Committee advances routine items: employee fundraising resolution and bond reallocation; asks follow-up on fiscal impacts

At the start of the meeting, Chair Carmen Hsu read housekeeping items and the clerk confirmed that items acted upon by the committee will appear on the Board of Supervisors agenda on March 22, 2011.

Item 1: Joan Lubomirski (Office of the City Administrator) briefed the subcommittee on a resolution designating agencies eligible to participate in the 2011 joint fundraising drive for city officers and employees. No members of the public asked to speak and the committee advanced the resolution to the full Board with recommendation.

Item 3: The subcommittee considered an ordinance to de-appropriate $15,479,251 in market-rate general obligation bond proceeds and reappropriate the same amount to the below‑market‑rate seismic safety loan program in the Mayor's Office of Housing for FY2010/11. Theresa Onga of the Mayor's Office of Housing explained the reallocation implements previously approved loans (the Arlington loan) and responds to the controller's request. Supervisors asked whether shifting bond proceeds would affect property tax levies; the Office of Public Finance said historical bond assumptions included levying property taxes to repay certain bonds and that some levy impact is plausible. The committee moved the item to the full Board "without recommendation" to allow supervisors additional time to review follow-up answers from Office of Public Finance and the Mayor's Office of Housing.

What happens next: Item 1 and Item 3 will be included on the Board of Supervisors agenda (03/22/2011) for final action; staff were asked to provide follow‑up fiscal clarifications that the committee requested.