changes for your review this year. our investment policy continues to have the same three objectives that any governmental investment policy should have. first and foremost, safety of the principal. and then liquidity, access to the funds, in order to pay the contractor is when we need to pay them, yields being a less important of the three objectives. very minor changes in this version of the policy are to remove references from a staff position that we no longer have and to remove references where we discuss what we do in practice. practices may change over time and we will report to you what our investment practices are. we do come to you on a quarterly basis with our investment report and our practice right now is to hold our cash for short-term obligations and our u.s. bank checking account and

to hold the balance in the city and county equity treasurers' polol which gives us diversification and access to the funds on a very short notice basis, without having to actively manage the investment ourselves. happy to answer any questions. >> are there any questions? is there a motion to approve the review with the minor changes? all those in favor? opposed? passes unanimously. >> item 12 is approved without any members of the public wishing to address you. item 13. approving the updated initial project report dated may 12, 2011 and authorizing the executive director to modify the ab 1171 cooperative agreement with the metropolitan transportation commission as necessary, for the rescission of ab 1171 bridge toll funds in the amount of $76,024,000. >> in

this item we have is a rescission of 7 $6 million from the $134 million that was allocated to us in june. that was an allegation by mtc to allow us to move forward with our project in august to authorize contracts at that time. this was before we knew we would have the brand in place. at that time, when the authorized that amount of funding, we did say that they would come back with a recision based on the $400 million, when we received it, identification of eligible expenditures and what not. that point has come when we have actually done so. the grant is in place. we have identified those costs that are eligible. so we have -- mtc has asked us to ask the board to revise the initial product report to resend

the funds. we will able to go back to the mtc for the balance of those funds, the 7 $6 million available to us, and we plan to do that in 18 months. we will be speak -- seeking reallocation of those funds. >> are there any questions? is there a motion to approve the updated project report and to authorize the executive director to authorize changes to ab1771? approved. all those in favor? opposed? passes unanimously. >> item 13 has been approved without any member of the public wishing to address you on that item. you are scheduled to go into closed session at this point on the calendar. i have not received any indication that a member of the public wants to speak to you about items on the list. about items on the list. >> ok.

>> as to the closed session item, real property negotiators return the property of 85 natoma, the board directors unanimous -- unanimously passes an agreement [inaudible] $740,000. >> thank you. with that, this meeting is adjourned.

both

>> good morning. it will be the afternoon very

soon. i am here today on the hottest day so far this year at o 'connell high school in san francisco. it focuses on our children, our youth, our kids. not only do we want them to keep busy, but in doing that, clearly, i am very lucky because i get to work with wonderful in the smart people that are working collaborative lead to provide all of these programs and make sure that the kids in richmond's are kept at a high level. they will be very much enriched by the programs that we are putting our back behind and our money behind. i am here today with carlos garcia.

thank you for being here. the relationship with the school continues. the work with me as the education adviser, it constantly on a weekly of got every other day basis. letting us know about the programs we are doing, what more we can do. it is a topic i always want to keep in front of me. watching out for the future of our kids, watching out for their safety as well as their continuing harassment in all the programs that we have. along with carlos, we have marie sue. they are in charge of a lot of the programs that we have centralized and try to match all of the needs of their, making sure we have the best programs possible.

she had a lot of announcements to make today. you will see more of this elsewhere. we are not standing on the soggy ground. now that we're doing things smarter, the recreation and parks department is there for us. they are here to make announcements about the summer programs we have had our reflective they are in his attempt to do more in the summer camp program, where more for you to make this city again reached the heights that it always has been how to embrace all of our youth and make all these programs as open as possible. paul has continued to advise me along with members of the juvenile probation department and other public safety agencies, that a safe city is not only a city that is safe on the streets, but also save in the sense that we have social

services and social network programs that offer tremendous opportunities to go all over this city. they are here today to embrace these programs and work with us as closely as all the agencies would. we have community-based agencies. i want to just a knowledge of the advocates. they are here today, they worked with the leaders because one of the programs is something that i personally got involved in. as you know, i tried to make myself available to all of the different groups in the city. as we started talking about our budget challenges, i invited a lot of the community-based agencies in to talk with me. i had meetings with scores of community agencies have talked about the needs of the city and

the youth to pay attention. we have had a relationship with advocates for some time. they were part of the group's that she brought in to see me. we talked very seriously about a generation of kids that are confronted with these new challenges that carlos knows so well. hall of the cities across the state, you won't be able to graduate unless you pass these very basic courses. we were confronted with ninth graders, about 900 of them have already been documented. they have failed grades in science and math. they will not going to proceed with a new beginning in high- school. they would not graduate at all. the only way you can give those grades past is if you fail in the normal course of business. however recognize many reasons

for students not being able to succeed in the normal course of things. the only way you do it is with a makeup course. some thing that we call summer glasses. the summer classes are not when the part of the economic agenda this summer. they have been wiped out with somebody challenges to our school district before that summer glasses or not -- they exist. we took personal testimony of others to heart during one of the critical meetings a month ago. henderson, carlos, from city college, all of this working together and we talked about where we could work with maria to find the money that would be the underpinning for saving 900 kids and offering them class's

to remediation those grades. we did come up with $250,000. we scraped under every rock. it was a personal challenge for me because it was something that i felt given not only the testimony that was given to us, the very sincerity that people wanted to see these kids and give them the opportunity, it resonated with me. i could see 900 kids not having the next generation without the opportunity to get into the jobs that we are creating with some of the other exciting companies, if you are not good at math and science, you don't graduate with that degree, you're not going to get the jobs that we're working so hard to unleash upon the city. with that vision in mind, it was natural for all of us to work together to scrape up that money had to make a commitment

that this summer, was 900 kids will not be lost. we will have the summer class's. we will have them in cooperation with our school district in community college. with all of the agency's behind us working together to say that we will not allow this opportunity to abandon our selves. we found the money. we will have these summer classes and will allow these kids to get that opportunity to read to those grades with the hope that they will have passing grades. it will proceed to the high school of our city can't get the grades that they need to continue on. that was our commitments. how to emphasize. it begins with having an open door and the very able agencies that we have telling us these stories. it begins with our collaborating to make this happen. how to thank all of the departments here in the school

district to make this happen. had to give a thought to these kids. and the people that i want to get good jobs in the city. to live here, survive, and be successful. i looked a safe city and a solid city. these kids will be the generation that take over the success of a great city like san francisco. there are other programs to be announced that will be part of a whole summer. recreation and park has stepped up to another challenge. as the shootings occurred earlier this year and as we were picking up toward some of the higher homicide numbers that have come down a bit, i took it personally to walk the mission and what they view with supervisors.

we listened to them and our community response networks. had we listened carefully to what the recommendations were. one of the ideas that came out of that was that we ought to have a place for kids to really come and get away from some of the pressures of their urban hard street neighborhood and to a place where kids enjoy the wonder of just playing, being themselves, interacting with the other kids that maybe they looked across the street and don't see the full value of friendship and living in the same communities. to have an opportunity to do that, we look to scrape up as much as we could, and the wonders of that leadership park. the duty of phil's leadership is

he will find the time and we will create a special program aimed at at risk youth, and what they call in-risk, youth who have already been visiting our juvenile probation program who do not have to be there if they can turn their lives around. we are focusing on 16 special slots in the month of august, the details of which we will go on in here yet -- we will go on in. we will be working with a program of exposure to our camps, to the outdoors, and to emphasize that, rather than lead activities that will be negative to our communities, rather suggests leadership

opportunities for our environment, four outdoor leadership, for interacting with other kids. but that placement will occur in august, with the help of all the agencies i talked about providing perhaps a brief moment in which they can participate. before that happens, phil will identify additional slots all through the summer that he has worked hard to increase those slots for camp programs throughout the city. he will go into detail about that. i want to thank phil's leadership, and the old department of rec and park. again, increasing the number of slots more than they have this

year. we are on course to exceed that with more than 8800 slots identified and more to come we are making strides in that effort. and then, working with all of the agency is a around these programs, the summer programs, increasing the amount of funding that we have to keep kids active buying in an indirect way. even our representative of the library here today, to talk about some of the free programs they are going to offer aimed at kids, passes to our museums and all the other special tassels that will be available to our youth. i think this summer is going to mark another enriched summer of programs, activities that we have. again, it is reflective of the city coming together, not thinking this is someone else's problem.

