The Port of Vancouver Board of Commissioners on Tuesday voted unanimously to approve a budget of $86.42 million for 2014. That’s up roughly 46 percent from this year’s total projected budget of about $59 million.
Most of the increase is allocated for capital projects, including $17 million to keep moving on an improvement intended to eliminate a train-traffic chokepoint by building a new rail entrance to the port. Capital project expenses also include $15.8 million to acquire 88 acres for eventual westward industrial expansion.
As part of Tuesday’s budget decision, commissioners voted unanimously to authorize no increase in the port’s regular property tax levy. The port anticipates total revenues in 2014 of about $53.43 million, up 9 percent from this year’s expected $49 million. Using a general fund transfer and financing, the port would add about $32.9 million to its funding sources for a total budget of $86.4 million.