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Portland Fish Exchange manager reports December shortfall, recommends future server replacement funding
Summary
The PFE exchange manager reported December landings of $142,000 against a $200,000 budget and a negative net income for the month, and recommended budgeting $20,000 for server replacement in five years; members agreed detailed P&L review should be handled by the finance committee.
Robert Vanmeter, manager for the Portland Fish Exchange, told the PFE subcommittee that December saw eight auctions and $142,000 in landings compared with a $200,000 budget, producing a negative variance for the month. "We had 8 auctions. A 142,000 was landed with a budget of 200,000," Vanmeter said as he reviewed auction results and monthly finances.
The manager said 2024 totals included 14 auctions and $186,000 landed against a $250,000 budget and that receivables were about $206,000. He recommended adding $20,000 to a future budget to replace servers on a five-year schedule and noted two computers replaced this year added about $2,200 in one-time costs. "The servers need to be replaced every 5 years," he said when outlining capital needs.
Members pressed for clarity on the makeup of the "fee income" line in the statements. Meredith Mendelson, deputy commissioner at the Department of Marine Resources, asked whether fee income included buyer and seller fees. Vanmeter responded that fee income bundles buyer application fees, pumping, sale of totes and pallets, warehousing, net-yard usage, weighing, unloading, re-icing and similar charges in a single line item, which explains the difference from the published per-pound buyer/seller fees.
The committee agreed detailed profit-and-loss statements and budget-to-actual spreadsheets are most appropriate for the finance subcommittee on a quarterly basis, while this group will continue to receive high-level landing and variance metrics. Chair Tracy Pierce said the subcommittee would "table" deep line-item review for the finance committee to avoid getting bogged down in arithmetic during operational meetings.
Vanmeter also described operational notes including rotating bait and seed storage, a delayed control-system installation expected before mid-February, and steady compressor operation. He said receipts for the month left the high checking balance near $94,000 and emphasized the exchange will supply financial packages when vendor bills allow accurate accrual reporting.
The subcommittee requested that staff provide budget-to-actual spreadsheets ahead of future finance meetings and that Vanmeter prepare any necessary supporting material for the full board when discussions require policy action. The committee did not take additional formal action on the financials at the meeting.
