BROWNSVILLE, Texas–(BUSINESS WIRE)–The Brownsville Navigation District’s annual external audit confirmed June 26, 2019, verified record operating revenues and tonnage for fiscal year 2018.
“The Port of Brownsville is a consistent model of excellence. We are making important financial decisions that have positive returns. This audit reflects our commitment to transparency and fiscal responsibility”
The audit reviewed the district’s financial statements and figures, which reflected an increase in total operating revenue and tonnage for the Port of Brownsville for the fiscal year ending December 31, 2018. The total operating revenue was $24,209,767. This marks a 4 percent increase from the 2017 fiscal year. Total tonnage for the 2018 fiscal year also met and surpassed records, registering 11.3 million short tons, an increase of 6.6 percent from fiscal year 2017.
“The Port of Brownsville is a consistent model of excellence. We are making important financial decisions that have positive returns. This audit reflects our commitment to transparency and fiscal responsibility,” said John Reed, BND Chairman.
The report was presented by the port’s Director of Finance, Lorena Hernandez, CPA and Carlos Barrera, Partner at Carr, Rigs, and Ingram LLC.
“The audit demonstrates that the district and management is presenting and publishing accurate data, that there are no material misstatements and that we are safeguarding the assets of the district,” said Hernandez.
The independent audit firm issued an unmodified opinion given that the BND’s financial statements were presented fairly following standard accounting principles generally accepted in the United States. According to the audit’s outcomes, the BND is providing truthful records and reporting precise numbers.
The audit’s findings will be published as part of the BND’s Comprehensive Annual Financial Report (CAFR).
About the Port of Brownsville
The Port of Brownsville is the only deep-water seaport directly on the U.S.-Mexico border, and the largest land-owning public port authority in the nation with 40,000 acres of land. It transships more steel into Mexico than any other U.S. port. With more than $40 billion worth of projects currently in the works, the Port of Brownsville is transforming the Rio Grande Valley by creating positive investment opportunities and jobs. Activity at the port is responsible for adding more than $2 billion to the regional economy, $3 billion to the Texas economy, and for the creation of more than 44,000 jobs statewide.