Board OKs Highest Capital Plan in the SCPA’s History
The South Carolina Ports Authority (SCPA) Board of Directors has adopted a financial plan for the 2017 fiscal year that includes six percent pier container growth, $226.1 million operating revenues, $40.8 million operating earnings, and capital expenditures of $248 million.
The plan projects pier containers, or box volume, of 1.175 million during FY2017, a six percent increase from the 1.105 million boxes SCPA is expected to handle during its current fiscal year.
Planned operating revenues of $226.1 million for FY2017 reflect a 7 percent increase above the current fiscal year, which are expected to reach $211.8 million when the period ends June 30.
“The FY2017 plan reflects continued success of our state port system,” said SCPA Board Chairman Pat McKinney. “The year ahead is an exciting time for our port and state, with construction on our harbor deepening project to 52 feet to begin, as well as significant progress on the Leatherman Terminal and other improvements to existing terminals expected.”
The Board approved the highest capital plan in the SCPA’s history, with expenditures projected $82.4 million higher than FY2016. SCPA will invest $93.7 million in site development and related expenses for construction of the Hugh K. Leatherman Terminal, expected to open in late 2019.
Other primary capital expenditures planned include $78.9 million in upgrades to the Wando Welch Terminal, $16 million in surface improvements to the Columbus Street Terminal and $5.1 million for the development of a second inland port in Dillon, South Carolina.