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Finance: Brownsville, Everett

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The Port of Brownsville has been awarded a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its Comprehensive Annual Financial Report (CAFR). The Port of Everett Commission on November 26 approved a $64 million 2014 operating and capital budget that invests in business operations, environmental cleanup projects and construction projects.

Brownsville Awarded GFOA Certificate of Excellence in Finance 

The Port of Brownsville has been awarded a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its Comprehensive Annual Financial Report (CAFR). The certificate is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. 

An Award of Financial Reporting Achievement was presented to Port Finance Director Stephen B. Fitzgibbons as the individual primarily responsible for preparing the award-winning CAFR. The CAFR has been judged by an impartial panel to meet the high standards of the program, including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the CAFR. 

"It is always an honor to be recognized for this prestigious award," said Port Director and CEO Eduardo A. Campirano. "This is our second consecutive recognition, and it demonstrates our continued commitment to financial accountability and professionalism. Steve and his staff are to be commended for their efforts in maintaining the highest standards of financial reporting." 

Everett Port Commissioners Adopt $64 Million 2014 Budget 

The Port of Everett Commission on November 26 approved a $64 million 2014 operating and capital budget that invests in business operations, environmental cleanup projects and construction projects. The budget also plans for the port’s future obligations in infrastructure projects, including: 
  • South Terminal wharf strengthening 
  • Rail upgrades 
  • Refurbishment and acquisition of cargo handling equipment 
  • Environmental cleanups 
  • Painting of the historic Weyerhaeuser Building 
  • Marina District infrastructure improvements 
  • Central Marina bulkhead replacement 
The budget forecasts an increase in shipping volumes and slight increases in staff to meet business demands. Budget priorities include maintaining quality services in the port’s business lines, aggressively addressing environmental remediation needs of the community, making modest investments in existing assets, and continuing to plan and engineer for growth opportunities. The port budget is comprised of funds from operating revenues, interest earnings, grant revenues, rail bank loan proceeds, state grants, cash reserves and property taxes. 

In 2014, the port will collect a property tax totaling $4.4 million, or an average of $68 per area household. Per port commission policy, tax dollars are solely used for environmental restoration, infrastructure investments and debt service. For 2014, the taxes will be used primarily to partially fund the budgeted $7.7 million in environmental restoration projects. No tax dollars are used for operating costs, including salaries and benefits. 
 

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