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Committee agrees to amend airport bond ordinance to add issuance costs; items continued one week
Summary
The committee accepted the Budget Analyst's recommendation to increase the Airport Commission bond appropriation by $41 million to cover issuance costs and continued the bond items one week for final figures; the airport highlighted runway safety, terminal and baggage projects and projected job creation under the capital plan.
The Budget and Finance Committee considered a resolution and an ordinance authorizing the issuance of up to $502.2 million in bonds for the San Francisco Airport Commission’s capital plan and appropriating bond proceeds for capital improvement projects.
Julia Dawson, the Airport's budget manager, summarized the capital plan highlights — runway safety (a federally mandated runway safety area project), baggage handling and security upgrades, terminal work (including the air traffic control tower), boarding area reconstruction, roadway and parking improvements and infrastructure projects. She told the committee the capital plan is projected to support roughly 3,277 jobs over five years.
Deborah Newman of the Budget Analyst's Office recommended increasing the requested appropriation by $41 million to provide authority for issuance and financial costs. "Our specific recommendation is that the requested appropriation for $502,200,000 be increased by the $41,000,000 to $543,200,000 to provide an appropriation authority for the financial and related issuance costs," Newman said.
The committee agreed to the Budget Analyst's amendment and to continue items 1 and 2 for one week to allow staff to incorporate the changes into the legislation and appropriation language. The airport indicated agreement with the increase and offered to work with the Controller's Office and the clerk on language and appropriation details.
