Finance: Bellingham, Long Beach, Redwood City
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Bellingham: Port Earns Clean Audit from State
The Port of Bellingham has received a clean audit from the Washington State Auditor’s Office. The agency reviews all state and local government financial records each year to ensure taxpayer dollars are being spent properly. The 2016 audit revealed no deficiencies in the port’s financial records.
"I am happy with the results of the audit," said Port Finance Director Tamara Sobjack. "The port is dedicated to responsible and transparent financial management and the results of the audit reflect those values. Our employees take great pride in working for a fiscally responsible municipal government. Maintaining accurate financial records is a core function of all port operations and activities."
In 2016, the port collected $23.3 million in operating revenue and over $7 million in taxes, spent $23.4 million on capital assets and increased net assets by more than $19 million.
Long Beach Harbor Commission Adopts $747 Million Port Budget
The Long Beach Board of Harbor Commissioners has approved a $748 million budget for the Port of Long Beach in the next fiscal year, with more than 60 percent set aside to continue a modernization program.
The budget will be presented to the Long Beach City Council for approval. For the fiscal year starting Oct. 1, 2017, the port plans to spend $457 million on capital projects — part of this decade’s $4 billion program for upgrading terminals, waterways, bridges, rail lines, marine safety and other vital infrastructure. Ongoing major capital improvement projects include the Gerald Desmond Bridge replacement and the Middle Harbor redevelopment.
The City of Long Beach Harbor Department receives no taxpayer funding to operate the Port of Long Beach. Port operations are supported by income from terminal leases and fees charged to terminal companies and shipping lines for moving cargo through the port.
"This spending blueprint advances the nation’s largest seaport modernization program and our practice of investing revenue back into our harbor, a leading economic engine for this region, the state and the nation," said Harbor Commission President Lori Ann Guzmán. "The budget reflects this port’s fiscally prudent, results-driven approach to budgeting and capital improvements."
The fiscal year 2018 budget projects a 1.8 percent increase in operating revenue over the current year. The budget puts $16.4 million into "net position," designating it for spending beyond fiscal year 2018. The budget also provides for the transfer of $18.7 million to the city’s Tidelands Operating Fund, which is used for beachfront improvements in Long Beach.
The budget allocates $404,000 to for the Port Community Grants Program, approved by the Harbor Commission this year. Over the next 12 to 15 years, funding from the environmental grants program will help offset the impacts of port operations on the surrounding community.
Redwood City Port Commission Approves FY 2017-18 Budget
The FY 2017-18 budget approved by the Redwood City Port Commission projects operating revenues of $7.9 million, including $5.8 million from maritime operations.
That is predicated in part on forecasted throughput of 1,812,000 metric tons of cargo, primarily construction sand and aggregates imported from Canada and recycled scrap metal exported to Asia.
Also factoring into the revenue projection is a 3.0 percent increase on all rates and charges for wharfage, dockage, and services. Several marine related leases that have expired will be renewed and rental revenue is expected to increase starting in second quarter of new fiscal year by an average of 15 percent.
Recreational boating revenue of $575,000 assumes a 10 percent vacancy factor at the Port Marina and a two percent increase in berthing rates. Commercial leases and temporary rentals show a revenue increase of eight percent due to rent increases.
The budget includes $5.2 million in operating expenses, 70 percent of which is attributable to operations and 30 percent to administration.
Operating income of $2.7 million is offset by $553,000 in net non-operating expenses, primarily due to the interest expense on the port's revenue bonds.
Subvention of $476,000 to the City of Redwood City is included in the budget, resulting in a projected net income after subvention of almost $1.7 million.
The budget includes $8 million for capital projects. Major projects are Wharves 3 & 4 fender system replacement, marina dock renovations and rail spur track improvement.
"With a projected 10 percent tonnage increase and revenue growth of 17 percent over last year's budget, the FY 2017/2018 Port budget sets aggressive goals for next year," said Port Commission Chairman Simms Duncan.
