§ 54.4.

SURPLUS FUNDS

a.

In accordance with State and federal grant agreements, regulations and orders, all proceeds from the leasing of the Southeast Community Facility shall be used to defray City and County costs of operating and administering the facilities.

b.

Proceeds from the leasing of the facilities that exceed the costs of operating and administering the facilities, as calculated at the end of the fiscal year, shall be known as “surplus funds.”

c.

Subject to the budgetary and fiscal requirements of the Charter, the Commission may allocate surplus funds accrued during the prior fiscal year for certain uses related to the operations and activities of the Southeast Community Facility.

d.

Surplus funds may be allocated for the following purposes:

1.

Scholarships first for residents of the Bayview-Hunters Point community and thereafter for all other residents of the City and County of San Francisco to attend classes and other educational activities at the Southeast Community Facility or other accredited institutions of education;

2.

Scholarships first for children residing in the Bayview-Hunters Point community and thereafter for all other resident children of the City and County of San Francisco to attend child care centers at the Southeast Community Facility or other State-licensed child care providers;

3.

Supplementary funding for job training programs and activities at the Southeast Community Facility;

4.

Supplementary funding for community agencies which address the needs as identified in Section 54.1, Findings.

e.

There is hereby established a reserve fund to consist of 10 percent of each year’s budget surplus for the facility, as available, to be used for the purpose of facility maintenance only. This reserve fund will be maintained for a five-year period, and the use of this reserve fund will be reviewed at the termination of the five-year period.

CHAPTER 55:[RESERVED]

History

(Ord. 438-87, App. 11/12/87; amended by Ord. 287-96, App. 7/12/96)

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