No Title County of San Diego

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					County of San Diego



            2002-2003
Tax and Revenue Anticipation Notes
    Rating Agency Presentation

             May 15, 2002
                Table of Contents

Introductions
Objectives
Strategic Plan Update
Financial Results and Budget
Challenges and Potential Responses
Investment Pool
Economic Overview and Fundamentals
TRANs Financing Schedule
Future Financings
Conclusion

Appendix A - Cashflows



                                     Page 1
                                 Introductions
    County of San Diego
   William J. Kelly, Chief Financial Officer, County of San Diego
   Kenneth J. Mory, Assistant Chief Financial Officer, County of San Diego
   Lisa Keller-Chiodo, Capital Finance Manager, County of San Diego
   Neil Rossi, Chief Deputy Treasurer, County of San Diego
   Mark Friedrich, Investment Officer, County of San Diego
   Stan Riggin, Director, Accounting & Fiscal Control
   Jack Morien, Manager, General Accounting Division
   Marilyn Flores, Associate Accountant, General Accounting Division
   Janel Pehau, Director, Office of Financial Planning
   John McTighe, Finance Director, Health & Human Services Agency
   Ron Geller, Finance Director, Community Services
   Jill Serrano, Finance Director, Public Safety
   Ray Fernandez, Finance Director, Land Use & Environment
   Rick Poggemeyer, Finance Director, Finance & General Government
    Banc of America Securities LLC
   David Johnson, Managing Director
   Alex Ocampo, Senior Associate
                                                                              Page 2
                              Objectives

   Demonstrate organized, structured and disciplined focus on
    prevention, continuous improvement, strategic planning and
    performance monitoring, as the best run County government in
    California
   Demonstrate ability to handle unknowns stemming from State’s
    budget shortfalls
   Demonstrate positive financial results achieved by the County
    resulting from our Strategic Plan and budgetary discipline
   Demonstrate continued positive economic forces in local economy
   Attain MIG1/SP-1+ short-term ratings for TRANs
   Defer long-term rating upgrade consideration but reiterate how
    different the County of San Diego is from other California counties



                                                                     Page 3
                                Strategic Plan Update

   Strategic Plan provides long-term direction for the                            Strategic
    County and is built around four strategic intents:                             Planning
        Provide for the safety and well-being of those
                                                                  Motivation,
     San Diego communities, families, individuals, and            Rewards &        General       Operational
                                                                  Recognition    Management       Planning
     other organization we serve                                                   System
      Preserve and enhance the environment in San Diego
     County
                                                                        Functional        Monitoring
      Ensure the County’s fiscal stability through periods of
                                                                         Threading         & Control
     economic fluctuations and changing priorities and service demands
      Promote a culture that values our employees, partners and customers and institutionalizes
     continuous improvement and innovation
   Strategic plan is reflected in the program objectives of the County’s Operational
    Plan (a two-year budget plan)
   Progress in 2001
   Maintaining County’s strong fiscal position to manage future challenges is a
    primary goal



                                                                                                     Page 4
                            Financial Highlights

   In fiscal 2000-2001 the County maintained a structurally balanced budget, using
    one-time resources for one-time costs and ongoing revenues for ongoing expenses
   Future fiscal stability is enhanced by historic five-year labor agreements reached
    with most employee unions
   County has been able to absorb dramatically higher utility costs caused by the
    State’s energy crisis without cutting services
   County sold its Tobacco Settlement Revenue stream for $467 million and funded
    an endowment for the cost of certain health programs
   Reduction in welfare cases in San Diego County has far exceeded other California
    counties (over a five-year period beginning in 1995, County case load dropped
    58% while rest of state dropped 41%)
   Overall budgetary revenues were on target in 2000-2001
   After adjustments for GASB 33, County operations resulted in available fund
    balances of $351 million as of June 30, 2001
   Reduction of Long-Term Debt: San Pasqual and Interim Justice Refunding
   Seeking other opportunities to refinance debt with variable rate to reduce costs and
    provide opportunity for further debt extinguishments


