Finance: Palm Beach, Tacoma, Tampa Bay
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Port of Palm Beach’s newly released Comprehensive Annual Financial Report for FY 2015 reports the port’s net assets increased by $5,590,834, or 6 percent, from FY 2014. The port’s final audited net position for FY 2015 was $106,302,831, with a total profit of $1,566,228. The port’s fiscal year runs from October 1 through September 30.
From FY 2008 to FY 2015, the port’s operating revenues increased at a compounded annual rate of approximately 5 percent, while operating expenses before depreciation and amortization decreased 1 percent.
The port’s capital program is funded through a combination of the Florida Department of Transportation Seaport grants programs, U.S. Department of Homeland Security, port facility fees and charges for services, public and private contributions, non-operating revenues, and revenue bond issues. Comprehensive annual financial audits are performed and released every year.
"With guidance and support from the Board of Commissioners, port management executed aggressive marketing campaigns that resulted in attracting new business and growing current business to increase revenues," explained Port of Palm Beach Chairman Wayne M. Richards. "As revenues increased, port management also reduced expenditures through outsourcing peripheral staff, expanding in-house roles, and implementing other conservation efforts. I commend our team for running a successful operation."
Port of Tacoma Earns National Award for 2016 Budget Document
The Government Finance Officers Association (GFOA) has awarded the Port of Tacoma its Distinguished Budget Presentation Award for the port’s 2016 budget document.
The 2016 budget document also includes an addendum for The Northwest Seaport Alliance, the marine cargo operating partnership of the ports of Seattle and Tacoma.
The budget document provides an overview of the port’s business, including strategic priorities, operating budget, capital investment program and financial measures.
To qualify for the award, the port "had to satisfy nationally recognized guidelines for effective budget presentation," according to the GFOA announcement. "It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting."
The Chicago-based nonprofit association serves more than 18,000 government finance professionals throughout North America.
Port Tampa Bay Again Receives Credit Affirmation and ‘Positive’ Outlook from Fitch Ratings
Fitch Ratings has reconfirmed the ‘A’ credit rating with "Positive Outlook" of Port Tampa Bay’s approximately $81.5 million in outstanding senior bank loans. The port authority has received similarly favorable ratings in recent years from Moody’s and Standard & Poor’s.
In its findings, Fitch cited the port’s strong and growing throughput and revenue performance from diverse business operations, supported by contracted revenues which bolster revenue stability. It also took note of the port’s healthy financial metrics and status as a landlord port which limits its operational risk.
Historically, Port Tampa Bay relied on high-volume, low-value bulk cargoes such as phosphate and petroleum for the majority of its business. The positive outlook reflects the port’s ongoing diversification of its maritime business lines including strong cruise activity, which has enabled the port to expand its revenue mix. In recent years, the port authority has focused on container facility expansion, bulk cargo berthing capacity augmentation, and petroleum dock rehabilitation.
Fitch expects the port will maintain its historically strong financial profile. Finally, Fitch noted the port’s capital program is largely funded through its revenues, grants and ad valorem taxes (which the port uses solely for replacement and/or improvement of port infrastructure) and very little debt.
"Recognition of our financial strength and long-term performance enables the port to continue to build upon its capital infrastructure and strategic plan in all areas and is a confirmation of the direction Port Tampa Bay is headed, said Port President Paul Anderson. "Consistent high ratings help guide our every step, and we are committed to carrying on what has become a very fine tradition for the organization."
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