California considers dropping marina loan program

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California officials have suggested that the state's Department of Boating and Waterways' programs of loans to public and private marina and launching ramp developers be eliminated to save money.

“In 2012-13, proposed expenditures for these programs total $13.8 million from the Harbors and Watercraft Revolving Fund,” the Legislative Analyst's Office told the legislature in a report. “We recommend that the legislature consider whether these loan programs continue to be a state funding priority. Eliminating these programs would leave the lending function to the private sector.

“We note that the budgetary savings from the elimination of these programs would gradually decline over time because one of the primary sources of funding for these programs is the repayment of the interest and principal on previously issued loans.”

The department itself was targeted for elimination by Gov. Jerry Brown.

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