Port Commission: revenues down ~50% and $20M interfund loan requested to avoid layoffs

Elaine Forbes, Executive Director of the Port of San Francisco, told the Budget & Appropriations Committee on May 5 that the Port’s enterprise has suffered an abrupt revenue shock that threatens personnel and the capital program. "Our revenues have fallen nearly 50% for a total loss of $60,000,000," she said, adding that the Port projects further losses and has already cut capital spending dramatically.

Forbes outlined tenant relief measures the Port has offered during the pandemic — roughly $13,700,000 in tenant relief and rent deferrals to help small, family‑owned waterfront businesses — and said the Port is exploring additional options including federal/state advocacy, new revenue streams, and a proposed supplemental appropriation ordinance that would deappropriate nearly $27,000,000 in capital projects and cut operating costs.

To avoid layoffs of essential employees, the Port requested an interfund loan from the City of up to $20,000,000 with a 20‑year repayment schedule and interest‑only payments for the first five years. Forbes told supervisors the loan would help rebuild the Port’s fund balance and preserve credit quality needed for debt and bond ratings.

Supervisors thanked Port staff for tenant relief and for deploying staff to city COVID responses; the committee voted 5–0 to file the Port’s mid‑cycle update.