USVI Public Records

Document text

THE VIRGIN ISLANDS PORT AUTHORITY FISCAL YEAR 2023 OPERATING AND CAPITAL BUDGET SUMMARY STATEMENT Operating and Capital Budget –Summary Statement Fiscal Year 2023 2 | P a g e Table of Contents I. Introduction ......................................................................................................................................... 3 The Authority .......................................................................................................................................... 3 FY2023 Budget in Overview .................................................................................................................. 3 The Numbers at a Glance ....................................................................................................................... 4 II. Forecast of U.S.V.I. Air and Cruise Passengers ............................................................................... 5 III. Strategic Goals and Initiatives ........................................................................................................... 6 IV. Budget Summaries .............................................................................................................................. 7 Operating Budget Summary .................................................................................................................. 7 Capital Budget Summary ..................................................................................................................... 11 Cash Flow Budget Summary ............................................................................................................... 12 APPENDICES -SCHEDULES 1-8 Operating and Capital Budget –Summary Statement Fiscal Year 2023 3 | P a g e I. Introduction Presented herewith is the budget for the Virgin Islands Port Authority (“VIPA” or “Authority”) for the fiscal year ending September 30, 2023 (the “FY2023 Budget”). The FY2023 Budget has been prepared in accordance with the budgetary policy established by the VIPA Governing Board in the statement of Financial Policies for the Virgin Islands Port Authority. The Authority The Authority was established by Virgin Islands law (Act No. 2375) as a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands. Its statutory purpose is to own, manage and operate the air and marine ports and facilities and to control the harbors of the U.S. Virgin Islands and to make economic and other benefits available “in the widest economic manner” to promote the general welfare and to increase commerce and prosperity. The Authority is expected to be financially self-sufficient and does not receive funding from the General Fund of the Government of the Virgin Islands. Accordingly, it is statutorily authorized to charge and collect fees, dues and charges for the use of its facilities. Through its Aviation Division, the Authority owns and operates two airports: The Cyril E. King Airport (CEKA) on St. Thomas and the Henry E. Rohlsen Airport (HERA) on St. Croix. Through its Marine Division, the Authority owns and operates marine cargo and passenger facilities on St. Thomas, St. Croix, and St. John. FY2023 Budget in Overview In the aggregate, the FY2023 Budget anticipates operating expenses, excluding depreciation, of $65.9M, debt service cost of $8.1M and capital expenditures of $192.2M for a total outlay of $266.2M. FY2023 Bdgt. FY2022 Bdgt. FY2021 Un.* FY2020 Act.* FY2019 Act.* FY2018 Act.* Operating Expense[1] $65,898 $64,602 $51,932 $46,992 $46,839 $52,633 Debt Service 8,094 4,649 4,560 4,555 4,553 4,556 Transfers 0 0 0 0 0 0 Renewal and Replacement 0 0 0 0 0 0 Capital Expenditure 192,193 132,477 27,261 27,261 17,608 26,272 Total $266,185 $201,728 $83,753 $78,808 $69,000 $83,461 Depreciation Expense $16,577 $16,577 $17,224 $17,756 $16,285 $21,049 Table 1: FY2023 Budget Aggregate Outlays (In $1,000's) [1] Excluding depreciation. *Excludes GASB Non-cash Adjustments Operating and Capital Budget –Summary Statement Fiscal Year 2023 4 | P a g e These outlays are funded by $72.7M from current revenues (operating fees and charges), $697K from passenger facility charges, $700K from car rental facility charges, $168.9M from capital grants, $10.6M from cash on hand, $6.4M from the American Rescue Plan Act (ARPA), $2.9M from Virgin Islands local grants and $3.4M from debt funded marine proceeds- a total of $266.2M. [See Table 2] The Numbers at a Glance • Fiscal Year 2023 revenues of $72.7M are $10.9M higher (↑18%) when compared to the $61.8M budgeted for FY2022; however, when compared to the estimated FY2022 revenue collections of $60.7M (See Schedule 4), FY2023 revenues of $72.7M are $12M higher (20%) as a result of: ▪ Aviation – When compared to estimated FY2022 revenues of $35.8M (See Schedule 5), aviation revenues for FY2023 of $36.7M are $900K higher (↑3%). As depicted below, aviation passenger activity in FY2023 will be correlated to expected increased air traffic: ▪ CEKA is expected to end FY2023 with approximately 750,000 enplaned passengers – (↑10%) percent from the 681,000 of FY2021. ▪ HERA is expected to end FY2023 with approximately 200,000 enplaned passengers – same as the recorded 200,000 in FY2021. FY2023 Bdgt[1] FY2022 Bdgt FY2021 Bdgt Operating Revenues $72,702 $61,842 $38,192 Anticipated Subsidy 0 12,000 10,000 Renewal & Replacement Reserve 0 0 0 Passenger Facility Charges 697 2,415 4,898 Car Rental Facility Charges 700 700 700 Capital Grants 168,851 100,976 64,860 Cash Reserves & Other 10,588 5,000 6,000 CARES Act 0 7,140 16,955 ARPA Act 6,400 4,163 . Insurance Funds 0 0 2,335 VI Local Grants 2,874 4,150 3,618 Debt Funded Marine Projects 3,373 3,342 2,857 $266,185 $201,728 $150,415 [1] FY 2023 Cash Flow Budget Table 2: FY2023 Budget Aggregate Resources (In $1,000's) [2] Operating and Capital Budget –Summary Statement Fiscal Year 2023 5 | P a g e ▪ In total VIPA should have approximately 950,000 enplanements for FY 2023 – (↑8%) percent from the approximately 881,000 in FY2021. ▪ Marine – When compared to FY2022 estimated revenue collections of $24.9M (See Schedule 6) and marine revenues anticipated for FY2023 of $36M are $11.1M higher (↑45%). Marine cruise passenger activity is expected to increase in FY2023 from continued recovery following the COVID-19 pandemic: ▪ St. Thomas is expected to end FY2023 with approximately 1,600,000 cruise passengers. ▪ St. Croix is expected to end FY2022 with approximately 100,000 cruise passengers. ▪ In total, VIPA is expecting 1.7M cruise passengers to come through its seaports. • Fiscal Year 2023 core operating expenses of $65.9M reflects