Megan Daly

The board received updates on financial performance, CEO activities, external affairs, maritime operations, and real property developments, including infrastructure grants and expansion site progress. Several resolutions were passed, including sponsorships for the Capitalize Albany Corporation and the American Association of Port Authorities Annual Convention, updates to committee assignments, and the approval of a change order for the roof replacement at 108 Smith Blvd.

The Commission addressed various operational and financial matters, including the acceptance of the 2025 Audited Financial Statements and a review of preliminary financial performance. Updates were provided on port activity, external affairs, communications, and shipping tonnage. The Board authorized several resolutions, including the purchase of a utility vehicle, sponsorship of the Waterford Canal Festival and the Rensselaer County Regional Chamber Annual Dinner, the installation of EV charging stations for a tenant, and an emergency contract for roof replacement at 108 Smith Blvd. The Commission also engaged in an executive session to discuss real property matters.

The Commission meeting covered a review of the March financial performance, noting increases in dockage, wharfage, and equipment rental fees. Project updates were provided regarding the expansion and infrastructure developments, including substation progress and wharf test programs. The Board discussed upcoming events for the 250th anniversary of the United States, including a U.S. Navy ship visit, and the maritime summit. Additionally, the Board authorized the purchase of a replacement maintenance vehicle and discussed the sponsorship of local festival events and the installation of electric vehicle charging stations.

The committee reviewed financial performance through September 30, 2025, noting shifts in revenue projections and operating expenses, as well as budget-to-actual results. Discussions also covered the proposed 2026 budget, including confirming expectations for ongoing operational costs. Additionally, the committee reviewed the committee charter and investment policy guidelines.

The committee performed a financial review detailing revenue projections for the end of the year, including fluctuations in wharfage, security, and rental income, alongside an analysis of operating expenses. The report indicated that the overall change in net position is currently ahead of budget. Furthermore, the committee reviewed and moved to forward the proposed 2026 budget to the Board for final approval, noting that it incorporates expectations from external representatives with no additional changes.