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County of San Diego

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

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  1. County of San Diego TRANs Rating Agency Presentation May 2005

  2. 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

  3. 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

  4. Economy

  5. 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.

  6. County Overview & Update

  7. 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

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

  9. General Fund Financial Results **As reported in the Third Quarter Fund Balance Report.

  10. FY 05-06 General Fund Budget Revenues: $2.913 Billion Appropriations: $2.913 Billion

  11. General Fund Revenue Composition By Source: $2.913 Billion General Purpose Revenue: $721 Million

  12. FY 05-06 General Fund Detail

  13. County Investment Pool

  14. 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

  15. 2005-06 Tax and Revenue Anticipation Notes

  16. 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

  17. 2004-05 General Fund Cashflow

  18. 2005-06 General Fund Cashflow

  19. Interfund Borrowing As of April 30, 2005

  20. 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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