Bremerton (WA) –   Port of Bremerton Commissioners were given good news during a detailed financial update about the Port’s financial condition during their meeting Tuesday.

Thanks to proactive steps to reduce spending, the Port is in excellent shape financially.   Although revenues continue to reflect the sluggish economy, the Port is very close to having a balanced budget for 2010.

Port CFO Becky Swanson has been working closely with CEO Cary Bozeman and Department heads of the Port to monitor all spending on both operational and capital projects. More than $100,000 of capital projects are on hold at this time. Furloughs or layoffs have not been necessary. Two planned staff positions have gone unfilled and summer hires are being used to balance workload at the marinas during the busy boating season.

Most port-owned buildings are fully leased which is helping to contribute to the revenue picture.   The Port Orchard marina is fully occupied and the Port of Bremerton Marina is seeing a large influx of visiting boaters, but has not yet reached its target goals for long-term occupancy.

The budget will continue to be monitored closely throughout the balance of 2010 to make any further adjustments that may be needed.

Commissioners were complimentary of the detailed presentation and thanked Swanson for the scope of the work and her proactive work to keep spending and revenues in balance.