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 3rd 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