This ordinance allocates $43 million from specific funding sources to the Recreation and Park Department for the fiscal year 2026-2027. The funds will be held in reserve until the proceeds from the Certificates of Participation are received.
Ordinance appropriating $43,000,000 of Certificates of Participation Series 2026A, Open Space Fund - Recreation and Park proceeds to the Recreation and Park Department in Fiscal Year 2026-2027; and placing these funds on Controller’s Reserve pending the receipt of the Certificates of Participation proceeds.
How it got here
The legislation originated from the need to finance various capital improvement projects for the Recreation and Park Department through the issuance of Certificates of Participation.
Voters approved Proposition C, creating the Park, Recreation and Open Space Fund, which allows for the issuance of debt secured by the fund.
The Commission adopted Resolution No. 2607-004 recommending the Board authorize the execution of Certificates of Participation for project funding not to exceed $26 million.
The Mayor's Office submitted a memo to the Board of Supervisors introducing the ordinance to appropriate $43 million from the Certificates of Participation for the Recreation and Park Department.
The Capital Planning Committee approved the proposal for the Certificates of Participation, which included funding for various capital projects.
The Budget and Finance Committee scheduled a hearing to consider the ordinance appropriating the $43 million from the COPs.
The Board of Supervisors is set to consider the ordinance for the first time.
Reconstructed from attached documents & the official record
