Vancouver USA port to continue rail projects in 2009
The Washington state Port of Vancouver plans to spend more than one- third of its 2009 budgeted expenses on railroad development.
The port plans to spend $21.3 million of its $59.6 million 2009 budget, approved Thursday by the port's governing board, on an ongoing rail expansion project designed to unclog rail bottlenecks and improve port customer access to rail.
While the port is facing a financial downturn like the rest of the West Coast ports, Vancouver officials expect to offset the cost of continuing the rail project through an $11.2 million estimated profit in 2009 and by tapping into the port's $43 million general fund.
Revenues for 2009 are projected to include $30.8 million in operational revenues, $15.4 million from the port general fund and $9.6 million from locally collected property taxes.
Port officials in 2009 also plan to spend $19.6 million on operational costs, $7 million on debt service and $4.5 million in environmental clean-up projects.
Although the three-member port commission approved the 2009 final budget, at least one member expressed concerns on some of the spending.
'I'm reluctant to use property taxes to the full extent the port has,' port commissioner Jerry Oliver told The Columbian. 'It would be my goal to see property taxes reduced.'
The approved budget calls for $9.6 million in collected property taxes to pay for the majority of the $11 million in spending for budgeted debt service and environmental programs.
Oliver told the paper he believes that if the port could reduce spending, the savings could be passed on in the form of lower property taxes for local residents.
'A previous commission made decisions that I publicly disagreed with, but (spending) obligations are now there, I won't get in the way,' Oliver said.
Vancouver USA port to continue rail projects in 2009
