Debt Service
Overview
County Financing Overview
The Debt Service budget provides for the interest and issuance costs associated with the General Fund’s annual Tax and Revenue Anticipation Note (TRAN); and the combined principal and interest payments for the 2021 Pension Obligation Bonds and the capital improvement financing provided through Certificates of Participation (CERTS) or Lease Revenue Bonds.
Budget Summary
Department Budget Overview
Budget Summary of Changes
This budget reflects no substantial change for the existing interest and issuance costs. The Board will consider on May 14, 2024, the issuance of up to $85 million to finance the 2023 Federally Declared storm disaster partial response costs and the acquisition of property located at 150 Westridge, Watsonville, CA and subsequently the issues of the 2024-25 TRAN, both which will require modifications to this budget prior to adoption of the 2024-25 Budget on September 24, 2024.
Adopted Budget Summary of Changes
The Adopted Budget adds $19,896,394 in expenditures and $37,896,394 in revenues from 2024-25 concluding budget actions to create a contingency fund of $11,152,538* for Federal storm project reimbursements that fall short of staff estimates, with any unused funds directed to paying down the 2024 Disaster Debt and converting it to a lower cost internal loan for the Road Fund.
* Note that the Board of Supervisors' September 24, 2024 budget amendment reduced the original $18,00,000 transfer out to the Debt Service Fund to $11,125,538 due to changes in Federal Emergency Management Agency (FEMA) payments.
Open the Services Overview or Operational Plan Objectives below for more details.
Department Services and Objectives
Footnotes
1 – Indicates change from FY 2021-22 Allowed Budget
2 – General Fund Contribution is the share of General County Revenues (primarily property tax and other local taxes) allocated to each department. Other funds that contribute to this budget are shown on the Budget Details page.
3 – Indicates change from FY 2021-22 Adjusted Funded Positions (including Board-approved mid-year changes as of April 1, 2022).
Budget Details
The charts below show department expenditures and revenues by division and service. Click on the pie charts to drill down for more detail. Complete detail can be found on the County's Transparency Portal.