Capital Financing Plan
Fiscal Year 2026
-
27 Nikolai J. Sklaroff
Capital Finance Director
June 9, 2026
• Significant Debt Portfolio & Future Needs
• Over $10.9 billion of borrowing outstanding across all three enterprises as of May 31, 2026.
• The 10-year Capital Plan stands at approximately $12.6 billion, with projected revenue bond issuance totaling about $11.2 billion through FY2036.
• Guided by Commission Policy & Planning
• This annual Capital Financing Plan provides the Commission advance notice of planned FY 2026-2027 financing transactions. • Commission approved "Debt Management Policies & Procedures" (last updated November 2019). A comprehensive reevaluation of these policies is currently underway.
• Based on the 10-Year Capital and Financial Plan adopted by the Commission on February 10, 2026
Debt Management Overview
2 Role of Capital Finance Team
3 Capital
Finance
Team
Issue New
Financing
Refinance
Outstanding
Debt
Manage
Commercial
Paper/Interim
Financing
Manage
Rating and
Investor
Relationships
Primary and
Secondary
Market
Disclosure
Compliance
and
Administration
of Existing
Obligations
Outstanding Debt
• $10.9 billion outstanding debt
• This excludes: Approximately $1.7 billion of undrawn interim funding; $212 million of undrawn WIFIA
commitments; $333 million of undrawn SRF commitment.
4 0 1,000 2,000 3,000 4,000 5,000 6,000
Water
Wastewater
Power
Borrowing By Enterprise
($ millions as of May 31, 2026)
Public Market Revenue Bonds and Notes
Federal WIFIA Loans (Drawn)
State SRF Loans (Drawn)
NCREBs and QECB
Certificates of Participation
Commercial Paper (Drawn)
Anticipated Debt
• Future Debt Issuance
• The 10-year Capital Plan stands at approximately $12.6 billion, with projected revenue bond issuance totaling about
$11.2 billion through FY2036.
5 Source: San Francisco Public Utilities Commission 10-Year Financial Plan, February 2026; https://www.sfpuc.gov/sites/default/files/about-us/policies-reports/FY27-10-Year-Plan-Report.pdf 6 *Water Infrastructure Finance and Innovation Act (WIFIA) Loans, State Revolving Fund (SRF), New Clean Renewable Energy Bonds (NCREB), Qualified Energy Conservation Bonds (QECB), Certificates of Participation (COPS)- 525 Golden Gate Ave * Undrawn Commercial Paper (CP) includes undrawn approved credit facilities that may be used as interim funding. +Includes approved amounts for reimbursement but not yet received.
Summary of Enterprise Debt
Summary of Enterprise Debt ($ Million)
As of May 31, 2026
Water Wastewater Power Total
Senior*
Public Market Revenue Bonds $ 4,662 $ 3,357 $ 271 $ 8,290 Federal WIFIA Loans (Drawn) - 1,371 - 1,371
Federal WIFIA Loans (Undrawn) - 212 - 212
State SRF Loans (Drawn)+ 317 391 - 708
State SRF Loans (Undrawn) 163 170 - 333
Senior Subtotal 5,141 5,501 271 10,913
Subordinate*
NCREBs and QECBs - - 2 2
Certificates of Participation 82 22 11 115
Commercial Paper (Drawn) 336 135 193 664
Commercial Paper (Undrawn) 414 990 257 1,661
Subordinate Subtotal 832 1,147 463 2,442
7 ^Updated ratings available from Moody’s Investors Service (www.moody’s.com), S&P Global Ratings (www.spglobal.com) and Fitch Ratings (www.fitchratings.com).
†CleanPowerSF received an A1 issuer rating from Moody’s Investors Service in February 2026, however the CleanPowerSF Program currently does not have any debt outstanding
Summary of SFPUC Credit Ratings
Long-Term Credit Ratings (Credit Outlook)^
Moody's Investors
Service
S&P Global
Ratings
Fitch
Ratings
Water Enterprise Aa2
(Stable)
AA-
(Stable) --
Wastewater Enterprise Aa2
(Stable)
AA
(Negative) --
Power Enterprise -- AA
(Stable)
AA-
(Stable)
CleanPowerSF† A1
(Stable) -- --
Administration of Existing Debt Portfolio
• Renew or replace existing bank credit facilities and establish a new $125 million credit facility for the Wastewater Enterprise based on recent expanded authorization.
• Continuously issue and remarket commercial paper notes to take advantage of low-cost interim financing.
• Adopt comprehensive updates to the SFPUC's Debt Management Policy and Procedures (last updated in 2019) to incorporate industry best practices and reflect current market conditions.
• Provide annual disclosure training to the Commission, presented with the assistance of the SFPUC's Disclosure Counsel, to ensure compliance with federal securities laws.
• Pay debt service and debt administration costs (rating fees, bank facility fees, advisory fees, etc)
• Publish and disseminate continuing disclosure and other ongoing compliance pursuant to financing documents.
Capital Financing Activities
8 Market Opportunities
• Continuously monitor the debt portfolio to execute potential refinancing transactions as market conditions change.
• Identify and execute debt refunding opportunities for ratepayer relief • Explore new and innovative financing programs
New Money/Credit Needs
• Issue debt to meet ongoing enterprise capital requirements • Regular monitoring and analysis of how much and when funds are needed based on project spending
Capital Financing Activities
9 Market Conditions
• The Fed began easing in
late 2024, but further cuts
have slowed due to
persistent inflation and a
resilient economy.
• As of May 4, 2026, Markets
assign about a 5% chance of
any rate move from June thru
September 2026, rising to 15–
20% for hikes from October
2026 through March 2027.
AAA MMD Rates Over the Last 10 Years
10 Interest Rate Outlook
• Interest rate expectations have changed dramatically
over the last several months.
Source: Siebert Williams Shank, May 21, 2026
FY 2026-27 Capital Financing Plan
(i of iv)
12Note: Dates and amounts are preliminary and subject to change.
