Port finance director reports lower-than-expected September revenue, GOSEP reimbursements rising
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Summary
Finance director reported September revenues of about $3.4 million (about $400,000 unfavorable) due to lower rates on higher tonnage, higher operating expenses, $1.0 million cash flow, and $7.7 million of GOSEP reimbursements received since the last meeting.
Cameron, the port27s finance presenter, told the board on Oct. 30 that revenues for the month ended Sept. 30 were about $3.4 million, roughly $400,000 below budget. The gap reflected higher tonnage handled at lower rates rather than lower volumes. Operating expenses were higher, producing an unfavorable variance of roughly $300,000, while nonoperating items were favorable by about $600,000.
Cameron said cash flow for the period was around $1.0 million and that GOSEP reimbursements of about $7.7 million had been received since the previous meeting, bringing the port to roughly 96% of obligated project dollars. Staff reported that construction progress continues and the timing of reimbursements has improved as projects advance.
On planning, Cameron said staff and the finance team are preparing the 2024 budget with a preliminary package to be provided to the board in November and a final budget to return in December; the port is also reviewing property insurance renewals for January 1.
Board members asked timing and amounts questions; staff said they will continue to provide updates as budget work progresses.