DOCSLIB.ORG

Toledo-Lucas County Port Authority Audited Financial

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Toledo-Lucas County Port Authority Audited Financial TOLEDO-LUCAS COUNTY PORT AUTHORITY AUDITED FINANCIAL STATEMENTS AND OTHER SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR’S REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 Board of Directors Toledo-Lucas County Port Authority One Maritime Plaza Toledo, Ohio 43604 We have reviewed the Independent Auditor’s Report of the Toledo-Lucas County Port Authority, Lucas County, prepared by Gilmore Jasion & Mahler, LTD, for the audit period January 1, 2016 through December 31, 2016. Based upon this review, we have accepted these reports in lieu of the audit required by Section 117.11, Revised Code. The Auditor of State did not audit the accompanying financial statements and, accordingly, we are unable to express, and do not express an opinion on them. Our review was made in reference to the applicable sections of legislative criteria, as reflected by the Ohio Constitution, and the Revised Code, policies, procedures and guidelines of the Auditor of State, regulations and grant requirements. The Toledo-Lucas County Port Authority is responsible for compliance with these laws and regulations. Dave Yost Auditor of State November 16, 2017 88 East Broad Street, Fifth Floor, Columbus, Ohio 43215‐3506 Phone: 614‐466‐4514 or 800‐282‐0370 Fax: 614‐466‐4490 www.ohioauditor.gov This page intentionally left blank. CONTENTS PAGE INDEPENDENT AUDITOR’S REPORT ................................................................................... 1 - 3 MANAGEMENT’S DISCUSSION AND ANALYSIS .............................................................. 4 - 11 STATEMENT OF NET POSITION ............................................................................................ 12 - 13 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION ............. 14 STATEMENT OF CASH FLOWS.............................................................................................. 15 - 16 NOTES TO FINANCIAL STATEMENTS ................................................................................. 17 - 44 SCHEDULE OF NET POSITION INFORMATION BY DIVISION.......................................... 45 SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION INFORMATION BY DIVISION ........................................................................................... 46 SCHEDULE OF THE AUTHORITY’S PROPORTIONATE SHARE OF THE NET PENSION LIABLILITY ........................................................................................................ 47 SCHEDULE OF AUTHORITY CONTRIBUTIONS .................................................................. 48 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS .................................................. 49 NOTE TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS ................................ 50 SCHEDULE OF PASSENGER FACILITY CHARGES COLLECTED AND EXPENDED – CASH BASIS ................................................................................................ 51 NOTES TO SCHEDULE OF PASSENGER FACILITY CHARGES COLLECTED AND EXPENDED – CASH BASIS ...................................................................................... 52 INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO THE PASSENGER FACILITY CHARGE PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE ................................................................. 53 - 54 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS ....................................................................... 55 - 56 INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM; REPORT ON INTERNAL CONTROL OVER COMPLIANCE; AND REPORT ON SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS REQUIRED BY THE UNIFORM GUIDANCE ................................................................... 57 - 58 SCHEDULE OF FINDINGS AND QUESTIONED COSTS ....................................................... 59 SCHEDULE OF STATUS OF PRIOR YEAR (2015) AUDIT FINDINGS ................................ 60 This page intentionally left blank. INDEPENDENT AUDITOR’S REPORT Board of Directors Toledo-Lucas County Port Authority Toledo, OH Report on the Financial Statements We have audited the accompanying financial statements of Toledo-Lucas County Port Authority, which consists of the statement of net position as of December 31, 2016, and the related statements of revenues, expenses and changes in net position and cash flows for the year then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. GJMLTD.COM TOLEDO OFFICE: 1715 INDIAN WOOD CIR, STE 100 PHONE: 419.794.2000 MAUMEE OH 43537‐4055 FAX: 419.794.2090 RSM US Alliance member firms are separate and independent businesses and legal FINDLAY OFFICE: entities that are responsible for their own acts and omissions, and each are