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Committee approves amendment to WSIP budget and release of Calaveras Dam reserves
Summary
The committee forwarded an amended WSIP ordinance that realigns savings and places $144 million in program reserves, and it approved release of $27,283,174 in reserve funds for the Calaveras Dam replacement project; the PUC said scheduling and low bid rates created savings available for reallocation.
The Budget and Finance Committee forwarded an amendment to the Water System Improvement Program (WSIP) ordinance that realigns project budgets to capture savings from recent construction bids and places those savings into a program reserve that would remain under committee oversight.
Todd Reitstrom, Assistant General Manager and CFO of the San Francisco Public Utilities Commission, told the committee that the WSIP total budget remains $4.6 billion but that lower-than-expected bids and active contracting have produced savings the PUC proposes to lock into a program reserve. Reitstrom described cash expenditures of roughly $1.7 billion to date and said an additional $1.7 billion has been encumbered in contracts, leaving most projects underway.
The PUC recommended placing $144,000,000 into a program reserve and reestablishing reserves for habitat mitigation and recycled water projects; the PUC also asked for release of $27,283,174 in reserves for the Calaveras Dam replacement project after the project reached a construction milestone. The budget analyst advised that expenditures from the proposed program reserve would be subject to Budget & Finance Committee approval.
The committee took the "amendment of the whole" without objection, moved Item 3 (WSIP budget realignment) as amended to the full Board with recommendation, and moved to release the Calaveras reserve funds. There was limited public comment.
