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Commission adopts $745 million FY2018‑19 budget, highlights bond‑funded affordable housing loans
Summary
The commission approved a FY2018‑19 budget of $745,000,000, a small revision down from the draft; staff said the increase from the prior year largely reflects planned bond‑funded affordable housing loans and three proposed bonds totaling roughly $144.1 million for Mission Bay and SB 107 housing efforts.
The Commission on Community Investment and Infrastructure voted May 1 to adopt its FY2018‑19 budget of $745,000,000 and authorized the executive director to submit the interim budget to the mayor's office and the Board of Supervisors.
Deputy director for finance and administration Bree Mahorter told the commission the version presented represented a technical reduction from a previously circulated draft of $747,600,000 to an updated total of $745,000,000—about a 0.3 percent decrease. Mahorter said line‑by‑line adjustments included a $1.7 million downward revision to projected property tax receipts after coordination with the assessor and controller, and a $700,000 reduction in assumed cost of issuance for proposed new bonds. She said most individual changes were under 2 percent and that the net effect was a small overall reduction.
Mahorter said the agency proposes issuing approximately $220.3 million in new affordable housing loans in the coming year and anticipates issuing three bonds—a Mission Bay housing bond, an SB 107 housing bond, and a Mission Bay infrastructure bond—totaling about $144.1 million including costs of issuance.
During discussion, a commissioner asked for more detail on salary information shown on page 9; staff said the budget narrative contains budgeted positions and that a salary ordinance (showing ranges) is typically presented in June. Commissioners also questioned a roughly $10.4 million line for payments to other public agencies; staff explained that includes planned transfers connected with the year‑end transfer of Yerba Buena Gardens and a port fund balance transaction related to South Beach Harbor.
Commissioners praised staff for careful review of assumptions and for finding modest reductions prior to submission. Commissioner Rosales moved and Commissioner Bustos seconded the budget motion; the roll call vote was 4‑0 in favor and the budget was adopted. Staff will submit the adopted document to the mayor's office for review and onward presentation to the Board of Supervisors.
