Guam – The latest financial audit of the Port of Guam shows significant increases “in nearly every category of revenues.”
The Office of Public Accountability released the results of the audit today [Friday] which was conducted by independent auditors Ernst & Young.
For the 8th consecutive year the Port realized an increase in net assets, closing FY 2010 with net assets of $7.1 million, a 12% increase, primarily due to an increase in capital contributions from the federal government of $6.1 million and net earnings of $985-thousand.
The Port received an “unqualified or clean opinion on compliance and internal controls,” and there were no material weaknesses or significant deficiencies.
Among the audit highlights:
*4-thousand more containers were shipped through the Port in FY 2010. The audit reports container volume of 98-thousand in FY 2010 compared to 94-thousand in FY 2009.
* total operating revenues in at the Port in FY 2010 increased $5.7 million dollars or 19%
* nearly every category of revenues increased with notable increases in:
– 40% increase in equipment and space rental
-16% increase in cargo throughput charges
– 300% increase in other operating expenses
The audit concludes that the increased revenues are the result of rate increases as well as higher container activity.