AAPA Seaports Advisory

Finance: Freeport (TX), Oakland

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Port Freeport Receives its 28 Consecutive GFOA Award

GFOA - the Government Finance Officers Association of the United States and Canada – has awarded Port Freeport a Certificate of Achievement for Excellence in Financial Reporting for its 2016 Comprehensive Annual Financial Report (CAFR).

An impartial panel found the CAFR met the high standards of the GFOA program, including demonstrating a constructive "spirit of full disclosure to clearly communicate its financial story and motivate potential users and user groups to read the CAFR."   

This is the 28th year in a row the port has received the prestigious award.

"The Accounting and Finance Department continues to demonstrate excellence in their practices each the year," stated Port Commissioner Chairman Paul Kresta. "This outstanding achievement demonstrates the port’s commitment to accurate, full disclosure to the public of the port’s financial performance."

Port Controller Mary Campus received the award during an August 10 meeting of the Port Commission.

"We are proud of the staff in the Accounting and Finance Department, their dedication contributes to the consistent practice of keeping our accounting and financial reporting system at the highest national standard," said Port Freeport CEO Phyllis Saathoff, PPM®.  

Presentation of the GFOA Award to the Port Freeport Accounting and Finance Department by commissioners and executive staff
Photo/Port Freeport

Port of Oakland Sells Bonds to Refinance $324 Million in Debt

The Port of Oakland announced August 7 that it had completed the sale of bonds to lower debt costs. The port expects the $324 million refinancing will save $44 million in debt service payments over 13 years.

Proceeds from the sale will be used to refund 2007 bonds issued to finance capital improvements at the port. The port said savings come from the current favorable interest rate environment.

Three of the four series of bonds the port sold are tax-exempt. Bank of America Merrill Lynch was senior manager of the bond transaction.

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