At the May 18, 2023 special meeting of the San Francisco Reinvestment Working Group, the RWG members voted to submit to the Board of Supervisors and to the Local Agency Formation Commission the San Francisco Municipal Finance Corporation Business and Governance Plan and Viability Study and the San Francisco Public Bank Business and Governance Plan and Viability Study, as prepared by HR&A Advisors:
- San Francisco Municipal Finance Corporation (MFC) Business and Governance Plan and Viability Study
- San Francisco Public Bank Business and Governance Plan and Viability Study
On June 22, 2023, pursuant to Administrative Code, Section 2. Chapter 5, Article 16, the San Francisco Local Agency Formation Commission submitted, on behalf of the San Francisco Reinvestment Working Group, to the Board of Supervisors and LAFCo Commissioners, the Final Governance Plan, Business Plan and Viability Study for a San Francisco Municipal Financial Corporation and Final Governance Plan, Business Plan and Viability Study for a San Francisco Public Bank. Included in the file:
- RWG Item 1: Governance and Business Plans for MFC (step 1)
- RWG Item 2: Governance and Business Plans for Public Bank (step 2)
- RWG Item 3: Letters from members of the Reinvestment Working Group to the BOS and LAFCo
- RWG Item 4: Letter from the RWG Chair on the Public Bank Governance Plan
On July 20, 2023, the Board of Supervisors’ Government Audit and Oversight Committee (GAO) held a Hearing to consider the Reinvestment Working Group’s (RWG) Final Governance Plan, Business Plan and Viability Study for a San Francisco Municipal Financial Corporation and Final Governance Plan, Business Plan and Viability Study for a San Francisco Public Bank; and recommend the Board of Supervisors accept the RWG’s proposed Plan; and requesting the Local Agency Formation Commission (LAFCo) to report. The RWG’s final plans were presented by the Chair of the RWG, the HR&A Team, and LAFCo staff. The GAO Committee approved a motion that the Hearing be Prepared in Committee as a Resolution to accept the Reinvestment Working Group’s Plans, for introduction at the full Board of Supervisors. Links to the July 20, 2023 GAO meeting materials:
- GAO Agenda (entire agenda)
- GAO Agenda (RWG item only)
- RWG Presentation
- GAO Full Meeting Recording (RWG item begins at 3 minutes and 20 seconds)
On September 5, 2023, the Board of Supervisors approved the Resolution accepting receipt of the San Francisco Reinvestment Working Group’s Final Governance Plan, Business Plan and Viability Study for a San Francisco Municipal Financial Corporation and Final Governance Plan, Business Plan and Viability Study for a San Francisco Public Bank.