Oak Harbor committee told marina revenues fall short of needed dredging and redevelopment costs; study outlines rate, grant and privatization options

A consultant briefing to the Oak Harbor Marina Committee on long‑term finances found the marina’s primary revenue source has barely kept pace with costs, leaving little capacity to fund major capital work such as dredging and breakwater replacement.

"Permanent mortgage revenue — your biggest source of revenue — grew at about 0.6% per year on average from 2009 through 2021," Paul told the committee, noting that operating expenses rose faster and net operating income has declined when averaged across years. Paul presented nominal (not inflation‑adjusted) figures showing operating revenues rising roughly 3.3–3.5% per year while operating expenses increased about 4.6–4.9% annually.

Why it matters: the study found available net revenue is far smaller than the debt service a full redevelopment would require. Paul offered ballpark capital figures: basin dredging estimated at about $4.5 million, a proxy $5 million for channel dredging, and marina redevelopment and a new breakwater in the $30–40 million range. He estimated the annual debt service on a 30‑year bond at 4% would be roughly $1.5–$2.0 million — far above the committee’s current net revenue available, which the consultant estimated at about $100,000.

During the presentation Paul reviewed the composition of fees and how they…