Commission Action Estimated
Transaction
Size
($ Million)
Commission
Action
Closing
1. Annual Disclosure Training for
Commissioners – Annual refresher
presented with assistance of the SFPUC's
Disclosure Counsel
-- Q1 FY26-27 --
2. Wastewater – Authorize Wastewater
Revenue Bonds or Notes to (i) retire
outstanding commercial paper (ii) fund
new project costs and related account
accounts (iii) refund/partially refund
outstanding bonds
$750 Q1 FY26-27 Q1 FY 26-27
FY 2026-27 Capital Financing Plan
(ii of iv)
13 Note: Dates and amounts are preliminary and subject to change.
Commission Action Estimated
Transaction
Size
($ Million)
Commission
Action
Closing
3. Wastewater -
Approve new bank credit facility
Approve renewal or replacement of
bank credit facilities for interim
funding program
New $125
facility
(Wastewater)
Renew/replace
up to $450
facilities
(Wastewater)
(expiring May-
Aug 2027)
Q1 FY26-27
Q3 FY26-27
Q2 FY26-27
Q4 FY26-27
14Note: Dates and amounts are preliminary and subject to change.
Commission Action Estimated
Transaction
Size
($ Million)
Commission
Action
Closing
4. Water- Authorize Clean Water State
Revolving Fund (SRF) execution of
Loan Agreement for the Lower Alemany
Stormwater Improvement Project
$55 Q1 FY26-27 as soon as
Q2 FY26-27
5. Water – Authorize Water Revenue
Bonds or Notes to (i) retire outstanding
commercial paper (ii) fund new project
costs and related accounts
$400m Q1 FY26-27 Q2 FY26-27
6. CleanPowerSF – Approve renewal,
amendment, or replacement of credit
agreement to support working capital
needs, potential power procurement
strategies, and financial security
requirements.
$75-150
(expiring March
2027)
Q2 FY26-27 Q3 FY26-27
FY 2026-27 Capital Financing Plan
(iii of iv)
15 Note: Dates and amounts are preliminary and subject to change.
Commission Action Estimated
Transaction
Size
($ Million)
Commission
Action
Closing
7. Water Interim Funding – Approve
renewal or replacement of bank credit
facilities for interim funding program
Renew/replace
up to $400
facilities
(Wastewater)
(expiring June-
July 2027)
Q3 FY26-27 Q4 FY26-27
8. Debt Policy Update – Adopt an update
to the Debt Management Policy and
Procedures
-- Q4 FY26-27 --
FY 2026-27 Capital Financing Plan
(iv of iv)
Other Initiatives
(i of iv)
16 • Managing Borrowing in a Dynamic Rate Environment.
o Evaluate borrowing strategies in light of persistent interest rate volatility. This includes assessing interim financing utilization, the timing of long-term bond issuances,
and strategies for the reinvestment of bond proceeds
• Federal Loan applications
o Securing approvals and finalizing agreements for long term, low- cost federal financing, specifically a second $272 million loan for Wastewater Enterprise issued under its Master WIFIA Agreement and an up to $615 million CWIFP loan for Water and Power improvements.
17 • Mitigating Risk
o Following the 2025 Water refunding that
successfully reduced Build America Bonds (BABs) exposure, continue to evaluate opportunities to mitigate residual risks within the debt portfolio. This includes assessing refinancing opportunities for the 2009 COPs and the proposed refunding of the Wastewater Enterprise's 2010B BABs and monitoring
remaining Water BABs for similar takeout.
• Expanding and Evaluating Financing Tools
o Assessing joint powers authority issuances, structured and securitized financing, and energy prepayments to support capital needs for Water Supply and CleanPowerSF.
o Exploring the ability to amend Administrative Code Chapter 43 to codify debt refunding authority streamlining approvals and improving financial flexibility while Board oversight, balanced against Charter Reform changes.
Other Initiatives
(ii of iv)
18 • Green Bond Program and Climate Commitment
o Advance enhancements to external certification processes and investor facing disclosures. Following the withdrawal of Sustainalytics, the team is actively reassessing
certification counterparties.
• Impact Report
o Expanding the scope of our annual Green Bond Impact Reports to provide transparent data on investments in climate risk mitigation and infrastructure resilience.
• Leveraging Data and Technology Systems
o Building on recent investments, continue to implement and leverage platforms like Bloomberg, DBC and DebtBook.
These tools will enhance internal modeling, reporting, and overall debt portfolio management.
Other Initiatives
(iii of iv)
19 • Updated Capital Spending Auditing
o With sunset of the Revenue Bond Oversight Committee, working with the Financial Reporting, Capital Budget and Audit Bureau teams as they work to expand audit and oversight activities and improve transparency regarding the capital spending.
• Direct Pay Provisions of the Inflation Reduction Act
o Pursuing eligible direct pay tax credit opportunities under the IRA, fleet electrification and qualifying solar investments.
Actively evaluating the applicability of tax credits to major capital projects, notably the Biosolids Digester Facilities Project.
Other Initiatives
(iv of iv)
20 Questions
SFPUC's Capital Finance Analyst Team
Edward Kwong, Capital Finance Analyst,
Dan Fuchs, Capital Finance Analyst,
Eric Kwak, Debt Analyst,
Earl Dunivan, Debt Analyst
525 Golden Gate Avenue, 4th Floor
San Francisco, CA 94102
T 415.551.2973
F 415.554.1877
OUR MISSION: To provide our customers with high-quality, efficient and reliable water, power and sewer services in a manner that values environmental and community interests and sustains the resources entrusted to our care.
MEMORANDUM
Dat
e:
To:
Thr
ough:
From
:
Subject:
June 9, 2026
President Joshua Arce
Vice President
Steve Leveroni
Commissioner Avni Jamdar
Commissioner
Kate H. Stacy
Commissioner Meghan Thurlow
Dennis Herrera, General Manager
Nikolai J. Sklaroff, Capital Finance Director
Fiscal Year 2026-27 Capital Financing Plan
Sum
mary
At the begi
nning of each fiscal year, the Capital Finance team presents this Capital Financing Plan to the Commission for each of the four rated entities for which we provide financing services – the Water, Wastewater and Power Enterprises and CleanPowerSF - outlining the financing activities planned for the coming year based on the 10-year financial plan and capital improvement plan adopted by the Commission each February , and as further refined by actual spending to date and accounting for other needs of the capital plan including opportunities to save money or reduce risks through refinancings.
Backgr
ound
Eac
h of the San Francisco Public Utilities Commission’s (SFPUC) three enterprises – Water, Wastewater , and Power – borrows funds in the capital markets to fund a significant portion of its capital projects. To date, CleanPowerSF has only made use of credit facilities. By borrowing for these capital projects in the capital markets, the SFPUC can make payments for long-lived infrastructure assets over the many years they remain in service.
SFPUC typically pays for those assets over 25-35 years, so that the users over the life of these assets, and not just today’s ratepayers, share in the burden of these capital costs. In this manner, we manage to keep rates as low as possible and manage equity by ensuring that households today do not need to pick up the full tab for assets that will be used for several generations . While each borrowing has its own interest costs, the aggregate borrowing helps us to manage the rate impact of the periodic need to build large facilities by
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
spreading out the payments over time and allows the SFPUC to repay the debt with less valuable future dollars.
The SFPUC maintains a dedicated Capital Finance team led by the Capital Finance Director and an experienced team of analysts. The Capital Finance team is part of the broader financial services team under the leadership of the Chief Financial Officer . The Capital Finance team works across all three enterprises as well as CleanPowerSF to manage both the new borrowing activity as well as to manage outstanding obligations. T he SFPUC borrows funds from very inexpensive sources. Thanks in part to a City C harter requirement that requires each enterprise to set rates sufficient to maintain a “high” bond rating, the SFPUC’s bonds are highly rated and therefore attractive to investors and sold at favorable interest rates and on favorable terms.
The SFPUC obtains low -cost borrowing from various advantaged sources including issuing bonds on a tax-exempt basis. When investors do not have to pay federal or state income tax on interest they earn from tax -exempt bonds, they are willing to accept a lower rate on those bonds. As a result, tax exempt bonds currently carry lower yields. Theoretically, an investor paying a combined state and local rate of 35%, for example, would be willing to accept a 3% tax free rate instead of a 4.41% taxable rate. The SFPUC also enters into borrowing agreements with the federal government or State of California under special loan programs. The federal policy environment continues to present both risks and uncertainties for municipal issuers. While recent federal tax and spending legislation has not altered the tax -exempt status of municipal bonds, proposals to limit or modify tax -exempt financing continue to emerge in federal budget and policy discussions. As a result, tax exemption remains a critical but periodically scrutinized component of the municipal financing framework. In addition, changes to federal programs and incentives —including modifications to clean energy tax provisions —may affect the economics of certain capital projects and financing strategies. The Capital Finance team continues to coordinate with the SFPUC’s Policy and Government Affairs team, as well as national organizations such as the Government Finance Officers Association (GFOA) and the broader Public Finance Network (PFN), to monitor developments and advocate for the preservation of low-cost financing tools.
The Capital Finance team actively manages the SFPUC’s debt portfolio to minimize borrowing costs while maintaining flexibility to respond to evolving market conditions. This includes issuing long -term debt only as needed to avoid carrying costs on unspent proceeds, utilizing interim financing programs to access lower -cost short-term capital, refinancing outstanding obligations when opportunities arise, and evaluating alternative financing structures.
In the current environment, the ability to phase borrowing, diversify financing approaches, and respond quickly to market conditions has become increasingly important. The SFPUC’s interim funding programs allow each enterprise to borrow only what is needed in the near -term while preserving the ability to efficiently access the capital markets through larger, well -timed bond issuances supported by comprehensive disclosure.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
The Board of Supervisors approves the SFPUC’s capital spending as part of the Capital Improvement Plan adopted every two years . The authorized spending is all placed in a Controller’s budgetary reserve until the SFPUC can demonstrate it has the necessary funding availabl e. The Controller’s Office releases these budgetary reserves based mainly on the interim funding program capacity, allowing projects to move forward.
Successful execution of the SFPUC’s Capital Plan requires an effective and efficient approach to the issuance of new financing. This annual Capital Financing Plan memorandum provides the Commission advance notice of planned FY 2026-27 financing transactions, as guided by Commission approved “Debt Management Policies & Procedures” 1. Given current volatility in interest rates, changes in federal and state law, the dependence on financial and intergovernmental partners, and potential changes in SFPUC capital needs and priorities, we note that all information contained in this plan is preliminary and subject to change and based on the most current information available to its Capital Finance team.
As of May 31, 2026, the SFPUC is expected to have more than $10.9 billion of borrowing outstanding based on drawn facilities and excluding more than $1.6 billion of undrawn facilities across all three enterprises as seen in the following chart2:
1 https://sfpuc.org/sites/default/files/about-us/policies-reports/DebtManagementPolicy_9819.pdf Last updated November 2019.
2 As of May 31, 2026, the chart excludes approximately $1.661 million of undrawn interim funding. The $2.325 billion of interim financing capacity is used until it is retired by bonds or other long-term borrowing. As of May 31, 2026, there is a $125 million of unused authorization for the Wastewater enterprise. The chart also excludes $212 million of undrawn WIFIA commitments and $333 million of undrawn SRF commitment. 0 1,000 2,000 3,000 4,000 5,000 6,000
Water
Wastewater
Power
Borrowing By Enterprise
($ millions as of May 31, 2026)
Public Market Revenue Bonds and Notes Federal WIFIA Loans (Drawn) State SRF Loans (Drawn) NCREBs and QECB
Certificates of Participation Commercial Paper (Drawn)
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
The following tables summarize the outstanding debt of each enterprise and credit ratings as of May 31, 2026:
*Commercial paper and loan balances, as of May 11, 2026.
Summary of Enterprise Debt ($ Million)
As of May 31, 2026
Water Wastewater Power Total
Senior
Public Market Revenue Bonds and Notes 4,662 3,357 271 8,290 Federal WIFIA Loans (Drawn)
- 1,371
- 1,371
State SRF Loans (Drawn) 317 391
- 708
Drawn Subtotal* 4,979 5,119 271 10,369
Federal WIFIA Loans (Undrawn)* 0 212
- 212
State SRF Loans (Undrawn)* 163 170
- 333
Undrawn Subtotal 163 382 0 544
Senior Subtotal 5,141 5,501 271 10,913
Subordinate
NCREBs and QECB
-
- 2 2
Certificates of Participation 82 22 11 115
Commercial Paper (Drawn)* 336 135 193 664
Drawn Subtotal* 419 157 206 781
Commercial Paper (Undrawn)* 414 990 257 1,661
Subordinate Subtotal 832 1,147 463 2,442
Total 5,974 6,648 734 13,355
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
The following tables summarize the outstanding debt of each enterprise and credit ratings as of May 31, 2026:
Credit Ratings (Credit Outlook)3
Moody's Investors
Service
S&P Global Fitch Ratings
Long‐Term Long‐Term Long‐Term
Water Enterprise Aa2
(Stable)
AA‐
(Stable)
*
Wastewater Enterprise Aa2
(Stable)
AA
(Negative)
*
Power Enterprise * AA
(Stable)
AA‐
(Stable)
CleanPowerSF4 A1
(Stable)
* *
CAPITAL FINANCE PLAN INTRODUCTION
Given the size, number, and complexity of the capital financing transactions, as well as long lead times to generate the required documentation, staff develops and provides this annual capital financing plan to provide visibility to the Commission on planned capital financing activity for the coming year based on the 10-Year Plan adopted by the Commission each February (in this case, in February 2026). This plan also serves as a planning tool for staff. Each time staff returns to the Commission for approval of a capital financing transaction, it updates plan progress.
This is the eleventh annual Capital Financing Plan being presented to the Commission. Last year’s (FY2026) Plan described five capital financing transactions requiring Commission action which were completed in FY2026.
The prior plan also described planned updates to the SFPUC Debt Policies , which remain in progress and three transactions, the 2026 Wastewater New Money Bonds, the second loan under the U.S. Environmental Protection Agency’s (EPA), Water Infrastructure Financ e and Innovation Program ( WIFIA) Programmatic Master Agreement and first loan under the Corps Water Infrastructure Financing Program (CWIFP) that will now be brought before the Commission in FY2027 (and have now been moved into the FY2027 Plan)
The completed transactions were as follows:
3 As of May 31, 2026; Updated ratings available from Moody’s Investors Service (www.moody’s.com), S&P Global Ratings (www.spglobal.com) and Fitch Ratings (www.fitchratings.com). 4 CleanPowerSF was assigned an A1 issuer rating (upgraded from A2) from Moody’s Investors Service in February 2026, however the CleanPowerSF Program currently does not have any debt outstanding.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
FY 2025-26 Capital Financing Plan Transactions
Commission Action
Description
Transaction Size
($ Million)
Commission
Action Closing
1. Amend Municipal Advisor
Agreements – Approve new
capacity for municipal
advisor agreements serving
all enterprises
-- Q1 FY25-26 --
2. Wastewater and Power -
Approve renewal or
replacement of bank credit
facilities for interim funding
programs
Renew/replace
$150 (Wastewater)
(expiring April
2026)
Renew/replace up
to $250 facilities
(Power) (expired
March 2026)
Q2 FY25-26 Q3 FY25-26
Wastewater-Approve new
bank credit facilities under
expanded authority of the
Wastewater Interim
Funding program
New $375 credit
facilities
(Wastewater)
Q2 & Q3 FY25-
26 Q3 FY25-26
3. Water – Authorize Drinking
Water State Revolving Fund
(SRF) execution of Loan
Agreement for the Sunol
Ozone Project
$50 Q2 FY25-26 Q3 FY25-26
4. Direct Purchase to refund
for debt service savings:
2015 Power Revenue Bonds Up to $30 Q4FY25-26 Q4 FY25-26 Direct Purchase to refund
or partially refund for
mitigation of Build
America Subsidy risk
and/or debt service
savings:
- 2009 COPS (BABs)
- 2010B Wastewater
Bonds (BABs)
- 2010G Water Bonds
Up to $400 Q4 FY25-26 Q2 FY 26-27
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
5. Annual Disclosure
Training for
Commissioners-
-Annual refresher presented
with assistance of the SFPUC’s
Disclosure Counsel
-- Q4 FY25-26 Q1 FY 26-27
6. Financing Ordinance for
updates to Administrative
Code Chapter 43
-- Q4 FY25-26 Q4 FY 25-26
The SFPUC, advised by its financial and legal advisory team s, also took advantage of market opportunities to generate savings for ratepayers by:
• Direct Pay Tax Credits. In November 2024 the SFPUC working with financial, legal and tax advisors and working with the Controller’s office, filed for over $744,750 of Inflation Reduction Act (IRA) Tax Credits ( for both Commercial Clean Vehicle Credits and Investment Tax Credits) . SFPUC’s tax credit filing was part of a single filing by the City. In aggregate (including the SFPUC) the City filed for $445,000 of Commercial Clean Vehicle credits on 55 vehicles. No other department filed for Investment Tax Credits. As a result, the SFPUC accounted for $744, 750 of the $1,107,250 of City-wide tax credits or 67.2%. In addition to the CY 2023 filing made in December, the SFPUC participated in an additional filing for CY 2024 in May 2025. For CY 2024, the SFPUC accounted for $37,500 of Commercial Clean Vehicle Credits of the $4,372,943 City wide tax credits filing and the SFPUC received full payment for the CY 2024 tax credit filing. For CY 2025, the SFPUC is working with advisors to file tax credits for three solar projects Investment Tax Credits and 28 Commercial Clean Vehicles Credits. The One Big Beautiful Bill ( OBBB) signed into law last summer substantially rolls back the tax credit program under the Inflation Reduction Act and the future of the program remains highly uncertain. In the meantime, our advisors are hopeful that the United States Department of Treasury will honor these tax credit filings and we will continue filing for such tax credits as long as we have eligible projects.
FY 2026-27 CAPITAL FINANCING PLAN
The FY 2026-27 Capital Financing Plan has been developed amid continued uncertainty in financial markets, with interest rates remaining elevated relative to the prior decade and expectations shifting toward a “higher -for-longer” environment. While the Federal Reserve began easing policy in late 2024, additional rate reductions have been more gradual than previously anticipated due to persistent inflation and continued economic resilience.:
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
Source: Montague DeRose Associates, as of May 29, 2026.
The Fed Funds Rate - the target interest rate set by the Federal Reserve at which commercial banks borrow and lend their extra reserves to one another overnight stands at a range of 3.50% to 3.75 % today
5 and current market
expectation (as of May 4, 2026) is a 5% chance for an interest rate hike or cut at the FOMC meetings from June 2026 thru September 2026, and 15-20% chance of a hike at their meetings from October 2026 thru March 2027 6.
5 FederalReserve.govFederalReserve.gov
6 Bloomberg as of May 4, 2026
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
However, we note these predictions have been volatile as global and national events have changed expectations.
