Port of Lewiston’s Financial Position Continues to be Strong in FY 2017, Dec. 13, 2017
[vc_row][vc_column][vc_column_text]Commissioners Approve Independent Audit Report
FOR IMMEDIATE RELEASE
December 13, 2017
CONTACT: David Doeringsfeld, Port of Lewiston Manager
(Lewiston, ID) – On December 13, 2017, the Port Commission approved an “unmodified” (clean) June 30, 2017 year-end audit report as presented by Presnell Gage, PLLC.
“Transparency and public trust are the foundation of the work we do at the Port of Lewiston,” said Commission Secretary/Treasurer Mary Hasenoehrl. “Through independent audits and proactive outreach and communication, the Port works hard to maintain that trust.”
According to the audit, current Port assets total $4.6 million. “The Port ends fiscal year 2017 in a position of strength,” said Commission Vice President Jerry Klemm. “That is essential because we need to continue investing in projects that will benefit our community in the long-term.”
“Our accomplishments on broadband and industrial land leasing and development in FY 2017 will benefit residents and businesses for many years to come,” said Commission President Mike Thomason. “We will build on those accomplishments in FY 2018 by expanding our broadband network, making sure more industrial property is shovel-ready for industrial growth, and improving rail facilities.”
Findings and projects highlighted in the FY17 audit report include:
- The Port’s Change in Net Position (synonymous with net income in the private sector) was a positive $478,620. Net position is the difference between assets over liability and an indicator of the long-term financial health of the Port.
- The Port phased construction of a dark fiber optic network. Approximately 15 miles of fiber optic line have been installed. The fiber network will improve fiber redundancy, provide faster internet service for businesses and allow more internet service providers the opportunity to serve our community.
- The Port completed construction for an additional suite in the business incubator building. This project will create space for a local start-up business.
- Approximately 2.0-acres in the Harry Wall Industrial Park were leased to Broemeling Steel and Machine. This has allowed the company to build a new facility and expand their operations.
- While the Port’s Net Position continued to be positive, the Port finished the fiscal year with an operating loss of $134,220, due principally to depreciation of $395,792, an expense that isn’t budgeted for in government accounting.
- Depreciation is a non-budgeted, non-cash operating expense for the Port.
- Port Operating Activities actually provided a positive $413,294 in cash in FY17.
The audit report is intended to provide citizens, taxpayers and customers with a general overview of the Port’s finances and to demonstrate the Port’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. A complete copy of the audit report will be available on the Port of Lewiston’s website by December 29, 2017.
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