Finance and Management Committee
April 25, 2023
AGENDA REPORT
TO: Steven Falk FROM: Erin Roseman
Interim City Administrator Director of Finance
S
UBJECT: Assignment of the 2022 Affordable DATE: March 28, 2023 Housing Infrastructure Bond Measure
To The Affordable Housing & Infrastructure
O
versight Committee
City Administrator Approval Date
RE
COMMENDATION
S
taff Recommends That the City Council Adopt An Ordinance Amending Ordinance No. 13619 C.M.S, Which Established The Affordable Housing & Infrastructure Public Oversight Committee, To Assign to the Committee The Responsibility For Oversight Of The 2022 Affordable Housing and Infrastructure Bond (Measure U) And Make Non- Substantive Technical Edits.
EXEC
UTIVE SUMMARY
Th
e proposed ordinance will assign oversight of the 2022 Affordable Housing and Infrastructure Bond Measure (Measure U) to the Affordable Housing & Infrastructure Public Oversight Committee.
BA
CKGROUND/LEGISLATIVE HISTORY
O
n October 20, 2020, the Oakland City Council adopted Ordinance No. 13619 C.M.S, which established the Affordable Housing & Infrastructure Public Oversight Committee and prescribed the functions, duties, powers, and terms of its members.
O
n July 11, 2022, the Oakland City Council adopted Resolution No. 89314 C.M.S, which placed the 2022 Affordable Housing Infrastructure Bond Measure on the November 8, 2022 General Municipal Election ballot.
O
n December 20, 2022, the Oakland City Council adopted Resolution No. 89543 C.M.S, which certified the election results from the November 8, 2022 General Municipal Election.
Apr 11, 2023
Steven Falk, Interim City Administrator
Subject: Assignment of the 2022 Affordable Housing Infrastructure Bond Measure To The Affordable Housing & Infrastructure Public Oversight Committee Date: March 28, 2023 Page 2
Finance and Management Committee
April 25, 2023
ANALYSIS AND POLICY ALTERNATIVES
On July 11, 2022, the Oakland City Council adopted Resolution No. 89314 C.M.S, which placed the 2022 Affordable Housing Infrastructure Bond Measure on the November 8, 2022 General Municipal Election ballot. Section 6 of Measure U (“Financial Audits and Citizen Oversight”) requires that the Council assign the responsibility of citizen oversight for this measure to the Affordable Housing & Infrastructure Public Oversight Committee (Committee). Measure U provides that the Committee shall review relevant financial and operational reports related to the expenditures of bond proceeds, provide reports to the Council when necessary, and will evaluate the impacts and outcomes of bond expenditures on the bond measure's stated goals, including social equity, anti-displacement, and affordable housing.
On December 20, 2022, the Oakland City Council adopted Resolution No. 89543 C.M.S, which certified the election results from the November 8, 2022 General Municipal Election, specifically the approval of the 2022 Affordable Housing Infrastructure Bond Measure (Measure U).
Therefore, the adoption of this resolution will advance the Citywide priority of being a responsive, trustworthy government by adhering to the ballot measure language and assigning oversight of the 2022 Affordable Housing and Infrastructure Bond to the Affordable Housing & Infrastructure Public Oversight Committee.
FISCAL IMPACT
The adoption of this ordinance results in no direct fiscal impact.
PUBLIC OUTREACH / INTEREST
No outreach was deemed necessary for this report beyond the standard City Council agenda noticing procedures.
COORDINATION
This report and ordinance were developed by the Finance Department and City Attorney’s Office.
SUSTAINABLE OPPORTUNITIES
Economic: The economic opportunity associated with this ordinance is providing greater fiscal transparency to this bond measure and its use of bond proceeds.
Environmental: There are no environmental opportunities associated with this ordinance.
Race and Equity: There are no race and equity opportunities associated with this ordinance.
However, the Committee will evaluate the social equity impacts and outcomes of the bond expenditures to see if the goals of the bond measure are met.
Steven Falk, Interim City Administrator
Subject: Assignment of the 2022 Affordable Housing Infrastructure Bond Measure To The Affordable Housing & Infrastructure Public Oversight Committee Date: March 28, 2023 Page 3
Finance and Management Committee
April 25, 2023
ACTION REQUESTED OF THE CITY COUNCIL
S
taff Recommends That the City Council Adopt An Ordinance Amending Ordinance No. 13619 C.M.S, Which Established The Affordable Housing & Infrastructure Public Oversight Committee, To A
ssign To the Committee The Responsibility For Oversight OF The 2022 Affordable Housing and I
nfrastructure Bond (Measure U) And Make Non-Substantive Technical Edits.
For
questions regarding this report, please contact Brittany Hines, Assistant to the Director, at (510) 2
38-7078.
R
espectfully submitted,
ER
IN ROSEMAN
Director of Finance
P
repared By:
Brittany Hines, Assistant to the Director
Finance Department