CSAC Finance Corporation: Reflecting On a Year of Success
As we look back on 2014, the CSAC Finance Corporation is pleased to reflect on continued success. We have not only experienced growth in our existing programs, we were able to launch and see our first successes with our two newest program partners; Medcor and Towers Watson. We wish to thank all 58 California counties for your participation in our programs. As a result of your support, the CSAC Finance Corporation was again able to provide CSAC with a $3.3 million contribution this year to support CSAC’s advocacy on behalf of California’s counties.
Our program with Medcor provides onsite health clinics for county employees. Realizing that a healthy workforce is a happy workforce and that counties are dealing with spiraling healthcare costs, this program places onsite employee health clinics in counties to provide customized services tailored to the needs of your employees. Our first Medcor clinic launched this October in Kings County and is already popular among county employees. Tour their clinic here. With the Onsite Employee Health Clinic Program, the potential for savings is significant in general health, increased productivity, and workers compensation; Kings County expects to save $1 million in their first year.
Our OneExchange program with Towers Watson offers your Medicare eligible retirees a wide array of health plans to choose from at significantly lower costs than they currently pay to participate in your group plan. This program recognizes the mounting pressure on California counties to maximize tax dollars while meeting commitments to retirees by providing a means to remove the burden of retiree healthcare administration and offer retirees more healthcare options. Earlier this year we were pleased to see the complete implementation of the OneExchange program with the Alameda County Employee’s Retirement Association. By all accounts this implementation was successful with 1,300 retirees transitioned to the OneExchange model. The program is projected to save ACERA $2 million in the first-year and to save each retiree $300-$1,500 per year.
The California Statewide Communities Development Authority (CSCDA) continued to benefit California counties this year and received an additional $38 million allocation for the New Markets Tax Credits Program. Four projects were successfully allocated under this program including:
Orange County – Big Brothers Big Sisters of Orange County expansion project to provide greater facilities and mentoring to at-risk you;
Del Norte and Humboldt Counties – Open Door Community Health Centers to fund an expansion of future services to underserved and migrant populations;
Humboldt County – Northern California Indian Development Council to preserve and revitalize the historic Carson Block building which has been nominated to the National Register of Historic Places; and
Imperial County – City of Imperial Worthington Square new mixed-use construction project to kick-start the redevelopment plans for the downtown center.
In addition, 2014 saw the launch of our CSCDA residential and commercial PACE program, CaliforniaFIRST. This program launched in a limited number of counties but will be expanded statewide with additional PACE financing providers via the Open PACE program in early 2015. In the first five months the CaliforniaFIRST program closed a total of 137 deals totaling approximately $3.1 million.
Our U.S. Communities purchasing program continues to thrive by leveraging the buying power of over 90,000 governmental agencies across the nation. While California county spend is up 22% over last year the average California county currently utilizes only two U.S. Communities contracts. With over 35 contracts available there are significant savings available to each and every county in the state. New contracts added this year include the following products and services; Garland/DBS roofing and waterproofing, DLT Solutions Oracle products, KONE elevator and maintenance, Hertz equipment rental, BI electronic offender monitoring, Kronos workforce management, and TAPCO traffic control. U.S. Communities offers one of the quickest ways to start seeing immediate savings. This no-cost program is available to all counties, cities, special districts, and non-profits and offers the lowest local government pricing on all contract items.
Our deferred compensation program through Nationwide Retirement Solutions continues to innovate on ways to reach out to county employees and help plan for retirement. Currently used by 29 California counties, Nationwide offers online interactive retirement planners and in-person retirement consultations to help make sense of the daunting world of retirement planning. In California alone, Nationwide’s deferred compensation program currently serves over 55,000 employees and has almost $2.5 billion in assets; these numbers will grow in the next year as Nationwide completes the transition of Fresno County to the program.
The CalTRUST investment pool continued to grow this year, adding over 15 local agency participants and reaching a record high of almost $2.2 billion in assets. The CalTRUST Education Program provided webinars on Economic Forecast and Investment Guidelines to over 50 public agency participants. If you have any ideas on what educational investment pieces would be beneficial to your county please let us know!
Coast2Coast Rx’s prescription drug card continues to be successful among California counties. Currently the Coast2Coast Rx Card is endorsed in 29 California counties. This program requires minimal effort on the part of the county to reach out to residents with prescription drug, lab, and other medical savings. In 2014, the 29 California counties using the Coast2Coast Rx Card have received over $380,000 in revenue back to their counties.
We look forward to continued success in 2015. If you would like more information on any of our programs or have any suggestions for future programs please do not hesitate to reach out to us.
On behalf of the CSAC Finance Corporation Board of Directors and staff we would like to wish you a wonderful holiday season and a very happy new year.
CSAC Finance Corporation Board of Directors:
- Larry Spikes, Kings County, President
- Steve Juarez, Public Member, Vice President
- Les Brown, Public Member, Secretary/Treasurer
- Robert Bendorf, Yuba County
- Matt Cate, California State Association of Counties
- Greg Cox, San Diego County
- David Finigan, Del Norte County
- Emily Harrison, Santa Clara County
- Mike Johnson, County Retiree
- Pat O’Connell, Alameda County
- Linda Seifert, Solano County
- Tom Ford, Board Member Emeritus
- Steve Swendiman, Board Member Emeritus
The CSAC Finance Corporation continues to be a resource for California Counties to access enhanced service programs while saving money. All programs are vetted through our eleven-member Board of Directors and a competitive bid process. For more information on any of our programs please contact the CSAC Finance Corporation staff: