>> i have it in the folder if you want me to look at it. c.o.p.'s are considered the most expensive kind of debt, as we already talked about today. we did it to collect the various interest-rate premiums all the jurisdictions pay on their debt. this was not presented uniformly, so we're we're not able to quantify the variance -- so we were not able to quantify the various periods -- the variants. almost $592 million in outstanding principal. i include the interest so you can get a clear picture of the obligations. please remember, and the slides that follow, interest is not included. supervisor farrell: really quickly come up when you calculate the interest -- how do you arrive at that? >> financial statements. $591 are pulled up a comprehensive schedule. so if we look at outstanding c.o.p. debt alone, san francisco is hired than any of the major jurisdictions. you can see on the screen. the mean per-capita c.o.p. debt was $112. c.o.p. this is debt. -- this is just c.o.p. debt. all these jurisdictions had lease revenue bonds as well. that is reflec

i think that generated the growth of c.o.p.'s. there was a time when council was not confident that they did not generate debts. i think that time has passed. the city has moved toward validation where once the matter is passed by the board, we let it sit for 60 days, and if the citizen has a concern, they can challenge it, and then we would to get out in court. -- would duke it out in court. supervisor farrell: just quickly -- the state does not view this as debt. but when we talk about it, we talk about it as long term debt? >> it is dead. for atomic purposes. -- is debt. as a legal proposition, it is not treated as bad debts of by which we have been incurred -- encumbered. that is the legal definition of debt under the state constitution. supervisor farrell: it is because of the legal structure? >> that characterization. if we undertook an agreement today to pay in a subsequent fiscal year a third-party $1, that would violate the debt limit. it is an accounting treatment compared to the legal treatment, if you well. supervisor f

it was rated differently than the other c.o.p.'s before you. supervisor farrell: thank you. >> i apologize, supervisors. i found an error that will change the analysis. the $590 million is total debt service. that is going to change the analysis. we will revise that. supervisor farrell: ok. supervisor chiu: thank youchiu -- supervisor chiu: thank you. supervisor farrell: i guess next is the mayor's budget office. i think the two things i wanted to briefly touch upon -- historical practices in city hall, how we approach things. the notion of capital expenditures, not looking to the future in this november. the commitment to stay here. but also, a discussion of how we are approaching. there are a number of big-ticket items. this is real dollars compared to where we have now -- what we have now. how do we evaluate going to the voters when it might not be a popular thing to do, jailhouse or otherwise, versus the issuance of c.o.p.? i would love to hear a little bit more. >> insurer. two good questions. i am happy to follow up. maintenance versus cap

during today's presentation, the statement that c.o.p. debt per capita is the highest for san francisco -- i saw the figure of the second city. that is pretty noteworthy. a thing that is something that needs to be explained. i would also like to mention that even though -- [chime] supervisor campos: thank you very much. next speaker? is there any other member of the public would like to speak? seeing none, public comment is closed. supervisor farrell, i want to thank you for bringing this item for work. this is a great discussion. i want to thank you and your staff for all the work you put into this item. i look forward to getting additional information, and i hope that people watching and here in the audience found it as informative as we did. >> i would like to say thank you to everyone who participated. with that, i will make a motion for a continuance to the call of the chair. supervisor campos: we will make that motion without objection. why don't we do this? supervisor campos: we're back on. welcome back to the government audit and o