Financials

Listing of Principal Officials As of September 30, 2025

Elected Officials

The Canaveral Port Authority, governing body of the Canaveral Harbor Port District, consists of five elected Commissioners. The Board meets on the third or fourth Wednesday of each month at 9:00 A.M. The meetings are held in the Board Room of the Port Authority office building located at 445 Challenger Road. In addition, special meetings and public hearings are scheduled throughout the year.

*Deceased Nov 8, 2025

Appointed Officials

To the Canaveral Port Authority Commissioners, Chief Executive Officer (CEO) and Citizens of the Canaveral Harbor Port District:

State law requires that all general-purpose local governments, including special districts, publish within nine months of the close of each fiscal year, a complete set of financial statements presented in conformity with U. S. general accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards and Government Auditing Standards by a firm of licensed certified public accountants. Pursuant to that requirement, we hereby issue the annual comprehensive financial report of the Canaveral Port Authority for the fiscal year ended September 30, 2025.

This report consists of management’s representations concerning the finances of the Canaveral Port Authority (the Authority). Consequently, management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a reasonable basis for making these representations, management of the Authority has established a comprehensive internal control framework that is designed to: 1) protect the government’s assets from loss, theft, or misuse and 2) compile sufficient reliable information for the preparation of the Authority’s basic financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the Authority’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.

RSM US, LLP, a firm of licensed certified public accountants, has audited the Canaveral Port Authority’s basic financial statements. The goal of the independent audit was to provide reasonable assurance that the financial statements of the Authority for the fiscal year ended September 30, 2025, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the Authority’s basic financial statements for the fiscal year ended September 30, 2025 are fairly presented. These statements are included as the first component of the financial section of this report.

GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The Canaveral Port Authority’s MD&A can be found immediately following the report of the independent auditor.

Profile of the Authority

The Canaveral Harbor Port District, as presently structured, was created by House Bill Number 1136, Chapter 28922, from the Laws of Florida Special Acts of 1953, as amended and restated by Chapter 2003-335, Laws of Florida, Acts of 2003, and acts amendatory thereof and supplemental thereto. This bill created, organized and established a port district in Brevard County, Florida and designated the area as the Canaveral Harbor Port District. The Authority is a quasi-public governmental body, an independent special taxing district that is a political subdivision of the State of Florida. As such, it is not under the jurisdiction of Brevard County or any neighboring city.

The Authority has operated under the Commission-manager form of government since 1953. Five elected commissioners, representing the five Port districts, serve as a board of directors and have jurisdiction over all fiscal and regulatory policies and operations of the Port. Commissioners are chosen by the public via an at-large election and serve four-year terms. These terms are staggered, with three commissioners up for election at one time, and the remaining two up for election two years hence. As an independent special district of the State of Florida, the Authority is empowered to levy ad valorem taxes to finance expansion and operation, incur indebtedness through the sale of bonds or use of bank loans, establish tariff rates, negotiate for government grants, condemn necessary land, zone its land, and exercise police powers. The commission is responsible, among other things, for passing policies, adopting a budget, appointing committees, and hiring both the government’s manager (CEO) and attorney. The CEO’s authority and responsibilities are similar to those of both the manager of a local government and the president of a sizable private corporation. The major goals of the Authority are to give the residents of the area the benefits of low-cost ocean transportation, a foreign trade zone and to create economic opportunity and jobs. The Authority also provides substantial facilities for recreation for the local population and visitors alike.

The annual Operating and Capital Budgets serve as the foundation for the Authority’s financial planning and control. All departments of the Authority are required to submit budget requests to the CEO during June of each year. The CEO uses these requests as the starting point for developing a proposed budget. The Chief Financial Officer (CFO) then prepares and presents this proposed budget to the commission for review prior to September 30. The commission holds two public hearings on the proposed budget and adopts a final budget no later than September 30, the close of the Authority’s fiscal year (FY). The Operating Budget is prepared by functional department. Due to operating or unforeseen activities during the year, department heads may request modifications to their departmental budget. Any proposed changes to the overall total of the Operating Budget are approved by the commission at a public hearing. Changes to the Capital Budget are more fluid, but do require review by the commission.

Economic Conditions in Fiscal Year 2025

The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the Authority operates.

Local Economy

The Canaveral Harbor Port District encompasses approximately the northern two-thirds of Brevard County. The County is home to a number of large employers, both public and private. According to the U.S Department of Labor, Bureau of Labor Statistics, the Nation’s unemployment rate at September 2025 is estimated at 4.4%, the State of Florida unemployment rate is 3.9% and Brevard County Florida is 4.6%.

