HomeMy WebLinkAboutTampa Port Authority, Hillsborough County Port District - Public Financial ReportKeeping the public informed about how Port Tampa Baygenerates and expends its revenues
POPULAR ANNUALFINANCIAL REPORT
TAMPA PORT AUTHORITY
FOR FISCAL YEAR ENDINGSEPTEMBER 30, 2021
HILLSBOROUGH COUNTY PORT DISTRICT, FLORIDA
2 PORT TAMPA BAY
Board of Commissioners 4
Overview 5
History of the Port 6
Port Tampa Bay’s Market 7
Financial Policies & Strategies 8
Economic Factors & Next Year’s Budget 9
Environmental Stewardship 10
Giving Back to the Community 11
Financial Statements 12
Revenues & Expenses 15
Capital Improvement Program 16
Top Trading Partners 17
Commodities 19
Tax Revenues 21
Cash & Investments 23
View from the Top 24
Long Term Liabilities 25
FOR MORE IN-DEPTH INFORMATION, THE ANNUAL REPORT IS AVAILABLE ONLINE AT WWW.PORTTB.COM/FINANCE. THE
PAFR IS AVAILABLE ONLINE AT THE SAME LOCATION.
TABLE OFCONTENTS
3FY2021 PAFR REPORT
CHAD W. HARROD
Chairman
VACANT
Vice Chairman
PATRICK H. ALLMAN
Secretary/Treasurer
COUNTY COMMISSIONER
HARRY COHEN
Commissioner
MAYOR JANE CASTOR
Commissioner
HUNG T. MAI
Commissioner
TED CONNER
Commissioner
BOARD OF COMMISSIONERS
Board of Commissioners as of September 30, 2021
4 PORT TAMPA BAY
PORT TAMPA BAYOVERVIEW
This Popular Annual Financial Report (PAFR) is a summary of the fi nancial activities
of the Tampa Port Authority (Port Authority) d/b/a Port Tampa Bay as reported in the
fi scal year 2021 Annual Comprehensive Financial Report (Annual Report). The Annual
Report is an audited document prepared in accordance with generally accepted
accounting principles (GAAP). To conform to GAAP, the Annual Report must include
Port Tampa Bay’s component unit and fully disclose all material events, both fi nancial
and non-fi nancial.
Unlike the Annual Report, the PAFR is not an audited document. While the
information contained in this PAFR is derived from the Annual Report, the PAFR
does not include the Port’s component unit, nor does it include all the disclosures
required in the Annual Report. Therefore, the PAFR does not conform to GAAP
and is not intended to present a complete fi nancial picture of Port Tampa Bay.
This report is a refl ection of our eff ort to keep the public informed about how Port
Tampa Bay generates and expends its revenues in a simple, non-technical format.
Port Tampa Bay encourages all interested users to refer to the Annual Report for
additional fi nancial and operational information about the Port.
For more in-depth information, the Annual Report is available at www.
porttb.com under the Finance Department tab. The PAFR is available at the
same location.
The website also includes information about various port departments, port news
and events, cargo and cruise information and statistics, employment opportunities,
as well as current and upcoming projects.
Government Finance Offi cers Association of the United States and Canada (GFOA) has
given an Award for Outstanding Achievement in Popular Annual Financial Reporting
to Tampa Port Authority for its Popular Annual Financial Report for the fi scal year
ended September 30, 2020. The Award for Outstanding Achievement in Popular Annual
Financial Reporting is a prestigious national award recognizing conformance with the
highest standards for preparation of state and local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual Financial
Reporting, a government unit must publish a Popular Annual Financial Report, whose
contents conform to program standards of creativity, presentation, understandability,
and reader appeal.
An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for
a period of one year only. Tampa Port Authority received a Popular Award for the last
three consecutive years (fi scal years ended 9/30/2018 - 9/30/2020). We believe our current
report continues to conform to the Popular Annual Financial Reporting requirements,
and we are submitting it to GFOA to determine its eligibility for another Award.
