On October 5, 2011, at 1055 eastern daylight time, a Cessna 150L, N11280, experienced a partial loss of engine power while approaching to land and collided with the airport perimeter fence at Punta Gorda Airport (PGD), Punta Gorda, Florida. The airplane sustained structural damage to the airframe and wings. The airplane was registered to a private owner and operating as a personal flight under the provisions of Title 14 Code of Federal Regulations Part 91. Visual meteorological conditions prevailed and no flight plan was filed. The private pilot was not injured. The flight originated from Winter Haven's Gilbert Airport (GIF), Winter Haven, Florida, at 1000. According to the pilot, he departed GIF on cross country flight to PGD. Upon arrival he entered a downwind for runway 09. While turning on final approach the engine experienced a partial loss of engine power. The airplane landed short of the runway and on landing roll collided with airport perimeter fence. Examination of the airplane by a Federal Aviation Administration (FAA) inspector revealed the left and right main fuel caps did not match and the fuel cap seals were deteriorated. The fuel tanks were sumped; and a half jar of rust and water was recovered from the left tank. The pilot stated in the interview with the inspector that he found water in the fuel during his preflight. A cursory examination was performed on the engine and an engine run-up was conducted. The engine ran successfully but could only be advanced to 1,500 rpm due to a bent propeller as result of the accident. No other anomalies were noted with the engine.