Port Audit

Port of Bellingham Given Clean Audit by State Auditors

[Bellingham, Wash.] Washington State Auditors reported that the Port of Bellingham met all requirements analyzed in the state annual audit.

"I am always pleased to see the public scrutiny our governments must undergo during the annual audit process,” said Port Commission President Michael McAuley. “While it is a significant achievement to garner no findings year after year, it is also a positive reminder for each and every taxpayer that our port is careful with their money."

In June the auditors completed their annual audit of the Port of Bellingham’s accountability, financial statements and federal grant compliance. The auditors issued a letter stating that they had no findings or major concerns. The audit reviewed records for 2010 and in some cases included previous years.

In 2010 the port collected taxes of $7.4 million, realized $21.2 million in operations revenue, spent $47.6 million on capital assets and increased net assets by $34.8 million. The port manages 1,663 acres of public land that includes 90 port-owned buildings.

Each year auditors choose several areas to more closely review and for 2010, their focus was on: electronic payments, payroll, the Industrial Development Corporation, open public meetings, conflict of interest, self insurance and prior audit issues.

“For 18 consecutive years the port has achieved a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association,” said Port Chief Financial Officer Rob Fix. “I expect our clean audit from the State of Washington for 2010 will lead to the port’s 19^th award. This is a true representation of the hard work and high ethical standards put forth daily by the Port’s accounting team and the entire Port staff.”