WESM

Virginia Port Authority stabilizes despite falling revenues

Aug 10, 2016

NORFOLK, Va. (AP) — Officials say the Virginia Port Authority failed to meet its financial goals for most of the fiscal year but still achieved financial stability.

The Virginian-Pilot reports (http://bit.ly/2aKnCUG) that lower-than-anticipated shipment volumes are to blame for the drop in revenues.

The authority had faced a $5.5 million deficit earlier in the year. But it was able to break even through some cost-cutting measures.

Authority CEO and executive director John Reinhart said the port's economic development efforts continue to help the state. He said manufacturers are moving into the area, and new companies are opening up.

___

Information from: The Virginian-Pilot, http://pilotonline.com

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.