Presentation
Internal Audit Briefing Presented to the Port of Seattle Audit Committee and Tay Yoshitani, CEO Joyce Kirangi, CPA Director, Internal Audit August 02, 2011 Agenda Audit Report Comprehensive Operational Audit Seaport Container Management Third-Party Arrangements Operational Audit None Limited Operational Audit None Concession and Lease Audit CityIce Cold Storage, LLC 2011 Work Plan Status Comprehensive Operational Audit Seaport Container Management Background The mission of the department is to provide cargo facilities, equipment, and services to enable customers to move greater amounts of cargo through the Port of Seattle at Terminal 5, 18, 30, 46, and 115. Container operations include five terminals located on 500 plus acres. Space is leased to such private terminal operators as Eagle Marine Services, SSA Terminals, Total Terminals International and Northland Services. Summary of Operating Income and Expenses Related to Container Traffic 2008 2009 2010 Operating Revenues $57,120,183 $61,037,545 $65,697,596 Operating Expenses $3,880,640 $4,920,589 $2,266,983 Source: PeopleSoft Comprehensive Operational Audit Seaport Container Management Audit Objectives The objective was to determine if management implemented adequate controls to assure: Lease agreements are effectively managed. Lease and billing information is effectively monitored in PROPworks. We reviewed information related to the period from January 1, 2010 to December 31, 2010. Comprehensive Operational Audit Seaport Container Management Audit Result Clean Audit Report Concession and Lease Audit CityIce Cold Storage, LLC Background The Port currently has five separate agreements with CityIce Cold Storage, LLC for various locations at Terminal 91 and south end of Terminal 115. CityIce Cold Storage, LLC provides secondary packaging, onsite processing, agricultural storage, and Industrial Importers. Below are CityIce Cold Storage, LLC financial highlights for the last three years: Reported Percentage Rental Rent Year Gross Revenue (payable if it exceeds the rent Paid paid) 2008 $3,802,704 $114,081 $286,936 2009 $4,220,221 $126.606 $298,882 2010 * * $313,824 Total $8,022,916 $240,687 $585,818 * Effective January 1, 2010, the Percentage Rental fee under lease agreement #131 was no longer applicable. Concession and Lease Audit CityIce Cold Storage, LLC Audit Objectives The purpose of the audit was to determine whether: Reported concession was complete and properly calculated. The Port and the lessee complied with provisions of the Lease and Concession Agreement. We examined information related to a two-year period from January 1, 2009, through December 31, 2010. Concession and Lease Audit CityIce Cold Storage, LLC Audit Result Clean Audit Report
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