The Canaveral Port Authority held a commission meeting on September 24, 2025, to discuss the proposed budget for fiscal year 2026. The meeting began with a high-level overview of the budget, emphasizing the importance of aligning financial projections with strategic goals. The port's team confirmed the fiscal year 2026 cruise schedule, which is crucial for generating cruise and parking revenue.

The proposed operating revenues for the upcoming fiscal year are set at $237.4 million, with operating expenses also remaining unchanged at $237 million. This results in an operating income of $78.3 million. After accounting for non-operating revenues and expenses, the projected addition to the net position for infrastructure investments and debt reduction is $72.1 million.

The capital projects budget has been updated to $258 million, reflecting an increase of $3 million. Approximately 40% of these projects will continue from fiscal year 2025, while new projects will account for the remaining 60%. The meeting also addressed minor modifications to tariffs and foreign trade zone (FTZ) changes, which were deemed acceptable.

A motion was made to approve the fiscal year 2026 operating budget, capital budget, and tariff changes. During the discussion, one commissioner expressed concerns regarding the proposed increase in operating expenses, suggesting that the budgeted increase of 17% or 20% (excluding depreciation) was excessive given the current economic conditions and flat cargo tonnage projections. The commissioner proposed a compromise to limit the increase to 10%, which would reduce operating expenses by at least $8 million.

In response, the port's leadership defended the budget, highlighting the need for investments in maintenance and operational capabilities to support the port's growth. They noted that the current operational tempo requires increased maintenance expenditures to prevent system failures, which could significantly impact operations.

The meeting concluded with a recognition of the efforts made by the finance team and a commitment to maintaining cost discipline while preparing for future growth. The commission will continue to evaluate the budget and its implications as they move forward.