The Port of Vancouver USA Board of Commissioners unanimously approved the port’s 2023 operating budget during the Nov. 22 regularly scheduled board meeting. The $77.9 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 workshop took place on Oct. 25, 2022, with the annual review of the preliminary budget following on Nov. 8, 2022, where the commissioners welcomed public input. Today’s meeting resulted in commission approval of the 2023 budget, which 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 2023 forecasts revenues of $49.6 million with the bulk of those revenues generated from marine, terminal and rail operations and the remainder coming from commercial and industrial leases. 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 million. Tax revenue collected by the port is used exclusively for environmental remediation, repayment of general obligation bonds and to build and improve facilities. The port’s last economic impact study, conducted in 2018, saw a 13-to-1 return on investment. This means that for every tax dollar paid to the port, $13 is generated by port marine and industrial businesses to support public services like roads, schools, police and fire service.
Expenses for 2023 are expected to be $55.2 million, a slight increase over the estimated 2022 expense forecast, largely due to the increase in terminal operating revenue and related expenses. The 2023 non-operating expenses include debt service of $10.34 million and continuing costs for environmental remediation of $1.06 million.
“We had a very productive year in 2022,” said Julianna Marler, CEO of the Port of Vancouver USA. “Despite supply chain disruptions and economic uncertainty, the port remains a strong economic engine for Southwest Washington by diversifying our business lines and stabilizing operating revenues. We are optimistic for 2023 and this budget reflects our sense of fiscal responsibility and stewardship to the community.”
