Finance: Palm Beach
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Port of Palm Beach Reports Record $2 Million Income for FY 2016
Financial results for the fiscal year ending September 30 for the Port of Palm Beach show income before contributions totaling more than $2 million. That amounts to increases of nearly $500,000 from FY 2014-15 and $6 million since FY 2008-09.
The financial report was released shortly after Moody’s Investor Services announced the port would maintain its Baa3 rating/stable outlook on outstanding revenue bonds. The port attributes its strengthening net position to gains in cruise passenger, bulk and break bulk cargo, a robust container trade, and tightly controlled expenses.
"Thanks to our long-term contracts and revenue guarantees, we are able to maintain consistency through market volatility," explains Port of Palm Beach Chairman Wayne M. Richards. "Further, port management maintains aggressive marketing campaigns that help retain existing customers and obtain new business, allowing for a steady and growing revenue stream. I commend our team for running a successful operation and am proud to reach the record-breaking $2 million mark in our profits."
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 and port-generated cash flow.
The port will release audited financial returns for FY 2016 by second quarter 2017
Financial results for the fiscal year ending September 30 for the Port of Palm Beach show income before contributions totaling more than $2 million. That amounts to increases of nearly $500,000 from FY 2014-15 and $6 million since FY 2008-09.
The financial report was released shortly after Moody’s Investor Services announced the port would maintain its Baa3 rating/stable outlook on outstanding revenue bonds. The port attributes its strengthening net position to gains in cruise passenger, bulk and break bulk cargo, a robust container trade, and tightly controlled expenses.
"Thanks to our long-term contracts and revenue guarantees, we are able to maintain consistency through market volatility," explains Port of Palm Beach Chairman Wayne M. Richards. "Further, port management maintains aggressive marketing campaigns that help retain existing customers and obtain new business, allowing for a steady and growing revenue stream. I commend our team for running a successful operation and am proud to reach the record-breaking $2 million mark in our profits."
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 and port-generated cash flow.
The port will release audited financial returns for FY 2016 by second quarter 2017
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