I still can not get over how concerned people are about the losses at Green Hill. If you want to know exactly how much was lost last year, go the City Web Site (http://www.ci.worcester.ma.us), hit reports tab on left and scroll down to City Auditor. Last year on page 111, you will see a loss of 76,597.
In comparison on page look at the airport on page 110. You need to add the actual loss (679,555) plus the subsidy from MassPort (Intergovernmental - 1,241,001) to arrive at the operating loss of 1,920,556. In other words the airport loses 160,046 in month, twice as much as Green Hill in an entire year. Do not get me wrong, I am happy to see people do not want to lose any monies on the Green Hill Enterprise Account, but at the same time wish people would be as concerned about the Airport Enterpise Account that is losing 25 times more.
In business, there are two things: Revenues and Expenses. Initially this blog focused on recruiting airlines (revenues) without having a true understanding of the finances. Now that we understand the expenses, realize the debt service is 100% the City of Worcester, the MassPort subisdy drops to 68% on July 1st and end in 398 days, we need to cut the expenses. We simply can not afford this "Enterprise" losing this much money.
Same Time Next Year
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It’s been nearly a year since I wrote about the problems that come from
having 11 bosses who are not on the same page about anything, as well as
suggestion...
4 months ago
4 comments:
We have to keep in mind that having an airport is also a matter of regional and national security, which weighs heavily on the value of ORH compared to GHCC.
I do agree, however, that $2,000,000 dollars annually is not acceptable in the long term.
www.WorcesterAirport.blogspot.com
In terms of National or even regional security, Westover and Pease cover the state of Massachusetts. ORH just doesn't have the facilities to service any military aviation operation full scale. Even as an emergency landing field, it doesn't justify The City and taxpayers footing the bill.
That's why I say let's open biding for the sale of the airport to qualified buyer's.
I agree Alec, the airport is a valuable asset.
Bill, you stole my thunder this morning.
Is Mr. Moylan not the cabinet person who is responsible for capital assets? If so, is the airport a capital asset or not and if yes, why is Mr Moylan apparently not involved or has he possibly delegated the task to a subordinate or to Massport?
from what I have seen of Mr Moylan, I wish he was running ORH
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