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
August 15, 2006
Fiscal 2006 Financials
2006
Revenues: 1,993,336
Airfield 183,286
Airfield Support 286,933
Terminal Building 253,651
State Aid 1,005,619
Misc 263,847
Expenses: 3,073,303
Salaries 853,676
Maintenance 1,274,204
Capital 3,669
Debt Service 634,897
Fringe 306,857
Loss 1,079,967
What does this mean?? The airport lost 2,085,586 Fiscal 2006 costing MassPort (state aid) 1,005,619 and the City of Worcester 1,079,967. Lets take a moment to review Fiscal 2005 numbers:
2005
Renevues 2,129,627
Airfield 92,809
Airfield Support 286,933
Terminal Building 207,612
State Aid 1,241,001
Misc 249,648
Expenses: 2,809,182
Salaries 764,374
Maintenance 1,120,377
Capital 3,326
Debt Service 630,850
Fringe 290,255
Loss 679,555
Last year the airport lost 1,920,556 in Fiscal 2005 costing MassPort 1,241,001 and the City of Worcester 679,555.
In other words the Airport overall lost 165,030 more then it did last year, but it cost the City of Worcester 400,412 more then last year. Keep in mind that this year the State Aid is reduced from 85% to 67% of the operating deficit and in 319 days to the end of the current MassPort (state aid) agreement ends.
Still amazes me that Green Hill losing $150,000 is such a big story, while the Airport lost over 2 million dollars last year.
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8 comments:
Dave:
Agree to the extent that people know that the airport is going to lose money. I disagree, howeever, that many people would know that ORH lost over $2,000,000 last fiscal year.
Bill
I do not mind losing some money as long as I am able to utilize the service. I know we only have one carrier right now but the airport seems to be headed in the right direction. Maybe if we can stay positive we can help get some new service by the fall. Also, if ORH has been succesful with talks with different airlines this past summer maybe we will see an anouncement soon??
Tim:
Agree with you.. That is why I get frustrated when we are basically told nothing.
Right now we are in a very critical time. Do we continue the current relationship with MassPort or close ORH??? I personally feel ORH has potential but it will never be tapped continuing the current deal.
We need to sell ORH to MassPort, either outright or via a 99 year lease. This is the only way we can turn the tide.
I thought the feds were kicking in $1,000,000 for raching the 10,000 passenger mark. Where is that?
Charley:
that is a good question. I will find out.
This is too MUCH. Salaries and bennies are up 10% from '05 to '06, if my late night math is correct.
2005 $ 1.05M
2006 $ 1.16M
Where the heck is the city council or the commissioners on this issue?
If we get a $1M from the feds for reaching the 10K mark, will our deficit then go down (or disappear) and when our deficit drops will Massport still ante up the same amts. or will they reduce their subsidy?
We reached that milestone in late June??? FYE '06. So if I am Massport, do I say to City: "Hey, your deficit is way down ss we're reducing our subsidy?"
I have e-mailed Airport Liaison Niddrie as to where the $1,000,000 from the FAA for reaching 10,000 passengers is reflected in the year end accounting numbers provided by the City Auditor in regards to the Airport Enterprise Account.
I suspect they will record it as incoming cash when they receive it and not when they "earned" it.
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