Positive findings from audit of airport - KUAM.com-KUAM News: On Air. Online. On Demand.

Positive findings from audit of airport

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 by Ken Quintanilla

Guam - Things continue to look up for the Guam International Airport Authority as Ernst & Young released the results from its financial audit for the last fiscal year. Ernst & Young engagement partner for the airport Jim Whitt made the presentation before the GIAA board late this afternoon.

"We're glad to tell you what we issued what's called an unqualified opinion meaning all the balances and disclosures are in compliance with general accepted accounting principles we had no material measurement errors and no material disclosure errors that's very good," he said.

As for the reports on compliance for each federal program and internal controls, Ernst & Young issued an unmodified opinion indicating that the airport is qualified as a low risk designee for FY 2015. Other points of interest show the airport has a "healthy trend" of its total cash position and an increase in investments, which can be attributed to its bond refinancing.

The financial audit shows GIAA ended FY14 with a 3.6% increase in net position of $11.5 million along with an increase of operating revenues by $5.3 million. Confessions fees also increased from $18 million in FY13 to $23.3M in FY14 which is a result of the increase in general merchandise revenue and the minimum annual guarantee from the new concessionaire Lotte Duty Free Guam LCC.

Other areas in the report show that passenger enplanements for FY14 sustained the nearly 1.7 million passengers recorded in FY13 - the third highest total in the Airport's history. GIAA also maintained its position as the 8th ranked airport for international arrivals for all U.S. ports of entry ahead of large airports such as Orlando and Washington D.C.
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