Hillsborough County Port District, Florida Hillsborough County Port District, Florida Comprehensive

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  • Hillsborough County Port District, Florida

    Comprehensive Annual Financial Report

    For Fiscal Year Ended September 30, 2009

    Prepared by: Finance Department

    Michael J. Macaluso, Chief Financial Officer

  • TAMPA PORT AUTHORITY  Comprehensive Annual Financial Report 

    For the Fiscal Year Ended September 30, 2009 

       

    TABLE OF CONTENTS 

    PAGE   

    INTRODUCTORY SECTION    Letter of Transmittal .............................................................................................................................. i‐viii  Certificate of Achievement for Excellence 

    In Financial Reporting .......................................................................................................................... ix  Organizational Chart ................................................................................................................................... x  List of Officials ............................................................................................................................................ xi   

    FINANCIAL SECTION    Independent Auditors’ Report................................................................................................................ 1‐2  Managementʹs Discussion and Analysis ............................................................................................... 3‐8  Basic Financial Statements: 

    Proprietary Fund – Enterprise Fund:  Tampa Port Authority and Discretely Presented  Component Unit ‐  Combined Statement of Net Assets   ............................................................................................. .9‐10  Combined Statement of Revenues, Expenses, 

    and Changes in Fund Net Assets .................................................................................................. 11  Combined Statement of Cash Flows ............................................................................................ 12‐13  Notes to Combined Financial Statements .................................................................................... 14‐41 

    Statement of Cash Flows  Discretely Presented Component Unit ....................................................... 42   

    STATISTICAL SECTION (Unaudited)    Statistical Section Summary ................................................................................................................ 43‐44    Table Number          Financial Trends Information    1.  Net Assets by Component .................................................................................................................. 45    2.  Changes in Fund Net Assets .............................................................................................................. 46          Revenue Capacity Information    3.  Revenue by Type and Related Averages ......................................................................................... 47    4.  Principal Revenue Sources and Revenue by Categories .......................................................... 48‐49    5.  Wharfage and Dockage Revenue – Ten Largest Customers ......................................................... 50    6.  Revenue Rates ................................................................................................................................ 51‐53    7.  Top Ten Customers ............................................................................................................................. 54 

     

  • TAMPA PORT AUTHORITY  Comprehensive Annual Financial Report 

    For the Fiscal Year Ended September 30, 2009 

    STATISTICAL SECTION (Continued)  Table Number          Debt Capacity Information    8.  Ratios of Outstanding Debt by Type ................................................................................................ 55    9.  Revenue Bond Coverage .................................................................................................................... 56  10.  Summary of Surplus Port Revenues after Debt and Operating Costs ......................................... 57 

            Demographics and Economics Information  11.  Hillsborough County, FL Demographics and Economic Statistics .............................................. 58  12.  Hillsborough County, FL Principal Employers ............................................................................... 59  13.  Hillsborough County, FL Property Tax Millage Rates ................................................................... 60  14.  Hillsborough County, FL Principal Taxpayers ............................................................................... 61          Operating Information  15.  Schedule of Revenue by Activity ................................................................................................ 62‐63  16.  Annual Cargo Tonnages and Passenger Count .............................................................................. 64  17.  Capital Assets ....................................................................................................................................... 65  18.  Staffing by Division/Department ...................................................................................................... 66          Other Port Financial Information  19.  Cruise Statistics .................................................................................................................................... 67  20.  Insurance Coverage ............................................................................................................................. 68  21.  Financial Highlights ............................................................................................................................ 69   

    COMPLIANCE SECTION        SEC Rule 15c2‐12 Reporting    22.  Port of Tampa Tonnage Distribution–Last Ten Years .................................................................... 70  23.  Port Usage Fees – Last Ten Years ...................................................................................................... 71  24.  Summary of Leases of Principal Tenants ................................................................................... 72‐73         Independent Auditors’ Report on Internal Control Over Financial   Reporting and on Compliance and Other Matters Based on an   Audit of Basic Financial Statements Performed in Accordance   with Government Auditing Standards ............................................................................................ 74‐75 

           Independent Auditors’ Report on Compliance with Requirements   Applicable to each Major Federal Program and State Financial   Assistance Project and on Internal Control Over Compliance ................................................ 76‐77 

    25.  Schedule of Expenditures of Federal Awards and State    Financial Assistance  .......................................................... ………………………………………78‐79 

    26.  Schedule of Findings and Questioned Costs ............................................................................. 80‐81         Management Letter based on Rule 10.554(1)(h) of the Auditor General         of the State of Florida  ........................................................ ………………………………………82‐83 

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    March 30, 2010

    Board of Commissioners Tampa Port Authority 1101 Channelside Drive Tampa, Florida 33602

    Dear Commissioners:

    The Comprehensive Annual Financial Report (CAFR) of the Tampa Port Authority (Port Authority) for the fiscal year ended September 30, 2009 is hereby submitted for your review. Responsibility for both the accuracy of the data and the completeness, reliability and fairness of presentation, including all disclosures, rests with the Tampa Port Authority. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the Port Authority. All disclosures necessary to enable the reader to gain an understanding of the Port Authority’s financial activities and operations have been included.

    The management of the Port Authority is responsible for establishing and maintaining an effective internal control structure to safeguard its assets, assure the reliability of its accounting records, and promote operational efficiencies. Based upon a comprehensive internal control framework that it has established for this purpose and recognizing that the cost of such controls should not outweigh their benefits, the Port Authority’s internal controls have been designed to provide reasonable rather than absolute assurance that the financial statements will be free of any material misstatements.

    The enclosed CAFR has been prepared in accordance with guidelines recommended by the Governmental Accounting Standards Board (GASB) and the Govern