PORT TOWNSEND — The Port of Port Townsend is on pace to hit its revenue target for 2024, said Connie Anderson, the agency’s director of finance and administration.
Total operating revenues were $6,366,299 through September, which was $142,000 more than during the same time in 2023, Anderson told port commissioners Tuesday. Budgeted revenue for the year is $8,312,834.
Through September, operations expenditures of $5,794,794 were more than budgeted, primarily due to an increase in insurance premiums that were about $30,000 more than forecast.
Port salaries and benefits also were trending ahead of budget.
“This was a reflection of our focus on capital, of taking care of deferred maintenance around the port,” Anderson said. “That’s an explanation of the additional dollars. Taking care of people is always our biggest expense.”
Anderson said that, based on initial numbers through the middle of November, it looked like expenses would run fairly close to the $7,093,018 budget.
The port’s net operating income of $571,505 through the end of September was under budget ($1,090,189) and less than where it was in September 2023 ($1,008,709).
Dave Nakagawara, manager of capital projects, reported that the port had received eight bids for its stormwater treatment project at Boat Haven/Boat Yard. Three bidders were local and five were from the greater Puget Sound area.
“This was a very good response,” Nakagawara said. “In comparison, for the Point Hudson breakwater project, we had three.”
The estimated cost of the stormwater project is $4.2 million; bids ranged from $2.4 million to two that were slightly over the estimate.
The process of completing due diligence and awarding the contract likely will occur next week. Everything is on track to start the project on time in 2025, Nakagawara said.
Meanwhile, a 50-year lease with Northwest Custom Hangars for a hangar pad site at Jefferson County International Airport at a rate of $1,299.51 a month was approved as part of the consent agenda. Northwest Custom Hangars is required to complete development of the site within 18 months after the start of construction.
Commissioners Carol Hasse attended Tuesday’s meeting in person and Pete Hanke appeared via Zoom. Commissioner Pam Petranek was absent.
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Reporter Paula Hunt can be reached by email at paula.hunt@peninsuladailynews.com.
