Contact: John Carter
Port of Bellingham
(360) 676-2500
FOR IMMEDIATE RELEASE
November 22, 2006
PORT OF BELLINGHAM ADOPTS 2007 BUDGET
[Bellingham, Wash.] The Port of Bellingham Board of Commissioners adopted the 2007 Strategic Budget Tuesday, projecting a 5 percent growth in operating revenues and no increase in the number of Port employees.
The 2007 Strategic Budget anticipates the Port total revenue sources to be $36.6 million, including $6.8 million in property taxes. The budget anticipates the Port will earn $14.1 million from its operations, which include the Bellingham International Airport, marinas in Bellingham and Blaine, the Bellingham Cruise Terminal, the Fairhaven Station, the Bellingham Shipping Terminal and a variety of real estate holdings.
The Commission decided to keep the Port’s property tax levy rate at $.3832 per thousand of assessed valuation. For a $275,000 home, the portion of property tax that would be paid to the Port will be $105.38, which has remained stable since 2001.
Capital projects for 2007 are forecasted to total $13.2 million of which $5.4 million is expected to be reimbursed through capital grants. Among the new projects proposed are the expansion and improvements at Bellingham International Airport’s commercial aviation and general aviation properties, and construction of a new fire/rescue station estimated at a total cost of $7 million. The majority of that will be paid through 95 percent funding from the Federal Aviation Administration.
The Bellingham waterfront redevelopment project costs are anticipated to be $6.3 million and of that total, about two thirds will be reimbursed to the Port from grants, the Port’s environmental cost cap insurance and other sources. For 2007, the Commission decided to create a new section within the port budget for all of the redevelopment costs so that the full costs of this project can be tracked in one place.
The Strategic Budget includes Key Strategic Goals as well as Performance Measurements.
The Key 2007 Strategic Goals are:
Work with the City of Blaine in developing upland commercial areas, public spaces and facilities on the Blaine Waterfront.
Complete the Master Plan and Development Agreements for New Whatcom and initiate early-action projects.
- In response to commercial airline expansion, initiate strategic development to airfield and passenger terminal capacity projects.
In response to increased General and Corporate Aviation demand, begin development of Washington Air National Guard site.
Complete permitting and early design work for the new Downtown Marina.
Strengthen the Partnership for a Sustainable Economy.
Encourage emerging technology development with Western Washington University.
The entire Strategic Budget, which includes the budget and the Port’s strategic goals, will be available on the web at www.portofbellingham.com by Dec. 8. A printed summary budget will be available at the same date at Port Administrative Offices, 1801 Roeder Avenue.
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