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Posted on: January 29, 2024

Port Financial News: Record Profits, Reporting Excellence

GALVESTON, TX (Jan. 29, 2024) – The Galveston Wharves has reported preliminary unaudited operating revenues of $67.4 million in 2023, a 27.5 percent increase over the prior year, and a net operating income of $24.5 million, a 55.4 percent increase over prior year. This represents the highest revenue and net operating income in the port’s history.

In related news, the port’s Finance Department has been awarded a national certificate of excellence for the Annual Comprehensive Financial Report (ACFR) for fiscal year 2022. 

2023 Financial Performance Highlights

The port’s 2024 budget forecasts are even higher, with projected operating revenues of $72.5 million, operating expenses of $35.5 million, and a net income of $37 million.

Rodger Rees, Galveston Wharves port director and CEO, said, “Record revenues allow the port to fund major expansion and maintenance projects to maximize port assets, generating regional economic growth and more jobs.” 

The port’s unaudited 2023 performance highlights include the following:

  • 3.6 million tons of cargo
  • A record-setting 1,490,532 cruise passenger embarkations, a 43.1 percent increase over the prior year
  • A record-setting 210,665 cruise-related cars parked, a 46.4 percent increase over the prior year
  • Top-to-bottom improvements to Cruise Terminal 25
  • Arrival of the port’s first brand-new ship, the Carnival Jubilee, in December of 2023
  • Awarding of $42.3 million in state funds for major cargo and transportation projects
  • $1,684,093 in payments to the city of Galveston, consisting primarily of local sales taxes, cruise passenger charges, and long-term parking fees 

Excellence in Financial Reporting

This is the 30th consecutive year that the Government Finance Officers Association of the United States and Canada (GFOA) has recognized the port. 

To earn the financial certificate of excellence, the port’s financial report was judged by an impartial review panel to meet the program’s high standards, including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the ACFR. 

Rees said, “Without the continuing hard work and dedication of an exceptional team, it would be difficult to achieve this honor. The award is testament to the port’s dedication to fiscal responsibility and sound financial management.”

View the 2022 ACFR, click here.

About the Galveston Wharves at the Port of Galveston:

Located at the entrance to Galveston Bay and the Houston Ship Channel, the Port of Galveston has been a thriving maritime commercial center since 1825. Just 45 minutes from open seas, the 840-acre port has infrastructure and assets to serve growing cruise, cargo and commercial businesses.  

The port is the fourth most popular cruise home port in the U.S. The port also leases and maintains a wide range of cargo facilities on the deep-water Galveston Harbor, which is ranked among the top 50 busiest U.S. cargo waterways. The Galveston Wharves is a self-sustaining city entity whose mission is to generate and reinvest port revenues to benefit the Galveston community with economic growth, jobs and sales tax revenues.

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