CANAVERAL PORT AUTHORITY BOARD OF COMMISSIONERS … › port... · 4. Do not make threats or rude...

If you would like to speak before the Canaveral Port Authority Board of Commissioners during Public Comments on a topic relevant tothe Canaveral Port Authority Commission Agenda for this meeting, please complete a Public Comment Request card and give the cardto the recording secretary. Public Comment Request cards are located near the outside entry doors next to the agenda for thismeeting. All persons speaking will follow conduct as set forth by Canaveral Port Authority Policy POL-2016-001-EXE-3, PublicParticipation and Conduct at Board Meetings.

1. Before approaching the podium, please remove hats and sunglasses and turn all cell phones off or to vibrate. 2. Please proceed to the podium when your name is called by the Commission Chairman and state your name, business affiliation,

and city of residency for the recording secretary.3. You will have THREE MINUTES to speak before the Board of Commissioners.4. Do not make threats or rude comments, including the use of profanity, to or about members of the Board or Canaveral. Port

Authority Employees.5. All statements are to be directed to the Commission Chairman. You may not address or question Board members or Port Staff

individually unlessdirected by the Chairman.6. Be respectful of other people’s ideas or situation when you talk. Try not to judge them or point fingers.7. Be patient when listening to others speak and do not interrupt them.

No Board action will be taken on requests during Public Comments unless determined by the Commission Chairman to be anemergency. Any other requests for Board action may be placed on the agenda for a subsequent meeting.

CANAVERAL PORT AUTHORITY BOARD OF COMMISSIONERS

June 24, 2020Commission Room

Port Canaveral, Florida 32920AGENDA

This meeting is open to the public.

9:00 AMCall to Order and Pledge of Allegiance

Approval of Agenda

Approval of Minutes

Consideration of approving the minutes of the May 20, 2020 Commission Meeting.05202020 Minutes.doc

Personal Appearances and Presentations

9:10 AM Time Certain: Presentation of the FY 2020 Mid-Year Operating and CapitalBudget (Michael Poole)

FY2020 Midyear Operating Budget Narrative_06242020.pdfFY2020 BUDGET JUNE COMM MTG.pdfFINAL Midyear FY2020 Capital Narrative 6 16 20.pdfFINAL Midyear FY20 5 year capital budget and cash forecast 6 16 20.pdf

Reports

CEO Report (John Murray)

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Canaveral Port Authority Board of Commissioners Meeting - June 24, 2020

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Presentation of selected Financial Information Memo for May 2020 (Michael Poole)REPORTS_FIN_MEMO & STATEMENTS_06242020.pdf

Consideration for approval of the Financial Reports for May 2020 (Patricia Poston)A. Statistical Report B. Aging ReportC. List of BillsD. List of Disposals - NoneE. Attorney FeesF. Commissioner ExpensesREPORTS_FIN_STATISTICAL_06242020.pdfREPORTS_FIN_AGING_06242020.pdfREPORTS_FIN_LIST_OF_BILLS_06242020.pdfREPORTS_FIN_LEGAL BILLS_06242020 Public.pdfREPORTS_FIN_COMMISSIONER MINOR EXPENSES_06242020 Public.pdf

Capital Projects UpdateJUNE 2020 CAPITAL PROJECTS UPDATE.pdf

Public Comment on Consent Agenda

Consent Agenda

1. Engineering, Construction, and Facilities

1.A. Consideration of approving various project contract change orders including:

Change Order #1 to PowerCore, Inc. for the Signal Coordination of George KingBoulevard Project. Decrease PO P124106 by ($112,735.19) for ODP’s and unusedfunds. (Maureen Whitford/Bill Crowe)

1A Cover Page.pdfENG_Backup_06242020_18-024 PowerCore CO1 190226.pdf

1.B. Consideration of approving Agreement(s) to utilize the Florida Department ofEnvironmental Protection competitively bid contracts to provide as-neededEmergency Response and Cleanup Services to the Canaveral Port Authority withCliff Berry, Inc. (LE809) and Alpha-Omega Training and Compliance, Inc. (LE808),with a recommended response cap of $500,000 per incident, and authorizing thePort Director/CEO to enter into contract(s). (Bob Musser/Bill Crowe)1B Cover Page.pdfENG_Backup_06242020_Alpha Omega Agreement to Piggyback Contract v 20200602 -Final Draft - Signed by contractor.pdfENG_Backup_06242020_Clilff Berry Agreement to Piggyback Contract 20200602 - FinalDraft - Signed by contractor.pdf

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1.C. Consideration of approving an increase to purchase order to Customs and BorderProtection (CBP) for the purchase, installation and service of CBP owned andoperated security equipment in the new Cruise Terminal-3 in an amount not toexceed $7,000.00 and a $12,000.00 annual AT&T recurring costs. This willincrease the purchase order to $641,907.00 and the recurring annual cost to$43,428.00 (Bill Crowe/ Tom Foxhoven)1C Cover Page.pdfENG_Backup_06242020_RMOA Canaveral CT3 LMR Costs 5 27 2020.pdfENG_Backup_06242020_CSO CNV005A v2.pdf

1.D. Consideration of approving a purchase order to the City of Cocoa for the costassociated with the installation of a 6” water meter at North Cargo Berth 8 in anamount not to exceed $142,694.88. (Patrick Hammond/Bill Crowe)1D Cover Page.pdfENG_Backup_06242020_2019-02-22 City of Cocoa Water Approval Letter.pdf

1.E. Consideration of approving a purchase order to the City of Cocoa for the costassociated with the impact fees of an 8” water meter for berth, 2” meter forTerminal, 2inch meter for baggage building and 2 inch meter for warehouse atCruise Terminal 3 in an amount not to exceed $996,553.44. (Tom Foxhoven/BillCrowe)1E Cover Page.pdfENG_Backup_ 06242020_CT3 City of Cocoa Water Receipt.pdf

2. Human Resources

2.A. Consideration of approving revisions to the Employee Classification Policy,POL-2014-006-HRO-32A Cover Page.pdfPOL-2014-006-HRO-3 Employee Classification 06242020_CL (KJD revisions)4821-9258-4639 1_Redline.pdfPOL-2014-006-HRO-3 Employee Classification Rev 1 062420 Final Approved RM.pdfFOR-2020-001-HRO-2 Non-Employee Checklist Accessing Port Resources.pdf

3. Real Estate

3.A. Consideration of approving the First Amendment to GT USA LLC’s LeaseAgreement for a portion of the Marlin Street Warehouse to extend the term by 24months and transfer responsibility for the site’s mobile trailer office to GT USA. This document has been reviewed and approved by General Counsel and PortAttorney. (Samantha Cornelius & Michael Zeiler)3A Cover Page.pdfRE_9003 Marlin St - First Amend - GT USA Signed 6-3-20.pdf

3.B. Consideration of approving a Temporary Construction Easement Agreement withSpace Florida to permit the certain intersection improvements at the intersection ofState Road (S.R.) 401 and Payne Way to facilitate the transport of space relatedequipment from the Port heading east on S.R. 401, subject to the terms andconditions of the Agreement and obtaining all applicable permits and approvals.

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The document has been reviewed and approved by General Counsel. (CraigLangley) 3B Cover Page.pdfRE_Temp Construction Easement_Space Florida.pdf

3.C. Consideration of approving an Agreement Regarding Leases consenting toleasehold mortgage refinancing, Assignment of Leases and Rents, SecurityAgreement and Fixture Filing, by and between Ambassador Services, Inc. (ASI)and Manufacturers and Traders Trust Company (MTT), as well as approvingtermination of the Agreement Regarding Leases with existing lender (BBT). Authorizing Port Director/CEO to execute these documents. The documents havebeen reviewed and approved by General Counsel. (Craig Langley)3C Cover Page.pdfRE_ASI Agreement Regarding Leases.pdfRE_ASI Termination Agreement.pdf

Public Comment

Commissioner Reports

Adjourn to next meeting scheduled Wednesday, August 26, 2020, at 9:00 am.

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Meeting Date

June 24, 2020

AGENDA ITEM REQUEST

Section:

Item Number:

Department: Commission

Requested Action: Consideration of approving the minutes of the May 20, 2020 CommissionMeeting.

Summary Explanation & Background:

Financial Impact: No

Reviewed by General Counsel: No

Reviewed by Port Attorney: Yes

Financial Review:

Attachments:

05202020 Minutes.doc

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https://legistarweb-production.s3.amazonaws.com/uploads/attachment/pdf/608145/05202020_Minutes.pdf

Reports – Minutes of the May 20, 2020 Commission MeetingMINUTES OF A REGULAR COMMISSION MEETING OF THE CANAVERAL PORT AUTHORITY HELD IN THE COMMISSIONERS’ MEETING ROOM OF THE CANAVERAL PORT AUTHORITY OFFICE, 445 CHALLENGER ROAD, PORT CANAVERAL, FLORIDA, AND VIRTUALLY ON-LINE DUE TO COVID 19 ON MAY 20, 2020.

