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Massport owns Boston Logan International Airport, L.G. Hanscom Field, Worcester Regional Airport, Conley Container Terminal, Flynn Cruiseport Boston, and various other properties in the Port of Boston. Massport has no taxing power and generally receives no money from the Commonwealth’s budget.

As a financially self-sustaining entity, Massport relies on revenue collected from airline fees, parking fees, terminal, ground and other rents, concessions, container fees, cruise passenger fees and other fees to fund its annual operating expenses, payments to bond holders and maintenance reserve deposits and to make payments in lieu of taxes (PILOT). Operating revenues, along with federal grants, passenger facility charges (PFCs), customer facility charges (CFCs) and certain Commonwealth funding, are used to finance Massport’s rolling Five Year Capital program. Massport also issues revenue bonds that are secured solely by Massport’s revenue, as defined in the 1978 Trust Agreement and the CFC Trust Agreement, as applicable.

Financial Publications

Massport develops several key reports to plan for, monitor/measure, and manage its financial resources and operating performance.  

Annual Comprehensive Financial Report

The Annual Comprehensive Financial Report (ACFR) includes Massport’s ’s audited financial statements, which report its financial position, results of operations, and cash flows in accordance with generally accepted accounting principles (GAAP). The ACFR also includes supplemental required information that presents Massport’s financial position in accordance with its Trust Agreements.

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Massport’s Annual Operating Budget and Business Plan

Massport’s annual operating budget and business plan focuses on Massport’s fiscal year, which runs from July 1 through June 30. The annual budget allocates financial resources for operations, payments in lieu of taxes, and capital investments to fulfill major policy objectives while balancing the need to maintain long-term financial stability. The goals for Massport are set by the CEO and are the foundation for the plan. The budget and business plan is developed using forecasted business activity provided by our lines of business including aviation, maritime and real estate, with a projection for expenses that reflects a high degree of fiscal discipline. The budget also specifies the required deposits to the Debt Service Funds, the Maintenance Reserve Fund, and the Improvement and Extension Fund used to finance the Authority’s capital program. The Massport Board reviews the annual plan and votes to approve it in June of each year, before it is implemented.

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Massport Retiree Benefits Trust Annual Financial Report

The Retiree Benefits Trust (the “Trust”) was established in June 2008 for the sole purpose of providing funding for post-employment health care insurance premiums and other benefits (OPEB) for its participants and beneficiaries. The irrevocable trust is to be used for the exclusive benefit of participants and beneficiaries, and in no event shall any part of the principal or income of the Trust be paid or revert to Massport. The Trust prepares annual audited financial statements in accordance with generally accepted accounting principles (GAAP).  

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Investor Relations

Massport has the power to issue revenue bonds and issue notes in anticipation thereof, to fix, revise, charge and collect tolls, rates, fees, rentals and charges for the use of its facilities, to maintain, repair and operate and to extend, enlarge and improve its facilities, and to construct or acquire additional facilities within the Commonwealth when authorized by the legislature of the Commonwealth. Massport also has the power to acquire property by purchase or through the exercise of the right of eminent domain in certain circumstances and, in certain instances, to sell or exchange property owned by it when the same shall, in the opinion of Massport, cease to be needed for the purposes of the Enabling Act. Massport has no taxing power and generally receives no money from the Commonwealth’s budget. Its bonds do not constitute a debt or a pledge of the full faith and credit of The Commonwealth of Massachusetts.

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