Port of Anacortes Board of Commissioners approves 2025 budget

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November 15, 2024 | News

PRESS RELEASE

Nov. 15, 2024

FOR IMMEDIATE RELEASE

Contact:
Jill Brownfield, Director of Finance and Administration
Jill.Brownfield@portofanacortes.com
360-299-1807

 

Port of Anacortes Board of Commissioners approves 2025 budget

ANACORTES, WA – The Port of Anacortes Board of Commissioners approved the Port’s 2025 budget after a public hearing on Nov. 7.

“Our 2025 budget demonstrates the Port’s strong financial position and ongoing commitment to a sustainable economy and environment. It focuses on maintaining existing assets while investing in new ones to support employers and our community,” said Port Director of Finance and Administration Jill Brownfield.

The Port anticipates $23.244 million in operating revenues and $24.204 million in operating expenses for 2025, including depreciation. The Port also anticipates investing $13.7 million in Port and grant funding for capital improvements for the airport, marina, marine terminal, industrial properties, and equipment.

2025 revenue
In 2025 the Port projects a 12.8% revenue increase from the 2024 adopted budget. This projection is based on many factors, including stable occupancy in Port properties, consistent demand for services and facilities, and market rate adjustments based on the Consumer Price Index.

The 2025 revenue projection also includes a Commission-approved 1% tax levy increase, bringing the levy to 16 cents per $1,000 assessed value. 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. At this levy rate, a property within the Port district with a median value of $899,000 would pay about $140 in annual taxes to the Port. With the inclusion of new construction, the total estimated tax levy in the 2025 budget is $1.812 million.

2025 expenses
Expenses are projected to increase 15% from the 2024 budget. In addition to inflationary impacts across all line items, the projection includes expenses for leased office space, additional support staff in security, administration, and maintenance, professional services to develop long-term strategic planning and policy documents, and increased depreciation expense associated with newly completed capital improvement projects.

The Port submitted its final payment on one general obligation (GO) bond in 2024. It continues to service debt from its remaining GO bond and will provide timely payment of $425,000 in 2025. The Port anticipates a new bond issue of $6.5 million in 2025 to support capital improvements. Costs to issue the bond are included in the 2025 budget.

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 2025 the Port plans to invest $9.7 million in Port funds and nearly $4 million in grant funds in projects to improve the airport, marina, docks, industrial facilities, and equipment. Capital projects in 2025 include:

  • Feasibility for structural and vessel access improvements at Pier 2
  • Feasibility study for Pier 61 redesign
  • Design and permitting for T Dock reconstruction
  • Electrical improvements for T Dock and A Dock
  • Rehabilitation of floats for five docks at Cap Sante Marina: J, K, L, M and N docks
  • Continued scoping of North End Recapitalization options
  • Continued redevelopment of the West Basin, including advancing phases 2, 3 and 4
  • North and West Basin restroom remodels
  • Design, permitting and construction for Curtis Wharf commercial pumpout system and shore to ship power
  • Improving runway lighting and installing electrical vehicle charging stations at Anacortes Airport
  • Design permitting and civil construction for Rockwell Industrial Park
  • 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 and has completed more than $66 million in cleanup efforts since 2008.

In 2025 the Port anticipates investing $636,000 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 alternatives analysis at the former Pier 2 Log Haul Out Site.

Learn more about the Port’s 2025 budget at www.portofanacortes.com.

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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 Administrative Office, 317 Commercial Avenue, Anacortes, WA. For more information, visit www.portofanacortes.com.