Albany Port District Commission

 

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NYS Comptroller

THOMAS P. DiNAPOLI

Taxpayers' Guide to State and Local Audits

Albany Port District Commission
Select Financial Management Practices


Issued: November 5, 2015
Link to full audit report 2015-S-55

Purpose
To determine if the Albany Port District Commission’s (Commission) capital planning process and collection and reporting of delinquent accounts receivable are in compliance with the Commission’s procedures for the period January 1, 2013 through September 30, 2015.

Background
In 1925, the Commission was established through an act of the New York State Legislature. The enabling legislation granted broad authority to the Commission to develop, construct, and manage a maritime facility. During the succeeding decades, the Commission developed into a year-round, 24-hour operation encompassing nearly 300 acres within two municipalities. The Commission indicates that it strives to responsibly and effectively manage the publicly owned maritime Port of Albany-Rensselaer, contributing to the economy of the Capital Region and beyond while emphasizing transparency and public stewardship. The Commission’s 2014 annual report shows an increase in tonnage shipped, from 390,414 in 2013 to 572,946 in 2014. The increased shipping drove a surge in operating revenues in these same years, from $4.8 million to approximately $6 million. More than half of the revenue is from property rentals, approximately $3.2 million per year. The Commission’s accounts receivable balance grew from $503,430 in 2012 to over $1.7 million in 2013 (a 250 percent increase). In 2014, the balance decreased to $1 million and, as of May 31, 2015, was $260,524. In addition, the Commission provided its capital planning spending figures in three capital plan reports - the State of New York Ten-Year Capital Plan, the Public Authorities Reporting Information System (PARIS), and its own Capital Projects Plan; spending figures differed among the three plans, which covered different periods of time.

Key Findings

  • We found the Commission’s capital planning and delinquent accounts receivable collection practices to be generally in compliance with Commission procedures and laws and regulations.
  • We found some minor improvements that can be made in each area, which we conveyed to the Commission separately.

Key Recommendations

  • None

Other Related Audits/Reports of Interest

New York State Energy Research and Development Authority: Accounts Receivable Collection and Reporting (2015-S-35)


State Government Accountability Contact Information:
Audit Director: John Buyce
Phone: (518) 474-3271; Email: StateGovernmentAccountability@osc.state.ny.us
Address: Office of the State Comptroller; Division of State Government Accountability; 110 State Street, 11th Floor; Albany, NY 12236