Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Supervisor Dave Pine, District 1
Supervisor David Canepa, District 5
Subject: Resolution Endorsing Proposition 4
RECOMMENDATION:
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Adopt a resolution endorsing Proposition 4 which authorizes the State of California to issue a $10 billion bond for activities related to safe drinking water, wildfire prevention and protecting communities and natural lands from climate risks.
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BACKGROUND:
Over the past three years, the State of California has funded climate related activities through its budgeting process. Due to the recent budget deficit, the State reduced spending on climate resilience projects. In early July 2024, the State legislature passed, and the Governor signed Senate Bill 867, which placed the Climate Bond, Proposition 4, on the November 5, 2024, ballot. The ballot initiative requires 50% (+1) approval by the voters to be pass.
The last natural resources bond to pass with the voters' approval was Proposition 68 in 2018, which allocated funding to parks, natural resources protection, climate adaptation, water quality and supply, and flood protection.
In 2014, California voters passed Proposition 1, which allocated $7.1 billion toward funding for water quality, supply, treatment, and storage projects. According to the California Natural Resources Agency, approximately $40 million from Proposition 1 and $145.4 million from Proposition 68 remain uncommitted.
DISCUSSION:
Per the California Legislative Analyst's Office, "Proposition 4 would allow the State to sell a $10 billion bond for natural resources and climate activities. Much of the bond money would be used for loans and grants to local governments, Native American tribes, not-for-profit organizations, and businesses. Some bond money also would be available to State agencies to spend on state-run activities."
San Mateo County has experienced several life-threatening dis...
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