PORT OF SEATTLE
MEMORANDUM
COMMISSION AGENDA
Item No.
4b
Date of Meeting
August 16, 2011
DATE: August 5, 2011
TO: Tay Yoshitani, Chief Executive Officer
FROM: Rudy Caluza, Director, Accounting & Financial Reporting
SUBJECT: Special Order of Business – GFOA Financial Reporting Excellence Award
Government Finance Officers Association Financial Reporting Excellence Award
The Port of Seattle and its 2009 Comprehensive Annual Financial Report (CAFR) has received
the “Certificate of Achievement for Excellence in Financial Reporting” from the Government
Finance Officers Association (GFOA) of the United States and Canada. Along with this
prestigious certification, the GFOA “Award of Financial Reporting Achievement” has also been
given to the Accounting & Financial Reporting (AFR) department.
The Port’s AFR department continues to visibly embrace the strategic objectives set forth by the
Commission and Executive leadership for the Port to continually strive to be a high performance
organization and one that ensures transparency and integrity in accounting & financial reporting
for public funds & resources. Instilling public trust is our highest priority. The Port’s CAFR is
prepared in accordance with strict standards established by GFOA and to receive this award, the
CAFR must undergo a rigorous review by an impartial judging panel and be evaluated against
over 250 stringent criteria. Noteworthy is that the Port achieved the highest ratings possible
across all major evaluation areas of emphasis.
As stated in the GFOA award notification, this certification “is the highest form of recognition in
the area of government accounting and financial reporting, and its attainment represents a
significant accomplishment by a government and its management.” The Port and its AFR team
is honored to receive this prestigious GFOA certification and award of excellence, which is now
the fifth consecutive one the Port has earned.
COMMISSION AGENDA
Tay Yoshitani, Chief Executive Officer
August 5, 2011
Page 2 of 2
For the financial statements contained in the CAFR, the Port has consistently received a clean,
unqualified, independent CPA auditor’s opinion on its financial statements, certifying that they
present fairly in all material respects, financial position, results of operations, and cash flows in
conformity with prescribed generally accepted accounting principles (GAAP) and that there are
no material weaknesses in the design and operation of internal controls as they affect financial
statement reporting. Also noteworthy is that in rigorously auditing AFR internal controls, Moss
Adams, the Port’s independent Certified Public Accounting (CPA) firm, presented not one audit
finding nor even issued a management letter of recommendations. This speaks highly of the
quality assurance protocols in place in the AFR department and at the Port for accountability and
transparency in financial reporting.
Appreciation is expressed to the leadership and all team members of the AFR department, along
with our partners in the Port division finance teams, who make it a part of their daily lives to
embrace the Port’s strategic objectives for transparency and integrity in accounting and financial
reporting, and who have all contributed to this accomplishment.
Special recognition is given to Lisa Lam, AFR Senior Manager, Financial Reporting & Controls,
who provided valuable leadership over this important focus, and to Debbi Browning, AFR
Assistant Director, for her notable contributions in managing the Port’s fiscal reporting.
We thank CEO Tay Yoshitani, Chief of Staff Kurt Beckett, and CFAO Dan Thomas, for setting
the important tone for all finance professionals at the Port and providing the valuable support
necessary to realize this achievement. Appreciation is expressed to Port Commission President
Bill Bryant and Commissioners, including Audit Committee Chair Tom Albro and Audit
Committee member Rob Holland, along with Audit Committee public member Christina Gehrke,
for making transparency and public accountability a key priority at the Port of Seattle.
Thank you.