a (↑16%) increase when compared to the FY2022 year-end estimate of $56.8M. When measured against last year’s budgetary expenses of $64.6M, core operating expenses realized a $1.3M (↑2%) increase (Table 1). Using the FY2022 Budget (See Flux 3 - Analysis of Revenues, Expenses and Changes in Net Assets Excl. Depreciation), the assumptions underlying core operating expenses are as follows: ▪ Payroll costs are expected to increase by $3M (↑8.5%), largely because of finalized union negotiated salary increases for aviation, marine and administration and support positions. Also, critical new positions of $747K are needed for immediate hire. A vacancy hiring freeze on all support and marine positions will be implemented in FY23 to help stabilize the budget. ▪ Maintenance costs are expected to increase by $488K (↑12%) mainly to address various issues pertaining to CEKA and HERA and to prepare for receiving more cruise ships in FY2023. ▪ Materials and supplies are anticipated to increase by $167K (↑8%) ▪ Professional services budget is expected to increase slightly by $3K (↑.043%) ▪ Insurance budget will decrease by -$818K (-12%), FY2022 estimates show lower trend cost of insurance. ▪ Utilities budget is expected to decrease by -$207K (-4%). ▪ Travel and related expenses are expected to increase by $56K (↑7%). ▪ Other expenses budget is expected to decrease by -$223K (-25.4%) in order to help balance critical deficits in FY2023 Budget. II. Forecast of U.S.V.I. Air and Cruise Passengers Local and federal recovery efforts made since the COVID-19 pandemic, have helped air/cruise passenger traffic see significant increases in passenger arrivals and enplanements. VIPA recorded air enplanements of 881,000 passengers in FY2021 despite recovery and COVID-19 presence in Operating and Capital Budget –Summary Statement Fiscal Year 2023 6 | P a g e the territory. Currently, the 1st half of Fiscal year 2022 has shown passenger traffic over 580K passengers and VIPA is optimistic that traffic will continue on a upward rate well into FY2023. [Table 3] below shows the last five years of total arriving U.S.V.I. air and cruise passengers, as well as an estimate for 2022 and forecast for 2023 are shown below: This forecast assumes air and cruise ship schedules continue in a similar manner as they are with increased calls to St Thomas and St Croix ports. Based on data from the last six months of 2022 fiscal year, the number of total air and cruise passengers to the U.S.V.I. is expected to increase from the previous year. III. Strategic Goals and Initiatives The FY2023 budget embodies several strategic goals and initiatives. These include: • Continuation of critical Aviation and Marine Capital Projects • Rebuild and harden Port Authority Assets • Hiring of critical positions such as Police and Firefighters in St Thomas and St Croix • Operating efficiently to help pay back short-term debt obligations in the Marine Division • Financial “|Reset” for Marine Sector with vacancy hiring freezes in Marine and Support divisions of VIPA. 2023B 2022P 2021A 2020A 2019A 2018A Cruise 1698 850 32 902 1,710 1,169 Air 950 900 881 547 833 573 Table 3: Passengers (In 1,000's) Operating and Capital Budget –Summary Statement Fiscal Year 2023 7 | P a g e IV. Budget Summaries Operating Budget Summary In summary, as presented in Table 4 above, the FY2023 operating budget is based on $72.7M in combined Aviation and Marine operating revenues and $81.7M (see Schedule 1) in operating expenses (including depreciation expense of $16.6M), resulting in operating loss of -$9M. Non- operating revenues of $3M (primarily passenger and customer facilities charges) are offset by - $1.7M in interest expense (on long term debt), for a net contribution of $1.4M. An additional $169M in capital grant contributions, ARPA ACT reimbursement of $6.4M and $2.9M in local government grants results in net assets of $170.5M. Excluding depreciation expense, operating revenues are more than operating expense by $7.6M. (In $1,000's) FY 23 Bdgt FY 22 Bdgt Aviation Revenues $36,738 $34,240 Marine Revenues 35,963 27,602 Total Operating Revenues $72,701 $61,842 Operating Expense 65,150 64,602 Depreciation Expense 16,577 16,577 Operating Income (Loss) -$9,026 -$19,337 Non-Operating Revenue(Expense), net 1,372 1,446 Insurance Funds 0 0 Capital Contributions 168,851 100,976 Anticipated Federal Subsidy 0 12,000 CARES Act Reimbursement 0 7,140 ARPA Act Reimbursement 6,400 4,163 VI Local Grants 2,874 4,150 Change in Net Assets $170,471 $110,538 EBID1 $7,551 -$2,760 1 Earnings Before Interest & Depreciation. Table 4: FY2023 Operating Revenue & Expense Summary[1] Table 5: Revenue & Expense Contribution (In $1,000's) Aviation Marine Admin & Gen FY23 Total Operating Revenues $36,738 $35,963 $0 72,701 Operating Expense 23,664 17,840 22,639 64,143 Admin & Gen Exp. Allocated 13,242 10,404 (22,639) 1,007 Admin & Gen Deprec. Allocated 282 221 (503) 0 Depreciation Expense 11,071 5,002 503 16,576 Operating Expenses 48,259 33,467 0 81,726 Operating Income (Loss) -$11,521 $2,496 $0 -$9,025 EBID -$168 $7,719 $0 $7,551 Operating and Capital Budget –Summary Statement Fiscal Year 2023 8 | P a g e Table 5 shows that the Aviation Division is expected to contribute $36.7M in operating revenues (or 51%) of the total operating revenues ($72.7M) and incur $48.3M (or 59%) of total operating expenses ($81.7M); resulting in a shortage of revenues below expenses of -$168K on a cash basis (excluding depreciation). The Marine Division is expected to generate operating revenues of $36M (49%) of the total operating revenues and incur operating expenses of $33.5M (41%) of total operating expenses of $81.7M; thereby producing a overage of revenues above expenses of $7.7M – on a cash basis (excluding depreciation). Administration and General (A&G) expenses are budgeted at $22.6M on a cash basis excluding depreciation. Of this, $13.2M (56%) is allocated to the Aviation Division and $10.4M (44%) is allocated to the Marine Division. The A&G allocated amounts comprise 36% of the Aviation Division operating expense budget and 37% of the Marine Division’s operating expense budget – excluding depreciation. In FY2023, the operating revenue budget for the Aviation Division reflects the rates and tariffs amended April 1, 2022. For the Marine Division, FY2023 projected revenues of $36M are $11M higher (44%) than FY2022 projections. The following underlying assumptions were utilized in deriving marine revenue estimates: • Marine revenues are expected to increase due to increases in passenger activity from cruise ships. 