The meeting was called to order by Chairman Micah Loyd at 9:02 a.m. CommissionerWayne Justice led the Pledge of Allegiance.

Those present in the Commission Room were Chairman Micah Loyd, Commissioner Wayne Justice and Attorney Harold Bistline. Commissioners Jerry Allender, Bob Harvey, and Robyn Hattaway joined the meeting via GoToMeeting on-line, as did CEO Captain John Murray, CFO Michael Poole, Vice President Engineering and Construction Bill Crowe and Special Assistant/Liaison Melanie Bradford.

APPROVAL OF AGENDA:

Commissioner Justice motioned to approve the agenda and Commissioner Harveyseconded the motion. The motion passed 5/0.

APPROVAL OF MINUTES:

Commissioner Justice moved approval of the minutes from the April 22, 2020 regular Commission meeting. The motion was seconded by Commissioner Justice and passed 5/0.

PERSONAL APPEARANCE AND PRESENTATIONS:

Recognition of the Junior Ambassadors by Commissioner Robyn Hattaway

COMMISSION DISCUSSION ITEM:

Consideration of approving Resolution RES-2020-007-EXE-3 in support of Brevard County Public School's Department of Adult and Community Education Career and Technical Education Center. (Robyn Hattaway)

After a presentation by Jeff Arnott, Director of Adult & Community Education for Brevard Public Schools, reading of the resolution by Commissioner Robyn Hattaway and no public comment, RES-2020-007-EXE-3 was motioned for approval by Jerry Allender and seconded by Robyn Hattaway. The motion passed 5/0.

REPORTS:1. CEO Report

COVID 19: Adjusting Course: Phasing operations

Follows recommendations and guidance of federal and state phased reopening plans

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Minutes of the Canaveral Port Authority May 20, 2020 Commission Meeting

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Some CPA employees continue to work on site, balance working remotely and rotating in/out of Maritime Center Staff and guest safety remain a top priority New daily health assessment through SafetyTek implemented

Cove restaurants are open with limited indoor and outdoor dining per Governor’s executive Orders

Over last 8 weeks staff completed projects that have increased productivity Contactless payment at Jetty Park, website redesign, SignNow, Netsuite

training materials, Tariff updates and review, launched new electronic publications

Cruise Update: FY20 by the numbers (October 1 – April 30)

408 cruise ship calls 253 gaming vessel calls (no increase from previous month) Multi-day cruise revenue – $42.1M

Current estimated return to service, subject to change Carnival Cruise Line – August 1, 2020 Disney Cruise Line – July 28, 2020 Norwegian Cruise Line – June 30, 2020 Royal Caribbean Cruise Line – June 12, 2020

Business Development team continues to work with all cruise lines on the roadmap to recovery

Marella Cruise Line reconfirmed their planned US itinerary with Marella Discovery Program Beginning May 2, 2021 with Port Canaveral as homeport

In discussion with cruise lines not currently based at Port Canaveral Collaborating with Cruise Line International Association (CLIA), Florida Caribbean

Cruise Association (FCCA) in support of cruise resumption with enhanced health and safety protocols

2021 will be a transition year for the cruise industry Roadmap to recovery and resumption of cruise operations

Step One: Develop enhanced health and safety protocols Government and CDC approval is key

Step Two: Address global port availability Moveable assets allow for flexible itinerary planning

Step Three: Activate sales and marketing machine to stimulate demand Focus on market to fill vs. discount to fill strategy

Step Four: Initiate gradual phased relaunch Expect 5-6 months before full fleet mobilization

CPA task force developing “Cruise New Normal” objectives and strategy Developing end-to-end strategy of the entire system in collaboration with cruise lines

Terminal-by-terminal and line-by-line approach to achieve curb-to-curb plan Social distancing may mean slower guest movements Ships in port longer due to extended operations

New normal objectives Reduce congestion in terminals Reduce lines outside of terminal Install protective measures Enhanced facility measures

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Cargo Update: FY20 by the numbers (October 1 – April 30)

239 ship calls Cargo revenue – $6.2M Cargo tonnage – 3.1M tons

Flora Schulte discharged lumber and wood pulp 1,000 units (1,965 l/t) of pulp discharged,

used in the manufacturing of paper products Could yield approximately 8M rolls of toilet paper!

Mobile Harbor Crane leased for more than 275 hours in April Hoegh Trader expected to arrive May 28 to discharge 597 vehicles

Recreation Update: Jetty Park Beach Phase 1 opened May 9th

7am – 8pm daily Annual passholders only 50% parking capacity (230 cars)

Boat ramps open, truck and trailer parking open Focus remains promoting safe environment for guests and staff

Signage reminders for 6 feet of social distancing No groups of more than 10 people Staff wearing PPE

Focus on contactless payment systems at gate and store

Communications Update: Waypoint – A Port Canaveral Newsletter

A digital, engaging and interactive publication released monthly to Port subscribers

Positive engagement (likes, comments & shares) from readers Subscribe on our website at portcanaveral.com

Adjusting Course: COVID-19 Special digital release to Port subscribers A message to our Port partners, tenants, employees and the Port’s extended

community Guidelines, practices and procedures for how the Port will operate going

forward Social Media – taking our message online Overwhelming enthusiasm for return to cruising

Almost 1.2 million reached Over 438 thousand total views More than 88 thousand engagements (likes, comments and shares)

Government Relations Update: Staff continues to participate in daily briefings, press conferences, and monitor federal

and state official advisories and guidance Brevard Legislative Delegation and FDOT Secretary briefings

Florida received $8.3 Billion from CARES Act for state stabilization Approx. $4B provided to 13 FL Counties, balance in General Revenue

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Governor, Senate President and House Speaker have not relayed how that money will be used

FDOT collecting “build the case” data from Ports FL Congressional Members and Appropriations Committee briefings

Introducing legislation for seaports’ stimulus funding Introducing legislation to make “port” an eligible local unit of government

Engineering Update: Cruise Terminal 3

George King Blvd. widening, milling and overlay of existing road completed May 8

Interior finishes continue to be installed HVAC undergoing commissioning and is up and running Most furniture is on site, stored in packing material until needed Targeting June 10 for substantial completion

North Side Roadway Network New light fixtures being delivered by end of May, installation by end of

August Flashing beacons for emergency vehicles crossing to be completed mid-May

CT 8 Land Side Improvements Contractor started mobilization of site office trailer Demolition of landscape and temporary fence installation By end of month, contractor to start test piles at existing plaza Relocation of DCL terminal personnel to Maritime Center in progress

CT 8 Passenger Boarding Bridge Submittals approved, fabrication continues Adelte working on schedule, will advise if delays expected due to COVID-19

NCB 8 Pier Contractor completed first concrete pour for pile

cap structure Currently working on removing existing bulkhead wall/cub at the tie-in

location to uplands Continuing to tie rebar and set formwork for next section

of pile cap NCB 8 Uplands

Contractor completed paving of the berth and Snapper Road Continuing to work on installation of CCTV and IT infrastructure throughout

the project

Farewell: Fair winds and following seas to LCDR Jason Kling, Supervisor of MSD Port

Canaveral as he leaves his post at Canaveral next weekArrived in July 2017Led efforts to support LNG bunkering at Port CanaveralParticipated in Port Canaveral Unified Command preparing for and recovery following

hurricanesExpert leadership allowed quick response following the storms; reopened within 24 hours

and allowed critical fuel supplies to be distributed throughout Central Florida

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Best wishes in his future role as Supervisor of the USCG Cruise National Center of Expertise in Fort Lauderdale

2. Presentation of selected financial information memo for April 2020 (Michael Poole)

3. Consideration for approval of the Financial Reports for April 2020 (Patricia Poston)

After presentation of the financial information for April 2020 and the Financial Reportsfor April 2020 (#2 and #3), Commissioner Allender motioned approval of the April 2020Financial Information Memo, the Statistical Report, Aging Report, List of Bills, the Attorney Fees and Commissioner Expenses. Commissioner Harvey seconded themotion and the motion passed 5/0.

4. A capital projects update was given by Bill Crowe.

PUBLIC COMMENT ON CONSENT AGENDA: None

CONSENT AGENDA: Commissioner Justice motioned to approve items 1A and 2A. Commissioner Harvey seconded the motion and the motion passed 5/0.

PUBLIC COMMENT:Public comments were received from Pam Hepp and Luke Lowers.

COMMISSIONER REPORTS/DISCUSSION:

Commissioner Justice – May 11th was Captain Lanni’s 95th birthday. Memorial Day and George Taylor’s death were recognized. Looking forward towards reopening the Port.

