This award highlights The Port of Hueneme administration's high standards of honest and open reporting that helps build trust in our community.
Port Hueneme, CA (PRWEB) August 12, 2016
Executives at the Port of Hueneme were recently notified that the Port would again be receiving the Certificate of Achievement for Excellence in Financial Reporting. This makes the sixth consecutive year the Port has been so recognized. This certificate is awarded by the Government Finance Officers Association of the United States and Canada (GFOA) for the recipients having an outstanding Comprehensive Annual Financial Report (CAFR). At the same meeting Port officials were also notified that the Standard and Poor’s bond rating system elevated the Port’s rating from BBB to BBB+!
The CAFR recognition is the highest award given for governmental accounting and financial reporting, and receiving it displays a significant achievement by the governmental agency and its management team. The Port’s CFO Andrew Palomares was especially pleased to announce the raising of the Port’s bond rating to BBB+, “This is especially significant as it represents a validation of the Port’s financial stability and growth potential with strong revenue and controlled costs. This upgrade enhances future borrowing potential to access vital capital for re-investment in Port infrastructure and capabilities.”
“The Oxnard Harbor District is proud to be the recipient of the Certificate of Achievement for Excellence in Financial Reporting for the sixth consecutive year,” said Dr. Manuel Lopez, Port Commission President. “This highlights our administration's high standards of honest and open reporting that helps build trust in our community.” Regarding the bond rating increased Commissioner Jess Herrera commented, ”the rating increase shows that the S&P has a better understanding of the way they evaluate the criteria needed in rating smaller ports and I believe the Port of Hueneme may have been the catalyst in achieving this change.”
Andrew Palomares, the Port’s Chief Finance & Administrative Officer, attributes the CAFR award to the hard work the entire District staff puts into the preparation of the Comprehensive Annual Financial Report. “The District’s CAFR takes a team effort from all departments to complete and portrays just how seriously we take the fiscal responsibility we have to the cities and communities within our boundaries and I am especially proud of the District’s Accounting department who work all year long maintaining good sound record keeping for the District.”
The Port’s Comprehensive Annual Financial Report was judged by an impartial panel, which reviewed it for particular standards and for showing a ‘spirit of full disclosure’ in the Port’s financials.
About the GFOA
The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL, and Washington, D.C.
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 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 $1.5 billion in economic activity and creating 13,633 trade-related jobs. Trade through the Port of Hueneme generates more than $93 million in direct and related state and local taxes, which fund vital community services.