Port of Lewiston Audit Reflects Solid Financial Position

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On October 8, 2014, the Port Commission approved an “unmodified” (clean) June 30, 2014 year end audit report as presented by Presnell Gage, PLLC.  The following are key findings and projects highlighted in the audit report:

  • Commission Secretary/Treasurer, Mike Thomason stated “I am very pleased to report to our constituents that the Port had a positive bottom line”. The Port ends fiscal year 2014 with a strong increase in net position of $2.1 million.
    • Net position is the difference between assets over liability and an indicator of the long-term financial health of the Port.
    • Additionally, total assets increased $2.2 million while total liabilities increased $89,164. The Port achieved significant growth in assets while striving to minimize debt.
  • Commission President, Mary Hasenoehrl noted “The Port added $3.5 Million to economic development activities this year.”  The Port engaged in a number of economic development projects in FY-14:
    • 100% occupancy for all buildings available for lease.
    • After years of planning, the Port completed the construction on a 150-foot dock extension. The extension now provides 275-foot of dock frontage and improves the productivity, efficiency, and safety of port barge operations while developing new opportunities for moving cargo.
    • Partnering with Great Northwest Railroad to pursue container on rail opportunities.
    • The Port of Lewiston 5-year Strategic Plan, the Harry Wall Development Master Plan, and the Northport Transportation Study were each completed in the past year.
    • Property sale to Graystone Holdings, LLC for an eye surgery center.
    • Working with the Port of Whitman County to extend fiber optic cable.
  • While the net position showed a strong increase, the Port finished the fiscal year with an operating loss of $451,497 (accrual basis) or $12,853 (cash basis).
    • The loss is principally due to decreased container yard revenue, as a result of ILWU labor and management issues at the Port of Portland.
    • Additionally, increased property development expenses (non-capitalized) and depreciation expenses contributed to the loss.

The audit report is intended to provide citizens, taxpayers and customers with a general overview of the Port’s finances and to demonstrate the Port’s accountability for the financial resources it manages and the stewardship of the facilities it maintains. A complete copy of the audit report will be available on the Port of Lewiston’s web site by October 13, 2014 and published in the Lewiston Tribune within the next 30 days.

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