Finance: Massport

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Massport Approves Fiscal Year 2015 Total Budget of $623 Million

The Massachusetts Port Authority (Massport) board of directors on June 19 voted to approve a Business Plan and Budget for Fiscal Year 2015 of $623 million, an increase from the prior year’s budget of 5 percent, or $31 million.

Massport owns and operates Boston Logan International Airport, public marine terminals in the Port of Boston, Hanscom Field and Worcester Regional Airport. Massport is a financially self-sustaining public authority whose transportation facilities generate more than $8 billion annually. No state tax dollars are used to fund operations or capital improvements at Massport facilities. July/June is its fiscal year.

The plan will fund Massport’s commitment to safety and security, supporting neighboring community programming, improving the customer experience at all Massport facilities, and continuing to attract new international and domestic service to propel the region’s economic growth.

The largest capital expenditure is for the new Thomas J. Butler Freight Corridor, which will remove Conley Container traffic from residential areas in South Boston, and when completed will have cost $70 million.

As part of the efforts to support community initiatives in surrounding neighborhoods, Massport will invest $25.5 million, an increase of 5.5 percent. Included are more than $3 million for the Greenway and existing parks, an increase in the lieu of tax payments to the cities of Boston and Winthrop, bringing the PILOT total to more than $19 million, and $1.75 million in summer job opportunities for youth, education scholarships, after school programs and other community giving.

Massport will spend more than $73 million in personnel, technology, training and inspections to help ensure the safety of those who use and work at its facilities. That includes, for example, the expansion of Security and Fire Rescue at all airports, new technology for Aviation Security, a new Fire and Rescue building at Worcester Airport and the purchase of three new fire engines.