Port of Lake Charles adopts 2024 budget; budgets about $172 million in capital projects
December 18, 2023 | Associated Branch Pilots for the Port of Lake Charles, Boards & Commissions, Organizations, Executive, Louisiana
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The Lake Charles Port Authority board voted Dec. 18 to adopt the port’s 2024 operating, non‑operating and capital budgets. Staff presented revenue and expense projections and a multi‑year capital plan before the board approved the measure by voice vote.
Staff told commissioners the 2024 capital program totals about $172 million, most of which is already underway; roughly $48 million is expected to be port‑funded in 2024, and about $9 million represents the port’s net out‑of‑pocket portion after anticipated reimbursements. Operating revenues were projected at about $48.1 million for 2024 (an increase of roughly $3.5 million over 2023), with operating expenses of about $33.6 million. Staff said net income is forecast at approximately $2.7 million and cash flow above $15 million.
On capital timing, staff noted a large share of 2024 spending is FEMA‑reimbursable for hurricane‑related projects and that ongoing projects account for the majority of the budget, with only about $8.7 million in brand‑new capital projects for 2024. Finance staff also explained that interest income is expected to decline as reserves are spent on capital and that fixed assets increased year‑over‑year after the completion and capitalization of recent rehab work.
The budget motion (submission 2023‑072) was moved by Mister Johnson and seconded by Mister Guidry; the board voted in favor and the chair declared the budget adopted. The meeting record does not list roll‑call vote counts by name.
The board packet lists individual capital projects and multi‑year estimates; staff said more detailed project timing and FEMA reimbursement schedules are included in the packet and will inform future cash‑flow reporting.
Staff told commissioners the 2024 capital program totals about $172 million, most of which is already underway; roughly $48 million is expected to be port‑funded in 2024, and about $9 million represents the port’s net out‑of‑pocket portion after anticipated reimbursements. Operating revenues were projected at about $48.1 million for 2024 (an increase of roughly $3.5 million over 2023), with operating expenses of about $33.6 million. Staff said net income is forecast at approximately $2.7 million and cash flow above $15 million.
On capital timing, staff noted a large share of 2024 spending is FEMA‑reimbursable for hurricane‑related projects and that ongoing projects account for the majority of the budget, with only about $8.7 million in brand‑new capital projects for 2024. Finance staff also explained that interest income is expected to decline as reserves are spent on capital and that fixed assets increased year‑over‑year after the completion and capitalization of recent rehab work.
The budget motion (submission 2023‑072) was moved by Mister Johnson and seconded by Mister Guidry; the board voted in favor and the chair declared the budget adopted. The meeting record does not list roll‑call vote counts by name.
The board packet lists individual capital projects and multi‑year estimates; staff said more detailed project timing and FEMA reimbursement schedules are included in the packet and will inform future cash‑flow reporting.
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