OCII adopts $527.3 million FY2020–21 agency budget and CFD budgets

The Office of Community Investment and Infrastructure approved a $527.3 million agency budget for fiscal year 2020–21 and separately approved community facilities district budgets at its June 16 meeting.

Nina Yu, OCIIFinancial Reporting and Management Analyst, told the commission the FY2020–21 budget totals $527,300,000, a $5.9 million (1.1%) increase from the prior year driven largely by higher property tax collections and use of prior-period authority and fund balance. Staff expects to draw about $274.9 million from fund balance and prior authority, leaving an estimated cash on hand of $334.5 million at the end of FY2020–21.

Yu said the operating budget is $20.6 million (about 3.9% of the total) and the agency will keep 55 positions unchanged from the prior year. The FY2021 plan anticipates six new affordable housing loans (two construction loans and four pre-development loans) and a planned bond issuance to reimburse Hunters Point Shipyard/Kennelstake Point infrastructure.

OCII also administers seven Community Facilities Districts (CFDs). The CFD estimate included a tax levy of approximately $18 million, debt service of about $11.4 million and roughly $176.2 million outstanding in related bonds. Staff noted the CFDs are separate legal entities but the commission acts in a legislative capacity for those budgets.

Commissioners moved and seconded the two budget approvals separately. Both motions passed unanimously by roll call (4-0) with Vice Chair Rosales present for the votes. Chair Miguel Bustos said staff will submit the agency budget to the mayor's budget office by July 1 and to the Board of Supervisors by August 1.

The commission requested staff provide a follow-up report on project-level details and, where requested, demographic data on lease-ups for newly completed projects.