Transcript Slide 1

FY ‘11 Port Everglades
Proposed Budget
1
Vision Statement

Economic Opportunities are Endless
Board of County Commission Goal Statement
Number 3:
Sustain the economic viability of Port Everglades
Cruise Terminal 18
2
Port Everglades Mission
3
Key Outcomes FY ‘08 and FY ‘09
FY ’08
FY ‘09
$17.9 billion
$13.9 billion
11,188
9,948
-Port Everglades Department (including SE&C)
249
246
-BSO/EMS/Fire Rescue
222
222
185,000
143,185
Value of economic activity statewide
Direct regional jobs
Total Florida jobs impacted by Port
4
Key Comparative Performance
Data FY ‘08 and FY ‘09
Port
Everglades
Jacksonville
Miami
Tampa
Savannah
Charleston
L.A.
FY ‘09
796,160
754,352
807,069
48,788
2,404,965
1,368,000
7,261,539
FY ‘08
985,095
697,494
828,349
44,496
2,687,584
1,695,000
8,081,361
FY ‘09
12
15
11
31
4
9
1
FY ‘08
11
19
12
30
4
8
1
FY ‘09
21.3
7.3
6.8
37.8
22.1
9.2
142.8
F Y ‘08
23.7
24.5
7.4
42.6
25.4
12.8
170.0
FY ‘09
2,836,954
185,434
4,110,100
802,937
0
0
1,191,449
F Y ‘08
2,636,711
152,411
4,137,231
767,760
0
116,707
1,195,897
FY ‘08
3
21
1
15
-
26
5
Measure
TEU’s (containers)
National Container Ranking
Tons of Cargo (millions)
# of Cruise Passengers
World Cruise Ranking
5
Key Comparative Performance
Data FY ‘08 and FY ‘09
Port
Everglades
Jacksonville
Miami
Tampa
Savannah
Charleston
L.A.
FY ‘09
$109.6
$47.3
$100.1
$39.8
$227.8
$136.2
$402.2
FY ‘08
117.4
42.3
94.7
39.2
236.9
165.1
426.3
FY ’09
73.2
54.8
69.0
22.9
168.5
80.9
254.1
FY ‘08
73.1
46.6
61.6
22.5
171.5
81.9
221.8
FY ‘09
21.1
7.8
4.2
13.3
64.1
28.9
46.0
FY ‘08
21.9
8.4
1.7
26.9
85.1
77.0
139.2
FY ‘09
1.76
1.84
1.35
1.51
N/A
6.43
2.8
FY ‘08
1.85
3.48
1.50
1.60
N/A
10.24
4.0
Ad Valorem Tax Support or other shared
revenue from primary government
(in millions)
FY ‘09
-
$2.7
-
$15.7
-
-
-
FY ‘08
-
2.3
-
16.8
-
-
-
FY ‘09
A2
A2
A2
A2
N/A
A1
Aa2
FY ‘08
A2
A2
A2
A2
N/A
A1
Aa2
Measure
Operating Revenues (in millions)
Operating Expenses (in millions)
Change in Net Assets (in millions)
Debt Service Coverage
Revenue Bonds - Moody’s Rating
6
FY ‘11 Budgeted Revenues
(in millions)
Operating Revenues ($6.8M over FY ‘10 projected)
$ 119.1
Interest Income
3.9
State Grants
3.3
Less Five Percent
Transfer from Convention Center (Bypass Road)
Fund Balance
Total
( 6.3)
1.0
81.4
$ 202.4
7
Budgeted, Projected & Historical Petroleum Cargo Activity
Petroleum in Barrels (in Thousands) FY 2002-2011
Projected
Budget
8
Budgeted, Projected & Historical TEU Activity
Fiscal Years 2002-2011
1,200,000
1,000,000
800,000
600,000
TEUs
400,000
200,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Projected
Budget
9
Budgeted, Projected & Historical Multi-Day Passenger Activity
Fiscal Years 2002-2011
Projected
Budget
10
Cruise Homeport Trends
2006
2010
+/-
Miami
1,8600,00
2,050,000
+190,000
Port Everglades
1,250,000
1,720,000
+470,000
Port Canaveral