The following chart provided by one of our bond underwriters 7, shows rather dramatically how fundamentally interest rate expectations from shifted from expectations of declining rates, to an expectation of rising rates.
Municipal market conditions have also been shaped by elevated issuance levels, ongoing federal policy uncertainty, and periodic volatility driven by macroeconomic and geopolitical developments , most notably the ongoing conflict with Iran. These factors have contributed to fluctuations in borrowing costs and reinforced the importance of timing and execution strategy. In response, the Capital Finance team continues to emphasize flexibility in financing approaches — including the use of interim financing, direct placements, and opportunistic refundings — to manage borrowing costs and achieve optimal outcomes for ratepayers.
7 Source: Siebert Williams Shank, May 21, 2026
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
Source: Bloomberg, As of May 4, 2026.
This Memorandum sets forth the Capital Financing Plan for FY 2026 -27 based on capital needs outlined in the 10-Year Financial Plan presented to the Commission at its February 10, 2026 meeting. Based on further updates to spending and encumbrance needs, the plan calls for the SFPUC to procure • a new $125 million credit facilit y for the Wastewater Enterprise based on the expanded authorization passed by the Board of Supervisors and the Mayor in the fall of 2024;
• issue new revenue bonds for the Wastewater Enterprise; • issue revenue bonds to refund or partially refund outstanding wastewater revenue bonds;
• issue new interim revenue financing for the Water Enterprise as spending exceeds expectations;
• execute one new State Revolving Fund (“ SRF”) loan agreement for the Wastewater Enterprise;
• renew, replace, or amend four bank credit facility supporting the Wastewater Enterprise;
• renew, replace, or amend three bank credit facilities supporting the Water Enterprise;
• renew, replace or amend one credit facility for CleanPowerSF; • enter in to a second loan under the Wastewater Enterprises Programmatic WIFIA agreement with the U.S. EPA; and,
• enter into a U.S. Army Corps of Engineer ’ Corps Water Infrastructure Financing Program (CWIFP) loan agreement to fund certain dam improvement projects for the Water and Power Enterprise.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
The proposed capital financing transactions can be categorized as follows:
A. New Money/Credit Needs – By policy, the SFPUC finances each respective enterprise capital plan through a combination of cash and debt financing, including the issuance of bonds, notes, and loans . New expenditures are typically financed first with interim financing, such as commercial paper. The interim financing program also allows each enterprise to enter additional contracts in reliance on the availability of credit facilities to fund budget appropriation releases.
Periodically, the SFPUC enters the debt market to raise funds through the issuance of bonds or notes for “new money” capital needs, or to secure borrowing from State and Federal programs or through bank facilities. The Wastewater Enterprise is anticipated to require additional new money borrowing in FY 2026-27, based on the 10-Year Capital Plan (transaction #3 in the table on page 14) however the Capital Finance team will closely monitor actual project spending and will only proceed with a bond sale when appropriate based on encumbrance and spending needs and borrowing conditions . The Water Enterprise is also anticipated to require additional new money borrowing in FY 2026- 27 to facilitate reserve releases in anticipation of a much larger bond financing at the beginning of FY 2028.
B. Administration of Existing Debt Portfolio – Once issued, SFPUC bond transactions require substantial maintenance to ensure the investors, rating agencies , letter of credit banks and other creditors are receiving timely on-going disclosure, to ensure the SFPUC is complying with covenants in the respective financing documents and to ensure debt service and all associated fees are paid on time. This maintenance includes ongoing disclosure training to the Commission. The SFPUC’s debt portfolio also includes a very active interim financing program consisting of a combination of bank facilities and c ommercial paper issuance. This program requires renewal or replacement of existing bank facilities or other forms of interim funding supporting the interim funding programs of the Water , Wastewater and Power Enterprises.
Please note that while bonds are typically issued for terms of 25 -30 years, interim funding is outstanding for a much shorter period. This results in lower, but potentially more volatile interim financing rates and more administrative burdens . The SFPUC currently has 19 separate credit facilities consisting of Letters of Credit, Liquidity Facilities and Revolving Credit Agreements as part of the Interim Financing Program in addition to one credit agreement for CleanPowerSF. The SFPUC is continuously issuing and remarketing commercial paper notes, typically with terms of from 30 to 90 days (although terms of 1 to 270 days are possible), to take advantage of low-cost interim financing.
We are also continuously evaluating market conditions and current plans to ensure the lowest cost of financing possible for the rate payer .
To do this, the SFPUC maintains agreements with registered municipal advisors and consult s with them even between actual financing transactions for recommendations on best practices and trends in the marketplace.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
C. Market Opportunities – Municipal bonds, including the SFPUC’s, are typically issued with serialized maturities. For example, a 30-year bond may be issued with as many as 30 different annual maturities with interest typically slightly higher on each successive maturity. As time passes – even without any changes in market interest rates – bonds can typically be refinanced with shorter term refunding bonds at lower rates, for savings before maturity . As a result, few original bonds remain outstanding for the full original term. Additionally, bond interest rate changes may afford the SFPUC even greater opportunities to refinance debt to achieve debt service savings.
The Capital Finance team, with the assistance of its external legal and municipal advisors, and based on ideas presented by investment and commercial banks – including those serving in the Controller’s prequalified bond underwriting pool - continues to monitor the SFPUC’s debt portfolio to execute potential refinancing transactions within the constraints established under the existing obligations , prevailing tax law and SFPUC debt policy . These obligations are brought to the Commission for approval to be issued on either a tax exempt or taxable basis to provide the optimal refinancing results . For example, in July 2026, staff will present a refunding opportunity to the Commission for approval in conjunction with the sale of new money Wastewater bonds originally in the prior (FY 2025-26) Capital Financing Plan. If sold and depending on the prevailing rates at the time of the sale, the SFPUC may able to achieve significant future budgetary savings on those bonds, thereby reducing debt service to be paid by wastewater ratepayers in the future.
Staff may also recommend to the Commission a refunding of outstanding Build America Bonds for its Wastewater Enterprise. Like the refunding of Build America Bonds for the Water Enterprise in FY2025, which resulted in cashflow savings (with a slight dissavings when calculated on a net present value (NPV) basis) the Wastewater BABs refunding is motivated principally by the desire to eliminate the SFPUC’s exposure to the risk for bonds that receive federal interest subsidies known as Build America Bond subsidies. Like the water BABs refunding, depending on prevailing interest rates at the time of sale, the wastewater BABs may also produce cashflow savings while also mitigating risk.
