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Committee approves funding swap to pay for Rossi Pool and Golden Gate Park golf clubhouse
Summary
The committee agreed to a funding swap moving $4 million from open-space funds to a Golden Gate Park Golf Course clubhouse project while backfilling Rossi Pool with $4 million of lease revenue bond savings from refunded 2006–2007 bonds; BLA recommended approval and the item was forwarded to the full Board.
The Budget & Finance Committee voted to forward to the full Board a plan to use lease revenue bond savings and open-space funds to finance the Rossi Pool project and to fully fund the Golden Gate Park Golf Course clubhouse.
Derek Chu, director of administration and finance for the Recreation and Parks Department, told the committee the department identified $4,000,000 in savings from refunded 2006 and 2007 lease revenue bonds that are tax-exempt and therefore restricted to public purposes. The department proposed swapping those funds so Rossi Pool would receive the lease revenue savings while $4,000,000 in Open Space Fund money would shift to the Golden Gate Park Golf Course Clubhouse project.
The Budget Legislative Analyst explained the swap in more detail and said the Recreation and Park Commission had approved the clubhouse funding. "This is expected to fully fund that project," the BLA summary noted. Committee members asked for confirmation that the funds became available as a result of the bond refunding and Chu confirmed the savings were not due to under-spending but from the debt-service reserve no longer required after refunding.
Supervisor Mandelmann moved to forward the ordinance to the Board with a positive recommendation; the committee took the motion without objection. The items will next appear on the Board of Supervisors agenda for final action.
