Budgets 2017: Everett, New York/New Jersey, Vancouver USA
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The $89 million 2017 operating and capital budget adopted November 8 by the Port of Everett Commission assumes a robust capital investment portfolio, with a slight decline in seaport activity and modest growth in the marina and real estate divisions.
The 2017 budget includes a one-year operating and capital budget as well as a five-year capital budget forecast with a three-year funding plan. Initiatives adopted by the port commission for seaport modernization and a new waterfront community known as the Waterfront Place Central Development are guiding long term financing and the allocation of staff resources.
The 2017 budget plans assume $26.4 million in operating/non-operating expenses, combined with a $46.1 million in new capital investment as well as $10 million in capital investment carrying forward from 2016. In addition, the port will pay $6.4 million in principal and interest on long-term debt. This budget provides for just over 100 employees to operate and manage a full service international seaport, marina and the development of nearly 3,000 acres of waterfront property.
The Port of Everett’s long-range Strategic Initiatives include more than 111 capital projects, totaling $440 million. For 2017, the port’s capital budget proposes work on 69 of the capital projects, with an infrastructure and environmental remediation investment of nearly $46 million.
Funding for capital initiatives will come from operating revenues, tax collections, third party payments, revenue and general obligation bonds and cash reserves.
The port’s 2017 budget assumes a levy amount of $4.81 million, or about 5.4 percent of all funding sources. Port taxes are used only for environmental remediation and public access. This budget assumes an increase of 1-percent, plus new construction within the port district. Because the valuation of the port district has increased, the port expects the levy rate to "fall slightly" to 29-cents per assessed $1,000 home value. That means the estimated annual port tax on a $350,000 home in 2017 would be $103, down from last year’s $112.
New York/New Jersey: 2017 Port Authority 2017 Operating and Capital Budget Proposals
The 2017 operating budget proposed for the Port Authority of New York & New Jersey allocates $3.1 billion for ongoing operations, maintenance and security at all agency facilities and provides for the first full year of operations at the World Trade Center Transportation Hub, retail complex and other World Trade Center facilities which opened in phases in 2016.
It includes $706 million "to provide safe and secure facilities for our customers by maintaining vigilance for potential threats, investing in new technology and infrastructure and employing best practices for security."
The proposed $2.9 billion capital budget funds the Bayonne Bridge project, the replacement of the Goethals Bridge, redevelopment of LaGuardia Airport, and continued installation of Positive Train Control on the PATH system. It earmarks $153 million for Port Department projects, including the construction of a new ship-to-rail facility at Greenville yard to enhance the movement of cargo on and off the seaport.
Funds also are included to begin planning work for a new Port Authority Bus Terminal, the ongoing planning for a new Terminal A at Newark Liberty International Airport, and planning projects designed to upgrade the George Washington Bridge.
"These proposed budgets followed a disciplined review process to ensure that we are maximizing every dollar we spend, both operating and capital, in projects critical to the region," said Port Authority Executive Director Pat Foye. "We continue to prioritize safety, security and a customer friendly traveler experience, while investing capital into modernizing and maintaining our facilities in a state of good repair."
The proposed budgets are subject to approval by the port authority’s governing board of commissioners on December 8.
View the budget materials.
Port of Vancouver USA Board of Commissioners approves 2017 budget
The Port of Vancouver USA Board of Commissioners on November 8 unanimously approved the port’s 2017 budget and tax levy.
At $85.2 million, the port’s 2017 budget is $8.3 million more than its 2016 budget. The increase is mainly due to next year’s capital program, which at $44 million supports completion of the port’s West Vancouver Freight Access project, construction of new facilities and ongoing maintenance of the port’s assets.
Budget highlights:
- $25.9 million in revenue from marine operations, a 9-percent decrease from the 2016 projection of $28.7 million
- $9.9 million in revenue from industrial activities, down from 2016’s projected $10.5 million
- Construction of a 125,000-square-foot industrial building at the port’s Centennial Industrial Park
- Replacement of the port’s 88-year-old, 100,000-gallon water tank with a 250,000-gallon tank
- Improvements to marine and industrial facilities
- Assessment and design work for improvements to the dock at Terminal 1
The commission voted to hold the port levy steady for the fifth year in a row. That means the port tax levy on a $295,000 home – the median price in Clark County – will be approximately $89 in 2017.
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