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Port looks healthy budget plan
Canaveral Port Authority officials on Wednesday released a healthy 2011 year budget proposal that’s nearly 22 percent bigger than this year’s plan.
Most of the credit for the rosy, $56.9 million fiscal 2011 budget goes
to larger-capacity cruise ships and increases in cargo shipments to the
port. Revenues from those two sectors are forecast to increase more than
23 percent, from the current $39 million to $48 million in 2011.
The port’s fiscal year begins Oct. 1.
Port authority commissioners are expected to vote on the budget in
September. J. Stanley Payne, Port Canaveral’s chief executive officer,
said he expects an even better budget picture in 2012.
“It’s the future we began anticipating a few years ago,” Payne said in presenting the budget.
The budget proposal comes as many municipalities, as well as other
cruise and cargo ports, are dealing with significant deficits and
looking at cutting services and payrolls. They’re also considering
raising taxes to fill budget gaps.
That’s not the case at Port Canaveral, a quasi-public entity that quit
collecting taxes more than two decades ago. The port’s revenues come
mostly through lease arrangements with tenants, ship tariffs and other
business dealings.
“It’s amazing how well these numbers look,” said Tom Goodson, chairman
of the port commission, “because the real world is nothing like this.”
Payne said after two lean budget years, prior investments in infrastructure are now starting to pay off.
Revenues from cruise ships are projected to grow 25 percent — to $42.7 million from $34.2 million — in 2011.
Cargo revenue is budgeted at $5.8 million, which is more than 16 percent
higher than what’s currently coming in. Most of that can be attributed
to Seaport Canaveral, the massive fuel farm that started operations on
the north side of Port Canaveral earlier this year.
After accounting for operating expenses, the budget leaves the port with
$9.7 million for development and debt reduction. That’s up from the
current $3.2 million.
“That’s an important figure,” said Jeff Long, the port’s chief financial officer.
Source: Florida Today
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