The Director calculates each pilotage association's base projected needed revenue by adding the projected adjusted operating expenses from §404.102 of this part, the total target pilot compensation from §404.104 of this part, and the projected working capital fund from §404.105 of this part.

[USCG-2015-0497, 81 FR 11941, Mar. 7, 2016, as amended by USCG-2019-0736, 85 FR 20120, Apr. 9, 2020]