Port of Kalama Comprehensive Plan

BST Associates 

June 1, 2015 

Port of Kalama Comprehensive Plan 

Page 78 

Table 16 – Port of Kalama Financial Trends 

Item 

Item Description 

1990 

1995 

2000 

2005 

2010 

2011 

2012 

2013 

2014 

OR 

Operating Revenues 

$2,417,260 

$4,517,545 

$7,211,039 

$9,281,387 

$13,118,907 

$13,697,950 

$11,218,875 

$11,333,681 

$9,624,301 

OE 

Operating Expenses 

$1,189,042 

$1,661,781 

$1,929,602 

$3,372,402 

$4,082,132 

$4,198,400 

$4,482,848 

$4,652,067 

$5,049,582 

NOI 

Net Operating Income 

$1,228,218 

$2,855,764 

$5,281,437 

$5,908,985 

$9,036,775 

$9,499,550 

$6,736,027 

$6,681,614 

$4,574,719 

 

Non-operating Revenues 

$469,838 

$603,999 

$1,175,848 

$1,077,633 

$476,812 

$159,039 

$361,460 

$242,867 

$172,282 

 

Non-operating Expenses 

$473,516 

$328,104 

$722,957 

$469,145 

$248,246 

$359,634 

$207,955 

1,438,916(1) 

$1,314,754 

NI A 

Net Income A 

$1,224,540 

$3,131,659 

$5,734,328 

$6,517,473 

$9,265,341 

$9,298,955 

$6,889,532 

$5,485,565 

$3,432,247 

 

Depreciation 

$285,475 

$282,711 

$616,414 

$1,285,570 

$2,654,987 

$2,017,598 

$2,982,270 

1,870,399(1) 

$1,745,991 

NI B 

Net Income B 

$939,065 

$2,848,948 

$5,117,914 

$5,231,903 

$6,610,354 

$7,281,357 

$3,907,262 

$3,615,166 

$1,686,256 

 

Tax Revenues 

$132,543 

$193,465 

$- 

$- 

$- 

$- 

$- 

$- 

$- 

NI C 

Net Income C 

$1,071,608 

$3,042,413 

$5,117,914 

$5,231,903 

$6,610,354 

$7,281,357 

$3,907,262 

$3,615,166 

$1,686,256 

 

 

 

 

 

 

 

 

 

 

 

Net capital assets 

(2)

 

$10,911,000 

$18,848,960 

$33,345,950 

$43,948,677 

$56,813,142 

$48,899,161 

$48,322,279 

$47,774,947 

$46,318,690 

Total assets 

$18,812,000 

$25,376,810 

$55,611,424 

$76,497,209  $101,748,225  $100,947,239  $103,647,871  $105,046,468  $103,710,207 

 

 

 

 

 

 

 

 

 

 

 

NOI/OR   

51% 

63% 

73% 

64% 

69% 

69% 

60% 

59% 

48% 

OE/OR 

 

49% 

37% 

27% 

36% 

31% 

31% 

40% 

41% 

52% 

 

 

 

 

 

 

 

 

 

 

 

NOI/NCA   

11% 

15% 

16% 

13% 

16% 

19% 

14% 

14% 

10% 

NI A/TA 

 

7% 

12% 

10% 

9% 

9% 

9% 

7% 

5% 

7% 

NI B/TA 

 

5% 

11% 

9% 

7% 

7% 

7% 

4% 

3% 

2% 

NI C/TA 

  

6% 

12% 

9% 

7% 

7% 

7% 

4% 

3% 

2% 

Notes:  1) As of 2013, maintenance dredging is accounted for as an operating expense in the year it is incurred.  In prior years, it had been amortized. 

2) Channel Deepening Work In Progress was removed from the books on 2011. 

Source:  Port of Kalama Financial Reports 

 

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BST Associates 

June 1, 2015 

Port of Kalama Comprehensive Plan 

Page 79 

Potential Funding Sources

 

Washington public ports can fund capital improvements by net revenues from operations 

and by issuing revenue bonds, local improvement bonds, and general obligation bonds.  These 

financing tools are described in greater detail in the following sections. 

Port Operating Revenues 

One source of financing is from net operating revenues. If operating revenues are 

substantially greater than expenses, some of the excess revenues can be used to finance capital 

improvement projects.  The Port builds most projects with generated revenues. 

Traditional Financing 

The Port may seek financing from traditional sources, such as banking institutions.  With 

extremely low interest rates, banks present a valid financing option.  

Bond Financing 

Washington public ports can also fund capital improvements by issuing revenue bonds, 

local improvement bonds and general obligation bonds.  These finance instruments are 

described below. 

Revenue Bonds 

Revenue bonds are payable solely from port operating revenues and cannot be paid from 

or secured by a pledge of property taxes.  Revenue bonds and warrants can be issued without 

voter authorization and without limitation as to amount in so far as debt service coverage 

requirements are met. 

The Port will retire its lone revenue bond by December 2015, making the Port debt-free. 

LIDs and IDDs 

Ports can also establish local improvement districts (LIDs) or industrial development 

districts (IDDs) within the Port District and levy special assessments, payable in annual 

installments (extending over a period not to exceed 20 years), on all benefited property, to pay 

for such improvements.  

LIDs and IDDs are generally established by ports undertaking a large capital improvement 

plan which benefits numerous tenants and/or private property owners.   

General Obligation Bonds 

Finally, the Port can issue general obligation bonds (GO bonds), which are backed by the 

assessed value of property within the Port District.  GO bonds can be issued without voter 

approval in an aggregate amount not to exceed 1/4 of one percent of the assessed value of 

taxable property within the Port District and with voter approval up to 3/4 of one percent of 

assessed value. 

The Port of Kalama’s GO debt limitation is $3,574,399 without a vote, and $7,148,798 with a 

vote.  

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