Operating revenue at the Port of Olympia, which was
projected to be $14.8 million, was a mere $9.7 million, in 2015 due in part to a drop in global oil prices, the port’s finance director said April 25.
In a presentation given to the Port of Olympia Commission
during its most recent business, meeting, finance director Jeff Smith said that
the port’s marine terminal, which had been projected to bring in $8.3 million
in revenue during 2015, only generated $3.3 million.
The return on revenue at the port was a negative 23 percent
last year, due in part to a dramatic decline in global oil prices.
The port collected about $5 million in property taxes last
year, resulting in net income of $510,000 for Olympia, $2.4 million less than
planned. The port showed an operating income loss of $2.2 million.
Due to the revenue slowdown, the port decided to defer $13.2
million in capital investments, which left Olympia with a capital investment
balance of $12.5 million, about $8.5 million of which was spent last year,
according to Smith.
