Meeting will come to order. This is the july 21, 2020 special budget and finance committee meeting. Im standing you chair of the budget budget and finance committee im joined by supervisor Shamann Walton and rafael mandelman. Madam clerk, do we have any announcement . Due to the covid19 health emergency, City Employees and the public, board of supervisors and Committee Room are closed. Committee members will attend the meeting Via Video Conference and participate in the meeting. Public comment will be available on each agenda. Both channel 26 and sfgovtv. Org are streaming the number across the screen. Each speaker will be allowed two minutes to speak. When your item comes up, dial star 3 to be added to the speaker line. Speak clearly and slowly and turn down your television or radio. You will submit following in either of the following way, email to me, the budget and finance committee clerk. If you submit Public Comment via email, it will be forwarded to supervisors and will be included as part of the official file. This concludes my announcements. Supervisor fewer thank you very much. Can you please call number one. [agenda item read] members of the public who wish to provide comment on this item please call 4156550001. If you have not already done so, please dial star 3 to line up to speak. Supervisor fewer thank you very much. Today we have just one item before us this, the Small Business and economic recovery act. Which we amended at the special budget meeting thursday of last week. Amendments was strengthen San Francisco recovery by providing more tax relief for Small Businesses who have been hit hard by covid19. This is a well thought out measure that will benefit Small Businesses and allow the city to unlock hundreds of millions of dollars in funds that we have collected from big measures in 2018. After Public Comment, im going to be making a motion to send this to the full board as a report. I like to thank a few people for all their hard work to make sure that this happens. First president norman yee and his step that take into account both economic recovery and city need for new revenue to keep the lights on during this budget deficit. My colleague, supervisor aaron peskin, matt haney and their staff and my staff member for all the time and work they put in this including many late night team meet. Our comptroller Ben Rosenfield, tax attorney scott weaver for all your time, knowledge, expertise and patience and constantly walking us through the complexity of our tax system and your willingness to go back to drawing board and also to community and neighbor partners to make sure that we are strong partners in this measure and this measure is as strong as possible. I believe we have president yee joining us today who can speak more to this measure and has an more announcement to make. President yee im pleased to share that the mayor officially announced her support for the amended version of Small Business economic recovery act. Im glad that we are joining forces to deliver the message to our voters in the next monthing comes. I dont want to repeat too much what has been said. I really believe amendments we have introduce strengthen those measures so that better response to our current unprecedented Economic Crises what they fear equitable recovery, especially for our working families, small and entrepreneurs and family owned businesses. When we talk about recovery, it cant be just for a few. It must start from a bottom up, we need to provide immediate relief to the hardest Impact Industries and businesses and provide a response sustainable economic recovery. Includes the ability to unlock funds already collected through our city our home and early care and education for all that are tied up in litigation. The measure will free up 300 million from the general fund by placing a 20year backstop. We have incorporated a Charter Amendment to ensure that the revenue generated for this specific tax is not subject to baseline reductions. This will allow a full amount to refund claims and to support the general fund. While also bringing up the dollars intended for Housing Support and early education. This measure excludes Small Businesses making 2 million or less. This will benefit around 3100 Small Businesses. Many of which are barely getting by now. Small businesses making less than 1 million will also see a reduction in their registration fee. There are significant tax reductions in industries that are hardist hit by th hardest hit by covid19. Like Food Services and restaurant and manufacturing over the course of the next few years. Lastly, its clear that economic economy recovery is going to be much longer than expected. Therefore, we are proposing that no new taxes are considered until january 2022 in which there will be a small increments to the tax rates for large industries. We also are proposing reporting requirements so that the comptroller provide recommendations to the board if taxes need to be further deferred or reduced due to economic conditions. I believe that the updated measure is balanced, bold bringing immediate relief to who needs it most. While offsetting the costs to mainly large industry who are less cost sensitive. We will still need to make difficult budget decisions this year. This measure can help minimize the impact. We can prevent massive cuts, reinvest in jobs and Community Revitalization that is so desperately needed to lift us all of this devastating pandemic and Economic Crises. I want to appreciate as chair fewer mentioned, i think its worth mentioning over and over, the work of the comptroller, Ben Rosenfield and ted egan our chief economist and city attorney, scott weaver for their work as well as my colleagues and their staff. I want to recognize the coalition of labor and Community Partners who have been involved during this whole process. Colleagues i hope i can count on your support for in measure. Thank you. Supervisor fewer thank you very much president yee. Our comptroller Ben Rosenfield is here for questions. We dont have any presentations. We heard the report last week. Can we call for Public Comment for item one. Yes, i will check to see if theres callers on the queue. If you have not done so, press star 3 to be added to the queue. For those on queue, please continue to wait until the system indicate that you have been muted. I have one caller in the queue. Hi. Can you hear me . Yes, we can hear you. Im speaking to support the proposal to allow access child care funding voters already approved. We were team working with signatures to be put on the ballot. It passed. Its time for big business to pay their fair share because during the economic boom, they captured lot of the gains in the economic growth. About 3000 Small Businesses would benefit from this. The child Care Industry is an essential service and its necessary for economic recovery. They are being asked to do more for less. We need them to keep their doors open. Once child care license closes its door, it is permanent. The city invested so much in early Care Education and we should protect children as well as their investment. As a stayathome mom, it took me three years before i was finally able to work. When i started working, my first paycheck went to pay for child care. This doesnt make sense for parents to go to work just to pay for child care. Many families like mine go to extreme measures just to get the children in care. I had to send my children to grandparents outside of the country and with covid19, and its no longer available. You can help us right now by approving this. Thank you very much for your time. Thank you for your comment. Next speaker please. Good afternoon supervisors. Im Public Policy communication director for Children Council of San Francisco. We have one of the referral agencies that match children with child care on behalf of the city. We run a program to help more people become child care workers. Theres a shortage in San Francisco. The majority of child care in San Francisco is women of colour and extremely underfunded. Most child care workers make around minimum wage. Covid19 highlights the reality of how dependent our economy is on child care and k12. The funds that will be released if this ballot measure will allow child Care Industry to keep workers afloat and expanding access to child care. There are currently 3500 low income children on the wait list for child care and the numbers expanding as more families fall into the income requirement due to recession and covid19. Black children do not start kindergarten at the Kindergarten Readiness level. As a city, we must do better. Child care providers are Small Business owners. It is one of the main ways women of colour, including immigrant women [indiscernible]. We thank the board of supervisors for all the work you have done on this measure. Thank you. Next speaker please. That completes the queue. Supervisor fewer Public Comment for item one is closed. I like to make a motion to move in with a positive recommendation as a Committee Report to todays boards meeting. [roll call] supervisor fewer is there any more business for us today. Theres no further business. We are adjourned. Thank you very much