On October 8, 2014, the Port Comthis~ion approved an “unmodified” (clean) June 30, 2014 year end audit
report as presented by Presnell Gage, PLLC. The following are key findings and projects highlighted in the
• Commission Secretary/Treasurer, Mike Thomason stated “I am i’e;y pleased to report to our
constituents that the Port had a positive bottom line “. The Port ends fiscal year 2014 with a strong
indrease in net positionof $2.1 million.
- Net position is the difference between assets over liability and an indicator ofthe long-term • fmancial health of the Port.
- Additionally, total assets increased $2.2 million while total liabilities increased $89,164. The
Port achieved significant growth in assets while striving to minimize debt.
• Commission President, Mary Hasenoehrl noted “The Port added $3.5 Million to economic
development activities this year.” The Port engaged in a number of economic development projects
- 100% occupancy for all buildings available for lease.
- After years of planning, the Port completed the construction on a 150-foot dock extension.
The extension now provides 275-foot of dock frontage and improves the productivity,
efficiency, and safety of port barge operations while developing new opportunities for
- Partnering with Great Northwest Railroad to pursue container on rail opportunities.
- The Port of Lewiston 5-year Strategic Plan, the Harry Wall Development Master Plan, and
the Nórthport Transportation Study were each completed in the past year.
- Property sale to Graystone Holdings, LLC for an eye surgery center.
- Working with the Port ofWhitman County to extend fiber optic cable.
• While the net position showed a strong increase, the Port finished the fiscal year with an operating
loss of $451,497 (accrual basis) or $12,853 (cash basis).
- The loss is principally due to decreased container yard revenue, as a result of ILWU labor
and management issues at the Port of Portland.
- Additionally, increased property development expenses (non-capitalized) and depreciation
expenses contributed to the loss.
The audit report is intended to provide citizens, taxpayers and customers with a general overview ofthe Port ‘sfinances
and to demonstrate the Port ‘.s accountabilityfor thefinancial resources it manages and the stewardship ofthefacilities it
maintains. A complete copy ofthe audit report will be available on the Port ofLewiston ‘s web site by October 13, 2014
and published in the Lewiston Tribune within the next 30 days.