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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 to salary increases.
Madison also summarized the FY 2018–19 year-end position: preliminary figures show about $84 million in revenue compared with roughly $80 million the prior fiscal year. He said the revenue increase was not driven by higher DBI fee revenue but rather by interest income and some litigation recoveries. DBI has used available funds to fully fund both reserves (including OPEB), he said.
On program updates, staff reported the soft-story mandatory seismic retrofit program is near-complete on permitting: about 98% compliance for permit filings but a lower completion rate (about 65–70%), particularly in the larger tiers. Staff and commissioners discussed contractor and engineer availability and the possibility of small timeline extensions for Tier 4 buildings with commercial spaces.
Bill Strachan (Legislative and Public Affairs) also briefed the commission on code updates, the triennial code renewal and a pilot ADU/DDA fee-waiver program expected to include roughly 40 pilot projects. Staff said they will follow up on specific targets for the ADU pilot and on whether DBI reports are disclosed to buyers in the SRO/residential-hotel transfer process.
