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County of San Diego. 2002 Pension Obligation Bonds Rating Agency Presentation. June 2002. Table of Contents. A. Introductions B. Objectives C. Financial Results and FY 2002-03 Operating Plan D. Investment Pool E. Economic Highlights F. 2002 Pension Obligation Bonds G. Conclusion.
2002 Pension Obligation Bonds
Rating Agency Presentation
C. Financial Results and FY 2002-03 Operating Plan
D. Investment Pool
E. Economic Highlights
F. 2002 Pension Obligation Bonds
County of San Diego
* Balances for the year ended June 30, 2001 were significantly affected by the implementation of GASB 33, which requires equity that was previously classified in certain agency funds to be consolidated with the General Fund. In fiscal year 2000-2001 the effect of GASB 33 was an additional $26.6 million in the unreserved and $152.2 million in the reserved fund balances.
$2.64 Billion General Fund Operating Plan
FY 2002-2003(in Millions)
* source: 02-03 Operational Plan, as of July 1, 2002 .
**Can be redirected by supermajority vote of Board of Supervisors or substitution with replacement facility
Financial Management A-
Capital Management A-
Human Resources B-
Information Technology B+
Managing for Results A-
San Diego County Investment Pool Pool Participantsas of April 30, 2002
*Adjusted by GDP/GSP implicit price deflator. e: estimate f: forecast
Source: Bureau of Economic Analysis, U.S. Department of Commerce; UCLA Anderson Forecast;
Economic Research Bureau, San Diego Regional Chamber of Commerce.
Significant Growth in Manufacturing and Exports
Labor Force - Unemployment*
Annual Averages 1997-2001
Source: State Data - California Employment Development Department; National Data - U.S. Department of Labor, Bureau of Labor Statistics.
* Data not seasonally adjusted and through December 2001.
Assessed Valuation of Property
FY 1994-1995 through 2001-2002
Source: County of San Diego Auditor and Controller. Secured tax roll statistics.
Note: Net Assessed Valuation for Tax Purposes figures include local secured, unsecured, state unitary and redevelopment valuation.
Enhanced Retirement Package (Approved March 2002)
2002 POB Financing Strategy
UAAL from Benefits Enhancements (1/31/02) $ 870.8 mm
Estimated Additional Increases 129.2 mm
Total $ 1,000.0 mm
Excess Assets Over Liabilities (6/30/01) (238.8) mm
Net $ 761.2 mm
UAAL Funded: $400 - $500 mm
Term: 30 Years
Indicative Yield: 6.85%
Structure(s): Current Interest Bonds
Capital Appreciation Bonds
Auction Rate Bonds
Auction Rate Bonds with Swap
1994 POBs Refunded: Subject to market conditions. County will refund 1994 POBs only if it lowers overall POB debt service.
Prepayment Flexibility: Yes
San Diego County Pension Bond Analysis
Total Unfunded Liability Payments
*Assumes County Issues POBs to fund $500 million of UAAL at current market rates.
San Diego County Long Term Debt Obligations
(1) Assumes County Issues POBs to fund $500 million of UAAL at current market rates.
Total FY 02-03 Lease
Payments Budgeted $118,853,017
Total Offsets $ 37,137,062
Net Cost to County $ 81,715,955
County Debt Service Burden * = 4.49%
Debt Service Burden with offsets = 3.09%
Debt Service Burden net of POB’s = 2.36%
* % of County budget
June 11 Bond Insurance Bids Received
June 14-17 Rating Agency Conference Calls
June 18 County Board Approves Financing
June 21 Receive Ratings
Post / Mail Preliminary Official Statement
July 8-11 Launch and Price Transaction
July 30 Closing