Port of Anacortes Board of Commissioners approves 2024 budget
November 3, 2023 | News
Port of Anacortes Board of Commissioners approves 2024 budget
ANACORTES, WA – The Port of Anacortes Board of Commissioners approved the Port’s 2024 Budget after a public hearing on Nov. 2. The 2024 budget balances continued demand for Port services and facilities and an aggressive capital investment plan with market uncertainties.
“Our 2024 budget builds on past years’ results and helps us maintain a culture of continuous improvement, transparency, world-class services and highly qualified and effective staff,” said Port Director of Finance and Administration Jill Brownfield. “We also recognize there’s much in the current economy that’s out of our control. Our conservative approach for 2024 helps us manage these uncertainties while continuing to act as an economic engine for Anacortes and the region.”
The Port anticipates $20.602 million in operating revenues and $21.035 million in operating expenses for 2024. The Port also anticipates investing more than $16 million in Port and grant funding for capital improvements for the airport, marina, marine terminal, industrial properties, and equipment.
2024 revenue
In 2024 the Port projects an 11% revenue increase from the 2023 adopted budget. The Port based its projections on a combination of factors, including current and historical market trends and projections, information from customers and tenants, and slowing inflation but continued market uncertainty. The 2024 projected increase is consistent with 2022 actual revenues and 2023 projected revenues.
The 2024 revenue projection also includes a Commission-approved 1% tax levy increase, exclusive of new construction, to 16 cents per $1,000 assessed value. At this levy rate, a property within the Port district with the median value of $822,000 would pay about $132 in annual taxes to the Port. The Port Commission has directed that these funds be used only for property acquisition, industrial development (including environmental costs), debt service for general obligation bonds, and public access improvements. With the inclusion of new construction, the total estimated tax levy amount in the 2024 budget is $1.760 million, bringing the total levy increase amount to 1.8%.
2024 expenses
Expenses are projected to increase 13% from the 2023 budget. The Port is conscious of economic factors outside its control that could increase the cost of operations in 2024. These include rising inflation, increasing insurance premiums driven by marketplace factors, and increased demand for infrastructure.
The Port is continuing to invest in efficiency improvements, cybersecurity protection, and services for communications and government relations to help support continued transparency and collaboration with key local, state and federal partners.
The Port also continues to service debt from two general obligation bonds and will provide timely payment of $1.569 million in 2024. These bonds total $6.64 million in outstanding debt. They funded improvements at Cap Sante Marina, including modernization of A, C and D docks, relocation and replacement of the fuel dock, and installation of the trailer boat launch.
Capital improvements
The Port has continually invested in its extensive infrastructure to maintain facilities, improve operations, and support future jobs and economic benefit for Anacortes. In 2024 the Port plans to invest more than $13 million in Port funds and $3.6 million in grant funds for several projects to improve the airport, marina, docks, industrial facilities, and equipment. Capital projects in 2024 include:
- Design and permitting for T Dock reconstruction
- Rehabilitation of floats for five docks at Cap Sante Marina: J, K, L, M and N docks
- Continued redevelopment of the North Basin parking areas and Cap Sante RV Park, including utilities, landscaping, and new, dedicated restrooms
- North Basin and West Basin restroom and laundry remodels
- Design, permitting and construction for Curtis Wharf commercial pumpout system
- Paving and public safety improvements at Curtis Wharf
- Installation of automated gates at Pier 2 and Wyman’s Ramp to meet the Port’s Marine Terminal security requirements
- Retrofitting the Transit Shed to return the facility to maritime industrial use
- Design for airport stormwater facilities at the Anacortes Airport
- Design, permitting and planning for electrification
- Design and permitting for Rockwell Industrial Park
- Improvements to Port warehouse roofing
- Continuing design and permitting for North and West Basin Master Plan
- Replacing equipment used to maintain Port facilities
Environmental program
The Port of Anacortes has a robust program to identify and address environmental contamination from prior operations on Port properties. In 2024 the Port anticipates investing $755,000, including grant funds from the Model Toxics Control Act, in its environmental remediation program. Activities include monitoring completed cleanup sites, additional remedial investigation at the Quiet Cove site, and continued remedial investigation and analysis at the former Pier 2 Log Haul Out Site.
Learn more about the Port’s 2024 budget at www.portofanacortes.com.
##
The Port of Anacortes was formed in 1926 to promote economic development for Anacortes and the surrounding area. The Port district is led by a board of five elected commissioners: Bonnie Bowers, Jon Petrich, Kathy Pittis, Jon Ronngren, and Shawn Ottenbreit. Public meetings are held the first and third Thursdays of the month at 6 p.m. in the Commission Meeting Room of the Port Transit Shed, 100 Commercial Avenue, Anacortes, WA. For more information, visit www.portofanacortes.com.