By Associated Press
Birmingham, AL – The Alabama State Port Authority approved an operating budget that anticipates $119 million in revenue and expenses of $81 million for the 2010 fiscal year, but said it anticipates a net loss for the fiscal year that ends Sept. 30.
The port authority's board met in Birmingham on Tuesday and reported monthly and year-to-date figures showing that low volumes continue to hurt earnings.
The docks reported a net loss of $1.2 million for August, compared to a budget projection of $19,000 in earnings.
For the current fiscal year, a net loss of about $14 million is anticipated.
Losses forced the docks in July to cut 86 hourly workers, put off capital expenditures and require employees to pay more for health benefits.