The first draft of the Port of Port Angeles’ 2005 operating budget projects $202,441 more revenue than expenses next year, which is aided by a $170,000 increase in rental income.
A number of changes are coming next week in the spending plan’s second draft, Finance Director William James said.
Port commissioners will review the second draft of the 2005 budget at their next meeting, set for 9:30 a.m. Monday in the meeting room at Port headquarters, 330 W. First St., Port Angeles.
Then two public hearings on the 2005 budget are scheduled in the next three weeks prior to its planned adoption Nov. 22.
The first hearing on Nov. 15 will be to consider the budget’s revenue sources, including the property tax levy.
Then the final 2005 budget is set to be adopted following a second public hearing Nov. 22.
$5.58 million income
The Port’s 2005 operating budget shows projected income of $5.58 million, including $444,400 in non-operating income.
The 2005 expenses are projected at $5.22 million, including $1.3 million in non-operating expenses and $194,000 in major maintenance projects.
The resulting surplus of $358,441 is reduced to $202,441 by $156,000 in one-time expenses.
Those expenses are $30,000 for a utilization study; $75,000 for piling replacement; $44,000 for permitting and installation of electrical upgrades at Port Angeles Boat Haven; and $7,000 for network equipment and software.
The Port’s income from rental properties is projected to increase from $822,000 in 2004 to $992,000 in 2005.
