STATEMENT OF REVENUES AND EXPENSES
The Statement of Revenues and Expenses shows consolidated revenues and expenses of Oregon International Port of Coos Bay operations for the fiscal year which runs from July 1st to June 30th. The statement is split into three sections: audited, unaudited preliminary and budgeted numbers. Each year, the Port releases its financial statements, budget, and audit. The Port's financial statements this past fiscal year of 2017/18 have been audited by an independent certified public accounting outfit. Everything is in accordance with U.S. Generally Accepted Accounting Principles and includes notes to the financial statement which state whether or not the Port is in compliance with its reserve requirements. The most recent fiscal year budget gives unaudited preliminary numbers which have not been reviewed by an independent certified public accountant. The current fiscal year's budget was approved by the Port Board of Commissioners in May 2018 and outlines the anticipated finances of the Port in this fiscal year. It is prepared under the Oregon local budget law which is a series of statutes that require local governments to prepare and adopt an annual budget using a specific process. For more details on the organization's financials and budget for current and past fiscal years, go to https://www.portofcoosbay.com/finances/ .
CURRENT GRANT FUNDS FOR MAJOR CAPITAL IMPROVEMENT PROJECTS
In the past few years, Port staff has worked diligently to acquire grants and other income which are now ready to use with the kick off of two major capital improvement projects on the Coos Bay Rail Line. These are the rail tunnel and bridge rehabilitation projects. As the Port continues to expand, sound financial management will drive the responsible stewardship of Port resources. These grants are part of the rail rehabilitation that will be focusing on tunnel structure improvements, tunnel drainage and track rehabilitation, bridge repairs and acquiring rolling stock for railroad operations. More about rail projects can be found on the Port's project page here.
Capital investment to maintain and restore intermodal transportation infrastructure for all three of the Port's business lines will continue to be a top priority for the Port. Solid infrastructure is vital for the facilitation of trade and economic development. Many assets inherited by the Port requires maintenance like the Coos Bay Rail Line and the Charleston Marina. These assets are vital to local industries such as forestry, fishing, and dairy. As we move forward with capital improvement, sustainable financial management of all of these assets is a priority.