5FY2021 PAFR REPORT
The Tampa Port Authority was created in 1945 by the Florida Legislature. Chapter 95-488, Laws of Florida, also
known as the “Enabling Act”, gives the Port Authority the right to acquire property through eminent domain,
purchase, gift, grant, franchise, lease or contract. It is empowered to fix uniform rates and charges for wharfage
and dockage and has responsibility for planning and implementing plans for the long-range development of
the facilities and the movement of cargo through the Port. In 2013, the Port Authority rebranded itself as Port
Tampa Bay.
Port Tampa Bay’s governing body consists of seven commissioners. The governor appoints five commissioners,
two of whom must have a maritime background. The Mayor of the City of Tampa and one Hillsborough County
Commissioner round out the Tampa Port Authority Board of Commissioners.
Port Tampa Bay is geographically located within the boundaries of Hillsborough County, Florida. It is a major
player in the local economy’s growth, supporting nearly 85,000 jobs and generating more than $17 billion in
annual economic impact. The Port ranks first in the state of Florida in terms of cargo tonnage, handling one third
of all the seaborne commerce that passes through the state. It is also a major shipbuilding and repair center and
a top ten U.S. cruise port.
Total Area of the Port
5,000 ACRES
FY2021 Vessel Calls
2,723
Port-Owned Acreage
2,793 ACRES
FY2021 Cruise Sailings
0
FY2021 Portwide Cargo Tonnage
33.4 MILLION
Tampa Harbor Project Depth
43 FEET
DID YOU KNOW?
01.
06.
02.
05.
03.04.
PORT TAMPA BAYHISTORY
Number of Berths
72
Miles of Railroad Track
10.9
Linear Feet of Wharf
52,147
Total Employees
14910.09.
07.08.
6 PORT TAMPA BAY
PORT TAMPA BAYMARKET
Florida has overtaken New York as the third most populous state in the nation and welcomed 118 million tourist
visitors in 2021. Situated in central Florida along the I-4 corridor, Tampa Bay is part of the fastest growing region
in the state.
Port Tampa Bay is central Florida’s hub for gasoline, diesel, jet fuel, ethanol and lube oil and opened a state of
the art petroleum facility in 2015. Port Tampa Bay is also a major fertilizer port.
Port Tampa Bay is one of the largest shipyard hubs in the Southeast with four major shipyards located in the
port. These facilities perform refi t, repair, maintenance and new ship construction.
7FY2021 PAFR REPORT
Petroleum Products 49%
Sulphur, Liquid 2%
Sulphuric Acid 1%
Other Liquid Bulk 1%
Containerized 4%
Scrap Metal 3%
Steel Products 1%
Other General Cargo 1%
Cement, Bulk 4%Granite Rock, Bulk 4%
Limestone 15%
Phosphatic Chemical, Bulk 1%
Other Drybulk 10%
Anhydrous Ammonia 3%
Citrus Juice & Concentrate 1%
FY2021 CARGO DIVERSIFICATION
Port Tampa Bay operates as a single Enterprise Fund with one component unit, Tampa Bay International Terminals,
Inc. (TBIT). TBIT is a legally separate entity for which Port Tampa Bay is financially accountable. TBIT serves as the
liaison between Port Tampa Bay and its terminal operator Ports America. TBIT’s financial activities are reported
separately in the Tampa Port Authority Annual Report. Please refer to the Annual Report for additional information.
Port Tampa Bay undergoes an independent external audit each year. Its fiscal year runs from October 1 through
September 30.
Port Tampa Bay continues to pursue a deliberate strategy of business diversification that enables it to withstand
downturns in particular lines of business or commodities and still maintain a constant or increasing revenue stream.
Another strategy implemented a number of years ago which continues to pay dividends is Port Tampa Bay’s policy of
including built-in incentives in many of its leases to encourage tenants to increase cargo volumes. Port staff utilizes
these cargo incentives and others such as allowing reduced rents during development and construction periods to
attract new tenants. In exchange for these incentives, Port Tampa Bay includes long-term financial commitments such as
minimum financial and tonnage guarantees in many of its agreements. These commitments, coupled with the revenue
diversification strategy discussed above ensure a steady stream of revenue.
