Port Authority pays out $263m in salaries to senior execs
The Port Authority of Jamaica (PAJ) says it paid $18.3 million less for the salaries and benefits for its senior executive staff for the 2014-2015 financial year when compared with the similar period for 2013-2014.
The information was revealed in the authority's annual report which showed that the government body spent $4.49 billion on salaries last year.
For the 2013-2014 financial year, the Port Authority paid out about $281 million to the 21 members who made up the then senior executive.
However, for the last financial year that ended in March, the figure and the number of people who made up the senior executive, declined.
According to the report, $263 million was paid out to 19 senior executive staff members for the 2014-2015 financial year.
Of the $263 million, about $174 million or 66 per cent was paid out in basic salaries.
The president and chief executive officer of the authority, Professor Gordon Shirley, was paid about $25.4 million for the year.
That included his basic salary of $17.8 million and about $7.5 million in benefits.
The PAJ's report noted that the basic salary and pension benefits were reimbursed to the University of the West Indies where Professor Shirley was seconded from.
He received no gratuity, performance incentive or non-cash benefits.
The PAJ also reports that its revenue and operating surplus fell for the last financial year when compared to the previous one.
The authority recorded an operating surplus last year of $5.3 billion, $1.73 billion less than the surplus made for 2013-2014.
It also said its revenue of $18.7 billion, was 1.7 billion or eight per cent less than the $20.38 billion in revenue recorded for the 2013-2014 financial period.
The Port Authority has assets worth $57.68 billion but liabilities worth $41.83 billion.