Port of Vancouver commissioners on Tuesday unanimously approved a $112.7 million budget for 2025.
“This plan allows us to modernize our marine terminals to efficiently handle current cargo and future commodities, invest in our buildings and infrastructure, and continue transforming Terminal 1 into a regional destination,” Port of Vancouver CEO Julianna Marler said in a Tuesday statement.
The port’s Terminal 1 lies just west of the Interstate 5 Bridge, where an office complex, hotel, waterfront boardwalk and cruise dock have already been completed. The port removed a century-old dock there to eventually make way for a new dock and a much-anticipated public market, akin to Seattle’s famous Pike Place Market.
The port plans to spend $50 million on capital projects next year. Other expenses total $59.7 million. That includes $46.6 million in operating expenses, about $1 million more than in 2024. The increased spending will go toward dredging shipping berths and hiring additional employees, according to the port’s statement.
The port’s budget anticipates $69.8 million in revenue next year. That includes $50.6 million in operating revenue, primarily from marine and terminal operations and industrial leases, as well as $13.77 million in property taxes, about 2.8 percent more than in 2024.
