Tuesday, December 16, 2014

Port of Hueneme Sets Fiscal Record

By Mark Edward Nero

The Port of Hueneme has set yet another earnings record, according to its fiscal year 2014 audit, a draft report of which was submitted to the port’s Board of Harbor Commissioners during their Dec. 8 business meeting.

The port realized its strongest fiscal numbers in history at about $14.3 million in total gross revenue, according to the report, which was delivered to the board by port CEO Kristin Decas and CFO Andrew Palomares.

“This year’s cargo performance sets a significant new milestone for the port, a record driven by our customers and business development teams,” Decas said. “We commit to continued partnerships and strategic planning to maximize the social and economic benefit the port brings to our community and industries served.”

The financial year end draft report indicates that Hueneme’s net assets grew by 6.2 percent in FY 2014, which is only about half of the previous year’s 12.7 percent. However, the report also shows that the port realized a significant financial recovery in FY 2014, realizing its second best year in volume and highest year in revenue since inception in 1937.

The port mainly attributes the growth to two factors: a nationwide economic rebound as the country continues to climb its way out of the recession; plus a diversification of cargo handled at the port.

The port saw 1.42 million metric tons of cargo in fiscal year 2014, a one percent decrease from FY 2013’s 1.42 million metric tons. Revenue, however, was up 7.5 percent, climbing from $13.3 million in FY 2013 to $14.3 million in FY 2014, which ended June 30.

Commission President, Mary Anne Rooney said the numbers tell a positive story about the port’s financial performance.

“Our team has worked very hard to keep expenses low as we continue to work through hard financial times,” she said. “Over the past few years, everyone made sacrifices working through budget cuts without jeopardizing productivity. We will continue to endorse policies that ensure we run a tight ship.”

Decas acknowledged the year’s performance with a note of cautious optimism.

“We are proud of our record and most pleased to see the uptick in revenues, but recognize that we are still facing financial challenges in making the critical infrastructure investments to move us forward including wharf upgrades and harbor deepening projects,” she said. “We will remain vigilant in our effort to watch expenses and balance the budget.”

The port’s fiscal year runs from July 1 through June 30.