LEWISTON - On Tuesday, December 15, 2020, the Port of Lewiston Commission approved an “unmodified” (clean) June 30, 2020, year-end audit report as presented by Presnell Gage, PLLC.
According to the audit, Port current assets total over $5 million with zero debt. Additionally, the Port’s Change in Net Position (synonymous with net income in the private sector) was a positive $416,124. Net position is the difference between assets over liabilities and an indicator of the long-term financial health of the Port. The Port of Lewiston’s Net Position has increased by 29.48% (+$5,860,580) over the past 10-years.
“The Commission is committed to transparency and excellent financial management on behalf of taxpayers,” said Port Commission President Mike Thomason. “This annual independent audit is a key part of maintaining public trust.”
Projects highlighted in the FY 2020 audit included:
- The Port is continuing phased construction of a “dark” fiber optic network. Approximately 37-miles of fiber optic line have been installed within the Port District. The Port leases fiber to internet service providers that serve businesses and residential customers. This fiber optic network helps promote greater private sector investment in broadband and supports job creation.
- Infrastructure improvements were constructed at the Harry Wall Industrial Park and building improvements at the Seaport Business Center and Business Incubator Building, which will assist new and expanding businesses.
- The Port continues to upgrade rail facilities in the Northport Industrial Park. The rail improvements allow tenants to safely increase rail shipments and diversify cargo.
“The Port is investing in key long-term economic development infrastructure in a financially-responsible way,” said Commission Vice President, Jerry Klemm. “Our focus on broadband, rail, and industrial park infrastructure will ensure that limited public dollars create a brighter future with good-paying jobs."
“I’m proud of the priorities we have set, and that we are managing public dollars in ways that will allow us to be strong and opportunistic in the future,” added Mary Hasenoehrl, Commission Secretary/Treasurer. “We are looking forward to a successful 2021.”
While the Port’s Net Position continues to be strong, the Port finished the fiscal year with an operating loss of $151,816 due to depreciation expenses of $483,784. Depreciation is an expense that is not budgeted for, in government accounting and is a 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 website by December 22, 2020.
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December 16, 2020 at 03:21AM
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Port of Lewiston Audit Demonstrates Strong Financial Position in 2020 - bigcountrynewsconnection.com
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