                                                                                       Page 5
                                 GASB 33

   County receives funding from the State and federal government that is
    substantially restricted
   Prior to GASB 33 implementation, grants and other restricted funding
    sources were maintained in trust as agency funds until used to reimburse
    the General Fund or other funds (revenues recognized until expenditures
    occurred)
   Under GASB 33, most grants and other government funding sources are
    recognized as revenue when received
   New accounting standard procedure affects cash and fund balance of the
    General Fund since it now includes equity that was previously classified
    in agency funds (thereby increasing General Fund balances)




                                                                               Page 6
                                         Proven Financial Performance (General Fund)
                                                                                                     Actual


                                                                                                                          2,300
                                   500
Ending Cash balance




                                                                                                            (thousands)
                                                                                               391                        2,200
                                   400
                                                                                                                          2,100
                                   300
                                                                                                                                                                        1,994




                                                                                                         Expenditures
                                                                                                                          2,000
                                   200
                                                                 100                                                      1,900                              1,858
                      (millions)




                                   100                52                        68
                                                                                                                                     1,786
                                            9                                                                             1,800
                                                                                                                                                 1,722
                                   -
                                                                                                                          1,700
                                          96/97      97/98       98/99         99/00           00/01                                FY 97/98    FY 98/99    FY 99/00   FY 00/01



                           2,300                                                                                          700,000




                                                                                                            (thousands)
                                                                                                                                                                       618,284
                           2,200
                                                                                                                          600,000
        (thousands)




                           2,100                                       2,055
                                                                                                                          500,000




                                                                                                         Fund Balance
                           2,000
                                           1,890                                       1,898                              400,000                            352,925
   Revenue




                           1,900                       1,873

                                                                                                                          300,000                281,046
                           1,800
                                                                                                                                     221,085
                           1,700                                                                                          200,000
                                          FY 97/98    FY 98/99      FY 99/00         FY 00/01                                        FY 97/98    FY 98/99   FY 99/00   FY 00/01




                                                                                                                                                                         Page 7
                       Projected FY 2001-2002 Financial Results
                                                FY 1999-2000               FY 2000-2001                FY 2001-2002
                                                  (Audited)                (Audited) (1)                (Estimated)
         Group Balances                                 $96.9 mm                     146.1 mm                $ 105.1mm


        General Revenue                                   60.4 mm                      79.8 mm                    46.0mm
           Balances


      Fund Balance                                    $157.3 mm                    $225.9 mm                 $ 151.1mm
Available/Undesignated *

County General Reserve                                  $50.0 mm                     $50.0 mm                  $53.0 mm


                                                                                                 Fund Balance Available
                                                                                                 General Revenue Balances            46.0
                                                                                                 Public Safety                       35.2
                                                                                                 Health and Human Services Agency    13.6
                                                                                                 Land Use & Environment              12.7
                                                                                                 Community Services                   9.6
 (1)    Balances for the year ended June 30, 2001 were significantly affected by the
                                                                                                 Finance & General Government        34.0
       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                                      151.1
       the effect of GASB 33 was an additional $26.6 million in the unreserved and $152.2
       million in the reserved fund balances.
                                                                                                                                    Page 8
                        FY 2002-2003 Proposed Operating Plan

                              $2.64 Billion General Fund Operating Plan
                                             FY 2002-2003
                                              (in Millions)
                  Appropriations                                                               Revenues

              $298.20     $16.10
   $40.50                                    $795.80                                                      $326.60               $28.44
$84.90                                                              $560.92                                           $57.09
                                                                                                                                 $33.30
                                                                                                                                $20.60




                                                       $207.98

            $1,408.97

                                                                                                          $1,409.49

      Public Safety                                              Current Property Taxes

                                                                 Other Taxes
      Health & Human Services
                                                                 Licenses, Permits & Franchises
      Land Use & Environment
                                                                 Fines & Forfeitures

      Community Services                                         Use of Money & Property

