Survey: California County And Local Government Investment Pools Seek Yield In Low-Interest-Rate Environment Jun 10

Standard & Poors, June 2010

Abstract
When local governments in California prepare their budgets for an upcoming year, after resolving any revenue and expenditure imbalances, they typically consider the timing of their expected cash receipts and disbursements. Based on what we have seen, it is not uncommon or, in our view, unexpected that a government's cash outflows will exceed its inflows during certain periods of the year. To bridge these cash deficits, governments can utilize internal cash resources or borrow on a short-term basis from the capital markets by issuing tax and revenue anticipation notes (TRANs), many of which we rate. Although not a replacement for lost revenue resulting from state aid reductions or economic weakness, TRANs help local agencies manage relatively predictable mismatches between expected...

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Research Type: Commentary
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