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Harbor midyear report: revenues down modestly as insurance and reserve questions rise; dredge and wharf work underway
Summary
Waterfront staff reported Jan. 16 that midyear revenues through November were down just under 3% and that property-management receipts were 9.3% lower year‑over‑year; commissioners pressed staff on rising insurance costs, reserve policy and steps to stabilize harbor revenues.
Waterfront staff on Jan. 16 presented the fiscal year 2025 midyear budget, facilities and harbor operations reports to the Santa Barbara Harbor Commission, saying midyear revenues through November were down just under 3% compared with the prior year while several cost pressures—including insurance and reserve requirements—continue to rise.
Waterfront business manager Cesar Barrios said the department’s midyear revenue snapshot (July–November) showed a primary decline in property management revenue, which was 9.3% lower than the same period the previous year. Barrios attributed the downturn principally to weaker food‑service and commercial‑lease receipts and to unusually cool summer weather that depressed visitor volumes. He reported small changes elsewhere: parking services were roughly flat (up 0.5%), Meridian (slip) management revenue was up 0.7% and slip transfer fees were down about 28.4 ("just under $200,000"), with 43 slip transfers processed through November versus 61 the prior year.
On expenditures, Barrios said midyear actual…
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