Financial report reveals $300K shortfall amid hurricane recovery expenses

The Lake Charles Harbor and Terminal District reported mixed financial results for November 2023 during their regular meeting on December 18, 2023. The district generated revenues of $3.5 million, falling short of expectations by $300,000, primarily due to timing issues with Bayride operations. On the expense side, total costs reached $3 million, also unfavorable by $300,000, driven by ongoing legal expenses, increased insurance costs, and higher employee medical expenses. However, the district anticipates receiving a reimbursement related to its insurance policy.

Non-operating revenues and expenses were similarly unfavorable, totaling $100,000, largely attributed to asset write-offs typically conducted at year-end. The district reported an EBITDA of $400,000 and generated cash flow of $1 million.

On the balance sheet, the district noted significant changes due to hurricane recovery efforts and adjustments related to GASB 87. A notable highlight was a substantial increase in fixed assets, which rose by approximately $40.7 million year-over-year. This increase is largely due to the completion of rehabilitation projects for parts 2 and 3, which have now transitioned from construction progress to fixed assets.

The meeting concluded with an invitation for questions regarding the financials, indicating a commitment to transparency and stakeholder engagement as the district navigates its financial landscape.