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Port Canaveral Authority accepts FY25 audit and hears financial and capital-project updates including $10M CT5 change order
Summary
The board accepted a clean FY25 audit from RSM, heard that operating revenues are materially ahead of budget driven by cruise activity, and reviewed capital projects including a nearly $10 million change order to accelerate completion of Cruise Terminal 5.
The Port Canaveral Authority accepted the fiscal year 2025 audit as presented by audit partner Anil Harris of RSM at the Feb. 26 meeting, and commissioners approved related financial items and consent-agenda projects by unanimous votes.
Anil Harris told the board the audit field work was substantially complete and that the firm expects an unmodified ("clean") opinion. He noted adoption of new GASB standards that required a restatement for compensated absences but said the restatement was an accounting standard change rather than an operational deficiency; auditors reported no disagreements with management and no independence issues.
Following the audit, CFO Jeff Long presented financial results through four months of the fiscal year: operating revenues of $84.3 million (about 20% higher than the same period last year), operating income of $34.3 million (25% year-over-year increase) and a favorable budget variance of roughly $4.3 million driven principally by robust cruise activity. Long told commissioners operating expenses were under budget in the short term largely because of timing and that he expects that variance to moderate as the year progresses. Port staff highlighted that cruise, cruise-related charges and parking represented about 85% of operating revenue for the period.
On capital projects, port project manager William Crowe described several consent-agenda items including a small warehouse expansion and roadway rehabilitation. He detailed a substantial change order for Cruise Terminal 5: an increase of approximately $10 million that raises the contract from about $69 million to roughly $79 million. Crowe said the change order includes roughly $5.9 million of additional construction costs arising as the design moved from 60% to 100% and an allowance to accelerate the build by about 12 months to meet vessel scheduling constraints. Crowe said acceleration would require additional crews and premium time but would provide flexibility for cruise-line deployments.
Commissioners moved and approved the audit acceptance, a financial memo for January 2026 (including disposals, legal bills and commissioner expenses), statistical and aging reports, and the full consent agenda; all motions passed by unanimous voice votes (4-0). The board also thanked finance and accounting staff for improvements in receivables management.
The meeting closed after brief commissioner reports; the next scheduled meeting date shown on the agenda was March 26, 2026.
