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Port Authority reports dredging-driven deficit and readies capital-asset policy after audit finding
Summary
Finance officer Mr. Gunter reported a net loss of $147,005.25 through August largely due to $140,009.25 in dredging expenses; a State Board of Accounts audit found no fixed-asset policy, and staff distributed a draft capital asset policy for board review ahead of October adoption.
At the Port Authority of Evansville meeting on Sept. 9, Mr. Gunter presented the financial report through August and described a shortfall driven principally by dredging costs. "Expenses, a total of $249,002.13 ... had a net loss of a $147,005.25," he said, and noted cash and investments stood at $122,221.
Gunter explained revenue for the period included $5,438 in interest and $96,250 recorded as "other receipts," which he said is a transfer from the Parks Department that covers port shortfalls. Contractual services of $140,009.25 were identified as the dredging expense responsible for the bulk…
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