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Committee approves forwarding Teeter Plan resolutions to stabilize parcel‑tax revenues
Summary
The committee recommended four resolutions that would add several parcel taxes — including school and Bay Restoration Authority levies — to San Francisco's Teeter Plan, a receivables-buying method that guarantees billed revenue to taxing entities while the county collects penalties and interest.
The Budget and Finance Committee considered four resolutions (Items 6–9) to extend the county's Teeter Plan distribution method to a set of parcel taxes, including citywide school district parcel taxes, a City College parcel tax, and the San Francisco Bay Restoration Authority's $12-per-parcel tax. Jamie Whitaker, property tax manager in the controller’s budget and analysis division, explained that teetering means the county buys delinquent receivables so taxing entities receive the full billed amount in the year it is billed, increasing revenue stability and making bond-backed financing more predictable for those entities.
Whitaker said the county already teeters most secured property taxes and that these four parcel taxes would be added to that group beginning fiscal year 2018–19, provided the necessary Board and other governing-board approvals occur before the statutory July 15 deadline. The controller's office estimated a one-time buyback for fiscal 2017–18 of roughly $1.9 million for the parcels involved and projected $300,000–$400,000 per year when delinquent amounts are collected; the BLA recommended approval.
Supervisor Aaron Peskin (committee member) described his interest in the item arising from service on the Bay Restoration Authority board and said the move benefits both the Bay Restoration Authority and the City. After discussion and no public comment, the committee moved the resolutions forward to the full board with a positive recommendation.
