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The Port has received a favorable audit opinion from the Washington State Auditor’s Office for the fiscal year ending December 31, 2017. Annual audits are conducted by the Auditor’s Office to determine whether local and state governments comply with applicable laws and regulations and their own policies and procedures.
“A clean audit report is a reflection of the Port of Bellingham’s commitment towards excellence in financial reporting” said Port Commission President Ken Bell. “The Board of Commissioners holds the stewardship of taxpayer funds in the highest regard and receives quarterly financial updates in open public meetings as part of a transparent and responsible financial management process.”
In 2017, the Port collected $23.7 million in operations revenue and over $7 million in taxes, and spent $20 million on capital assets.
It is anticipated this year’s clean audit will lead to the Port’s 26th consecutive Certificate of Achievement for Excellence in Financial Reporting (CAFR). The Government Finance Officers Association established the CAFR program to encourage state and local governments go to beyond the minimum requirements of financial reporting and prepare reports that evidence the spirit of transparency and full disclosure. Reports submitted to the CAFR program go through a comprehensive review, and only those entities meeting the strict requirements are awarded the Certificate of Achievement.
“A big kudos goes out to Port staff” said Bell. “And it certainly helps that the Port’s Executive Director has a background in Accounting.”
The Washington State Auditor’s Office independently serves the citizens of Washington by promoting accountability, fiscal integrity, and openness in state and local government. Working with governments and citizens, the office strives to ensure the efficient and effective use of public resources.
To view the Port’s 2017 budget, visit https://www.portofbellingham.com/18/Finance