Port of Port Townsend details cash flow, capital projects

PORT TOWNSEND — The Port of Port Townsend will see activity through the end of the year as cash flow projections and capital projects in progress and to be completed were discussed at a public workshop.

Executive Director Sam Gibboney said that the project list was slightly different than the one presented in April. Some of the items were reduced in scope and others were removed.

According to the budget figures available, total year-end cash and investments equal $1.9 million, with cash reserves of $1.729 million and unreserved cash of $150,000.

Gibboney said staff is recommending additional capital projects to be considered while recognizing the need to maintain an appropriate operating reserve.

“An amended capital budget would allow port staff to invest in the public’s property,” Gibboney said at the workshop Wednesday. “We’re working on this in order to prolong the life of the buildings and the port’s assets.”

According to Finance Director Abigail Berg, the intent is “to build capital reserves and operating reserves so that over time we could probably build this much more and we’d be able to fund projects, grant match and address emergencies as they come up.”

The plan is to add 25 percent annually to the operating reserves.

Projects currently underway that are being funded by grants include the Jefferson County International Airport Runway Phase 1 and Phase 2 Engineering. This work is to be done before next year’s rehabilitation of the runway.

Although the Point Hudson South Jetty project has been indefinitely delayed while staff assesses options for its construction, a grant of $33,811 was spent on finalizing the design and bid.

Other capital projects include: Resurfacing the Boat Haven Workyard surface, repair of the Tide Gate, replacing the roof on the New Day Fisheries building, installing heat and doing creosote abatement work at the state Department of Fish & Wildlife headquarters, adding heaters in the Shanghai Restaurant, Coast Seafood roof replacement and purchasing capital equipment/software.

In addition, there is a desire to bring 480 power to the shipyard. This three-phase heavy duty power opens up an additional market opportunity that can attract different clients who have need for larger machinery.

The total cost of these projects is $1.14 million.

Gibboney noted that the commissioners will begin the process of developing policy at a workshop planned for July.


Jefferson County Editor/Reporter Jeannie McMacken can be reached at 360-385-2335 or at [email protected] dailynews.com.

More in News

Most Read