Report: San Diego port hid mounting losses
The Port of San Diego has allegedly been hiding financial losses from the public, according to a report Monday by the public radio and TV station KPBS in San Diego.
The report alleges the port, a government agency, has lost $80 million since 1993, but has failed to properly document these losses to the public.
'For example, in 2005 the port budget, posted online, showed marine division income of $24 million and expenditures of nearly $16 million,' the report said. 'To the public that looks like a profit of $8 million. But the expenditures don't include operating costs that are never detailed in the report. The port's internal numbers show the maritime division actually lost $5 million that year.'
KPBS is conducting an ongoing series on the port.
Report: San Diego port hid mounting losses
