The Galveston Wharves ended 2020 with a positive cash flow despite the pandemic and the related suspension of our cruise business. How, you may ask, did we stay in the black while losing a major revenue source for most of the year?

Put simply, we had fewer expenses and succeeded in generating additional revenues. In 2020 income from operations, grants and investments totaled $29 million, while expenses totaled just over $27 million, leaving us with a positive cash flow of $2 million.

Rodger Rees is Port of Galveston port director and chief executive officer.

Recommended for you

(2) comments

Charlotte O'rourke

“we’ll amend the budget as needed”

It’s way past time to adjust projected revenues downward and freeze salaries and positions. You had a net loss for the year. You transferred $1.3 million internally restricted funds to operations. You cut port contributions to the pension fund.

The port increased job positions budgeted in 2021, but lost 60% of its revenues and all cruise work.

All Canadian cruises have been cancelled through February 2022. Port Canaveral adjusted their budget revenues downward again last month while our Galveston finance committee recommended waiting until the April board meeting to see what’s happening. Still can’t see the forecast?

Conservative budget and Realistic forecasts for coming months?

NUTS.

Charlotte O'rourke

NUTS = Not up to standards

Will the port please change the channel on its self congratulations and start outlining its plan on funding its portion of the third terminal if RCI decides to sign in April 2021?

And outline the port plan if the company doesn’t sign?

Even with cruises running out of terminals 1&2, the projected cash flow for the 3rd terminal and parking ROI were negative for the first several years. Without any cruise revenues, it will be a very, very difficult time for the port.

But is the port being conservative? NUTS.

The port needs to revise its budget ASAP and stop giving raises and bonuses and creating new jobs until we are out of a crisis especially when without the same amount of work the jobs should have been reduced ... not increased.

I hate to be negative ..... but ..... Why wasn’t this self evident? I would prefer to join in the self congratulation. Unfortunately, I can’t rejoice over the port’s performance this year.

The biggest mistake made in the year 2020 was the FAILURE to renegotiate terms with RCI in April 2020? And whether the company signs or doesn’t sign has serious financial impacts and obligations for the port.

Welcome to the discussion.

Real Names required. No pseudonyms or partial names allowed. Stand behind what you post.
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.

Thank you for reading!

Please log in, or sign up for a new account and purchase a subscription to read or post comments.