                                                                 Intergovernmental Revenue
      Finance & General Government & Other
                                                                 Charges for Current Service
      Contingencies and Designation
                                                                 Other Revenues (Other, Fund Balance,
                                                                 Misc. Revenue & Reserve/Designations)


                                                                                                                               Page 9
                                        County of San Diego FY 2002-2003
                                     Proposed Operating Plan – General Fund

                                       Total            Public        Health and Human    Land Use &      Community        Finance &       Finance
                                       County           Safety         Services Agency Environment Group Services Group   General Gov       Other
Expenditures
Salaries & Employee Benefits          1,059,021,225    558,113,349          338,479,473       56,121,155     19,050,229     87,257,019
Services & Supplies                     966,684,577    161,126,569          680,188,663       26,089,819     11,328,555     63,723,702     24,227,269
Other Charges                           516,655,191     92,629,323          380,662,190          883,202          6,000        108,000     42,366,476
Fixed Assets - Equipment                  4,442,604      2,501,863            1,028,741          477,000         45,000        390,000
Expend, Transfers & Reimbursements      (19,005,102)   (18,564,550)            (277,187)                                      (163,365)
Reserves                                 11,000,000                                                                                        11,000,000
Reserve/Designation Increase             17,016,000                                                                         11,916,000      5,100,000
Operating Transfers                      63,385,123                           3,766,594          211,324      2,993,220         70,510     56,343,475
Management Reserves                      25,334,202                           5,079,728        1,130,620      7,090,742     12,033,112

                             Total    2,644,533,820    795,806,554        1,408,928,202       84,913,120     40,513,746    175,334,978    139,037,220
Revenues
Reserves/Designation                        112,000                                              112,000
Fund Balance                             73,011,429      5,606,722           10,000,000        3,611,563      5,876,836     32,816,308     15,100,000
Taxes Current Property                  326,639,437
Taxes Other Than Current Secured         57,093,532                                              907,532
Licenses Permits & Franchises            28,445,286        306,000              714,507       22,028,029      1,966,750        430,000
Fines Forfeitures & Penalties            33,304,658     17,581,265            3,518,940          276,428          9,000        664,525
Revenue Use of Money & Property          20,621,616      4,371,115              379,437          457,264                        13,800
Intergovenmental Revenue              1,409,498,218    158,904,505        1,040,886,481        8,767,674     10,593,588        543,183
Charges for Current Services            207,981,126     99,606,837           34,894,333       16,246,356      8,626,689     42,826,198
Miscellaneous Revenue                    19,379,084        781,288           10,428,338          926,879        835,962      5,906,617       500,000
Other Financing Sources                 468,447,434    208,531,873          258,040,166        1,850,395                        25,000
General Revenue Allocation                             300,116,949           50,066,000       29,729,000     12,604,921     92,109,347    123,437,220
                             Total    2,644,533,820    795,806,554        1,408,928,202       84,913,120     40,513,746    175,334,978    139,037,220




                                                                                                                                             Page 10
               FY 2002-2003 Reserves and Resources


               Reserves and Resources* (in millions)

               General Reserve                          55.50
               General Fund Contingency Reserve         11.00
               Agency/Groups Management Reserves        25.40
               Debt Service Reserves                    28.60
               Environmental Trust Fund Reserve         91.20
               Workers Compensation Reserve             32.00
               Public Liability Reserve                 19.50
               Endowment Fund                          397.00
               Non-Endowment Tobacco                    34.00
                                                       694.20
* source: 02-03 Operational Plan, as of July 1, 2002

                                                                Page 11
               Challenges and Potential Responses

   Risk of local discretionary revenue shifts
        Operating Plan assumes full local discretionary revenue
        Assessment of impact of the May Revise
   Risk of State Responsibility Shifts
        EPSDT
        Assessment of impact of the May Revise
   Factors affecting San Diego economic prosperity
        High cost and uncertain supply of energy
        Rising housing costs and
        State budget
   Regional economy
        San Diego’s employment growth has slowed, although it is still growing
        Local sales tax transactions continue to do well
        Real estate market continues to be strong due to high demand and favorable low
         financing costs
   Budget impact
        General Purpose Revenues are expected to be between 6.5% and 7% vs. fiscal year 99-00
         and 00-01 where growth was 9.2% and 10.8% respectively


