03/17/2026
Zoom Meeting link reminder and Port's Financial Update:
Today’s session is also available on Zoom. Join using the link here: https://zoom.us/j/95792120970?pwd=5Ib4LOlbSlSei8tX29V6B8dumDAHat.1
and if you’re attending online, the Port's Financial Update handout is posted here for you as well.
Port of Peninsula Financial Update – February 2026 (Year-to-Date)
(January 2022 to Present Port Financial Reports are posted online at: https://portofpeninsula.us/transparency-center/ )
At a Glance
• Revenue (YTD): ~$238,000 (12.8% of budget)
• Expenditures (YTD): ~$229,000 (12.3% of budget)
• Net Position: Positive
• Status: Stable and on track with seasonal expectations
Financial Performance
The Port’s financial position remains stable and well-managed through the first two months of 2026. Revenues are tracking slightly below a straight-line projection, reflecting normal seasonal patterns, particularly in ice, vessel haul outs, fuel sales, and operations that increase later in the year.
Expenditures remain closely aligned with revenues, demonstrating continued fiscal discipline and no early-year budgetary pressure.
Near-Term Revenue Outlook
• February customer statements have been issued
• ~$60,000 in outstanding moorage and accounts receivable collections expected by the end of March.
Anticipated tax revenues:
o ~$30,000 in March
o ~$150,000 in April
These inflows are expected to accelerate revenue performance and reinforce positive trends heading into Q2.
Debt Reduction & Financial Flexibility
The Port is scheduled to make the final payment on the IDD Interfund Loan at the end of March, reducing total debt to approximately: $279,000 (low-interest obligations: 0% and 2.2%)
This milestone:
• Significantly strengthens the Port’s balance sheet
• Preserves the IDD Interfund Loan as a flexible internal cash management tool
• Enhances the Port’s ability to smooth cash flow timing when needed
Capital Capacity & Strategic Investment
Based on current financial performance and projected revenues, the Port could comfortably support up to ~$3 million in capital improvement debt, with an estimated monthly debt service of approximately $23,000.
This capacity positions the Port to strategically invest in high-impact infrastructure, including:
• Dredging the south side of the marina
• Covering the boat work facility
• Widening the boat ramp
• Adding finger float docks on the north side of the Main Dock
• Developing enclosed boat and gear storage at the Morehead Aquaculture Yard
These investments would directly support maritime operations, tenant demand, and long-term revenue generation.
Liquidity & Fund Position
• Strong cash position with no short-term financing pressure
• General, Maintenance, and IDD funds remain stable and well-positioned
• Positive operating position maintained year-to-date
Outlook
The Port anticipates seasonal normalization of revenues as activity increases in the spring and summer months. With strong liquidity, low debt, and disciplined spending, the Port is well-positioned to meet its 2026 financial and strategic objectives.
Bottom Line
The Port of Peninsula is financially sound, operating within budget, and strengthening its long-term position, with the capacity to strategically invest in critical infrastructure while maintaining fiscal stability.
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