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Port Canaveral employees just before Christmas received a special 3% across-the-board bonus, reflecting the port’s strong financial results.
You are viewing: Strong financial results trigger 3% bonuses for Port Canaveral staff
Canaveral Port Authority commissioners approved the discretionary bonuses in a 4-1 vote, with Secretary/Treasurer Fritz VanVolkenburgh voting no. Special bonus check went out to 246 port employees on Dec. 20.
Port Canaveral Chief Financial Officer Jeff Long said the percentage of the bonus is based on a formula that takes into account the port’s operating revenue and operating expenses for the budget year that ended Sept. 30, in comparison to what was budgeted for that year. Under that formula, the bonus can range from 0% to 5%.
The port had operating revenue of $190.9 million in the 2023-24 budget year and operating profit of $119.5 million, both which were higher than was initially budgeted.
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The port’s strong financial results in large part are a reflection on the port’s record-setting cruise business, with 16 cruise ships based at Port Canaveral this winter, representing seven brands — Carnival, Celebrity, Disney, MSC, Norwegian, Princess and Royal Caribbean.
This is the first year this bonus program has been in effect at the port.
Long said the cost of the bonus program this year is $650,000 to $700,000.
Differing views on bonus program
In discussing the structure of the bonus program, Canaveral Port Authority Commissioner Kevin Markey noted that he liked that not only is it based on revenue, but also that “expenses are being managed and coming in under budget, so everyone is being encouraged to be more efficient in operations here.”
VanVolkenburgh did not comment during the meeting about his no vote on the bonuses.
In the past, VanVolkenburgh expressed opposition to the structure of the bonuses, including casting a “symbolic” no vote in September on the port’s 2024-25 budget, in part because of the bonus program. He said, if there was a bonus plan, the money should be distributed equally among all employees, with everyone getting the same dollar amount — not an amount that is a percentage of their salary, in which case higher-paid employees get more.
After the latest Port Authority meeting, VanVolkenburgh said he still feels that way.
The 3% bonuses are on top of a 4% cost-of-living pay increase port employees received when the new budget year began on Oct. 1.
Dave Berman is business editor at FLORIDA TODAY. Contact Berman at [email protected], on X at @bydaveberman and on Facebook at www.facebook.com/dave.berman.54
Source link https://www.floridatoday.com/story/money/business/2024/12/29/strong-financial-rsultport-canaveral-staff-receives-3-bonuses-after-financial-results-exceed-targets/77107204007/
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