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Port of Bellingham gets clean audit.

Washington state auditors have finished their annual audit of the Port of Bellingham and once again reported no major concerns. The audit reviewed records for 2010 and in some cases included previous years.

"I am always pleased to see the public scrutiny our governments must undergo during the annual audit process," Michael McAuley, port commission president, said in a press release. "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 2010, the port collected $7.4 million in taxes and $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," Rob Fix, the port's chief financial officer, said in press release. "I expect our clean audit from the state of Washington for 2010 will lead to the port's 19th award."
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Title Annotation:BBJ BUZZ
Publication:Bellingham Business Journal
Date:Aug 1, 2011
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