separate 551 LAKE CASCADES PKWY PHONE: 419.423.4481 and independent audit, tax, and consulting firms. Members of RSM US Alliance have PO BOX 1106 FAX: 419.423.4865 access to RSM International resources through RSM US LLP but are not member firms of RSM International. FINDLAY OH 45839‐1106 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Toledo-Lucas County Port Authority as of December 31, 2016, and the changes in its net position and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that management’s discussion and analysis on pages 4 - 11 be presented to supplement the financial statements. Such information, although not a part of the financial statements, is required by GASB who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the financial statements, and other knowledge we obtained during our audit of the financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that comprise the Toledo-Lucas County Port Authority’s financial statements. The accompanying schedule of expenditures of federal awards on page 49 is presented for purposes of additional analysis, as required by the Single Audit Act and Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance); the accompanying schedule of passenger facility charges collected and expended – cash basis on page 51 is presented for purposes of additional analysis as specified in the Passenger Facility Charge Audit Guide for Public Agencies issued by the Federal Aviation Administration; and the supplementary information
Load more

Recommended publications
  • CITY of TOLEDO, OHIO 2020 Annual Information Statement
    CITY OF TOLEDO, OHIO 2020 Annual Information Statement in connection with Bonds and Notes of the City of Toledo In addition to providing information on an annual basis, the City of Toledo intends that this Annual Information Statement be used, together with information to be provided by the City specifically for that purpose, in connection with the original offering and issuance by the City of its bonds and notes. Questions regarding information contained in this Annual Information Statement should be directed to: Melanie Campbell Interim Director of Finance One Government Center, Suite 2050 Toledo, Ohio 43604-2293 Telephone (419) 245-1647 E-Mail: [email protected] The date of this Annual Information Statement is September 15, 2020. (This Page Intentionally Left Blank) REGARDING THIS ANNUAL INFORMATION STATEMENT The information and expressions of opinion in this Annual Information Statement are subject to change without notice. Neither the delivery of this Annual Information Statement nor any sale made under an Official Statement or other offering document of which it is a part shall, under any circumstances, give rise to any implication that there has been no change in the affairs of the City since its date. TABLE OF CONTENTS Page INTRODUCTORY STATEMENT .............................................................................................................. 1 STATEMENT RELATED TO THE CORONAVIRUS (COVID-19) PANDEMIC ................................... 2 THE CITY ...................................................................................................................................................
    [Show full text]
  • March 26, 2020 Meeting of the Board of Directors
    March 26, 2020 Meeting of the Board of Directors Meeting of the Board of Directors Agenda Agenda One Maritime Plaza, 2nd Floor, Classrooms A & B Thursday, March 26, 2020, at 8 a.m. I. Call to Order Page No. II. Roll Call III. A. Approval of Previous Meeting Minutes: February 27, 2020 4-10 B. Approval of Special Meeting Minutes: March 18, 2020 11 IV. Public Comment Period V. Report and Communications from the Chair: Sharon Speyer VI. Report of the President and CEO: Thomas J. Winston VII. Recommendations and Reports from Standing Chairs A. Finance & Development Chair: John S. Szuch, chairman 1. Consider Approval of Final Expenditures through December 31, 12-19 2019 2. Consider Transfer of Funds for 2019 Operating Budget 20-21 3. Consider Approval of Expenditures through February 29, 2020 22-31 4. Consider Issuance of Revenue Bonds to Finance the Costs of 32-44 Acquiring, Constructing, Improving, Equipping, and Furnishing Port Authority Facilities in Support of Health Partners of Western Ohio ($4,800,000) 5. Consider Issuance of Revenue Bonds to Finance the Costs of 45-59 Acquiring, Constructing, Improving, Equipping, and Furnishing Port Authority Facilities in Cooperation with Various Municipal Corporations and Townships for the Purposes of Enhancing the Availability of Adequate Housing in the State and to Improve the Economic and General Well-Being of the People of the State. ($500,000,000) 6. Financing Programs Dashboard 60 7. BetterBuildings Northwest Ohio Dashboard 61 8. Northwest Ohio Bond Fund Trustee Report 62 2 March 26, 2020 Meeting of the Board of Directors Agenda B.
