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Committee approves multiple Treasure Island lease extensions, budget housekeeping and bond remarketing
Summary
The committee approved one‑year extensions for several Treasure Island master leases with the U.S. Navy, adopted technical overtime budget ordinances for the Public Utilities Commission, and approved remarketing agreements for lease revenue refunding bonds connected to the Moscone Center expansion.
The Budget & Finance Committee handled a series of procedural and budget items in addition to major agenda topics.
Treasure Island: Peter Somerville of the Treasure Island Development Authority asked the committee to extend several master leases between the Authority and the United States Navy (childcare, event venue, firefighting training center, land & structures, marina, South Waterfront) for one year to 11/30/2015; the committee approved all six items without public comment.
Budget technical ordinances: Todd Rechtrom, assistant GM and CFO of the Public Utilities Commission, presented three ordinances to reappropriate salary savings to cover overtime costs in PUC operating budgets (bureau operating budget, water enterprise, wastewater enterprise). The budget analyst reported the ordinances are cleanup measures for FY2013‑14 and recommended retroactivity to 06/30/2014; the committee approved the amended ordinances.
Bond remarketing: The Comptroller’s Office presented an ordinance to approve remarketing of certain lease revenue refunding bonds related to the Moscone Center expansion and to select State Street to provide letters of credit with a 0.35% commitment fee. The budget analyst projected illustrative five‑year savings of approximately $2,088,360 under certain assumptions; the committee advanced the ordinance.
Before adjourning, the chair rescinded an earlier vote on items 7–12 and then re‑took the motions to approve them again by unanimous consent. The committee adjourned after closing business.
