Port of Vancouver, Wash. sets 2005 budget
The port of Vancouver, Wash. has set its 2005 final statutory budget at $58.13 million. The final budget provides over $15 million in capital investments for marine and industrial expansion.
The planned upgrade to berth 1 at terminal 2 includes a new 100,000-square foot covered storage warehouse, new equipment, and various utility and information technology upgrades. On the industrial side, two new warehouses totaling almost 50,000 square feet and over 20 acres of infrastructure improvements are planned to handle tenant expansion. The port also budgeted $1.95 million towards the permitting process for the proposed development of 1,075 acres of undeveloped property at the port’s Columbia Gateway.
Projected revenue sources for 2005 include $28.5 million in beginning cash, $13.6 million from operations, and $8.18 million from tax levy. All tax collections are placed in a special account with funds only available for capital investments, environmental clean up and repayments of bond debt.
Expenses in 2005 are projected at $9.4 million including payment of debt service at $3.4 million, capital projects at $15 million, and $5.8 million in non-operating expenses.