The City Council last [week] voted to place a measure on the upcoming November ballot that would change the way that the Port of Long Beach transfers money to the City.
What voters will be deciding on, essentially, is whether or not the Port of Long Beach should be required to transfer 5% of its gross revenues to the City of Long Beach. Currently, the Port transfers 10% of its net income to the City.
The City could stand to net much more money if the November measure is approved by voters. The Port determines its net income by first subtracting its expenses, leaving a much smaller sum from which to draw the mandated 10%. A requirement to transfer from the gross revenues before subtracting expenses would equate to a much greater sum, even at a reduced rate of 5%.