FOR IMMEDIATE RELEASE

PORTLAND, ORE. (May 15, 2012) – Port Sends FY 2012-113 Budget to TSCC for Review

The Port of Portland Commission met Wednesday, May 9 and approved sending the Port of Portland’s Fiscal Year (FY) 2012-13 budget to the Multnomah County Tax Supervising Conservation Commission for their review. The TSCC will hold a public hearing Wednesday, June 13 on the Port’s budget following the Port’s regular Commission meeting the same day.

The budget, which begins July 1, reflects solid FY 2011-12 performance and optimism for FY 2012-13. Total Port operating revenues and operating expenditures are budgeted at $248.6 million and $157.5 million respectively for FY 2012-13, compared to the Adopted FY 2011-12 budget of $236.8 million and $148.7 million.

Ninety-six percent of Port revenues come from user-based fees for service including airline, rental car, parking and concessions revenue as well as land sales and leases and marine terminal leases and fees. Approximately $9.5 million of the Port’s budget comes from property taxes or about 7 cents per thousand assessed value.

“We have developed a budget that allocates resources to ensure the Port can deliver on its mission to assist local shippers and businesses in remaining competitive in the global market place, help passengers get where they want to go efficiently and cost-effectively and assist the region in growing jobs,” said Port Executive Director Bill Wyatt.

The Port’s FY 2012-13 budget is based on an examination of past results and forecasts of future performance. CY 2011 was the third best cargo marine tonnage year in the Port’s history with 13.4 million tons of cargo handled through the Port’s facilities – a two percent increase.

In CY 2011 container volumes grew by nine percent to nearly 200,000 twenty-foot equivalent units.  Container import figures improved by five percent and container exports rose by 27 percent as the overseas demand for regional goods grew.  Container forecast for FY 2013 is 210,000 twenty-foot equivalent units.

On the Aviation side, 13.7 million passengers passed through PDX in calendar year 2011, an increase of 3.7 percent over CY 2010.  Forecast passenger volume is 13.9 million for FY 2011-12 and 14.3 million for FY 2012-13 due to the launch of new airline Virgin America on June 5 and a host of new and returning nonstop routes on Alaska Airlines, Air Canada, Frontier Airlines, JetBlue Airways, SeaPort Airlines, Southwest Airlines, Spirit Airlines and Alaska’s recently announced nonstop service to Washington National Airport in Washington D.C.

FY2011-12 results also demonstrated increased focus on acquisition of new industrial land including 222 acres at the Gresham Vista Industrial Park.

Primary capital projects planned for FY 2012-13 at PDX include:

• Approximately $23 million for pavement rehabilitation of airfield Taxiways C, E, and F
• Nearly $20 million for pavement rehabilitation in the Air Trans Center/South Cargo facilities Primary General Fund capital projects planned for FY 2012-13 include:
• Approximately $6.3 for the first phase of the Dredge Oregon repowering program
• $2 million for Hillsboro runway and taxiway work
• $2 million for completion of the South Rivergate rail expansion phase 1

Land sales to occur in FY 2012-13 are budgeted at $12.5 million as interest has been expressed by several parties in properties at both the Port’s Troutdale Reynolds Industrial Park and Gresham Vista Business Park.

“We are encouraged by the economic progress and the improvements in our business lines over the past year,” said Port Chief Financial Officer Cindy Nichol.  “Reflecting on these improvements, as well as the completion of several large projects, we look forward to FY 2012-13 as a promising year.”

Following the Multnomah County Tax Supervising and Conservation Commission public hearing on the budget June 13, the Port Commission will consider final adoption of the budget on Friday, June 22.

WHAT:          Public hearing on the Port’s FY 2012-13 Approved Budget

WHERE:         Port of Portland Headquarters, Chinook Room, 7200 NE Airport Way

WHEN:          Wednesday, June 13, 2012

                   Commission Meeting begins 9:30 a.m.

TSCC hearing to begin at 10:30 a.m.

Copies of the Port of Portland Approved FY 2012-13 Budget can be found on the Port website.

Strategic Plan and Bydget