the only way in which we can lower the financing plainfield is by enabling the xm to provide comfortableso that the buyer can focus on the quality. >> the buyers pay for the financing that is available. >> more recently returned to the treasury. >> since 2006 the bank has returned this. >> my federal flood insurance made money until they didn't know they are $20 billion in the red. >> it is conservatively managed. it is point to 3%, less than one or 1%. >> the private sector, after the financial crisis is now in a situation that is subject to new regulatory constraints and they simply don't have the liquidity and what liquidity they have is far more expensive. because they now have additional capital reserve to provide and at the same time we are in a situation where these markets are exploding and we have elion's of new people moving into the middle class and there are tremendous opportunities there. >> with a private bank, i would think they would fund it. boeing has 4 billion and its finance. >> one of the dilemmas is a tie on liquidity and low in return. so the bottom line is that co

the world. our government finances the airplanes. the largest oil company -- oil-owning company in the world is abu dhabi. it has the largest oil reserves in the world and owns and operates a government airline. our treasury finances their airplanes well below market to fly into our markets. >> now, one of the things you mentioned in your testimony, too, is that you said that you did not support reauthorization of xm bank because you kind of felt like you got double crossed on the last reauthorization. but you would support possibly a reauthorization that had some reforms. do you want to elaborate a little bit on that? >> absolutely. our position has been consistent. it was consistent at the last reauthorization. language was put in the bill to fix these issues that hurt american jobs, and it was ignored. so we've take an harder line position this time, along with all the employees i have here and the 3,000 employees we have in seattle, washington, to require that there be real reform this time. we aren't talking about small business

at least the republicans on the finance committee are incredibly frustrated. too,e the democrats are, at the lack of answers we're getting from the i.r.s. revolution about senator grassley is sort of view, a very my cumulative amount of evidence these guys were completely using that agency which has people'ss power on life, tremendous power. the ability to ruin and destroy weree's lives that they using it for political purposes. and that's just wrong. i think the american people are it. and tired of i hope we can get -- if we can't thathese investigations congress is trying to do concluded, we need a special prosecutor to look into this. hope eric holder at the justice department will conclude andd on recent evidence evidence before that it's time to do that. the american people deserve answers. them.e not getting >> sir, can i also ask, you're this pent-up frustration with the republicans dealing with the administration. isthe house speaker boner now talk -- speaker boehner is now talking about suing the administration. do you agree with that attack? and is th

wilburn, the opponents of the bank claim that trade finance should be left to the private sector. what has been your experience with finding commercial lenders, willing to extend credit to foreign buyers who want to purchase your company's services? >> recently, i just obtained some private finance for my three works in progress in brazil. the problem is, that i had to pledge my house, my intellectual property. my inventory. everything i own. i'm a risk taker. i'm willing to do that. but i can only do that once. because once i pledge that collateral for those three, i can't take care of the next six, seven that we're working on. and if there are those sources out there and the committee members know them, the chairman or anybody, or anybody hearing these words today, if you know these sources of private finance, please get in contact with me. and the other small business peep that i know that would desperately like to have that as a solution. thank you. >> i have all these stack of letters from businesses in support of the xm bank. i'd also like to ask unanimous consent to put it i

the note. private market is nim rod air finance alpha. i looked that up. that's a special purpose entity that owns 58 airlines and leases those to carriers, including the emirates. it leases those airplanes on operating lease not capital lease, which means risk of ownership and benefits of ownership are not fully transferred to the lessee. so when i saw this, recalling my days in the credit business, i said, this strikes me as a worse credit. i'd rather lend directly to emirates having their full fate and credit saying they are going to pay back every penny of the loan on fixed amortization which is what xm finances versus loans to a special purposenti entity. i may be wrong. i just did searching on my google device here. my question is, a, is that accurate? b, do you think -- as the ceo of delta, if you were to borrow directly from the bank -- i recognize you didn't have to borrow to buy your planes, which is great. if you were to put the full faith and credit of the airlines on the line as well as the lien on the aircraft you purchased wouldn't you expect

