Port of Lewiston Audit Reflects Solid Financial Position

October 8, 2014

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
audit report:
• 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.

  1. Net position is the difference between assets over liability and an indicator ofthe long-term • fmancial health of the Port.
  2. 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
in FY-14:

  1. 100% occupancy for all buildings available for lease.
  2. 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
    moving cargo.
  3. Partnering with Great Northwest Railroad to pursue container on rail opportunities.
  4. 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.
  5. Property sale to Graystone Holdings, LLC for an eye surgery center.
  6. 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).

  1. The loss is principally due to decreased container yard revenue, as a result of ILWU labor
    and management issues at the Port of Portland.
  2. 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.