A “deficit” is spending more than you bring in

June 18, 2014 Harbor District meeting, Agenda Item 7

Commissioner Brennan's comments on the FY 2014/2015 Final Budget:

The summary letter included with the FY 2014/2015 Final Budget paints a misleading and deceptive picture of the Harbor District's financial situation.
The letter implies that the District has $11.5 million free and clear without any outstanding obligations. This is simply not the case.

A structural operational deficit, continuing debt payments, emergency projects/repairs (such as the 2013 replacement of a leaky sewage pipe under Johnson Pier and the recent 2014 Pillar Point Harbor sewage spill/pipe repairs) and the ongoing need for capital projects puts the District in a severely constrained cash position beginning in the 2015/2016 Fiscal Year.  
It's vital that the Strategic Business Plan address the structural deficit, and be complete by the beginning of the 2015/2016 budget cycle.  

I'm voting NO on the the FY 14/15 budget because it reflects wishful thinking and does little to reduce spending.