TO: HARBOR COMMISSION
FROM: STEPHEN PROUD, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR
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DISCUSSION AND POSSIBLE ACTION REGARDING HARBOR COMMISSION INPUT RELATED TO THE CITY OF REDONDO BEACH PROPOSED FY 2021-2022 BUDGET AND FY 2021-2026 CAPITAL IMPROVEMENT PROGRAM
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RECOMMENDATION
Receive and file staff presentation on Harbor Enterprise Budget and Five-Year Capital Improvement Plan and provide appropriate direction regarding input/comments to the Redondo Beach City Council.
BACKGROUND
On May 16, 2021, the City of Redondo Beach published the proposed Fiscal Year 2021-2022 Budget (the "Budget") and the proposed Fiscal Year 2021-2026 Five-Year Capital Improvement Plan (the "CIP"). The City Council has requested the Harbor Commission review the Budget and CIP for the Harbor Enterprise and provide input to the City Council.
As noted in the City Manager's message in the Budget, compared to last year our local economy is showing signs of recovery due to improving conditions related to COVID-19. During this past fiscal year (FY20-21), the City experienced significant revenue decline resulting in a General Fund budget shortfall of $8.9 million. By contrast, the City is currently facing a projected FY21-22 budget shortfall of $5.5 million - a result of relaxed Health Orders and projected increases in General Fund revenues. The proposed budget recommends addressing this shortfall using one-time COVID relief funds as well a planned pension debt refinancing reimbursement. For the Harbor Enterprise, the projected deficit is approximately $2.67 million.
Attached as Exhibit A are the Financial Summaries for the Harbor Tidelands Fund and the Harbor Uplands Fund which collectively comprise the Harbor Enterprise. For the Tidelands Fund, the projected deficit is approximately $1.58 million dollars and for the Uplands Fund the projected deficit is approximately $1.09 million dollars. These deficits are largely ...
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