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Budget committee advances $9 billion airport bond appropriation for SFO capital program
Summary
The committee voted to forward an ordinance to appropriate approximately $9 billion of airport revenue bond proceeds to finance San Francisco International Airport's $12.5 billion capital improvement program, with debt service paid from airport revenues and no general fund liability.
The Budget and Finance Committee on Jan. 14 moved to send to the full Board an ordinance authorizing the appropriation of roughly $9 billion in proceeds from airport revenue bonds or commercial paper to support San Francisco International Airport's $12.5 billion capital improvement program.
Diana Volek of SFO said the appropriation provides authority for future bond and commercial paper sales to fund terminal renovations, cargo and hangar improvements, parking and garage upgrades, and infrastructure work such as runway and utility projects. She emphasized that airport debt service is paid from airport revenues (airline rates, concessions, parking) and does not rely on the City's general fund.
The Budget Analyst reviewed projected debt service and fiscal impacts, noting that airport debt service is expected to rise from about $650 million this year toward $1.4 billion with planned bonds by 2046; staff recommended approval of the ordinance to provide the airport flexibility to fund its CIP on a market-sensitive schedule.
No public commenters spoke on the item at the committee; the panel voted 3-0 to refer the ordinance to the full Board.
