The Florida legislature has bumped up port funding this year to $153 million and opened the door for greater amounts in the future.
Florida’s legislature rewarded state ports twice on Friday. The House and Senate passed an $82 billion budget that included more than $153 million for seaport projects for the upcoming fiscal year and a transportation bill that increases money for a port grant program.
The Florida Department of Transportation authorization included a $10 million increase in the minimum statutory amount in the Florida Seaport Transportation and Economic Development (FSTED) program to $25 million.
The FSTED Program is a state and local financing program of priority port transportation projects. Individual seaports partner with the state to identify priority infrastructure projects for improving intermodal transport of cargo or passengers. Projects selected by the Council for funding are financed on a 50-50 matching basis using local funds and FSTED Program funds.
The program is administered by the FSTED Council, which is charged with accomplishing the state’s seaport development mission of implementing capital improvement projects at the local level. The FSTED Council is comprised of the port directors for Florida’s 15 public seaports, and representatives from the Florida Department of Transportation (FDOT) and the Department of Economic Opportunity.
Together with the Strategic Port Investment Program (SPIP), which has a $35 million annual floor for bigger port projects such as dredging, the state is committed to spend at least $60 million per year for port improvements. The $153 million budget includes money for the FSTED and SPIP programs, as well as other projects identified by local port authorities and FDOT.
Since 2011, Florida has pumped almost $800 million into port projects. Gov. Rick Scott has made trade and logistics priorities for state investment because of their importance to jobs in the state.
Florida increases funding for port projects
