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Chief Investment Officer Family Office document sample
Document Sample
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
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
2
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
3
Economy
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.
5
County Overview & Update
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
7
Fiscal Year 05-06 & 06-07
Operational Plan and Fiscal Year
04-05 Estimated Results
General Fund Financial Results
FY 2001-2002 FY 2002-2003 FY 2003-2004 FY 2004-2005
(Audited) (Audited) (Audited) (Estimated) **
Reserved Fund Balance:
County General Reserve $53.0 mm $55.5 mm $55.5 mm $55.5 mm
Other Reserved Fund Balance 162.2 mm 154.8 mm 157.8 mm 158.3 mm
Total Reserved Fund Balance $215.2 mm $210.3 mm $213.3 mm $213.8 mm
Unreserved:
Designated $120.6 mm $119.4 mm $122.3 mm $110.0 mm
Undesignated
Group Balances $125.2mm $153.5mm $139.1 mm $81.6 mm
General County Balances 109.4mm 115.5mm 76.3 mm 74.7 mm
Unreserved/Undesignated * $234.6mm $ 269.0mm $ 215.4mm $ 156.3 mm
Total General Fund Balance $570.4 mm $598.7 mm $551.0 mm $480.1 mm
**As reported in the Third Quarter Fund Balance Report.
Fund Balance Available
Public Safety 57.5
Health and Human Services Agency 4.8
Land Use & Environment 19.9
Community Services 8.3
Finance & General Government 48.6
139.1
9
FY 05-06 General Fund Budget
Revenues: $2.913 Billion Appropriations: $2.913 Billion
2%
14%
19% 9% 51%
33%
1%
9% 2%
1%
1%
4%
10% 1%
43%
Current Property Taxes Taxes Other Than Current Property Taxes
Licenses, Permits & Franchises Fines, Forfeitures & Penalties Public Safety
Use of Money & Property Intergovernmental Revenues
Health and Human Services
Charges For Current Services Miscellaneous Revenues & Other Sources
Fund Balance & Reserves
Land Use and Environment
Community Services
Finance and General Government and Other
Contingency Reserves and Designations
10
General Fund Revenue Composition
By Source: $2.913 Billion General Purpose Revenue:
$721 Million
$200.5 $47.5
24.8%
$72.5
1.5%
73.7%
$400.5
Program Revenues $2,147.2M Property Taxes $400.5M
Fund Balance/Designations $44.8M VLF/Property Tax In Lieu of VLF $200.5M
Sales Tax/Prop. Tax in Lieu of & RPTT $47.5M
General Purpose Revenues $721.0M
Other Revenues $72.5M
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FY 05-06 General Fund Detail
Finance and
Health and Land Use and Community General General
Public Safety Human Services Environment Services Government Finance Purpose
(in millions) Group Agency Group Group Group Other Revenues Total
Salaries & Benefits $ 698.1 $ 414.6 $ 75.3 $ 23.9 $ 111.6 $ - $ - $ 1,323.5
Services & Supplies 162.7 652.4 35.6 14.1 57.7 36.5 0.0 959.0
Other Charges 114.4 395.5 0.1 0.0 0.0 82.5 0.0 592.5
Capital Assets Equipment 0.9 0.8 0.1 0.0 0.0 0.0 0 1.8
Expenditure Transfer & Reimbursements (16.7) (0.4) 0.0 (0.0) (0.4) 0.0 0.0 (17.4)
Operating Transfers Out 0.0 13.8 0.3 1.3 0.0 8.3 0.0 23.6
Management Reserves 1.6 5.0 0.3 3.9 3.6 0.0 0.0 14.3
Contingency Reserve 0.0 0.0 0.0 0.0 0.0 15.6 0.0 15.6
Total Expense $ 961.0 $ 1,481.8 $ 111.7 $ 43.1 $ 172.5 $ 142.9 $ - $ 2,913.0
Taxes Current Property 0.0 0.0 0.0 0.0 0.0 0.0 400.5 400.5
Taxes Other Than Current Secured 0.0 0.0 0.0 0.0 0.0 0.0 273.0 273.0
Licenses Permits & Franchises 0.4 0.9 24.2 2.1 0.4 0.0 4.2 32.2
Fines, Forfeitures & Penalties 26.1 4.7 0.7 0.0 0.8 3.4 14.3 49.9
Revenue From Use of Money & Property 5.8 0.9 0.7 0.0 0.2 1.3 17.0 25.9
Intergovernmental Revenues 174.2 1,052.3 21.2 12.3 0.2 0.8 10.9 1,271.9
Charges For Current Services 118.1 36.0 24.3 8.7 65.7 0.6 0.2 253.5
Miscellaneous Revenues 1.8 10.8 1.1 0.5 7.1 0.0 1.0 22.3
Other Financing Sources 229.0 308.1 1.9 0.5 0.0 0.0 0.0 539.4
Reserve/Designation Decreases 0.0 0.0 0.0 0.0 3.2 0.0 0.0 3.2
Fund Balance 7.1 8.0 3.4 4.7 8.0 10.0 0.0 41.1
General Purpose Revenue Allocation 398.5 60.1 34.4 14.4 86.9 126.7 (721.0) 0.0
Total Revenue $ 961.0 $ 1,481.8 $ 111.7 $ 43.1 $ 172.5 $ 142.9 $ - $ 2,913.0
Full Time Equivalent 7,470.50 5,551.00 842.0 283.0 1,250.0 0.0 - 15,396.50
% of Total Budget 0.33 0.51 0.04 0.01 0.06 0.05 - 1.00
12
County Investment Pool
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
14
2005-06 Tax and Revenue
Anticipation Notes
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
16
2004-05 General Fund Cashflow
17
2005-06 General Fund Cashflow
18
Interfund Borrowing
As of April 30, 2005
Fund Description FY 04/05 FY 05/06 Variance
Workers Compensation Fund 40.5 46.9 (6.4) Million
Community Services Agency Trust 38.7 41.0 (2.3) Million
Public Liability Insurance Fund 40.9 35.6 5.3 Million
Solid Waste Environmental Trust 41.5 32.7 8.8 Million
Information Technology ISF 19.4 26.8 (7.4) Million
Recorder's Micrographic/ Modernization Trusts 16.5 26.2 (9.7) Million
Transnet Improvement Trust 23.4 23.8 (0.4) Million
Park Land Dedication Trust 7.8 9.0 (1.2) Million
Airport Enterprise Fund 4.1 5.8 (1.7) Million
Penalty Assessments (Jail Ops and Maint.) 7.6 5.1 2.5 Million
DOT Transportation Fund 3.9 3.8 0.1 Million
Liquid Waste Enterprise Fund 1.9 2.3 (0.4) Million
Inactive Waste Site Management Trust 1.0 1.9 (0.9) Million
Total A vailable 247.2 261.2 (14.0) Million
19
TRANs Financing Schedule*
Date Activity
May 17 County Board Approves Financing
May 25 Receive Ratings
May 25 Post/Mail Preliminary Official Statement
June 1 Price Transaction (Tentative)
July 1 Closing
* Preliminary, subject to change.
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