It's the (Budgeting) Season: Five Facts about the Port's Finances
The Port of Whitman County recently finalized its 63rd annual budget. In the spirit of the budgeting season, here are five facts about the Port’s approach to financial responsibility and use of the tax levy:
1. 100% of property tax revenues are invested back into Whitman County communities, funding local job creation and economic development. Tax dollars are not used to fund general Port operations. In 2020, the property tax levy was used for capital projects such as:
- Ongoing work on a fiber-to-the-home network in Rosalia, Tekoa, Oakesdale, Garfield and Palouse with fiber extensions in the rural areas around Tekoa, Lamont, Oakesdale, Garfield, Farmington and Plaza.
- Improvements at Port of Whitman Business Air Center – one of only two airports in Whitman County – related to road access and drainage.
- Repairs to the railroad at the Port of Central Ferry.
In 2021, the property tax levy will fund:
- Completion of a fiber-to-the-home network in Rosalia, Tekoa, Oakesdale, Garfield and Palouse with fiber extensions in the rural areas around Tekoa, Lamont, Oakesdale, Garfield, Farmington and Plaza.
- A bid package to rehabilitate and replace the original docks at Boyer Park & Marina – the only public marina in Whitman County.
- Rehabilitation of Wilma Road at the Port of Wilma, the largest and busiest of the Port of Whitman County’s on-water port sites.
Other examples of past Port projects funded by property tax levies include:
- Development of Pullman Industrial Park, which is now home to some of the region’s top employers.
- Construction of over 135 miles of middle-mile fiber optic infrastructure, spanning from Spokane to Clarkston, Washington.
- Expansion of Boyer Park & Marina to include four new cabins, 13 new RV hook up sites, a new drain field, sprinkler system and playground.
2. In 2020, of the $34.5 million that Whitman County levied in regular property taxes, just 3.79% percent went to the Port of Whitman County.
3. The tax dollars you give the Port every year are probably less than the cost of an oil change. In 2020, the median homeowner in Whitman County paid about $53.72 to the Port in property taxes for a home assessed at $182,500.
4. The Port provides over a 600% rate of return on your investment. Every $1 of taxpayer investment creates $6.18 in local tax revenue.
5. Even still, we’re working to minimize our reliance on local tax revenue. The assessed valuation for the county has increased by 22% from 2016 to 2020 while the Port has decreased its levy per $1,000 by $0.05 during the same time frame.
For more, explore the Port’s 2021 budget or learn about the Port’s economic impacts on Whitman County.
About the Author: Brenda Stav is the Finance Director of the Port of Whitman County.