                                                                                            Page 12
     San Diego County Investment Pool Strength and Stability

   Highly Liquid
        Vast majority of funds are mandatory
        Low weighted average maturity
        32% of securities mature within 180 days
   Portfolio focus is Safety, Liquidity, Return
   High Credit Quality
        High credit quality (100% of securities are rated AAA or A1/P1/F1)
        Weighted average yield of 3.20%
   Professionally managed
   Varied Pool Participants
   Strong cash flow model




                                                                              Page 13
            San Diego County Investment Pool Asset Allocation
                         as of March 31, 2002



                    7.40%        7.66%
  17.32%




2.02%                                             39.80%

           25.78%              0.02%               Time Deposits .02%
                                                   C. P. 25.78%
                                                   Med. Term Notes 2.02%
                                                   Negotiable CD's 17.32%
                                                   Repo 7.40%
                                                   Money Market 7.66%
                                                   Agencies 39.80%




                                                                        Page 14
         San Diego County Investment Pool Credit Quality
                      as of March 31, 2002




58.41%


                                                41.59%




                                             AAA           58.41%


                                             A-1/P-1/F-1    41.59%




                                                                     Page 15
           San Diego County Investment Pool Participants
                       as of March 31, 2002



         4.71%   6.45%

                                             43.10%




43.02%
                                              County Funds 43.10%
                                2.72%
                                              Voluntary Depositors
                                              2.72%
                                              Schools 43.02%

                                              Community Colleges
                                              4.71%
                                              Unapportioned Tax/Int.
                                              Funds 6.45%




                                                                       Page 16
                               San Diego County Investment Pool Statistics
                                          as of March 31, 2002


                                          Percent Of                     Market         Accrued                       Unrealized  Yield To
                                           Portfolio     Book Value       Price         Interest    Market Value     Gain/(Loss) Maturity
Federal Farm Credit Bank Notes              0.84%          25,004,594    99.94%            234,375     24,984,500       ($20,094)   2.22%
Federal Home Loan Bank Notes               11.83%         347,929,602   101.18%          6,385,169    352,112,227     $4,182,625    5.89%
Federal Nat'l Mortgage Assoc. Notes        17.10%         505,433,984   100.64%          7,263,267    508,805,372     $3,371,387    4.81%
Federal Home Loan Mortg. Corp. Notes        8.60%         254,959,916   100.41%          3,154,674    256,032,900     $1,072,984    4.57%
Student Loan Marketing Assoc. Notes         1.67%          50,019,494    99.63%            275,000     49,812,500      ($206,994)   2.20%
Corporate Medium Term Notes                 2.01%          60,000,000    99.87%             24,667     59,924,400       ($75,600)   1.85%
Money Market Funds                          7.66%         228,000,000   100.00%            520,321    228,000,000              $0   1.88%
Repurchase Agreements                       7.39%         220,000,000   100.00%             45,944    220,000,000              $0   1.88%
Negotiable Certificates Of Deposit         17.26%         514,968,139    99.75%          3,929,590    513,697,000    ($1,271,139)   2.30%
Commercial Paper                           25.60%         762,004,412    99.38%                   0   761,894,948      ($109,465)   2.04%
Collateralized Certificates of Deposit      0.02%             490,000   100.00%               1,695       490,000              $0   3.25%
Totals For March 2002                      100.00%     $2,968,810,141   100.07%       $21,834,702 $2,975,753,846      $6,943,705    3.20%

Totals For February 2002                   100.00%     $3,089,907,544   100.42%       $23,748,543   $3,106,619,444   $16,711,900    3.29%

Change From Prior Month                                ($121,097,403)    -0.35%                     ($130,865,597)   ($9,768,194)   -0.09%

