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OCII adopts $698 million FY2016–17 budget; bond refundings free $35 million for projects
Summary
The Commission on Community Investment and Infrastructure on May 3 adopted a $698 million fiscal 2016–17 budget (Resolution No. 19-2016), highlighting prior-period authority recognition, bond refunding savings that increased from an expected $13 million to $35 million, and several staffing and capital adjustments.
The Commission on Community Investment and Infrastructure on May 3 adopted its fiscal 2016–17 budget, a $698,000,000 spending plan that staff said reflects substantial prior-period authority rolled forward from earlier approvals.
Deputy Director of Finance and Administration Breema Horder told commissioners the final budget separates prior-period authority from new authority to give the public greater transparency. ‘‘In this final version of the budget, we highlight what is prior period authority versus what is new authority in this budget year,’’ Horder said, explaining the change does not alter planned spending but clarifies accounting that had been omitted in prior presentations.
Horder also described three bond transactions that closed April 21 — 2016A (Mission Bay North) and 2016B and 2016C (Mission Bay…
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