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The Port of San Diego on Tuesday announced that its Board of Port Commissioners has adopted a $150.6 million balanced budget for the fiscal year 2012-2013, which began July 1.

“This team figured out a way to make it work,” said Board Chairman Lou Smith in a release, noting that the Port originally faced a $3.7 million deficit. “You figured out a way to do the impossible.”

The budget includes grants and capital project reimbursements, as well as an initiative to expand import and export business with expanding markets in South America and Asia. Funds were also included to enhance the visual appeal of the B Street Cruise Terminal, a nod to the importance of San Diego’s tourism industry despite the recent departure of ships home ported in San Diego.

Also included is an investment in supporting an expansion of San Diego’s convention center, which the Port says will add $698 million in annual revenue to the $1.3 billion it says the convention center already generates.

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