Before giving his financial report, Waterworth recognized two longtime executives who will retire at month's end: Jimmy Jamison, Senior Vice President of Operations, who joined the Port Authority in 1987 as Assistant Terminal Manager at Barbours Cut, and James Jackson, Senior Vice President of Engineering & Real Estate, who joined as Director of Facilities in 1995.
"The success we see today is because of contributions from employees such as these two individuals," Waterworth said.
The Port Authority received its 38th consecutive Certificate of Achievement for Excellence in Financial Reporting awarded by the Government Finance Officers Association of the United States and Canada for the Port Authority's 2011 Comprehensive Annual Financial Report. Waterworth recognized Controller Maxine Buckles and her team for their efforts.
In his monthly financial report, Waterworth said that total tonnage at Port Authority facilities (excluding bulk cargo associated with leased locations) was up by 104,000 tons or five percent for the month of November, compared to last year, while year-to-date tonnage continues to show solid growth of 1.8 million tons or 8 percent. This growth has been fueled primarily by steel, which for the year has increased by 1.2 million tons or 29 percent, compared to last year. General cargoes at Port Authority facilities have increased 86,000 tons or 3 percent for the year.
November operating revenues were $19 million, up by 12 percent over last year. Year-to-date Port Authority revenues of $205 million reflect an increase of 10 percent over 2011, led by steel tonnage, container revenues and dredge disposal fees. Waterworth noted that steel volumes are now softening and could continue at a slower pace in early 2013.
"November operating expenses are up by $1.5 million or 12 percent, which relates to new operations launch expenses associated with the two cruise lines to call the Bayport Cruise Terminal," he said.
Year-to-date operating expenses are down by $900,000 or 1 percent, he said. This brings the Port Authority's year-to-date net operating income to $22.4 million, up by $10.2 million or 84 percent from 2011.
