PWSAC projects surplus of $1.5 million

BRANDY JOHNSON

November 26, 2007 at 8:25AM AKST

A bountiful return of hatchery salmon stocks in 2007 proved to be a boon for both the Prince William Sound commercial fishing fleet and the Prince William Sound Aquaculture Corp.

In an executive committee meeting held on Monday, Nov. 5, Dave Reggiani, the president of PSWAC, reported that revenue projections for fiscal year 2008 could wind up close to $1.5 million.

Reggiani reported that an increase in salmon prices and sales during egg take, coupled with an already budgeted surplus and a decrease in expenses, accounted for the sizeable surplus. Reggiani also stated that PWSAC met its $11 million contingency goal for cash reserves last year.

Collectively, the hatcheries project came in under budget for expenses.

Reggiani complimented the visiting regional hatchery managers for "doing a great job out there keeping an eye on the budget."

Committee member Steve Smith inquired about a plan for expending the projected surplus.

"That's one of the big things that the finance committee is eager to jump into and talk about," Reggiani said.

Regianni stated that one of the ideas presented is to use the surplus to apply toward cost recovery next year.

Of the 51,459,927 pink salmon harvested in 2007 in Prince William Sound, the combined regional hatcheries were able to contribute 41,487,681 pinks to the overall catch. The hatcheries were also responsible for producing 2,358,966 of the 2,463,978 chums harvested in 2007.

The Gulkana and Main Bay hatcheries contributed 913,255 sockeyes to this year's catch numbers.

Forty-five full-time employees, including the six full-time employees in the Cordova office, staff the PWSAC.

The goal of the aquaculture corporation, a nonprofit founded in 1974, is to organize five hatcheries to enhance commerce harvest levels and offset Sound fisheries from cyclical weaknesses associated with wild salmon returns.

Brandy Johnson can be reached at (907) 253-3353.