Financing a Large Capital Program amidst Volatile Market The key driver of the Capital Financing Plan is the SFPUC’s capital improvement plan across all three enterprises, and our efforts to mitigate the cost of these capital needs on ratepayers . The 10 year Capital Plan stands at approximately $12.6 billion, with projected revenue bond issuance totaling about $11 billion through FY2036 as of the 10- year Capital Plan and 10-year Financial Plan approved February 10, 2026 . One of the ways we manage borrowing costs is by borrowing bonds only when needed and leveraging our interim financing in the meantime. This had required the expansion of our interim financing program which the Commission approved in Fiscal Year 2025.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
The Commission approved additional credit facilities of $250 million and $200 million for Water and Power Enterprise, respectively, under the new expanded authority in Fiscal Year 2025, $375 million for the Wastewater Enterprise in Fiscal Year 2026 and we plan to propose an additional credit facilit y for the Wastewater Enterprise in Fiscal Year 2027 based on $125 million of as -yet- unutilized authorization.
Our team continues to evaluate and explore new and innovative financing programs like investment tax credits, joint powers authority borrowing, new federal loan programs , securitization and other innovative approaches to financing our Alternative Water Supply Program, and to assist CleanPowerSF.
Guided by the latest revisions to the Commission-adopted 10-Year Capital and Financial Plans, as well as internal capital financing modeling tools and spending projections provided by each Enterprise, the transactions in the table below include a description of the proposed transaction, approximate size, and the projected timing of Commission action and transaction closing.
It is important to highlight that all amounts and dates are preliminary and subject to change, based on needs of each enterprise and market conditions.
Detailed descriptions of the transactions are provided in the following section.FY 2026-27 Capital Financing Plan
8 Commission Action Estimated
Transaction Size
($ Million)
Commission
Action
Closing
1. Annual Disclosure Training
for Commissioners-
Annual refresher presented with
assistance of the SFPUC’s
Disclosure Counsel
-- Q1 FY26-27 --
2. Wastewater-Authorize
Wastewater Revenue Bonds or
Notes to (i) retire outstanding
commercial paper (ii) fund new
project costs and related
accounts iii) refund/partially
refund outstanding bonds
up to $750 Q1 FY26-27 Q1 FY26-27
8 Amounts and dates preliminary and subject to change.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
3. Wastewater Interim Funding –
Approve new bank credit facility
Approve renewal or replacement
of bank credit facilities for
interim funding program
New $125 facility
(Wastewater)
Renew/replace up to
$450 facilities
(Wastewater)
(expiring May-Aug
2027)
Q1 FY26-27
Q3 FY26-27
Q2 FY26-27
Q4 FY26-27
4. Water – Authorize Clean Water
State Revolving Fund (SRF)
execution of Loan Agreement for
the Lower Alemany Stormwater
Improvement Project
$55 Q1 FY26-27 as soon as
Q2 FY26-27
5. Water-Authorize Water
Revenue Bonds or Notes to (i)
retire outstanding commercial
paper (ii) fund new project costs
and related accounts
$400m Q1 FY26-27 Q1 FY26-27
6. CleanPowerSF-Approve
renewal, amendment, or
replacement of credit agreement
to support working capital
needs, potential power
procurement strategies, and
financial security requirements.
$75-150 (expiring
March 2027) Q2 FY26-27 Q3 FY26-27
7. Water Interim Funding-
Approve renewal or replacement
of bank credit facilities for
interim funding program
Renew/replace up to
$400 facilities
(Wastewater)
(expiring June-July
2027)
Q3 FY26-27
Q4 FY26-27
8. Debt Policy Update - Adopt an
update to the Debt Management
Policy and Procedures9
-- Q4 FY26-27 --
9 Carried forward from prior plan
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
TRANSACTION DESCRIPTIONS
The following describes the planned capital financing transactions:
1. Annual Disclosure Training for Commissioners – Q1
The Commission will receive its annual disclosure training on July 14, 2026, presented with the assistance of the SFPUC’s Disclosure Counsel. This training provides an overview of the Commission’s responsibilities related to disclosure in connection with municipal securities and ensures compliance with applicable federal securities laws ahead of the 2026 Wastewater bonds to be proposed to the Commission at its subsequent meeting on July 28, 2026 (Transaction #2 above.)
2. Authorize Wastewater Revenue Bonds – Q1
The Commission is expected to be asked to approve a Wastewater Revenue Bond transaction in the first quarter of FY 2026- 27. Proceeds of the bonds will be used to (i) refinance outstanding commercial paper that has provided interim funding for the Wastewater Enterprise’s capital improvement program, (ii) fund additional project costs and deposit amounts into project fund accounts, and (iii) refund or partially refund outstanding revenue bonds where advantageous to achieve debt service savings or mitigate financial risks, including exposure to Build America Bond subsidy reductions.
The sizing and timing of this transaction will be based on actual project spending, reserve release requests, and prevailing market conditions.
Execution of this financing will allow the Wastewater Enterprise to convert short-term obligations into long-term financing and support continued capital program delivery.
3. Wastewater Interim Funding Program – Credit Facilities – Q1–Q3 The Commission will be asked to approve (i) a new bank credit facility of approximately $125 million for the Wastewater Enterprise and (ii) the renewal or replacement of existing credit facilities supporting the Interim Financing Program, with expirations occurring between May and July 2027. These credit facilities support the issuance of commercial paper and other forms of short- term borrowing used to fund capital expenditures on an interim basis.
Maintaining and expanding these facilities ensures continued access to low - cost, flexible financing and supports the timely release of budgetary reserves for project delivery. The final structure, size, and provider of each facility will be determined through a competitive solicitation process.
4. Approve SRF Loan Agreement – Wastewater Enterprise – Q1 The Commission may be asked to approve an Installment Sale Agreement with the State Water Resources Control Board (SWRCB) for a State Revolving Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
Fund (SRF) loan to support eligible Wastewater capital projects. The loan is currently estimated at approximately $50 million, with the final amount subject to project eligibility and SWRCB approval.
