Know Port of Olympia financial facts

The Port of Olympia receives about $5 million per year in taxpayer support which is 1.43 percent of the 2016 taxes paid by county residents. The rate of increase in port taxes from 2013-2015 has averaged about 1.5 percent per year the lowest rate of increase among the 9 non-school Districts in Thurston County.

The Port’s tax rate is 18.22 cents per thousand, the second lowest among similar ports. The tax rates for the Ports or Everett and Bellingham are 82 percent and 58 percent higher respectively than Olympia’s.

Finally, the Port of Olympia has been very careful in its debt management. As of December 2015, the Port’s total debt was only 38 percent of its total assets, lower than the other Puget Sound ports and roughly half of the Port of Tacoma’s debt percentage (67 percent). In short, the Port of Olympia has one of the lowest tax rates and debt percentages of similar Puget Sound ports.

In a recent survey two-thirds of Thurston County residents indicated that the taxes paid to the Port represented a ‘very good’ or a ‘pretty good’ value to the taxpayer. When compared to its peers, these financial facts support the community perception of a well-managed Port. This is the example of fiscal responsibility that the community expects and receives from the Port of Olympia.

This story was originally published September 22, 2017 at 3:31 PM with the headline "Know Port of Olympia financial facts."