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Thursday, September 17, 2009
PORT COMMISSION HOLDS TAX RATE
FREEPORT, Texas (September 17, 2009) – At a special called meeting, Port Freeport Port Commission approved the budget for fiscal year 2010 holding the tax rate at the current level.
“Given taxable assessed valuations are down 7% this year, we are pleased to be in a position to hold the tax rate to the same rate we adopted in 2008 and still advance the Port’s plans for growth” said Port Commission Chairman James F. Brown, Jr.
Port Commissioners held the tax rate to 5.35 cents per $100 assessed value for the coming fiscal year which will generate estimated tax revenue of $5.2 million while revenue from port operations is budgeted at $14.6 million.
“The budget clearly demonstrates our continued focus on the development of Velasco Terminal which will help us to continue to create jobs and investments in Brazoria County,” said Port Freeport Executive Port Director/CEO A. J. Reixach, Jr.
Port Commissioners adopted a budget that plans for $31 million in capital investment over the next 12 months of which $12.8 million is expected to be funded through Federal grants.
Port Freeport currently ranks 16th among U.S. ports in international cargo tonnage handled. With a current channel of 45-foot depth, soon to be widened and deepened, just 3 miles from open Gulf of Mexico waters, Port Freeport offers more than 7,500 acres for future development. Port Freeport serves its customers and stakeholders through development and marketing of competitive world-class navigational capabilities, technically advanced marine and multimodal terminal services and port-related industrial facilities while achieving profits and creating jobs as a leading economic catalyst for the Texas Gulf Coast.
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