Financial Audit Shows Port Area Barely Afloat
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From Times Staff and Wire Reports
The Port of San Francisco -- a major tourist hub -- is making barely enough money to stay open, according to an annual audit.
The port is the landlord for famed attractions such as Fisherman’s Wharf and the Ferry building.
But an audit of port finances says that during 2004-05, the agency earned just $817,000 more than it brought in the previous fiscal year, a 1.4% increase.
The port also estimates that it will soon need more than $1 billion for maintenance and seismic upgrades.
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