Good afternoon, everyone. Welcome to the to the first meeting of San Francisco budget finance subcommittee meeting for march 11, 2015, with our full 5 person budget combhe im mark farrell and joined by supervisor katie tang as well as commissioner eric mar Supervisor Scott Wiener and supervisor norman yee i want to thank Jennifer Lowe and Charles Kremenak madam clerk, any announcements . Yes. Electronic devices. Completed speaker cards and documents to be included should be submitted to the clerk. Items acted upon today will appear on the march 17 board of supervisors agenda unless otherwise stated okay. Thank you madam clerk colleagues two agenda items one substantive a 5 year budget plan want to thank everyone for this and looking at looking forward to a fruitful next month. Number one the finalized plan for 2015 through 2020 and requesting a mayors office. And to speak on item number one. Good afternoon, supervisors its a pleasure to you here with you, we kickoff the budget season i
Plan would also want to point out i have the gentleman from the Controllers Office that answer revenue questions and want to thank thank you to harvey rose and mr. Campbell if the boards budget and Analyst Office in the shared budget plan 0 produced to show the shared trends over the next 5 years so i thought today i would talk about the Key Assumptions workplace the 5 year explain and go over the general fund case essential the cost to operate our government the government we have today over the next 5 years and share fiscal strategies how to bridge the gaps between revenues and expenditures and thinking about what might happy in a recession scenario with our 5 year Financial Plan against to help us think through 0 the impact of on economic downturn should that occur and finally ill talk about the mayors budget that was issued at the same time with the 5 year Financial Plan all our offices should have a copy you if dont feel youve seen the yellow document well be sure to get you one i
Supervisor katie tang as well as commissioner eric mar Supervisor Scott Wiener and supervisor norman yee i want to thank Jennifer Lowe and Charles Kremenak madam clerk, any announcements . Yes. Electronic devices. Completed speaker cards and documents to be included should be submitted to the clerk. Items acted upon today will appear on the march 17 board of supervisors agenda unless otherwise stated okay. Thank you madam clerk colleagues two agenda items one substantive a 5 year budget plan want to thank everyone for this and looking at looking forward to a fruitful next month. Number one the finalized plan for 2015 through 2020 and requesting a mayors office. And to speak on item number one. Good afternoon, supervisors its a pleasure to you here with you, we kickoff the budget season im here to talk to you about the citys proposed 5 year Financial Plan not an action item in front of you by will be in the next several weeks once we complete on update to the plan would also want to poi
Associated with our Public Safety hiring plan plan also assumes the package from november of the increases in the mta baseline the citys minimum wage and the renewal of the Childrens Fund so those restraining order incorporated into the projections and finally we assume that in the first year of the budget which was the second year of last years budget the funding for capital and it are based on what was actually opportunity by i did mayor and the board so im going to go into revenues and talk about expenditures. Ms. Howard just so our community is clear and members of the public those numbers were compiled a few moose good this is to get an action item on the full 5 year plan in the next few weeks. Thats correct three weeks is what were talking about i expect updated numbers in the next week this is the because of the 5 year Financial Plan and well talk about the update in a couple of weeks on the revenue does the Revenue Growth is strong throughout the 5 year frontals assuming there
Future Debt Services out of bond future bond sales has been incorporated into our long term planning and into our rate setting process the electric rates for the departments have been exhausted and well be starting to determine those rates this summer and had this includes the assumptions out of that bond rating as well this is the power bond owners that establishes the procedures for the occurrence of Revenue Bonds for our power scombris it creates definitions and commit the city to repair bonds and allows for the refund of bonds now to that point i want to say we agree with the budget Analysts Recommendations to add to the ordinance a 3 percent minimum threshold meaning were morning happy to abide with already our existing policies and procedures we want to make sure were having a minimum amount of savings we have a bonding happening today will 4 hundred and 50 million bonds we aim for itch much higher than this threshold were happy to agree to providing a sales tax report to the boa