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Port presents two-year operating and capital budgets; proposes $7.42M supplemental for cruise terminal
Summary
Port staff presented proposed biannual operating budgets (FY 2012–13 and 2013–14) and a two-year capital program, highlighting revenue improvements, a $1.5M contingency for the cruise terminal and a request to forward a $7.42M supplemental appropriation to the Board of Supervisors for the cruise terminal cash timing.
Port staff delivered a multi-part budget briefing on Feb. 14 that covered the biannual operating budget, the proposed capital budget and a supplemental appropriation request for the cruise terminal.
Elaine Forbes, deputy director of administration and finance, explained the shift to a fixed two-year budget cycle and said the port must balance operating needs with a long-term five-year financial plan. Staff noted existing financial policies including a 15 percent operating reserve and a debt-service coverage requirement of at least two times net revenues.
Megan Wallace, the port's budget manager, walked the commission through year-to-year comparisons and said the proposed FY 2012–13…
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