Audit of Presidio Forecast Comes Up Positive

SAN FRANCISCO-A federal audit of the Presidio of San Francisco’s 12-year financial forecast has come out favorably, according to Presidio officials, but many questions still need to be addressed. The Presidio Trust has operated the 1,500-acre property for the nearly five years since the military moved out.

A report released by the General Accounting office reveals that the property has improved since then, but auditors say its current income still does not offset expenses.

However, auditors report the trust is on track to be financially self-sustaining by the year 2013, as mandated by the US Congress, and may even generate additional funds.

The report adds it is critical that about 300 residential units and 2.2 million sf of office space be renovated and leased in the coming years.

The GAO report was based on the Presidio Trust’s numbers and examined six alternatives that were analyzed in the Presidio draft Environmental Impact Report. While the trust needs to confirm everything, the GAO report authors found the trust’s estimates of potential income were conservative, if anything.

The plan, which was released this summer, includes proposals to increase open space by 100 acres, decrease nearly 6 million sf of built-area space, preserve landmark buildings and increase the number of visitors.

The various options are still undergoing the public comment stages, with a final hearing scheduled for Oct. 16.