STATE AUDITOR GIVES PORT OF VANCOUVER USA CLEAN AUDIT (10/15/07)

For Immediate Release

VANCOUVER, Wash.-A favorable review has been filed by the Washington State Auditor’s Office on accountability and financial statements for the 2006 fiscal year.

The annual audit, required by state law, looks into the port’s financial areas, legal compliance, and its internal controls. Both reports issued following the review – released on September 28, 2007 – found the port in full compliance with state laws and its own policies. The audit also found that the port’s financial statements fairly represented the port’s fiscal activities.

“This report from the State Auditors Office affirms the conscientious efforts that the full port staff puts forth in committing to follow the state laws and our own policies,” said Director of Finance Maggie Smith. “We take these fiduciary responsibilities very seriously, and strive to achieve the highest standards of management accountability for public resources.”

The review of port financial statements and other required financial information examined: revenues, expenditures, long-term debt, and cash and investments, as well as the overall presentation of the financial statements. The State Auditor also evaluated the port’s accountability for managing public resources in the areas of lease/property revenues, billings and account receivables, payroll benefits, and travel.

Areas audited for compliance with applicable state and local laws and regulations, included: deposit and investment of public funds, ethics/conflict of interest laws, Open Public Meetings Act; allowable expenditures, competitive bid law compliance, contracts and agreements, state prevailing wage requirements, and travel expenses.

According to the published report, the financial statements for the audit period fairly represented the financial position of the Port of Vancouver including changes in financial positions and cash flows, as of December 31, 2006 and 2005, and conformed to generally-accepted accounting principals. The auditor’s review of port internal control processes over financial reporting and operations noted no matters considered to be material weaknesses.

* * * * * * * *

The Port of Vancouver, USA, created by Clark County taxpayers in 1912, is one of the major ports on the Pacific Coast. Its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a dependable labor force and an exceptional level of service to its customers and community.

- POV -