Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audits And Public Finance topic
No spam. Unsubscribe anytime.
Controller's office details audits, homelessness metrics and public-finance bond sale; $83.6M issued for 2024 bonds
Summary
The controller's audits division reported a Prop Q audit with nine findings and 11 recommendations, an expanded homelessness scorecard showed about 28,000 service interactions in August (a duplicated-count measure), and the Office of Public Finance closed an $83.6 million sale for the first tranche of 2024 Healthy, Safe and Vibrant bonds.
Mark Dela Rosa, director of audits in the Controller's Office, briefed the Obligation Bond Oversight Committee on recent audit activity and upcoming work. Dela Rosa said the office issued a Human Rights Commission Prop Q (non-contract purchases) audit in September that contained nine findings and 11 recommendations and was issued as a joint investigation with the city attorney's office. He said the office will follow up on recommendations on six-month intervals.
Natasha, speaking for controller staff, described published annual performance work including a street-and-sidewalk standards report covering roughly 2,600 evaluations and an expanded homelessness scorecard. Natasha said the homelessness measure added a monthly count of people receiving homelessness-system services and cited that in August the count was "a little over 28,000 individuals in San Francisco," noting that the metric duplicates individuals who receive multiple services; she said the dataset on unique clients by service category is available on the office website and staff would follow up with more precise unduplicated counts when requested.
On public finance, Vishal Trilli reported the city closed on the first issuance of the 2024 Healthy, Safe and Vibrant San Francisco bonds earlier this month, selling $83,600,000 with a true interest cost of 3.52% and 17 underwriter bids. He said the next issuance could occur as soon as next month for the 2020 health and recovery bonds, with an expected $88–$90 million for housing and shelter projects.
Committee members discussed the definition of "bonds near completion" and the process for ending reporting requirements to the oversight committee; controller staff said they are working with departments to define "substantial completion" versus final financial close and expect to return with a recommendation. Members also discussed improving the process for committee narrative submissions and fixing broken or out-of-date website links; staff asked members to flag broken links so they can be corrected.
No formal committee action was taken on these updates during the meeting.
