Budget Committee Advances SFPUC Plan to Exit Shaky Federal Bond Subsidy
Budget & Finance Committee • San FranciscoSeptember 30, 2026
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San Francisco's utility wants to refinance up to hundreds of millions in Obama-era debt before Congress cuts its federal subsidy further. The problem is that one of the deals currently loses money. The Budget & Finance Committee voted 3-0 on Sept. 30, 2026, to give the San Francisco Public Utilities Commission (SFPUC) that authority anyway, and it sent 11 other items to the full Board, including federal HIV dollars, a sole-bidder Deloitte contract and a security retrofit at SF General's abortion clinic.
- SFPUC refinancing authority advances 3-0 despite a projected $27M loss on the water refunding at current rates
- Federal HIV funding survives proposed elimination, bringing about $6.1M over two years as SF reports record-low diagnoses
- Deloitte, the only bidder, lands a $30M, 10-year contract to manage SFPUC's $2.2B power capital plan
- $475,000 state grant funds a secure entry at SF General's Women's Options Center amid reported rising threats
The basics: Build America Bonds (BABs) are taxable bonds from 2009 and 2010. Under that federal program, Washington pledged to cover 35% of the interest. SFPUC issued $1.4B of them and has already refunded about half, including water BABs last year and wastewater BABs in August.
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