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DBI reports steady revenues, reserves funded; soft-story retrofit program near completion
Summary
DBI reported flat fee revenues, higher expenditures from salary increases, and that FY 2018–19 closed with approximately $84M revenues (higher than prior year largely due to interest and litigation recoveries). The commission heard that soft-story permit application compliance is about 98% with ~65–70% completion, and staff signaled some Tier 4 buildings may need additional time.
Deputy Director Tyrus Madison presented DBI's financial reports for the commission's review, saying year-to-date revenues for the first three months of the fiscal year were about $17.6 million compared with $17.3 million last year, while expenditures for the period were $13.2 million versus $12.1 million the prior year. Madison attributed the larger year-over-year expenditure primarily…
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