    [Show full text]
  • Toledo-Lucas County Port Authority
    TOLEDO-LUCAS COUNTY PORT AUTHORITY Meeting of the Board of Directors One Maritime Plaza, 2nd Floor, Classrooms A & B January 28, 2016 I. Pledge of Allegiance Page No. II. Roll Call III. Approve Minutes of Meeting: December 17, 2015 3 - 10 IV. Public Comment Period V. Report and Communications from the Chair: James M. Tuschman A. Presentation by Dr. Anand Argawal, Professor of Bioengineering, University of Toledo, "Emerging Medical Technologies" B. Nomination of Officers 11 C Presentation in Honor of Nadeem S. Salem VI. Report by the President & CEO: Paul L. Toth, Jr. A. Consider Formation and Agreement with ARG Services, Inc. 12 - 15 B. Report Regarding Acquisition of Goods, Equipment, Material, and 16 - 17 Services for Quarter Ending December 31, 2015 C. 2015 Year-end Review of Marketing and Community Outreach by Holly J. Kemler, Manager of Communications VII. Recommendations and Reports from Standing Committees and Divisions A. Finance Committee: John S. Szuch, chair 1. Consider Expenditures through December 31, 2015 18 - 29 2. Consider Additional Appropriation for Airport Grant 30 - 31 Reimbursement Projects 3. Financing Programs Dashboard 32 4. BetterBuildings Northwest Ohio Progress Report 33 5. Northwest Ohio Bond Fund Trustee Report 34 B. Facilities & Development Committee: William J. Carroll, chair 1. Consider Lease with Crosswinds Leasing at Two Maritime 35 – 37 Plaza 2. Consider Sale of Land at 9750 Garden Road 38 – 39 3. Consider Application from International Automotive 40 - 41 Components Group NA, Inc. for Inclusion in Foreign Trade Zone #8 4. 2015 Year-end Review of Facilities and Development C. Airport Committee: Jerry Chabler, chair 1.
    [Show full text]
  • CITY of TOLEDO, OHIO 2018 Annual Information Statement
    CITY OF TOLEDO, OHIO 2018 Annual Information Statement in connection with Bonds and Notes of the City of Toledo In addition to providing information on an annual basis, the City of Toledo intends that this Annual Information Statement be used, together with information to be provided by the City specifically for that purpose, in connection with the original offering and issuance by the City of its bonds and notes. Questions regarding information contained in this Annual Information Statement should be directed to: Melanie Campbell Acting Director of Finance One Government Center, Suite 2050 Toledo, Ohio 43604-2293 Telephone (419) 245-1648 E-Mail: [email protected] The date of this Annual Information Statement is July 31, 2018. REGARDING THIS ANNUAL INFORMATION STATEMENT The information and expressions of opinion in this Annual Information Statement are subject to change without notice. Neither the delivery of this Annual Information Statement nor any sale made under an Official Statement or other offering document of which it is a part shall, under any circumstances, give rise to any implication that there has been no change in the affairs of the City since its date. TABLE OF CONTENTS Page INTRODUCTORY STATEMENT ........................................................................................................... 1 THE CITY ................................................................................................................................................... 2 General Information ..............................................................................................................................
    [Show full text]
  • CITY of TOLEDO, OHIO 2019 Annual Information Statement
    CITY OF TOLEDO, OHIO 2019 Annual Information Statement in connection with Bonds and Notes of the City of Toledo In addition to providing information on an annual basis, the City of Toledo intends that this Annual Information Statement be used, together with information to be provided by the City specifically for that purpose, in connection with the original offering and issuance by the City of its bonds and notes. Questions regarding information contained in this Annual Information Statement should be directed to: Thomas C. Skrobola Director of Finance One Government Center, Suite 2050 Toledo, Ohio 43604-2293 Telephone (419) 245-1647 E-Mail: [email protected] The date of this Annual Information Statement is August 15, 2019. REGARDING THIS ANNUAL INFORMATION STATEMENT The information and expressions of opinion in this Annual Information Statement are subject to change without notice. Neither the delivery of this Annual Information Statement nor any sale made under an Official Statement or other offering document of which it is a part shall, under any circumstances, give rise to any implication that there has been no change in the affairs of the City since its date. TABLE OF CONTENTS Page INTRODUCTORY STATEMENT ........................................................................................................... 1 THE CITY ................................................................................................................................................... 2 General Information ..............................................................................................................................
