Business, Finance, Government, Local, News

Meeting High Standards for a 9th Consecutive Year: Port Awarded Excellence in Financial Reporting

by  •  • Comments Off on Meeting High Standards for a 9th Consecutive Year: Port Awarded Excellence in Financial Reporting
PORT OF HUENEME — For the ninth consecutive year, the Port of Hueneme is being recognized for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA). The award highlights the Port’s FY2018 Comprehensive Annual Financial Report (CAFR) which was carefully reviewed by financial statement preparers, independent auditors, academics, and other finance professionals.
The Port of Hueneme’s Finance and Accounting team: Andrew Palomares, Deputy Executive Director, CFO/CAO; Austin Yang, Director of Finance & Accounting; Julie Johnson, Fiscal Technician; Gabriella Sabo, Accounting Manager; Robin Campos, HR Management Specialist; Paul Lydiate, Financial Analyst
“The CAFR has been judged by an impartial panel to meet the high standards of the program,” GFOA’s news release reads. The Port’s report “includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.”

“As a Special District, the importance of accuracy and transparency cannot be overstated,” said Jess Herrera, Oxnard Harbor District President. “We are proud to be recognized with this award, as we only want to perform at the very highest level within our community of which we’re proud.”
Andrew Palomares, the Port’s Deputy Executive Director & Chief Finance Officer, says that “being honored with this distinction for nearly a decade is a real achievement, not only for our hard-working Port finance team, but for our Commissioners, Port leaders and all who work within the Oxnard Harbor District.”

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program) in 1945 to “encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.”

The Government Finance Officers Association (GFOA), founded in 1906, represents public finance officials throughout the United States and Canada. The association’s more than 20,000 members are federal, state/provincial, and local finance officials deeply involved in planning, financing, and implementing thousands of governmental operations in each of their jurisdictions. GFOA’s mission is to advance excellence in public finance. GFOA has accepted the leadership challenge of public finance. To meet the many needs of its members, the organization provides best practice guidance, consulting, networking opportunities, publications including books, e-books, and periodicals, recognition programs, research, and training opportunities for those in the profession.
The Port of Hueneme is one of the most productive and efficient commercial trade gateways for niche cargo on the West Coast. The Port is governed by five locally elected Port Commissioners. The Port moves $9.5 billion in goods each year and consistently ranks among the top ten U.S. ports for automobiles and fresh produce. Port operations support the community by bringing $1.7 billion in economic activity and creating 15,834 trade-related jobs. Trade through the Port of Hueneme generates more than $119 million in direct and related state and local taxes, which fund vital community services. In 2017, the Port of Hueneme became the first port in California to become Green Marine certified. www.portofh.org.