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Beaufort Town Docks reports low spring occupancy and staff proposes higher transient and commercial slip rates
Summary
F3 presented March financials and April occupancy (about 24%), and proposed adjustments to transient pricing and a commercial-rate increase to $20 per foot (proposed effective Jan. 2027) to improve dock revenue; the board asked staff to refine projections for the budget.
F3, the Town Docks operator, briefed the Beaufort Board of Commissioners on March financials, April occupancy and proposed 2026–27 rate changes.
Lori Mihan of F3 said April month‑to‑date occupancy was about 24% and reviewed a year‑to‑date operating snapshot. The transcript of some line‑item dollar figures in the March packet is garbled; the presentation emphasized that utilities, insurance and other operating costs affected the year‑to‑date position and that the full April financials will be published in mid‑May. "We have finished a full quarter ... our budget projected that we would be [amount not specified]," Mihan said; the transcript did not preserve several exact dollar figures cleanly.
Mihan outlined proposed pricing changes for transient slips and commercial operations. The presentation listed current returning commercial operators charged at $13.50 per foot and referenced a $16/ft figure for new operators; staff recommended increasing to $20 per foot starting January 2027 (the proposal was presented as a recommendation for the board to consider during upcoming budget work). F3 estimated a commercial‑rate increase using a sample projection: an additional ~$3,374 per month, which would recover $65,800 of investment in roughly 20 months under the scenario presented.
Board members asked for more detailed forecasts, comparison data from other docks in F3’s portfolio, and a review by Bewolf (the board asked that Bewolf weigh in on minimum‑slip vs. boat‑length billing; that item drew comments from commercial tenants and residents). Staff said the rates discussed will be included in the draft budget submitted for the board’s May meeting and that the board can adjust numbers through the budget process.
No final rate vote was taken at the April 27 session; the board treated the presentation as informational and moved the draft numbers into the budget timeline.
