Port Commissioners approved the 2016 Operating Budget at the November 9 monthly meeting.
The 2016 Operating Budget is essentially a status quo budget. The Commission approved the implementation of modest increases to rates that will cover inflation as defined by the Consumer Price Index, plus 1.5 percent. Yard hoist rates will see a 5.5% increase, and guest moorage rates moorage (which were among the lowest in the region) will increase 25%.
The Port is close to finishing a Capital Facilities Plan that will highlight capital maintenance and some capital replacement of infrastructure at our various facilities. The plan will be finalized by the beginning of 2016, and will look out over the next 6 years.
The 2016 budget reflects total operating revenues of $5,417,606, an increase of 5% from the 2015 budget. Port wide operating expenses are budgeted to be $4,470,917, an increase of 2% from the 2015 budget.