POLICIES & STRATEGIESFINANCIAL
8 PORT TAMPA BAY
Port Tampa Bay was not immune to the economic impacts brought about by COVID-19. Cruise revenue was impacted
most severely when all cruise lines calling at the port canceled sailings in March 2020 and the industry remained
shut down for all of FY21. Petroleum revenue was also aff ected by the lockdown period but began to quickly recover
as businesses began to reopen. Port Tampa Bay administrative staff has now moved to a hybrid work environment
with most employees combining remote work with one to three days per week in the offi ce. Operations, Security
and Maintenance staff remain on-site to ensure continuity of port operations and security. Travel resumed in FY21
on a greatly reduced scale as many events were still conducted virtually. Other cost-cutting measures implemented
in FY20 including deferred hiring and close review of non-essential spending continued in FY21. Cost savings related
to marketing and security were realized of the suspension of cruises.
Thanks to Port Tampa Bay’s diverse revenue stream and its long-standing practice of including minimum tonnage and
fi nancial guarantees in many of its agreements with tenants and customers, combined with the cost reductions discussed
above, Port Tampa Bay continues to meet all fi nancial obligations including maintaining its debt service coverage ratio.
Fitch Rating Services affi rmed Port Tampa Bay’s “A” rating and Stable outlook in October, 2021. Looking forward Port
Tampa Bay has acknowledged continuing disruptions to the cruise business as well as lesser impacts to other lines of
business for the coming fi scal year and has taken the appropriate budgetary actions to ensure the continued fi nancial
success of the port in fi scal year 2022 and beyond. Port Tampa Bay continues to closely monitor and evaluate revenues
and expenditures to enable it to proactively manage and guide the port through these challenging times.
FINANCIALECONOMIC FACTORS &NEXT YEAR’S BUDGET
9FY2021 PAFR REPORT
Located on Tampa Bay, an estuary of national
signifi cance, Port Tampa Bay and its partners, including
the Tampa Bay Estuary Program, demonstrate daily
that nature and industry can co-exist.
Unique to any port in the country, Port Tampa Bay
owns and manages over two hundred thousand acres
of Sovereign Submerged Lands in Hillsborough County,
which are held in trust for the public. Its submerged
Lands Management Program and multiple restoration
projects have added to the ongoing recovery of Tampa
Bay’s habitat and water quality. As one of the fi rst ports
with a dedicated environmental program, Port Tampa
Bay’s commitment to a healthy bay runs deep.
Using dredge material removed from shipping channels,
Port Tampa Bay created two islands in Hillsborough
Bay that have become home to globally signifi cant
populations of nesting birds including the American
Oystercatcher and Least Tern, some of the state’s rarest
species. Other innovative and benefi cial uses for dredge
materials have included the fi lling of an oxygen-poor
hole in McKay Bay, beach nourishment projects, and
the creation of tidal wetlands and mangrove forests.
Port Tampa Bay is proud of its role in the restoration,
improvement and protection of the environmental
health of Tampa Bay. Port Tampa Bay participates in
coastal clean-ups through its partnership with Keep
Tampa Bay Beautiful and has adopted a “water goat”
in McKay Bay, preventing thousands of pounds of
fl oatable trash from entering Tampa Bay’s watershed.
ENVIRONMENTALSTEWARDSHIP
10 PORT TAMPA BAY
Port Tampa Bay sponsors three major annual fundraisers to support Tampa Bay area charities. The Port Tampa Bay
Golf Tournament, Port Tampa Bay Anchor Ball, and the Port Tampa BAYSLAM Fishing tournament have raised funds
for Tampa Port Ministries and Tampa Bay Maritime Scholarship Foundation.
Collaborating with the Florida Aquarium, Port Tampa Bay off ers free educational harbor tours to the public twice per
week aboard the Aquarium’s Bay Spirit II. These ninety-minute tours show the workings of one of America’s largest
ports from the water off ering a unique perspective and narration.
