This ordinance allocates over $9 billion from revenue bonds for capital improvement projects at the Airport Commission for the fiscal year 2025-2026. It also sets aside the same amount in the Controller's Reserve until the funds are received.
Ordinance appropriating $9,016,051,176 of proceeds from the sale of revenue bonds or commercial paper for capital improvement projects to the Airport Commission for FY2025-2026; and placing $9,016,051,176 on Controller's Reserve pending receipt of proceeds of indebtedness.
How it got here
The legislation originated from the need for additional funding to support the San Francisco International Airport's Capital Improvement Plan for FY2025-2026.
The Airport Commission adopted Resolution No. 25-0132, increasing the budget of the Infrastructure Projects Plan from $3.0 billion to $4.4 billion to support critical operational and resiliency needs.
The Airport Commission adopted Resolution No. 25-0172, authorizing the Airport Director to request a supplemental appropriation of $9,016,051,176 from the Board of Supervisors to fund the Capital Improvement Plan.
The Office of Public Finance confirmed the Airport's proposed plan of finance for the supplemental appropriation request, finding it reasonable based on the approved Capital Improvement Plan.
The Budget and Finance Committee recommended the proposed ordinance for the supplemental appropriation of $9,016,051,176 to the Airport Commission.
The Board of Supervisors passed the ordinance on first reading, appropriating $9,016,051,176 for capital improvement projects.
The Board of Supervisors finally passed the ordinance, completing the legislative process for the supplemental appropriation.
Reconstructed from attached documents & the official record
