FAQ

Step 1 - Learn about the bonds

Read the Preliminary Official Statement (POS) available from this web site or from the participating brokers to learn more about the bonds, including their security, maturity dates, credit ratings, the types of projects they finance and other information that you may find important to help you make an informed investment decision. This website is not an offer to sell any bonds.

Step 2 - Open a brokerage account

You must have an account with one of the brokerage firms participating in the bond sale, or with another firm that can place an order through a brokerage firm participating in the bond sale. Please check to determine if your broker can place an order through the participating brokers. (If you have a brokerage account, go to Step 3.) If you do not have an account, you may open one and purchase bonds during the Retail Sale Order Period.

Investors are encouraged to begin the New Account process well in advance of the sale date. Depending on the brokerage firm, internal new account procedures may take some time to process.

Step 3 - Place your order

Contact the broker with whom you have an account, either online or by phone, to get more information about how to buy bonds during the Retail Sales period. Discuss with the broker the number of bonds, the maturity date and the price at which you are willing to purchase the bonds, as well as any questions you may have from examining the Preliminary Official Statement (POS).

https://cfo.ocgov.com/public-finance/debt-program

The County receives regular Issuer Default Ratings from the municipal debt rating agencies of Standard & Poor’s, Moody’s, and Fitch Ratings.  Ratings for bond issuances are requested during the finance structuring phase for applicable debt.

When referring to the County Budget, the total appropriations are referenced.   This is essentially the spending limit for the County which, per Government Code 29120, 29125-29130 shall not be exceeded.  For FY 2025-26, the total appropriation limit is $10.8 billion. This is approximately 13% increase over the prior year and a 42% increase over the five-year period, which is primarily related to transfers between funds for internal borrowing and operating purposes, strategic investments in the County’s parks, libraries, landfills and airport infrastructure, and funding for essential health and support services to meet the needs of the community, including the County’s most vulnerable populations.

Each year, the County updates its Five-Year Strategic Financial Plan (SFP) to include current assumptions on revenue growth and planned projects.  This is coordinated through the Budget and Finance Office and is received by the Board of Supervisors in December.  The SFP provides the relevant fiscal policies that govern the budget development process; planned maintenance, capital improvements, and IT system projects over the five-year period; and an estimate of the budgetary needs of the departments for the next fiscal year which allows for informed decisions regarding the use of current and future resources.  The County is a large, complex entity responsible for providing services and programs for the residents as well as ensuring the infrastructure, such as the airport, roadways in unincorporated areas, and landfills, is properly maintained.  This requires complex, detailed planning and available resources.  SFPs can be found here.

A fiscal year, or fiscal period, is a 12-month period that differs from a calendar year.  The state and local governments, such as the County of Orange, use a July to June fiscal period whereas the federal government has an October to September fiscal period.

September – December: The County begins its budget process with the preparation of the Five-Year Strategic Financial Plan which allows for the impacts of assumed revenue increases and capital and equipment expenditures to be determined and provide an estimate of the budgetary needs for each department.

January – March: County departments develop their annual budget for the next fiscal year and provide year-end projections for the current fiscal year to determine fund balances available.  All budgets are due to the County Budget and Finance Office on or before March 1st.

March – June: The County Budget and Finance Office ensures all budgeted funds are structurally balanced and works with each department to ensure all operational needs are met and clarify any requests for additional resources. The Recommended Budget and Augmentation Books are compiled and released to the public a minimum of 10 days prior to the scheduled Public Budget Hearings which is typically the Board meeting falling on the 2nd Tuesday in June.

The budget is categorized by types of expenditures with 70% in the following categories: (FY 2025-26 Recommended Budget)

• 29% - Salaries & Benefits: $3.1 billion
• 23% - Services and Supplies: $2.5 billion (includes contracted services to meet service levels)
• 19% - Other Charges: $2.0 billion (includes public assistance programs)

The budget can also be categorized by the types of programs with the Community Service programs receiving almost 36% of the County’s budgeted appropriation.

• 36% - Community Services:  $3.8 billion
• 18% - Infrastructure & Environmental Resources: $2.0 billion
• 17% - Public Protection: $1.9 billion
• 15% - Insurance, Reserves & Miscellaneous: $1.6 billion
• 6% - Capital Improvements: $664 million
• 6% - General Government: $605 million
• 2% - Debt Service: $212 million