Panama Canal 2011 Annual Budget – $2.106 Billion Dollars

Panama Canal 2011 Annual Budget – $2.106 Billion Dollars
Tuesday, July 13 2010 @ 07:14 AM EDT

Contributed by: Don Winner

Views: 8

The annual operating budget for the Panama Canal Authority (ACP) for fiscal year 2011 will increase to $2.106 billion dollars, and the budget anticipates the ACP will contribute $839 million dollars to the National Treasury next year. This number represents an increase in the contribution of $85 million dollars compared to the current fiscal year which ends on 30 September 2010. For fiscal year 2011 (October 1, 2010 to September 30, 2011), the ACP has budgeted income from tolls of $1.610 billion dollars; income from services related to canal transits of $333 million dollars; and other income derived primarily from the production of drinking water and electricity of $140 million dollars; as well as an additional $22.4 million dollars in interest earnings.
The Chairman of the Board of Directors of the ACP and Minister for Canal Affairs Romulo Roux, presented the budget before the Cabinet Council, accompanied by Panama Canal Administrator Alberto Aleman Zubieta and the Executive Vice President of Administration and Finance, Francisco Miguez. The 2011 ACP draft budget includes new investments of $136.3 million dollars for the Panama Canal expansion project, destined to continue with the work of the contract for design and construction of locks, dredging and excavation of the new channel. Also included is $234.9 million dollars for investments in modernization and improvement of the current Panama Canal, for the acquisition, mainly, of tugs and a mechanical type backhoe dredger, among others.

Operating expenses, applied to Canal maintenance and operations, will be $650.8 million dollars, which includes mainly staff costs, materials and supplies, fuel for operation and for power generation, and service contracts. Due to the effects of the economic crisis, which has dealt a hard blow to shipping, the ACP budget has been held to a slight growth in recent years. In 2008, the approved budget was $2.7 billion dollars, and in 2009 the budget was $2.105 billion, and in 2010 the annual budget was $2.17 billion dollars. (La Prensa)

Post a Response

Post a Response