Port of Vancouver Board of Commissioners approves 2016 budget
Tax levy will be held steady for fourth year in a row
The commission voted to hold the port levy steady for the fourth year in a row. Since assessed values in the port district increased in 2015, holding the levy steady means taxes on a $250,000 home drop from $90.19 in 2015 to $84.14 in 2016.
At $76.9 million, the 2016 budget is $3.7 million less than the port’s 2015 supplemental budget. The reduction is mainly due to the port expending its grants as the West Vancouver Freight Access project wraps up. The port also does not anticipate selling any property in 2016, as it did in 2015.
The 2016 budget includes $11.3 million in terminal and building investments, which include the port’s waterfront redevelopment at Terminal One. The port is revitalizing its birthplace on the Columbia River and on Nov. 16 welcomed its first new tenant – AbSci LLC – to the Columbia River Life Sciences Technology Building at the former Red Lion hotel.
Other budget highlights include:
- $31.3 million in revenue from marine operations, a 13 percent increase over 2015.
- $11.3 million in revenue from industrial activities, up slightly from the 2015 projection of $10.5 million.
- $14.8 million investment in the West Vancouver Freight Access project. The decade-long, $249 million project removes a significant chokepoint from the regional rail system, reducing freight and passenger rail congestion by as much as 40 percent.
Visit the Port of Vancouver’s budget Web page for more about the 2016 budget, the budgeting process, how tax dollars are invested in the community and more.
– POV –
The Port of Vancouver USA is one of the major ports on the Pacific Coast, and its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a skilled labor force and an exceptional level of service to its customers and community. For more information, please visit us at www.portvanusa.com.