Clean audit for GIAA

by Sabrina Salas Matanane

Guam - The Office of Public Accountability has issued a report into the Guam International Airport Authority's  finances in FY2012. Auditors gave GIAA a clean audit, however in its compliance report the airport had a material weakness for its failure to record a $5.6 million loan obligation and a $1.5 million contractor payable. The report also noted that in FY2012 the airport closed with passenger enplanements exceeding $1.5 million, which is a record high in comparison to the past 11 years. The report also notes that while operating revenues increased from the prior year it was insufficient to cover the increases in expenditures and resulted in a $1.2 million decrease in net assets.  You can read the audit in its entirety by going to GuamOPA.org.