The Key West Historic Seaport projects to make nearly $1 million in profit for fiscal year 2017-18, according to the latest budget reports.
“Wow,” Michael Knowles, a member of the Key West Bight Management District Board, which oversees the old seaport off Caroline Street, said when he heard the numbers at this week’s meeting.
Karen Olson, deputy Port and Marina Services director, delivered the budget presentation, along with the news that gross revenues are projected to hit $1.3 million while operating profits will rise $949,419 to $2,989,015, more than $949,000 higher than the previous year.
Olson said increased parking fees collected helped give the seaport a boost. Parking last year rose to $3.50 per hour in the main lot and $3 an hour in the outlying lots.
The projected budget for 2017-18, which starts Oct. 1, is $10.6 million with expenses at $7,613,000.
The seaport also has $2.98 million in capital projects on its agenda, including $950,000 for seawall repairs and $209,000 for bathhouse renovations. But at its meeting July 12, the Bight board made a priority discussion about adding more holiday lights to its annual winter display along the waterfront.
The board voted 6-0 to add $10,000 to the already-budgeted $30,000 for holiday light displays.
“That was money well spent,” said board member Kathryn Ovide. “Putting extra money there is for the benefit of our tenants.”
Gwen Filosa: @KeyWestGwen