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Port Officials Look Beyond Disappointing Income Figures

Published in the Stockton Record on 06/21/03

The Port of Stockton reported lower-than-expected net income from the past year, but officials expressed confidence Friday that they continue to move in the right direction.

"I'm very pleased with where we are," Port Director Richard Aschieris said.

Officials noted the port's bottom line for the fiscal year ending June 30 was affected by higher-than-expected costs for utilities, insurance and marketing as well as increased depreciation and maintenance associated with taking over portions of the former Navy base on Rough and Ready Island.

The port expects net income for fiscal 2002-03 to total $ 11.8 million. Excluding the estimated $ 11.5 million value of land transferred from the U.S. Navy, however, narrows the agency's profit margin to nearly $ 360,000. That's down sharply from net income of $ 2.2 million in 2001-02.

Comparing what port officials budgeted a year ago to what actually occurred, the year's revenues of $ 24.5 million were only slightly below the $ 24.7 million projection. However, expenses ran 4 percent over the budgeted $ 23.1 million, at $ 24.1 million.
Still, the port continues to work to transform Rough and Ready Island ... also called the port's West Complex ... into a regional transportation, commercial and industrial center as well as upgrade its original East Complex facilities.

"We continue to invest aggressively in the Port of Stockton," Aschieris said.

In the coming year, he expects to deepen the ship berths along the Rough and Ready wharf ... which could allow rice-loading operations to move farther east and away from the Riviera Cliffs neighborhood, some of whose residents have sued the port over noise, light and air pollution ... as well as begin work on a bridge and extension of Daggett Road, providing a second access road to the island.

That makes a difference to the port's net income, said LeRoy Hieber, deputy port director of finance.

"If we slowed down our aggressive rehabilitation of the island, we could improve that," he said.

For the coming year, port officials project total revenues to increase slightly ... about 1.6 percent ... to $ 24.9 million. And they hope to trim expenses by 1.4 percent to less than $ 23.8 million, shooting for net income of $ 1.1 million.

Stockton port commissioners are scheduled to meet at 3:30 p.m. Monday to review the agency's budget and approve next year's spending plan. That meeting will be held in the administrative office at 2201 W. Washington St., Stockton.

By Reed Fujii

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