Audit Results - Management Response
Briefing to Commission Audit Committee
June 7, 2011
Port’s Independent CPA Firm: Moss Adams, LLP
Audit Focus:
Financial Statements / CAFR
Single Audit – Federal grants regulatory compliance
Passenger Facility Charge (PFC) – Federal Aviation
Administration (FAA) regulatory compliance
Audit Results: May 3
rd
Audit Committee meeting
$400 million current assets
$5.5 billion net capital assets
$3.3 billion long-term debt
$470 million operating revenues
$414 million operating & depr. expenses
$40 million Federal grants/ARRA expenditures
$59 million PFC revenues
NOI: $217 million before depr. $56 million after depr.
Independent auditor opinion – clean, unqualified
Full compliance - prescribed standards (GAAP) – no findings
Effective internal controls in place – no findings
No auditor letter of recommendations
No audit adjustments to Port financial statements prepared by
management
Port CAFR issued timely, early
Ultra-clean financial statement audit results
Federal funds properly administered - no questioned costs
Effective internal controls in place - no findings
“Complied in all material respects with Federal grants regulatory
requirements”
One minor compliance finding
◦ Related to back-funding on a grant
◦ Procedural issue - to check contractors for EPLS debarment
◦ No debarred contractors identified by audit
◦ pre-2009 weakness - 2009 forward, Port in full compliance
◦ Future back-funding, EPLS checked for all contractors
Federal funds properly administered - no questioned costs
Effective internal controls in place - no findings
Complied in all material respects with FAA regulatory
requirements - no findings
Fiscal Integrity
Financial Transparency
Public Accountability
