Is SBMA in the Red or Just Crying Poor?

From a reader:

SBMA is publicly claiming, as justification for imposing a Tax called CUSA that it’s projected P1.2 Billion to P1.5 Billion annual revenues are insufficient to meet its expenses, and haven't been since 2005. However, at the meeting of the Kalayaan residents and locators on May 27th, SBMA representatives disclosed, under questioning, that P800 Million of their claimed expenses are "depreciation expenses". When asked what property was being depreciated, they answered that it was the property acquired from the U.S. Navy in 1992, although adding that depreciation on some property acquired since then was also included in the depreciation figure. The SBMA representative admitted that the property acquired from the U.S. Navy in 1992 was "fully depreciated", meaning that it had reached the end of its useful life, for depreciation purposes, when acquired. Yet twenty years later hundreds of millions of depreciation "expense" on this property is still being recorded on the books of SBMA, every year.

At the May 27 meeting, and at the CUSA meeting for Locators at the Convention Center on May 22, SBMA representatives indicated that SBMA's expenses had been exceeding revenues since 2005, but SBMA had been able to "get by" in ways unspecified.

 Since the representatives claimed SBMA is entirely self-sufficient, I was wondering how SBMA was able to "get by" for so long without borrowing money to cover operational expenses.
Now that SBMA has disclosed its P 800 Million annual "depreciation expense", I believe I have my answer. It appears that, when the claimed depreciation is NOT taken into account, SBMA has not been in the red since 2005 at all. This means that SBMA's out of pocket expenses have not exceeded revenue since 2005 as presented, and SBMA is NOT in as bad financial state as portrayed.

True, the obligations to pay on the port loans only commenced in the last year or so. I don't know if this additional expense finally pushed SBMA into the red. However, it does appear that up to P 800 Million of SBMA's justification for the CUSA is bogus.