Economic Outlook

The Authority is strategically located on the central east coast of the state and enjoys a significant “drive-to” market for cruising. During Fiscal Year 2025, the Authority’s total operating revenue was $218 million.

For Fiscal Year 2025, cruise revenue was $182 million and total multi-day revenue passengers were 8,602,047.

Cargo related revenue for Fiscal Year 2025 was $24.5 million which was based on ship related revenue of $18.3 million and cargo lease revenue of $6.2 million. The total tonnage of 6,123,295 included the commodities - petroleum, limestone, granite, forest products and slag. These materials contribute to a diversified cargo base and supports construction and growth in Central Florida.

The Authority continues to implement security measures to ensure the safety of the traveling public as well as Port Canaveral tenants. The annual costs of these services was $14.4 million for FY2025.

Long-Term Financial Planning

In addition to the Authority’s operating budget process, a $912 million five-year capital plan has been developed to assess future needs. As part of this capital plan, projects are continuously evaluated to determine whether any new projects will yield an appropriate rate of return before any investment is considered when additional funding is needed. The Authority continues to invest its cash resources to achieve the desired results along with prudent borrowing policies using bond financing and bank debt. A key component of capital project analysis also includes the availability of Federal and State agencies grant funding.

Relevant Financial Policies

The Authority continues to follow financial policies in effect which includes policies governing budget, investment, internal controls, leasing land, travel, purchasing, and Commissioners’ minor expenses. These policies are reviewed annually, with amendments approved by the board.

Major Initiatives

The Authority continues to expand and improve its cruise, cargo, recreational and real estate facilities, and infrastructure. For FY2025, the capital budget consisted of several major projects, including the multiyear rehabilitation of North Cargo Berth 4, Portwide Parking Improvements and Garages, Roads and Utility Improvements, Maintenance Dredging, Cruise Terminal 5 & 10 Upgrades, Cruise Terminal 6 Improvements, Mobile Harbor Cranes and Passenger Boarding Bridge Improvements. The total investment of these projects totaled $65.7 million.

Some of the major projects that were completed during FY2025 include the completion of new Parking facilities and Portwide parking lot improvements at a cost of $68 million, Road Improvements at a cost of $2 million, Improvements to Piers, Buildings, and Structures at a cost of $5 million, Cruise Terminal Furniture/Equipment upgrades at a cost of $2.1 million, and Cruise Terminal 10 Improvements at a cost of $4.2 million.

The Authority’s improvements are funded from existing cash flow as a result of the revenues from existing and projected cruise, cargo, and land lease operations, and Federal and State grants. The Port continues to seek federal and state assistance in the form of grants and capital improvement funding.

Awards and Acknowledgments

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Canaveral Port Authority for its annual comprehensive financial report for the fiscal year ended September 30, 2024. This was the thirty-fourth consecutive year that the Authority has received this prestigious award. In order to be awarded a Certificate of Achievement, the Authority published an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.

The preparation of this report would not have been possible without the efficient and dedicated services of the entire staff of the Finance Department. I would like to extend my thanks to all members of the department who assisted and contributed to the preparation of this report, with special recognition given to Controller, Diana Mims-Reid. Thanks and appreciation are also extended to Raymond Jessee with his help on reviewing and coordinating this report and also to the firm of RSM US, LLP for their professional approach and high standards in the conduct of their independent audit of the Authority’s financial records and transactions.

Finally, I would also like to express my appreciation to the Canaveral Port Authority Board of Commissioners and CEO John Murray for their guidance and support throughout the year. I appreciate their interest and leadership in planning and conducting the financial operation of the Authority in a progressive and responsible manner.

We have audited the financial statements of the Canaveral Port Authority (the Authority) as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the Authority, as of September 30, 2025, and the changes in its financial position and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Authority, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

As discussed in Note 6 to the basic financial statements, the Authority adopted the recognition and disclosure requirements of Governmental Accounting Standards Board Statement No. 101, Compensated Absences, as of October 1, 2024. As a result of the adoption, the Authority restated beginning net position. Our opinion is not modified with respect to this matter.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Authority’s ability to continue as a going concern for 12 months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Authority’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings and certain internal control-related matters that we identified during the audit.

As management of the Canaveral Port Authority (the Authority), we offer readers of the Authority’s financial statements this narrative overview and analysis of the financial activities of the Authority for the fiscal year ended September 30, 2025. All amounts, unless otherwise indicated, are expressed in thousands of dollars.

