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Riverport gets clean bill of health [Messenger-Inquirer, Owensboro, Ky.]
[October 29, 2014]

Riverport gets clean bill of health [Messenger-Inquirer, Owensboro, Ky.]


(Messenger-Inquirer (Owensboro, KY) Via Acquire Media NewsEdge) Oct. 29--The Owensboro Riverport Authority received a clean bill of health from its annual audit, which was approved Tuesday by the port's board of directors.

The fiscal year that ended on June 30 was one of the most profitable years in the riverport's history, the "management's discussion and analysis" section of the audit reported, with the port's net position (assets minus liabilities) improving to $28.3 million, an increase of $1.6 million. The riverport's total assets at the end of the year were $38.3 million, up from $32.3 million a year earlier.



Total revenue in 2014 declined less than 1 percent from the previous year, from $6.88 million in 2013 to $6.83 million in 2014, but total expenses went up by 3.3 percent to $4.82 million. "A majority of the increase in expenses relates to an increase in employee benefits, maintenance and repairs and professional services," the report stated.

The increase in total assets related mostly to the construction of a new dock that was dedicated earlier this month, the report stated.The port's total ? See Health/Page A3 liabilities increased 78.3 percent to almost $10 million. Again, borrowing money to build the dock (more than $5 million), caused liabilities to jump.


The new dock's construction cost was originally set at $6.7 million, but Brian Wright, the riverport's president and CEO, said Tuesday the actual cost may be closer to $6.5 million when the project is officially closed.

The audit firm, Myriad CPA Group, represented Tuesday by Mac Neel, made two recommendations that were accepted and will be implemented. The first was to establish a dollar threshold requiring two signatures on checks. The threshold was set at $5,000. The second was that the daily cash log of receipts be redesigned to be reviewed by someone other than the person preparing the form.

"It's another solid audit on the riverport's financial position," Wright said. "It indicates we're stable. We have a lot of positive things going on and a good customer base. The key for me is stability." The September financial report added more good news on the revenue side. For the month, total operating revenues of $618,619 were $38,648 above budget. For the year to date (through three months), revenues of $1.82 million is $279,000 above budget, and nearly a half million ahead of last year at the same time. On the other hand, expenses to date are about $120,000 over budget. Net income of $127,000 is off a fraction ($4,854) from budget.

Steve Vied, (270) 691-7297, [email protected] ___ (c)2014 the Messenger-Inquirer (Owensboro, Ky.) Visit the Messenger-Inquirer (Owensboro, Ky.) at www.messenger-inquirer.com Distributed by MCT Information Services

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