but for what i understand there's been problems with candidates not getting the public financing and if the public financing is there and they meet the requirements the city should definitely back up the candidates even though their not the incumbent a maybe an unknown candidate but that's what public financing is for. thank you. >> i guess this one, too. my name is yeah. my name is michael nolte. dear commissioners and executive director well, that's the overhead. my name is michael nolte i'm here to talk about the procedures for the candidates one for 2a. of which is on the attachment here. of what i just submitted. on may the 27 i went to department to ask for the forms for a candidate for the november 4th election i received a handful of documents to be filed i filed out all the documents and established an online filing. i then asked if there were other other remits upgrade my filings and an f pc number. another candidates on june 12th informed mayor edwin lee me informed me that there was a problem he was having problems with the 142a public financing deadline. and wanted to kno

>> the secretary of the finance committee for one kovenlt gres man, why? >> why do i object? i think it's clear. you got it right. fairly clever term. it is corporate welfare at the end of the day. one in 1,000 have probable before i never heard of the export import bank. the one who does received a financial benefit that substantially fortune 500 companies like ge and liesh boeing who could easily finance these things themselves. you have the export man claiming they create american jobs but we heard testimony that when the export import bank helped boeing to sell a jet to air india there are thousands of pilots. when export import bank helps for example ge and others to build an oil refinery in turkey it hurts the domestic refining industry. on and on as one economist put it they kill an american job domestically. it is not helping us. what people sees the jobs created at boeing and they have an interest in boeing. the smaller companies they don't even know what is happening to them. >> i think i know what the challenges are ahead of me. they put thousands of kids through co

with the deficit it is financed by donor grants. and last but not least afghanistan has the internationalisms. now double-a-2 reach her in to achievements made in the afghan economy between 2002 and 2013. first, the afghan authorities which they inherited they introduced a new currency to create the independent central bank and had a minister of finance they established commercial banking system and benefited from a comprehensive debt restructuring and reduction between 2006 and 2010. at the same time part of these achievements is to maintain macroeconomic stability. as you can see on the right-hand side the position is comfortable and secure and a debt is low and inflation is also no. and as a mentioned earlier earlier, when the budget is balanced after taking into account the donor grants received. as in engender earlier gdp has increased by 2.5 times and this growth gained is due to a generous pahang support made by the afghan authorities as. now i would like to go to the second part of my a presentation with the economic outloo

the same time. and both of them were public financings. and one of to them, they decided they were going to lease so i think that the market base financing was a leased-base financing on this. >> but at the end of the lease term the lessor takes back the airplane, if the lessee doesn't like it. you leased a plane and you had it ten years if you didn't want the plane you give it back. if someone had the loan on the plane that loan is not your obligation. >> but airlines -- we lease -- we tend to want to own, right, because you get the residual value. but part of what the market is reflecting here is that they are going to return -- they've decided that they want the option to be able to return the airplane in 5.7 years because that's the average life of the lease. >> a quick yes. do you think you should pay less for the direct delta credit in the market than you do for a lease? >> well, yes. i think -- depends on the airplane. that's probably what they're doing here. they probably want to own the triple 7's but probably only want to lease th

and on the finance committee. he said recently that it is iffy that there will be a deal done to divert the highway trust fund to find the revenue to patch that hole. what is your view on the prospect that there will be an agreement before the middle of july when this really get to a head? >> i think they are better than but it is tough. there are not a lot of ways to find offsets for highway trust fund spending. indeal with this sometime july. we may push it into early august. it is coming. it is a crisis. it always seems it has to be a real crisis before you fine the critical impetus to get something done. highs will ask on an extension, perhaps we will see it before the senate. we are scheduled later today for a lease starting the markup of a solution that will come out of the senate. hard finding an agreement. i think we can do that. there are things that have been proposed by democrats and republicans. usually on highway trust fund issues, people eventually come together. it is that important. i hope we can fi

