SAO Port IDC Audit Report
Assessment Audit Report Port of Seattle Industrial Development Corporation For the period January 1, 2016 through December 31, 2018 Published (Inserted by OS) Report No. 1025988 Office of the Washington State Auditor Pat McCarthy Issue Date – (Inserted by OS) Board of Commissioners Port of Seattle Industrial Development Corporation Seattle, Washington Report on Assessment Audit Thank you for the opportunity to work with you to promote accountability, integrity and openness in government. The Office of the Washington State Auditor takes seriously our role of providing state and local governments with assurance and accountability as the independent auditor of public accounts. In this way, we strive to help government work better, cost less, deliver higher value and earn greater public trust. The attached report describes the procedures performed and conclusions for the areas we reviewed. We appreciate the opportunity to work with your staff and we value your cooperation during the assessment audit. Sincerely, Pat McCarthy State Auditor Olympia, WA Insurance Building, P.O. Box 40021 Olympia, Washington 98504-0021 (564) 999-0950 Pat.McCarthy@sao.wa.gov AUDIT SUMMARY Results in brief Based on the procedures performed, nothing came to our attention in the areas we reviewed that caused us to believe the Corporation was not in substantial compliance with applicable state laws, regulations, and its own policies, or had significant weaknesses in controls over the safeguarding of public resources. Had we performed additional procedures, other matters might have come to our attention that would have been reported. About the assessment audit This report contains the results of our independent audit of the Port of Seattle Industrial Development Corporation from January 1, 2016 through December 31, 2018. Management is responsible for ensuring compliance and adequate safeguarding of public resources from fraud, loss or abuse. This includes the design, implementation and maintenance of internal controls relevant to these objectives. Local governments are also required by state law (RCW 43.09.230) to prepare and submit certified annual reports to our Office summarizing such things as revenues received, collections made, amounts receivable or payable, expenditures made, and debt owed. This assessment audit was conducted under the authority of RCW 43.09.260, which requires the State Auditor’s Office to examine the financial affairs of all local governments at least once every three years. Assessment audits are risk-based, limited-scope reviews of small local governments, generally defined as local governments with less than $300,000 in annual revenues. To help minimize audit costs, our work for this engagement was conducted off-site primarily using financial and other information provided by the Corporation. This assessment audit was limited to the following: Reviewing meeting minutes for compliance with the Open Public Meetings Act. Inquiring as to internal controls over assets, revenues, and disbursements. Verifying that annual reports submitted to our Office were complete and filed timely in compliance with state law. Reviewing the Corporation’s annual revenues and expenditures for unusual transactions or trends. Corroborating financial information reported by the Corporation by comparing its annual revenues, expenditures, and cash and investment balances to third-party sources. Office of the Washington State Auditor Page 3 Reviewing expenditures for indications of unusual activities, excessive Board of Commissioners compensation, conflicts of interest, or procurement requirements. Evaluating the Corporation’s financial information for indications of financial difficulties. Office of the Washington State Auditor Page 4 INFORMATION ABOUT THE CORPORATION The Industrial Development Corporation of the Port of Seattle was created in 1982 by the Port of Seattle’s Board of Commissioners to issue tax-exempt, nonrecourse revenue bonds to finance industrial development within Port boundaries. The Corporation is governed by the five Port of Seattle Commissioners. The Corporation loans the proceeds of the bonds to private companies. It collects fees from these companies for administering the debt service and periodic refunding of the debt. The Port administers these activities on behalf of the Corporation. All Corporation records are located at the Port’s offices. The Corporation pays a fee to the Port for the services it provides. Contact information related to this report Address: Port of Seattle Industrial Development Corporation P.O. Box 1209 Seattle, WA 98111 Contact: Debbi Browning, Assistant Director, General Accounting & Business Telephone: 206-787-3081 Information current as of report publish date. Audit history You can find current and past audit reports for the Port of Seattle Industrial Development Corporation at http://portal.sao.wa.gov/ReportSearch. Office of the Washington State Auditor Page 5 ABOUT THE STATE AUDITOR’S OFFICE The State Auditor’s Office is established in the state’s Constitution and is part of the executive branch of state government. The State Auditor is elected by the citizens of Washington and serves four-year terms. We work with our audit clients and citizens to achieve our vision of government that works for citizens, by helping governments work better, cost less, deliver higher value, and earn greater public trust. In fulfilling our mission to hold state and local governments accountable for the use of public resources, we also hold ourselves accountable by continually improving our audit quality and operational efficiency and developing highly engaged and committed employees. As an elected agency, the State Auditor’s Office has the independence necessary to objectively perform audits and investigations. Our audits are designed to comply with professional standards as well as to satisfy the requirements of federal, state, and local laws. Our audits look at financial information and compliance with state, federal and local laws on the part of all local governments, including schools, and all state agencies, including institutions of higher education. In addition, we conduct performance audits of state agencies and local governments as well as fraud, state whistleblower and citizen hotline investigations. The results of our work are widely distributed through a variety of reports, which are available on our website and through our free, electronic subscription service. We take our role as partners in accountability seriously, and provide training and technical assistance to governments, and have an extensive quality assurance program. Contact information for the State Auditor’s Office Public Records requests PublicRecords@sao.wa.gov Main telephone (564) 999-0950 Toll-free Citizen Hotline (866) 902-3900 Website www.sao.wa.gov Office of the Washington State Auditor Page 6
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