In our recent letter to the editor in response to Poulsbo Port Commissioner Steve Swann’s “Scuttlebutt” column, we stated:
“… In truth, the stewardship has depleted the port’s reserve fund by 50 percent in the last six years; in addition, the 2017 budget shows the reserve fund at $1.2 million, not $1.6 million.”
Upon further study of the financial history to present: In a period of about eight years, from 2009 to early 2017, there was an overall decrease in the fund reserves (approximately 30 percent from the high mark), even though there were small increases in overall port assets for five of the eight years. The 1.2 million referred to is the projected figure in the 2017 budget.
The financial study is ongoing. Short-term decisions regarding fund raising, including massive indebtedness for the port, is indeed a serious concern for all those within the Poulsbo Port District.
Poulsbo Boaters Association