What is CSAC Finance Corporation?
To provide a broad array of finance, investment, insurance and purchasing services to benefit California counties and related public agencies. The California State Association of Counties formed the CSAC Finance Corporation in 1986 to provide municipal finance service to counties. Since its inception the CSAC Finance Corporation has grown to be the premier provider of a variety of cost-saving programs and services to counties and other local governments throughout California.
In 1987, the CSAC Finance Corporation and the League of California Cities created a Joint Powers Authority of counties and cities, called the California Statewide Communities Development Authority (California Communities or CSCDA). This authority provides a broad range of financial products and services that promote the economic well-being of counties and cities. By combining the volumes of counties and cities, California Communities is able to negotiate lower costs of issuance on its bond issues.
In 1999, the National Association of Counties Financial Services Corporation formed U.S. Communities, which offers pooled purchasing for counties and cities nationwide. U.S. Communities is able to leverage the purchasing power of all public agencies in the nation and create substantial savings on its pooled purchasing programs through a national bidding process. All 58 counties in California use the U.S. Communities program.
Today, the CSAC Finance Corporation provides a number of other programs in addition to California Communities and U.S. Communities including an investment pool, deferred compensation programs, employment background screening, and utility cost control.
CSAC Finance Corporation Goals and Objectives
- To create cost-effective finance and investment programs that will contribute to the economic well being of all California counties.
- To serve as a conduit issuer of debt, on behalf of public and private entities, where such financing will provide significant economic and social benefits to counties and their residents.
- To provide significant cost saving to counties through pooled financing, bidding, and investment structures.
- To monitor, review and evaluate all programs of the Finance Corporation, CSCDA, and other related entities to ensure they provide maximum benefit.
- To identify needs for new program offerings that will benefit counties.
- To administer the Corporation and its revenues in a judicious manner that assists CSAC in achieving its mission, goals and objectives of service to all California counties.