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Port Commission approves budget adjustments and $1 million payment for America's Cup engineering work
Summary
The Commission accepted material changes to the Port’s biannual operating and capital budgets and approved a $1,000,000 expenditure to the America's Cup Event Authority for engineering work (AECOM). Commission recording shows Resolution No. 12 69 adopted.
The Port Commission adopted budget amendments on Sept. 11 that reflect changes since the Port approved its budget in February, including an increase in the operating budget and adjustments to capital appropriations tied to America's Cup preparations.
Elaine Forbes, Deputy Director of Administration and Finance, said the current‑year operating budget increased by approximately $6.7 million (from about $65.9 million to $70.6 million), driven in part by the addition of South Beach Harbor and other adjustments, while the current‑year capital budget decreased by about $1.7 million (from roughly $11.9 million to $10.2 million). Staff attributed drivers to the finalized America's Cup agreement, the addition of South Beach Harbor, and other revenue and expenditure updates.
Forbes asked the Commission to approve a $1,000,000 expenditure to the America's Cup Event Authority to purchase engineering work performed by AECOM related to Pier 3032; she said the Commission had previously approved the expenditure concept during LDA discussions and that this action formalized the payment.
After commissioner questions about fund balance, revenue assumptions, and the treatment of ground leases on financial statements, the Commission voted in favor of the resolution. The action was recorded as Resolution No. 12 69.
