Representatives of CSAC and the CSAC Finance Corporation met with ratings agencies and investor groups earlier this week to brief them on California’s state budget situation, the challenges facing California’s counties, and details about California Communities’ upcoming Tax and Revenue Anticipation Note (TRANs) sale.
CSAC Executive Director Paul McIntosh, Legislative Representative Jean Kinney Hurst, CSAC Finance Corporation Executive Director Tom Sweet, and Program Manager Laura Labanieh met with representatives from Standard and Poors and Moody’s in separate sessions to provide briefing materials to aid in the rating agencies’ consideration of the TRANs issue, as well as other financial matters that may come before California Communities in the near future. There was a great deal of interest in the state’s latest budget deficit, in particular the lagging income tax revenue collections – down $3.3 billion at the end of April.
In addition to the ratings agencies, staff held a similar briefing for representatives of several investor firms that are potential purchasers of the TRANs notes. The analysts working for those investor companies were keenly interested in the state’s fiscal forecast, as well as the potential impact state budget decisions could have on California’s counties.
Keeping investors and other financial institutions informed on issues facing California counties enables CSAC to aid individual county transactions, as well as the pooled transactions that California Communities may pursue, such as TRANs or pension obligation bonds. One of the tools used in the presentations was a briefing book prepared by CSAC that is available on our website – click here for more information.
For more, visit The County Voice, a place where CSAC, county officials and stakeholders can voice their thoughts on governance and issues that impact California’s 58 counties.