Financial Highlights

• The assets and deferred outflows of the Authority exceeded its liabilities and deferred inflows at the close of the most recent fiscal year by $694,325 (net position). Of this amount, $250,071 is the unrestricted net position and is available to meet the Authority’s ongoing obligations to creditors.
• The Authority's total net position increased by $83,732. This consists of an increase in net investment in capital assets of $50,482, an increase in restricted net position of $189, restricted under lease agreements $5,000, and an increase in unrestricted net position of $28,061.
• At the end of the current fiscal year, the unrestricted net position was 167.89% of total expenses.

Overview of the Financial Statements

This discussion and analysis are intended to serve as an introduction to the Authority’s basic financial statements. The Authority’s basic financial statements are comprised of two components: enterprise financial statements and notes to the financial statements. This report also contains the required supplementary information, other supplementary information, and other information in addition to the basic financial statements themselves.

The basic financial statements report information about the Authority using the full accrual basis of accounting as utilized by similar business activities in the private sector. The basic financial statements include a statement of net position, a statement of revenues, expenses and changes in net position and a statement of cash flows.

The statement of net position presents information on all the Authority’s assets and deferred outflows of resources, as well as liabilities and deferred inflows of resources, with the difference between the two groups reported as total net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Authority is improving or deteriorating.

The statement of revenues, expenses and changes in net position presents information showing how the Authority’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods.

The statement of cash flows presents changes in cash and cash equivalents from operational, financing and investing activities. This statement presents cash receipt and disbursement information without consideration of the earnings event, when an obligation arises, or depreciation of capital assets.

The notes on the financial statements provide additional information that is essential to a full understanding of the data provided in the basic financial statements.

In addition to the basic financial statements and accompanying notes, this report also presents other required supplementary information, other supplementary information, and other information.

Financial Analysis

As noted earlier, net position may serve over time as a useful indicator of the Authority’s financial position.

The following table reflects the condensed statements of net position as of September 30:

*FY24 financial statements have been restated due to implementation of GASB 101, Compensated Absences.

Current assets increased because of a strong year of cruise operations with 8.6 million passengers. By far the largest portion (59.9%) of the Authority’s net position as of September 30, 2025, reflects its investment in capital assets (e.g., land, buildings, improvements, equipment, intangibles and construction in progress); less any related debt used to acquire those assets that are still outstanding. These assets are not available for future spending. Although the Authority’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from operations, since the capital assets themselves cannot be used to liquidate these liabilities. At the end of the current fiscal year, the Authority’s net investment in capital assets increased by $50,482.

In addition, a portion (1.9%) of the Authority’s net position as of September 30, 2025, represents the reserve for maximum debt service restricted in accordance with existing bond covenants and (2.2%) is restricted under lease agreements. The remaining balance of unrestricted net position may be used to meet the Authority’s ongoing obligations to creditors. At the end of the current fiscal year, the Authority’s unrestricted net position increased by $28,061.

The Authority’s total net position increased by $83,732 during the current fiscal year. Of this amount, an increase of $81,442 represents net income before capital contributions. The remaining increase of $2,290 represents the capital contributions (grant proceeds) from federal and state sources. There is no assurance that these capital contributions from other sources will continue in the future.

The following table shows condensed revenue and expense data for the years ended September 30:

Additional information on the Canaveral Port Authority’s capital assets can be found in Note 3.D. in this report. 

Long-term debt: On September 30, 2025, the Canaveral Port Authority had total bonded debt outstanding of $318,390 and lines of credit with outstanding balances of $5 million and $16 million. The Canaveral Port Authority’s debt represents bonds secured solely by operating revenues (i.e., revenue bonds).

The Canaveral Port Authority’s total revenue and direct borrowing bonds decreased by $17,296 (5.15%). The major factor for the decrease during the current year was due to regular scheduled principal payments and no new issuances this year.

Additional information on the Canaveral Port Authority’s long-term debt can be found in Note 3.G. and 3.H. in this report.

Economic Factors and Next Year’s Budgets and Rates

For FY2026, the Authority has budgeted the following:

• Charges for services of $237 million due to projected cruise and cargo related business.
• Operating expenses of $159 million (including $57 million for depreciation) which contain funding for cruise activities.
• Non-operating revenues of $9 million, which is mostly investment earnings.

Requests for Information

This financial report is designed to provide a general overview of the Canaveral Port Authority’s finances for all those with an interest in the Authority’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Finance Department, Canaveral Port Authority, 445 Challenger Road, Suite 301, Cape Canaveral, Florida 32920.