Commissioner Harvey – Thank you to the staff and recognized Memorial Day and the beginning of summer.

Commissioner Allender – Appreciative of the efforts of John Murray and Staff.

Commissioner Hattaway – Recognized Leadership Brevard Grads.

Chairman Loyd – Glad things are reopening.

ADJOURMENT: The meeting was adjourned at 10:57 a.m. until the next regularly scheduled meeting on Wednesday, June 24, 2020 which will take place in the Commission Room practicing social distancing.

CANAVERAL PORT AUTHORITY

____________________________________Micah Loyd, Chairman

ATTEST

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__________________________________Jerry Allender, Secretary/Treasurer

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Meeting Date

June 24, 2020

AGENDA ITEM REQUEST

Section:

Item Number:

Department: Finance

Requested Action: 9:10 AM Time Certain: Presentation of the FY 2020 Mid-Year Operatingand Capital Budget (Michael Poole)

Summary Explanation & Background: The proposed mid-year revisions for the FY 2020 budget are based on recent economic conditions.

We are proposing a net mid-year adjustment to the FY 2020 Operating budget of a decrease of $25,783,813.This consists of a decrease in operating revenues of $48,562,220, a decrease in operating expenses of$7,018,407, a decrease in depreciation of $1,700,000, a decrease in non-operating revenues $120,000, an increaseof non-operating expenses of $107,000 and an increase in capital contributions of $14,287,000.

The revised cost for the capital projects budget for FY 2020 is $110.8 million, with the total planned through FY2024 of $310 million. This reflects an overall reduction of ($40,330). The largest component of this reduction isthe Master Plan for Cruise and Cargo Projects.



Reviewed by Port Attorney: No

Financial Review:

Attachments:

FY2020 Midyear Operating Budget Narrative_06242020.pdf

FY2020 BUDGET JUNE COMM MTG.pdf

FINAL Midyear FY2020 Capital Narrative 6 16 20.pdf

FINAL Midyear FY20 5 year capital budget and cash forecast 6 16 20.pdf

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Date: June 17, 2020 To: Commissioners of Port Canaveral Through: John Murray, Chief Executive Officer From: Michael Poole, Chief Financial Officer Subject: Proposed Mid-Year Revisions to FY2020 Operating Budget Enclosures: Detail schedule of proposed revisions to the FY2020 Operating Budget

Operating Budget Revisions The proposed mid-year revisions for the FY2020 budget are based on recent economic conditions. In mid-March due to COVID-19, all four of our major Cruise Lines and Victory Casino suspended cruise passenger activities at our Port. Additionally, due to Government guidance, we closed Jetty Park and Exploration Tower for a couple of months. Accordingly, Staff has reduced operational expenses and deferred selected capital projects to mitigate this reduction in activity. Operating Revenues Ship Related We are forecasting Cruise Revenue to be $44,107,135 for FY 2020 which is below the original budget by $45,680,825 due to the suspension of cruise. Victory has recently resumed its daily sailings. Cargo revenue is estimated to be $9,483,355 for FY 2020. This is $423,200 below the original budget and is mainly due to less fuel consumption. As a result, the revised budget for Ship Related revenues is $53,590,490 which is reflective of a budget reduction of $46,104,025. Non-ship Related Non-ship related revenue is projected to be $13,609,365 and is $2,458,195 below original budget. Due to the temporary closure (and future uses being at lower levels), Jetty Park revenue is being reduced by $1.2 m as well as Exploration Tower by $221 k. Commercial Vehicle revenue is being reduced by $641 k which is in relation to current Cruise activity. Finally, we originally budgeted for additional tenants at the Logistics Center and this has not occurred. Accordingly, revised Lease revenue is estimated to be $181 k below the original budget. Total Operating Revenues Total Operating Revenues are projected to be $67,199,855 which results in a net decrease of $48,562,220 being proposed.

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Operating Expenses Operating Expenses have been reduced by $7,018,407 for FY2020. Budgeted Salaries and Benefits are being reduced port wide by $1,207,017 which for the most part is due to furloughed and unfilled positions for the year. A breakdown of the major (non-salary) amendments by activity is as follows – Activity Amount Service Contracts $2,077,845 Promotions & Advertising $888,885 Utilities $831,095 Business Travel & Training $454,320 Maintenance & Supplies $414,590 Police Protection & Fire Services $318,445 Computer Support & Training $236,605 Lease Administration $217,775 Engineering $170,950 Office Expense $142,185 Total Operating Expenses Before Depreciation and Amortization After the proposed reduction, Total Operating Expenses Before Depreciation projects to be $47,739,488. Operating Income (Loss) Before Depreciation and Amortization After the amendments to Operating Revenues and Expenses, it is estimated that there will be an Operating Income Before Depreciation and Amortization of $19,460,367. Depreciation and Amortization Depreciation is being reduced by $1,700,000 for a revised annual amount of $43,300,000. Operating Income (Loss) After the amendments to Operating Revenues and Expenses and Depreciation, it is estimated that there will be an Operating Loss of $24,415,633. Non-Operating Revenues Non-Operating Revenues are estimated to be $2,425,300 and reflects a decrease of $120,0000 due to lower forecasted investment interest rates. Non-operating Expenses Non-Operating Expenses are estimated to be $9,740,450 which is an increase of $106,800. Commissions and fees are being increased for debt refinancing and new debt issuance costs. Income (Loss) Before Capital Contributions After the amendments to Operating and Non-Operating budget, it is estimated that there will be a Loss Before Capital Contributions of $31,730,983.

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Capital Contributions The Authority is forecasted to receive $14,287,000 in grants from the State and Federal government. Change in Net Position When considering the above amendments, there will be a decrease in Net Position of $17,443,983. Summary We are proposing a net mid-year adjustment to the FY2020 budget of a decrease of $25,783,813. This consists of a decrease in operating revenues of $48,562,220, a decrease in operating expenses of $7,018,407, a decrease in depreciation of $1,700,000, a decrease in non-operating revenues $120,000, an increase of non-operating expenses of $107,000 and an increase in capital contributions of $14,287,000.

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FinalOriginal ProposedFY2020 Proposed FY2020Budget Changes Budget

Operating Revenues

Ship ActivityWharfage 67,397,780$ (35,079,335)$ 32,318,445$ Dockage 9,089,740 24,765 9,114,505 Parking 20,410,770 (11,036,380) 9,374,390 Line handling 1,350,845 (114,900) 1,235,945 Water 1,245,380 (239,880) 1,005,500 Cranes 200,000 341,705 541,705

Total Ship Activity 99,694,515 (46,104,025) 53,590,490

LeasingLeases 9,999,100 (180,605) 9,818,495

Total Leasing 9,999,100 (180,605) 9,818,495

Jetty ParkCamping 1,886,718 (745,523) 1,141,195 Recreational parking 847,939 (335,059) 512,880 Camp store & laundry 120,405 (47,575) 72,830 Other recreational 158,802 (62,752) 96,050 Concessions 10,151 (4,011) 6,140

Total Jetty Park 3,024,015 (1,194,920) 1,829,095

Exploration TowerEntry fees & annual passes, net 185,430 (81,620) 103,810 Café & gift shop 121,123 (53,313) 67,810 Special event rentals 194,892 (85,787) 109,105

Total Exploration Tower 501,445 (220,720) 280,725

OtherFire training facility 300,000 (165,630) 134,370 Permits & licenses 65,000 (5,145) 59,855 Badging 30,000 (2,375) 27,625 Commercial vehicle 1,550,000 (641,460) 908,540 Miscellaneous 598,000 (47,340) 550,660

Total Other 2,543,000 (861,950) 1,681,050

Total Operating Revenues 115,762,075$ (48,562,220)$ 67,199,855$

Canaveral Port AuthorityProposed Operating Budget

For the year ending September 30, 2020

17




Operating Expenses

OperationsSalaries 3,504,920$ (601,100)$ 2,903,820$ Benefits 2,035,900 (297,317) 1,738,583 Service contracts 546,500 (158,150) 388,350 Utilities 46,000 (13,160) 32,840 Maintenance & supplies 175,500 (30,480) 145,020 Office expense 62,050 (12,090) 49,960 Trade development - - - Fuel 46,300 (36,200) 10,100 Contractual obligations 2,850,000 (1,208,850) 1,641,150 Travel 23,400 (16,990) 6,410 Education & seminars 2,400 (2,315) 85 Other 32,900 (15,665) 17,235

Total Operations 9,325,870 (2,392,317) 6,933,553

FacilitiesSalaries 3,092,620 3,092,620 Benefits 1,763,920 1,763,920 Service contracts 2,198,900 (512,540) 1,686,360 Utilities 4,055,350 (745,050) 3,310,300 Maintenance & supplies 1,107,500 (302,400) 805,100 Office expense 23,550 3,070 26,620 Fuel 130,000 (42,000) 88,000 Travel 6,000 (4,600) 1,400 Education & seminars 3,500 (1,100) 2,400 Other 20,000 (9,000) 11,000

