Overall, including depreciation, the Port ended Fiscal Year 2020 with a small profit of $286,536, and a positive cash flow of $918,316.
The positive cash flow is critical to planned infrastructure upgrades in Fiscal Year 2020 and reserving funds to replace failing docks.
- $ 2.4 million to rebuild the pier leading to port dock 5 (port portion $1.2 million)
- $100,000 to plan an upgrade to the electrical systems of Port Dock 5,
- $200,000 to upgrade 3 of the 9 South Beach Marina Electric Load Centers,
- There are additional major projects (or planning for projects) the Port hopes to undertake this year.
In fiscal year 2020, the Port refinanced 2010 NOAA bonds, saving $2.5 million and the 2011 GO Bonds, saving taxpayers $802,184 over the life of the bonds.
The port did not complete a major project this past fiscal year. This put the port in an excellent cash position with nearly $10 million.
- $4 million of the cash in is restricted funds and is not available to spend.
- $3.6 million is in the General Operating Fund and will be used to fund the aforementioned infrastructure upgrades, as well as continuing operations.
At the end of the year the Port was owed approximately $470,000 and 38% of this (or $153,000) was outstanding for 60 days or more. Given the current situation, the Port will need to aggressively pursue these funds.However, it is likely the Port will write off a portion of this.