The Port of Lake Charles. (American Press Archives)
Last Modified: Monday, April 28, 2014 5:49 PM
Officials at the Port of Lake Charles are anticipating revenues for 2014 to be about $33.3 million, which is about $500,000 more than expected.
“The results are exceeding our budget expectations, which is always good,” said Richert Self, director of Administration and Finance at the port.
On Sunday, he presented the Lake Charles Harbor and Terminal District’s 2014 financial forecast to the Administration, Personnel and Audit Committee.
The port has budgeted about $32.8 million for the year. Additional cargo and more tonnage of petroleum coke handled in the first quarter attributed to the increase, said Self.
The port has a new tenant at City Docks, which also contributes to the favorable variance. U.S. Customs and Border Protection is leasing the port’s old administration building. Self added that the project is coming online earlier than originally budgeted.
In operating expenses, the port forecasts being favorable by about $1.4 million as compared to the budget.
Cash flow is at about $9.5 million, which is $900,000 more than the budgeted $8.6 million.
“We expect cash flow to remain really strong for the port,” Self said. “Depreciating expenses increased some because the port continues to invest in capital assets in anticipation for new industrial projects to come online.”
In other business, the committee approved its Louisiana Compliance Questionnaire, which is required by the Legislative Auditor for governmental entities.
The item will go before the full board at 5 p.m. today at 751 Bayou Pines East, Suite A.