456 Vessel Calls confirmed in FY2023. ➢ (Information from Wico Schedule as 06/10/22) Table 6: Aviation Revenue Summary (In $1,000’s) FY 23 Bdgt FY 22 Proj. FY 21 Act FY 20 Act. FY 19 Act FY 18 Act Aircraft Fees $6,263 $6,263 $6,265 $2,940 $4,793 $2,816 Rental Income 5,325 5,325 4,959 5,919 4,995 4,973 Commissions & Fees 25,150 24,173 20,027 11,997 20,482 8,771 Operating Revenues $36,738 $35,761 $31,251 $20,856 $30,270 $16,560 FY 23 Bdgt FY 22 Proj. FY 21 Act FY 20 Act. FY 19 Act FY 18 Act Rental Income $5,243 $5,243 $6,116 $4,902 $5,320 $4,718 Commission & Concession Fees 1,270 1,270 819 773 265 147 Marine Fees & Dues 29,450 18,434 6,492 16,955 26,676 19,400 Total $35,963 $24,947 $13,427 $22,630 $32,261 $24,265 Table 7: Marine Revenue Summary ($1,000's) Operating and Capital Budget –Summary Statement Fiscal Year 2023 9 | P a g e As summarized in Table 8, the FY2023 payroll expense budget totals $38.6M. It consists of $24M in payments to employees, $6.1M in payroll taxes and mandatory employer contributions, and $5.5M in employee health insurance costs. FICA is assessed at 7.65% for payments to employees (up to $127K); employer contributions to Virgin Islands Government Employee Retirement System (GERS) is assessed at the rate of 20.5% (up to $65K); and workers’ compensation insurance is assessed at $240 per employee per year. The ADEC amount of $2.9M is related to a liability associated with GERS. The $38.6M budgeted for FY2023 is $443K (1%) more than estimated in FY2022, and $7.8M (26%) more than unaudited actuals through September 30, 2021. The reason for this increase is largely due to negotiated salary increases for aviation, marine and administration/support positions. In FY2023, there are 386 full-time equivalents (FTE) positions, as follows: FY2023 FTE POSITION SUMMARY Division Count Payroll Costs Aviation 119 $ 5,848,395 Marine 84 $ 5,036,290 Support 183 $ 10,930,824 Total 386 $ 21,815,509 The chart above shows the number of positions and associated payroll costs (excluding fringe) among the aviation, marine and support divisions. Of the 386 total positions, there are sixty-three (63) vacancies at $3,047,406; twenty-nine (29) in the Aviation Division at $1,286,529 and thirty- four (34) in the support divisions at $1,760,877. Table 8: Payroll Cost Summary ($1,000's) FY 23 Bdgt FY 22 Est. FY 21 Un. FY 20 Act. FY 19 Act. FY 18 Act. Salaries & Wages $21,816 $19,001 $17,111 $15,534 $14,387 $13,812 Overtime & Other Pay 2,229 7,300 2,883 2,397 2,528 1,936 Payments to Employees $24,045 $26,301 $19,994 $17,931 $16,915 $15,748 FICA, Retirement & Wkrs Comp 6,071 6,559 5,388 4,657 4,072 3,995 Health, Dental & Life Insurance 5,517 5,252 5,337 4,963 4,153 4,468 ADEC 2,922 0 0 0 0 0 Total Expenses $38,555 $38,112 $30,719 $27,551 $25,140 $24,211 *Excludes GASB68 Non-Cash Adjustments Operating and Capital Budget –Summary Statement Fiscal Year 2023 10 | P a g e As presented in Table 9A, operating expenses, excluding payroll and depreciation expense, is budgeted at $26.6M in FY2023; 52% ($7.9M) higher when compared to the estimated expenses of $18.7M for FY2022. Table 9B provides a comparative breakdown of operating expenses by major expense categories. For FY2023, core expenditures are expected to change across the following expenditure categories compared to FY2022 (See Schedule 4): • Maintenance costs are expected to increase by $3.1M (↑188%). • Materials, Supplies Other Services are expected to increase by $3.6M (↑64%). • Insurance costs are expected to decrease by -$94K (-2%). • Utilities cost is anticipated to increase by $317K (↑7%). • Other Operating Expenses is expected to increase by $1.M (236%). Table 10 summarizes the debt service which includes Marine Bond debt service principal combined of $2.9M and interest of $1.6M for a total debt service of $4.5M. Table 9A: Summary of Operating Expenses, Excl. Personnel & Depreciation (In $1,000's) FY 23 Bdgt FY 22 Est. FY 21 Un. FY 20 Act. FY 19 Act. FY 18 Act. Aviation $12,979 $9,356 $10,616 $9,745 $11,540 $10,955 Marine 8,519 6,777 7,005 7,305 7,106 7,549 Admin & General 5,099 2,521 3,591 2,390 3,052 9,918 Combined $26,597 $18,654 $21,212 $19,440 $21,698 $28,422 Table 9B: Summary of Operating Expenses by Major Line Items (In $1,000's) FY 23 Bdgt FY 22 Est. FY 21 Un. FY 20 Act. FY 19 Act. FY 18 Act. Repairs & Maintenance $4,690 $1,626 $2,202 $3,072 $3,321 $3,881 Materials, Supplies & Prof. Other Services 9,222 5,624 6,385 5,808 6,467 14,068 Insurance 6,075 6,169 6,313 5,215 4,630 3,409 Utilities 5,103 4,786 5,974 4,943 6,708 5,320 Other Operating Expenses 1,506 448 339 403 573 1,744 Total $26,596 $18,653 $21,213 $19,441 $21,699 $28,422 Principal Interest Total Marine Revenue Bonds, Series A,B &C $2,915 $1,584 $4,499 Total Debt Service $2,915 $1,584 $4,499 Table 10: FY 2023 Debt Service Summary (In $1,000's) * Amount $29M, Interest 4.0%, Term 20 years Operating and Capital Budget –Summary Statement Fiscal Year 2023 11 | P a g e Capital Budget Summary The FY2023 capital budget is outlined in the FY2023 Capital Budget Project Listing (See Schedule 7). As delineated in Table 11, the capital budget totals $192.2M of which $82.8M is for Aviation Division capital, $109.3M for Marine Division capital and $65K for Administration and General. The Vehicles budget of $195K are mainly consisted of vehicles specific to aviation operations. Office Improvements & Equipment for FY2023 included much needed tools and equipment for operations. The bulk of the capital budget, totaling $191.8M is for major upgrades and expansion to aviation facilities ($82.5M) and marine facilities ($109.3M). Table 12 summarizes the sources of funding for the capital expenditure budget. In total, the Authority’s FY2023 capital program is funded by $17.1M from internal sources, $168.9M from capital grants, $3.4M from bond proceeds and $2.9 from Virgin Island government grants. The Aviation Division capital budget is financed by $14.9M from operating revenues; approximately $697K from PFC revenues; $700K from CFC revenues and $66.6M from capital grants. The Marine Division’s capital budget is funded by $745K from operating revenues; $102.3M from capital grants, $3.4M from bond proceeds and $2.9M from local government grants. Aviation Marine A&G Total Vehicles -Utilities & Light Trucks $130 $0 $65 $195 Office Improvements, Furniture & Equipment $192 $0 $0 $192 Facilities Upgrade & Expansion $82,522 $109,285 $0 $191,807 $82,844 $109,285 $65 $192,194 Table 11: Capital Budget Summary(In $1,000's) Funding Source Aviation Marine A&G Total Net Operating Revenues** $14,888 $745 $65 $15,698 PFC Revenues** 697 0 0 $697 CFC Revenues** 700 0 0 $700 Total Internal