Port Authority approves bigger budget

August 10, 2007
Wood pellet traffic on the rise
Daniel Carson

Amid expected increased operating revenues aided by new wood pellet traffic, the Panama City Port Authority unanimously approved its fiscal year 2007-08 budget Thursday.

Executive director Wayne Stubbs said the port’s operating revenues are budgeted to increase to $10.54 million in FY 2007-08, up from a projected $8.75 million for this fiscal year, which ends Sept. 30.

Operating expenses also are budgeted to rise almost $1.3 million, to $6.6 million, and the port’s 2007-08 capital budget of $10.35 million includes $6 million for the completion of a new bulk warehouse and conveyor system.

Of the roughly $1.8 million increase in operating revenues, Stubbs said about $1.5 million of those dollars would come from docking, wharfage and handling fees related to Green Circle Bio Energy-generated wood pellets.

“We’re basing it on 200,000 tons this fiscal year,” Stubbs said.
Green Circle has announced it could produce up to 550,000 pellet tons annually.

For more information click title