Total Facilities 12,401,340 (1,613,620) 10,787,720

Parks & RecreationSalaries 752,070 (148,175) 603,895 Benefits 469,420 (111,370) 358,050 Store merchandise 52,150 (19,750) 32,400 Service contracts 217,110 (680) 216,430 Utilities 243,200 (57,200) 186,000 Maintenance & supplies 15,500 5,200 20,700 Office expense 25,600 (7,020) 18,580 Advertising - 300 300 Travel 3,000 (2,760) 240 Education & seminars 3,000 (2,720) 280 Other 14,000 (5,500) 8,500

Total Parks & Recreation 1,795,050 (349,675) 1,445,375

Exploration TowerSalaries 310,770 (69,280) 241,490 Benefits 162,430 (55,520) 106,910 Store merchandise 74,500 (26,000) 48,500 Service contracts 27,300 (14,800) 12,500 Utilities 18,800 (4,600) 14,200 Exhibit fees 41,000 (27,500) 13,500 Maintenance & supplies 1,200 840 2,040 Office expense 11,700 (7,150) 4,550 Promotions 8,300 (7,200) 1,100 Advertising 24,000 (8,000) 16,000 Trade development 4,000 (700) 3,300 Travel 2,500 (2,190) 310 Education & seminars 350 (350) - Other 750 (450) 300

Total Exploration Tower 687,600$ (222,900)$ 464,700$

18




Public SafetySalaries 495,060$ 495,060$ Benefits 158,110 158,110 Service contracts 4,000 (3,150) 850 Fire protection 2,469,985 (78,445) 2,391,540 Police protection 7,259,620 (240,000) 7,019,620 Maintenance & supplies 10,000 (7,400) 2,600 Computer support & training - 1,600 1,600 Office expense 20,000 (16,320) 3,680 Communication services 13,000 (10,070) 2,930 Travel 32,000 (23,485) 8,515 Education & seminars 22,200 (21,410) 790 Other 8,000 (1,430) 6,570

Total Public Safety 10,491,975 (400,110) 10,091,865

Fire Training Facility

Service contracts 197,400 (13,100) 184,300 Utilities 33,900 (5,085) 28,815 Insurance 44,500 (6,675) 37,825 Maintenance & supplies 84,250 (42,050) 42,200 Office expense 500 (75) 425 Accounting & auditing 1,000 (1,000) -

Total Fire Training Facility 361,550 (67,985) 293,565

CommissionSalaries - commissioners 54,020 54,020 Salaries - administrative 64,010 64,010 Benefits 109,890 109,890 Legal 55,000 (10,000) 45,000 Maintenance & supplies - 10 10 Office expense 9,350 (3,320) 6,030 Promotions 7,500 (1,125) 6,375 Advertising 1,000 1,000 Travel-staff 1,500 200 1,700 Travel-commissioners 50,000 (39,550) 10,450 Education & seminars 2,200 (475) 1,725

Total Commission 354,470 (54,260) 300,210

ExecutiveSalaries 1,196,960 1,196,960 Benefits 389,430 389,430 Legal 206,000 (106,000) 100,000 Maintenance & supplies - 150 150 Office expense 172,150 24,000 196,150 Fraud hotline 2,700 2,700 Travel 26,000 (14,900) 11,100 Education & seminars 6,000 (2,785) 3,215 Engineering-general - 12,000 12,000

Total Executive 1,999,240 (87,535) 1,911,705

Finance & AccountingSalaries 1,054,420 1,054,420 Benefits 449,910 449,910 Service contracts 65,500 (35,000) 30,500 Office expense 78,900 (27,075) 51,825 Computer support & training 1,200 (1,200) - Advertising 3,600 (2,600) 1,000 Travel 9,300 (8,270) 1,030 Education & seminars 11,400 (11,200) 200 Accounting 130,000 (5,000) 125,000

Total Finance & Accounting 1,804,230$ (90,345)$ 1,713,885$

19




Administrative ServicesSalaries 2,237,100$ 15,700$ 2,252,800$ Benefits 885,150 19,220 904,370 Maintenance & supplies - 3,860 3,860 Service contracts 77,580 (18,145) 59,435 Legal 55,000 10,000 65,000 Insurance 3,025,000 53,275 3,078,275 Office expense 167,540 (37,485) 130,055 Personnel training & recruiting 142,000 (59,600) 82,400 Computer support & training 1,526,350 (238,675) 1,287,675 Advertising 4,000 (2,000) 2,000 Travel 22,650 (15,740) 6,910 Education & seminars 35,300 (14,065) 21,235

Total Administrative Services 8,177,670 (283,655) 7,894,015

Engineering & EnvironmentalSalaries 1,161,110 1,161,110 Benefits 478,190 478,190 Service contracts 95,000 (1,000) 94,000 Maintenance & supplies - 12,325 12,325 Office expense 32,120 (24,315) 7,805 Advertising 4,200 (2,500) 1,700 Travel 21,500 (19,940) 1,560 Education & seminars 19,050 (17,650) 1,400 Engineering - general 267,000 (14,000) 253,000 Engineering - environmental 539,000 (167,950) 371,050

Total Engineering & Environmental 2,617,170 (235,030) 2,382,140

Business DevelopmentSalaries 700,330 89,325 789,655 Benefits 275,540 25,800 301,340 Maintenance & supplies - 22,905 22,905 Office expense 75,650 (17,970) 57,680 Promotions 800 (550) 250 Advertising 392,500 (226,120) 166,380 Trade development 389,600 (203,675) 185,925 Travel 145,000 (104,700) 40,300 Education & seminars 100 (70) 30

Total Business Development 1,979,520 (415,055) 1,564,465

Tenant & Property Development Salaries 274,470 (69,825) 204,645 Benefits 82,300 (4,475) 77,825 Service contracts 300 820 1,120 Utilities 10,000 (6,000) 4,000 Maintenance & supplies - 450 450 Office expense 4,550 (2,365) 2,185 Land use planning 15,000 (2,250) 12,750 Lease administration & preparation 485,000 (217,775) 267,225 Promotions 1,000 (890) 110 Travel 3,000 (2,955) 45 Education & seminars 3,000 (3,000) -

Total Tenant & Property Dev. 878,620 (308,265) 570,355

Government & Strategic Communications Salaries 617,570 617,570 Benefits 193,220 193,220 Maintenance & supplies - 200 200 Office expense 21,600 (4,000) 17,600 Computer support & training - 1,670 1,670 Planning and Studies 50,000 (44,700) 5,300 Promotions 262,500 (222,500) 40,000 Publications 125,000 (114,000) 11,000 Electronic media 175,000 1,260 176,260 Advertising 70,000 (43,585) 26,415 Sponsorships 110,000 (55,000) 55,000 Travel 30,000 (13,000) 17,000 Professional services 216,300 216,300 Education & seminars 12,400 (4,000) 8,400

Total Government & Strategic Communications 1,883,590$ (497,655)$ 1,385,935$

20




Total Operating Expenses Before Amortization and Depreciation 54,757,895$ (7,018,407)$ 47,739,488$

Operating Income (Loss) Before Amortization and Depreciation 61,004,180 (41,543,813) 19,460,367

AmortizationMaintenance dredging 199,785 199,785

Computer software 205,920 205,920 Master plan 170,295 170,295 Total Amortization 576,000 - 576,000

Depreciation 45,000,000 (1,700,000) 43,300,000

Operating Income (Loss) 15,428,180$ (39,843,813)$ (24,415,633)$

Non-Operating RevenuesInterest income 1,650,000$ (120,000)$ 1,530,000$ Income from grant administration 895,300 895,300

Non-Operating Revenues 2,545,300 (120,000) 2,425,300

Non-operating expensesAmortization of bond discounts 175,130$ 175,130$ Commissions & fees 100,200 260,000 360,200 Interest 9,035,320 9,035,320 Grant administration fees 60,000 60,000 Litigation expense 263,000 (153,000) 110,000

Non-operating expenses 9,633,650 107,000 9,740,650

Income (Loss) Before Capital Contributions 8,339,830 (40,070,813) (31,730,983)

Capital Contributions - 14,287,000 14,287,000

Change in Net Position $ 8,339,830 $ (25,783,813) $ (17,443,983)

21




Ship related revenueCruise operations 89,787,960$ (45,680,825)$ 44,107,135$ Cargo operations 9,906,555 (423,200) 9,483,355

