The 2008 Executive Budget Document
Virginia Port Authority
Mission Statement
The Virginia Port Authority (VPA) shall foster and stimulate the commerce of the Ports of the Commonwealth, promote the shipment of goods and cargoes through the ports, secure necessary improvements of navigable tidal waters within the Commonwealth and, in general, perform any act or function which may be useful in developing, improving, or increasing the commerce, both foreign and domestic, of the Ports of the Commonwealth.
Operating Budget History
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2005 Appropriation | $ 0 | $ 59,793,411 | 140.00 |
2006 Appropriation | $ 0 | $ 65,291,206 | 145.00 |
2007 Appropriation | $ 0 | $ 77,947,316 | 167.00 |
2008 Appropriation | $ 1,000,000 | $ 79,774,946 | 167.00 |
General Fund | Nongeneral Fund | Positions | |
---|---|---|---|
2009 Base Budget | $ 1,000,000 | $ 79,774,946 | 167.00 |
2009 Addenda | $ (50,000) | $ 9,875,897 | (10.00) |
2009 Total | $ 950,000 | $ 89,650,843 | 157.00 |
2010 Base Budget | $ 1,000,000 | $ 79,774,946 | 167.00 |
2010 Addenda | $ (50,000) | $ 20,582,541 | (10.00) |
2010 Total | $ 950,000 | $ 100,357,487 | 157.00 |
Recommended Operating Budget Addenda
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Distribute Central Appropriations amounts to agency budgetsAdjusts the agency budget to reflect amounts moved from Central Appropriations to cover the cost of items such as the continuation of 2007 and 2008 salary and health insurance premium increases, as well as changes in retirement and disability contribution rates and other centrally funded items. For each year, $1.1 million (NGF).
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Remove appropriation for hosting conventionRemoves appropriation for the agency to host the 2007 American Association of Port Authorities Convention. The cost of the convention was to be paid for through fees from convention attendees. For each year, a reduction of $800,000 (NGF).
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Remove appropriation and positions for providing security at APM Terminal in PortsmouthRemoves appropriation and positions for agency police to provide security at the new APM Terminal. Positions were to be paid by APM for security services, but APM opted to hire private security guards. For 2009, a decrease of $845,000 (NGF) and 15 positions. For 2010, a decrease of $845,000 (NGF).
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Provide appropriation for federal security mandateProvides appropriation for the federally mandated Transportation Worker Identification Credential initiative. The agency expects that implementation will require five new positions and overtime hours for the federal security mandate. For 2009, $345,202 (NGF) and five positions. For 2010, $400,000 (NGF).
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Remove appropriation for debt service for 1996 and 1998 bondsRemoves appropriation for Commonwealth Port Fund bonds issued in 1996 and 1998. 1996 Commonwealth Port Fund (CPF) bonds were fully repaid July 1, 2007. 1998 CPF bonds will be repaid July 1, 2008. As such, debt service appropriation will not be required in fiscal year 2009 and fiscal year 2010. For 2009, a decrease of $11.4 million (NGF). For 2010, a decrease of $11.4 million (NGF).
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Decrease debt service for 1997 terminal revenue bondsReduces appropriation for debt service on terminal revenue bonds issued in 1997. The terminal revenue bonds were refunded at a substantial debt service savings. For 2009, a decrease of $2.2 million (NGF). For 2010, a decrease of $2.3 million (NGF).
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Provide appropriation for debt service for 2009 terminal revenue bondsProvides appropriation for debt service payments on $93 million in terminal revenue bonds the Virginia Port Authority issued in fiscal year 2008. For each year, $6.2 million (NGF).
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Increase appropriation for changes to currency exchange ratesProvides appropriation to account for the decrease in the currency rate. The Port Authority hires foreign office contractors for marketing international ship lines and shippers and pays them in their native currency. The value of the dollar has decreased and additional appropriation is required to continue to hire foreign contractors. For each year, $250,000 (NGF).
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Provide appropriation for increased employee benefitsProvides appropriation to address forecasted increases in employee benefit costs such as health, life insurance, and pensions. Port Authority employees hired after 1997 are provided benefit plans separate from those provided by the Commonwealth. For 2009, $326,159 (NGF). For 2010, $727,128 (NGF).
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Provide additional appropriation for employee benefits liabilityProvides appropriation to comply with Governmental Accounting Standards Board statements that require entities that provide employee benefits subsequent to retirement to include the actuarial valuation of that liability in the financial statements. For 2009, $1.0 million (NGF).
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Continue 2008 budget reductionsContinues the budget reductions included in the Governor's 2008 reduction plan into the 2008-10 biennium. For each year, a reduction of $50,000 (GF).
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Provide appropriation for debt service for 2010 Commonwealth Port Fund bondsProvides appropriation in the second year for debt service on $155 million in Commonwealth Port Fund bonds issued by the Port Authority for the development of Craney Island. For 2010, $11.3 million (NGF).
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Provide authorization for a short-term debt programProvides authority for the Port Authority to issue short-term debt on a revolving basis to provide interim financing for capital projects. The debt would be issued in advance of receipt of bond or master equipment lease program proceeds. The short-term debt is not to exceed $200 million at any time. For each year, $9.5 million (NGF).
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Provide appropriation for master equipment lease purchase programProvides appropriation for debt service payments supported by terminal revenues for the agency's master equipment lease program. The program is used to acquire equipment used in the operation of the port facilities. For each year, $5.2 million (NGF).
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Increase appropriation for disaster recovery preparednessProvides appropriation to partner with Virginia International Terminals to purchase and implement a system to redirect power and data feeds in the case of a major power failure. The system will allow for uninterrupted power for security and agency administration in the event of an emergency or a disaster. For 2009, $70,000 (NGF). For 2010, $80,000 (NGF).
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Increase Aid to Local Ports grantsProvides additional funding for grants to localities for improvements to port facilities around the Commonwealth. For each year, $200,000 (NGF).
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Increase appropriation to match federal security grantsProvides matching funds for grants related to federal port security initiatives. For each year, $826,000 (NGF).
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Provide additional appropriation for payments to localitiesProvides additional appropriation to fund anticipated increases in payments made to localities in lieu of taxes. For 2009, $52,500 (NGF). For 2010, $107,625 (NGF).
Capital Totals for the Biennium
General Fund 2008-10 Biennium |
Nongeneral Fund 2008-10 Biennium |
Debt 2008-10 Biennium |
---|---|---|
$ 0 | $ 85,500,000 | $ 155,000,000 |
Recommended Capital Budget Addenda
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Fund maintenance reserveProvides funds to implement maintenance reserve projects required to allow the continued use of port facilities. For the biennium, $6.0 million (NGF).
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Commence Craney Island preliminary engineering and design, mitigation, and land developmentProvides bond funding authorization in fiscal year 2010 for the preliminary work on the construction of the Craney Island Marine Terminal, in addition to the preliminary work for the road and rail access to the planned terminal. For the biennium, $155.0 million (NGF).
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Expand cargo handling facilitiesProvides funding for continued improvements to cargo handling facilities. For the biennium, $20.2 million (NGF).
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Expand empty yardProvides funding for the continued expansion of the container storage yards at the Virginia Port Authority. For the biennium, $20.2 million (NGF).
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Procure terminal operating equipmentProvides funds to purchase additional terminal operating equipment for transporting containers at terminal facilities. For the biennium, $39.0 million (NGF).