The agency posted a net operating income of just over $215 million, four percent higher than forecasted in the budget, with overall costs coming in under budget. Commissioners and CEO Tay Yoshitani credit a continued emphasis on cost control, increased efficiencies throughout the organization, and strong performances by the operating divisions with keeping the port on solid financial footing.
“The best measure of an organization’s fiscal responsibility is how we manage financial resources when times are tough,” said Commission President Gael Tarleton. “The commission is responsible for stewarding public resources so that we can continue to invest in job creation and environmental programs, and we can only do that by managing the bottom line.”
CEO Yoshitani moved quickly in 2008 and again in early 2009 to impose strict cost cutting throughout the port and implementing zero-based budgeting, maintaining that discipline to ensure fiscal stability.
“We know that the port must keep our financial house in order so that we can continue our role as a vital economic engine for the region,” said Yoshitani. “We’re pleased with these results, but the attention to controlling costs, particularly health care costs, must continue. My sincere thanks to the staff for the hard work they’ve done to serve both our customers and the people of King County.”
Today’s announcement comes on the heels of other actions that highlight fiscal responsibility. Taking advantage of lower interest rates and credit rating upgrades, the port has refinanced several bond issues, achieving savings of just over $ 150 million since 2010. The agency has increased cash reserves and established a Transportation and Infrastructure Fund to meet future obligations for several key transportation infrastructure projects.