Port of Milwaukee reports $1.4 million in net income

The Port of Milwaukee reported 2013 net income of $1.4 million, the highest net income since 2007, according to a report released today.

The income will go into the City of Milwaukee general fund and used to support basic city services.

Cargo volumes were up about 30 percent in 2013 over the year prior.

“Our Port continues to serve our community well,” said Milwaukee Mayor Tom Barrett. “It is a valuable facility for businesses, a public resource that contributes to job creation, and a soundly managed operation that generates revenue for city government.”

The totals do not include income from Milwaukee World Festival Inc.’s usage of port property for festivals. MWF paid about $1.3 million in rent last year. The port’s tenants also paid more than $468,000 in personal property taxes in 2013.

“We have closed our books on a successful year. By providing cost-effective transportation options and efficient sites for companies to operate, the Port has supported regional business activity and employment,” said Paul Vornholt, acting Port director. “We have generated significant net income, and 2014 is shaping up to be another strong year.”

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