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California County And Local Government Investment Pool Managers Walk The Line To Provide Liquidity And Higher Yields Jul 11
Standard & Poors, July 2011
Abstract
California's ongoing budget and general fund cash deficits have underscored the importance of cash management at the local agency level throughout the state, in the view of Standard & Poor's Ratings Services. School districts in particular, which depend on considerable amounts of state aid, have seen a growing portion of their state-aid revenues deferred from one fiscal year to the next. These deferrals add to the challenge of cash management. Even when the state's budget is not distressed, it is common for a local government's cash outflows to exceed its inflows during certain periods of the year. To bridge these cash deficits, similar to the state, local agencies can use internal cash resources or borrow on a short-term basis from...
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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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