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Posted on: July 9, 2019

PORT OF GALVESTON REPORTS RECORD REVENUES IN 2018; INDEPENDENT AUDITOR CONFIRMS CLEAN AUDIT

The Port of Galveston’s 2018 Comprehensive Annual Financial Report (CAFR), released in June and confirmed by an independent audit, shows record operating revenues for fiscal year 2018.

The external auditor reviewed the port’s financial statements and figures, which reflected operating revenues of $43.5 million, a 15.2 percent increase over 2017, and a net operating income of $8 million compared to $4.5 million in 2017.

“This report provides a thorough and detailed look at the port’s financial condition. It demonstrates the staff’s commitment to transparency and fiscal responsibility,” said Albert Shannon, Galveston Wharves Board of Trustees Finance Committee Chairman. “I’m incredibly proud of Port Director Rodger Rees and his staff.”

Other highlights of 2018 port activity reported in the CAFR include the following:

  • 4.1 million tons of cargo
  • 1.97 million cruise passenger movements
  • $ 335,169 in direct tax payments to the city of Galveston

The report was presented to the Galveston Wharves Board in June by Rees; Port of Galveston CFO Mark Murchison, CPA; and Joel Perez, partner at RSM US LLP, the national auditing firm that conducted the external audit.

In related news, the port’s Finance Department has been awarded a national certificate of excellence for the CAFR for fiscal year 2017. This is the 25th consecutive year that the Government Finance Officers Association of the United States and Canada (GFOA) has recognized the port. The port’s financial report was judged by an impartial review panel to meet the program’s high standards, including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.

Rees said, “Without the continuing hard work and dedication of an exceptional team, it would be difficult to achieve this honor. The award is testament to the port’s dedication to fiscal responsibility and sound financial management.”

View the 2018 CAFR at www.portofgalveston.com.

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