This year was a record-breaking one for the Panama City Port Authority, and the organization expects next year to be even better.

This year was a record-breaking one for the Panama City Port Authority, and the organization expects next year to be even better.
Executive Director Wayne Stubbs told the City Commission on Tuesday evening this year has been a good one, and next year revenues are expected to increase by about $1 million.
Stubbs presented the port’s budget for the 2011-2012 fiscal year to the City Commission. It will be included in the city’s overall budget.
According to a letter written by Stubbs to City Manager Ken Hammons, the port projects a 9 percent increase in revenue and a 3 percent increase in operating income for the upcoming fiscal year, which starts Oct. 1.
Operating revenue is budgeted at $12.2 million for the 2011-2012 fiscal year, up from the projected revenue of this fiscal year of $11.09 million. Operating income is budgeted for $5.07 million, up from a projection of $4.9 million for this fiscal year.
The revenue increases are attributed to “increased tonnage across the board with containerized cargo, copper imports, kraft linerboard exports and wood pellet exports all increasing,” according to the letter. Increased activity from Berg Pipe and Oceaneering International also is expected, which will increase revenue.
The port’s capital budget includes increasing container handling capacity, dredging the berth area, improving berth strength and increasing on-port rail capacity. Design work for a distribution warehouse is also planned.www.realty-dejavu.com