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Port of Lake Charles receives clean financial audit for 2013

Posted on: June 19th, 2014
   The Port of Lake Charles’ financial statements have received a clean audit for 2013 by a private accounting firm.

The Lake Charles Harbor and Terminal District Administration, Personnel and Audit Committee met Monday to discuss the findings.

A representative of McElroy, Quirk and Burch was at the meeting and said the port received the highest opinion possible, adding that the financial statements as presented were in compliance.

The assets of the district exceeded its liabilities as of the end of 2013 by $306.1 million.

The year resulted in excess revenues of expenses, according to the audit. The District’s net position increased $6.7 million during 2013 compared to a $17 million increase during 2012.

According to the report, operating revenues were $33.2 million during 2013, a decrease of $400,000, or 1 percent, from 2012.

Operating expenses were $34.3 million, an increase of $3.6 million, or 12 percent, compared to 2012.

Citgo and Pinnacle were the Port’s biggest customers in 2013 based on revenue — not tonnage.

Richert Self, director of administration and finance for the port, said the audit reflects the sound financial position of the port.

The committee recommended acceptance of the report to the full board, which will meet at 5 p.m. June 30 in the Port of Lake Charles Board Room located at 751 Bayou Pines East, Suite A.