Steamship Authority Operations and Finances SSA Operations MV - PowerPoint PPT Presentation

Steamship Authority Operations and Finances

SSA Operations

MV Passengers 2008–2018 2,600,000 2,400,000 2,200,000 2,000,000 2,466,757 2,466,548 2,435,308 1,800,000 2,378,303 2,287,999 2,263,708 2,244,441 2,213,800 2,189,530 2,179,567 2,174,185 1,600,000 1,400,000 1,200,000 1,000,000 8 9 0 1 2 3 4 5 6 7 8 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2

MV Passengers: SSA and All Ferries 2007–2018 2.8 Millions 2.66 2.65 2.58 2.6 2.47 2.44 2.44 2.38 2.37 2.36 2.34 2.4 2.26 2.19 2.18 2.14 2.2 2.0 SSA 1.8 All 1.6 1.4 1.2 1.0 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 1 1 1 1 1 7 9 1 3 5 7 8

340,000 350,000 360,000 370,000 380,000 390,000 400,000 410,000 420,000 430,000 2 0 0 8 383,188 2 0 0 9 * 368,704 Automobiles 2 0 1 0 373,668 2 0 1 1 375,615 2 0 1 2 385,553 2 0 1 3 388,864 2 0 1 4 392,864 2 0 1 5 399,277 2 0 1 6 415,543 2 0 1 7 415,753 2008–2018 2 0 1 8 417,931 100,000 120,000 140,000 160,000 20,000 40,000 60,000 80,000 0 2 0 0 8 2 98,393 0 0 9 * 115,600 2 0 1 0 116,461 2 0 Trucks 1 1 114,782 2 0 1 2 112,958 2 0 1 3 118,922 2 0 1 4 121,380 2 0 1 5 125,078 2 0 1 6 131,585 2 0 1 7 136,706 2 0 1 8 137,635

MV Passengers 1993–2018 3,000 Thousands 2,435 2,273 2,284 2,500 2,264 2,000 2,174 1,886 1,500 1,000 500 0 3 8 3 8 3 8 9 9 0 0 1 1 9 9 0 0 0 0 1 1 2 2 2 2

1993–2018 Autos Trucks* 450 160 Thousands Thousands 413 383 400 140 397 418 389 138 350 120 334 300 119 100 98 250 80 200 60 71 65 150 61 40 100 20 50 0 0 3 8 3 8 3 8 3 8 3 8 3 8 9 9 0 0 1 1 9 9 0 0 1 1 9 9 0 0 0 0 9 9 0 0 0 0 1 1 2 2 2 2 1 1 2 2 2 2

Total Cars Parked at Falmouth Lots 2007–2018 150 Thousands 145 144 145 140 140 140 135 135 135 134 135 132 130 129 129 130 125 120 7 8 9 0 1 2 3 4 5 6 7 8 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2

SSA Parked Cars, Monthly 2008–2018 30,000 2008 25,000 2010 2012 20,000 2014 15,000 2016 2018 10,000 5,000 0 y y h l y e y t r r r r i s e e e r r r a n l e c u u a a p b b b b r M u J g u u a m A m o m J u n r M t b e e e A c a t O v c e J p e o F D e N S

Average Length of Stay (Falmouth Lots) Summer 2016–2019 2.5 Number of Days 2.4 2.3 2.2 June July Aug 2.1 Sept 2 1.9 1.8 2016 2017 2018 2019

Average Length of Stay (Falmouth Lots) Annual 2016–2019 2.5 Number of Days 2.4 2.3 2.2 2.1 2 2.15 2.14 2.14 2.12 1.9 1.8 2016 2017 2018 2019

Excursion Vehicles and Fares 2008–2018 Number of Vehicles Number of Fares 156,000 9,600 9,458 153,157 154,000 9,500 151,801 152,000 9,400 150,000 9,300 9,175 9,336 148,000 9,200 145,476 9,052 146,000 9,100 144,000 9,000 144,270 142,000 8,900 144,340 8,953 140,000 8,800 138,000 8,700 136,000 8,600 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 8 0 2 4 6 8 8 0 2 4 6 8

Cancellations (Woods Hole to Vineyard Haven) 2009–2018 700 Number of Trips 600 500 400 Mechanical Weather 300 Other 200 100 0 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 9 0 1 2 3 4 5 6 7 8

Cancellations (Woods Hole to Oak Bluffs) 2009–2018 250 Number of Trips 200 150 Mechanical Weather 100 Other 50 0 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 9 0 1 2 3 4 5 6 7 8