Total ship related 99,694,515 (46,104,025) 53,590,490 Non-ship related Leases 9,999,100 (180,605) 9,818,495 Park operations 3,024,015 (1,194,920) 1,829,095 Fire training facility 300,000 (165,630) 134,370 Exploration tower 501,445 (220,720) 280,725 Commercial vehicle 1,550,000 (641,460) 908,540 Badging, permits, etc. 693,000 (54,860) 638,140

Total non-ship related 16,067,560 (2,458,195) 13,609,365

TOTAL OPERATING REVENUES 115,762,075 (48,562,220) 67,199,855

TOTAL OPERATING EXPENSES BEFORE AMORTIZATION AND DEPRECIATION 54,757,895 (7,018,407) 47,739,488

OPERATING INCOME (LOSS) BEFORE AMORTIZATION AND DEPRECIATION 61,004,180 (41,543,813) 19,460,367

AMORTIZATION AND DEPRECIATION 45,576,000 (1,700,000) 43,876,000

OPERATING INCOME (LOSS) 15,428,180 (39,843,813) (24,415,633)

TOTAL NON-OPERATING REVENUES 2,545,300 (120,000) 2,425,300

TOTAL NON-OPERATING EXPENSES 9,633,650 107,000 9,740,650

INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS 8,339,830 (40,070,813) (31,730,983)

CAPITAL CONTRIBUTIONS - 14,287,000 14,287,000 CHANGE IN NET POSITION 8,339,830$ (25,783,813)$ (17,443,983)$

22

June 17, 2020 To: Commissioners of Port Canaveral Through: John Murray, Chief Executive Officer From: Patricia Poston, Sr. Director of Finance Subj: Remarks on the Revised Proposed FY2020-FY2024 Capital Budget and

Cash Flow Projections

Enclosures Enclosed is a copy of the Revised - Proposed FY2020-FY2024 Capital Budget and Cash Flow Projections. This document has been updated to reflect changes in the FY20 Operating Budget requested for the midyear revision, and revised capital project costs. It is to be used as a tool to review the current approved projects in place, and plan for future investments into growing and improving the infrastructure of the Port. The revised cost for capital projects considered for FY20 is $110.8 million, with the total planned through FY24 of $310 million. This reflects an overall reduction of ($40,330). The largest component of this reduction is the Master Plan for Cruise and Cargo Projects with a reduction of $30,000,000. The Unrestricted Cash for FY20 is now estimated at $61 million, and remains steady at an annual average of $63 million over the next 5 years. The Cash Flow and 5 Year Plan is a fluid document, used as a tool for planning and management. We monitor all components of the current economic changes while comparing the change and effect on our financial standing and plan accordingly.

Sincerely, Patricia G. Poston Patricia G. Poston Senior Director of Finance

23

Description FY20 FY21 FY22 FY23 FY24 TOTAL Operating revenues 67,200 88,321 124,553 127,567 135,470 543,110

Operating expenses (91,615) (90,967) (93,459) (99,322) (106,778) (482,141)

Net operating income (24,415) (2,646) 31,094 28,244 28,692 60,969Add Non-cash Items:Depreciation and amortization 43,876 43,876 48,324 49,290 50,276 235,641

Change in Assets/Liabilities 1,500 1,500 1,500 1,500 1,500 7,500 Net cash provided by operating activities 20,961 42,730 80,918 79,034 80,468 304,110

Non-Capital Grant Funding net of fees 300 300 300 300 300 1,500

Net cash provided by non-capital financing 300 300 300 300 300 1,500

Capital Grant Funding net of accrual 14,287 225 33,000 4,000 4,000 55,512Gain on sale/disposal assets 50 50 50 50 50 250Revenue /Parity Bond Proceeds 100,901 18,000 0 118,901Line of Credit Draws 11,000 10,000 21,000Other 150 150 150 150 150 750Reduction pymt on LOC 0 (11,000) (11,000) (11,000) (11,000) (44,000)Debt Service Payments (27,002) (29,114) (29,395) (29,400) (29,400) (144,312)

Capital project requirements-net of capitalized items (110,771) (19,841) (80,083) (50,005) (48,989) (309,688)

Net cash used in capital/related financing activity (11,385) (41,530) (77,278) (86,205) (85,189) (301,587)Net Cash provided from investing activities 1,650 1,500 1,500 1,500 1,500 7,650Net increase (decrease) in cash 11,526 2,999 5,439 (5,371) (2,921)Beginning cash 61,282 72,807 75,807 81,246 75,875

Ending Cash Available 72,807 75,807 81,246 75,875 72,955

Restricted Cash 12,295 12,295 12,295 12,295 12,295Unrestricted Cash $60,512 $63,511 $68,951 $63,580 $60,660

Canaveral Port Authority

(In Thousands)

Proposed Revision

FY2020 Cash Flow & 5 Year Plan Estimates

Capital Budget and Cash Flow Projections FY20

24

Line No.

Proj # Project FY2020 FY2021 FY2022 FY2023 FY2024 TOTAL

1 1100 Road Improvements 1,491 50 2,575 300 300 4,7152 1180 Security Fencing/Lighting 65 0 964 65 65 1,1593 1340 Maintenance Dredging 0 0 3,250 0 0 3,2504 1380 Other Computer Equipment 1,447 240 881 100 100 2,7685 1530 Park Upgrades 497 0 3,405 0 0 3,9026 1560 Improve Piers,Bldgs,Structures 614 0 5,542 500 0 6,6567 1580 Fire Equipment 93 46 342 48 574 1,1038 1582 Fire Training Equipment 25 0 25 25 25 1009 1590 Utilities and Improvements 110 0 0 0 0 110

10 1600 Minor Equipment 50 0 50 50 50 20011 1610 New/Replacement Vehicles 627 0 1,304 552 361 2,84412 1622 Welcome Center 15 0 0 4,000 0 4,01513 1640 CT Furniture/Equipment 50 50 650 50 50 85014 1641 Terminal Mitigation 900 450 0 0 0 1,35015 1710 Stormwater Improvements NPDES 0 80 875 250 0 1,20516 1711 Reuse Irrigation System 0 65 0 0 0 6517 1842 North Cargo Pier 8 9,457 0 2,665 0 0 12,12218 1860 Financial System Upgrade 112 0 15 0 0 12719 2005 Cove Roads Phase 2 24 0 0 0 0 2420 2010 Equipment 554 515 50 50 50 1,21921 2030 CT 5 Terminal Upgrades 380 0 2,000 0 0 2,38022 2042 CT10 Terminal Improvements 166 250 0 0 0 41623 2075 Maritime Ctr Tenant Improvement 319 0 1,070 2,988 0 4,37724 2091 CT# 8 Renovations 17,513 18,000 10,000 0 0 45,51325 2126 Section 103 Project 0 0 0 545 0 54526 2128 WTB Channel Entrance Phase 2 6 0 0 3,147 0 3,15327 2217 PSGP FY2017 Projects 303 0 0 0 0 30328 2218 Public Safety Projects 594 0 0 0 0 59429 2219 PSGP 2019 Projects 4,950 0 1,306 0 0 6,25630 2230 CT1 Cruise Terminal 1 Imp. 14 0 0 0 0 1431 2240 North Cargo Berth 4 0 0 0 16,784 17,500 34,28432 2241 North Cargo Berth 3 125 0 36,269 0 0 36,39433 2266 Auto Terminal 61 0 0 0 0 6134 2271 Cruise Terminal 3 68,388 0 0 0 0 68,38835 2273 Contingency New Projects/Lease 0 0 500 500 500 1,50036 2274 NCP 3-A Barge Berth 2 0 0 0 0 237 2275 North Cargo Power Project 64 0 0 0 0 6438 2276 Portwide Wayfinding 687 0 0 0 0 68739 2279 CT Pax Bridge Renovation 352 0 696 0 0 1,04840 2280 Bollards at Terminals 4 0 35 0 0 3941 2285 Mobile Harbor Crane 32 0 0 0 0 3242 2286 Security Items 639 0 0 0 0 63943 2287 Mobile Harbor Crane FY2020 2 0 0 0 9,363 9,36644 2289 LNG Fire Trainer Expansion 16 0 2,084 0 0 2,10045 2290 CBP Tech Upgrades 5 95 50 50 50 25046 2292 Westside Infrastructure 19 0 3,481 0 0 3,500

47 0 0 0 20,000 15,000 35,001

48 0 0 0 5,000 5,000

Total 110,771 19,841 80,083 50,005 48,989 309,687

Master Plan - Cargo Projects

5-Year Capital Projects FY2020(In Thousands)

