Today's Editorial is regarding the City's plan to clean up fiscal house over the next 5 years. Selling ORH (either outright sale or 99 lease) fits right into this overall plan:
- One time capital cash infusion
- Relieved of the $2,000,000 annual operating deficit
- Negotiated PILOT
- Increased tax revenues from a hopefully more successul airport
7 comments:
I am not sure you know this, but Handscom Airport also runs a 2 million dolar deficit- at least it did in fy2005.Interesting!
George:
http://www.massport.com/about/pdf/c_fy05_cafr.pdf
Page 116, the operating deficit was 249,000 on revenues of $6,200,000. That was before debt service, I will need to look that up.
Lastly ORH's revenues are less then $1,000,000 whereas Hanscom's are at $6,200,000
From Hanscomes own report,in FY'05 deficit was 2,202 million. Projected for fy'06 it was a deficit of 3,651 million. Does not seem as though all that could have been erased. I don't care what their income was, although if you have that much income, why a deficit? I can see why Worcester is in deficit if you say their income is only one million.
You have an interesting site. I came upon it by mistake looking for Worcester, but I have theirs now.
George:
Where are you getting these numbers?
Bill
So if my neighbor runs a $2M deficit then there it's OK if I do ,too?
Jahn:
If my neighbor wants to ring up a 2 million dollar bill, fine with me as long as I do not have to pay..
Bill
Does anyone see the irony with Mr O'Brien putting forth a five financial plan to strengthen the city, yet he lobbies on Beacon Hill so the City can legally hand out tax subsidies to those who were flooded last October, when in fact the city has no liabilty or obligation to pick up the tab for this casualty unless Beacon Hill changes the laws?
Am i missing something?
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