Strategy for Tokyo as a City of Culture and Entertainment

19.7

81.1

Strategy 16 Strategy for Sports Field Tokyo

29.3

79.9

Strategy 17 Strategy for Promoting the Tama Area and the Islands

431.4

1,426.3

Strategy 18 Strategy for All-Japan Partnership

12.1

38.3

Strategy 19 Strategy for the Olympic and Paralympic Legacy

101.4

298.1

Strategy 20 Strategy for Structural Reform of the Tokyo Government

85.8

252.4

1,955.8

5,885.2

Strategy 13

Strategy for Making Tokyo a City Filled with Water andGreeneryGrand total* For project expenses, figures are incomplete and may be subject to change.
* Project expenses are for all accounts, including the general account and public enterprise accounts.
* The amount for each strategy includes repeat postings while the total represents only the main postings (the total of project
expenses for each strategy does not match the overall grand total).
* Due to its nature, Strategy 0 does not lend itself to the determination of a term. Consequently, only the project expenses for
FY2023 are earmarked.

-38-