VENTURA : Port OKs Budget That Avoids Layoffs

Ventura Port District commissioners on Wednesday approved a $1.57-million operating budget, making extensive cuts in maintenance and planned construction projects, but avoiding any layoffs.

Altogether the board trimmed its budget by $417,000, saving money by withholding salary increases and skimping on overtime, said Richard Parsons, the district’s general manager.

Parsons said the cuts are necessary because of the expected loss of property tax revenues distributed by state officials. Officials expect to lose about $361,000 in property tax revenues, he said.

In other business, the board voted to buy Great Western Bank’s lease interest in Harbor Village, thus taking over as the sole landlord of the village. The district will pay the bank a $100,000 down payment, and will take out a 15-year loan for $850,000.

The district leases about 50,000 square feet of commercial space in the village, and Great Western Bank held the lease on the other half of the village, Parsons said.

The district, which has a 97% occupancy on its side, believes it can do a better job than Great Western to lure tenants, Parsons said. Great Western’s vacancy was more than 20%, he said.

Parsons said the shopkeepers, restaurateurs and other tenants will benefit by the consolidation. “They’ll have one unified management,” he said. “Right now it’s awkward having two landlords at the village.”

Parsons said the terms of the lease will not change, and escrow is expected to close at the end of the month.

In taking over the bank’s lease, the district will consolidate ownership of the village and make it more attractive to a buyer, Parsons said. The district’s long-term goal is to sell the lease-interests of the village, he said.