Subject: Port finances
Port of Pensacola – Six Months Financial Report
The City Finance Director will present the mid-year City financial report to the Council on Monday afternoon, April 23.
There has been a downturn in Port business. Revenues for the first six months of the fiscal year are down 42 percent from the same period last year. The reasons cited are: 1) interruption in cement operations while upgrading of the facility but also a decrease in market demand; and 2) significant decline in poultry exports.
These periodic managerial reports do not give a complete financial picture. They do not include depreciation charges for the consumption of plant and equipment. This is important because ports require huge amounts of capital outlay.
The bad news on this year’s port operations is in contrast to the optimistic public statements issued by the City during the last 18 months.
C. C. Elebash, April 19, 2007
