Debt-to-Revenue is the most volatile and fastest-growing indicator, rising more than threefold from 2.15% in 2013 to 7.34% in 2023 — a much sharper increase than the other two ratios, implying regions are taking on debt disproportionately to their available revenue rather than merely in step with economic growth. Dispersion also widened the most here: the standard deviation nearly tripled, from 3.3 (2013) to 9.8 (2023), showing a growing split between a majority of low-leverage regions and a minority becoming heavily revenue-constrained by debt service. Kota Bitung posted the single highest ratio in the entire dataset (73% in 2023), and Kab. Penajam Paser Utara — notably the host district of Indonesia's new capital (IKN) — recorded 61% back in 2018, likely reflecting debt-financed infrastructure buildup ahead of major development. This makes Debt-to-Revenue the indicator most sensitive to large one-off regional investment or catch-up financing decisions, rather than broad economic base changes.

During the 2013–2019 period, the ratio remained relatively stable, fluctuating within a narrow range of 0.97% to 1.78%, suggesting a largely stable asset financing structure among Indonesian local governments. However, a notable acceleration occurred between 2020 and 2022, when the ratio increased from 1.76% to 2.78% within just two years. This rate of increase had not been observed in any previous period covered by the dataset. The pattern suggests that the COVID-19 pandemic served as a structural inflection point, prompting a systematic shift in the composition of local government asset financing toward greater reliance on liabilities. Furthermore, the maximum observed ratio of 49.66% indicates that certain local governments exhibited a substantial dependence on debt-based financing sources. Such a high level of leverage implies that nearly half of the asset base was financed through liabilities, highlighting considerable variation in financing strategies and fiscal conditions across local governments.