Bill Type and Number: Ordinance 2007-184

Sponsor: Council President at the request of the Jacksonville Port Authority

Date of Introduction: February 13, 2007

Committee(s) of Reference: F

Date of Analysis: February 16, 2007

Type of Action: Budget amendment

Bill Summary: The bill retroactively amends the Port Authority’s FY2005-06 budget to reflect actual revenues and expenditures in excess of original budgeted amounts. The bill increases total operating revenues from $36,517,378 to $38,492,123 and increases total operating expenditures $24,946,982 to $27,997,992. Non-operating revenues and expenditures are also increased substantially.

Background Information: City Council approval is required for the Port Authority to exceed its budgeted expenditures for the fiscal year. The increase in operating expenditures was largely due to the cost of dredging during the fiscal year, which increased from $1.5 million to nearly $4.8 million. To the Authority’s benefit, both operating and non-operating revenues were substantially higher than budgeted, providing the necessary funds to cover the additional operating costs.

Policy Impact Area: Balanced budget

Fiscal Impact: The bill increases the JPA’s budgeted revenues and expenditures for the 2005-06 fiscal year to reflect actual performance during the year.

Analyst: Clements