The Port of Palm Beach is celebrating a milestone fiscal year, with a newly released audit showing record-breaking revenue and recording breaking cargo activity in 2024.
In fiscal year 2024, the Port reached a gross revenue of $27 million, marking the highest revenue earned in more than two decades (see line chart below).
Note: COVID-19 relief funds not included
Cargo tonnage reached an all-time high of 2.8 million tons in 2024, a 12% increase over the previous fiscal year when the Port moved 2.5 million tons. Certain cargo types including asphalt, molasses, raw sugar, and cement fueled part of the increase in revenue.
“Together with Port staff and the Port of Palm Beach Commission, we are focused on the port’s long-term success, increasing revenues, and continuing to create new jobs,” Port Executive Director Michael Meekins said.
Meekins explains as new agreements take effect, he expects the port’s growth pattern to continue to trend upward.
“These additional earnings will afford us the ability to fund millions in critical infrastructure projects in the coming years,” Meekins said. “It also gives us the opportunity to keep up with the growth of our tenants and users.”
That forward momentum was already evident in Fiscal Year 2024, when the Port successfully reduced operating expenses by 7% while simultaneously making significant investments in restoring aging infrastructure. The fiscal year demonstrated how efficiency, innovation, and strong partnerships can deliver powerful results.
“This record-breaking year also highlights the Port’s long-standing commitment to financial self-sufficiency,” said Port of Palm Beach Commission Chairman Blair J. Ciklin. “For half a century, we have been able to support port operations and infrastructure improvements without placing a tax burden on residents of the district.”
On June 12th during a regular meeting of the Port of Palm Beach Commission, commissioners unanimously voted not to levy taxes for the 50th consecutive year.
The Port continues to serve as a vital economic engine for Palm Beach County and beyond, supporting more than 3,800 jobs and connecting businesses to global markets.