California considers dropping marina loan program

Author:
Updated:
Original:

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.

Click here for the full article.

Related

NMMA Confirms Industry Growth

NMMA president Frank Hugelmeyer said the boating business grew 12 percent last year during yesterday’s virtual State of the Boating Industry address.

Newport Show Dates Announced

Organizers are planning for an in-person Golden Anniversary edition of the show Sept. 16-19.

Quick Hits: March 5, 2021

The National Association of Manufacturers names Brunswick Corp. CFO Ryan Gwillim to its Board of Directors.

Caught Red-Handed

Two commercial fishermen were jailed for possessing an illegal haul that included 100 undersized lobster tails, which is a felony. Also, fisheries management gets new funding.

Bennington Expands Operations

The pontoon builder plans to add jobs at its new facility in Elkhart County, Ind., and increase manufacturing output.

KVH Industries Names CFO

Longtime telecom financial executive Roger A. Kuebel assumes the position that COO Brent Bruun had held in an interim capacity.