PORT TAMPA BAYGIVING BACK TOTHE COMMUNITY
11FY2021 PAFR REPORT
IN THOUSANDS (excludes component unit)FY 2021 FY 2020 FY 2019
ASSETS
Current assets $106,258 $92,633 $99,024
Noncurrent assets
Capital related, net 703,693 711,207 713,968
Noncapital 425 125 -
TOTAL ASSETS 810,376 803,965 812,992
DEFERRED OUTFLOW OF RESOURCES 6,143 8,638 8,457
LIABILITIES
Current liabilities 18,921 19,862 19,756
Noncurrent liabilities 128,506 146,775 158,630
TOTAL LIABILITIES 147,427 166,637 178,386
DEFERRED INFLOW OF RESOURCES 10,269 380 1,159
NET POSITION
Net Investment in Capital Assets 613,586 623,421 611,045
Restricted Position 5,931 7,550 8,101
Unrestricted Position 39.306 14,615 22,758
TOTAL NET POSITION $658,823 $645,586 $641,904
The Statements of Net Position present the Ports assets and deferred outflow of resources as well as its liabilities
and deferred inflow of resources. The difference is shown as net position. Deferred outflows and inflows of
resources represent expenses and revenues that will be recognized in a future period. The statement is an indicator
of the current fiscal health of the organization and its financial position over time. The Port continues to invest in
capital assets as it expands and modernizes its facilities to optimize future growth opportunities. The statements
show a steady increase in Port Tampa Bay’s net position demonstrating its strong financial base.
FINANCIALSTATEMENTS OFNET POSITION
12 PORT TAMPA BAY
IN THOUSANDS (excludes component unit)FY 2021 FY 2020 FY 2019
OPERATING REVENUES
Port usage fees $35,037 $37,480 $46,206
Land and building leases 20,563 18,090 18,040
Other Operating revenue 708 706 916
TOTAL OPERATING REVENUES 56,308 56,276 65,162
OPERATING EXPENSES 30,668 34,631 36,485
OPERATING INCOME BEFORE DEPRECIATION 25,640 21,645 28,677
DEPRECIATION AND AMORTIZATION EXPENSE 35,249 35,015 35,712
OPERATING LOSS AFTER DEPRECIATION (9,609)(13,370) (7,035)
NON-OPERATING REVENUES (EXPENSES)
Ad valorem taxes 10,782 10,505 10,558
Coronavirus fiscal state and local recovery funds 12,119 --
Interest income 53 955 1,681
Other non-operating revenues 1,431 1,916 2,441
Interest expense (4,443)(4,848) (5,192)
Bond issuance costs (54)--
Other non-operating expenses (2,044)(1,961) (2,838)
TOTAL NON-OPERATING REVENUES
(EXPENSES) 17,844 6,567 6,650
INCOME BEFORE CAPITAL CONTRIBUTIONS 8,235 (6,803) (385)
CAPITAL AND OPERATING GRANTS AND CONTRIBUTIONS 5,002 10,485 31,165
INCREASE IN NET POSITION 13,237 3,682 30,780
TOTAL NET POSITION AT BEGINNING OF YEAR $645,586 $641,904 $611,124
TOTAL NET POSITION AT END OF YEAR $658,823 $645,586 $641,904
The Statement of Revenues, Expenses and Changes in Net Position is the income statement of the government unit
and serves as an indicator of whether the overall fiscal condition of Port Tampa Bay has improved or deteriorated
during the year. Despite a decline in revenue due to the pandemic, Port Tampa Bay continues to increase its net
position by pursuing a strategy of revenue diversification and enacting prudent cost control measures.
FINANCIALSTATEMENT OF REVENUES,EXPENSES & CHANGESIN NET POSITION
13FY2021 PAFR REPORT
Tampa Port Authority’s Annual Comprehensive Financial Report for the years ended 2019, 2020 and 2021, from which the information on pages 12 and
13 has been drawn, were awarded the Certifi cate of Achievement for Excellence in Financial Reporting by Government Finance Offi cers Association
of the United States and Canada (GFOA) in 2019 and 2020. The Certifi cate of Achievement is the highest form of recognition for excellence in state
and local government fi nancial reporting.
