Facebook Twitter Twitter    Archive | www.aapa-ports.org July 7, 2015
   

Finance: Everett

Print Print this Article | Send to Colleague

Everett: Port Earns 18th Consecutive Clean Financial Audit

The Washington State Auditor’s Office has given the Port of Everett a clean audit for the 18th consecutive year.
During a visit to Everett earlier this year, the state auditors reviewed the port’s financial documents for calendar year 2014, with specific focus on procurement, financial condition and safeguarding assets. "The results of our tests," says the agency’s report, "disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards."

"This impressive clean audit track record brings the port commission a great deal of certainty and confidence that our organization is working diligently to be good stewards of public funds," said Port Commission President Troy McClelland. "This is a rare and prestigious accomplishment, and it gives me comfort knowing public funds are in the able hands of the Port of Everett professional staff."

Port CEO Les Reardanz commended his staff for its commitment to financial analysis. The port’s finance department is led by the CFO John Carter and also includes Senior Accountant Robert Marion.

Oakland Adopts $470 Million Budget for Fiscal Year 2016

The Port of Oakland’s $470 million Fiscal Year 2016 budget took effect July 1 and includes $167 million for capital improvements. The 2016 budget is 6.7 percent lower than the budget adopted for FY 2015. It anticipates operating revenues of $330.7 million ( 4.9 percent) and operating expenses totaling $193 million ( 3.7 percent).
Capital spending includes:
  • $73 million for Oakland International Airport runway safety improvements and Terminal 1 renovations.
  • $32 million for continuing development of the former Oakland Army Base, where the port is constructing a transport and logistics center on land adjacent to its marine terminals
The port’s three business lines are maritime, aviation and commercial real estate (including Jack London Square). The port collects no local tax revenue, funding operations from its own revenue sources. Revenue is used to pay operating and capital expenses and for debt service.

Click here to view the budget document.

 

Share Share on Facebook Share on Twitter Share on LinkedIn