What We Do
The Auditor-Controller-Treasurer-Tax Collector-Public Administrator’s Office (ACTTCPA) is a consolidated department that acts as the financial manager of the County. The elected department head is the chief accounting officer for all County funds and oversees funds for special districts under the governance of the Board of Supervisors and County Schools. The office enhances the public’s trust by acting as an independent guardian of funds for the County, cities, schools and special districts. The ACTTCPA provides an independent source of financial information and analysis.
What We Did in 2014
The County of San Luis Obispo is in a great financial position, even after the most significant economic downturn in decades. That is due in part to the way the Auditor-Controller-Treasurer-Tax Collector-Public Administrator (ACTTCPA) Office effectively managed the County’s financial position and debt.
Credit Where Credit’s Due
A credit rating upgrade at the end of an economic downturn is quite an accomplishment for any organization, and for a California county, it’s the exception to the rule. But that’s exactly what happened in 2014. The County of San Luis Obispo’s credit rating improved dramatically last year.
Fitch Ratings, a fund and asset manager rating organizations and global leader in credit ratings and research, respectively, increased the County’s Pension Obligation Bonds, Certificate of Participation, and Lease Revenue Bonds credit ratings from AA- to AA+ and upgraded the County’s Implied General Obligation to AAA, the highest credit rating any government agency can achieve.
Meanwhile, Standard and Poor’s Rating Services, one of the most prominent financial intelligence companies in the world, also increased the County’s Pension Obligation Bonds, Certificate of Participation, and Lease Revenue Bonds credit ratings from AA- to AA+ and an implied AAA rating for general obligation. A credit rating is S&P’s opinion of the general creditworthiness of an obligor or the creditworthiness of an obligor with respect to a particular debt security or other financial obligation.
These high credit ratings demonstrate the effectiveness of the ACTTCPA in managing the County’s debts and finances.
Additionally, the ACTTCPA successfully consolidated two departments and completed its first year as a single department in 2014. Previously, the Auditor-Controller’s Office and the Office of the Treasurer-Tax Collector-Public Administrator were two separate departments. In 2014, the consolidated office returned savings to the General Fund of approximately $420,000.
Additionally, the Board of Supervisors approved prefunding the County’s pension obligation, at the recommendation of the ATTCPA, which saves the County approximately $1.4 million.
The ACTTCPA technical support staff even created a way to capture the cost of benefits by employee in the County’s current accounting system. Prior to this, the County used average costs by employee groups to calculate the impact of employee benefits. The new method will save time for County employees who must report actual cost for grant reimbursements.