The Steamship Authority (SSA) Board unanimously approved its 2024 operating budget, as well as increasing seasonal rates, during a Tuesday morning meeting at the Oak Bluffs library.
SSA treasurer Mark Rozum and assistant treasurer Courtney Oliveira presented the information. They say the proposed 2024 operating budget will be $137.6 million. The net income from operations is expected to be $5.84 million, which is below the $9.012 million the SSA had been aiming for.
Although the SSA expects a $1.8 million decrease in fuel costs next year, several other costs are expected to rise, such as a $347,825 increase in training costs, $381,399 increase for insurance, and $3.13 million increase in maintenance expenses. The maintenance expenses also include $6.09 million in dry-docking services for the SSA vessels Nantucket, Eagle, Island Home, and Iyanough.
Two information sessions were held last month, where Rozum said a total of four attendees came — two who were associated with the SSA and the other two from the general public. The SSA received no written questions about the budget.
“We have a lot of people on this Island, and I suspect Nantucket as well, who are concerned about cost increases,” Martha’s Vineyard board representative Jim Malkin said. “I always find it helpful for these people if they would attend this kind of session and understand what’s going on.”
To make up for the more than $3 million shortfall, the SSA will be raising seasonal rates for next year. Collectively, the rates are expected to bring in $3.177 million, with $1.808 million from the Martha’s Vineyard route and $1.369 million from the Nantucket.
The following changes were adopted for the Vineyard route, although no increases were suggested for the passenger, excursion, freight, or daily parking rates.
For vehicles under 20 feet in length, a $2 increase will be applied to one-way fares during the shoulder season, which is from April 1 to May 14, and Sept. 15 to Oct. 31. During the peak season, which is from May 15 to Sept. 14, a $9 increase will be applied from Monday to Thursday, while a $10 increase will be applied from Friday to Sunday.
The 10-ride automobile pass will see a $45 increase. Meanwhile, annual parking permits for the Woods Hole lot and the Palmer Avenue lot will see $75 and $50 increases, respectively.
“Putting this together, that would get us the revenue we would need to make up for the budget shortfall,” Rozum said.
The SSA’s Port Council also unanimously approved raising rates during its meeting earlier this month.
Meanwhile, the SSA board unanimously approved accepting a two-year transportation agreement with the Martha’s Vineyard Regional High School District for a fixed price of $40,000 a year.
