Telephone: 912-964-3811 Toll Free (in U.S.): 800-342-8012 P.O. Box 2406 Savannah, GA 31402 USA GRIFFITH LYNCH Executive Director Email: [email protected] Call Direct: 912-963-5563 Fax: 912-966-3615 J. RUSSELL MINCEY Chief Financial Officer Email: [email protected] Call Direct: 912-964-3893 Fax: 912-964-3903 September 17, 2020 To Chairman McKnight, Distinguished Members of the Georgia Ports Authority Board and the Readers of this Report: Ladies and Gentlemen: Enclosed please find the Georgia Ports Authority (Authority) Comprehensive Annual Financial Report (CAFR) for the years ended June 30, 2020 and 2019. This report, which includes descriptions of the Authority’s operations and facilities and various statistics, provides the reader with the Authority’s financial condition and activities that demonstrate solid growth over the last decade. The management of the Authority is responsible for the accuracy and completeness of the information presented in this report. The Authority’s management is responsible for the establishment and maintenance of internal accounting controls which are designed to provide reasonable, but not absolute, assurance that assets are safeguarded, and financial transactions are properly recorded and adequately documented, and to ensure the reliability of financial records for preparing the Authority’s financial statements. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived from such control and that the evaluation of costs and benefits requires estimates and judgments by the Authority’s management. Mauldin and Jenkins LLC, Certified Public Accountants, have issued an unmodified (“clean”) opinion on the Authority’s financial statements for the years ended June 30, 2020 and 2019. The independent auditor’s report is located at the front of the financial section of this report. The Authority’s management follows a comprehensive set of financial policies. The Authority has a policy that requires Board approval of annual operating and capital budgets. The Authority’s management prepares the operating budget using responsible assumptions and projections to help ensure the Authority generates operating income. The Authority’s management incorporates its strategic plans in preparing the capital budget to help ensure that long-range organization goals are achieved. The Authority’s Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. complements this letter of transmittal and should be read in conjunction with it. PROFILE OF THE GOVERNMENT Since 1945, Georgia’s ports have served as magnets for international trade and investment, enriching the state’s economy to benefit all Georgians. The Georgia Ports Authority is dedicated to providing customers with the most efficient, productive port facilities in the nation and to creating jobs and business opportunities to benefit more than 10.6 million Georgians. The Authority is committed to maintaining its competitive edge through development of leading-edge technology, marketing and operations to move cargo more efficiently. The Authority is working hard to identify what must be done today to sustain growth, performance and security for tomorrow. Georgia’s deepwater ports in Savannah and Brunswick, together with inland operations in Bainbridge and Chatsworth, are Georgia’s gateways to the world. These ports are critical conduits through which raw materials and finished products flow to and from destinations around the globe. As an Authority of the State, a thirteen-member Board governs the activities of the Authority. Members are appointed by the Governor, from the state at large, to serve four-year, staggered terms. The Executive Director reports to the Authority and is responsible for directing all phases of port operations, policies and management controls. i The MD&A
