The Massachusetts Port Authority has approved a business plan and budget for fiscal year 2014 of $592 million, up 2.5 percent or $14.4 million compared with the previous year.
About 70 percent of the budget, valued at $403 million, will go to fund the daily operations of the aviation, maritime and real estate business lines, as well as Massport’s support departments. Meanwhile, the other 30 percent of the budget will go to the capital program to maintain Massport’s runways, terminals, roadways and docks.
Massport usually subsidizes maritime operations at Conley Container Terminal by approximately $20 million each year, according to the port authority, but a business plan goal this year is to improve maritime financial performance, resulting in an extra $3.8 million in the budget. The extra funding is supported by an anticipated 7 percent increase in container volume, Massport said.
The fiscal year 2014 budget ensures that the port authority’s “critical infrastructure” and “strong credit rating” are maintained, said Richard Davey, chairman of Massport’s board and secretary of transportation for the commonwealth, in a written statement.
The budget also reflects Massport’s plans to invest in new international and domestic service, improve ground transportation access at Boston Logan International Airport and improve the financial performance of maritime operations, among other things, according to the port authority.