Port of Hueneme Funds CERBT Account

The Board of Oxnard Harbor District Commissioners recently approved investing an additional $500,000 to the District’s California Employers’ Retiree Benefit Trust account for the fiscal year ending on June 30.

“With financial uncertainty heightened by the COVID-19 crisis, we are proud to make all efforts to prioritize the fiscal health of the port,” Oxnard Harbor District Board President Jason T. Hodge said. “In doing so, we are investing in our port’s future and taking very seriously our role of sustainable provider of jobs and security for our local communities.”

This move allows the port to continue to reduce its Unfunded Accrued Liability, which the port started doing in 2017 with the opening of the CERBT account. The port also added $500,000 to the account in FY 2018 and 2019.

“Our goals and efforts have been with meeting our financial responsibility to account for future costs,” said Andrew Palomares, Port Deputy Executive Director, CFO/CAO. “By investing a little each fiscal year, it softens the blow of a larger demand on our future financial reserves. Instead of simply a pay as you go system, we’ve adopted a pay and save as you go.”

By Pacific Maritime