LONG BEACH : City to Get $13.6 Million in Port Surplus Funds
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Long Beach Harbor commissioners recently agreed to transfer $13.6 million in surplus money to the city’s general fund.
Port Finance Director Michael Slavin said the transfer would not have a major impact on the port’s $455-million annual budget. Under the arrangement, the first half of the sum was transferred Jan. 24. The city will receive the remainder in June.
A bill passed by the Legislature in 1992 allows port cities to tap into port revenues to offset the loss of property tax funds from the state.
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