Overall Portfolio Effective Duration            0.56 years


                                                                        Fiscal Year
                                           March '02                     To Date                    Calendar Year
                                            Return       Annualized       Return      Annualized    To Date Return   Annualized
                               Book Value 0.277%          3.256%          3.107%       4.140%          0.845%         3.426%
                              Market Value 0.000%         -0.005%         3.047%       4.059%          0.451%         1.829%




                                                                                                                                        Page 17
                    Economic Overview

   San Diego County region exhibited stronger economic
    performance than other California counties in 2001
   Property tax valuation increased 9.6% for 2001-02
    from the prior year
   Gross Regional Product (GRP) climbed to $120.5
    billion in 2001, a record for total economic production
    in the region
   County employment and population have continued to
    rise and unemployment remains below State average




                                                              Page 18
Economic Overview: Strong Tax Base Growth

                                       Assessed Valuation of Property
                                      FY 1994-1995 through 2001-2002




                                                                                                                                                                    $209.28
            $220

            $210




                                                                                                                                              $191.19
            $200




                                                                                                                        $176.11
            $190
 Billions




            $180




                                                                                                  $160.10
            $170




                                                                                $149.61
                                                               $146.00
                                             $145.68


            $160
                            $144.20




            $150

            $140

            $130
                        5



                                         6



                                                           7



                                                                            8



                                                                                              9



                                                                                                                    0



                                                                                                                                          1



                                                                                                                                                                2
                     -9



                                      -9



                                                        -9



                                                                         -9



                                                                                           -9



                                                                                                                 -0



                                                                                                                                       -0



                                                                                                                                                             -0
                   94



                                    95



                                                      96



                                                                       97



                                                                                         98



                                                                                                               99



                                                                                                                                     00



                                                                                                                                                           01
                19



                                 19



                                                   19



                                                                    19



                                                                                      19



                                                                                                            19



                                                                                                                                  20



                                                                                                                                                        20
Source: County of San Diego Auditor and Controller.
Note: Net Assessed Valuation for Tax Purposes figures include local secured, unsecured, state unitary and redevelopment valuation.

                                                  9.6% growth for 2001-02
                                                  Expectation of 8.5% for 2002-03                                                                                            Page 19
     Economic Overview: Diverse Economy and Tax Base

   SDG&E and SCE remain current on all tax payments

                                        Ten Largest Taxpayers
                                         Fiscal Year 2001-02

                                                                                            Approximate
                                                                                           Percentage of
         Property Owners                          Business Area            Approximate Tax   Total Tax


         San Diego Gas & Electric                 Gas & Electric Utility        26,981,581    1.155%
         Southern California Edison Co.           Electric Utility              18,276,830    0.782%
         Pacific Bell                             Telephone Company             14,754,410    0.632%
         Qualcomm Inc.                            Telecommunications             4,852,868    0.208%
         Irvine Co                                Real Estate                    4,527,742    0.194%
         Equitable Life Assurance Society         Real Estate                    3,876,720    0.166%
         Kilroy Realty LP                         Real Estate                    3,687,656    0.158%
         BRE Properties                           Real Estate                    3,269,348    0.140%
         Calwest Industrial                       Real Estate                    3,224,427    0.138%
         Cabrillo Power                           Electric Utility               3,069,138    0.131%

         Total Tax Amount Collected, FY 2001-2002                            2,335,927,431    3.704%

         Source: County of San Diego Auditor and Controller.



