Port of Tacoma adopts $63.6 million budget

PORT OF TACOMA ADOPTS $63.6 MILLION BUDGET    The Port of Tacoma commission has accepted a $63.6 million operating budget for 2002.
   The operating budget, along with the port’s capital improvement program, ensures that the Port of Tacoma will continue to meet the needs of existing shipping requirements, along its ability to expand road and rail infrastructure.
   In addition to the $63.6 million operating budget, the port will invest $127.1 million in capital improvements next year. Of that amount, Tacoma plans to spend $27.9 million, or 22 percent, to improve its container terminals. Another $18.9 million of the budget is set aside for rail and road improvements.
   The Port of Tacoma’s five-year capital improvement program calls for up to $403 million in new investments, both to expand existing facilities and terminals and build additional terminals. The Port Commission reviews and approves all capital improvement projects on a case-by-case basis, evaluating their financial, market and economic factors.
   “Our capital improvement program keeps us focused and flexible,” said Jack Fabulich, vice president of the commission. “We don’t build major new terminals on speculation. We build when we have a customer signed on the dotted line.”