Last week the Washington State Auditor’s Office released their annual findings for the Port of Everett. For the 14th year in a row, the State Auditor had no negative findings for how the Port of Everett handled their property leases, dealt with disbursements and expenditures, used State and local grants and managed parking. The audit also found that the Port of Everett had no significant deficiencies or material weaknesses when it came to internal controls over financial reporting or major programs.
Here are the financial highlights from the report…
• In 2010, the Port’s overall operating revenues decreased, going down $1,049,531, or -4%, over 2009.
• The Port’s overall operating costs increased in 2010, going up $1,027,485, or 5%, over 2009 operating expense levels.
• The Port had overall net operating loss of $1,190,056 in 2010.
• The Port’s net nonoperating income in 2010 was $1,707,145, increasing 1,992,426 over 2009.
• The Port had capital contributions of $1,993,107 in 2010.
• The Port’s assets exceeded its liabilities by $215,470,592 (net assets) as of December 31, 2010. Of this amount $719,465 is restricted to capital projects.
You can click here to see the complete report from the State Auditor