The San Diego County Capital Asset Leasing Corporation (SANCAL) received updates on the county’s finances which reflect a continued “triple, triple-A” credit rating across Moody’s, S&P, and Fitch.
It also received updates on a fiscal review of the county’s $8.53 billion budget, its largest budget to date. The report revealed that general-purpose revenue, largely from property taxes, is projected to grow by about 5%.
Salary costs are under review as labor negotiations approach in mid-2025, and retirement funds are projected to yield a 6.5% return. Behavioral health services account for $2.2 billion through contracted providers. Capital programs are set at $1.2 billion over five years, with major projects like the $400 million Vista Detention Facility.