money when you get your permit but on the finance side, we call and we recognize the funds as being used. and in thirds, and so we will take it and we will take two-thirds of the permit fees that you have paid and we will put it in a deferred credit program and we will recognize it over the life of the program. and so if the permit is good for one year we will recognize the entire fee in one year and if it is good for two years we will recognize it over two years, so that we don't have what happened last time where all of the revenue goes away and we still have work because we have made the commitments but we don't have the staff because we don't have the revenue coming in to cover that and that was one thing that we wanted to make sure that we did after the last down turn. >> last year we worked with the controller's office to set up an economic reserve of 30 percent of the operating budget and so we have the deferred credit and plus the stabilization reserve and unfortunately oddly, we were in a situation where we still have too mu

wilburn, the opponents of the bank claim that trade finance should be left to the private sector. what has been your experience with finding commercial lenders willing to extend credit to foreign buyers who want to purchase your company's services? >> recently, i just obtained some private finance for my three works in progress in brazil. the problem is, that i had to pledge my house, my intellectual property, my inventory. everything i own. i'm a risk taker. i'm willing to do that. but i can only do that once. because once i pledge that collateral for those three, i can't take care of the next six, seven that we're working on. and if there are those sources out there and the committee members know them, the chairman or anybody, or anybody hearing these words today, if you know these sources of private finance, please, get in contact with me and the other small business people that i know that would desperately like to have that as a solution. thank you. >> i have all these stack of letters from businesses in support of the ex-im bank. i'd also like to ask unanimous consent to put

the ex-im bank finances the wealthiest, most profitable airlines in the world with huge amounts of our treasury dollars. and you can see on this slide, we have an example of an ex-im bank financing that was just done and a market based financing that was just done. and those financing numbers show you that a very wealthy airline that goes in the private market on a regular basis to finance airplanes gets over the life of the airplane about a $20 million advantage. and these airlines are also owned by governments and deeply subsidized by their own government in addition to being deeply subsidized by our government. our focus here today is on a narrow issue. i -- i am pleased to hear the job growth. my business depends upon job growth. we have no objection to anything that anybody does in the halls of congress on a -- on either side of the aisle that grows jobs in this country. my business, our business, the delta family serves people that work at all the great companies in the united states. but we shouldn't have a government policy that sacrifices the jobs of hard working people at the

and so, we would have to come up with both of technology, and the financing method and then the retrofit, method of getting out there and so we are looking at zero net energy homes and the home upgrade program, for example really targets the natural gas use and it does not get much at the energy and by sealing the house and insulating and you can reduce that heating load on the home and you can get that load down enough that you could actually convert and pull out the furnace and install a heat pump that will be solar powered from the energy from the roof. and you could have enough power on the roof, to power a heat pump and then you will not need the furnace any more or the hot water because you could use the heat pump technology as instead and so we are looking at those kiepds of solutions that is really a state wide effort and, and a lot of that effort, unfortunately has been focused on the new construction and we have got almost, zero single family homes being built in san francisco and very few of them and most of the new construction of the housing in the city is in the multifamily

the customers. and a fourth tool is financing and this is the property assessed green energy financing that you may have heard about, and we have a commercial program that has been struggling for some time to actually get traction in the market place and we are about to relaunch the residential program, and which never seizes to be a source of interesting stories. but, there are a number of other methods of financing and one that we are interested in continuing to talk to the puc about is on bill, and on water bill, repayment of a financing program, that currently, could incorporate, and just water energy measures like shower heads, but, that could also, with possibly with some legal changes, incorporate just the energy efficiency measures which will open up the water and efficiency measures to the tenants that are paying the bill and don't own the building and finally we use law. and we have a number of them that are either going through update or through enforcement right now and like the green building ordinance and the commercial lighting ordinance and the existing building and the energy, bench

