The San Francisco City Commission has approved a substantial budget of approximately $685 million for the fiscal year 2024-2025, focusing on critical areas such as affordable housing, parks, and infrastructure. This decision, made during a recent meeting, sets the stage for the budget to be submitted to the mayor's office and the Board of Supervisors for final approval.

Director Kosloski highlighted that the budget primarily funds projects in key areas including Hunters Point Shipyard, Candlestick, Mission Bay, and Transbay. The commission had previously discussed the budget in detail during a workshop on May 2, ensuring transparency and thorough understanding among stakeholders.

Senior Budget and Project Finance Manager Mina Yu elaborated on the financial planning process, emphasizing the importance of the Recognized Obligation Payment Schedule (ROPS), which serves as a roadmap for the budget. The city’s funding sources include property tax increment (PTI), which constitutes about 20% of the budget, and is strictly regulated to ensure it is used for mandatory obligations.

Yu noted that the budget reflects a decrease of $27.3 million compared to the previous year, primarily due to technical requirements regarding bond proceeds. Despite this reduction, the budget remains robust, with a significant portion allocated to multi-year capital projects.

The commission's approval marks a crucial step in the budgetary process, with the next phase involving collaboration with the mayor's office and the Board of Supervisors, who will conduct their review in May and June. The meeting concluded without public comments, indicating a smooth consensus among the commissioners regarding the budget's direction.