SRF loans provide below -market, long-term financing with favorable terms relative to public market alternatives. The loan is expected to be structured as a fixed-rate obligation with a term of up to 30 years and will be secured by net revenues of the Wastewater Enterprise on a parity basis with its outstanding revenue bonds. This financing will reduce overall borrowing costs and support continued investment in critical wastewater infrastructure.
5. Water - Authorize Water Revenue Bonds or Notes
The Commission is expected to be asked to approve a Water Revenue Bonds or Notes transaction in the first quarter of FY 2026-27. Proceeds of the bonds will be used to (i) refinance outstanding commercial paper that has provided interim funding for the Water Enterprise’s capital improvement program and (ii) fund additional project costs and deposit amounts into project fund accounts .
Note this transaction was not projected in the 10 -year Financial Plan reviewed by the Commission in February and is driven by the need to create capacity for “Controller’s Reserve Release” capacity to let contracts and is a partial acceleration of the planned issuance in FY28 for budgetary purposes. Amount and timing subject to actual project spending and project budget needs.
6. CleanPowerSF – Credit Facility and/or Financing Authorization – Q2
The Commission may be asked to approve the renewal, replacement, or amendment of existing credit facilities supporting CleanPowerSF, and/or authorize additional financing capacity in the range of approximately $75 million to $150 million.
These facilities are expected to support CleanPowerSF’s working capital needs and provide flexibility for power procurement strategies. Maintaining access to flexible and cost-effective credit is critical to managing liquidity, supporting program operations, and enabling the evaluation of cost-saving opportunities in power supply.
7. Water Interim Funding Program – Credit Facilities – Q3 The Commission will be asked to approve the renewal or replacement of bank credit facilities supporting the Water Enterprise’s Interim Financing Program, with facilities expiring in mid-2027.
As with other enterprises, these facilities provide liquidity support for commercial paper and other short -term financing instruments used to fund capital expenditures. Maintaining these facilities ensures continued access to cost-effective interim financing and supports efficient capital program execution.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
8. Debt Policy Update – Q4
The Commission will be asked to adopt updates to the SFPUC’s Debt Management Policy and Procedures. The current policies were last comprehensively updated in 2019. Since that time, the SFPUC has experienced significant growth in its capital program, evolving market conditions, and expanded use of financing tools across all enterprises.
The updated policies are expected to incorporate industry best practices, reflect current market conditions, and provide enhanced guidance on the use of financing structures, risk management, disclosure practices, and debt metrics.
Adoption of updated policies will support continued prudent management of the SFPUC’s expanding debt portfolio , while more clearly delineating between Commission approved policies and procedures developed around prevailing staffing capacity and capabilities.
OTHER INITIATIVES
In FY 2026 -27 the Capital Financing Team also expects to work with its financial advisors and/or legal advisors on the following initiatives , which may produce the need for further Commission review in FY 2026-27 and beyond:
• Managing Borrowing in a Dynamic Rate Environment.
The Capital Finance team will continue to evaluate borrowing strategies in light of persistent interest rate volatility and evolving market conditions. This includes ongoing assessment of interim financing utilization, timing of long- term bond issuances, and strategies for reinvestment of bond proceeds. Staff will also continue to evaluate potential adjustments to debt policies, financing structures, and administrative processes to maintain flexibility and optimize borrowing costs , some of which may require Commission review at subsequent meetings.
• Federal Loan applications
CWIFP Loan Agreement – Water/Power Enterprise- The SFPUC has been invited to submit and an application for a loan agreement of up to approximately $615 million under the U.S. Army Corps of Engineers Water Infrastructure Financing Program (CWIFP) to support dam improvement projects within the Water and Power Enterprises.
CWIFP loans are expected to provide long-term, low -cost financing for eligible infrastructure projects. The timing of Commission consideration and loan closing will depend on federal approval of the application, negotiation of final terms, and the outcome of ongoing efforts to ensure the loan can be structured in a manner consistent with the SFPUC’s existing debt obligations. It is expected that the SFPUC will submit its application in FY26-27, and depending Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
on the timing of review and negotiations with the US Arm y Corp , staff may bring a proposed loan agreement for the Commission’s review in FY 2026-27.
Second WIFIA Loan Under Master Agreement – Wastewater Enterprise The Commission will be asked to approve a loan agreement of up to approximately $272 million with the U.S. Environmental Protection Agency (EPA) under the Water Infrastructure Finance and Innovation Act (WIFIA) Programmatic Master Agreement.
This loan would represent a subsequent borrowing under the Master Agreement authorized in April 2023 to support the Wastewater Enterprise’s capital program. WIFIA loans provide long-term, low -cost financing with flexible repayment terms and are an important component of the SFPUC’s overall financing strategy. Approval of this loan will support continued investment in capital projects within the Wastewater system. Depending on the timing of review and negotiations with the US EPA, staff may bring a proposed loan agreement for the Commission’s review in FY 2026-27.
• Mitigating Risk
Following the 2025 Water refunding transaction that reduced exposure to Build America Bonds (BABs) subsidy risk, the Capital Finance team will continue to evaluate opportunities to further mitigate residual risks within the debt portfolio. This includes monitoring outstanding obligations with federal subsidy components and assessing additional refinancing or restructuring opportunities where economically beneficial like the refunding of the 2009 COPs.
Also, as part of this effort, staff expects to return to the Commission with a proposed refunding of the Wastewater Enterprise’s 2010B BABs, which may reduce exposure to federal subsidy risk and/or generate debt service savings, depending on market conditions at the time of execution. More broadly, the Capital Finance team will continue to evaluate strategies to proactively manage risks associated with federal programs and evolving market conditions.
• Expanding and Evaluating Financing Tools
As the SFPUC’s capital program grows in size and complexity, the Capital Finance team continues to evaluate a broader range of financing tools and structures to support evolving needs across all enterprises. These include potential use of structured financings, joint powers authority issuances, and other alternative approaches to support unique capital needs, including Alternative Water Supply projects and CleanPowerSF initiatives. This work also includes evaluation of financing strategies that may support operational objectives, such as optimizing power procurement costs, including potential structured transactions such as energy prepayments. All such approaches will be assessed in coordination with municipal advisors, legal counsel, and other subject matter experts to ensure alignment with the SFPUC’s credit profile, risk tolerance, and long-term financial objectives.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
In FY 2026-27, the SFPUC will also work with the Controller’s Office Finance to seek amendments to Administrative Code Chapter 43 to codify existing Board-approved refunding authority for Water, Wastewater, and Power Enterprise debt. The proposed amendments would streamline future financing approvals, modernize short-term debt provisions, and improve the SFPUC’s flexibility to manage debt obligations and respond to market opportunities, while maintaining existing Board oversight and policy safeguards.
