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Port of Brookings Harbor

Port of Brookings Harbor. 2011 cont. Maintained a positive cash flow throughout reconstruction Delivered second “Clean” Audit Federal, State and local officials immediately respond FEMA on ground in 10 Days Engineering and permitting done in 90 days. Port of Brookings Harbor.

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Port of Brookings Harbor

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  1. Port of Brookings Harbor • 2011 cont. • Maintained a positive cash flow throughout reconstruction • Delivered second “Clean” Audit • Federal, State and local officials immediately respond • FEMA on ground in 10 Days • Engineering and permitting done in 90 days

  2. Port of Brookings Harbor • Story of Renewal • 2008 functionally bankrupt • Over $6,000,000 debt ($4m+ to IFA) • Could not meet obligations • 2009 Commission developed Strategic Operating Plan • Severe expense reductions • New Part Time Director • Staff reductions • Renegotiate terms of Debt

  3. Port of Brookings Harbor • 2009 cont. • Implemented a comprehensive new accounting system • Developed new revenue sources • Inventoried maintenance issues • 2010 First positive cash flow • First “Clean” Audit in over 15 yrs • Ended year with net profit • 2011 Tsunami destroys much of Port • Port management & staff responds

  4. Port of Brookings Harbor MARCH11, 2011

  5. Port of Brookings Harbor • 2011 cont. • Reconstruction begins with 4 months • Entire reconstruction completed with 18 mos • 2012 Port Reconstruction completed Over $10 million cost • A new modern Port facility • $10,000,000 of new assets added to our balance sheet with no additional debt.

  6. Port of Brookings Harbor • 2011 cont. • Reconstruction begins with 4 months • Entire reconstruction completed with 18 mos • 2012 Port Reconstruction completed Over $10 million cost • A new modern Port facility • $10,000,000 of new assets added to our balance sheet with no additional debt.

  7. Port of Brookings Harbor • Lessons • Management Structure • Res. 422 procedures • Tight Financial Controls • Good financial reporting • Aggressive approach to revenue and use of Port property

  8. Port of Brookings Harbor • Challenges • Dredging to assure port functionality • Cost ($450K+ annually) • Permitting • Politics • Infrastructure Maintenance & development • Development Capital • Private Partnerships • Grants • Earmarks • Necessary for continued revenue growth

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