Fishburn will improve Port accountability

The Port of Olympia has been bleeding money for at least two decades, losing money every year. It makes this up with $5 million per year in property taxes, imposed on every home and business throughout Thurston County.

The Port expects to lose about $4 million this year, including about $2.8 million on the marine terminal alone, according to its 2017 “management level” budget, disclosed only after a public records request. The “public” version of the budget conceals the amount of bond interest attributable to the marine terminal. Few ships make the trip, and those that do are willing to only because the Port of Olympia subsidizes the cost of operating the marine terminal with property tax revenue.

Current Port Commissioner Bill McGregor really does not understand finance. His failed leadership has been a big part of the Port’s money-losing practices.

McGregor pretends that depreciation expense is not real. Just like your car, buildings, machinery, and equipment wears out and must be replaced, accounting conventions have long recognized that interest on bonds, and depreciation on equipment are real costs. But the Port tries to hide these costs through creative but deceptive bookkeeping.

Dr. EJ Zita has been working for two years to improve transparency and accountability at the Port. If she is re-elected, and Bill Fishburn is elected to replace McGregor, I think they can bring the red ink under control. That would be good for our economy, and good for taxpayers.

This story was originally published October 26, 2017 at 3:50 PM with the headline "Fishburn will improve Port accountability."