Sources $16,285 $745 $65 $17,095 Capital Grants 66,558 102,293 0 $168,851 Debt Funded Marine Capital Projects 0 3,373 0 $3,373 VI Local Grants 0 2,874 0 $2,874 Total Funding Sources $82,843 $109,285 $65 $192,193 Table 12: Capital Budget Summary by Funding Source ($1,000's) ** Includes Cash on Hand (from prior years' revenues) Operating and Capital Budget –Summary Statement Fiscal Year 2023 12 | P a g e Cash Flow Budget Summary Table 13 summarizes the sources and uses of cash thereby indicating how the operating expense, debt service, capital budgets and cash reserves are going to be financed (paid for) and utilized in FY2023. For VIPA, the major budgeted sources of cash are: $72.7M from operating revenues; $10.6M from Cash on Hand (unrestricted); $6.4M from the American Rescue Plan Act (ARPA); $697K from passenger facilities charges (PFC); $700K from Customer Facility Charges (CFC) for a total of $25.2M from internal sources. External sources of cash consist of $168.9M from capital grant FY23 $ Bgt. Change Operating Cash Received $36,738 $35,964 $72,702 $61,842 $10,860 Cash Used in Operating Activities -37,593 -28,304 -65,897 -64,602 -$1,295 Net Cash from Operating Activities -$855 $7,660 $6,805 -$2,760 $9,565 Cash on Hand 9,434 1153 10,587 5,000 $5,587 CARES ACT-Reimbursement 0 0 0 7,140 -$7,140 ARPA ACT-Reimbursement 6,400 0 6,400 4,163 $2,237 Anticipated Subsidy 0 0 0 12,000 -$12,000 Internal Cash Transfer –Unrestricted 0 0 0 0 $0 Passenger Facility Charges 697 0 697 2,415 -$1,718 Customer Facility Charges 700 0 700 700 $0 Renewal & Replacement Fund 0 0 0 0 $0 Internal Sources of Cash $16,376 $8,813 $25,189 $28,658 -$3,469 Capital Grant Contribution 66,558 102,293 168,851 100,977 $67,874 VI Local Grants 0 2,873 2,873 4,150 -$1,277 Insurance Funds 0 0 0 0 $0 Loan Proceeds 0 3,373 3,373 3,342 $31 Internal & External Sources of Cash $82,934 $117,352 $200,286 $137,127 $63,159 Capital Expenditures Long Term Debt P&I -Existing & New 54 8,040 8,094 4,649 $3,445 Capital Acquisition - Admin and Gen. Allocation 37 27 64 2,174 -$2,110 Capital Acquisition -Revenue Funded 14,888 745 15,633 18,720 -$3,087 Capital Acquisition -PFC Funded 697 0 697 2,415 -$1,718 Capital Acquisition -CFC Funded 700 0 700 700 $0 Capital Acquisition -Grant Funded 66,558 102,293 168,851 100,977 $67,874 Capital Acquisition -Debt Funded 0 3,373 3,373 3,342 $31 Capital Acquisition -Renewal & Replacement 0 0 0 0 $0 Capital Acquisition -Insurance Funds 0 0 0 0 $0 Capital Acquisition -VI Local Grants 0 2,874 2,874 4,150 -$1,276 Transfers -Renewal & Replacement Fund 0 0 0 0 $0 Total Uses of Cash $82,934 $117,352 $200,286 $137,127 $63,159 FY22 Bgt. FY 23 Summary Cash Flow Statement (In $1,000's) Sources: Aviation Marine Operating and Capital Budget –Summary Statement Fiscal Year 2023 13 | P a g e contributions, $2.9M from local government grants and $3.4M from loan proceeds, for a grand total of $200.3M (internal and external sources of cash). This cash flow will finance: $65.9M in operating expenses; $8.1M in principal and interest on long term debt ($4.6M - Marine Bond/$3.5M - Marine Loan); $64K in admin and general capital projects; $15.7M in revenue funded capital projects; $697K in PFC projects; $700K in CFC Projects; $168.9M in federally funded projects; $3.4M in debt financed marine projects and $2.9M in local approved government projects. END OF SUMMARY STATEMENT Virgin Islands Port Authority Flux Analysis -- Expenses, Transfers and Debt Service For the Fiscal Years Ended September 30, 2022 & 2023 Budget Budget % $ FY 2023 FY 2022 Change Change $65,898 $64,602 2.01% $1,296 8,094 4,649 74.10% $3,445 0 0 0.00% $0 0 0 0.00% $0 Operating Expense Debt Service (Bond/Marine Loan) Transfers Renewal and Replacement Capital Expenditures 192,193 132,477 45.08% $59,716 Total $266,185 $201,728 32% $64,457 Flux 1 Virgin Islands Port Authority Flux Analysis -- Revenues, Grants, Reserves and Loans For the Fiscal Years Ended September 30, 2022 & 2023 Budget Budget % $ FY 2023 FY 2022 Change Change Operating Revenues 72,702 $ 61,842 $ 18% 10,860 $ Anticipated Federal Subsidy - 12,000 -100% 12,000 - Passenger Facility Charges 697 2,415 -71% 1,718 - Car Rental Facility Charges 700 700 0% - Capital Grants 168,851 100,976 67% 67,875 Cash Reserves & Other 10,588 5,000 112% 5,588 CARES Act - 7,140 0% 7,140 - ARPA Act 6,400 4,163 100% 2,237 Government Grants 2,874 4,150 -31% 1,276 - Debt Funded Marine Projects 3,373 3,342 1% 31 Total 266,185 $ 201,728 $ 31.95% 64,457 $ Depreciation $16,577 $16,577 0.00% - $ Flux 2 Virgin Islands Port Authority Flux Analysis of Revenues, Expenses and Changes in Net Assets Excl. Depreciation For the Fiscal Years Ended September 30, 2022 & 2023 FY 22 Bu. vs. Budget Budget Est. FY21 Est. FY 2023 FY 2022 % Change $ Change FY 2022 % Change $ Change Operating Revenues and Expenses Aviation 36,738,000 $ 34,239,922 $ 7.3% 2,498,078 $ 35,761,000 $ 2.7% 977,000 $ Marine 35,963,950 27,602,277 30.3% 8,361,673 24,947,000 44.2% 11,016,950 Total Operating Revenues 72,701,950 $ 61,842,199 $ 17.6% 10,859,751 $ 60,708,000 $ 19.8% 11,993,950 $ Budget Budget Operating Expenses FY 2023 FY 2022 % Change Payroll Expenses 38,554,221 $ 35,526,778 $ 8.5% 3,027,443 $ 38,111,114 $ 1.2% 443,107 $ Maintenance Expenses 4,690,000 4,202,100 11.6% 487,900 1,626,457 188.4% 3,063,543 Materials & Supplies 2,245,000 2,078,500 8.0% 166,500 981,307 128.8% 1,263,693 Utilities 5,103,000 5,310,000 -3.9% (207,000) 4,786,494 6.6% 316,506 Professional & Other Services 6,977,500 6,974,500 0.043% 3,000 4,642,281 50.3% 2,335,219 Travel & Other Expenses 852,087 796,000 7.0% 56,087 393,457 116.6% 458,630 Insurance 6,075,000 6,892,600 -11.9% (817,600) 6,169,470 -1.5% (94,470) Depreciation Expense 16,576,000 16,577,000 0.0% (1,000) 15,156,316 9.4% 1,419,684 Other Expenses 654,000 877,000 -25.4% (223,000) 54,492 1100.2% 599,508 Total Operating Expenses 81,726,808 $ 79,234,478 $ 3.15% 2,492,330 $ 71,921,388 $ 13.6% 9,805,420 $ Operating Profit (Loss) (9,024,858) $ (17,392,279) $ -48.1% 8,367,421 $ (11,213,388) $ -19.5% 2,188,530 $ Non-operating Revenues (Expenses) Passenger Facilities Charges (PFC) 2,700,000 $ 2,415,000 $ 11.8% 285,000 $ 2,415,000 $ 11.8% 285,000 $ Customer Facilities Charges (CFC) 350,000 700,000 -50.0% (350,000) $ 700,000 -50.0% (350,000) $ Other Income - - 0.0% - $ - 0.0% - $ Interest Expense (1,677,777) (1,669,357) 0.5% (8,420) $ (1,669,357) 0.5% (8,420) $ Non-operating Revenues (Expenses), net 1,372,223 1,445,643 -5.1% (73,420) 1,445,643 -5.1% -73,420 Capital Grant Contributions 168,851,490 100,976,304 67.2% 67,875,186 $ 100,976,304 67.2% 67,875,186 Debt Funded Marine Projects 