Operating Deficits & Current Mgmt

Again the IMG report had some very interesting numbers on our operating deficit. Even during years with alot of commercial service the airport was losing money. The numbers below represent monies from the City of Worcester General Fund and/or Massport to covering the annual deficit (page 18)

1. 2004 2,288,131
2. 2003 2,378,854
3. 2002 1,938,700
4. 2001 1,172,206
5. 2000 948,439
6. 1999 1,148,082
7. 1998 1,120,434

The past 7 years the total operating loss has been 10,994,846!!!

A big thanks needs to go to MassPort who subsidized almost half (5,144,705),but it still cost the taxpayers of Worcester $5,850,141. If this was a private business, management would have been changed years ago.

Obviously we need to try and renegotiate and extension of the current operating agreement with MassPort, to help subsidize these losses. At the time we need to make in some changes in the actual management of this airport. As IMG suggested on page 29, "A private partner could potentially be convinced to take over operations for a 5-10 year period"

Losing over $10,000,000 in 7 years speaks for itself.