The San Francisco County government meeting held on June 14, 2023, focused on budget proposals from various departments, with significant discussions surrounding the San Francisco Employees Retirement System (SFERS) and the Mayor's Office of Housing and Community Development (MOCD).

The meeting commenced with a presentation by Allison Romano, the CEO and CIO of SFERS. She outlined the mission of the retirement system, emphasizing the importance of securing and prudently investing pension trust assets while administering mandated benefit programs. Romano reported that SFERS is currently in a strong financial position, being 966% funded as of July 1, 2022, which is notably higher than many city and state plans across the country. Over the past decade, the net assets of the defined benefit plan have increased by 114%, and the deferred compensation plan has seen a 100% growth in assets.

Romano proposed a budget of $51 million for fiscal year 2023-2024 and $54 million for fiscal year 2024-2025. She highlighted that the majority of this budget would support the administration and investment of the pension plan, which is self-funded through trust assets. Key areas of focus include aligning staffing levels with the complexity of the plan and enhancing operational efficiency through technology. Romano noted the need for 18 full-time staff positions over two years to improve member services and operational processes.

During the discussion, supervisors raised questions regarding the salary structure within SFERS, particularly the ratio of the CEO's salary to that of the lowest-paid worker. Romano committed to providing this information later. Supervisor Walton inquired about the staffing challenges faced by SFERS and whether there were any rules preventing the hiring of additional staff. Romano clarified that the proposed budget would allow for necessary staffing increases without impacting the general fund.

Following the SFERS presentation, the meeting transitioned to the Mayor's Office of Housing and Community Development. The total budget for this department was reported to be nearly $200 million, with approximately $10.9 million allocated to the office of the mayor. The budget includes personnel costs and various contracts, with adjustments made for project savings and staff turnover.

Overall, the meeting underscored the importance of prudent financial management and strategic staffing within San Francisco's retirement and housing services, aiming to enhance service delivery to the city's workforce and residents. Further discussions and decisions regarding the proposed budgets are expected in upcoming sessions.