From time to time, our shiny little City Hall receives very large chunks of money from investors. Those investors trust that we will pay the money back because if we don’t, they can come take whatever public doodad was used to secure the loan. This is the essence of a municipal bond: a big fat public mortgage, if you will.
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With more than 35 years in the banking world, Doreen Woo Ho will serve on the Port Commission after the Board of Supervisors approved her appointment by Mayor Ed Lee in a 10-0vote Tuesday.
Woo Ho comes to the commission amid an exciting time for the Port as it prepares for the America’s Cup. Her banking career began with Citibank and she spent 10 years with Wells Fargo as President of the Consumer Credit Group.
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At noon Tuesday, District 5 Supervisor Ross Mirkarimi will be on the steps of City Hall where he is expected to make an announcement at noon regarding his run for sheriff.
The campaign is not talking about what the announcement will be, only saying that Mirkarimi “will be joined by supporters, and elected officials.”
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Mayor Ed Lee is a huge fan of the organizers of Burning Man moving in to a rough area of Market Street, but is he a big enough fan to attend the 50,000-strong festival in the Nevada desert himself.
When asked, he responded with a chuckle.
“Not yet, but I will be in the building where they’re going to be headquartered,” said Lee, who hasn’t exactly received an invitation either.
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After years of study and about $1 million, The City has pages and pages of recommendations on what to do to better prepare San Francisco for the next big quake, which is expected to come any year now.
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Deep cuts to city services and layoffs are likely as San Francisco’s financial outlook shows little improvement.Despite some expected good news in sales and property tax revenue next week, deep service cuts, layoffs and other controversial proposals, such as contracting out city services, should be considered to close the budget shortfall, according to a Monday memo sent to Mayor Ed Lee by his budget director, Greg Wagner.
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The Board of Supervisors unanimously approved San Francisco’s 10-year capital plan Tuesday. But that doesn’t mean capital spending has been solved -- especially as The City is looking at a $380 million budget deficit. The capital plan is just that, a plan. It is revised every year, detailing what are The City’s capital needs, how much they cost, and how The City plans to pay for them during a 10-year period.
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A unique San Francisco tax on employee stock options has tech companies threatening to leave The City, and now one supervisor is calling for a break on such taxes to keep those companies from fleeing.
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Members of San Francisco’s Middle Eastern and Muslim communities turned out at City Hall Monday for a hearing on the San Francisco Police Department’s intelligence gathering operations, which they worry may be targeting those communities unfairly.
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City workers could lose their job protection next week.
As The City struggles to provide basic services, it must close a budget deficit of $384.6 million. The deficit would have been more severe had not labor unions agreed to a two-year union labor give-back deal for the current and next fiscal years valued at about $230 million.
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