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A Publication of Guidry News Service |
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A Publication of Guidry News Service |
Freddie Meyer of the Frost National Bank Trust Department had a positive report on the port's pension fund investment portfolio at this morning's meeting of the Board of Trustees of the Galveston Wharves Finance Committee. "You are better than two and one-half percent up for the month of January," Meyer reported, adding that 2003 was a good year as well. "For the quarter ending December 31, you were up 10.58 percent for the portfolio," Meyer said. "For the complete year, you were up 23.31 percent. Meyer also presented the Fourth Quarter Report of Kempner Capital Management, authored by Shrub Kempner. "In our third quarter letter, we relayed our firm belief that an economic recovery was underway," Kempner recalled. "There is now little question that we were right. Every trend indicates that the U.S. economy is recovering and recovering strongly in terms of the gross measurements." "Life is good, I'll tell you," exclaimed Mayor Roger Quiroga, who represents the city council on the wharves board. "I can remember when Freddie was over here, meek as a mouse, and wouldn't say anything. And now, boy, we are doing good and he is over here waking me up this morning!" "Two years ago, we were all crying the blues and now we're back," agreed Finance Committee Chair Rusty Legg, who also is vice chair of the wharves board and presided over the full board meeting in the absence of Chair Benny Holland. Port Director Steve Cernak reported to the board that operating revenue for the month of December 2003, not including cruise terminal related revenue accruing to the GPFC was $1,084,410, which was down 11.3 percent from November 2003 and down 7.9 percent versus December 2002. Cernak attributed the decrease to reduced grain exports, lack of bulk liquid movements at the Pelican Island Oil Terminal and fewer cruise passengers. "A timing difference in revenues from passenger charges plus added rental space for cotton offset reduced regular dockage and a drop in cruise parking revenues," said Cernak. The wharves board voted to amend its consulting agreement with George King, who is working on the fuel cell and wind farm projects. "As previously discussed with the board of trustees, the implementation of renewable energy projects at the Port of Galveston would result in significant energy savings and could be developed into an alternative income stream that could support future port development activities," said Cernak. "However, expertise beyond the capabilities of Port staff and dedicated involvement continues to be required to develop these concepts to project status and secure funding." The wharves board approved items that had previously been reviewed by the Galveston Port Facilities Corporation related to improvements at Cruise Terminal 2. The wharves board voted to renew a risk management consultant agreement with Steven B. Steinberg of Entrust Risk Management Services. All other agenda items were approved. Legg and Cernak presented service awards to long-term employees. Those honored included Miros Bustamente, 5 years of service; Jim Thompson, 10 years; Herbert Smith, 20 years; Harry Binar, Richard Garcia, Ronald Kenny and Paul Pacini, 25 years; and Leon Dickerson and Clark Simmons, 30 years.
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