The Government Finance Officers Association has awarded the Port of Houston Authority’s 2015 Comprehensive Annual Financial Report (CAFR) the Certificate of Achievement for Excellence in Financial Reporting for the 42nd time since first receiving the honor in 1974.
The CAFR award is the highest form of recognition in the area of government accounting and financial reporting. Port Authority leadership and management considers transparency, fiscally sound business practices and prudent evaluation of risks and opportunities to be necessary elements for achieving such goals.
PHA’s Accounting department works with Grant Thorton, LLP, the port’s external auditors, to review for an unqualified opinion statement notating the accuracy of the report. Various port departments contribute to the document, which takes about four months to prepare and submit.
“There is a lot of work that goes into the CAFR. It is a team effort. We feel that the CAFR is not done for recognition. It is our financial obligation as a government entity,” said Curtis Duncan, controller for the Port Authority. The CAFR serves as a financial overview of the fiscal year with highlights of operational and commercial activities.