The Port of San Diego is set to close out its fiscal year with a surplus of $38 million, exceeding expectations. This surplus will be directed back into waterfront projects. The port adopted a budget for fiscal year 2025 with a slim anticipated surplus of $127,800. The budget assumes revenue of $315.7 million and expenses of $229 million, with $86.5 million allocated for debt payments, specific projects, and longer-term commitments. The port has identified $350.2 million in financial obligations for the upcoming fiscal year. The port makes most of its money from its real estate portfolio and maritime operations, with revenue from parking fees estimated at $20 million for fiscal year 2025. The port plans to allocate $31.4 million of the surplus to various projects and funds, including $10 million for the Balanced Capital Plan, $2 million for the Harbor Police Department headquarters, $3 million for a future wetland mitigation bank, and $1.1 million for signage at the Chula Vista Bayfront. The port expects to close the 2024 fiscal year with a $38 million surplus, thanks to an environmental legal settlement, high-performing investments, operating revenue, and grant money.
Social Ports, a social media marketing firm, is optimistic after a solid first half of 2022. The company reported a 20% increase in revenue compared to the same period last year. Social Ports attributes its success to the growing demand for social media marketing services. The firm plans to expand its team and invest in new technologies to meet the increasing demand. Social Ports aims to continue its growth trajectory in the second half of the year.