FOR IMMEDIATE RELEASE

PORTLAND, ORE. (June 4, 2009) – PUBLIC HEARING SCHEDULED FOR PORT OF PORTLAND FY 2009-10 BUDGET

The Tax Supervising and Conversation Commission will hold a public hearing next Wednesday, June 10 at 10:30 a.m. on the Port of Portland’s Fiscal Year (FY) 2009-10 Budget.  The Port’s fiscal year runs July 1 through June 30.  The slightly leaner budget reflects recent cost cutting measures and declines in the Port’s business lines as well as the continuation of a large, strategic capital investment program that will position the Port well as the economy begins to recover.

Total Port operating revenues and operating expenditures are budgeted at $239.7 million and $173.8 million respectively for FY 2009-10, compared to the Adopted FY 2008-09 Budget of $263.4 million and $188.7 million.

“This year’s budget represents aggressive cost cutting measures necessary for the short term, but a very strong focus on investments for the long term,” said Port of Portland Executive Director Bill Wyatt.  “We have nearly $500 million dollars of capital construction activity underway on both the aviation and marine sides of the business that will serve the region well in an improving economy.” 

Capital projects include the Portland International Airport north runway extension, a new baggage screening and detection project, a new deicing collection and treatment facility and marine-related projects such as improvements to freight rail infrastructure serving the Port’s marine terminals.

With only $8.9 million coming from property taxes, the Port forecasts operating revenues of $239.7 million and total resources of $861.9 million, including transfers, grants, and beginning balance.  The budget is balanced with $861.9 million in requirements including operating expenditures of $173.8 million, $224.1 million in capital costs (minus labor), and $68.2 million in debt service.

Recently, the Port reduced its staff by 49 full-time equivalent positions and instituted furloughs and some salary reductions which resulted in significant personnel savings.  A number of key capital projects were also postponed.

Following the Port’s regular 9 a.m. Commission meeting on June 10th, the Multnomah County Tax Supervising and Conservation Commission (TSCC) will hold a public hearing on the Port’s budget at 10:30 a.m.. The Port Commission will consider final adoption of the budget at a special meeting to be held at 8:30 a.m. on June 24. Both meetings will be held at the Port of Portland headquarters, Commission Conference Room, 121 NW Everett Street, Portland.

Full copies of the Port of Portland FY 2009-10 Budget are available at http://www.portofportland.com/PDFPOP/StrategicPlanBudget_09-10_Approved.pdf

Or by contacting Abby Mullins at 503-944-7051.