Thank you, Pablo, and good morning to everyone.
We are very pleased with the quarterly operational and financial performance of our diversified business units.
Now I would like to address a few of the highlights of the quarter. We completed the ramp up of our company-owned 1,800-bed North Lake, Michigan facility and the county-owned 1,800-bed Reeves County, Texas facility under new 10-year contracts with the Federal Bureau of Prisons.
During the quarter, we also entered into several important contracts at the federal level.
First on December 20, we signed two 15-year contracts with the U.S. Immigration and Customs Enforcement for five company-owned facilities in California, totaling 4,490-beds. These contracts provide for the continuation of our 1,940-bed Adelanto ICE Processing Center and the 400-bed Mesa Verde ICE Processing Center in California. But they also incorporate three other company-owned facilities, the 700-bed Central Valley facility, the 750-bed Desert View facility, and the 700-bed Golden State facility in California as annexes to the two ICE Processing Centers.
Just the Adelanto and Mesa Verde facilities without the annexes are expected to generate over $100 million in annualized revenues and will support approximately 700 full-time jobs.
As has been widely reported, the State of California recently enacted a new state law, AB 32 aimed at phasing out and eliminating private sector contracts for state correctional facilities and federal facilities. The new law took effect on January 1, 2020 subsequent to the start date for our new 15-year contracts with ICE.
GEO as well as the U.S. Department of Justice have filed separate legal actions challenging the constitutionality of AB 32.
As we have previously disclosed, our contract for our Central Valley facility was discontinued by the State of California at the end of September last year. And now we expect our two other California correctional contracts to expire on March 1 for the Desert View facility and May 1 for the Golden State facility.
Our present expectation is that the three ICE facility annexes at Central Valley, Desert View and Golden State will transition under the new ICE contracts during the second half of 2020. And we'll generate approximately an additional $100 million in revenues on an annual basis.
However, our initial guidance for 2020 has not assumed any contribution from these facilities. We note that the president's proposed budget for Immigration and Customs Enforcement included a 23% increase in funding. On December 23, we also signed a new managed-only contract with the U.S. Marshals Service for the government-owned 512-bed El Centro Detention Facility in California.
We expect to begin detainee intake next month during March. This contract will have a term of approximately nine years and is expected to generate approximately $29 million in annualized revenues, creating more than 240 new full-time jobs. In Colorado, we made the final lease payment on the 1,200-bed Hudson facility, which will eliminate approximately $10 million annually in lease costs for the idle facility. We're very pleased about that development.
In Australia, we are complete negotiations in construction, respectively on two expansion projects which will add 800-combined beds at our Ravenhall and Junee correctional centers. Throughout 2019, we also continued our efforts to expand the GEO Continuum of Care or CoC program, which was first piloted in 2015.
Our CoC program integrates offender rehabilitation including cognitive behavioral treatment with post-release support services to address basic community needs of released individuals.
In 2019, our CoC sites delivered approximately 6.8 million hours of programming and reached new highs by awarding approximately 2,900 high school equivalency degrees, more than 9,400 vocational training certifications, approximately 8,800 substance abuse treatment completions and approximately 44,700 behavioral treatment completions. The GEO Continuum of Care is our company's contribution to criminal justice reform by providing improved rehabilitation programs to some of the $2.2 million people still incarcerated.
In 2020, we are increasing our company's annual funding commitment to the CoC program from $10 million to $14 million, which now represents approximately 9% of our annual net income. This increase in funding will allow us to expand the CoC program to all state correctional facilities managed by GEO.
By setting this example, we hope to expand our role as a vocal advocate for increasing funding for rehabilitation programs that help individuals re-enter society as productive citizens.
Now I will ask Brian Evans to review our results, outlook and liquidity position. Brian?