Friday, July 31, 2009

Declining port profits likely to affect Long Beach waterfront funding
Severely slumping port profits are expected to push the city's waterfront maintenance fund into a financial crisis within two years, possibly jeopardizing lifeguard patrols, beach cleanup and routine caretaking of the city's sprawling marinas and parks, officials said Thursday. The city's Tidelands Operating Fund, already sliding on razor-thin margins, is expected to lose at least $7.3 million in fiscal year 2011, with a similar hit forecast for FY 2012. Continue reading Press Telegram.

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