PANAMA CITY, Fla. (WMBB) — Thursday night Panama City Port Authority meeting’s focus was on numbers. With the budget of the 2020 year on the agenda and Hurricane Michael repair funds, finances were at the top of board members’ minds.
The Port exported around 150 tons of bulk tons just last month, but there is still much rebuilding to do of the east terminal after Hurricane Michael destruction.
This construction is possible by hurricane funding from FEMA, which is dwindling. The Port Authorities’ Financial Officer, John Miller discussed several numbers beginning with the total assets of the port.
“They have grown to 137 million, so that’s for total assets. The port has received 15 million to date, we expect claims to be around 17 million, so we have about 2 million to go. We did roll out the budget for next year, we are expecting 4 million in operating income, we have a hefty capital budget of about 30 million,” said John.
The port plans to continue rebuilding after the budget was approved for the 2020 fiscal year.