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Citizens’ Bond Oversight Panel Says Most City Bonds Are on Track, Flags Laguna Honda Lessons
Summary
The Citizens General Obligation Bond Oversight Committee told the Government Audit and Oversight Committee it has beefed up oversight—adding liaisons and more meetings—to monitor more than $2 billion in city bonds, reporting San Francisco General is on schedule while Laguna Honda faced major overruns.
The Citizens General Obligation Bond Oversight Committee (CIGOBAC) presented its annual report to the Government Audit and Oversight Committee, outlining changes to committee operations and the status of major city bond programs. Chair Thea Selby said the nine-member volunteer committee increased meeting frequency and added member liaisons to focus oversight on individual bond programs.
"We make sure that the bonds are on time, on scope and on budget," Selby said, describing CIGOBAC’s role under Proposition F and Proposition C and noting the committee now oversees roughly $2,000,000,000 in bond authorizations. The committee has shifted from…
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