The Port of Bellingham has received a clean audit from the Washington State Auditor’s Office. The agency reviews all state and local government financial records each year to ensure taxpayer dollars are being spent properly. The 2016 audit revealed no deficiencies in the port’s financial records.
"I am happy with the results of the audit," said Port Finance Director Tamara Sobjack. "The port is dedicated to responsible and transparent financial management and the results of the audit reflect those values. Our employees take great pride in working for a fiscally responsible municipal government. Maintaining accurate financial records is a core function of all port operations and activities."
In 2016, the port collected $23.3 million in operating revenue and over $7 million in taxes, spent $23.4 million on capital assets and increased net assets by more than $19 million.
Long Beach Harbor Commission Adopts $747 Million Port Budget
The Long Beach Board of Harbor Commissioners has approved a $748 million budget for the Port of Long Beach in the next fiscal year, with more than 60 percent set aside to continue a modernization program.
The budget will be presented to the Long Beach City Council for approval. For the fiscal year starting Oct. 1, 2017, the port plans to spend $457 million on capital projects — part of this decade’s $4 billion program for upgrading terminals, waterways, bridges, rail lines, marine safety and other vital infrastructure. Ongoing major capital improvement projects include the Gerald Desmond Bridge replacement and the Middle Harbor redevelopment.
The City of Long Beach Harbor Department receives no taxpayer funding to operate the Port of Long Beach. Port operations are supported by income from terminal leases and fees charged to terminal companies and shipping lines for moving cargo through the port.
"This spending blueprint advances the nation’s largest seaport modernization program and our practice of investing revenue back into our harbor, a leading economic engine for this region, the state and the nation," said Harbor Commission President Lori Ann Guzmán. "The budget reflects this port’s fiscally prudent, results-driven approach to budgeting and capital improvements."
The fiscal year 2018 budget projects a 1.8 percent increase in operating revenue over the current year. The budget puts $16.4 million into "net position," designating it for spending beyond fiscal year 2018. The budget also provides for the transfer of $18.7 million to the city’s Tidelands Operating Fund, which is used for beachfront improvements in Long Beach.
The budget allocates $404,000 to for the Port Community Grants Program, approved by the Harbor Commission this year. Over the next 12 to 15 years, funding from the environmental grants program will help offset the impacts of port operations on the surrounding community.
Redwood City Port Commission Approves FY 2017-18 Budget
The FY 2017-18 budget approved by the Redwood City Port Commission projects operating revenues of $7.9 million, including $5.8 million from maritime operations.
That is predicated in part on forecasted throughput of 1,812,000 metric tons of cargo, primarily construction sand and aggregates imported from Canada and recycled scrap metal exported to Asia.
Also factoring into the revenue projection is a 3.0 percent increase on all rates and charges for wharfage, dockage, and services. Several marine related leases that have expired will be renewed and rental revenue is expected to increase starting in second quarter of new fiscal year by an average of 15 percent.
Recreational boating revenue of $575,000 assumes a 10 percent vacancy factor at the Port Marina and a two percent increase in berthing rates. Commercial leases and temporary rentals show a revenue increase of eight percent due to rent increases.
The budget includes $5.2 million in operating expenses, 70 percent of which is attributable to operations and 30 percent to administration.
Operating income of $2.7 million is offset by $553,000 in net non-operating expenses, primarily due to the interest expense on the port's revenue bonds.
Subvention of $476,000 to the City of Redwood City is included in the budget, resulting in a projected net income after subvention of almost $1.7 million.
The budget includes $8 million for capital projects. Major projects are Wharves 3 & 4 fender system replacement, marina dock renovations and rail spur track improvement.
"With a projected 10 percent tonnage increase and revenue growth of 17 percent over last year's budget, the FY 2017/2018 Port budget sets aggressive goals for next year," said Port Commission Chairman Simms Duncan.
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