you are going to be chairman of the finance committee. dole said for a minute, who is going to tell russell? told were days when nobody russell. he went right in to the role of chairman of one of the prime committees of the senate, so with ease, doing it so effectively. >> that just raises questions. i have heard him talk about. this is governed by press release. and then all of a sudden, realized that it was possible. >> that's right. him, also for someone like the opportunity to disprove the doubters and prove what they're capable of doing. >> it is really a remarkable transformation and republicans have big problem with that in the senate because they haven't been in the majority since 1954 or 56. there was not a single person in the republican caucus in the senate who had ever been a committee chair at bedtime except tom thurman -- tom .hurman there was a high level of cooperation. thatthe sudden realization only are we in the majority but we are responsible for the agenda, the timing. what thefocus on senate will be concerned about. j

the world. our government finances the airplanes. the largest oil company -- oil-owning company in the world is abu dhabi. it has the largest oil reserves in the world and owns and operates a government airline. our treasury finances their airplanes well below market to fly into our markets. >> now, one of the things you mentioned in your testimony, too, is that you said that you did not support reauthorization of xm bank because you kind of felt like you got double crossed on the last reauthorization. but you would support possibly a reauthorization that had some reforms. do you want to elaborate a little bit on that? >> absolutely. our position has been consistent. it was consistent at the last reauthorization. language was put in the bill to fix these issues that hurt american jobs, and it was ignored. so we've take an harder line position this time, along with all the employees i have here and the 3,000 employees we have in seattle, washington, to require that there be real reform this time. we aren't talking about small business

as you know, the campaign-finance regime contains two types of contribution limits. base limits impose a dollar cap on the amount of money a contributor may give to a candidate per election or political committee per year. congress has determined that the non-corrupting amount an individual may give to a federal candidate is $2600 per election. or $5200 for a primary and general election. the aggregate limits impose the cap on the total amount of money a contributor may contribute to all candidates and all political committees in a two-year election cycle. for contributions to candidates, the aggregate limit is $48,600 per cycle. once a contributor gives $5,200 to nine candidates, he is at $46,800. he make give only $1800 to all other candidates. if it is perfectly legal to give $5,200 to the first nine candidates, why is it a felony to give $1801 to the 10th candidate? this makes no sense. put simply, you cannot corrupt candidate smith the 10th candidate by having already given a legal contribution to candidate jones, one of the first nine. the motivation for the agg

i got to know him a long time go >> you became chairman of the senate finance committee. he's been in charge of the committee since sneb so you can't blame him totally for everything that hadn't gotten done in washington. only partially. but you deal with a huge agenda on senate finance. let me start with the topic that everybody loves to hate, which s taxes. some say there ought to be a broad tax reform of the system yet nothing ever seems to happen. tell me your plan to make it happen. you and your colleague senator hatch announced a plan last week. what's in the works? >> our people deserve a tax code that gives all americans the opportunity to get ahead and not those that have the resources to brigade t how to get a a lawyers to hot wire the system. i developed a bipartisan proposal over the last two years. first with mitch mcconnell. recently with senator dan coats and it essentially build on the good work that a big batch of democrats did in the 1980's. ronald reagan, bob packwood, which basically means you go in there and drain the swamp. there have been something l

but the renters who do not have the access to the green finance that the home owners have. and we can move that in the right direction, i have more comments, but my time is up. >> thank you jason for your commitment and all of your hard work. >> all right. perhaps, maybe we could hear from the public and maybe try to summarize our thoughts collectively. >> i think that we should hear public comment. >> all right. >> members of the public that would like to comment? on any of items 4 a, through e? please come forward. >> yes? >> good evening, commissioners, my name is denise and i have these cards that i would like to pass out, and i have these made up and no and i noticed the vehicles, when we stopped to pick up the people, and it could be for up to ten minutes or even more. and so, i am going to read this from, how much is idling costing new york the city of san francisco sfgtv meeting of the neighborhoods and services committee occurring may , 15, 2014, will new york city drivers, they waste, in the fuel burned while idling, and it also inflicts more wear and tear on the

