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.
