The Fiscal Year 2015 Operating and Capital Budget was approved Thursday during a special meeting of the Port Commission of the Port of Houston Authority.
Projections by the Port Authority anticipate increased revenues in 2015, driven in large part by an increase in both import and export container volumes, with an expected pullback in steel tonnage after a banner year in 2014.
Overall cargo volumes at the Port Authority continue to grow, with total tonnage in 2014 five percent higher than the previous year.
Total revenues are projected to increase by 1.6 percent in 2015. A capital improvement budget of $275 million will be supported by the cash flow from the current year and 2015. Those capital improvements will include strategic projects to support new growth opportunities, along with recapitalization projects and channel projects.
The global economic outlook suggests 2015 will be slightly stronger than 2014, with most key economies either growing or remaining steady during the upcoming year.