Enterprise bonds outstanding at the Tokyo Metropolitan Government Bureau of Waterworks reached JPY 306.4 billion at the end of FY2024, up from JPY 230.9 billion at the end of FY2015, a rise of 32.7%. Over the same years, cash and deposits peaked at JPY 262,853 million in FY2019 and then fell 21.0% to JPY 207,672 million by FY2024.
Costs have outrun revenue
The water supply business made an operating loss of JPY 10.9 billion in FY2024. Between FY2015 and FY2024 operating expenses rose 15.1%, to JPY 333.2 billion, while operating revenue rose 1.5%, to JPY 322.3 billion. Net profit was still positive, at JPY 1,230 million.
Investment is rising faster
Purchases of tangible fixed assets reached JPY 131,891 million in FY2024, against JPY 88,494 million in FY2019. Bond issuance proceeds rose from JPY 14,957 million to JPY 50,826 million over the same period. The Management Plan 2026, published on 30 March 2026, plans JPY 469.2 billion of capital spending over FY2026 to FY2028 and keeps tariffs at their current level.
Two ways to measure the debt
On the Ministry of Internal Affairs and Communications comparison sheet, bonds equaled 107.18% of water supply revenue in FY2024. On the Bureau's own measure, which matches a tax-inclusive revenue base, the figure was 97.4%, far below its own limit of 300%. The current ratio fell from 186.04% in FY2020 to 129.7% in FY2025, against a target of at least 100%.
How Tokyo prices its water, how much of each capital plan it has delivered, where its emissions come from and which milestones fall due by FY2035 are set out in the full profile. The full report, Utility Intelligence Profile: Tokyo Metropolitan Government Bureau of Waterworks, is available for USD 99 at https://ourfuturewaterintelligence.com/reports/tokyo-metropolitan-government-bureau-of-waterworks-utility-intelligence-profile. For a free overview, read the Tokyo Metropolitan Government Bureau of Waterworks Utility Snapshot at https://ourfuturewaterintelligence.com/utilities/tokyo-metropolitan-government-bureau-of-waterworks.