In order to be awarded a Certifi cate of Achievement, a government unit must publish an easily readable and effi ciently organized comprehensive
annual fi nancial report, whose contents conform to program standards. Such an Annual Comprehensive Financial Report must satisfy both generally
accepted accounting principles and applicable legal requirements.
A Certifi cate of Achievement is valid for a period of one year only. We believe that our current Annual Financial Report continues to conform to the
Certifi cate of Achievement Program’s requirements, and we are submitting it to GFOA to determine its eligibility for another Certifi cate.
14 PORT TAMPA BAY
01.
01.
02.
02.
03.
03.
04.
04.
Port usage fees comprise the majority of the Port’s revenue. These fees include dockage and wharfage
for vessels loading and unloading cargo at Port Tampa Bay berths, passenger fees paid by cruise ships
calling at Port Tampa Bay, cruise parking fees, and throughput fees for cargo moving through the Port
by truck, rail and pipeline. In Fiscal Year 2021 port usage fees were $35.0 million.
Port Tampa Bay is a landlord port, leasing approximately 800 acres to various businesses. Fiscal Year
2021 lease revenue accounted for $20.5 million of the Port’s $56.3 million in operating revenue.
Other operating revenue such as charges for water, electric and security fees were approximately
$.7 million in Fiscal Year 2021.
Certain revenues are not a direct result of vessel traffic or cargo movement and are classified as
non-operating revenues. These include ad valorem tax receipts, interest income, and grant revenue.
These items combined for a total of $29.4 million in non-operating revenue in Fiscal Year 2021.
Personnel expenses comprised the largest portion of Port Tampa Bay’s operating expenses in Fiscal
Year 2021 at $15.3 million. This includes all payments made directly to employees or on the employee’s
behalf such as salary, pension, taxes and insurance. Port Tampa Bay employs 149 full time employees.
Promotional expenses are those incurred in promoting and marketing the port in order to attract new
business. These expenses totaled $1 million in Fiscal Year 2021.
Administrative expenses include all other expenses needed to effectively operate the Port on a
day-to-day basis and can include everything from utilities to office supplies. In Fiscal Year 2021 these
expenses were $14.8 million.
Just as Port Tampa Bay recognizes non-operating revenues, it also incurs non-operating expenses.
These include the interest portion of the debt service payments, ad valorem tax payments and the
associated fees related to the collection of ad valorem receipts. These expenses were $6.5 million in
Fiscal Year 2021.
REVENUESWHERE DOES THE MONEY COME FROM?
EXPENSESWHERE DOES THEMONEY GO?
15FY2021 PAFR REPORT
Port Tampa Bay’s capital improvement program funds the purchase, construction, expansion, modernization and
rehabilitation of navigational, landside and marine improvements and infrastructure. It is driven by our Strategic
Plan, Master Plan, market demand, customer needs, regulatory compliance and capacity expansion.
Key to all considerations are the Seven Anchors of Port Tampa Bay’s Business Development Strategy:
Capital projects are funded with port revenues, federal and state grants, ad valorem tax revenues, and debt in the
form of bank loans and/or bond issues. Florida Statute authorizes Port Tampa Bay to levy up to .5 mils ($.50 per
$1,000 value) in ad valorem property tax. In fi scal year 2021, the Port levied .0990 mils, continuing a long-standing
trend of reducing its millage rate each year. Ad valorem tax revenue is used only for the construction, maintenance
and repair of port infrastructure at the direction of the Port’s Board of Commissioners.
The following major projects comprised the majority of the increase in Port Tampa Bay’s capital assets
in Fiscal Year 2021:
MORE INFORMATION CAN BE FOUND AT WWW.PORTTB.COM
01.04.
05.
06.
07.
02.
03.
Expand and diversify the business base
through executing a supply chain sales
strategy.
Fulfi ll central Florida’s long-term energy
requirements.
Optimize Tampa Bay’s vessel access
to successfully pursue emerging trade
opportunities generated by the Panama
Canal expansion.
Expand and diversify the region’s
industrial economy and cargo base.
Implement the Channelside Master Plan,
optimizing cruise capability.
