Portland Fish Exchange sees increasing landings; new financial manager briefs subcommittee on accounts and operations

The Portland Fish Exchange Subcommittee received the PFE manager’s operational and financial report on July 10. Manager Robert Van Meter said June landings included 12 landings for roughly 112,000 pounds (compared with a June 2024 budget figure cited in the report) and that contract unloads for monkfish were increasing.

Diane Albert, introduced as the exchange’s new financial manager, told the committee she had overhauled reporting functions in the existing Great Plains accounting system and expected regularized monthly financial reports the week following the meeting. Albert said the PFE had drawn $200,000 from the city; letter-of-credit exposure was reduced to $100,000 of a $250,000 total following that draw. Current receivables were said to be $148,000, and the checkbook balance reported was about $26,000 after paying bills.

Operational capital investments and bills were noted: a CMP electrical bill of about $13,000, a tote purchase of $7,843, completion of a camera system priced at just under $20,000, and costs to integrate new label machines into the existing auction (CTrack) ticketing system. Van Meter said the new ice machine has reduced vessel usage of portable ice and that pallets and tote storage generated about $9,000 per month in revenue (pallet billing at $25 per pallet per month with a $20 one-time in/out fee).

Van Meter described continuing compressor and chiller control problems; rather than full replacement he said he is discussing changes to the operating control system with a vendor (Miller) to improve performance. He told the committee that cooler temperature stabilization should lower energy consumption when the cooler is full.

The committee discussed technology and accounting systems: multiple members and staff said that the exchange’s Great Plains accounting software is outdated and tied to the old auction software, and they raised replacing the auction system and removing Great Plains as a future project. Albert said she expects to reduce outsourced accounting hours and that the improvements she made will allow more accessible financial reporting.

Van Meter reported recent vessel activity: several new or returning boats had begun landing, including a 43-foot dragger (Jenny Cowell, captain Nick Newkirk) and the Atlantic Pearl starting contract unloads and cross-docking. He also said that Luke’s Lobster (Looks Lobster) would begin lobster landings and that contract unloads for monkfish to buyers such as Nebula Seafood were beginning. The manager asked members to send follow-up questions by email where his time was limited.

The subcommittee asked for more detail on the compressors and label-machine integration at a future meeting; members asked Albert to provide a standard month-end report going forward.