Port of Olympia adopts 2025 budget

The Port of Olympia Commission adopted its 2025 operating and capital budget on Monday, November 25. 

For 2025, the port expects to spend $15.9 million on operating costs, $14.4 million on capital expenditures, $4.2 million on debt service payments, and $9.5 million on other non-operating expenses. 

As for revenue sources, the port expects to earn $17.7 million in operating revenue, receive $8 million in property taxes, and be awarded $10 million in grants and other non-operating revenues. 

Because costs continue to exceed revenues, the port’s fund balance will fall from $28 million at the start of the year to $19.7 million by the end of the year. 

Capital expenditure 

Among the major projects outlined in the capital budget is the temporary warehouse, which received an additional $3 million on top of the $1 million the commission approved to allocate on November 7. 

At the boatyards, $400,000 has been allocated to expand the facility. Capital Assets Program Manager James Sommer said in previous budget discussions that they want to add 15-20 more stalls and provide capacity for larger vessels. 

At the airport, the port will continue rehabilitating runways 17-35, working on apron and taxiway repairs and striping, purchasing three pieces of equipment worth around $60,000, and spending $160,000 to replace a motorized gate damaged in a 2023 storm. 

In the port’s real estate segment, it allocated $500,000 of its funds and $250,000 in tenant funds to improve the parking lots for The Rants Group and Anthony’s HomePort, the port's tenants. 

The full budget is available for viewing at the port’s website.