. >> welcome back everyone to the san francisco board of supervisors budget and finance meeting for wednesday june 25, 2014. it is shortly after 5:00 p.m.. colleagues as we continue to discuss our fiscal budget we're going to go back into >> good evening edge week to the budget & finance committee for wednesday, june 25, 2014, it's about 7:15 p.m. we're going to go back into recess as we continue to discuss 9:00 p.m. >> good evening, everyone welcome back to the san francisco budget & finance committee for wednesday, june 25, 2014. it is 905 we're going to go back into recess until 11:00 p.m. >> all right. good evening, everyone. welcome back to the board of supervisors san francisco budget & finance committee for another 10 minutes for wednesday, june 25, 2014. colleagues, we're here to pass out our budget for that this year. i want to thank a number of people as we start this process. first of all, i want to thank my colleagues in particular those on the budget & finance committee commissioner hyland and supervisor london breed and supervisor campos and all my other colleagues that have wor

the elevators. >> great. great. >> great. >> and item 4 e, update on dbi finances. >> good morning, i'm gale and i am the acting chief, finance manager and our report for revenue is very similar to what we have looked at in the past, and our apartment rental units and we have collected the two payments that are done with our property tax and we have collected about 90 percent of the funds. and we will continue to get some money over the course of the next few months as the people pay their fees late but we have received the bulk of the money. and the charges for services is still the main story for revenue. and we have currently collected quite a bit of the revenue to date, and so we are at that is old and we have collected, 33.7 percent of the revenue to date. and so, 133 percent, sorry, and so we are obviously going to be over our revenue projection for the year. and quite significantly. and so, we do have more information about that in the budget, which i am going to talk about next. and then, our other income, is a little high with interest and we are collecting more money because we have more money in the bank b

at that moment and income-tax is part of it out the finance the things we do together. progressively because people have more by what we have been reported and a sense of shared responsibility and investments when it starts to break apart people say that's not how the game works in any more. those who are rich have managed to help rewrites the rules so they get more and more and breaks in taxes and can keep more so the regulations tilt in their favor with better business opportunities and a better ability to earn and when that starts to happen, then reject a country headed in the wrong direction. and people start to feel it is not about how hard i work but the risks i will burkhart to end up with nothing is when the pieces start to break apart. the way i see this with the tax issue which parts of wealth and income we want to tax the fundamentally the question if the game is rigged to. right now in america is. it is rigged so those of the top keep doing better and better and everyone else is under increasing pressure and strain. my view of that of why that is happening n

to inform the finance committee that the e-mails were missing. as of right now, we still don't know why the agency failed to inform us immediately that the emails were gone. the i.r.s. was more willing to share this information with others in the administration. yesterday we learned that by april, the i.r.s. had already notified treasury that some of miss lerner's emails appeared to be missing. we also learned in april the treasury informed the white house of this development. they didn't inform us. the i.r.s. has offered no explanation of why they waited two more months to inform congress, and particularly the senate finance committee, the crucial committee here in the senate, which was performing an active investigation into this very issue. you haven't heard from either the chairman, senator wyden or i popping up about this. we have conducted a reasonably good investigation doing everything we thought we could do without mouthing off about it. now, moreover, we do not know what discussions have taken place between april or since april between

wyden: madam president, as the chairman of the finance committee that oversees the i.r.s., i have to question whether bringing in a special prosecutor would be a good use of taxpayer money in this case. i'm just going to spend a very few minutes laying out what is actually going on with respect to this matter. there are already five i.r.s. investigations, either concluded or ongoing. there was the original treasury inspector general audit. in addition to ongoing investigations by four congressional committees. the senate finance committee, the house ways and means committee, the house oversight and government reform committee and the senate permanent subcommittee on investigations. the senate finance committee, the committee that i chair, madam president, has been conducting a bipartisan investigation for more than a year. and i'd just like to repeat that. this is a bipartisan investigation, madam president. in fact, the committee's report was essentially ready to be released last week when the i.r.s. informed us that some emails were missing because of a hard drive crash. and so tha

