Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Controller: ACOC has documented about $13.9M; city projects a possible $2.6M shortfall under current assumptions
Summary
The controller reported $13.9 million in documented cash and pledges for the America's Cup organizing committee versus a $32 million host/venue target; OEWD presented a city expense projection of about $22.5 million with reimbursements and tax revenue assumptions that leave an estimated $2.6 million shortfall under current projections.
The San Francisco controller and city staff told supervisors on March 13 that the America's Cup organizing committee (ACOC) had documented roughly $13.9 million in cash and written commitments as of the committee's update, short of the $32 million fundraising target in the host and venue agreement.
Controller Ben Rosenfield said about $12 million of the $13.9 million had been received in cash. He noted much of those funds were accelerations or loans derived from the event authority itself rather than independent philanthropic or corporate pledges.
Mark Buell, chair of the ACOC, and Carrie McClellan, the ACOC CEO, described recent fundraising recalibrations. Buell said the organizing committee had increased pledges by approximately…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
