Port of Vancouver USA Board of Commissioners Approve 2024 Budget
VANCOUVER, Wash. – The Port of Vancouver USA Board of Commissioners unanimously approved the port’s 2024 operating budget during its November 28 regularly scheduled board meeting. The $102 million budget was developed to meet the goals of the port’s strategic plan.
Port Budget Process:
Each October, port staff reviews projected revenues and expenses against the port’s goals and objectives for the coming year and develops a preliminary budget. A budget administrative work session took place on October 31, 2023, to review the preliminary budget. Today’s meeting included an opportunity for public input, and then a vote for final approval. The three commissioners voted to adopt the 2024 budget that supports the port’s strategic goals and mission to create economic benefit to our community. To learn more about the port’s budget process visit: https://www.portvanusa.com/about/budget.
Revenues and Expenses:
The port’s operating budget for 2024 forecasts revenues of $52.1 million with the bulk of those revenues generated from marine and terminal operations and industrial leases, and the remainder coming from rail operations and commercial activities. These funds cover the port’s operating expenses, which include day-to-day operations and staff salaries.
The port’s non-operating revenues include property taxes totaling $13.4 million. Tax revenue collected by the port is used exclusively for environmental remediation, repayment of general obligation bonds and to build and improve facilities. Economic impact analysis has shown that taxpayers received a 1:11 return on investment. This means that for every tax dollar paid to the port, $11 is generated by port marine and industrial businesses to support public services like roads, schools, police and fire service via city, county and state tax revenue. Additionally, the port supported nearly 20,000 jobs and $2.9 billion in economic value in 2022.
Operating expenses for 2024 are expected to be $45.3 million, an increase over the estimated 2023 expense forecast, largely due to the increase in terminal operating revenue and related expenses. The 2024 non-operating expenses include debt service of $10.9 million and continuing costs for environmental remediation of $1.3 million.
“This budget reflects continued stability for the Port of Vancouver USA,” said Julianna Marler, CEO, Port of Vancouver USA. “Driven by the diverse cargo moving at our marine terminal operations, and the productive industrial businesses that call the port home, this spending plan will serve the Vancouver community well in the next year. With this budget, we’ll be able to invest in the infrastructure that’s bringing new jobs to the port, the continued revival of Terminal 1 and in taking steps in line with our Climate Action Plan.”