Thursday, December 11, 2014
Virginia port chief Reinhart exceeding job objectives
When John Reinhart became chief of the Virginia Port Authority in February he vowed to keep the port's losses for the fiscal year under $16.6 million.
It now appears he has been successful. According to errors found by the auditing firm of PBMares, a $17.1 million operating loss reported in June was adjusted to $16.5 million.
"The 17.1 was an unaudited figure," said VPA spokesman Joe Harris. "It was pretty close, but the auditors were able to bring it down."
The news means that not only has Reinhart met his February objective, but he has also met a requirement that could entitle him to an additional $22,500 in incentive pay.
"It doesn't mean he'll receive it all," Harris was quick to add last week. "It just means he's eligible."
John Milliken, the authority's board chairman, told The Virginian-Pilot last week the revised loss means that Reinhart will have met a $16.6 million "stretch goal," or fund target.
Milliken said that most of what Reinhart could earn in incentive pay - up to $225,000 - hinges on the port director remaining in office for a full year.
Since Reinhart came on board earlier this year, his base salary has been $450,000 a year. After his first year, the salary is set to climb to $618,750 automatically. The remaining $56,250 for the first year, including that $22,500 incentive pay, is tied to various performance objectives.
Reinhart is meeting objectives month by month, said Milliken.
According to Reinhart, the port's net income for the first four months of the new fiscal year now totals $4.6 million.
For more of the Hampton Roads Business Journal: insidebiz.com
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