Supplemental schedule of noncash investing, capital and financing activities:

• During 2025, the Authority recorded an unrealized gain on investments of $271,977.
• During 2025, the Authority’s balance in due from other governmental units relating to capital contributions is $2,411,647. 
• On September 30, 2025, the Authority had capital asset additions included in accounts payable of $14,742,502. 

See notes to financial statements.

Florida PRIME is administered by the Florida State Board of Administration, who provides regulatory oversight. The Authority’s investment in Florida PRIME is reported at amortized cost. The fair value of the Authority’s position in Florida PRIME is equal to the value of pooled shares. Florida PRIME is managed by the Florida State Board of Administration and has annual audited financial statements that can be obtained on their website: https://prime.sbafla.com/.

The Authority also invests in Florida Public Assets for Liquidity Management (PALM). PALM is a common law trust organized under the laws of the State of Florida and offers a short-term investment program with the objective of maintaining a $1 net asset value (NAV). PALM has annual audited financial statements that can be obtained on their website: https://www.fl-palm.com/.

Cash and cash equivalents include cash deposits and short-term investments with original maturities of three months or less from the date of acquisition.

As of September 30, 2025, the Authority reported investments at fair value. Fair value for all the Authority’s investments in debt was measured using Level 1 and Level 2 techniques. Florida PRIME is valued at amortized cost and Florida PALM is measured at fair value using NAV.

4. Leases

The Authority has entered into various lessor arrangements with tenants for the use of warehouses, terminals, offices, and land at the Authority. For certain regulated leases and short-term leases, the Authority recognizes rental income based on the provisions of the lease agreement in the statement of revenues, expenses and changes in net position.

For other lessor arrangements, the Authority recognizes a lease receivable and a deferred inflow of resources in the statement of net position. The Authority recognizes a lease receivable and a deferred inflow of resources at the commencement of the lease term, with certain exceptions for leases of assets held as investments, certain regulated leases, short-term leases and leases that transfer ownership of the underlying assets. The lease receivable is measured at the present value of the lease payments expected to be received during the lease term. The deferred inflow of resources is measured as the value of the lease receivable in addition to any payments received at or before the commencement of the lease term that relate to future periods. Lease receivable is reduced as payments are received, applying principal against receivable and interest to revenue, based on the amortization schedule. Deferred inflow is recognized as revenue on a straight-line basis over the life of the lease term.

The Authority uses the following estimates and judgments to measure the GASB 87, Leases (GASB 87) leases:

• Discount Rate: The Authority uses its incremental borrowing rate to discount the expected lease receipts to present value based on the terms of the leases. 
• Lease Term: The lease term includes the non-cancelable lease period, plus:

1. Periods for which the Authority has a unilateral option to extend and is reasonably certain to exercise such option, or
2. Periods after an optional termination date if the Authority is reasonably certain not to exercise the termination option. 

• Lease Modifications: The Authority monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability. 
• Lease Receipts: Measurement of the lease receivable includes fixed payments and, as applicable, variable fixed in substance payments, residual value guarantee payments that are fixed in substance and any lease incentives payable to the lessee.

Debt proceeds and funds set aside for payment of revenue bonds and construction projects are classified as restricted assets on the statement of net position because their use is limited by applicable bond indentures.

7. Inventory

In addition to liabilities, the statement of net position includes a separate section for deferred inflows of resources. This separate financial statement section, deferred inflows of resources, represents an acquisition of net assets that applies to a future period and so will not be recognized as an inflow of resources (revenue) until that time. The Authority currently reports items related to OPEB and leases in this section.

14. Net Position - Net Investment in Capital Assets

The net investment in capital assets component of net position consists of capital assets, net of accumulated depreciation, reduced by the outstanding balance of bonds, notes or other borrowings that are attributable to the acquisition, construction or improvements of those assets and any deferred losses on bond refunding.

15. Net Position - Restricted

The Authority’s statement of net position reports restrictions on net position that is maintained for specific purposes. The nature and purpose of the restriction represent, in accordance with legal restrictions, amounts for payment of principal and interest maturing in later years and amounts held by escrow agent for a future lease termination payment.

16. Net Position - Unrestricted

This category represents the net position of the Authority, which is not restricted for any project or other purpose.

D. Revenues and Expenses

1. Operating Revenues and Expenses

Grants restricted for capital acquisition and construction are recorded as capital contributions. Other grant revenue is classified as non-operating revenue. They are considered earned when all applicable eligibility requirements have been met, and it is earned by the Authority.

E. Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows, liabilities and deferred inflows, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 2.   Budgetary Information

Note 3. Detail Notes

A. Cash and Cash Equivalents and Investments

Custodial Credit Risk

For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the Authority will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party.