• Green Bond Program and Climate Commitment
The Capital Finance team will continue to advance enhancements to the SFPUC’s Green Bond Program, including updates to external certification processes and expansion of investor -facing disclosures. These efforts are intended to align with evolving market standards and improve transparency to investors regarding the environmental impact of SFPUC -financed projects.
Recent changes in the external ESG review landscape, including the withdrawal of Sustainalytics (a Morningstar company) from the second-party opinion market—previously the provider of external review for the SFPUC’s Water and Wastewater Green Bond issuances —have prompted a reassessment of available certification approaches and counterparties. The Capital Finance team expects to undertake a competitive procurement process to identify qualified external review providers, while also evaluating alternative approaches, such as programmatic or entity -wide certification frameworks, to ensure continued flexibility and alignment with market practices for future labeled bond issuances.
• Impact Report
The SFPUC currently publishes annual Green Bond Reports that include Green Bond funded project expenditure details, project environmental impacts aligned with United Nations Sustainable Development Goals, and a case study of a Green Bond funded project. The Capital Finance team in collaboration with the External Affairs team is working on expanding the scope of the Green Bond Reports to provide information and data on the investments that the SFPUC is making on climate risk mitigation and infrastructure resilience to meet the growing demand for transparent information on climate risk.
• Tax Strategies
As the nature of utilities operations continues to evolve, the Capital Finance team is spending increasing time working with its tax attorneys and Deputy City Attorneys to evaluate the impacts on our ability to utilize tax exempt debt. In the wastewater sector, the transformation of treatment facilities into modern resource recovery facilities – with offtake of biogas, fertilizer and purified water – will increasingly create private use issues. Similar ly, the advent of large load customers and competition in the power market are creating similar private use dynamics that need to be navigated not just for the financing of new facilities, but for their impact on past and future system debt.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
• Amend Municipal Advisor Agreements
The Commission will be asked to approve new or amended Municipal Advisor agreements to provide continued advisory services across all enterprises. As the size and complexity of the SFPUC’s capital program has grown, the need for specialized financial advisory services has increased.
These agreements will provide capacity for ongoing support in areas including debt issuance, refinancing analysis, market monitoring, evaluation of alternative financing structures, and strategic planning. Approval of these agreements will ensure the SFPUC continues to have access to independent, expert financial advice to support its financing activities.
• Leveraging Data and Technology Systems
Building on recent investments in financial data and debt management systems, the Capital Finance team will continue to implement and leverage tools such as Bloomberg, DebtBook, and other analytics platforms to enhance internal modeling, reporting, and debt portfolio management. These tools will support more efficient execution of financing transactions and improved communication with internal and external stakeholders.
• Updated Capital Spending Auditing
With the transition of oversight responsibilities following the sunset of the Revenue Bond Oversight Committee, the Capital Finance team will continue to work with the Financial Reporting team, Capital Budget team and Audit Bureau to as they work to expand audit and oversight activities and improve transparency regarding the SFPUC’s capital program.
• Direct Pay Provisions of the Inflation Reduction Act
Although federal tax credit opportunities associated with the Inflation Reduction Act (IRA) have been reduced or are expected to phase out, the Capital Finance team will continue to monitor available programs and pursue any remaining eligible opportunities, including credits associated with fleet electrification and other qualifying solar investments.
In addition, the SFPUC continues to evaluate the potential applicability of tax credits to major capital projects, including the Biosolids Digester Facilities Project, which may qualify for certain credits due to its biogas production component. Given the scale of this project within the Capital Improvement Program, any successful credit monetization could provide meaningful financial benefit. The Capital Finance team will continue to work with advisors and legal counsel to assess eligibility and pursue available credits, while recognizing that program requirements and federal policy remain subject to change.
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
Acknowledgements, Staffing and Support
The accomplishments of the past year and the ambitious plans outlined in this memorandum are made possible by the dedicated Capital Finance team11. This team of analysts supports both the execution of complex financing transactions and the ongoing management of the SFPUC’s growing debt portfolio across all four enterprises. I am grateful to each of them for their work on this report and this program.
In addition to bringing billions of dollars of financing to market, the team is responsible for a broad range of essential activities, including managing interim financing programs, coordinating with rating agencies and investors, ensuring timely debt service and fee payments, and supporting ongoing disclosure and compliance requirements. These efforts are critical to maintaining the SFPUC’s strong credit profile and access to low-cost capital.
As the scale and complexity of the SFPUC’s Capital Improvement Program continues to expand, the work of the Capital Finance team has likewise grown in scope, requiring increased coordination with enterprise staff, the Controller’s Office, the City Attorney’s Office, and external financial and legal advisors. The SFPUC benefits from this strong network of internal and external partners, whose expertise and collaboration support the successful delivery of the capital program.
The Capital Finance team also thanks and acknowledges the hard work of our internal SFPUC partners including the Financial R eporting and Accounting , Capital Budgeting, Loans & Grants , Financial Planning t eam, Infrastructure, Technology and enterprise teams, and General Counsel, as well as the Deputy City At torneys who support the SFPUC and colleagues in the Controller ’s Office who work with us on financing matters.
The team’s ability to effectively manage these responsibilities is supported by flexible work practices and technology that enable collaboration across departments and with external partners, helping to maintain continuity, responsiveness, and productivity in a dynamic operating environment.
CONCLUSION
We hope the Commission finds this summary of proposed financing activities , and the expected schedule for proposed Commission review and approval helpful. We look forward to addressing any questions you may have during the June 9, 2026 Commission meeting.
cc: Nancy L. Hom, Chief Financial Officer, and Assistant General Manager, Business Services
Laura Busch, Deputy CFO
Vivian Chen, Deputy CFO
Anna Duning, Budget Director
Matthew Freiberg, Acting Financial Planning Director
Trey Hunter, Capital Budget Manager
Alexandra Gunnell, Loans and Grants
Memo: Fiscal Year 2026-27 Capital Financing Plan
June 9, 2026
Sheryl L. Bregman, Deputy City Attorney