PORT ANGELES — Declining operating revenue caused the Port of Port Angeles to post a $500,000 deficit in 2001.
That compares with a $44,000 surplus the year before, Finance Director William James told Port commissioners at their Monday meeting.
Yet there isn’t cause for alarm because the deficit is absorbed by cushions the Port has set up in the past for such shortfalls.
“The bad news is up front, but the balance sheet and investments are in good shape,” James said.
The $500,000 deficit is an operating loss, not the bottom line, James said.
The Port showed a $400,000 operating surplus in 1996, but it has headed downward since, except for the 2000 finish of $44,000 in the black.
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The rest of this story appears in the Tuesday Peninsula Daily News Clallam County edition. Click on “Subscribe” to get the PDN delivered to your home or office.