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SFUSD reports $65M TRANs sale, improved reserves and adopts 10‑year capital plan
Summary
CFO reported a successful $65 million sale of TRANs at a low interest rate and a year-end reserve of 2.6%; the Board adopted a 2007–2017 capital plan after Q&A on portable classrooms, demographic studies and facility inventory.
The San Francisco Unified School District reported improved year-end finances and adopted a 10-year capital plan at the Oct. 23 board meeting.
Chief Financial Officer Joe Grazioli told the board the district competitively sold $65,000,000 of tax and revenue anticipation notes (TRANs) on Oct. 16 at an interest cost near 3.34%, substantially below the local treasurer pool rate cited for comparison. Grazioli said the district closed fiscal year 2006–07 with a 2.6% unrestricted reserve and improved cash‑flow practices, and that the short-term MIG‑1 and S&P 1+ ratings reflect stronger liquidity and early earmarking of debt‑repayment funds.
The finance presentation included unaudited 2006–07 actuals showing higher-than-budgeted local revenues (interest and sales tax) and notable one-time expenses such as litigation monitoring related to the Lopez case. Staff highlighted categorical carryovers, special-education transportation encroachments and the district’s plan to sell a property on Fawn Street as part of debt‑service management.
Separately, Chief Facilities Officer David Golden presented the requested action to adopt the San Francisco Unified School District Capital Plan for 2007–2017, an inventory-driven plan projecting costs and funding needs across facility programs. Board members pressed for detail on how the plan addresses portable classrooms and asked whether updated demographic studies will be undertaken; staff said the plan inventories modular classrooms and can be refined in future iterations to show timelines for replacing portables with permanent construction. The board adopted the capital plan by roll call as recorded in the minutes.
Board members and staff agreed to follow up with a more detailed plan on portable classroom replacement, and to consider recommending an updated demographic study to inform future facility and enrollment decisions.
Outcome: TRANs issuance reported on the record; unaudited actuals presented; Board adopted the 10-year capital plan (roll call recorded in transcript).
