Riviera Beach, FL – (May 20, 2016) Port of Palm Beach released its comprehensive annual financial report for FY 2015 during its monthly board meeting on May 19, 2016. The report found the port’s net assets increased by $5,590,834, or 6% in FY 2015 from the year prior. The final audited net position for Port of Palm Beach for FY 2015 is $106,302,831, with a total profit of $1,566,228. The Port of Palm Beach fiscal year begins October 1 and completes September 30.
Key elements of the increase in net position for the fiscal year ending September 30, 2105 include, among others:
- Operating revenues have achieved a compound annual growth rate of approximately 5% between FY 2008 and FY 2015
- The port’s operating expenses before depreciation and amortization decreased 1% between FY 2008 and 2015
“With guidance and support from the Board of Commissioners, port management executed aggressive marketing campaigns that resulted in attracting new business and growing current business to increase revenues,” explained Port of Palm Beach Chairman Wayne M. Richards. “As revenues increased, port management also reduced expenditures through outsourcing peripheral staff, expanding in-house roles, and implementing other conservation efforts. I commend our team for running a successful operation.”
The port’s capital program is funded through a combination of the Florida Department of Transportation Seaport grants programs, U.S. Department of Homeland Security, port facility fees and charges for services, public and private contributions, non-operating revenues, and revenue bond issues. Comprehensive annual financial audits are performed and released every year. The full 2015 Comprehensive Annual Financial Report for FY 2015 can be found at www.PortofPalmBeach.com.