TIDA board approves two‑year budget reflecting grant changes and housing subsidies
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Summary
The Treasure Island Development Authority approved a balanced FY27–28 budget reflecting new transportation funding assumptions tied to a $12M IIG reallocation, with authority, city-cost and subsidy budgets described and several line-item reallocations explained to commissioners.
The Treasure Island Development Authority board approved its two‑year budget for fiscal years 2026–27 and 2027–28 after a public presentation and discussion from staff. Acting finance lead Jamie Cruben presented the budget as a balanced proposal reflecting recent grant developments.
Cruben told directors the consolidated proposal forecasts roughly $48,200,000 in revenue and expenditures for FY27 across three budget categories: the authority cost budget (operations, supported primarily by leasing revenues), a city cost budget (development activities reimbursable by the master developer, TICD), and a subsidy cost budget (housing and service subsidies). Key line items include approximately $18,000,000 for staff salaries and benefits, roughly $9,900,000 designated for housing subsidy (supporting the behavioral health building and work on E1.2 senior and IC4.3 projects), and approximately $5,300,000 for parks and open-space maintenance under the Rec and Park MOU.
Board members asked specific line‑item questions about how the 1 Treasure Island contract appears in the budget and whether reductions were offset elsewhere. Staff explained that certain interim rent and transition-housing costs originally anticipated under the 1 Treasure Island contract were reallocated to the housing subsidy budget, not eliminated, and pointed commissioners to Exhibit C for a line‑by‑line reconciliation.
Cruben also said the budget reflects transportation increases tied to the IIG reallocation, and staff assumed about $6.5 million of the reallocated funds would be spent in FY27; the greater IIG discussion was presented separately.
The budget was moved, seconded and approved by voice vote. Staff said approving the budget allows the City Administrator's Office to submit departmental budgets to the mayor's office later in February and supports the mayor's June budget introduction to the Board of Supervisors.
What happens next: staff will proceed with the accept-and-expend mechanics for grant proceeds, monitor expenditures tied to the IIG, and return to the board with any required contract authority or appropriation requests.