3,372,522 3,341,525 -100.0% 30,997 $ 3,341,525 -100.0% 30,997 Anticipated Federal Subsidy - 12,000,000 0.0% (12,000,000) $ 12,000,000 0.0% 12,000,000 - CARES Act Reimbursement - 7,139,655 0.0% (7,139,655) $ 7,139,655 0.0% 7,139,655 - ARPA Act Reimbursement 6,400,000 4,163,279 100.0% 2,236,721 $ 4,163,279 100.0% 2,236,721 Insurance Funds - - 0.0% - $ - 0.0% 0 VI Local Grant 2,874,000 4,150,000 0.0% (1,276,000) $ 4,150,000 $ -30.7% 1,276,000 - Change in Net Assets 173,845,377 $ 115,824,127 $ 50.1% 58,021,250 $ 114,498,214 $ 51.8% 49,605,638 $ Flux 3 Budget Budget % $ FY 2023 FY 2022 Change Change Salary + Increases (Filled) 18,768,103 $ 16,919,160 $ 11% 1,848,943 Fringe Benefits (Filled) 12,165,221 9,346,247 30% 2,818,974 Temporary Employees - - 0% - Vacancies (Only ARFF/Police) 5,392,080 4,119,371 31% 1,272,709 New Positions (Only ARFF/Police) 747,554 1,944,306 -62% 1,196,752 - Severance Pay 250,000 250,000 0% - Lump Sum (GERS) - 2,685,000 -100% 2,685,000 - Overtime 1,979,000 2,207,000 -10% 228,000 - Total 39,301,958 $ 37,471,084 $ 4.89% 1,830,874 $ Virgin Islands Port Authority Budgeted Flux Analysis -- Salary & Fringe Benefit Costs For the Fiscal Years Ended September 30, 2022 & 2023 Flux 4 Operating Revenues Lin Aviation Marine Admin & Gen FY 2023 Operating Revenues and Expenses Aviation Marine Support Combined 1 Aviation 36,738,000 $ 36,738,000 $ 2 Marine 35,963,950 $ 35,963,950 3 Total Operating Revenues 36,738,000 $ 35,963,950 $ - $ 72,701,950 $ Operating Expenses 4 Payroll Expenses 10,685,014 9,321,739 18,547,468 38,554,221 $ 5 Maintenance Expenses 3,020,000 950,000 720,000 4,690,000 6 Materials & Supplies 850,000 588,000 807,000 2,245,000 7 Utilities 3,482,000 1,030,000 591,000 5,103,000 8 Professional & Other Services 2,325,000 2,680,000 1,972,500 6,977,500 9 Travel & Other Expenses 230,000 83,587 538,500 852,087 10 Insurance 2,869,000 2,886,000 320,000 6,075,000 11 Depreciation Expense 11,071,000 5,002,000 503,000 16,576,000 12 Depreciation Expense Allocated 281,680 221,320 (503,000) - 13 Other Expenses 203,000 301,000 150,000 654,000 14 Admin & Gen Allocation 13,242,022 10,404,446 (23,646,468) - 15 Total Operating Expenses 48,258,716 $ 33,468,092 $ - $ 81,726,808 $ 16 Operating Profit (Loss) (11,520,716) $ 2,495,858 $ - $ (9,024,858) $ Non-operating Revenues (Expenses) 17 Passenger Facilities Charges (PFC) 2,700,000 $ - - 2,700,000 $ 18 Customer Facilities Charges (CFC) 350,000 - - 350,000 19 Other Income - - - - 20 Interest Expense (53,738) (1,624,039) - (1,677,777) 21 Non-operating Revenues (Expenses 2,996,262 $ 1,624,039 -$ - $ 1,372,223 $ 22 Capital Grant Contributions 66,558,170 102,293,320 - 168,851,490 23 Debt Funded Marine Projects 0 3,372,522 - 3,372,522 26 ARPA Act Reimbursement 6,400,000 - - 6,400,000 28 VI Local Grant 0 2,874,000 - 2,874,000 29 Change in Net Assets 58,033,716 $ 109,411,661 $ - $ 173,845,377 $ Virgin Islands Port Authority FY23 Budget Schedule 1a Schedule 1A Aviation 36,738,000 $ Marine 35,963,950 Total Operating Revenues 72,701,950 $ Operating Expenses Payroll Expenses 38,554,221 $ Maintenance Expenses 4,690,000 Materials & Supplies 2,245,000 Utilities 5,103,000 Professional & Other Services 6,977,500 Travel & Other Expenses 852,087 Insurance 6,075,000 Depreciation Expense 16,576,000 Depreciation Expense Allocated - Other Expenses 654,000 Admin & Gen Allocation - Total Operating Expenses 81,726,808 $ Operating Profit (Loss) (9,024,858) $ Non-operating Revenues (Expenses) Passenger Facilities Charges (PFC) 2,700,000 $ Customer Facilities Charges (CFC) 350,000 Other Income - Interest Expense (1,677,777.00) Non-operating Revenues (Expenses), net 1,372,223 $ Capital Grant Contributions 168,851,490 Debt Funded Marine Projects 3,372,522 ARPA Act Reimbursement 6,400,000 Government Grants 2,874,000 Change in Net Assets 173,845,377 $ Statement of Revenues, Expenses and Change in Net Assets For the Fiscal Year Ended September 30, 2023 Virgin Islands Port Authority Schedule 1 Cash Flow Aviation Marine Combined Internal Cash Sources: Operating Revenues 36,738,000 $ 35,963,950 $ 72,701,950 $ projected new positions (608,463) - (608,463) Admin & Gen. New Positions Allocated (79,282) (59,809) (139,091) Operating Expenses Excl. Depreciation (36,906,036) (28,244,772) (65,150,808) Net Cash From Operating Revenue (855,781) $ 7,659,369 $ 6,803,588 $ Long Term Debt P & I (53,738) (4,540,039) (4,593,777) Marine Loan - (3,500,000) (3,500,000) Revenue Available for Capital Expenditure (909,519) $ (380,670) $ (1,290,189) $ Cash on Hand 9,434,649 1,153,620 10,588,269 ARPA ACT - Reimbursement 6,400,000 - 6,400,000 PFCs - New 2,700,000 - 2,700,000 CFCs - New 350,000 - 350,000 PFCs - Restricted Cash on Hand (2,002,933) - (2,002,933) CFCs - Restricted Cash on Hand 350,000 - 350,000 Available for Internally Funded Capital Budget 16,322,197 $ 772,950 $ 17,095,147 $ Revenue Funded Capital Expenditure (14,888,080) (745,000) (15,633,080) PFC Funded Capital Expenditure (697,067) - (697,067) CFC Funded Capital Expenditure (700,000) - (700,000) Admin & Gen Capital Budget Allocated (37,050) (27,950) (65,000) Internal Cash Over (Short) 0 $ (0) $ (0) $ External Cash Flow Marine Capital Grant Contributions - 102,293,320 102,293,320 Aviation Capital Grant Contributions 66,558,170 - 66,558,170 Debt Funded Marine Projects - 3,372,522 3,372,522 VI Local Grant - 2,874,000 2,874,000 External Cash Sources 66,558,170 $ 108,539,842 $ 175,098,012 $ Marine Capital Grant Contributions - (102,293,320) (102,293,320) Aviation Capital Grant Contributions (66,558,170) - (66,558,170) Debt Funded Marine Capital Projects - (3,372,522) (3,372,522) VI Local Grant - (2,874,000) (2,874,000) External Cash Over (Short) - $ - $ - $ Virgin Islands Port Authority For the Fiscal Year Ended September 30, 2023 Statement of Cash Sources and Uses Schedule 2 VI Port Authority FY 2023 Budget Operating Expense Summary (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (j) Lin C/C Employee Pmts[A] Severance Overtime Other Fringe Benefits[A] Personnel Costs (w/ Union Incr.) Maintenance Mat'l & Supplies Utilities Prof & Other Svce Travel & Other Insurance Other Total Operating 1 2962-1 Accounting STT 483,799 0 12,000 322,220 818,019 26,000 19,000 5,000 0 5,000 2,000 0 875,019 2 2962-2 Accounting STX 50,401 0 0 40,613 91,014 0 0 0 0 0 0 0 91,014 3 2961-1 Admin & Finance STT 313,268 0 0 146,695 459,963 17,000 5,000 15,000 360,000 14,000 4,000 90,000 964,963 4 2961-2 Admin & Finance STX 0 0 0 0 0 0 0 0 0 0 0 0 0 5 5167-1 ARFF STT 1,509,493 0 95,000 999,514 2,604,007 220,000 150,000 6,000 250,000 100,000 68,000 0 3,398,007 6 5167-2 ARFF STX 1,169,773 0 250,000 