Alabama Port Authority Earns Financial Award

The Government Finance Officers Association of the U.S. and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the Alabama State Port Authority for its comprehensive annual financial report (CAFR). The association also recognized the authority’s financial services team members with an Award of Financial Reporting.

Larry Downs, the authority’s chief financial officer/secretary treasurer, was notified of the awards in early October, and gave credit to his financial services division staff who take part in the day-to-day financial accounting work.

The GFOA has awarded the port authority its Achievement for Excellence in Financial Reporting for 21 consecutive years. In total, the authority has earned 26 certificates under Downs’ leadership.

James Lyons, CEO for the port authority, praised the financial services team noting, “Their hard work throughout the year consistently delivers financial accountability and public trust for our management, board of directors and our customers. I am extremely proud of our team.”

The GFOA describes the Certificate of Achievement for Excellence as the highest form of recognition in the area of governmental accounting and financial reporting techniques. CAFRs are judged by an impartial panel that grades a governmental entity’s accounting methodology and financial disclosure practices that clearly communicate a financial story to financial stakeholders. The GFOA is a nonprofit professional association serving government finance professionals.

The Alabama State Port Authority owns and operates Alabama’s deep-water port facilities at the Port of Mobile. Its public facilities handled over 25 million tons of cargo in fiscal year 2018.