The Comprehensive Annual Financial Report (CAFR) of the Port of Bremerton for 2012, the fiscal year ending December 31, 2012 is now available on the Port’s website under About the Port, then click on Financial Information.
The CAFR goes beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure. The report includes an overview of the Port, detailed financial information as presented in its year-end audited financial statements, the independent auditor’s report on the fair presentation of the financial statements and statistical data relevant to the Port’s operations. It is intended to include all material disclosures regarding the financial condition necessary to gain a full and complete understanding of the financial affairs of the Port.
The CAFR is presented in three sections:
- Introductory – Profile of the Port, Economic Condition, Long -Term Financial Planning, Lines of Business and Financial Management Information
- Financial – Independent Auditor’s Report from the Washington State Auditor’s Office, Management’s Discussion and Analysis, and the Port of Bremerton’s 2012 Audited Financial Statements
- Statistical – Financial Trends, Revenue Capacity, Debt Capacity, Demographic Information and Operating Information
It is hoped that the CAFR is useful for the Commission and the public to fully understand the financial status in all of its varied functions of the Port as a promoter of economic development.