Basics of SBC Debt
Money borrowed by Santa Barbara County to finance projects and cover expenditures that exceed its revenue.
What is Santa Barbara County Debt?
Bonds that are repaid from the revenue generated by specific projects they finance, such as utilities or public facilities, and who they're issued by.
What are revenue bonds issued by the County?
Where you find the long-term outstanding debt for the General Fund.
What is Financial Reporting?
The amount Santa Barbara County must pay in interest and principal on its debt.
What is debt service?
The current total Santa Barbara County debt.
What is approximately $200 million?
When Santa Barbara County's expenditures exceed its revenue.
What is a budget deficit?
A short-term debt instrument issued by Santa Barbara County to finance current operations before tax revenues are received.
What is a tax anticipation note (TAN)?
The statement to find the long-term outstanding debt for the Resource Recovery Enterprise Fund.
What is the fund's Balance Sheet in FIN or the ACFR?
The maximum amount of debt that Santa Barbara County is legally allowed to incur.
What is the debt limit?
The approximate current amount the county owes for the unfunded pension liability.
What is approximately $700 million?
When Santa Barbara County's revenue exceeds its expenditures.
What is a budget surplus?
Bonds issued to finance the lease or purchase of assets like buildings or equipment, repaid through lease payments.
What are lease revenue bonds?
Debt service payments budgeted for in this governmental fund that accounts for general operations.
What is the General Fund?
{Blank} levels of debt can lead to reduced funding for public services and higher taxes.
What is high?
A higher THIS generally means lower borrowing costs due to perceived lower risk. A lower THIS generally means higher borrowing costs.
What is credit rating?
These types of bonds are issued by local governments, including counties, cities, and other municipal entities, to finance public projects.
What are municipal bonds?
A type of financing where investors buy shares of the lease revenues of an agreement made by Santa Barbara County.
What are certificates of participation (COPs)?
Debt service payments budgeted for in this specific type of proprietary fund, focused on recovering resources.
What is the Resource Recovery Enterprise Fund?
The process of issuing new bonds to replace existing bonds, usually to take advantage of lower interest rates.
What is debt refinancing?
The acronym for THIS is OPEB
What is Other Postemployment Benefits?
A type of municipal bond backed by the full faith and credit of Santa Barbara County, often supported by the county’s taxing power.
What is a general obligation bond?
Bonds issued to finance specific projects that benefit particular property owners, who then pay special assessments to repay the debt.
What are special assessment bonds?
These types of funds, used to provide goods or services to other departments on a cost-reimbursement basis, show debt on their balance sheet.
What are Internal Service Funds (ISFs)?
A fund established to set aside money over time to repay its debt.
What is a sinking fund?
The body whose role is to review and recommend policies and strategies related to the county’s debt management.
What is the SBC Debt Advisory Committee?