1,370,000
1,490,000
+110,000
Tampa
910,000
800,000
-110,000
Puerto Rico
510,000
480,000
-30,000
Galveston
620,000
430,000
-190,000
NA
210,000
New York City
11
Actual FY ‘10 and Budgeted FY ’11
Tariff Increases
Revenue Source:
FY ‘10
FY ‘11
9.9%
3.5%
Fire Protection Service Fee
3.0
-
Petroleum Dockage
3.0
3.5
Passenger Wharfage
3.5
3.5
Cruise Dockage
3.5
3.5
Port User Fee - Cruise
3.5
3.5
*Container Wharfage
-
2.5
*Cargo Wharfage (Annual Minimum Payments)
-
2.5
*Container Dockage
-
2.5
Bulk Wharfage
-
3.5
Bulk Dockage
-
3.5
Neobulk Wharfage
-
3.5
Neobulk Dockage
-
3.5
Other Dockage
-
3.5
Petroleum Wharfage
* Limited to change in CPI – Estimated at 2.5%
12
Actual FY ‘10 and Budgeted FY ’11
Tariff Increases (continued)
Revenue Source:
FY ‘10
FY ‘11
Harbormaster
3.0%
3.5%
Linehandlers
3.0
3.5
Grid Rentals
3.0
25.0
Storage & Demurrage
3.0
3.5
Container Crane Rental
3.0
3.5
Fresh Water
20.0
3.5
Wastewater Disposal – Sewage
3.0
3.5
Reefer Electricity
3.0
3.5
Reimbursement – Electricity & Labor (Terminal Use Overtime)
3.0
3.5
Truck and Rail Petroleum
-
3.5
Late Manifest Penalties
-
3.5
Security Fees – Petroleum, Container, All Others
-
-
Parking Fees
-
-
13
FY ‘11 Budget Appropriations
(in millions)
Operating Budget
(FY ‘10 to FY ‘11 Down $4.5M; 5.3%}
$ 78.1
Capital Budget
68.2
Debt Service Budget
Includes Reserves of $10.3M
42.7
Reserves
13.4
Total
$202.4
14
Budget FY ‘11 Operating Expense Budget
Reductions From FY ‘10 Budget
(in thousands)
Reduction to BSO (Security Guards for 9 months)
$(1,576)
Reduction in Purchased Insurance
(1,048)
Replacement of Maintenance with Capital Renewal
(1,013)
Reduction in Electricity
( 575)
Reduction in Contractual Services
( 205)
Reduction in Advertising
( 203)
Overtime Reduction Program
( 132)
$(4,752)
15
Overtime Reduction
$16,000,000
$14,646,294
$14,709,174
$14,274,443
$14,000,000
$13,484,780
$13,507,500
$12,000,000
$10,000,000
13,055,376
13,074,315
13,141,997
12,525,280
$8,000,000
12,420,110
Straight Time
Salaries and
Wages
Overtime
$6,000,000
$4,000,000
$2,000,000
$-
Notes:
Overtime as a
percentage of
payroll
1,590,917
1,634,859
1,132,446
1,064,670
982,220
FY '07
Actual
FY '08
Actual
FY '09
Actual
FY '10
Projected
FY '11
Budget
11.1%
7.9%
7.9%
7.3%
10.9%
16
Historical Position Count
Funded
Authorized
229
229
-6
___
223
229
Deleted Positions
-3
-3
Unfunded Positions
-2
___
218
226
-9
___
209
226
-2
-2
207
224
FY 07 Position Count
Unfunded Positions
FY 08 Position Count
FY 09 Position Count
Unfunded Positions
FY 10 Position Count
Deleted Positions
FY 11 Position Count
% Reduction in Workforce (FY07 to FY11) : 10.04%
5 Deleted and 17 Unfunded
17
BSO Security Expenses to Total Operating Budget
FY ‘07
Actual
FY ‘08
Actual
FY ‘09
Actual
FY ‘10
Projected
FY ‘11
Budget
$16,342,057
$16,971,426
$17,440,152
$18,864,840
$14,864,840
Fire Rescue
5,534,100
