Port Canaveral officials are suggesting the construction of a new cruise terminal on the south side of the port, with a projected cost of $175 million and an anticipated opening in late 2026.
This proposal will be discussed at the upcoming meeting of the Canaveral Port Authority commissions. The decision to build a new terminal comes in anticipation of two new cruise ships being added to the port's lineup, with one year-round and the other seasonal, starting in late 2024. The port is waiting for cruise lines to make official announcements before disclosing details about the new ships.
The Chief Financial Officer, Michael Poole, will also ask port commissioners to approve an amended budget for the current fiscal year, reflecting a stronger-than-expected revenue from cruises and cruise-related parking. Poole now predicts that the revenue from these sources will total $150.87 million for the fiscal year running from October 1, 2022, to September 30, 2023, up from the previous estimate of $124.48 million. This represents around 83.7% of the port's total projected operating revenue of $180.35 million, which includes money generated from cargo, recreation, leasing, and other business sectors.
Poole also revised the estimate for operating expenses for the current fiscal year, increasing it by $3.39 million from $108.98 million to $112.37 million. The increase in cruise passengers means additional costs for staff and service contracts. The amended budget calls for the hiring of ten more people to handle the increased activity. Poole projects that the port will have a $75.43 million profit in the current budget year, including non-operating revenue and expenses. This is up from the initial estimate of $53.36 million before the budget year began. The profit will be used to pay for port development projects and to reduce debt from previous projects.