Port of Tacoma Commission Authorizes 2004 Budget

Thursday, December 11, 2003
Closing 2003, a year in which the Port of Tacoma projects a record 1.73 million TEUs (twenty-foot equivalent 'containers') and projects a record $83.8 million in total revenue, the Port Commission has authorized a 2004 budget designed to continue the Port's focus on long-term investments in facilities, regional economic development and the environment. The $194.7 million budgeted for 2004 capital improvements represents the first year of the Port's five-year, $321.3 million Capital Improvement Program (CIP). According to Andrea Riniker, Executive Director, these new capital projects and investments are not only supporting the Port of Tacoma's expansion plans, but are also helping fulfill the Port-wide objectives of fostering customer success while strengthening the Tacoma-Pierce County economy. The core projects in the 2004 capital budget include the new Evergreen container terminal on the Blair Waterway and associated infrastructure, as well as significant investment in regional transportation enhancements, environmental cleanup and wildlife habitat restoration. Of the $194.7 budgeted for capital improvement in 2004, explained Port of Tacoma Commission President Dick Marzano, $50 million will be funded by earnings and cash on hand, with the balance funded through revenue bond debt. "With historically low interest rates and an expanding trans-Pacific market, this is the ideal time for the Port to make these investments. They not only provide long-term growth for our regional economy, but generate hundreds of construction jobs during tough economic times." While the Port of Tacoma is having another record year, Marzano emphasized the long-term nature of Port investments. "For 2004 and 2005, we are projecting steady growth, but not the dramatic growth of 2002 and 2003. The infrastructure we invest in today will begin to pay dividends in 2006." Also important, says Marzano, is minimizing the Port's Pierce County tax levy. For six consecutive years, the Port Commission has not increased the tax millage rate, keeping it at 18.59 cents per $1,000 of assessed valuation; this amounts to $37.18 on a $200,000 home. The Port is legally allowed to levy a tax of 45 cents per $1,000 of assessed valuation. "It is important that we strive to keep the tax levy as low as possible, while remaining fiscally responsible," he said. Utilized for general obligation bond debt service and capital spending, the tax levy is projected to generate $9.2 million in 2003.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


New Chair for Townsville Port

The Palaszczuk Government has appointed one of Queensland’s most respected businesswomen, Renita Garard as the new Chair of the Port of Townsville. In a statement released earlier today,

New Jersey Transportation Chief to Resign

New Jersey Governor Chris Christie on Friday said his transportation commissioner Jamie Fox would step down by the end of the month to return to the private sector after only a year in the position.

APM TEC2 Receives Cranes

The first three of the world’s largest and most technologically advanced Ship-to-Shore (STS) container cranes and two rail mounted cranes for the intermodal rail


Demands for Icebreaker Tours Spiral

Plans to terminate commercial tours to the North Pole on the nuclear-powered icebreakers of the Atomflot company in 2016 have surged the demand for these tours.

MARAD Funds Study on LNG As Propulsion Fuel

The Maritime Administration (MARAD) has announced a $900,000 cooperative agreement with Totem Ocean Trailer Express Inc. (TOTE) to further develop knowledge

Teekay LNG Partners Declare Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The

Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1450 sec (7 req/sec)