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SFPUC authorizes transfer of unclaimed customer credits (~$254,000) to water/wastewater surplus funds
Summary
The commission approved a staff motion to transfer roughly 6,239 unclaimed customer credit balances totaling about $254,000 to water and wastewater surplus funds, with approximately $94,000 allocated to water and $161,000 to wastewater; the motion passed after a roll call of 'Aye.'
The San Francisco Public Utilities Commission voted to authorize the general manager to transfer unclaimed customer credit balances on closed accounts that remained unclaimed for three years into the water and wastewater unappropriated surplus funds.
Todd Reekstrom, the commission’s CFO and assistant general manager for business services, told commissioners there are approximately 6,239 accounts with an aggregate balance of about $254,000 (average account ~$41). Reekstrom said public noticing had been completed and that the lion’s share of the balance would flow to the water department (~$94,000) and wastewater (~$161,000), with a small remittance to the general fund for utility user tax obligations.
Commissioner 6 moved to adopt the credit program and an unidentified commissioner seconded the motion. The chair called for a vote and commissioners responded "Aye;" the motion carried.
Reekstrom noted commissioners had previously discussed whether the unclaimed balances might be a modest funding source for low‑income assistance; he said staff would look at that possibility consistent with legal constraints and prior public notice procedures.
A public commenter, Mitchell Hayward, asked about the municipal bond market and whether recent sales suggested the city could market the larger WESIP‑related bonds; staff replied that recent general obligation bonds sold at about 4.5% and that staff will try to time future sales in more stable market windows.
The commission adjourned at 04:36.
