Port of Royal to vote on 2020 budget
ROYAL CITY The Port of Royal Slope discussed its preliminary 2020 budget during a regular commissioners meeting on Wednesday, Oct. 23.
The Port of Royal Slope expects to receive $2,181,400 in income unto their general fund during 2020. Most of their income is from $1.95 million in sales of land expected to happen in 2020. Their expenses for the year is expected to total $2,111,900. Of that, $1.7 million will be spent on a capital expense. They also expect to pay off a bank loan. What money is not spent on expenses will go into reserves.
The industrial development fund is projecting revenues of $485,850 and expenses of $844,539.22 for 2020. The Port will be using the funds currently available in the account to make up the difference between the revenue and expenses. Loan payments and interest account for $115,589.22 of the industrial development fund expenses, while $605,000 is expected to go to industrial park development and the purchase of capital assets.
The Port of Royal Slope will adopt the final budget for 2020 after a public hearing to be held at a regular meeting on Wednesday, Nov. 13 at 2 p.m.