OPA: Port Sees Significant Increases “In Nearly Every Category of Revenues”

149

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.

However, 7 adjustments were made by auditors reviewing the financial statements of the Port of Guam which have resulted in a $1.2 million dollar reduction of the Port’s net assets.

Read the Highlights of the Port audit

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.