Partner with the City and County
to maximize the future growth and
development of the region.
Develop and implement a landside
transportation access strategy.
Port Redwing railway
improvements
Berth 214
improvements
Phase 1 cruise terminal
improvements
Hookers Point
emergency access road
01.02.
04.03.
CAPITAL IMPROVEMENTPROGRAM
16 PORT TAMPA BAY
FY2021 IMPORTED TONS
Mexico
Canada
Bahamas
China
Trinidad & Tobago
Japan
Russia
Turkey
Greece
Spain
All others
Greece 4%
Trinidad & Tobago 5%
Turkey 6%Japan 5%
Russia 11%
All others 24%
Spain 3%
China 4%
Bahamas 11%
Mexico 8%
Canada 19%
FISCAL YEAR 2021TOP TRADINGPARTNERS
17FY2021 PAFR REPORT
Peru 2%
Australia 3%
Uruguay 2%
All Others 16%Brazil 45%
Canada 3%
Turkey 3%
Argentina 3%
Colombia 9%
Mexico 12%Dominican Republic 2%
FY2021 EXPORTED TONS
Brazil
Dominican Republic
Mexico
Colombia
Argentina
Turkey
Canada
Peru
Australia
Uruguay
All others
FISCAL YEAR 2021TOP TRADINGPARTNERS
18 PORT TAMPA BAY
COMMODITIY TYPE BY TONS – FY2021
As previously discussed, Port Tampa Bay handles a wide variety of commodities as part of its diversification
strategy. As the phosphate market has declined, other dry bulk commodities have increased to continue to grow
that business sector. In FY2021 limestone was once again the leading dry bulk commodity in tonnage, followed
by cement, granite and phosphate.
Port Tampa Bay is the petroleum hub for west central Florida and handles gasoline, diesel, jet fuel, ethanol and
other petroleum products. This accounted for 7.9 million tons of cargo coming through the port in FY2021. Other
liquid bulk commodities include liquid sulphur, sulphuric acid, anhydrous ammonia and citrus concentrate.
General Cargo includes containerized cargo as well as scrap metal, steel, and other commodities.
DETAILED HISTORICAL INFORMATION ON CARGO TONNAGES CAN BE FOUND IN THE CARGO STATISTICS
SECTION OF THE PORT TAMPA BAY WEBSITE.
Petroleum Products 7,908
Dry Bulk 6385
Other Liquid Bulk 1,288
General Cargo 1,550
General Cargo 1,550
Dry Bulk 6,385
Petroleum Products 7,908
Other Liquid Bulk 1,288
(IN THOUSANDS)
PORT TAMPA BAYCOMMODITIES
19FY2021 PAFR REPORT
CARGO TONNAGE: PUBLIC BERTHS
CRUISE PASSENGERS
FY19 FY20
14,000,000
14,500,000
15,000,000
15,500,000
16,000,000
16,500,000
13,000,000
13,500,000
FY17 FY18 FY21
17,000,000
17,500,000
TWENTY-FOOT EQUIVALENT UNITS
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
170,000
180,000
190,000
FY17 FY18 FY19 FY20 FY21
FY17 FY18 FY19 FY20
200,000
400,000
600,000
800,000
1,000,000
1,200,000
FY21
20 PORT TAMPA BAY
Since 1994 Port Tampa Bay has reduced or kept its millage rate the same. Every year since 2006 the rate has
been reduced to below the roll-back rate, resulting in a true tax decrease for the citizens of Hillsborough County.
