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[gavel]. Chair fewer good morning, everyone. This is the july 17, 2019 regular meeting of the budget and finance committee. Im sandra lee fewer, chairman of the budget and finance committee. Im joined by supervisor Raphael Mandelman and aaron peskin, whos sitting in for supervisor stefani. Colleagues, can i have a motion to excuse supervisor stefani . Thank you. [gavel]. Chair fewer madam clerk, do you have any announcements . Clerk yes. [agenda item read]. Chair fewer thank you very much, madam clerk. Can you please call item number one. [agenda item read]. Chair fewer thank you very much, madam clerk. Colleagues, you might remember that this item was before us at the last budget and finance committee, and i requested it be continued so that we could get a b. L. A. Report. I think we have jim hendray before us from the San Francisco Public Utilities commission. Good afternoon, supervisors. I am james hendray from the San Francisco Public Utilities commission. We are here to talk about
Of the budget and finance committee. Im joined by supervisor Raphael Mandelman and aaron peskin, whos sitting in for supervisor stefani. Colleagues, can i have a motion to excuse supervisor stefani . Thank you. [gavel]. Chair fewer madam clerk, do you have any announcements . Clerk yes. [agenda item read]. Chair fewer thank you very much, madam clerk. Can you please call item number one. [agenda item read]. Chair fewer thank you very much, madam clerk. Colleagues, you might remember that this item was before us at the last budget and finance committee, and i requested it be continued so that we could get a b. L. A. Report. I think we have jim hendray before us from the San Francisco Public Utilities commission. Good afternoon, supervisors. I am james hendray from the San Francisco Public Utilities commission. We are here to talk about an ordinance introduced by mayor london breed. The goal is to ensure that San Francisco receives maximum value and timeliness to benefit from the energy
The stockbased compensation was even much smaller than Central Market and the shift to growth receipts, at the time, we projected, you know, 1500 to 2,000 jobs might have been created as a result of that switch after it phasedin after 20 years, and we still have a payroll tax that is 25 of what it was and we only just finished phasing it in. I would say those three proposals, which i would agree are the three biggest things this city has done probably had relatively little impact on most of what we are talking about what have happened had we taken those policies or not. Thank you. Just to clarify, i was asking what your assessment was on the impact, not on the Overall Economic growth of San Francisco over the past 15 years, but just astounding growth of the tech sector. You said by more than 500 . That has taken our economy to the point where they are dominating the economy at this point. Do you feel like these tax breaks and the tax changes were really directly or indirectly on target
Talking about simply wasnt that great. Okay. I appreciate that. I had a followup question. Were the other sectors of our economy, nontech sectors that had a converse experience during this period . In other words, other sectors that did not benefit as much from tax breaks or tax policy that we enacted, and also, as a result they have seen a declining role in our economy. One of the features that we had seen kind of consistently yearoveryear this decade is essentially every sector of the citys economy adding jobs, even up to the most recent years, but the tech sector, and in the last couple of years, construction, growing much faster then the rest. We have seen the tech sector this trend is showing it growing three times faster then the rest of the economy, but one of the things that is interesting, it hasnt led to the absolute loss of jobs in other sectors. Even sectors that had historically been fairly weak in San Francisco like the manufacturing sector, have grown this decade and ret