Proposed Revision

Master Plan - Cruise Terminal Projects

25

Line No. Master Project

FY2020 Carryfor

ward Balance on PO

Issued in

FY2020 NEW

Projects

FY2020 NEW

Projects Port

Revenues State

Grants Federal Grants

Port Financin

g TOTAL

FUNDING 1 1100 Road Improvements 1,339 151 1,491 991 500 1,491 2 1180 Security Fencing/Lighting - 65 65 65 65 3 1380 Other Computer Equipment 176 1,271 1,447 1,447 1,447 4 1530 Park Upgrades 239 258 497 497 497 5 1560 Improve Piers,Bldgs,Structures 77 537 614 614 614 6 1580 Fire Equipment - 93 93 93 93 7 1582 Fire Training Equipment - 25 25 25 25 8 1590 Utilities and Improvements 55 55 110 110 110 9 1600 Minor Equipment - 50 50 50 50

10 1610 New/Replacement Vehicles - 627 627 627 627 11 1622 Welcome Center 15 - 15 15 15 12 1640 CT Furniture/Equipment - 50 50 50 50 13 1641 Terminal Mitigation - 900 900 900 900 14 1842 North Cargo Pier 8 3,855 5,603 9,457 3,393 6,064 9,457 15 1860 Financial System Upgrade - 112 112 112 112 16 2005 Cove Roads Phase 2 24 - 24 24 24 17 2010 Equipment 197 357 554 401 153 554 18 2030 CT 5 Terminal Upgrades 206 174 380 380 380 19 2042 CT10 Terminal Improvements 124 42 166 166 166 20 2075 Maritime Ctr Tenant Improvement 56 262 319 319 319 21 2091 CT# 8 Renovations 1,942 15,571 17,513 - 17,513 17,513 23 2128 WTB Channel Entrance Phase 2 - 6 6 6 6 24 2217 PSGP FY2017 Projects 19 284 303 76 227 303 25 2218 Public Safety Projects 566 29 594 331 264 594 26 2219 PSGP 2019 Projects - 4,950 4,950 2,371 1,500 1,079 4,950 27 2230 CT#1 Cruise Terminal - 14 14 14 14 28 2241 North Cargo Berth 3 - 125 125 125 125 29 2266 Auto Terminal - 61 61 61 61 30 2271 Cruise Terminal 3 68,388 - 68,388 - 4,260 64,128 68,388 31 2274 NCP 3-A Barge Berth - 2 2 2 2 32 2275 North Cargo Power Project 64 - 64 64 64 33 2276 Portwide Wayfinding 687 - 687 687 687 34 2279 CT Pax Bridge Renovation 46 306 352 352 352 35 2280 Bollards at Terminals 4 - 4 4 4 36 2285 Mobile Harbor Crane 32 - 32 32 32 37 2286 Security Items - 639 639 399 240 639 38 2287 Mobile Harbor Crane FY2020 2 - 2 2 - 2 39 2289 LNG Fire Trainer Expansion - 16 16 16 16 40 2290 CBP Tech Upgrades - 5 5 5 5 41 2292 Westside Infrastructure - 19 19 19 19

-

Overall Total 78,113 32,658 110,771 14,843 12,564 1,723 81,641 110,771

Funding Sources

Canaveral Port AuthorityFY2020 Capital Budget with Funding Sources

(In Thousands)

PROPOSED REVISED BUDGET

26

Meeting Date

June 24, 2020

AGENDA ITEM REQUEST

Section:

Item Number:

Department: Executive

Requested Action: CEO Report (John Murray)





Financial Review:

Attachments:

27

Meeting Date

June 24, 2020

AGENDA ITEM REQUEST

Section:

Item Number:

Department: Finance

Requested Action: Presentation of selected Financial Information Memo for May 2020 (MichaelPoole)





Financial Review:

Attachments:

REPORTS_FIN_MEMO & STATEMENTS_06242020.pdf

28

https://legistarweb-production.s3.amazonaws.com/uploads/attachment/pdf/623767/REPORTS_FIN_MEMO___STATEMENTS_06242020.pdf

MEMORANDUM TO: John Murray, CEO FROM: Michael Poole, CFO DATE: June 16, 2020 SUBJECT: Unaudited financial results – FY 2020 May

The following is a summary of the financial results for FY 2020:

REVENUES

Operating Revenues

In mid-March due to COVID-19, all four of our major Cruise Lines and Victory Casino suspended cruise passenger activities at our Port. Additionally, due to Government guidance, we also closed Jetty Park and Exploration Tower. The financials presented represent the reduction of activity for this time period. Victory Casino has recently started their sailings again and Jetty Park and Exploration Tower have reopened.

As previously noted, staff has reduced operational expenses (contractual services, travel, utilities, supplies, staff, etc.) and is performing cash management measures (including capital project deferrals) to mitigate this reduction in activity. A mid-year budget amendment is being presented at the June Board meeting.

For the Year to Date, Operating Revenues are $59.7 m, which is a decrease of $10.5 m when compared to the FY 2019 actual amount of $70.2 m. The Operating Revenues are below the budgeted amount by $17.7 m.

Cruise Revenue:

Total cruise (including parking) of $43.2 m is below FY 2019 by $10.5 m. It is below budget by $16.8 m. We have had 2.3 m multi-day passengers in FY 2020 as compared to 3.1 m multi-day passengers in FY 2019.

Cargo Revenue: Cargo revenue of $6.9 m through May is $755 k above prior year. Limestone, Granite, Lumber, Heavy Lift, Space and Dockage are above prior year with Slag being below. As compared to budget, Cargo was $369 k above budget mainly due to bulk materials.

Non-ship Revenue: Total non-ship revenues of $9.5 m are $735 k k below prior year and $1.3 m below budget. This is mainly due to the reduction in Jetty Park and commercial vehicle fees.

29

2

EXPENSES

Operating Expenses Before Depreciation:

Operating expenses are 10% or $3.5 m below budget with savings in utilities, service contracts, maintenance, travel and promotions. Operating expenses are above prior year mainly due to contractual obligations.

Operating Income (Loss) Before Depreciation:

Operating Income Before Depreciation is $27.4 m and $12.9 m below prior year while being $14.3 m below budget.

Depreciation:

Depreciation and Amortization are above prior year by nearly $1.5 m due to several large capital projects being added to fixed assets.

Operating Income (Loss):

The Operating Loss through May for Fiscal Year 2020 is $1.8 m.

Non-Operating Revenues:

Non-operating revenues consist of earnings on cash balances, revenues from grant administration, and gain on equipment disposal. Total revenues from this source for FY 2020 are $1.8 m and are below prior year by $1 m due to decreased interest income relating to the spend down of our bond/loan construction proceeds.

Non-Operating Expenses:

Non-operating expenses consists primarily of interest and debt issuance costs on bonds and loans. For Fiscal Year 2020, this amount is $6.6 m which is $121 k above budget due to issuance costs related to refundings completed in December.

Income (Loss) Before Capital Contributions:

The Loss Before Capital Contributions through May for Fiscal Year 2020 is $6.6 m.

Capital Contributions:

Capital Contributions are Federal and State grants received for capital projects and are $5.7 m.

Change in Net Position:

Net Position has decreased by $1 m through May for Fiscal Year 2020.

Attachments –

Income Statement – May 2020

Statements of Net Position – May 2020

30

Current Month Actual

Current Month Budget

Budget Variance

Prior Year Month Actual

Current YTD Actual

Current YTD Budget

Budget Variance

Prior Year Actual

REVENUESCruise 442,200 5,577,573 (5,135,373) 5,198,973 33,874,765 46,250,186 (12,375,421) 40,933,164 Cruise Parking 1,679 1,849,601 (1,847,922) 1,912,794 9,374,388 13,812,159 (4,437,771) 12,848,462 Cargo 765,455 825,547 (60,092) 821,769 6,973,341 6,604,376 368,965 6,218,249

1,209,334$ 8,252,721$ (7,043,387)$ 7,933,536$ 50,222,494$ 66,666,721$ (16,444,227)$ 59,999,875

Leases 773,169$ 811,349$ (38,180)$ 802,863$ 6,499,856$ 6,777,062$ (277,206)$ 6,035,633 Recreation 24,371 245,871 (221,500) 305,220 1,613,170 2,359,125 (745,955) 2,385,160 Miscellaneous (22,467) 177,975 (200,442) 224,005 1,346,914 1,637,920 (291,006) 1,774,503

775,073$ 1,235,195$ (460,122)$ 1,332,088$ 9,459,941$ 10,774,107$ (1,314,167)$ 10,195,295

