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Salmon project contributes to $1.5 million revenue surplus

US - 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 Corporation (PWSAC).

In an executive committee meeting held last week 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.

Source: TheCordovaTimes