DATE: January 19, 2021
SUBJECT:
Title
MONTHLY REPORTING OF FINANCIAL RESULTS AND DIRECTION TO STAFF
Body
EXECUTIVE SUMMARY:
As a result of the COVID-19 pandemic, staff currently estimates a significant loss in revenue primarily in real estate and parking revenue. Unlike many public agencies, the District receives no tax funds to help stabilize revenues in the midst of this crisis. The District must take prudent steps to manage our budget in these uncertain economic times.
Staff will continue to work with the Board and will provide monthly reporting to monitor the District's financial performance against the forecast at each Board meeting. This will enable us to act promptly to changing economic conditions and further reduce expenditures to mitigate any additional loss of revenue.
RECOMMENDATION:
Recommendation
Accept staff's financial report update and direction to staff.
Body
FISCAL IMPACT:[h1]
This proposed Board action has no fiscal impact.
COMPASS STRATEGIC GOALS:[h2]
This agenda item supports the following Strategic Goal(s).
* A Port that the public understands and trusts.
* A thriving and modern maritime seaport.
* A vibrant waterfront destination where residents and visitors converge.
* A Port with a healthy and sustainable bay and its environment.
* A Port with a comprehensive vision for Port land and water uses integrated to regional plans.
* A Port that is a safe place to visit, work and play.
* A Port with an innovative and motivated workforce.
* A financially sustainable Port that drives job creation and regional economic vitality.
* Not applicable.[h3]
DISCUSSION:
The Board directed staff to report at each Board meeting the District's financial performance against the projections to respond to changing economic conditions in connection with the COVID-19 pandemic.
General Counsel's Comments:[h4]
The Office of the General Counsel has reviewed this agenda sheet and attachments as presented to it and approve the same as to form ...
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