Media Center: News & Articles

« Return to News & Articles

Port of Skagit Receives Clean Audit

Burlington – The state Auditor’s Office has given the Port of Skagit a clean bill of health for its operations during fiscal year 2015.

The Auditor’s Office issued no recommendations and no findings in its report. The port’s annual audits examine financial information and compliance with state, federal and local laws.

“In the areas we audited, Port operations complied with applicable requirements and provided adequate safeguarding of public resources,” the Auditor’s Office reported. The Auditor’s Office also included highlights from the port‘s financial statements.

The report found that the port’s total assets exceeded its liabilities at Dec. 31, 2015, by $49 million. Of this amount, $44.3 million is invested in capital assets, net of related debt, $4.18 million is restricted and $501,462 is unrestricted. The port’s net assets increased by $1 million in 2015, due to an increase in capital contributions.

Port operating revenues for the year ended Dec. 31, 2015, totaled $5.29 million, compared to 2014 operating revenues of $5.14 million, an increase of 2.9 percent, the report stated. La Conner Marina revenues increased approximately $128,000 due to improved performance in permanent moorage. Revenues also increased at Skagit Regional Airport and the Bayview Business Park.

Total operating expenses increased $194,000, which was 3 percent higher than 2014.

According to the audit report, the port had $57.1 million (net of accumulative depreciation) in capital assets as of Dec. 31, 2015. The port’s capital assets include land, buildings, improvements, machinery, equipment and construction in progress.

“As part of obtaining reasonable assurance about whether the port’s financial statements are free of misstatement, we performed tests of the port’s compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts,” the audit report concluded. “The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.”

If you are a reporter seeking information about the Port of Skagit, please call Andrew Entrikin, community outreach administrator, at 360-757-0011 or email andrew@portofskagit.com