                                                                                                           Page 20
       Economic Overview: Diverse Employment Base

   The County possesses a diverse economic base consisting of
    manufacturing (electronics, technology, ship building), defense-related
    industries, and a large tourist industry bolstered by the favorable climate
    of the region.
                     Employer                                              Service/Product

                     10,000 OR MORE EMPLOYEES:
                     Federal Government State of California                        Government
                     University of California, San Diego                      Higher Education
                     County of San Diego                                           Government
                     San Diego Unified School District                               Education
                     City of San Diego                                             Government

                     5,000-9,999 EMPLOYEES:
                     Sharp Healthcare Corp.                                         Healthcare
                     U.S. Postal Service                                         Postal Service
                     QUALCOMM, Inc.                                        Telecommunications
                     Kaiser Permanente Medical Group                                Healthcare
                     Scripps Health                                                 Healthcare
                     Pacific Bell                                          Telecommunications

                     3,000-4,999 EMPLOYEES:
                     Science Applications International Corp.             Technology Services
                     Albertson's Inc.                                        Retail Food Chain
                     Sempra Energy                                                      Utilities
                     San Diego State University                               Higher Education
                     Sony Technology Center                           Communication/Wireless
                     Palomar Pomerado Health Systems                                 Healthcare
                     United Parcel Service                                Mail Delivery Service
                     National Steel & Shipbuilding Co.              Shipbuilders and Repairers
                     Ace Parking                                 Parking Stations and Garages

                     Source: San Diego County Chamber of Commerce.

                                                                                                    Page 21
     Economic Overview: High Employment Levels

                                     Labor Force - Unemployment*
                                           Annual Averages 1997-2001

         7.0%

         6.0%

         5.0%

         4.0%

         3.0%

         2.0%

         1.0%

         0.0%
                      1997             1998             1999             2000           2001 (1)

                                      U.S.            California             County of San Diego

Source: State Data - California Employment Development Department; National Data - U.S. Department of Labor, Bureau of Labor Statistics.
* Data not seasonally adjusted.
(1) Data for December 2001

             Unemployment levels have been consistently lower than State and National levels.
                                                                                                                                       Page 22
          2002 TRANs Schedule




Date      Activity
May 15    Rating Agency Presentation - Moody's
May 16    Rating Agency Presentation - S&P
May 21    Receive Ratings
May 24    Print and Mail Preliminary Official Statement
June 4    Targeted Pricing Date
June 11   Mail Official Statement
July 1    Closing




                                                          Page 23
                      Future Debt Issuance Plans

   Teeter Commercial Paper Program
        Annual Teeter plan funding
   Pension Obligation Bonds
        To fund a portion of the unfunded liability resulting from settlements related
         to the Ventura case and enhancements to retirement benefits
        Unfunded accrued liability of approximately $1 billion
        Issuance in summer 2002
   Edgemoor Skilled Nursing Facility
        $65 million Certificates of Participation
        Eligible for SB 1128 (Medicaid) funding
        Fall 2002




                                                                                          Page 24
                                    Conclusion

   County continues to exercise fiscal prudence and build reserves
   Consistent with its strategic plan and financial objectives, the County has
    maintained a structurally balanced budget
   County continues to maintain strong cash position
   County is well positioned to manage future challenges, including
    potential impact of State budgetary actions
        $263.2 million of July 1, 2002 reserves
        No public hospital system
        Diversified economy
        Relatively less reliant on property tax revenues
   Investment Pool is highly liquid and has highest possible ratings
   Request highest rating for TRANs




                                                                              Page 25
APPENDIX A




             Page 26
                                                                            Cashflows
                                                                 COUNTY OF SAN DIEGO
                                                                MONTHLY CASH FLOW SUMMARY
                                                                 FISCAL YEAR 2001/2002
                                                                       ( in thousands )
                                                                                 ACT U AL                                                  E S T IMAT E
                                    July       Aug       Se p      Oct        N ov     Dec        Ja n      Fe b     Ma rch     April     Ma y     June       T ota l

