Harbor District Plans to Payout $8.1 Million Debt a Year Early

The sum is scheduled for payout in 2019, but a restricted debt service reserve of $1.7 million will help pay it off a year earlier than planned.

The San Mateo County Harbor District’s independent auditor, JJACPA, Inc. , has found that the District’s financial statements for fiscal year 2012-13 “present fairly, in all material respects, the respective financial position of the District as of June 30, 2013,” said Peter Grenell the District's general manager in a prepared press release.

The auditor also found that the District’s outstanding debt to the State Division of Boating and Waterways (DBW) for its harbor development loans for 2012-13 was $8,180,925.  

With the District’s December 2013 debt service payment to DBW of $1,393,093.77 (principal and interest), the remaining debt balance will be $6,787,831.30. This sum is scheduled for payout in 2019, but the District has a restricted debt service reserve of $1.7 million so according to the release, the District will be able to retire its debt at least a year early.

According to Grenell, it was also found by the auditor that the District's financial statements have been prepared in conformity with generally accepted accounting principles in the United States as applied to governmental enterprises of its type, in the proprietary fund class.


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