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Port reports improved reserves and borrowing capacity; breakwater project schedule still tied to federal steps
Summary
Port finance staff reported year-end 2024 results showing operating variances across airport, industrial park and marinas, a rise in cash and investments and available borrowing capacity; commissioners discussed the breakwater project schedule and contingency options including bonding if federal funding delays occur.
Port of Bremerton finance staff presented a detailed year-end review for 2024, reporting operating variances across the airport, industrial park and marinas, improved reserves and a large remaining capacity to borrow for capital projects.
James, the presenter, said the port closed 2024 with about $20.3 million in cash and investments, up from roughly $17.1 million the prior year, after internal capital funding and operations. He described nearly $11.3 million in restricted reserves and capital commitments and said the port held about $4.5 million in additional reserves considered available for capital or unplanned needs. "We were at 9,900,000 and now we're at…
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