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Controller’s audits unit and public finance outline upcoming audits and bond sales calendar
Summary
Controller’s audit staff reported on recent and planned audits of bond programs and public finance staff previewed fall bond sales, including a Vibrant issuance and a 2020 Health & Recovery tranche contingent on Homekey Plus outcomes.
Staff from the Office of the Controller and the Office of Public Finance updated the committee on audit work related to bond expenditures and on the bond issuance calendar.
Mark Dela Rosa and audit staff said the controller’s office issued a 2019 affordable-housing expenditure audit in June that tested $197 million of $322 million in expenditures and found bond funds were spent in accordance with the ballot measure. The office has started an audit of the 2020 Health & Recovery bond with an entrance conference held in the days prior to the committee meeting and expects to issue that report in Q3 of this fiscal year (target February 2026 was cited).
Vishal Torelli from the Office of Public Finance said staff are preparing two transactions: a first series of the 2024 "Healthy, Safe and Vibrant San Francisco" bonds expected to price in September and close in October, and the third issuance of the 2020 Health & Recovery bonds, whose sizing depends on pending Homekey Plus grant outcomes for HSH projects. Torelli said the Vibrant sale is expected to be about $130 million in par amount rather than $189 million previously noted in materials; some projects will be pushed to the subsequent issuance in 2026. The timing of the Health & Recovery third issuance depends on final grant determinations so the office expects to issue that sale later this fall pending award notices.
Committee members asked about liaison assignments and the timing of presentations for newly issued bond proceeds; staff advised that liaison assignments can be made after issuance and that the office will brief the committee on any measure-specific reporting or training requirements included in ballot language for the Vibrant bond.
Ending: Public finance staff said they will return with final sale sizing and schedule as rating and grant decisions are finalized; the controller’s audits unit will continue work on bond expenditure audits and other risk-based audits.