this is our challenge. we are responding to the town -- to the challenge not by a grudging attitude, by embracing things that work, things that work together with us, and it will be a positive enrichment for the rest of the summer. i am looking forward to a fantastic summer. i am not going anywhere. i am still working on me budget -- i am still working on the budget and pension reform. i love these kids as much as any of my kids i have raised the summer, and i am looking forward to working with all of you to make sure this summer is a lack of violence and more about eliminating that violence, more in doubt for -- more about embracing all of the challenges in the city. so, let's get more detail about these programs. >> thank you some much. it has been such a delight to have someone on board who is equally passionate about our

children and making sure the partnership continues. we did not have a partnership if we did not have leadership, and so i want to introduce our superintendent of schools, carlos garcia, and our board member who has helped identify the needs of students as well. carlos? >> thank you. good morning. but the move this a little bit. there we go. this is an exciting day. sometimes people come up to me and say that summers will seems like an oxymoron. you already have school, right? in this day and age, if we're going to compete, in a flat our students are going to be successful. i have to tell you to take my hat goes off -- and he has a half, but i do not. my hat goes off to the mayor. think about it.

we had all the different superintendents from southern california in for a meeting, and no one could believe that a city like san francisco would step up to fund charter school, because that just does not happen anywhere. we asked around the room, were there any other cities, and there was not. this is a special city. we have a community that actually use the children of the community as their children, like the mayor said. and it makes such a big difference, having them step up and be there for the children. it has been fabulous. and to have these advocates, it is great to have a relationship with them. my hat is always of to them. they pushed us. they pushed the school district. they pushed us to do great things for our children.

a couple of years ago, we had a conversation to talk about the a-g program for all students. we started with ninth graders. everyone takes required glasses. and as a result, yeah, we have a few kids who do not make it. and so, this summer, we were trying to figure out -- we had some money. think about it -- in california 70% of all the money for summer school has been wiped out. we no longer get the funding. how are we going to do that. we decided to prioritize and give summer school to our seniors, because if they cannot pass, they will not graduate. every year, we have the priority for them to take this later on. at the end of summer school, we have another graduation forum.

we have been that our priority. until the mayor and everybody got together, and we said, you know, this is not somebody else's problem. the mayor was the first two said we have to come up with the money. the $250,000 is something that will make a reality for 900 kids who did not do well in those requirements, to let them know that we care enough that we're going to make them a priority. that could not have happened without the support. gm.ftñ behind in credits, because that is what instep happening. this is something opportunity with all the credit that they need to keep moving this forward. we could never have done this in the past, and certainly agree that without the help of everybody, but not be here.

city colleges are offering summer courses for high school students. we all worked as a team now. it is great working with your departments. we talk to each other. it really is one city. i have worked in seven school districts. i have to tell you this is the first place in my life for all the different parts of the city, the colleges, everybody comes together, the school district, and we all think about what will be best for our children. and that is what makes -- you know, talk about having a great san francisco promise. this is a place where we walk the talk and make the new priority. i want to thank everyone who is here. it is not just the school district. mayor, i cannot thank you enough. and go, giants. thank you. >> thank you, carlos.

part of the work we have been doing in the mayor's office is focused around public safety issues. without our committee response network, many of them are here with us this afternoon. they pushed us as well. bill and alan nance were instrumental. that acknowledges how important public safety is in our office. he has come through, talking about what we need to do for our youth. i would like to bring a poll henderson. -- paul henderson. [applause] >> come on. you can clap louder than that. i am going to get warmed up here. this is fully warmed already talking about public safety, there is not just one event, one

action, but today's announcement that we have here is symbolic of what the process is. this is exactly how public safety works in the city. i know everyone is concerned about what happens this summer, and what are we going to do and how we are going to keep the crime rate low and how we are going to advance so used is engaged in positive activity over the summer in an attempted into making bad decisions. and today is exactly how we're going to deliver on that. we are doing not just an educational commitment -- but the mayor has talked about all the people who live stepped up to make sure we have a summer school, but also that we are addressing both cultural and social activities as well. i think a symbol of that is what we're doing with camp mather,

and how we are bringing together all the organizations that you see behind me and some that you do not see. it is a partnership that creates new opportunities. this is something that has not been done in the past. we're talking about a cultural and social responsibility. i just want to acknowledge that part and rep and phil ginsburg specifically -- because of his leadership -- we're going to have a great program that includes educational opportunities for youth where they have not had those opportunities in the past. that is what has been created. its stand up in particular this year, because we all know what our budget issues are, and the way that this is working, it is because of a unique partnership, because of a unique partnership, the people you see standing