In 2024, the Port of Centralia broke $1 million in operating revenues for the first time, Executive Director Kyle Heaton said while presenting the year’s financial reports to the commissioners June 4.
The port saw a $128,000 increase in operating revenues from $881,307 in 2023 to $1,009,528 in 2024. The 2024 operating revenue is $114,832, or 12.8%, more than the 2024 original budget due to new lease agreements, according to the reports.
Its total revenues dipped from nearly $3.3 million in 2023 to $2.2 million in 2024 due to non-operating revenues being cut approximately in half. The port’s report states that the non-operating revenues decreased due to property tax refunds. In 2023, the non-operating revenues of $2.3 million decreased from the port’s original plan by over $9.1 million due to delayed property sales.
Operating expenses increased by about $134,000 primarily due to outside services and depreciation, Heaton said. As of Dec. 31, 2024, the port’s total debt outstanding, excluding the line of credit and including current maturities, was $757,435. Of this amount, $494,384 comprises debt backed by the full faith and credit of the port. The remainder of the port’s debt represents contracts secured solely by revenue sources.
Overall, the port’s net position at the end of the year slightly dipped by $539,581 from $41.45 million in 2023 to $40.94 million last year. Total assets decreased by about $1.5 million from $46.8 million in 2023 to $45.3 million in 2024 due to the sale of WinCo, Heaton said.
“While it was a quieter year last year compared to some of the more robust years we’ve had, we believe that 2025 will be robust as well,” Heaton said.
The report lists six projects in progress, including the Mahoney project, the Centralia Station sign and Gallagher Road improvements.
