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Committee advances roughly $1.2 billion in SFPUC bond authorizations and capital appropriations
Summary
The Budget and Finance Committee forwarded multiple SFPUC capital and bond ordinances to the full Board, including adjustments to water, wastewater and power bond authorizations and related appropriations with estimated multi-decade debt-service implications.
The San Francisco Board of Supervisors Budget and Finance Committee on Wednesday forwarded several SFPUC capital and bond ordinances to the full Board after accepting budget analyst recommendations and agency amendments.
SFPUC staff summarized a capital program that covers water, wastewater and Hetch Hetchy water and power work. The committee reviewed bond issuances and appropriations that, taken together, would allow the SFPUC to issue approximately $1.2 billion in bonds over upcoming years to support a roughly $1.5 billion capital program.
Budget analyst Mr. Rose provided detailed 30-year estimated debt-service figures: for example, the debt service estimate tied to certain water revenue bonds was reported at about $533,090,970 (covering principal and interest) with estimated annual debt service near $19,800,000; other bond packages produced multi-decade debt-service estimates in the hundreds of millions and average annual payments in the mid tens of millions.
The analyst recommended reducing some aggregate principal authorizations (for example, trimming an $846.9 million wastewater authorization by roughly $27.9 million based on prior deappropriation action) and approving appropriation ordinances as amended. Committee members accepted those recommendations and approved sending the ordinances to the full Board as amended.
A public commenter, Thomas Picariello, urged the committee to continue the items until an impasse over the CCA program and the mayor—s position is resolved, arguing that immediate appropriations could weaken the Board—s leverage. The committee nevertheless advanced the items for full-Board consideration.
The committee also approved interim appropriation items (3 and 4) to keep city operations funded during July while the full budget is pending review.
The ordinances will return to the Board for final action; the budget analyst and SFPUC staff noted that debt-service projections and CEQA approvals are among outstanding procedural steps.
