Last updated on July 2nd, 2019 at 09:12 am
The Port of Milwaukee today reported 2014 net income of $1.5 million, up from $1.4 million in 2013. Those proceeds are returned to the city of Milwaukee.
The 467-acre port’s net income excludes Milwaukee World Festivals, which operates Summerfest. MWF paid more than $1.3 million in rent in 2014.
Operating revenues totaled $4.6 million, up from $4.4 million last year, but operating expenses also increased, to $3 million from $2.9 million.
The port attributed its improved performance to a significant jump in steel shipments. Steel tonnage was up more than 50 percent in 2014.
Coal, on the other hand, trended downward. Coal tonnage was more than 2.5 million metric tons, down about 2 percent from 2013.
“Investments by city taxpayers in the Port of Milwaukee pay real dividends,” said Mayor Tom Barrett. “Even more importantly, the Port is a resource for local businesses as they move raw material and finished products by truck, rail or ship.”
“Hard work and careful planning by both the staff and tenants contributed to 2014’s achievements,” said Paul Vornholt, acting port director. “And 2015 is shaping up to be another strong year for operations at the Port of Milwaukee.”
The Port of Milwaukee is an economic entity of city government. It is governed by the seven-member Board of Harbor Commissioners, and promotes regional shipping and commerce.