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Port reports October financial shortfall, ongoing projects and operations updates
Summary
Port staff reported an unfavorable October variance driven by pet coke timing and maintenance, producing a negative cash flow of about $500,000; commissioners also heard routine navigation, operations and trade updates including dredging and upcoming cargo schedules.
Port financial staff presented October 2024 financials and department heads gave routine operational updates during the Nov. 25 meeting of the Lake Charles Harbor Terminal District.
Cameron reported that October showed unfavorable variances: timing of pet coke movements and several unanticipated maintenance repairs produced approximately $800,000 and $400,000 in unfavorable variances respectively, partially offset by about $600,000 in non-operating items tied to bond refunding activity. "Cash flow ended up being negative about $500,000 for the month," Cameron said. He also reported construction-in-progress of roughly $98,700,000 and a decrease in long-term debt of about $3,700,000; FEMA reimbursements (about $6,000,000) remain in process and a FEMA project time extension was approved, enabling submission of approximately $10,000,000 for reimbursement.
Navigation and operations staff outlined ongoing dredging, ship schedules and equipment work. Navigation reported dredging in the outside channel and activity in the Colonial Island Channel and said the dredge (the Wheeler) is completing repairs and will return to New Orleans; operations reported recent cargo moves including aluminum hydrate, raw coke and lumber and noted a ship loader will be out of service for about one month for follow-up repairs. Cargo/trade staff said a dry cement project expected next year could add about 19 ships and roughly 750,000 tons, and that additional pilings shipments could more than double next year's city-dock tonnage.
Commissioners asked no substantive follow-up questions in the meeting text; department heads said they will continue budget work for 2025 and proceed with implementation of a new accounting system next year.
