Friday, November 15, 2013

Vancouver USA Approves 2014 Budget

The Port of Vancouver USA Board of Commissioners approved an $86 million 2014 budget on Nov. 12, an increase of about 46 percent from the current year’s budget of roughly $59 million.

The budget includes $34 million in total operating revenues, including $13.7 million in marine operations. It also includes $19.3 million in non-operating revenues, such as nearly $10 million in property taxes and $9.2 million in grant funding.

In all, the port estimates total revenue of $53.4 million, a nine percent increase from this year’s expected $49 million.

Also projected for the year is $32.2 million in total expenses. Of that $32 million, an estimated $25.2 million is earmarked for operating expenses, including $5 million for facilities and between $1 million and $2 million each for administrative costs, rail projects and security.

Non-operating expenses make up nearly $7 million of the budget, including $5.6 million for debt service and about $924,000 for environmental remediation.

Also during the meeting, the three-member commission voted unanimously to not implement its annual one percent increase in the port’s regular property tax levy, just as it did in 2012. The lack of an increase means that an owner of a property with an assessed value of $250,000 can continue to pay about $103 annually for the port’s share of property tax collections.

According to the port, there are about 300,000 property taxpayers within the 111-square-mile district.