Beginning Cash Balance (3)        $ 144,391                                                                                                                   144,391
Revenue Categories:
Property Taxes            (1)         9,042  14,578   5,371        25,053     11,520    91,882 52,526        8,685    11,226 89,732 37,016     7,538   364,170
Sales Tax                             2,014   1,070   1,863         1,398      1,269     2,920   1,797       1,592     2,164   1,323   1,359     782    19,552
Aid From State Agencies (4)         110,488 101,487 62,342        116,034     99,382   101,745 101,503     107,813   119,143 104,750 112,378 122,378 1,259,443
Aid from Federal Agencies            30,379  29,125 26,410         32,833     24,653    26,138 24,712       32,391    36,010 35,361 34,822    38,940   371,773
Revenue Use - Money & Prop              121     110   4,149         4,818      1,066     1,774     406       1,978     1,527     443   1,464   6,865    24,721
Charges for Current Services         11,013  11,462 11,941         18,241     15,497    13,792 13,817       12,434    18,826 14,142 15,309    14,228   170,700
Other                                14,304   9,889   8,741         7,669      6,128     7,625   9,438       7,869    11,585 13,141 16,168    21,189   133,746
Total Revenue Receipts              177,360 167,721 120,818       206,044    159,516   245,876 204,197     172,762   200,482 258,892 218,515 211,921 2,344,105
Interfund Cash Receipts                       7,089     -          44,000        -                              -      47,000    4,500                 102,589
 Short Term Borrowing               150,000                                                                                                            150,000
   Total Receipts                   327,360 174,810 120,818       250,044    159,516   245,876 204,197     172,762   247,482 263,392 218,515 211,921 2,596,694

Expenditure Categories:
 Salaries & Employee Benefits        62,437  96,850 72,433         70,006     67,380    64,212 63,733       65,324    93,088 75,274 71,473    65,324   867,534
 Services and Supplies               71,684  64,068 63,183         71,758     62,695    62,605 71,021       67,630    73,778 70,194 67,396    71,375   817,387
 Other Charges            (2)       137,414  47,466 46,039         43,119     37,378    43,002 37,001       32,972    49,813 43,323 39,618    41,811   598,954
 Fixed Assets                           224     274     183           604        764       392     439         370       569   1,161     333     142     5,454
 Capital Outlay                      50,203     141   2,109         2,400      1,156       491   4,791       3,583     2,144     222 16,753      496    84,490
Total Expenditure Disbursements     321,962 208,798 183,947       187,887    169,372   170,702 176,985     169,879   219,392 190,174 195,573 179,148 2,373,819
Interfund Cash Disbursements         10,000                                    2,000                                          80,000                    92,000
 S-T Borrowing Segregation (5)                                                                  46,553                        46,553 38,794   23,276   155,176
   Total Disbursements              331,962 208,798 183,947       187,887    171,372   170,702 223,538     169,879   219,392 316,727 234,367 202,424 2,620,995

Month End Cash Balance              139,789 105,801     42,672    104,829     92,973   168,146 148,805     151,688   179,779 126,444 110,593 120,089          120,089

Footnotes:
(1) The County participates in the alternative method of secured property tax apportionment (the TEETER Plan) available under the Revenue and Taxation Code of the
    State of California. Accordingly, the County General Fund receives the full amount of secured property taxes levied each year and no longer experiences delinquent taxes.
(2) July includes a $45.9 million Retirement Advance and a $53.753 million Pension Obligation Bond payments.
(3) Beginning Cash balance includes Tobacco Settlement Trust Fund Cash Balance of $47M
(4) State Aid includes Tobacco Settlement Cash received in December($10M)
(5) Segregation includes Interest Expenditure.
                                                                                                                                                                           Page 27
                                                                           Cashflows
                                                                    COUNTY OF SAN DIEGO
                                                                   MONTHLY CASH FLOW SUMMARY
                                                                    FISCAL YEAR 2002/2003
                                                                          ( in thousands )
                                    July       Aug       Se p        Oct       N ov       Dec       Ja n      Fe b    Ma rch     April      Ma y      June        T ota l
Beginning Cash Balance (3)        $ 120,089                                                                                                                        120,089
Revenue Categories:
Property Taxes (1)                    7,967  10,595        8,044     12,634    19,439    105,701    47,197   8,622   8,449       101,404    25,240     9,721       365,013
Sales Tax                             1,483     885        2,119      1,392       865      2,644     1,666   1,617   2,179         1,170     1,136     1,564        18,720
Aid From State Agencies             106,990 118,562      110,941    120,745   114,740    108,269   119,108 118,090 127,672       121,143   116,404   118,011     1,400,675
Aid from Federal Agencies            37,837  35,938       34,396     38,141    33,384     31,664    34,593 33,161   38,279        36,275    37,957    32,324       423,949
Revenue Use - Money & Prop              127     711        4,182      3,028     1,392      2,171       143   2,371   2,018           140     2,135     2,204        20,622
Charges for Current Services         12,874  13,933       17,343     16,242    19,115     18,407    19,601 16,518   22,158        16,316    14,017    21,457       207,981
Other                                14,685  12,286       11,229      8,928     8,230      9,770    13,174   8,273  11,240        13,236     8,738    14,662       134,451
Total Revenue Receipts              181,963 192,910      188,254    201,110   197,165    278,626   235,482 188,652 211,995       289,684   205,627   199,943     2,571,411
Interfund Cash Receipts
 Short Term Borrowing               140,000                                                                                                                        140,000
   Total Receipts                   321,963 192,910      188,254    201,110   197,165    278,626   235,482 188,652 211,995       289,684   205,627   199,943     2,711,411

