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Supervisors press OEWD on America's Cup $12 million budget and fundraising risks
Summary
OEWD presented a proposed $12 million America's Cup allocation and described mechanisms to hold funds until organizers certify receipts; supervisors raised concern the organizing committee has only secured about $2 million so far and asked about controller safeguards.
The Budget and Finance Committee on Wednesday pressed the Office of Economic and Workforce Development over city costs related to the America's Cup, where the department says the city is budgeting roughly $12 million for the next fiscal year.
Jennifer Matz, director of OEWD, told supervisors the $12 million estimate would cover direct staffing ($819,000), permitting ($1.7 million), port revenue backfill ($2.1 million) and additional event costs. "That being said, we do not expect…
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