SSA finished year with $4.6 million more than expected

Photo by Michael Cummo

The Steamship Authority (SSA) members received some good budget news at the boatline’s monthly meeting Tuesday in Woods Hole. SSA treasurer and comptroller Robert Davis reported that it appears that the SSA will end 2014 with a net operating income of around $7,733,000, which was $4,641,000 higher than projected in the SSA’s 2014 operating budget.

The numbers will not be finalized until independent accountants finish their audit until later this month, according to a management report of the board meeting. The SSA attributed the difference to higher than expected revenues ($3,793,000) as a result of increases in traffic levels from 2013 — 1.2 percent for automobiles, 1.7 percent for passengers, and 2.7 percent for trucks.

A drop in oil prices also affected the bottom line. Vessel fuel expense was $1,239,000 lower than budgeted.The SSA also received $475,000 more in license fees than budgeted, and $226,000 more in miscellaneous income. While the SSA’s maintenance expenses in 2014 were $2,008,000 higher than budgeted, those increased expenses were offset by decreases in other expenses, including fuel and lower insurance costs, $203,000 less than budgeted, Mr. Davis reported.