PORT TAMPA BAY’S DECLINING MILLAGE RATE
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
2
0
1
5
2
0
1
6
2
0
1
7
2
0
1
8
2
0
1
9
2
0
2
0
2
0
2
1
TAX REVENUESREDUCING OURDEPENDENCE
21FY2021 PAFR REPORT
OPERATING REVENUE VS AD VALOREM TAX REVENUE
AD VALOREM TAX REVENUE AS A PERCENTAGE OF OPERATING REVENUE
0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
FY17
(T
h
o
u
s
a
n
d
s
)
FY18 FY19 FY20 FY21
$53,772
$59,720 $65,161
$10,868 $10,558$11,152
$56,276
$10,505 $10,782
$56,307
12%
13%
14%
15%
16%
17%
18%
19%
FY17 FY18 FY19 FY20 FY21
17.2%
15.4%
13.9%
15.7%16.1%
22 PORT TAMPA BAY
The primary objective of Port Tampa Bay’s cash and investment strategy is the protection and preservation
of principal. Port Tampa Bay’s bank balance (unrestricted and restricted) was $46.3 million at September 30,
2021. The Port deposits cash in qualifi ed public depositories (QPDs). These deposits are fully insured by the
Federal Deposit Insurance Corporation (FDIC) and/or secured by the multiple fi nancial institutions collateral
pool established under Chapter 280, Florida Statutes. In accordance with these statutes, qualifi ed public
depositories are required to pledge eligible collateral in varying percentages Any losses to public depositors
are covered by applicable deposit insurance, by the sale of pledged securities and, if necessary, by assessments
against other qualifi ed public depositories.
Section 218.415, Florida Statutes, and Port Tampa Bay’s investment policy authorize the Port Authority to invest
surplus funds. At September 30, 2021, Port Tampa Bay had a balance of approximately $328,000 invested with
the Florida PRIME Investment Pool which is an investment pool administered by the Florida State Board of
Administration (FSBA) under the regulatory oversight of the State of Florida. Florida PRIME is a 2a7-like pool
with a Standard & Poor’s rating of AAAm at September 30, 2021.
Port Tampa Bay also had $51.3 million in the Local Government Investment Pool (LGIP) of the Florida Public
Assets for Liquidity Management fund (FL PALM) at September 30, 2021. Intergovernmental investment pool
funds are held with FL PALM and are valued using NAV of $1.00 per share based on amortized cost. This fund
has no unfunded commitments and allows unlimited daily redemptions and investments with a one-day
minimum holding period. All underlying securities in the fund have a credit rating of A or better by Standard
& Poor’s. The credit rating of the FL PALM fund is AAAm by Standard & Poor’s.
PLEASE REFER TO “NOTE C – CASH AND INVESTMENTS” OF THE NOTES TO COMBINED
FINANCIAL STATEMENTS IN THE ANNUAL REPORT FOR ADDITIONAL INFORMATION.
PORT TAMPA BAYCASH & INVESTMENTS
23FY2021 PAFR REPORT
“Port Tampa Bay has shown fi scal strength, and resiliency in our workforce even in the midst of
a global pandemic, as our many lines of business helped us weather the challenges of COVID-19.
We have even seen signifi cant growth in some sectors of our business, including container.”
PAUL ANDERSON, PRESIDENT & CEO
“Port Tampa Bay’s diversity is key to the overwhelming success
of the local Tampa and surrounding local economies.”
DAVID DELAC, CHIEF FINANCIAL OFFICER
PORT TAMPA BAYVIEW FROM THE TOP
24 PORT TAMPA BAY
$1,403,996
$17,865,004
$104,673,872
$924,406
$7,441,182
$1,539,721
$1,167,885$4,483,851
Port Tampa Bay has no legal debt limit as set forth in the Constitution of the State of Florida and the
Florida Statutes. However, the port’s Amended and Restated Master Bond resolution dated August
21, 2018 establishes certain maximum debt service requirements which are more restrictive and are
based on net revenue generated by the Port.
The various bond indentures contain limitations and restrictions on annual debt service requirements,
maintenance of and flow of funds through various restricted accounts, minimum amounts to be
maintained in various sinking funds, and minimum bond coverage. Port Tampa Bay has complied with
all significant covenants.
LONG-TERM LIABILITIES
Revenue bonds, notes and loans
Compensated Absences
Unearned revenue
Premium on bond payable
Deposits
Derivative instrument liability
Other obligation
Net pension liability
LONG TERMLIABILITIES
25FY2021 PAFR REPORT
1101 CHANNELSIDE DRIVE, TAMPA, FLORIDA 33602
WWW.PORTTB.COM | 800-741-2297 |