Vancouver USA port to slash capital spending in 2009

The Washington State Port of Vancouver plans to slash its capital spending by more than half in 2009, according to preliminary budget documents released Monday.

The port authority expects to spend $63.1 million in 2009, down from $127.5 million this year. Officials said that they decided to streamline the 2009 budget due to uncertainty over the future of national and world economies.

Port officials said that excluding a $48 million purchase of 210 acres of waterfront property this year, the 2009 budget will be a continuation of budgets from the past two years.

The port will continue to move forward with a multiyear $19.2 million rail upgrade project as well as complete payment on a $4.7 million heavy-lift mobile crane approved by the port board earlier this month.

The preliminary budget forecasts $30.8 million in operations revenue for 2009 and $9.6 million in property tax from the local tax district.

Port officials also predict growth in wind energy component imports, a niche market that the port has come to dominate on the West Coast.

The board is expected to approve a final version of the port's 2009 budget on Nov. 13, which may include changes to portions of the preliminary budget following further review.