Fiscal Integrity

By William H. "Will" Holsinger

The Harbor District is in Sound Financial Shape

The San Mateo County Harbor District is financially sound. It currently has over $40 million in assets and about $15 million in cash on hand and liquid assets, much of it earmarked by the board for specific purposes. Projected revenues for this fiscal year, updated since July 1st, and not counting one time grants that will be received, will be over $2 million more than currently planned expenditures. Our budget, barring unforeseen circumstances, is balanced.

The District is one of the few public agencies to fully fund projected employee termination benefits, making it one of the most fiscally responsible government entities in the State of California. The District's only long-term debt is a loan from the Division of Boating and Waterways, with a current balance of $5.8 million. The proceeds from this loan were used for infrastructure improvements, such as the breakwater at Oyster Point Marina and the inner breakwater at Pillar Point Harbor. This loan is on schedule for payoff ahead of schedule.

The Harbor District was first formed to develop and maintain a harbor of safe refuge on the coast. Since then, our services have expanded to include first responder search and rescue, the development and maintenance of recreational facilities, and more. For the most part, these are not revenue generating services. This is why the Harbor District relies on receipt of a share of real property taxes paid by San Mateo County residents and property owners + currently less than one half of one percent of the total property taxes paid. Without this revenue, the Harbor District could not maintain these essential services and recreational resources.

Approximately 40-45% of the Harbor District's annual revenue comes from rent and fees from commercial tenants, permitees and facilities users. One of the issues that will be addressed in the strategic plan now being developed is how to increase operating revenue. Ideally, this will be successful enough to eliminate the need for any share of property taxes, providing the public with positive value and benefits at no cost. No other special district in California has been able to do this and still maintain the level of non-revenue generating public services now provided by the Harbor District.

Please vote for me, Will Holsinger, for Harbor District on November 4th.