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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers,

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

Finance

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers,

Technip & Fluor Bag RAPID UIO Project

Technip, in a joint venture with Fluor, was awarded an engineering, procurement and construction management contract by PRPC Utilities and Facilities Sdn. Bhd.

Gazprom to Counter Negative Global Market Trends

The Gazprom Board of Directors took note of the information on the Company's financial strategy under the conditions of negative trends in the global financial

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1337 sec (7 req/sec)