2013 budgets approval reflects strong financial performance & commitment to investments tied to its Strategic Action Plan.
In 2013, the Port intends to continue improving its business lines by attracting more projects to its Foreign-Trade Zone and development finance programs, and strategically enhancing the financial performance of the maritime operation. As a result, operating revenues are expected to increase 18 percent next year, and the Port will be positioned to target more resources to strategic initiatives without significantly increasing overall operating expenditures.
“Both our results this year and the budgets for next year demonstrate our management team’s fiscal discipline,” said Port Chair Bob Smith. “I am particularly pleased that our financing program has projects in the pipeline that will bring more private investment to our community. These projects are expected to generate additional revenues for the Port that will both support our maritime business and allow us to direct tax dollars to capital improvements.”
The Port is an independent, special-purpose organization that both operates as a business competing for customers and as a public agency that makes investments in infrastructure to benefit the local economy and quality of life.
The Board also authorized an agreement with Infinity Construction Co., Inc. for the construction of a maintenance facility in Euclid for the Ohio Department of Transportation. The Port is building the facility for ODOT and reported to the board that minority and female business enterprises are expected to perform at least 30 percent of the work under the contract. For 2013, the Port projects total revenues of $8.7 million, which would make next year one of the best revenue years in a decade.
Next year’s operating budget of nearly US$7.3-million includes expenditures directly tied to the implementation of initiatives contained in the Port’s Strategic Action Plan.