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Port Authority reports $748,000 loss tied to mall operations
Summary
J. Miller told the Lorain County Port Authority board the authority posted a $748,000 loss last year driven by mall property taxes and expenses; board discussed expense breakdowns but took no immediate action.
J. Miller, board member, told the Lorain County Port Authority board that the authority recorded a $748,000 loss for the previous year, largely driven by mall-related costs.
"we lost $748,000 last year which is representative of $396,388 of property taxes for the mall, $565,617 of expenses for the mall and we only received about $1,800 of rent for the mall," Miller reported, noting that most other operating expenses were kept in line.
Board members asked questions about the mall expense breakdown during the financial review. Miller said staff would provide further detail as needed; no motion or formal action was taken during the discussion. The report set context for budget choices the board later approved.