TOTAL OPERATING REVENUES 1,984,407$ 9,487,916$ (7,503,509)$ 9,265,624$ 59,682,434$ 77,440,828$ (17,758,394)$ 70,195,170

EXPENSESOperations 357,764 742,316 (384,552) 511,043 5,581,055 6,289,193 (708,138) 4,259,184 Facilities 781,507 974,877 (193,370) 871,507 7,040,478 8,132,440 (1,091,962) 7,041,004 Parks and Recreation 51,408 141,874 (90,466) 132,578 1,002,313 1,180,100 (177,787) 1,009,262 Exploration Tower 14,348 52,449 (38,101) 50,824 334,172 454,719 (120,547) 394,254 Public Safety 806,001 854,172 (48,171) 801,303 6,816,405 6,884,002 (67,597) 6,399,595 Fire Training Facility 13,404 30,126 (16,722) 18,581 176,170 241,008 (64,838) 183,738 Commission 23,852 28,268 (4,416) 26,159 199,575 236,388 (36,813) 207,899 Executive 129,844 156,487 (26,643) 162,324 1,113,270 1,262,554 (149,284) 1,212,121 Finance & Accounting 153,825 126,420 27,405 116,151 1,114,088 1,175,058 (60,970) 1,121,862 Administrative Services 599,137 652,748 (53,611) 507,678 5,127,533 5,315,782 (188,249) 4,407,512 Engineering & Environmental 214,657 207,322 7,335 162,779 1,526,981 1,585,471 (58,490) 1,297,602 Business Development 100,374 149,263 (48,889) 163,980 1,082,370 1,364,593 (282,223) 1,137,080 Tenant & Property Development 41,254 64,435 (23,181) 57,584 435,902 590,664 (154,762) 427,574 Government & Strategic Comm. 67,027 150,620 (83,593) 108,466 765,842 1,065,135 (299,293) 732,914

OPERATING EXPENSES BEFORE DEPRECIATION 3,354,402 4,331,377 (976,975) 3,690,957 32,316,153 35,777,107 (3,460,954) 29,831,602

OPERATING INCOME (LOSS) BEFORE DEPRECIATION (1,369,995) 5,156,539 (6,526,534) 5,574,667 27,366,282 41,663,721 (14,297,439) 40,363,568 Depreciation 3,652,628 3,798,000 (145,372) 3,469,294 29,221,021 30,384,003 (1,162,982) 27,754,354

OPERATING INCOME (LOSS) (5,022,623) 1,358,539 (6,381,162) 2,105,373 (1,854,739) 11,279,718 (13,134,457) 12,609,214

NON-OPERATING REVENUES 172,325 137,500 34,825 392,779 1,832,801 1,547,650 285,151 2,891,874

NON-OPERATING EXPENSES 750,753 814,712 (63,959) 838,681 6,633,804 6,512,358 121,446 7,258,872

INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS (5,601,050)$ 681,327$ (6,282,377)$ 1,659,471$ (6,655,742)$ 6,315,010$ (12,970,752)$ 8,242,216$

Capital contributions - - - 4,875 5,654,863 - 5,654,863 5,732,869

CHANGE IN NET POSITION (5,601,050)$ 681,327$ (6,282,377)$ 1,664,346$ (1,000,879)$ 6,315,010$ (7,315,889)$ 13,975,085$

Canaveral Port AuthorityIncome Statement YTD

May 2020

TOTAL SHIP RELATED OPERATING REVENUES

TOTAL NON-SHIP RELATED OPERATING REVENUES

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May 2020 May 2019ASSETS

CURRENT ASSETS

Cash and cash equivalents 81,201,366$ 46,706,361$ Cash and cash equivalents - restricted 47,369,179 129,740,923 Investments 470,444 469,974 Accounts receivable, net 2,270,422 7,142,595 Prepaid expenses 1,105,742 961,030 Due from other governmental units 3,566,170 5,270,147 Inventory 488,940 118,677 Other receivables, current 73,022 155,060

TOTAL CURRENT ASSETS 136,545,285$ 190,564,766$

NONCURRENT ASSETS

Cash & cash equivalents - restricted 12,152,138 12,152,138 Other receivables, long term 507,333 536,661 Capital Assets, Net of Accumulated Depreciation 699,359,358 607,825,736

TOTAL NONCURRENT ASSETS 712,018,829$ 620,514,534$

TOTAL ASSETS 848,564,114$ 811,079,301$

DEFERRED OUTFLOWS OF RESOURCES 511,712$ 548,092$

LIABILITIES AND NET POSITION

CURRENT LIABILITIES

Accounts payable and accrued expenses 10,281,256$ 4,314,018$ Accrued compensated balances 830 - Unearned Revenue 1,749,846 1,769,993 Payroll and sales tax payable (17,444) 181,561 Revenue bonds payable, current - 10,295,350 Line of credit 14,949,729 15,985,543 Other liabilities, current 72,619 123,627 Payable from restricted assets: Accrued interest payable - 4,762,991 Revenue bonds payable, current - 250,000

TOTAL CURRENT LIABILITIES 27,036,836$ 37,683,081$

NONCURRENT LIABILITIES

Revenue bonds payable, less current portion 406,011,984$ 383,745,721$ Line of credit 30,786,492 14,574,632 Other noncurrent liabilities 3,584,865 3,534,954

TOTAL NONCURRENT LIABILITIES 440,383,341$ 401,855,307$

TOTAL LIABILITIES 467,420,177$ 439,538,388$

NET POSITION

Invested in capital assets, net of related debt 295,353,296$ 313,263,505$ Restricted for future debt service 12,152,138 12,152,138 Unrestricted 73,871,507 46,673,362

TOTAL NET POSITION 381,376,941$ 372,089,005$

TOTAL LIABILITIES AND NET POSITION 849,075,826$ 811,627,393$

Canaveral Port AuthorityStatements of Net Position

May 2020

32

Meeting Date

June 24, 2020

AGENDA ITEM REQUEST

Section:

Item Number:

Department: Finance

Requested Action: Consideration for approval of the Financial Reports for May 2020 (PatriciaPoston)

A. Statistical Report

B. Aging Report

C. List of Bills

D. List of Disposals - None

E. Attorney Fees

F. Commissioner Expenses





Financial Review:

Attachments:

REPORTS_FIN_STATISTICAL_06242020.pdf

REPORTS_FIN_AGING_06242020.pdf

REPORTS_FIN_LIST_OF_BILLS_06242020.pdf

REPORTS_FIN_LEGAL BILLS_06242020 Public.pdf

REPORTS_FIN_COMMISSIONER MINOR EXPENSES_06242020 Public.pdf

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https://legistarweb-production.s3.amazonaws.com/uploads/attachment/pdf/622677/REPORTS_FIN_STATISTICAL_06242020.pdfhttps://legistarweb-production.s3.amazonaws.com/uploads/attachment/pdf/622776/REPORTS_FIN_AGING_06242020.pdfhttps://legistarweb-production.s3.amazonaws.com/uploads/attachment/pdf/622678/REPORTS_FIN_LIST_OF_BILLS_06242020.pdfhttps://legistarweb-production.s3.amazonaws.com/uploads/attachment/pdf/622679/REPORTS_FIN_LEGAL_BILLS_06242020_Public.pdfhttps://legistarweb-production.s3.amazonaws.com/uploads/attachment/pdf/622681/REPORTS_FIN_COMMISSIONER_MINOR_EXPENSES_06242020_Public.pdf

YTD FY2020 YTD FY2019 % May 2020 May 2019 % Cargo 266 248 7.26% 27 30 -10.00% Layberth / Other 39 23 69.57% 2 5 -60.00% Cruise & Gaming 690.5 930.5 -25.79% 30.0 119 -74.79%

995.5 1,201.5 -17.15% 59.0 154 -61.69%3,304.5 1,601 106.40% 397.0 194 104.64%

Aggregate 659,920 643,202 2.60% 79,590 124,926 -36.29%Containers 4,842 4,054 19.44% 418 238 75.59%Dry Bulk Cargo 552,082 686,616 -19.59% 89,496 109,802 -18.49%General Misc / Break Bulk Cargo 20,577 12,241 68.10% 3,944 2821 39.82%Juice 1,572 3,266 -51.88% 0 1926 -100.00%Lumber ( 164,595 1000'sBF / 143,435 1000'sBF)242,391 212,796 13.91% 37,550 27,904 34.57%Machinery, Equipment (W/M) 3,092 910 239.67% 0 64 -100.00%Newsprint 41,916 42,034 -0.28% 5,022 -100.00%Petroleum 1,898,965 2,810,101 -32.42% 146,259 313,110 -53.29%Ro/Ro (3,246 / 6,406) 10,078 19,033 -47.05% 1,172 1,461 -19.74%

3,435,433 4,434,252 -22.53% 358,430 587,274 -38.97% 6,459,338$ 5,981,041$ 8.00% 711,797$ 791,456$ -10.06%

514,002$ 237,209$ 116.69% 53,658$ 30,313$ 77.01%GRAND TOTAL CARGO / OTHER REVENUE: 6,973,341$ 6,218,249$ 12.14% 765,455$ 821,769$ -6.85%

CONTAINERS-# LOAD 349 TEU'S 359 363 TEU'S 370 29 TEU'S 29 20 TEU'S 20 CONTAINERS-# EMP'Y 841 TEU'S 842 378 TEU'S 380 67 TEU'S 68 17 TEU'S 17

