Live Breaking News & Updates on Port Commissioner Dan Malcolm
Stay updated with breaking news from Port commissioner dan malcolm. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Seaport Village anchors Pier Cafe, Edgewater Grill will be replaced by 'celebrated' restaurants sandiegouniontribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sandiegouniontribune.com Daily Mail and Mail on Sunday newspapers.
Print Once flush with proceeds, the Port of San Diego’s savings account is projected to nosedive to a far-lower-than-allowed balance by the end of the next fiscal year or around $27 million less than what is required of the agency’s reserve fund. The shrinking-savings situation was discussed Tuesday during the agency’s regular monthly meeting after CEO Joe Stuyvesant and CFO Robert DeAngelis presented the board with a preview of the financial road ahead for the fiscal year beginning July 1. For the upcoming year, the port is forecasting revenue growth of 5.4 percent over fiscal 2021 for a total of $154.5 million. The sum, however, is short $15 million after factoring in routine expenses and major maintenance costs of $169.5 million, meaning the port will need to tap into its operating reserves to make up the difference. As such, by the end of fiscal 2022, the port’s reserve balance will drop to $34 million, despite a policy that requires the agency to keep r ....