During the recent Port Authority of Evansville Board of Directors meeting, financial updates highlighted both challenges and improvements in the authority's fiscal health. The discussion centered on the authority's budget for the upcoming year, revealing a net loss of $29,757, although this figure represents a significant reduction of over $102,000 compared to the previous year.

Key financial metrics were shared, indicating a total expenditure of $129,003.92 for the year, down from $233,006.62 last year. This decrease was attributed to the absence of dredging services that were included in last year's budget. However, liability insurance costs have risen by 10%, reflecting a citywide increase. Notably, electrical services saw a substantial rise, costing $50,920 compared to $29,005.41 the previous year, while water services decreased to $2,001.88.

Despite the net loss, the authority reported a total cash and investments balance of $101,001.61, which includes $23,153 in cash and $78,007 in investments. The board noted that they have access to an additional $96,250 from the parks fund, which could be drawn upon to help cover expenses as needed. This financial cushion is expected to be utilized once the parks fund receives its property tax settlement later in the year.

The meeting concluded with a sense of cautious optimism, as the board acknowledged that while there are financial challenges ahead, the overall position is stronger than in the previous year. The anticipated draw from the parks fund could bolster the authority's cash reserves to approximately $197,000, providing a buffer for future expenses. The board remains focused on managing expenditures carefully while ensuring the authority's financial stability moving forward.