Port Commission: revenues down ~50% and $20M interfund loan requested to avoid layoffs
Port Executive Director Elaine Forbes told supervisors the Port faces a steep revenue decline (nearly 50% last year, a cited $60M loss) that has exhausted reserves; the Port seeks to stabilize operations with cuts, a supplemental appropriation and an interfund loan of up to $20M to avoid layoffs.
The full story
Elaine Forbes, Executive Director of the Port of San Francisco, told the Budget & Appropriations Committee on May 5 that the Port’s enterprise has suffered an abrupt revenue shock that threatens personnel and the capital program. "Our revenues have fallen nearly 50% for a total loss of $60,000,000," she said, adding that the Port projects further losses and has already cut capital spending dramatically.
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