The Authority’s investment policy requires securities to be held by a third-party custodian and be properly designated as an asset of the Authority and held in the Authority’s name. As of September 30, 2025, the Authority’s investment portfolio was held with a third-party custodian and designated as Authority assets and held in the Authority’s name, as required by the Authority’s investment policy.

U.S. Government securities totaling $18.7 million in fiscal year 2025 are classified in Level 1 of the fair value hierarchy and are valued using quoted prices in active markets.

U.S. Government securities totaling $3.2 million, corporate issues totaling $19.6 million, and municipal issues totaling $1.6 million in fiscal year 2025 are classified in Level 2 of the fair value hierarchy and are valued using matrix pricing techniques maintained by various pricing vendors. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices. The Authority has no investments classified in Level 3.

On September 30, 2025, the Authority’s investments had the following maturities and credit ratings:

The incremental borrowing rates ranging from 3.00% to 3.13% are used to discount the expected lease receipts to present value. As of September 30, 2025, lease receivable is $38.9 million ($3.9 million current assets; $35 million noncurrent assets) relating to fifty-four (54) leases, with interest income of $1.2 million related to the lease payments received and included in fees and charges for services on the statement of revenues, expenses and changes in net position.

As of September 30, 2025, deferred inflows are $35.9 million, and recognized revenues are $4.5 million.

Future payments included in the measurement of the lease receivable, as of September 30, 2025, are as follows:

E. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses are comprised of the following as of September 30:

F. Other Liabilities

PORT IMPROVEMENT REVENUE BONDS, SERIES 2018C

B. Litigation

The Authority is named as a defendant in various lawsuits. The outcome of the lawsuits are not determinable currently. It is the opinion of management and of the Authority’s legal counsel that the resolution of these matters will not have a material adverse effect on the financial condition of the Authority.

C. Grants Programs

Management adopted the following GASB statements in the current year.

• GASB Statement No. 101, Compensated Absences was issued in June 2022. The statement improves the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this statement were effective for the Authority beginning October 1, 2024. See Note 6 for further information on the implementation of this GASB statement.
• GASB issued Statement No. 102, Certain Risk Disclosures was issued in December 2023. The requirements of this statement are effective for reporting periods beginning after June 15, 2024, and require state and local governments to disclose information about concentrations and constraints that make them vulnerable to a significant adverse impact. The adoption of the statement in the current year did not have a material impact on the financial statements for the year ended.

Effective October 1, 2024, the Authority implemented GASB Statement No. 101, Compensated Absences, which updates the recognition and measurement guidance for compensated absences and requires that liabilities for compensated absences be recognized for (1) leave that has not been used and (2) leave that has been used but not yet paid in cash or settled through noncash means.

This implementation increased beginning compensated absences liability and decreased the beginning net position as shown below:

Schedule of Changes in Total OPEB Liability (Unaudited)
Last Ten Fiscal Years*

*Data reported for fiscal years above is based on the Authority's Healthcare Plan's measurement dates of September 30. Changes in the total OPEB liability for the fiscal years prior to 2018 were not available and accordingly, not included in the schedule. There are no assets accumulated in a trust to pay related benefits for the OPEB plan.

CANAVERAL PORT AUTHORITY

Statistical Section Narrative

A. FINANCIAL TRENDS  PAGE 38-47

These schedules contain trend information to help the reader understand how the Authority’s financial performance and well-being has changed over time. The Authority engages in business-type activities and presents revenues by major source and distinguishes between operating and non-operating revenues and expenses.

B. REVENUE CAPACITY PAGE  48-53

These schedules contain information to help the reader assess the Authority’s most significant revenue sources: cargo and cruise revenue.

C. DEBT CAPACITY PAGE  54-56

D. DEMOGRAPHIC AND ECONOMIC INFORMATION PAGE  57-59

E. OPERATING INFORMATION PAGE  60-65

These schedules contain information about the Authority’s operations and resources to help the reader understand how the Authority’s financial information relates to the services it provides and the activities it performs.

Source: Unless otherwise noted, the information in these schedules is derived from the annual financial reports for the relevant year.

Fiscal Years ended September 30, 2016 through 2025

Fiscal Years ended September 30, 2016 through 2025

Schedule A-10

Canaveral Port Authority

* Includes minimum annual guarantees and layberth dockage.
** FY2014-2016 Revenue is from a contract with required shortage minimum guarantee.

Schedule B-3

Canaveral Port Authority

Approved Commissioner Districts and Registered Voters, September 2025

IMPORTS

EXPORTS