San Mateo County is rolling in cash

These are the best of times for San Mateo County’s government when it comes tax receipts from the paying public. Money from the suburban masses is rolling in like a tsunami.

It’s hard to imagine the county’s fiscal house being in better order than it is right now. The latest financial report from the county’s controller makes that very clear.

It’s a document that would be the envy of most counties in the Golden State.

According to the 2017-18 fiscal analysis, the county’s revenues came to $1.9 billion (a record) compared to expenses of $1.6 billion. The $300 million difference represented a healthy 16 percent cushion available to pay down debt, preserve for unforeseen circumstances or other uses.

Due to the continuing surge in property values throughout the county, assessed valuations have risen by 8 per cent per year for three years in a row, a stunning run in light of restrictions imposed by Proposition 13 four decades ago.

Last year, the county’s assessor pointed out, new construction is proceeding at a pace unseen since the go-go days of the postWorld War II period.

It was noted then that there was a staggering total of 58 million square feet of residential and commercial space approved or under construction throughout the county. (Hello, hideous traffic congestion.)

Furthermore, the county’s unemployment rate at last count was a minuscule 2.1 percent. That’s compared with 8.9 percent in 2010 during the last recession.

The controller’s report listed the county’s largest employers as United Airlines (12,000), Genentech (11,000), Facebook (7,091) and Oracle (6,781). Facebook wasn’t even part of the local economic puzzle a decade ago.

It also was noted that the county’s median family income was just over $108,000 and the singlefamily home’s median price was $1.6 million (one of the highest such figures in the nation, making a singlefamily home unaffordable for many).

Separately, the U.S. Census Bureau has stated that the county’s population grew from 713,617 in 2009 to 774,155 this year.

With all of that said, one does have to wonder: How much longer can this heady monetary situation persist?

More numbers

Speaking of data, Dexter Hermstad, a reader who has chimed in on other subjects in the past, has a modest bone to pick: He’d like to see more precision when it comes to numbers.

In a recent email to this tattered corner, he referred to the common practice of rounding off figures or using close estimates as “a journalistic device.” He’s right. But there’s an excuse.

When you have quite large numbers (like San Mateo County’s income and expense totals above) a long string of figures can be a turnoff. For smaller totals, he definitely has a good point.

It’s better to try to be exact in those cases. It certainly helps credibility.

Happy birthday

We would be remiss (if a bit late) if we did not recognize the 50-year anniversary of Celia’s, a popular Peninsula restaurant chain. Founded in 1968, the local Mexican dining option has locations in San Bruno, San Mateo (two addresses) and Palo Alto. By the way, the margaritas and chips, by themselves, are worth a visit. Happy birthday.

Just too precious

Still on the topic of cocktails (why not, it’s the holiday season), does anyone else find it a bit too contrived to advertise “handcut ice” as a reason to frequent a particular (highend) purveyor of adult beverages? Please, ice is ice, chipped, cubed, crushed, whatever. It’s still ice. Then again, bottled water is still just water and we are gullible enough to pay through the nose for that.