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OCII approves $640.7 million FY2019–20 budget, reallocates funds to parks
Summary
The Commission approved the OCII FY2019–20 budget of $640.7 million, a 14% decrease year‑over‑year driven by loan paydowns and bond issuance timing; staff reported a $400,000 net reduction and reallocated $3.4 million from a streetscape project to parks.
The Commission on Community Investment and Infrastructure voted May 7 to approve OCII’s FY2019–20 budget and to authorize the executive director to submit the budget and interim budget to the mayor’s office and the Board of Supervisors.
Staff presented the action item as a continuation of an April workshop. Mina Yoo, financial reporting and management analyst for OCII, said the total proposed budget is $640,700,000, a 14% decrease from the prior year driven primarily by repayment of affordable‑housing loans and delays in affordable‑housing pipeline bond issuances. Yoo said a net reduction of $400,000 (0.1%) from the workshop materials reflects three technical reclassifications and one programmatic change: a $3.4 million reduction in the Folsom Streetscape project in Transbay that allowed reallocation of bond proceeds to parks, producing no net decrease in total funding but a change in the “color of money.”
Yoo told commissioners the budget includes an operational cost portion of roughly $18.7 million (2.9%) and 55 positions unchanged from the prior year. The agency also plans $98.9 million in new affordable‑housing loans (two gap loans and four predevelopment loans) and two proposed bond issuances totaling $40.6 million; the Board of Supervisors will consider related approvals in July.
With no public speakers, the commission approved the budget on a motion moved by Commissioner Scott and seconded by another commissioner. The vote was 3–0 (Commissioner Scott: yes; Vice Chair Rosales: yes; Chair Miguel Bustos: yes). OCII staff said they will submit the budget to the mayor’s budget office by June 1 and noted the board of supervisors will take formal action in July.
Chair Miguel Bustos thanked staff for prudent stewardship of funds.
