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Finance: Alabama, Seattle

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Alabama State Port Authority Recognized For Financial Reporting Excellence

The Government Finance Officers (GFOA) has awarded a certificate of achievement for excellence in financial reporting to the Alabama State Port Authority for its 2013 comprehensive annual financial report (CAFR). The award was presented to Larry R. Downs, the authority’s chief financial officer/secretary-treasurer, who expressed appreciation of the financial services division staff members who take part in the day to day financial accounting work.

Port Authority CEO James K. Lyons praised the financial services team, noting that "their hard work throughout the year consistently delivers financial accountability and public trust for our management, board of directors and our customers. I am extremely proud of our team."  

The GFOA describes the Certificate of Achievement as the highest form of recognition in the area of governmental accounting and financial reporting techniques. CAFRs are judged by an impartial panel that grades a governmental entity’s accounting methodology and financial disclosure practices that clearly communicate a financial story to financial stakeholders. The GFOA is a nonprofit professional association serving government finance professionals.



The Alabama State Port Authority Financial Services Team, from left: James K. Lyons, chief executive officer; Linda Paaymans, senior vice president of finance, Pete Dranka, comptroller, Maria Williams, financial analyst; Joe McCarty, Alabama State Port Authority board of directors first vice chair and chairman of the finance committee; and Larry Downs, secretary/treasurer and chief financial officer. 
Photo/Alabama State Port Authority.

Seattle: 2015 Port Budget Funds Critical Investments, Holds Tax Levy Stable

Port of Seattle Commissioners on November 25 approved the port’s 2015 budget, which projects significant growth at Seattle-Tacoma International Airport, stable revenue in the seaport division, and continuing recovery in the real estate business.

Anticipating continued business growth in most of the port’s divisions and strong property values, the approved budget keeps the tax levy stable at $73 million while reducing the tax rate from $0.2151 to $0.1896 per $1,000 of assessed value. Tax levy funds are used mainly for general obligation bonds debt service, local transportation, and seaport and real estate environmental clean-up efforts.

The port’s 2015 operating revenues are budgeted at $551.8 million, a $14.4 million or 2.7 percent increase from the 2014 budget. Operating expenses are budgeted at $332.9 million, a $9.5 million or 2.9 percent increase compared. Net Operating Income before Depreciation is budgeted to be $218.9 million, a $4.8 million or 2.3 percent increase.

The port’s capital budget is $373.8 million for 2015 and $2.2 billion for the next five years. Major capital projects for 2015 include:

For the seaport:
  • Terminal 5 modernization, making it "big ship ready" to handle 13 – 14,000 TEU container ships
  • Terminal 46 development to increase "big ship" handling capacity
  • Dedicated funding to support Seaport Alliance formation with Tacoma
For the airport:
  • North Satellite improvements at Sea-Tac
  • Begin work on a new International Arrivals Facility
  • Baggage Recapitalization/Optimization
  • Center runway reconstruction
For real estate:
  • Fishermen’s Terminal net shed roof replacement.
"The port is a powerful economic engine that helps create more than 200,000 jobs across the region," said Commission Co-President Courtney Gregoire. "This budget reflects our priorities of making critical investments to sustain and grow these jobs in the long-term while ensuring King County taxpayers get the best value for their money."

Click here to learn more about the port’s 2015 budget.
 

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