At a hearing on Thursday, SFMTA officials appeared before the Supervisors to discuss upcoming budget issues. Supervisor David Campos and others expressed concern about work orders to other City departments (notably SFPD) and overtime far exceeding budgeted amounts. This will be a serious concern over the next budget cycle as fares and fees are once again likely to rise to cover increased costs.
“We’re not going to get a better deal than now,” SFMTA CFO Sonali Bose told reporters. 2007’s Prop A allows the SFMTA to issue revenue bonds for “shovel ready” infrastructure upgrades and repairs, and the low interest rates on the bond market make it a once in a lifetime chance for the agency to get a good deal on rates. Out of the $170m the bonds will raise, the agency will buy down existing expensive debt, with the rest of the funds going to help pay for a rehabilitation project at Muni’s Green yard, replacing system radios, replacing the system’s 28 year old digital subway signs, upgrading the sea water damaged Embarcadero MMT, and upgrading rail infrastructure in the Sunset Tunnel (which will be in tandem with the Cole St rail upgrade).