Palmetto Railways Financial Statements Year Ended December 31, 2018
PALMETTO RAILWAYS FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2018 August 14, 2019 Mr. Robert M. Hitt, III, Secretary of Commerce South Carolina Department of Commerce Columbia, South Carolina This report on the audit of the financial statements of the South Carolina Department of Commerce – Division of Public Railways d/b/a Palmetto Railways, for the fiscal year ended December 31, 2018, was issued by Greene Finney, LLP, Certified Public Accountants, under contract with the South Carolina Office of the State Auditor. If you have any questions regarding this report, please let us know. Respectfully submitted, George L. Kennedy, III, CPA State Auditor GLKIII/cwc PALMETTO RAILWAYS TABLE OF CONTENTS YEAR ENDED DECEMBER 31, 2018 PAGE INDEPENDENT AUDITOR'S REPORT ..................................................................................................... 1 MANAGEMENT’S DISCUSSION AND ANALYSIS ................................................................................ 5 BASIC FINANCIAL STATEMENTS Statement of Net Position-Enterprise Funds ............................................................................................. 14 Statement of Revenues, Expenses, and Changes in Fund Net Position-Enterprise Funds ........................15 Statement of Cash Flows-Enterprise Funds ............................................................................................... 16 Notes to Financial Statements ................................................................................................................... 17 REQUIRED
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