County of san diego
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County of San Diego. TRANs Rating Agency Presentation May 2005. Introductions. County of San Diego Donald F. Steuer, Chief Financial Officer Dan McAllister, Treasurer-Tax Collector Tracy Sandoval, Auditor and Controller/Asst. Chief Financial Officer

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County of san diego

County of San Diego

TRANs

Rating Agency Presentation

May 2005


Introductions

Introductions

County of San Diego

Donald F. Steuer, Chief Financial Officer

Dan McAllister, Treasurer-Tax Collector

Tracy Sandoval, Auditor and Controller/Asst. Chief Financial Officer

Janel Pehau, Director, Office of Financial Planning

Rob Castetter, Chief Investment Officer

Lisa Keller-Chiodo, Capital Finance Manager

Christopher Gilmore, Deputy Controller

Suzanne Haynes-Pitts, Senior Auditor and Controller Manager

Finance Directors:

Michelle Bush, Finance and General Government Group

Terry Hogan, Health and Human Services Agency

Dorothy Thrush, Public Safety Group

Jerry Hughs, Community Services Group

Ray Fernandez, Land Use and Environment Group


Table of contents

Table of Contents

  • Economy

  • County Overview & Update

  • Fiscal Year 05-06 & 06-07 Operational Plan and Fiscal Year 04-05 Estimated Results

  • County Investment Pool

  • 2005-06 Tax and Revenue Anticipation Notes


Economy

Economy


Economy1

Economy

  • San Diego County has experienced positive economic growth every year since 1994

  • San Diego has the largest number of military personnel in the nation

  • The multi-billion dollar Visitor Industry is San Diego’s third largest economic sector. Visitors spent $4.3 Billion during the period ending September 30, 2004

  • Housing prices are flat but still high at an average of $527,000 for a Single Family Dwelling in fiscal year end 2004.

  • Property Tax Base has increased 9% a year since 1997 due to increased home values and increases in real estate construction volume.


County overview update

County Overview & Update


County overview update1

County Overview & Update

  • VLF Securitization Through CSCDA

    • $32.0 Million Tax-Exempt

    • $24.9 Million Taxable

  • Information Technology Recompete

  • Potential Exposure

    • County Medical Services lawsuit

    • Labor Negotiations

    • Medical Costs

  • Retirement

  • Budget Overview

    • Proposed Budget

      • F.T. E. Management

    • May Revise


Fiscal year 05 06 06 07 operational plan and fiscal year 04 05 estimated results

Fiscal Year 05-06 & 06-07 Operational Plan and Fiscal Year 04-05 Estimated Results


General fund financial results

General Fund Financial Results

**As reported in the Third Quarter Fund Balance Report.


Fy 05 06 general fund budget

FY 05-06 General Fund Budget

Revenues: $2.913 Billion

Appropriations: $2.913 Billion


General fund revenue composition

General Fund Revenue Composition

By Source: $2.913 Billion

General Purpose Revenue:

$721 Million


Fy 05 06 general fund detail

FY 05-06 General Fund Detail


County investment pool

County Investment Pool


County of san diego

Investment Pool Strength & Stability

  • Passed $5.0 Billion in first half of 2005

  • Portfolio focus is Safety, Liquidity, and Return

  • Highly Liquid

    • 70% of securities mature within one year

    • Portfolio positioned to take advantage of rising rates given low weighed average maturity

    • Weighted average yield of 2.80%

  • The Pool portfolio has a .681 duration

  • High credit quality

    • (100% of securities are rated AAA or A-1/P-1/F-1)

    • Pool has been rated AAA every year since 1999

  • Professionally managed—over 50 years of experience

  • Strong cash flow model


2005 06 tax and revenue anticipation notes

2005-06 Tax and Revenue Anticipation Notes


2005 06 trans

2005-06 TRANs

  • Preliminary Size

    • $250 Million

  • Final Maturity

    • 12 or 13 Month Maturity – To Be Determined

  • Investment of Note Proceeds and Set-Asides

    • Investment Agreement vs. County Pool – To Be Determined


2004 05 general fund cashflow

2004-05 General Fund Cashflow


2005 06 general fund cashflow

2005-06 General Fund Cashflow


Interfund borrowing

Interfund Borrowing

As of April 30, 2005


County of san diego

TRANs Financing Schedule*

DateActivity

May 17County Board Approves Financing

May 25Receive Ratings

May 25Post/Mail Preliminary Official Statement

June 1Price Transaction (Tentative)

July 1Closing

* Preliminary, subject to change.


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