PORT ANGELES — The Port of Port Angeles is $206,000 ahead of budget so far for 2005, Finance Director William James told Port commissioners at its Monday meeting.
The 2005 operating income is $56,000 in the black because of more marine terminal income from an increased number of oil tankers docking at Port facilities, James said.
The Port’s 2005 expenses also are $149,000 less because of lower than expected operating costs in several areas, including marine terminals, marinas, public boat ramps, rental properties and facilities maintenance, he said.
Some of the reduced expense are simply a timing issue, James said.
Money is being set aside for tideland lease payments to the state Department of Natural Resources that haven’t been paid yet, he said.
Insurance payment
The Port also has received a $34,000 insurance company payment that offset ongoing legal expenses, James said.
Last year’s revenues were slightly ahead, he said.
The Port’s operating revenue increased from $4.7 million in 2003 to $4.9 million in 2004, James said.
That came despite a $200,000 deficit at William R. Fairchild International Airport caused by the January 2004 departure of Horizon Air, he said.
Log handling income in the harbor increased $300,000, and property rental income increased $100,000 in 2004, James said.
When the 2004 operating expenses of $5.3 million and depreciation of $1.5 million are included, the Port was showing a $1.9 million operating deficit, he said.
But when $3.4 million in non-operating income is included, the Port finished 2004 with $1.5 million in excess revenue, James said.