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Port adopts updated five-year financial forecast and 10-year capital plan; shortfall remains near $1.4 billion
Summary
The Port Commission reviewed an updated five-year financial forecast and approved a revised 10-year capital plan. Staff projected revenue growth to $85.9 million over five years but also forecast operating deficits in years three through five and a capital-need shortfall of just under $1.4 billion; the commission voted to approve the capital plan.
The Port of San Francisco Commission reviewed an updated five-year financial forecast and a revised 10-year capital plan and approved the capital plan following staff presentations and commissioner questions.
Elaine Forbes, Deputy Director of Administration and Finance, presented a five-year forecast (FY 2012-13 through FY 2016-17) prepared consistent with Proposition A. Forbes said the forecast shows revenues rising from about $68.9 million to $85.9 million over five years (roughly 5% annual growth), with principal drivers including increased commercial and industrial rents (+$8.7 million), expanded parking/meter revenues (+$4.4 million) and increased cruise-related revenues (+$1.3 million). The forecast also…
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