HCPHC submits first Comprehensive Annual Financial Report

May 4, 2016

The Hancock County Port and Harbor Commission is required to prepare an annual audited financial report, and this year the Commission’s Chief Financial Officer, Janet Sacks, took the extra step to submit an expanded Comprehensive Annual Financial Report (CAFR) for the first time.

“The CAFR is an optional expanded and enhanced compilation to provide much greater transparency on the overall effectiveness of the organization,” said Sacks.

Sacks said a CAFR includes both the standard annual audit report and adds introductory organizational information about its structure, business plan, and major initiatives as well as statistics sections. “For an economic development entity, it provides the public some objective data of economic development that they would not otherwise have access to,” Sacks said.

An unqualified independent opinion resulting from an audit ensures the financial information presented by the organization is materially correct. “This assurance is required by federal agencies from which we receive grant funds, the State, and of course the general public to whom we are ultimately accountable,” said Sacks.

“That unqualified opinion is good but the CAFR improves on this model by adding  organizational information and a statistics section that provides an in depth picture of the Commission’s financial health as well as County demographics over the prior 10-year period,” Sacks said. “It’s really about transparency, transparency, transparency.  Readers from all backgrounds find the additional information relevant and timely.”

CPA P. Gayle Reddien of HCPHC’s accounting firm, praised the commission for submitting its first CAFR.

 “Alexander, Van Loon, Sloan, Levens & Favre, CPAs, wish to commend the Hancock County Port and Harbor Commission Board and management for exhibiting a commitment to producing high quality financial reports by preparing and submitting their 2015 CAFR to the Governmental Finance Officers Association. Not many governmental entities choose to report at this higher standard,” she said.

To view the CAFR, go to: https://portairspace.com/section/about/2015CAFR