826,617 2,246,390 220,000 150,000 70,000 250,000 100,000 24,000 0 3,060,390 7 5161-1 Aviation STT 1,743,118 90,000 80,000 1,297,813 3,210,931 1,300,000 300,000 2,000,000 1,100,000 12,000 1,824,000 200,000 9,946,931 8 5161-2 Aviation STX 992,949 0 15,000 798,779 1,806,728 1,150,000 160,000 1,400,000 660,000 10,000 895,000 3,000 6,084,728 9 5461-1 Bournefield 0 0 0 0 0 30,000 20,000 0 35,000 0 56,000 0 141,000 10 6167-1 Crown Bay 427,970 0 5,000 327,536 760,506 200,000 63,000 460,000 480,000 14,000 299,000 1,000 2,277,506 11 3961-1 Engineering STT 608,277 0 5,000 276,637 889,914 20,000 50,000 10,000 55,000 45,000 8,000 0 1,077,914 12 3961-2 Engineering STX 228,070 0 5,000 132,719 365,789 18,000 27,000 20,000 35,000 20,000 5,000 0 490,789 13 1961-1 Executive STT 735,253 0 1,000 311,451 1,047,704 52,000 55,000 330,000 570,000 85,000 57,000 10,000 2,206,704 14 1961-2 Executive STX 36,904 0 1,000 34,140 72,044 30,000 15,000 8,000 30,000 20,000 9,000 0 184,044 15 xxxx-1 Financial Affairs STT 401,899 0 0 240,386 642,285 8,500 16,000 0 48,500 38,000 0 0 753,285 XXXX-2 Financial Affairs STX 57,283 0 0 43,916 101,199 4,500 8,000 0 8,000 10,500 0 0 132,199 16 1969-1 Gov Board 92,841 0 0 42,713 135,554 0 10,000 0 45,000 85,000 11,000 0 286,554 17 1963-1 Human Resources STT 215,645 70,000 0 128,700 414,345 16,000 20,000 2,000 100,000 45,000 5,000 0 602,345 18 1963-2 Human Resources STX 0 0 0 0 0 0 0 0 0 0 0 0 0 19 1965-1 IT 255,369 0 0 133,154 388,523 270,000 25,000 20,000 257,000 20,000 3,000 0 983,523 20 1965-2 IT STX 0 0 0 0 0 0 0 0 0 0 0 0 0 21 1962-1 Legal 356,514 0 0 142,876 499,390 3,000 7,000 5,000 35,000 30,000 4,000 0 583,390 22 3964-1 Maintenance STT 1,035,244 0 50,000 796,238 1,881,482 55,000 90,000 50,000 44,000 22,000 41,000 0 2,183,482 23 3964-2 Maintenance STX 953,724 0 50,000 683,685 1,687,409 70,000 76,000 30,000 14,000 17,000 27,000 0 1,921,409 24 6161-1 Marine STT 3,232,261 90,000 800,000 2,019,503 6,141,764 450,000 325,000 370,000 1,400,000 29,587 1,676,000 200,000 10,592,351 25 6161-2 Marine STX 1,376,059 0 300,000 743,448 2,419,324 300,000 200,000 200,000 800,000 40,000 911,000 100,000 4,970,324 26 5168-1 Parking Lot STT 224,333 0 20,000 175,617 419,950 45,000 40,000 3,000 15,000 5,000 1,000 0 528,950 27 5168-2 Parking Lot STX 208,729 0 20,000 168,337 397,066 55,000 30,000 3,000 15,000 3,000 1,000 0 504,066 28 1966-1 Police STT 2,041,514 0 150,000 1,465,683 3,657,197 40,000 130,000 8,000 30,000 16,000 72,000 0 3,953,197 29 1966-2 Police STX 1,427,779 0 90,000 1,025,085 2,542,864 31,000 100,000 8,000 17,000 10,000 40,000 0 2,748,864 30 4961-1 Property Management STT 224,519 0 0 124,713 349,232 7,000 8,000 8,000 20,000 7,000 5,000 0 404,232 31 4961-2 Property Management STX 76,608 0 0 48,463 125,071 3,000 6,000 5,000 15,000 5,000 3,000 0 162,071 32 1964-1 Public Relations 145,436 0 0 93,374 238,810 5,000 25,000 5,000 160,000 13,000 2,000 50,000 498,810 33 2963-1 Purchasing STT 268,955 0 0 186,135 455,090 13,000 20,000 40,000 60,000 8,000 8,000 0 604,090 34 2963-2 Purchasing STX 203,426 0 0 153,390 356,816 17,000 20,000 20,000 18,000 4,000 14,000 0 449,816 35 1967-1 Safety & Security STT 424,524 0 20,000 337,834 782,358 8,000 50,000 2,000 11,000 7,000 0 0 860,358 36 1967-2 Safety & Security STX 293,572 0 10,000 241,911 545,483 6,000 25,000 0 40,000 12,000 0 0 628,483 37 38 Total Operating Expenses 21,815,509 250,000 1,979,000 14,509,895 38,554,221 4,690,000 2,245,000 5,103,000 6,977,500 852,087 6,075,000 654,000 65,150,808 39 Aviation 5,848,395 90,000 480,000 4,266,677 10,685,072 3,020,000 850,000 3,482,000 2,325,000 230,000 2,869,000 203,000 23,664,072 40 Marine 5,036,290 90,000 1,105,000 3,090,487 9,321,594 950,000 588,000 1,030,000 2,680,000 83,587 2,886,000 301,000 17,840,181 41 Admin & Gen 10,930,824 70,000 394,000 7,152,731 18,547,555 720,000 807,000 591,000 1,972,500 538,500 320,000 150,000 23,646,555 42 Total Operating Expenses 21,815,509 250,000 1,979,000 14,509,895 38,554,221 4,690,000 2,245,000 5,103,000 6,977,500 852,087 6,075,000 654,000 65,150,808 Schedule 3 VIPA FY2023 Budget 5-Year Revenue & Expense Summary Aviation FY2023 Bdgt FY2022 Proj. FY2021 Act. FY2020 Act FY2019 Act* FY2018 Act* FY2017 Act* User Fees & Charges 6,263,000 6,263,000 6,265,721 2,940,223 4,792,607 2,816,303 4,233,950 Rental Charges 5,325,000 5,325,000 4,959,103 5,919,162 4,995,091 4,972,896 6,649,393 Commission & Fees 25,150,000 24,173,000 20,027,987 11,997,449 20,482,162 8,770,719 13,768,459 Operating Revenues 36,738,000 35,761,000 31,252,811 20,856,834 30,269,860 16,559,918 24,651,802 Payroll, Taxes & Benefits 10,685,014 9,398,394 7,923,393 6,040,049 5,520,937 5,678,450 6,021,514 Maintenance 3,020,000 1,006,063 1,317,220 1,886,643 2,174,370 2,730,772 1,770,313 Materials & Supplies 850,000 376,118 460,244 366,156 540,877 413,335 405,630 Utilities 3,482,000 3,272,977 4,311,025 3,506,280 4,850,464 3,893,577 3,334,357 Professional & Other Services 2,325,000 1,550,612 1,382,889 1,397,115 1,630,025 1,480,438 1,190,454 Travel & Other 230,000 139,517 139,765 151,646 111,950 180,147 117,795 Insurance 2,869,000 3,010,867 3,005,637 2,437,819 2,154,402 1,538,767 1,129,757 Depreciation 11,071,000 9,627,815 11,064,965 10,787,217 10,680,757 10,986,940 12,820,628 Other Expense 203,000 0 0 0 78,750 718,401 1,365,559 Operating Expenses 34,735,014 28,382,363 29,605,139 26,572,925 27,742,532 27,620,827 28,156,007 VIPA FY2023 Budget 5-Year Revenue & Expense Summary Marine FY2023 Bdgt FY2022 Proj. FY2021 Act. FY2020 Act FY2019 Act* FY2018 Act* FY2017 Act* Rental Charges 5,243,000 5,243,000 6,116,491 4,901,927 5,319,651 4,717,823 5,827,699 Commmission & Fees 1,270,000 1,270,000 819,245 772,773 265,080 146,788 394,614 Marine Fees 29,450,950 18,434,000 6,492,218 16,955,172 26,676,039 19,400,269 23,471,021 Operating Revenues 35,963,950 24,947,000 13,427,954 22,629,872 32,260,770 24,264,880 29,693,334 Payroll, Taxes & Benefits 9,321,739 8,829,025 8,038,713 8,172,650 7,790,722 7,293,942 7,602,561 Maintenance 950,000 460,367 585,875 849,861 729,995 696,636 477,847 Materials & Supplies 588,000 264,760 287,699 336,029 382,488 525,204 365,050 Utilities 1,030,000 1,018,746 1,083,605 1,106,494 1,533,261 1,119,958 1,644,325 Professional & Other Services 2,680,000 1,991,687 2,026,723 2,473,812 2,191,572 3,247,314 2,086,245 Travel & Other 83,587 8,269 15,738 19,911 42,131 44,250 25,888 Insurance 2,886,000 2,978,695 2,990,750 2,494,003 2,211,359 1,632,797 1,213,002 Depreciation 5,002,000 5,069,854 4,988,347 6,204,819 6,326,955 4,813,761 7,534,371 Other Expense 301,000 54,492 15,096 24,945 15,096 282,458 114,336 Operating Expenses 22,842,326 20,675,895 20,032,545 