Posted in Politics

Port net loss is $5.6 million over past five years

   October 19, 2008

There is a lot of misinformation about the finances of the Port of Pensacola. Some will insist that the Port of Pensacola is not losing money. I checked the audited Comprehensive Annual Financial Reports that are online. According to the auditor, Saltmarsh, Cleaveland and Gund, the Port lost money each of the past five years.

2007 Comprehensive Annual Financial Report
Operating expenses exceeded revenues by $1,447,233.

2006 Comprehensive Annual Financial Report
Operating expenses exceeded revenues by $982,496.

2005 Comprehensive Annual Financial Report
Operating expenses exceeded revenues by $303,663.

2004 Comprehensive Annual Financial Report
Operating expenses exceeded revenues by $1,297,894.

2003 Comprehensive Annual Financial Report
Operating expenses exceeded revenues by $1,573,665.

Total loss for past five years – measured by operating expenses exceeding revenues: $5,609,951.

Jack Nobles chairs the Enterprise Committee that oversees the Port of Pensacola operations. Mike DeSorbo is the vice chair.

Note: 2005 was the year the Port docked the USS Oriskany and received fees for that.

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