Expenditure Categories:
 Salaries & Employee Benefits        72,347 108,520       76,347     74,358    72,347     71,927   106,520 71,767   71,997        72,137    72,222     72,032      942,521
 Services and Supplies               74,647  71,966       72,712     82,039    81,012     81,217    79,972 75,099   90,803        89,512    84,465     83,241      966,685
 Other Charges (2)                  149,797  45,391       42,258     42,334    39,040     47,155    35,460 35,421   49,465        46,777    41,294     36,751      611,143
 Fixed Assets                           212     525          257        289       186        528       521     276     170           665       186        628        4,443
 Capital Outlay                      62,262                                                            144   3,986                                                  66,392
Total Expenditure Disbursements     359,265 226,402      191,574    199,020   192,585    200,827   222,617 186,549 212,435       209,091   198,167   192,652     2,591,184
Interfund Cash Disbursements
 S-T Borrowing Segregation                                                                          42,000                        42,000    35,000    21,000       140,000
   Total Disbursements              359,265 226,402      191,574    199,020   192,585    200,827   264,617 186,549 212,435       251,091   233,167   213,652     2,731,184

Month End Cash Balance (4)           82,787    49,295     45,975     48,065    52,645    130,444   101,309 103,412 102,972       141,565   114,025   100,316       100,316

Footnotes:
(1) The County participates in the alternative method of secured property tax apportionment (the TEETER Plan) available under the Revenue and Taxation Code of the State of
    California. Accordingly, the County General Fund receives the full amount of secured property taxes levied each year and no longer experiences delinquent taxes.
(2) July includes $60 million Retirement Advance and $56.5 million Pension Obligation Bond payments.
(3) Beginning Cash balance includes Tobacco Settlement Trust Fund Cash Balance of $30M
(4) $90 million County deficit, working capital reserve between 30million-50million; final number to be determined by 5/17/02


                                                                                                                                                                        Page 28
                                         Cashflows

      TOTAL AMOUNT AVAILABLE FOR SHORT-TERM INTERFUND BORROWING
                                   -- AS OF 05/06/2002


Solid Waste Environmental Trust                          91.2 million
Inactive Waste Site Management Fund                       2.2 million
Transnet Improvement Trust                               20.7 million
Community Services Agency Trust                          25.3 million
Workers Compensation                                     32.0 million
Public Liability Insurance Trust                         19.5 million
Park Land Dedication Funds                               6.9 million
Airport Enterprise Fund                                   3.8 million
Recorder’s Micrographic/Modernization Trusts              7.7 million
DOT Transportation Fund                                   3.9 million
Transit Enterprise Fund                                   3.0 million
Penalty Assessments (Court Constr.)                       4.6 million
Liquid Waste Enterprise Fund                              1.9 million


                       Total Available                   222.7 million
                                                                         Page 29

				
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