DATE: February 11, 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 across almost every major revenue category for the District. Unlike many public agencies, the District receives no tax funds to help stabilize revenues in the midst of this crisis. While staff continues to talk to the State of California and the federal government to seek economic relief, 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 respond to changing economic conditions in connection with the COVID-19 pandemic. A number of measures have been taken to reduce expenses through the remainder of FY 2021.
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:
This COVID-19 pandemic is a perfect storm that caused projected District revenues to fall in several areas.
Staff developed FY 2021 revenue forecasts from the ground up, tenant-by-tenant, and fr...
Click here for full text