21,682,524 21,223,579 19,656,320 21,063,625 Schedule 4 VIPA FY2023 Budget 5-Year Revenue & Expense Summary Support Services FY2023 Bdgt FY2022 Proj. FY2021 Act. FY2020 Act FY2019 Act* FY2018 Act* FY2017 Act* User Fees & Charges Rental Charges Other Revenues Operating Revenues Payroll, Taxes & Benefits 18,547,468 19,883,695 14,757,327 13,338,665 11,829,389 11,239,235 12,528,114 Maintenance 720,000 160,027 299,389 334,863 416,440 453,438 480,330 Materials & Supplies 807,000 340,429 569,863 327,216 411,651 441,972 320,290 Utilities 591,000 494,771 578,958 330,278 323,999 306,349 688,099 Professional & Other Services 1,972,500 1,099,982 1,657,543 907,899 1,310,204 7,959,943 1,186,871 Travel & Other 538,500 245,671 168,336 206,877 325,329 405,251 330,733 Insurance 320,000 179,908 316,510 282,795 263,888 237,541 224,286 Depreciation 503,000 458,647 475,787 709,488 749,028 483,825 693,920 Other Expense 150,000 0 0 0 0 113,590 85,897 Operating Expenses 24,149,468 22,863,131 18,823,714 16,438,082 15,629,929 21,641,144 16,538,541 VIPA FY2023 Budget 5-Year Revenue & Expense Summary All Divisions FY2023 Bdgt FY2022 Proj. FY2021 Act. FY2020 Act FY2019 Act* FY2018 Act* FY2017 Act* Aviation 36,738,000 35,761,000 31,252,811 20,856,834 30,269,860 16,559,918 24,651,802 Marine 35,963,950 24,947,000 13,427,954 22,629,872 32,260,770 24,264,880 29,693,334 Operating Revenues 72,701,950 60,708,000 44,680,765 43,486,706 62,530,630 40,824,798 54,345,136 Payroll, Taxes & Benefits 38,554,221 38,111,115 30,719,433 27,551,364 25,141,048 24,211,627 26,152,189 Maintenance 4,690,000 1,626,456 2,202,485 3,071,367 3,320,805 3,880,846 2,728,490 Materials & Supplies 2,245,000 981,307 1,317,806 1,029,401 1,335,016 1,380,511 1,090,970 Utilities 5,103,000 4,786,494 5,973,589 4,943,052 6,707,724 5,319,884 5,666,781 Professional & Other Services 6,977,500 4,642,281 5,067,156 4,778,827 5,131,801 12,687,695 4,463,570 Travel & Other 852,087 393,458 323,838 378,434 479,410 629,648 474,416 Insurance 6,075,000 6,169,470 6,312,897 5,214,617 4,629,649 3,409,105 2,567,045 Depreciation 16,576,000 15,156,316 16,529,099 17,701,524 17,756,740 16,284,526 21,048,919 Other Expense 654,000 54,492 15,096 24,945 93,846 1,114,449 1,565,792 Operating Expenses 81,726,808 71,921,389 68,461,398 64,693,531 64,596,040 68,918,291 65,758,173 Schedule 4 (cont.) Virgin Islands Port Authority Aviation Revenue Detail For Fiscal Years Ending September 30th 2023 Budget 2022 Projections 2021 Actuals 2020 Actuals 2019 Actuals 2018 Actuals 2017 Actuals ST. THOMAS Landing Fees 4,889,000 $ 4,889,000 $ 4,901,880 $ 2,338,833 $ 3,616,945 $ 1,895,662 $ 3,394,950 $ Rental Income Terminal Building/Cargo 3,250,000 3,250,000 3,131,781 3,442,270 3,433,122 3,512,465 4,631,771 Airfield 45,000 45,000 14,400 14,400 14,400 14,400 13,200 Bournefield 131,000 131,000 144,300 144,300 144,300 120,075 144,875 Non-Aeronautical 665,000 665,000 618,383 370,455 309,592 366,539 455,460 Terminal Use & Commissions Terminal Building/Cargo 18,873,000 18,145,000 13,820,392 9,168,180 14,127,911 4,696,486 10,080,011 Airfield 17,000 17,000 13,409 251,804 489,722 489,809 666,696 Non-Aeronautical 434,000 434,000 394,597 23,345 90,286 205,735 15,202 Operating Revenues 28,304,000 27,576,000 23,039,142 15,753,587 22,226,278 11,301,171 19,402,164 Passenger Facility Charges 2,700,000 - - - - - Customer Facility Charges 350,000 - - - - - FAA Grants 1/ - - - - - TOTAL - STT 31,354,000 $ 27,576,000 $ 23,039,142 $ 15,753,587 $ 22,226,278 $ 11,301,171 $ 19,402,164 $ ST. CROIX Landing Fees 1,374,000 1,374,000 1,363,841 601,390 1,175,662 920,641 839,000 Rental Income Terminal Building/Cargo 773,000 773,000 465,278 828,744 936,269 802,265 1,230,263 Airfield 16,000 16,000 3,645 3,342 3,949 3,645 3,645 Non-Aeronautical 445,000 445,000 581,316 1,115,651 153,459 153,507 170,179 Terminal Use & Commissions Terminal Building/Cargo 5,412,000 5,163,000 5,459,237 2,552,628 5,720,295 3,378,689 2,987,461 Airfield - - - - 53,948 - 19,089 Non-Aeronautical 414,000 414,000 340,352 1,492 - - - Operating Revenues 8,434,000 8,185,000 8,213,669 5,103,248 8,043,581 5,258,748 5,249,637 Passenger Facility Charges - - - - - Customer Facility Charges - - - - - FAA Grants 1/ - - - - - TOTAL - STX 8,434,000 $ 8,185,000 $ 8,213,669 $ 5,103,248 $ 8,043,581 $ 5,258,748 $ 5,249,637 $ Total Operating Revenues 36,738,000 $ 35,761,000 $ 31,252,811 $ 20,856,835 $ 30,269,859 $ 16,559,919 $ 24,651,801 $ Other Revenues - $ - $ - $ - $ - $ - $ - $ Total Grants & Other Charges 3,050,000 $ - $ - $ - $ - $ - $ - $ COMBINED TOTAL 39,788,000 $ 35,761,000 $ 31,252,811 $ 20,856,835 $ 30,269,859 $ 16,559,919 $ 24,651,801 $ VI Port Authority Aviation Division Revenue Summary FY 2023 Budget FY 2023 Budg FY2022 Proj. FY 2021 Act FY 2020 Act FY 2019 Act FY 2018 Act FY 2017 Act Aircraft Fees 6,263,000 $ 6,263,000 $ 6,265,721 $ 2,940,224 $ 4,792,606 $ 2,816,303 $ 4,233,949 $ Rental Income 5,325,000 5,325,000 4,959,103 5,919,162 4,995,091 4,972,897 6,649,394 Commissions & Fees 25,150,000 24,173,000 20,027,987 11,997,450 20,482,162 8,770,719 13,768,458 Operating Revenues 36,738,000 35,761,000 31,252,811 20,856,835 30,269,859 16,559,919 24,651,801 Other Revenue 0 0 0 0 0 0 0 Passenger Facility Charge 2,700,000 0 0 0 0 0 0 Customer Facility Charges 350,000 0 0 0 0 0 0 FAA Grants -Entitlements 0 0 0 0 0 0 0 FAA Grants -Discretionary 0 0 0 0 0 0 0 39,788,000 35,761,000 31,252,811 20,856,835 30,269,859 16,559,919 24,651,801 Schedule 5 VI Port Authority Marine Revenue Detail Fiscal Year Ending September 30th 2023 Budget 2022 Projections 2021 Actuals 2020 Actuals 2019 Actuals 2018 Actuals 2017 Actuals St.Thomas/St. John Rental Income Crown Bay & Sandfill 1,957,000 1,957,000 1,877,833 1,897,269 1,674,344 1,365,081 1,535,493 Crown Bay Dock 1,957,000 1,957,000 1,831,254 1,812,803 2,410,910 2,205,172 2,822,991 Red Hook Terminal 188,000 188,000 155,248 179,629 173,263 140,671 164,244 Other 638,000 638,000 1,877,150 702,513 734,116 704,724 749,698 Total Rental Income STT/STJ 4,740,000 4,740,000 5,741,485 4,592,214 4,992,633 4,415,648 5,272,426 Commission & Concession Fees Red Hook Terminal 998,000 998,000 765,879 696,069 140,350 13,077 184,695 Other 266,000 266,000 53,366 75,255 121,023 131,296 205,304 Total Commission & Concesssion Fees STTSTJ 1,264,000 1,264,000 819,245 771,324 261,373 144,373 389,999 Marine Fees & Dues Pilotage 1,045,000 1,045,000 988,632 763,011 600,285 386,221 336,607 Ship Dues Tonnage 823,000 823,000 524,510 794,901 1,127,292 825,142 793,135 Car Ferry Fees 636,000 636,000 585,636 410,400 477,350 419,107 498,863 Ferry Passenger Fees 12,003,000 5,242,000 0 5,711,470 10,770,098 7,342,139 