FinancialFinancial HighlightsHighlights County of San Mateo, Fiscal Year Ended June 30, 2002 This report highlights the significant financial and economic activ- December 20, 2002 ity of San Mateo County, California for the fiscal year (FY) ended June 30, 2002 with significant later events noted. Board of Supervisors Mark Church, First District ____________Economic Indicators__________ Jerry Hill, President, Second District San Mateo County is experiencing a recession. The local economy Richard S. Gordon, Third District sputtered with the market corrections in the technology sector, Rose Jacobs Gibson, Fourth District the State’s energy and budget crises, and the tragic events of 9/11 Michael D. Nevin, Fifth District that created economic hardships for the hospitality, transportation County Manager and service sectors. The California slowdown will continue for John Maltbie the next several years since state financial solutions have bor- rowed from the future. Recovery will be slow. County Controller Tom Huening __________Financial Indicators__________ Sales tax revenue decreased because of the sustained market Visit the County’s website at decline in the technology sector, higher unemployment, the declin- www.co.sanmateo.ca.us ing of the stock markets, far fewer visitors to the area, and a lack of consumer confidence. Only residential real estate remains View the Highlights online at strong due to historically low interest rates and the viability of real www.co.sanmateo.ca.us/controller property as an attractive investment alternative. E–mail us your comments at
[email protected] Table of Contents Controller’s Message 2 Local Economy 3 Financial Summary 4 Financial Trends 5 Decade of County Revenues 6 FY 2002-03 Controller Forecast 7 Service Efforts & Accomplishment Highlights 8 About the Popular Annual Financial Report (PAFR) 12 The County’s Comprehensive Annual Financial Report (CAFR) is available online at the County website, www.co.sanmateo.ca.us/ controller, as well as at all public libraries in the County.