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Finance: Vancouver USA, Virginia

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Port of Vancouver USA Receives Fifth Consecutive Clean Audit

The Port of Vancouver USA received its fifth consecutive clean audit from the Washington State Auditor’s Office (SAO) on April 27.

The audit period was from January 1, 2014, through December 31, 2014. No deficiencies were found.
In its report to the port’s board of commissioners, the SAO complimented port management and staff on their responsiveness, organization and hard work.

"Port staff worked quickly and provided audit documentation in an organized fashion," the report read. "Port audit staff and management are a pleasure to work with."

The SAO audits ports across Washington each year, examining a wide range of programs and processes. At the Port of Vancouver, the SAO examined marine terminal revenues, procurement (including on-call contracts), payroll, financial condition, accounts payable disbursements, cash receipting, self-insurance, and potential conflicts of interest.

"The auditor’s office took a hard look at our finances and our robust internal controls, and they confirmed that we’re financially healthy, we’re accountable and we’re bringing value to our community," said Director of Finance and Accounting Scott Goodrich. "I’m very pleased, and proud of the entire port team for their hard work."

Click to view the port’s 2014 Accountability Audit Report and Financial Statements and Federal Single Audit Report.
 
Virginia: March’s Record TEU Volumes Return the Port to Profitability

The Port of Virginia earned an operating profit of $1.6 million in March, reversing the losses of January and February.

"It is a modest financial result that helps to correct the financial course of January and February, but as we addressed the severe congestion that we experienced in March, there was considerable hardship placed along all the points in the supply chain, especially to the motor carriers," said John F. Reinhart, CEO and executive director of the Virginia Port Authority. "Our delivery of service in March was unacceptable and these profits will be reinvested in short-term projects and long-term capital solutions to help process cargo and address the increasing volumes."

The port’s container business jumped 16.0 percent in March to a monthly high of 229,411 TEUs (Advisory, April 14, 2015).

The fiscal-year-to-date result is an operating profit of $6.2 million, versus a prior-year operating loss of $16.5 million, or an improvement of $22.7 million when compared with March 2014.

"We are confident that we are tacking in the right direction from an operational and financial standpoint, but there is still a significant amount of work ahead of us," Mr. Reinhart said.
 

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