AAPA Seaports Advisory

Finance: Vancouver USA, Canaveral

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Port of Vancouver USA Receives Sixth Consecutive Clean Audit

The Port of Vancouver USA has received its sixth consecutive clean audit from the Washington State Auditor’s Office (SAO), this time for the period January 1 through December 31, 2015.

The audit found no deficiencies.

"In the areas we audited, port operations complied with applicable requirements and provided adequate safeguarding of public resources," the SAO report read. "The port also complied with state laws and regulations and its own policies and procedures in the areas we examined."

The SAO audits ports across Washington state each year, examining a wide range of programs and processes.
At Vancouver, the SAO examined the port’s procurement and contract compliance, payroll, leases and other tenant charges, citizen concern, maintenance shop and financial condition.

"A clean audit is a reflection of every department here at the port," said Julianna Marler, the port’s chief financial and administrative officer. "It takes meticulous work by many people throughout the year, and we take that responsibility seriously. I’m very pleased, and proud of the entire port team for their hard work."

Review the port’s 2015 Accountability Audit Report and Financial Statements and Federal Single Audit Report.

Fitch Affirms ‘A’ Rating and Stable Outlook for Port Canaveral Revenue Bonds

Fitch Ratings has affirmed an "A" ranking for Port Canaveral's $13 million of outstanding revenue bonds, series 2006 A&B, and declared all Canaveral bonds as "stable." Canaveral Port Authority has $184 million of unrated debt obligations. The agency’s action comes as the port moves forward with a $244 million capital program to upgrade its cruise and cargo facilities.

Fitch attributed its rating to Port Canaveral’s established operating history, cost management, sustained tourism-related revenue growth and corresponding favorable operating contracts. The agency also cited the port authority’s aggressive, but flexible, capital program which utilizes borrowing against its current line of credit. Conservative debt, modest leverage, and strong coverage metrics were deemed credit strengths.

 "This rating is welcome news in support of funding the port’s initiatives to provide world-class facilities, as well as excellent customer service, in the globally competitive maritime industry," said Port Canaveral CEO John Murray.

 "Stable agency ratings are important because they enable the Port Authority to keep its borrowing costs down," according to Chief Financial Officer Rodger Rees. "The rating is a tribute to the Finance Department’s continued diligence in execution of established accounting policies and procedures."

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