CANAVERAL PORT AUTHORITYSTATISTICAL REPORT FOR May 2020

Updated: 6/14/20SHIP CALLS:

TOTAL SHIP CALLS:SHIP DAYS ON BERTH:

CARGO TONNAGE (short tons):

TOTAL CARGO TONNAGE:CARGO REVENUE:LAYBERTH/OTHER REVENUE:

35

YTD FY2020 YTD FY2019 % May 2020 May 2019 %* Rev. Psgrs. = both embarking and disembarking passengers

MULTI-DAY CRUISE PASS'GERS: PSGRS VOY'G PSGRS VOY'G * PSGRS VOY'G PSGRS VOY'GCarnival Cruise Lines

Breeze - HP 180,993 27 286,781 33 -36.89% 34,839 4 -100.00%Elation - HP 163,180 38.5 18,260 4 793.65% 18,260 4 -100.00%Liberty - HP 319,003 51 477,252 69 -33.16% 62,872 9 -100.00%Magic - HP 3Sunshine - HP 206,394 31 -100.00% 17,676 3 -100.00%Victory - HP 1CCL Victory Dry Dock Support Vessels 3Aida Diva (CCL Affiliate) - POC 1,988 1 1,994 1 -0.30%Aida Luna (CCL Affiliate) - POC 6,813 3 6,906 3 -1.35%Aurora (CCL Affiliate) - POC 1,740 1 100.00%Queen Victoria (CCL Affiliate) - POC 1,859 1 1,850 1 0.49%Veendam (CCL Affiliate) - POC 1,037 1 983 1 5.49%Ventura (CCL Affiliate) - POC 2,958 1 -100.00%Zaandam (CCL Affiliate) - POC 1,066 1 100.00%Zuiderdam (CCL Affiliate) - POC 1,659 1 -100.00%

Disney Cruise LinesDream - HP 353,545 59.5 533,717 70 -33.76% 4.0 67,129 9 -100.00%Fantasy - HP 173,178 31.5 251,573 34.5 -31.16% 1 27,545 4.0 -100.00%Magic - POC 5,106 11 7,820 3 -34.71% 1Wonder - HP 29,751 6 -100.00%

Norwegian Cruise LinesBliss - POC 45,839 10 100.00%Breakaway - HP 132,425 18 100.00% 1Dawn - POC 2 2,721 1 -100.00% 2 2,721 1 -100.00%Epic - HP 3,918 2 209,743 24 -98.13%Escape - POC 4,969 3 83,704 17 -94.06%Gem - POC 2,711 2 10,985 4 -75.32% 1Getaway - POC 2 9,738 2 -100.00% 2Jade - POC 2,915 1 -100.00%Pearl - POC 2,249 1 2,999 1 -25.01%Spirit - HP 1Sun - HP 134,428 40.5 59,783 15 124.86% 2 37,120 9 -100.00%Crystal Symphony (NCL Affiliate) - POC 668 1 -100.00%

Insignia (NCL Affiliate) 3 558 1 -100.00% 3Marina (NCL Affiliate) - POC 1,000 1 -100.00%Seven Seas Explorer (NCL Affiliate) - POC 1Seven Seas Navigator (NCL Affiliate) - POC 399 1 -100.00%

Other Cruise Lines - POC Amadea - POC 487 1 -100.00%Spirit of Discovery - POC 512 1 100.00%

Royal Caribbean Int'lAdventure of the Sea - POC 2,823 1 2,786 1 1.33%Anthem of the Seas - POC 41,496 9 57,319 12 -27.61%Enchantment of the Seas - HP 321,425 62 -100.00% 2,683 1 -100.00%Grandeur of the Seas - POC 25,751 12.5 16,739 8 53.84%Harmony of the Seas - HP 292,727 32.5 55,456 5 427.85% 3.0 55,456 5 -100.00%Mariner of the Seas - HP 353,520 49.5 57,742 8 512.24% 57,742 8 -100.00%Navigator of the Seas - POC 2,134 1 -100.00%Oasis of the Seas - HP 2 316,942 26 -100.00% 2Rhapsody of the Seas - POC 3,152 1 -100.00%Symphony of the Seas - POC 5,141 1 -100.00%Mein Schiff 1 (RCI Affiliate) - POC 8,555 3 100.00%Mein Schiff 6 (RCI Affiliate) - POC 7,342 3 -100.00%

2,261,431 429.5 3,059,776 456.5 -26.09% 0 22.0 384,043 57.0 -100.00%

Victory 1 91,973 261 171,966 474 -46.52% 1,849 8 22,770 62 -91.88% TOTAL GAMING VESSEL PASSENGERS: 91,973 261 171,966 474 -46.52% 1,849 8 22,770 62 -91.88% TOTAL CRUISE/GAMING PASSENGERS: 2,353,404 690.5 3,231,742 930.5 -27.18% 1,849 30.0 406,813 119.0 -99.55%

42,536,904$ 52,455,289$ -18.91% 428,821$ 6,935,533$ -93.82%

712,249$ 1,326,337$ -46.30% 15,057$ 176,235$ -91.46%

GRAND TOTAL CRUISE / GAMING REVENUE: 43,249,153$ 53,781,626$ -19.58% 443,879$ 7,111,767$ -93.76%

50,222,494$ 59,999,876$ -16.30% 1,209,334$ 7,933,536$ -84.76%GRAND TOTAL CARGO/CRUISE/GAMING REVENUE:

TOTAL MULTI-DAY PASS'GERS:

TOTAL MULTI-DAY CRUISE REVENUE:

GAMING VESSEL PASS'GERS:

TOTAL GAMING VESSEL REVENUE:

* CRUISE PASSENGERS

CANAVERAL PORT AUTHORITY

STATISTICAL REPORT FOR APRIL 2020

36

INTERNAL MEMORANDUM TO: Commissioners of Canaveral Port Authority John Murray, CEO FROM: Pat Poston, Senior Finance Director DATE: June 17,2020 SUBJECT: Account Receivable Update

The following is a brief update of the Accounts Receivable billing and collection process: Staff continues to work with our customers to ensure collection and credit of accounts. Staff has been working closely with our customer and business partners to maintain a current billing and account balance status. Most of our accounts are in line as evidenced by the 89% with balances in less than 30 day. We are working with all others to bring accounts current.

Attached is the aging report as of June 16, 2020. The Current accounts are 89.4% of total Accounts Receivable of $2,266,961. We will send any necessary collection notices for violations and assess the applicable late fees. The updated aging results will be provided at the meeting on June 24, 2020. The following accounts are due to/have been sent notices of action and late fee assessments. Abavision Supply Co. Flexboat USA Holdings Fillette Green Shipping Glover Oil 888 Taxi LLC Inboard Marine Center, LLC Cove Merchants Assoc. Pirates Best Marine, LLC

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Canaveral Port Authority 6/16/2020Company Name Current 31-60 61-90 >90 TotalCompany Name 0-30 31-60 61-90 90+ Total

888 Taxi LLC -$ 675.00$ 45,000.00$ 35,000.00$ 80,675.00$ 745 Holding Company, Inc. -$ -$ -$ 19.92$ 19.92$ Abavision Supply, Co 19,468.67$ 20,051.63$ 19,468.67$ -$ 58,988.97$ Ambassador Services, INC 354,512.39$ -$ -$ -$ 354,512.39$ Ambassador Services, LLC 143,922.34$ -$ -$ -$ 143,922.34$ Beyel Brothers, Inc. 3,042.38$ -$ -$ -$ 3,042.38$ Canaveral Hospitality LLC -$ 33.01$ -$ -$ 33.01$ Canaveral Port Properties 978.42$ -$ -$ -$ 978.42$ Cape Concepts, LLC -$ 71.78$ -$ -$ 71.78$ Civil and Marine, Inc. 18,064.91$ -$ -$ -$ 18,064.91$ Cove Merchants Assoc. 418.00$ 400.00$ 400.00$ -$ 1,218.00$ Fillette Green Shipping Services (USA) Corp 67,691.49$ 21,343.76$ -$ -$ 89,035.25$ Flexboat USA Holdings, LLC 4,948.99$ 4,803.15$ 4,803.15$ 4,919.01$ 19,474.30$ Florida Biplanes 2,283.85$ -$ -$ -$ 2,283.85$ Ford Motor Company 78,408.00$ -$ -$ -$ 78,408.00$ GAC Shipping (USA) Inc 15,353.43$ -$ -$ -$ 15,353.43$ Glover Oil Co. 701.10$ 137.25$ -$ -$ 838.35$ GT USA LLC 27,080.40$ 27,982.17$ -$ (1,168.43)$ 53,894.14$ Inboard Marine Center LLC 2,748.81$ 2,668.05$ 1,168.05$ -$

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