Port of Lewiston Strengthens Financial Position in FY 2015, POL Press Release, Dec. 9, 2015

[vc_row][vc_column][vc_column_text]FOR IMMEDIATE RELEASE
DEC. 9, 2015
CONTACT: David Doeringsfeld, Port of Lewiston Manager
(208) 743-5531
[email protected]

Port of Lewiston Strengthens Financial Position in FY 2015

Commissioners Approve Independent Audit Report

(Lewiston, ID) – On December 9, 2015, the Port Commission approved an “unmodified” (clean) June 30, 2015 year-end audit report as presented by Presnell Gage, PLLC.

“Accountability to taxpayers is the most important value that drives our work,” said Commission President Mike Thomason.  “Independent audits are critical to keeping the public trust.”

The following are key findings and projects highlighted in the audit report:

The Port ends fiscal year 2015 in a strong financial position and is ready to make key investments in 2016.

“You always want to end the year strong so you can make an even greater impact next year,” said Commission Vice President Jerry Klemm. “We’re well-positioned for the future.”

Current assets total $4.6 million.  A portion of cash assets will be used in the coming year to construct the first phase of the dark fiber optic network, improve Harry Wall Industrial Park, and design a business incubator building.

  • The Port’s Change in Net Position (synonymous with net income in the private sector) was a positive $190,323.
  • In 2014 and 2013, the Port’s Change in Net Position was $2.1 million and $1.2 million respectively.
  • Net position is the difference between assets over liability and an indicator of the long-term financial health of the Port.

In FY-15, the Port paid off debt early and set the stage for high speed internet and new jobs.

“I’m proud of the fact we found ways to save taxpayer dollars while also building out important new infrastructure,” said Commission Secretary/Treasurer Mary Hasenoehrl.

  • Paid off an outstanding bond in the amount of $567,536. Early payoff of the bond impacted 2015 total assets, but realized significant interest savings over the life of the bond.
  • Completed the design for the Lewiston dark fiber optic network. The fiber network will improve fiber redundancy, provide faster internet service for businesses and residents and allow more internet service providers the opportunity to serve the community.
  • 100% occupancy for all buildings available for lease.
  • Expanded infrastructure in the Harry Wall Industrial Park.

Accounting rules, not financial problems, drove the operating loss described in the audit.

While the Port’s Net Position continued to be positive, the Port finished the fiscal year with an operating loss of $401,917 (accrual basis accounting).

  • The operating loss is principally due to depreciation expense of $413,806.
  • Depreciation is a non-budgeted, non-cash operating expense for the Port.

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 web site by December 16, 2015.


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