Port of Bellingham
News Release
Oct. 31, 2007 For More Information:
Carolyn Casey, 360-676-2500
Port Proposed 2008 Budget Released
Major Projects Proposed for Airport and Waterfront
[Bellingham, Wash] The Port of Bellingham is forecasting another year of investment into major capital projects in its 2008 Draft Strategic Budget, which was released for public review today. Copies of the budget are available online or at Port Administrative offices, 1801 Roeder Avenue.
The Port Commission will have a public hearing on the proposed budget at 3 p.m., Tuesday, in the Harbor Center Conference Room, 1801 Roeder Avenue.
The draft budget anticipates an 11.65 percent increase in operating revenues for a total of $15.8 million. All revenues are reinvested into Port infrastructure and facilities. The budget also shows a projected 13 percent increase in operating expenses, compared to the 2007 budget.
Increased traffic at the Bellingham International Airport is the largest contributor to the higher revenue projections for 2008. Airport revenues are expected to climb by 53 percent from the 2007 budget, totaling about $3.6 million.
The higher operating costs are due primarily to impacts from increased airport traffic, maintenance and operation of the former Georgia Pacific Mill site once the mill lease ends in March and increases in preventative maintenance of Port facilities.
"I believe this is a conservative budget that stretches to meet current portwide facility and operations needs while moving ahead on key projects such as waterfront redevelopment in Blaine and Bellingham, establishment of the Waterfront Innovation Zone and major airport infrastructure improvements," said Port Executive Director Jim Darling.
If approved, the Port's 2008 budget forecasts a drop in the countywide property tax rate from the Port, which will generate about $7.1 million to the Port. The Port uses property tax revenue for: environmental programs, public parks and trails, economic development and portions of the waterfront project. The draft budget anticipates the Port collecting $911,000 less than its authorized levy amount.
The Port anticipates spending $18.2 million on capital projects, an expense that will be offset by $9.5 million in federal grants. Nearly half of the Port's proposed budget (49 percent) is dedicated to capital projects.
The largest capital projects will occur at the airport. These include the reconstruction and expansion of the commercial ramp tarmac area and a rebuild of the runway taxi areas. This project is budgeted for $5.7 million and is eligible for 95% funding from the Federal Aviation Administration. Also proposed, in response to growing demand at BLI, is the expansion of the commercial parking lot. This project is expected to cost about $2.5 million. A third large project at the Airport is the replacement of the Aircraft Rescue and Fire Fighting Station budgeted to cost $2.4 million, which also is eligible for FAA grants.
Costs for moving forward on The Waterfront District project include completion of the master plan, development agreement and environmental impact analysis as well as environmental work for 2008. These include $2.3 million for environmental planning and remediation, of which about two thirds will be reimbursed to the Port from a variety of sources.
The preliminary budget includes no new staff positions, remaining at the 2007 level of 86.5 full time staff members.
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