    [Show full text]
  • December 17, 2020 Meeting of the Board of Directors
    December 17, 2020 Meeting of the Board of Directors Meeting of the Board of Directors Agenda Agenda One Maritime Plaza, 2nd Floor, Classrooms A & B Thursday, December 17, 2020, at 8:00 a.m. Page No. I. Call to Order II. Roll Call III. Public Comment Period IV. Report and Communications from the Chair: Sharon Speyer A. Report from Board Officer Nominating Committee 4 V. Report of the President and CEO: Thomas J. Winston VI. Consent Agenda A. Approval of Previous Meeting Minutes: November 19, 2020 5-8 B. Consider Expenditures through November 2020 9-19 C. Consider Change Order No. 2 for Eugene F. Kranz Toledo Express 20-21 Airport Rehabilitate Taxiway B -Phase 3 D. Consider Additional Appropriation for Eugene F. Kranz Toledo Express 22-23 Airport Rehabilitate Taxiway B- Phase 4 (Miller Bros. Construction, Inc.) E. Consider Contract for Design and Bidding Phase Services with RS&H 24-25 Ohio for the Reconfiguration of Taxiway C and Associated Pavement Rehabilitation at Toledo Executive Airport F. Annual Credit Card Rewards Report 26 G. Financing Programs Dashboard 27 H. BetterBuildings Northwest Ohio Dashboard 28 I. Northwest Ohio Bond Fund Trustee Report 29 J. Eugene F. Kranz Toledo Express Airport Statistics 30 K. Seaport Statistics 31 L. Diversified Contractors Accelerator Program Report 32 2 December 17, 2020 Meeting of the Board of Directors Agenda VII. Recommendations and Reports from Standing Committees A. Finance & Development Committee: John S. Szuch, chair 1. Consider Acceptance of 2019 Audited Financial Statements 33-34 2. Consider Operating Budget for 2021 and Making Annual 35-38 Appropriations for Current Expenses at the Port Authority 3.
    [Show full text]
  • Proposed Annual Operating Budget November 15, 2020
    FISCAL YEAR 2021 Proposed Annual Operating Budget November 15, 2020 Honorable Council President Matt Cherry and Members of Toledo City Council, I am pleased to present for your review and consideration the proposed Wade Kapszukiewicz 2021 operating and capital budgets. A budget is always a reflection of our Mayor values. This administration values transparency, accountability, equitable [email protected] investments in all of our neighborhoods, and most importantly, the team phone 419-245-1001 that works hard every day to ensure we achieve our goals. Our budget fax 419-245-1370 reflects these values. One Government Center Suite 2200 Toledo, Ohio 43604 The proposed budget revenues and expenditures total approximately $839 million with a general fund budget of approximately $283 million. toledo.oh.gov We have proposed a capital improvement to general fund transfer of $11 million and a $23 million reduction in general fund balance, decisions made necessary due to the severe negative budget impact of COVID. We have significant financial challenges to realize the baseline service needs that our constituents should expect and deserve from local government. The budget and department performance plans align with our five strategic priorities and include performance metrics to ensure continuous improvement in service delivery. Our strategic priorities are: 1. Basic Services: Provide basic services to residents in an effective and efficient manner. 2. Environment: Ensure all of our environmental resources, major equipment, andinfrastructure are efficient and sustainable for long-term viability. 3. Quality Investments: Make investments that improve the quality of life for all peoplewho live, work, and play in Toledo.
    [Show full text]
  • May 23, 2019 Meeting of the Board of Directors
    May 23, 2019 Meeting of the Board of Directors Meeting of the Board of Directors Agenda Agenda One Government Center, 12th Floor Thursday, May 23, 2019, at 8 a.m. Page No. I. Call to Order II. Roll Call III. Public Comment Period IV. Report and Communications from the Chair: John Szuch A. Presentation from Carla Firestone-Nowak, Destination Toledo President and CEO B. Presentation from Dr. Steve Robinson, Owens Community College President V. Report of the President and CEO: Paul L. Toth, Jr. A. Report Regarding Acquisition of Goods, Equipment, Materiel, and Services 4-6 for Quarter Ending March 31, 2019 VI. Consent Agenda A. Consider Approval of Previous Meeting Minutes: March 28, 2019 7-13 B. Consider Approval of Expenditures through April 30, 2019 14-25 C. Consider Lease Agreement with Regional Growth Partnership at Two 26-28 Maritime Plaza D. Consider Second Amendment to Lease Agreement with Maumee Air 29-30 Associates at Toledo Express Airport E. Consider Building Repairs to Warehouse Facility at Dr. Martin Luther King, 31-32 Jr. Plaza a. Exhibit A 33 F. Consider Contract for Parking Structure Restoration at One Government 34-36 Center a. Exhibit B 37 G. Consider One Government Center Lighting Project Tariff Increase 38-39 H. Financing Program Dashboard 40 2 May 23, 2019 Meeting of the Board of Directors Agenda I. BetterBuildings Northwest Ohio Dashboard 41 J. Northwest Ohio Bond Fund Trustee Report 42 K. Toledo Express Airport Statistics 43 L. Seaport Statistics 44 M. Diversified Contractors Accelerator Program Report 45-46 VII. Recommendations and Reports from Standing Committees A.
    [Show full text]