The Port of Olympia Commission voted to adopt its 2024 operating budget, capital investment plan, and tax levy on Monday, November 27.
According to the budget, the Port would spend $7.2 million in operating expenses, $4.4 million in non-operating expenses, $3.8 million for administrative costs, and $3.3 million for maintenance projects in 2024.
The Port will also allocate $4.6 million for debt service payments and $2.4 million for capital investments.
Operating revenue is projected at $15.3 million next year. Another source of funding are revenues from property taxes which the Port expects to be $7.8 million.
In total, the Port is set to incur a loss of $2.3 million in 2024, bringing its net cash down to around $13 million.
Little League concerns
The Commission did not have much discussion as they already had several meetings and a public hearing about the budget, but Commissioner Amy Evans Harding asked about the status of her proposal to allocate $10,000 to support the Capitol Little League to fund a new ballfield.
The League has been leasing an airport property for its ballfields since 1999, but the Port is now looking to use the lot for aviation-related use. Earlier during the meeting, the Commission also authorized extending the League’s lease until 2028 and set the annual increase of the lease rate to just 5%. The extension would give the League more time to find another lot to construct its new ballfield.
The $10,000 proposal was not included in the 2024 budget, but Interim Executive Director Rudy Rudolph said that it could come up in a later discussion.
General Legal Counsel Rick Hughes added that giving the League $10,000 could be considered as gifting of public funds, however Port staff are exploring ways that it could still be achieved without infringing the law.
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