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Waterfront department reports $21M in FY25 revenues, flags dredging funding loss and Stearns Wharf insurance increase
Summary
Staff told the Harbor Commission the Waterfront Department closed FY25 with nearly $21 million in revenues, slightly above budget, but flagged an outstanding tenant rent of roughly $630,000, possible future dredging shortfalls of $4 million annually, and a jump in Stearns Wharf insurance deductible to $3 million.
The Waterfront Department told the Harbor Commission on Sept. 18 that department revenues for fiscal year 2025 finished near $21 million, about 1.9% ($~383,000) above the adopted budget and about $981,000 higher than FY24, but staff warned of outstanding rent and looming liabilities that could erode that surplus.
Cesar Barrios, Waterfront business manager, presented the year-end summary and detailed program-level results: property-management revenue showed gains but included approximately $630,000 in rent yet to be collected from a key food-service tenant; parking revenue…
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