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News Release
Port of Vancouver USA Board of Commissioners approves 2020 Budget - 11/26/19

For Immediate Release

November 26, 2019

Contact:                               bings@portvanusa.com">Heather Stebbings, Director of Communications

                                            360.823.5296 direct

                                            360.518.8590 cell

Port of Vancouver USA Board of Commissioners approves 2020 Budget

VANCOUVER, Wash. – Today, the Port of Vancouver USA Board of Commissioners approved the port’s tax levy and 2020 budget at the regularly scheduled Commission Meeting.  The $58.6 million budget was developed to meet several overarching goals of the Strategic Plan, including strengthening the port’s financial sustainability, addressing the long-term use of taxes, and implementing a comprehensive maintenance plan.

The budget includes a tax levy increase of 1% and use of the port’s banked capacity.  This is the first-time port taxes will increase since 2013, which will help move three key initiatives forward in the coming year.  In 2020, the port plans to continue development of the Terminal 1 waterfront project, target specific major maintenance actions to maximize and protect port assets, and make strategic investments in commercial and industrial properties to bring new business and jobs to the region. 

Each year, tax dollars paid to the port are used exclusively for environmental remediation, repayment of general obligation bonds and to build and improve facilities.  In 2018, the port saw a 13 to 1 return on investment.  This means that for every tax dollar paid to the port, 13 dollars is generated to support the public services like roads, schools, police and fire services. 

The remainder of the port’s expenses, including operations and staff salaries, are funded by marine and industrial activities. In 2018, these business lines supported nearly $3.8 billion in economic value to the region, a $900 million increase since 2014.  With continued strategic investments, the port is well positioned to continue to serve as an economic engine for the community and the region. 

For more information about the 2020 budget, the budgeting process and how tax dollars are invested in the community, visit the Port of Vancouver’s budget Web page.

– POV –

The Port of Vancouver USA is one of the major ports on the Pacific Coast, and its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a skilled labor force and an exceptional level of service to its customers and community. For more information, please visit us at www.portvanusa.com.

Attached Media Files: 112619_Final_POV_2020_Budget.pdf
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