FINANCIALS

2016-17 FINANCIAL OUTLOOK

 

Focused goals, checks and balances, and a commitment to financial discipline – these are the essence of the County of San Diego’s operations. That strong foundation allows us to provide the core services that residents need and also invest in our communities and our infrastructure to meet future demands.

 

Collective impact is taking it even one step further. Collective impact takes the idea that the more people and organizations unite for a common cause, the more we can achieve our goals for a San Diego that is healthy, safe and thriving.

 

It all starts with the County’s balanced budget and operational plan. In Fiscal Year 2016-17, the budget will decrease from the previous year by 1.0 percent to $5.36 billion, as certain components of the County’s budget are transferred to the state. Major changes include an overall decrease of 4.1 percent in intergovernmental revenue and a 16.6 percent decrease in federal revenue. Despite those decreases, the County will increase the number of staff positions by 2.1 percent next year to 17,396 full-time positions. Many will go to the Health and Human Services Agency and the Land Use and Environment Group.

 

These structural and budgetary changes denote solid performance; when combined with other key indicators, it ensures a resilient financial outlook. The County of San Diego is proud to continue to be the only large California county with AAA credit ratings from each of the three major rating agencies.

 

Also since 2007, the County has prepaid $273.9 million in existing debt and avoided over $1 billion in financing costs by cash funding the majority of its capital program. The County continues to actively plan for pension costs by implementing two new benefit tiers since 2009 and most recently establishing a $100 million fund balance commitment to support debt service costs related to existing pension obligation bonds. In addition, it diligently monitors its cash flows; it has not issued tax and revenue anticipation notes (TRANS) since 2013.

 

All of these combined, make the case for a strong financial outlook in the next fiscal year and beyond.

 

Read the County's Operational Plan for more information.

Financial Comparison

County of San Diego Revenue and Resources

Fiscal Year 2016-17 Total Adopted Budget $5.36 billion

Total Appropriations by Group

Fiscal Year 2016-17 Total Adopted Budget $5.36 billion

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