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OCII approves $536.8 million interim FY2017–18 budget; staff flags $690,000 state funding denial
Summary
The Successor Agency Commission approved an interim FY2017–18 budget to send to the mayor’s office, while staff warned the Department of Finance declined to allow $690,000 in property-tax funding, forcing conservative assumptions and potential programmatic shifts.
The Successor Agency Commission to the San Francisco Redevelopment Agency voted 4–0, with one absence, on May 2 to approve an interim FY2017–18 budget and authorize staff to submit it to the mayor’s budget office for review. Commissioner Singh moved to approve the resolution; Commissioner Rosales seconded. Commissioners Pimentel, Rosales, Singh and Madam Chair Mondejar voted yes; Vice Chair Bustos was absent.
Brie Mahorter, deputy director of finance and administration for OCII, said the proposed total budget is $536,800,000 and explained the agency is budgeting conservatively after the California Department of Finance declined to approve $690,000 in RPTTF (property-tax) non-administrative funding. "The Department of Finance declined to approve $690,000 in RPTTF non admin," Mahorter told commissioners, adding staff went to Sacramento for a meet-and-confer and expect a determination within about two weeks before the June 1 property-tax distribution.
Mahorter walked commissioners through how prior-period bond proceeds and refunding of Mission Bay housing bonds affect the agency’s cash flows and debt-service profile, saying a refunding frees roughly $6 million to support additional housing or to issue new debt. She described a programmatic budget — the budget excluding debt service and pass-throughs — of about $430,500,000 and said roughly 80% of those programmatic dollars go toward affordable housing development and infrastructure reimbursements.
On next steps, Mahorter said staff will submit the approved resolution to the mayor’s budget office, which will review it before transmitting the package to the Board of Supervisors; an interim budget for July will take effect on July 1 and the full budget vote is expected in mid-July. The motion approved was resolution number 17 20 17.
Votes at a glance: the meeting recorded two formal roll-call votes on May 2 (consent minutes and the budget resolution). For the budget resolution the roll-call was: Commissioner Pimentel — yes; Commissioner Rosales — yes; Commissioner Singh — yes; Vice Chair Bustos — absent; Madam Chair Mondejar — yes. The secretary announced, "the vote is 4 ayes and 1 absent."