in cameroon, i think i mentioned over half the exports we went there, we financed. why? it's very hard to get any bank to step forward. in place like western europe we do very little business because the banks are able to do. japan, we hardly do any business. there's a very defined banking system. >> let me ask the goa, is xm doing enough to ensuring that companies are going out in the private market and not finding capital before coming to the banks? >> i think that gets into sort of underwriting and what they are doing in terms of looking at eligibility and the anal isysis that's done there. we have work under way that's looking at that but that work is not yet complete. i would point out that we had made some recommendations back in '07 and this is just to clarify a point although xm has been very captive and hkapt coo agreed not all yet have been impleme implemented. there are some from '07 that it is still working on. okay. well let me ask you also in terms the numbers both sides of the debate are claiming numbers that support their case based on different counting m

the hard drive a finance of the ig. i'm confused. >> two hard drives. the hard drive that was recycled and destroyed was the har hard e the crash and 2011. a new hard drive was provided to ms. lerner and she used that from then on and that hard drive -- >> the crashed hard drive is going? >> it was going three years ago. the replacement hard drive was preserved and is in the hands of the inspector general. >> so we still do have a crashed hard drive that is not recoverable, that is missing that information and will never get it because it's somewhere, on? >> three years ago. >> is it not to there are also a requirement by law that you keep paper records as well if computers do go down? do not have paper records that are required speak as we are required by law to keep paper records of official records, and as a definition of the federal records act whether official records offer agency transactions. and then the employee is to point them out, create a copy of it and preserve it. >> okay. so i find it all to be very curious that in all of these questions

approval following completion of the project related analysis and placing 3 million of the 2015-2016 solar sf budget on finance committee reserve. item 11 an ordinance to appropriate proceeds from revenue bonds, wastewater [speaker not understood] approximately 55 1 million for the wastewater capital improvements and amending ordinance number 108-12 for fiscal years 2014 through 2015. item 12 is an ordinance to approve the issuance and sale of power revenue bonds by the public utilities commission in an aggregate principal amount not to exceed approximately 112 million to finance the costs of various capital projects benefiting the puc's power enterprise, declaring the official intent of the commission to reimburse itself with one or more issuance of tax exempt bonds and ratifying all previous actions taken in connection with this ordinance. item 13 is an ordinance to approve the issuance and sale of wastewater revenue bonds by the public utilities commission in an aggregate principal amount not to exceed approximately 8 19 million to finance the cost of various projects benefiting the wastewater enterprise, d

the absence of creative financing. the expense of a home compared to your income back then and now, a higher percentage of income but a savings account. a home is a great investment long-term and i would hope we get rationality in some regulations so young people would have a shot at it because right now they don't and they may have to wait until they are 37 to get their first home. >> yeah, that's about the case. former governor frank are the aba. thanks for joining us. >>> still ahead on the program, investors in retailer coach are looking for signs of a turn around and today they got the opposite. details on why the stock was one of the worst performers on the s&p 500. that's coming up. >>> well, a big miss for oracle. the company reported earnings and revenue below wall street expectations. the company earned 92 cents a share, 3 cents below estimates. revenue came in at $11.3 billion, also, slightly below what analysts were looking for. investors as a result sold the stock in after hours trade tonight pushing shares

i'm sure you're aware of a couple years ago we lost the tax increment financing that's nov necessary for the schlage lock development we've been if the forefront of advocating for affordable housing almost all neighborhoods don't want - i'm almost done >> quickly thank you. >> okay. i'll cut to the chase give us the money for prop k for pedestrian pathways thank you. >> thank you very clear. is there any public comment? please come forward and seeing none, public comment is closed. and roll call vote >> sxhooelz. supervisor breed. supervisor campos. supervisor chiu. supervisor malia cohen. supervisor farrell. supervisor kim. supervisor mar. supervisor tang. supervisor wiener. supervisor yee. supervisor yee. i. that item passes >> thank you. congratulations. great. next item >> item 10 adapt the balboa park circulation study this is an action item. >> okay. this is an item i've been looked for a number of years i'm very, very happy that the circulation study has buena been done now the elements to implement is before the mta and hopefully, we, have feedback from your citizens advisory