PORT ANGELES — Revenues are up and expenses are down for the Port of Port Angeles.
That’s a net gain over the projected midyear budget to the tune of more than $1.3 million as of June 30, port commissioners were told Monday.
The gain represents a 34 percent increase over the port’s budgeted revenues and an 8 percent decrease in expenditures, said Bill James, port finance director.
“The first half has been all positive,” James said.
The port budgeted for $3,229,879 in revenue in the first half of the year, and received $4,343,826.
At the same time, it over-budgeted $3,133,019 for expenditures, spending $2,867,570.
Most of the increase in revenues was at the marine terminal and log yard, where log exports have increased dramatically, James said.
By the end of July, 14 log ships had loaded at Port Angeles in 2011, twice what it was in the first half of 2010.
Two more log ships are expected in August, he said.
James gave much of the credit for the port’s economic fortune to the commissioners, past and present, who set in motion cost-saving plans such as transferring log yard equipment in the marine terminal when needed instead of purchasing two sets of equipment.
Rental property income to port coffers came in at
22 percent more than expected, and the port’s two marinas showed a small but steady net revenue gain, he said.
“The price of fuel has gone up, but so has occupancy, he said.
“It’s really unusual to see receipts and expenditures going in the same direction,” he said.
The second half is expected to slow down because the building season in China — where most of the log exports go — is ending.
There are also several projects planned that will increase spending in the second half of the year, he said.
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Reporter Arwyn Rice can be reached at 360-417-3535 or at arwyn.rice@peninsuladailynews.com.