8,966,076 Ship Dues & Fees 158,000 158,000 1,972 249,904 353,100 199,970 555,284 Docking Fees 1,415,000 1,415,000 916,600 1,467,242 1,752,663 1,373,412 1,817,835 Passenger Wharfage 7,647,950 4,688,000 834,258 3,929,734 6,523,892 5,129,812 6,708,145 Marine Terminal Tax 1,700,000 796,000 0 865,231 1,631,837 1,112,638 1,497,410 Crown Bay Terminal User Fee 0 0 0 0 0 0 0 Total Marine Fees & Dues STT/STJ 25,427,950 14,803,000 3,851,607 14,191,892 23,236,518 16,788,439 21,173,355 Bond Financing 2,231,000 0 - Marine Grants 65,043,320 PFA - - - - TOTAL STT/STJ 31,431,950 20,807,000 10,412,337 19,555,429 28,490,523 21,348,461 26,835,780 St. Croix Rental Income STX KrauseLagoon Container Port 358,000 358,000 298,940 217,654 236,459 215,867 448,269 Other 145,000 145,000 76,066 92,059 90,559 86,308 107,004 Total Rental Income STX 503,000 503,000 375,005 309,714 327,018 302,175 555,272 Total Commission & Concession Fees STX 6,000 6,000 0 1,449 3,707 2,415 4,615 Marine Fees & Dues Pilotage 636,000 636,000 742,677 460,653 376,387 267,943 292,442 Ship DuesTonnage 561,000 561,000 508,141 574,284 708,941 471,964 455,103 Car Ferry Fees 0 0 0 900 20 Ferry Passenger Fees 400,000 200,000 0 93,566 192,668 138,040 128,645 Ship Dues & Fees 561,000 561,000 1,026,340 1,112,348 1,397,822 986,648 945,363 Docking Fees 361,000 361,000 308,482 360,678 423,228 526,712 277,217 Passenger Wharfage 1,449,000 1,257,000 97,385 200,532 143,675 133,895 Crane Rental Fees 55,000 55,000 54,970 54,970 54,970 53,443 52,352 Other 0 0 0 9,395 84,974 22,503 12,629 Total Marine Fees & Dues STX 4,023,000 3,631,000 2,640,610 2,763,277 3,439,523 2,611,828 2,297,666 Bond Financing 1,141,522 Marine Grants 37,250,000 PFA 2,874,000 - TOTAL ST.CROIX 4,532,000 4,140,000 3,015,615 3,074,439 3,770,248 2,916,418 2,857,554 Total Operating Revenues 35,963,950 24,947,000 13,427,952 22,629,868 32,260,771 24,264,879 29,693,334 Total Grants, Bond Financing and Other 108,539,842 $ - $ - $ - $ - $ - $ - $ COMBINED TOTAL 144,503,792 24,947,000 13,427,952 22,629,868 32,260,771 24,264,879 29,693,334 Marine Revenue Summary ($1,000's) 2023 Budget 2022 Projections 2021 Actuals 2020 Actuals 2019 Actuals 2018 Actuals 2017 Actuals Rental Income 5,243,000 5,243,000 6,116,490 4,901,928 5,319,651 4,717,823 5,827,698 Commission & Concession Fees 1,270,000 1,270,000 819,245 772,773 265,080 146,788 394,614 Marine Fees & Dues 29,450,950 18,434,000 6,492,217 16,955,168 26,676,041 19,400,267 23,471,022 Revenue Increase 0 0 0 0 0 0 0 Total 35,963,950 24,947,000 13,427,952 22,629,868 32,260,771 24,264,879 29,693,334 Schedule 6 VI Port Authority Payroll Cost Summary Fiscal Years Ending September 30 Lin FY 2023 Bdgt FY2022 Proj. FY 2021 Act FY 2020 Act FY 2019 Act FY 2018 Act FY 2017 Act 1 Aviation 2 Salaries and Wages 5,848,395 4,631,902 4,171,893 3,387,219 3,175,223 3,227,268 3,331,390 3 Retroactive & Severance 90,000 1,340,645 444,474 41,494 65,293 40,348 83,649 4 Overtime 480,000 462,045 406,919 238,338 312,268 276,983 277,546 5 Payments to Employees 6,418,395 6,434,592 5,023,286 3,667,051 3,552,784 3,544,599 3,692,585 6 FICA Taxes 447,200 491,981 384,128 280,013 271,187 274,511 281,720 7 Retirement Fund 1,275,318 1,137,874 1,017,453 781,782 591,507 688,678 626,663 8 Medical/Dental/Life Insurance 1,661,090 1,298,256 1,462,836 1,294,981 1,078,501 1,149,911 1,400,798 9 Workmen's Compensation 28,561 35,690 35,690 16,222 26,958 20,751 19,748 ADEC 854,450 0 0 0 0 0 0 10 Total Aviation Payroll Expenses 10,685,014 9,398,393 7,923,393 6,040,049 5,520,937 5,678,451 6,021,514 12 Marine 13 Salaries and Wages 5,036,290 4,959,026 4,855,687 4,367,246 4,175,817 4,079,093 4,237,936 14 Retroactive & Severance 90,000 126,855 138,259 (1,856) 32,413 69,237 81,099 15 Overtime 1,105,000 1,010,077 396,731 1,416,535 1,580,333 1,114,859 959,381 16 Payments to Employees 6,231,290 6,095,958 5,390,677 5,781,925 5,788,563 5,263,189 5,278,416 17 FICA Taxes 354,429 413,342 385,989 387,252 353,003 332,623 338,850 18 Retirement Fund 916,613 929,905 900,083 804,730 647,827 632,885 658,248 19 Medical/Dental/Life Insurance 1,185,365 1,355,789 1,327,933 1,167,636 975,625 1,045,458 1,308,633 20 Workmen's Compensation 19,919 34,030 34,030 31,107 25,704 19,787 18,414 ADEC 614,123 0 0 0 0 0 0 21 Total Marine Payroll Expenses 9,321,739 8,829,025 8,038,713 8,172,650 7,790,722 7,293,942 7,602,561 23 Support Services 24 Salaries and Wages 10,930,824 9,409,577 8,083,329 7,779,638 7,035,762 6,505,225 6,608,736 25 Retroactive & Severance 70,000 3,997,586 1,158,130 175,066 251,034 179,880 379,525 26 Overtime 394,000 362,924 338,947 527,296 287,136 255,058 306,061 27 Payments to Employees 11,394,824 13,770,087 9,580,406 8,482,000 7,573,932 6,940,163 7,294,322 28 FICA Taxes 816,465 1,044,721 726,592 672,852 617,530 606,174 671,168 29 Retirement Fund 2,168,904 2,393,217 1,816,533 1,609,425 1,470,575 1,374,255 1,546,679 30 Medical/Dental/Life Insurance 2,670,183 2,597,650 2,545,924 2,500,332 2,099,170 2,273,131 2,974,682 31 Workmen's Compensation 43,931 78,020 87,870 74,056 68,182 45,512 41,263 ADEC 1,453,161 0 0 0 0 0 0 32 Total Support Payroll Expenses 18,547,468 19,883,695 14,757,325 13,338,665 11,829,389 11,239,234 12,528,114 34 36 Total VIPA Payroll Expenses 37 Salaries and Wages 21,815,509 19,000,505 17,110,909 15,534,103 14,386,802 13,811,586 14,178,062 38 Retroactive & Severance 250,000 5,465,086 1,740,863 214,704 348,740 289,465 544,273 39 Overtime 1,979,000 1,835,046 1,142,597 2,182,169 2,179,737 1,646,900 1,542,988 40 Payments to Employees 24,044,509 26,300,637 19,994,369 17,930,976 16,915,279 15,747,951 16,265,323 41 FICA Taxes 1,618,094 1,950,044 1,496,709 1,340,117 1,241,720 1,213,308 1,291,738 42 Retirement Fund 4,360,835 4,460,997 3,734,069 3,195,937 2,709,909 2,695,818 2,831,590 43 Medical/Dental/Life Insurance 5,516,638 5,251,696 5,336,693 4,962,949 4,153,296 4,468,500 5,684,113 44 Workmen's Compensation 92,411 147,740 157,590 121,385 120,844 86,051 79,425 ADEC 2,921,734 0 0 0 0 0 0 45 Total Expenses 38,554,221 38,111,114 30,719,431 27,551,364 25,141,048 24,211,628 26,152,189 Payroll Cost Summary ($1,000's) FY 2023 Bdgt FY2022 Proj. FY 2021 Act FY 2020 Est FY 2019 Est FY 2018 Act FY 2017 Act Salaries & Wages 21,816 19,001 17,111 15,534 14,387 13,812 14,178 Overtime & Other Pay 2,229 7,300 2,883 2,397 2,528 1,936 2,087 Payments to Employees 24,045 26,301 19,994 17,931 16,915 15,748 16,265 FICA, Retirement & Wkrs Comp 6,071 6,559 5,388 4,657 4,072 3,995 4,203 Medical/Dental/Life Insurance 5,517 5,252 5,337 4,963 4,153 4,468 5,684 ADEC 2,922 0 0 0 0 0 0 Total Expenses 38,554 38,111 30,719 27,551 25,141 24,212 26,152 . 11,003 12,402 Schedule 8