5,801,572
6,138,469
6,506,780
6,506,780
EMS
1,341,690
1,403,928
1,534,617
1,626,700
1,626,700
$23,217,847
$24,176,926
$25,113,238
$26,998,320
$22,998,320
-
-
-
-
$72,111,017
$73,093,351
$73,235,677
$80,015,390
$80,788,110
32%
33%
34%
34%
28%
BSO Security Cost
Total BSO
Contracted Security Services
(9 months)
Total Port Operating
% of only BSO to Port
Operating
2,500,000
18
FY ‘11 Key Proposed Capital Projects
(in millions)
Project
Previously
Funded
Northport Petroleum Terminal (3P)
Carnival Terminals – 2, 19 ,21, & 26
Budget
FY ‘11
$37.5
$ 3.6
29.6
McIntosh Loop Road
7.9
4.5
Spangler Boulevard Bypass Road (Phase I)
2.0
Land Mitigation Turning Notch
Berth 33 Reconstruction
20.0
5.7
19
FY 12-15 Key Proposed Capital Projects within
*
approved Port Master Plan Components
(in millions)














Portwide Dredging
Cruise Terminal 4 Parking Garage
$ 38.0
Cruise Terminal 4 Expansion
$ 13.0
Slip 2 Expansion
$ 31.5
Aggregate Terminal & Rail Yard Facility (3P)
Intermodal Container Transfer Facility Phase I (3P)
Intermodal Container Transfer Facility Southport Rail Spur
Northport Petroleum Terminal (3P; FY11-$37.5M + FY12-$37.5M=$75M)
Midport Parking Garage Construction
Southport Turning Notch Expansion, Phase I
Mitigation for Westlake Improvements (for Southport Turning Notch Phase I)
Container Crane
Spangler Boulevard Bypass Road Phase II (Previously budgeted $18M)
Intermodal Container Transfer Facility Southport Rail Spur
* Dependent on grants and public private partnership (3P) agreements
$111.0
$
$
$
$
$
$
$
$
$
$
$
82.5
55.0
50.0
10.5
37.5
26.3
21.7
12.0
14.0
11.0
10.5
20
Comparative Revenue, Expense and Net
Income 2002-2011
120,000,000
110,000,000
100,000,000
90,000,000
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
2002
2003
2004
2005
2006
2007
2008
2009
2010
Projected
2011
Budget
Operating Revenue *
Operating Expense
Operating Income before depreciation and amortization
Net Income
* Includes one time lease settlements: FY ’04 -$8,435,862 ; FY ’08-$3,800,000
21
Statement of Revenues, Expenses and Changes in Fund Net Assets
For the Years Ended September 30, 2009 and 2008 (Actual)
And Projected for the Year Ended September 30, 2010
2010
Operating Revenues
2009
2008
$ 112,367,500
$ 109,669,054
$ 117,441,067
Less Operating Expenses
(80,015,390)
(73,235,677)
(73,093,351)
Less Depreciation
(24,378,200)
(20,250,286)
(20,022,400)
Income from Operations
7,973,910
16,183,091
24,325,316
Non-operating Revenues (Expenses)
(7,428,790)
(5,736,402)
(6,651,540)
545,120
10,446,689
17,673,776
Capital Contributions
8,302,812
10,628,396
4,204,155
Change in Net Assets
8,847,932
21,075,085
21,877,931
479,102,719
458,027,634
436,149,703
$ 487,950,651
$ 479,102,719
$ 458,027,634
Net Income before Capital Contributions
Total Net Assets, Beginning of Period
Total Net Assets, End of Period
22