SFHA adopts $43 million FY2024 operating budget; finance team outlines liabilities and reinvestments
September 29, 2023 | San Francisco City, San Francisco County, California
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
The Housing Authority of the City and County of San Francisco adopted its fiscal year 2024 operating budget at the Sept. 29 meeting, approving a balanced plan of roughly $43,000,000.
Chief Financial Officer Mamadou and Senior Budget Analyst Roy Doble presented budget drivers: most revenue growth is tied to the Housing Choice Voucher (HCV) and Emergency Housing Voucher (EHV) programs. Forecast increases include additional project‑based vouchers coming online, higher unit‑monthly lease rates and slightly improved HUD proration. The budget assumes about $24 million in HCV‑related revenues and projects growth in EHV placements (noted in presentation as rising from roughly 300 to as many as 650–890 over the reporting period).
The finance presentation also described how conversion of public housing into RAD/HCV products continues to change revenue composition: public housing revenue is expected to decline as units are converted, and repositioning funds will be used in part to address pension liabilities. Finance staff reported pension liabilities at roughly $17,000,000 and OPEB liabilities around $20,000,000 and said they will return with a recommended plan for addressing long‑term liabilities and possible trust‑fund strategies.
Commissioners asked for a follow‑up presentation of the organization chart and contractor oversight responsibilities, and requested more detail on quarterly pension payments and how excess funds will be deployed to avoid recapture. Staff said they will return with more detailed quarterly figures and a plan to address pension/OPEB liabilities.
Why it matters: Adoption of the operating budget sets the FY2024 spending priorities for tenant services, program administration and third‑party vendor management. The budget allocates funds for tenant application support (application fees, security deposit assistance and other tenant services) intended to improve lease‑up rates and program outcomes.
What’s next: Finance will present a plan for addressing pension and OPEB liabilities and provide quarterly updates to the commission.
Chief Financial Officer Mamadou and Senior Budget Analyst Roy Doble presented budget drivers: most revenue growth is tied to the Housing Choice Voucher (HCV) and Emergency Housing Voucher (EHV) programs. Forecast increases include additional project‑based vouchers coming online, higher unit‑monthly lease rates and slightly improved HUD proration. The budget assumes about $24 million in HCV‑related revenues and projects growth in EHV placements (noted in presentation as rising from roughly 300 to as many as 650–890 over the reporting period).
The finance presentation also described how conversion of public housing into RAD/HCV products continues to change revenue composition: public housing revenue is expected to decline as units are converted, and repositioning funds will be used in part to address pension liabilities. Finance staff reported pension liabilities at roughly $17,000,000 and OPEB liabilities around $20,000,000 and said they will return with a recommended plan for addressing long‑term liabilities and possible trust‑fund strategies.
Commissioners asked for a follow‑up presentation of the organization chart and contractor oversight responsibilities, and requested more detail on quarterly pension payments and how excess funds will be deployed to avoid recapture. Staff said they will return with more detailed quarterly figures and a plan to address pension/OPEB liabilities.
Why it matters: Adoption of the operating budget sets the FY2024 spending priorities for tenant services, program administration and third‑party vendor management. The budget allocates funds for tenant application support (application fees, security deposit assistance and other tenant services) intended to improve lease‑up rates and program outcomes.
What’s next: Finance will present a plan for addressing pension and OPEB liabilities and provide quarterly updates to the commission.
View the Full Meeting & All Its Details
This article offers just a summary. Unlock complete video, transcripts, and insights as a Founder Member.
✓
Watch full, unedited meeting videos
✓
Search every word spoken in unlimited transcripts
✓
AI summaries & real-time alerts (all government levels)
✓
Permanent access to expanding government content
30-day money-back guarantee
