The Port of Bellingham released its operating revenues for the first six months of 2024 and revenue collections are ahead of what the port collected during the same time period in 2023.
The port has collected $15.8 million of revenue in the first two quarters, said Tamara Sobjack, chief financial officer for the Port of Bellingham. In 2023, the port had collected $15.2 million in revenues.
Sobjack presented the quarter two financials during the Tuesday, July 16 Port Commission meeting.
The port’s expenses were higher than this time last year, with the port spending $12 million compared to $11 million in 2023.
“So bottom line is, so far better than we planned but not as good as last year,” Sobjack said of the expenditures.
The biggest change in what the port had expected for revenue and income last fall came from the shipping terminal. Receipts remain lower than anticipated because of ongoing construction.
“We had planned for some rock through September but then the construction schedule came about and we needed to vacate that,” Sobjack said.
Sobjack noted that revenue, expenditures and income for aviation, marinas, real estate and the cruise terminal remained steady.
The financial presentation comes weeks after the port was awarded a $17.9 million grant from the federal government to connect a Burlington Northern Santa Fe rail spur to the shipping terminal for future cargo loading purposes.
The rail spur project fits into the larger shipping terminal modernization project, estimated to cost $27.5 million, meant to improve the wharf by replacing the dock, increasing the navigational depth and improving the stormwater management system.
The Port Commission approved a $14 million bond in June to improve the shipping terminal pier at 629 Cornwall Ave. and to repair pilings and steel beams under the cruise terminal pier at 355 Harris Ave.
As part of the bonding process, the port had to go through a credit rating, and Port Executive Director Rob Fix told commissioners at Tuesday’s meeting that Moody’s had reaffirmed their credit rating.
Moody’s “hinted that in the near future, we could be getting a better rating,” Fix said.
Correction: A previous version of this story incorrectly stated the revenue amounts. They are in the millions. The story was updated to reflect this change at 8:35 p.m. on July 16, 2024. Cascadia Daily News regrets the error.
Annie Todd is CDN’s criminal justice/enterprise reporter; reach her at annietodd@cascadiadaily.com; 360-922-3090 ext. 130.
