Port of Astoria in financial trouble

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Friday, July 27, 2012

A recent audit on the Port of Astoria shows major financial troubles, compounded by a slowdown in log exports.

The port's operations have been losing more than $1 million per year.

Those losses have been covered largely by nonoperational revenue such as property tax proceeds, grants, loans and interest income. As a result of its paying off a general obligation bond, the port saw a reduction in property tax revenue this year.

Lawsuit expenses also mounted — more than $500,000 in the past four years, according to Colleen Browne, port finance manager. They included battles with the Bank of Astoria over offices and with the developer of a proposed natural gas terminal. They now include litigation against the port’s former attorney, Heather Reynolds, who now works for Clatsop County.

Read more at The Statesman Journal.

{biztweet}port astoria{/biztweet}

 

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