LONG BEACH : City to Get $13.6 Million in Port Surplus Funds
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.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
