Thursday, June 28, 2012

Port of Hueneme Adopts Balanced Budget

For the first time since fiscal year 2009, the Port of Hueneme has adopted a nearly-balanced budget.

The port is projecting that it will have about $11.77 million in total operating revenue for the fiscal year, which would be the first time in three years the port hasn’t operated in the red. The port had a negative net income of $1.3 million during the 2009-2010 fiscal year, negative $690,000 the following year and minus $1.9 million so far during 2011-2012. Hueneme’s current fiscal year ends June 30.

For 2012-2013, the port still anticipates a net income loss, but only of $99,000.

The years of losses have been due to various factors at the port, including a decline in vehicle imports as well as a drop in income from interest on port investments.

But regarding the budget adopted June 26, Andrew Palomares, the port’s chief administration officer, said that a combination of reduced spending and improved cargo numbers have helped the Oxnard Harbor District, which runs the port, arrive at the determination that the port is back on solid footing.

“While the District is not completely out of the woods and still faces an uncertain future, staff is cautiously optimistic,” according to a budget summary presented to the port’s harbor commission June 26. “The controlling of its costs and increases in revenue since 2009 makes it confident in the marketplace as supported by the anticipated strong second half finish of FY 2012.”