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December revenues $3.5M; port reports $5.7M received from FEMA and $8.08M more submitted
Summary
Finance staff reported $3.5 million in December revenues, lower than forecast by about $700,000, and briefed the board on FEMA GOSEP reimbursements, including $5.7 million recently received and $8.08 million more submitted.
Lake Charles Harbor and Terminal District finance staff told the board on Jan. 30 that December revenues totaled $3,500,000, about $700,000 unfavorable to budget, with a net cash flow for the month of $1,100,000.
Mister Cameron reported operating revenues were down because of lower barge and petroleum coke tonnages; operating expenses were favorable roughly $100,000 because of reduced activity. Nonoperating revenues and expenses were unfavorable by about $100,000, driven in part by timing of reimbursements and investment income.
On the federal reimbursements front, staff said the port recently received approximately $5,700,000 from FEMA GOSEP and has submitted another $8.08 million in reimbursement requests after resolving most outstanding issues with FEMA and consulting representatives. "Last meeting I mentioned that right before the meeting, we had received about 5, another 5,700,000.0. So, on your report, you can see that that's included," Mister Cameron said. He added the port had been able to submit additional reimbursement requests with recent issue resolutions.
Board materials show construction-in-progress increased by $126,000,000 year to date, and staff reported cash on the balance sheet is down about $9,700,000 compared with earlier in the year. Staff did not propose immediate policy changes; the briefing was presented as an operational update and the port will continue to monitor reimbursements and cash flow.
Staff answered questions from commissioners and then proceeded with the meeting’s department reports.
Key figures reported on the record: - December operating revenues: $3,500,000 (about $700,000 unfavorable). - December operating expenses: favorable ~$100,000. - Nonoperating revenues/expenses: unfavorable ~$100,000. - Cash flow for December: $1,100,000. - Cash on balance sheet: down about $9,700,000. - Construction progress (capital work): increased by $126,000,000. - FEMA GOSEP: ~$5,700,000 recently received; ~$8.08 million additional reimbursement requests submitted.