Total Cancellations: Oak Bluffs and Vineyard Haven 2009–2018 1200 Title 1000 800 600 Total OB Total VH 400 200 0 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 9 0 1 2 3 4 5 6 7 8

Cancellations and Extras (Vineyard Haven) 2009–2018 1200 Number of Trips 1000 800 600 Cancelled Extra 400 200 0 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 9 0 1 2 3 4 5 6 7 8

Net Cancellations (Vineyard Haven) 2009–2018 500 426 Title 400 300 200 100 18 11 0 -7 -17 -33 -100 -177 -96 -121 -134 -200 -300 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 9 0 1 2 3 4 5 6 7 8

Cancellations, October 2019 140 126 Number of Trips 120 Net totals VH: 111 100 OB: 52 80 60 48 40 20 4 4 0 Mechanical Weather VH OB

SSA Finances

1960 Enabling Act (as amended) Establishes SSA as tax-exempt Authorizes SSA to perform 11 functions Requires funds to be set aside in a certain way No state subsidies

Authorized Functions 1. Acquire, maintain, repair, operate a boat line 2. Issue bonds 3. Fix rates and charges for service (DPU can reject) 4. Adopt bylaws for affairs and business 5. Acquire, hold and dispose of real and personal property; lease or charter vessels; contract other services traveling to and from the islands 6. Enter into contracts and agreements, hire contractors, fix compensation; expenses must be from proceeds of bonds or revenues 7. Accept federal grants and other contributions 8. Hire regular employees; recognize seniority and pension benefits 9. Insure employees and be liable for payments 10. Provide for the issue of interest-bearing or discounted notes (not to exceed $100 million, payable within 3 years) 11. Maintain confidentiality in regard to customers

Issuance of Bonds May not exceed $100 million outstanding Can be used to pay for replacements, new construction or acquisition of vessels and other facilities required to provide adequate service Principal and interest are payable only from funds authorized in the Enabling Act Repayment term not exceed 40 years May be made redeemable before maturity Payments can be made at any bank or trust institution in MA SSA decides how the funds are disbursed Can be issued without consent of state

In order to provide adequate transportation of persons and necessaries of life for the islands of Nantucket and Martha's Vineyard, the Authority is hereby authorized and empowered to purchase, construct, maintain and operate necessary vessels, docks, wharves, other vessels, equipment, furniture and supplies and to issue its revenue bonds payable solely from revenues, or funds as hereinafter authorized in section nine of this act.

The exercise of the powers granted by this act will be in all respects for the benefit of the people of the commonwealth, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions . . . This act, being necessary for the welfare of the commonwealth and its inhabitants, shall be liberally construed to effect the purposes thereof.

SSA Funds

Automobiles Freight Passengers Bike, mail, miscellaneous, voyage Terminal operations Parking Rents Other Revenue Fund

Maintenance, repair, operation for current and following month; salaries; maintenance; Operations not to exceed 1/36 of operating budget for the current year Interest on and amortization and payment Sinking of bond principal Depreciation, obsolescence or loss of Replacement property; unneeded amounts may be transferred to the sinking fund To be maintained at 5% of the principal of all bonds outstanding, or $600,000, Reserve whichever is greater; can also be used to make up for revenue deficiency; excess at year's end goes into the sinking fund Capital For capital improvements Improvement

1 Revenue Operations Sinking Replacement Reserve Bond Capital Redemption Improvement

2 Revenue Operations Sinking Replacement Reserve Bond Capital Redemption Improvement

3 Revenue Operations Sinking Replacement Reserve Bond Capital Redemption Improvement

4 Revenue Operations Sinking Replacement Reserve Bond Capital Redemption Improvement

5 Operations Sinking Replacement Reserve Bond Capital Redemption Improvement

6 Revenue Operations Sinking Replacement Reserve Bond Capital Redemption Improvement

7 Operations Sinking Replacement Reserve Bond Capital Redemption Improvement

8 Operations Sinking Replacement Reserve Bond Capital Redemption Improvement

Fund Totals (Ending Balance) 20000000 OPERATIONS FUND SINKING FUND REPLACEMENT FUND RESERVE FUND BOND REDEMPTION CAPITAL IMP. FUND Dollars 10000000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Capital Improvement Fund Activity 40M 30M 20M From Bond/Note Issue Dollars 10M Income from Investments Withdrawals 0 -10M -20M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Operations Fund Activity 100M 50M Cash Receipts Cash Receipts - Grants 0 Dollars Cash Receipts - Capital Projects Cash Disbursements -50M Cash Disbursements - Capital Projects Transfers to Special Purpose Funds -100M -150M 8 9 0 1 2 3 4 5 6 7 8 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2