in Financial Reporting - Port Freeport

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PORT FREEPORT Notes to Financial Statements For the Years Ended September 30, 2009 and 2008 NOTE 4: CAPITAL ASSETS - Continued The Port has entered into contracts for construction as of September 30, 2009 as follows: Project Required Authori- Expended Remaining Further zation To Date Commitment Financing Computer software $ 55,550 $ 28,050 $ 27,500 $ Warehouse 51 renovations 99,464 54,477 44,987 Berth 5 extension 668,709 578,438 90,271 Velasco Terminal phase 1 42,143,544 37,135,372 5,008,172 Velasco Terminal phase 1 – Berth 8 36,264 16,739 19,525 Parcel 25 queuing area 12,837 12,116 721 Parcel 19 rail spur 96,462 66,231 30,231 Gate 8 pavement rehabilitation 8,700 5,200 3,500 Gate 4 422,082 308,542 113,540 Sonar system 1,476,401 942,369 534,032 Other property 16,100 16,100 Master drainage plan 75,500 46,789 28,711 Security fencing 55,390 33,891 21,499 M&R cool storage facility 42,582 8,838 33,744 Consulting 39,561 25,200 14,361 Total $ 45,249,146 $ 39,262,252 $ 5,986,894 $ -0- The Port has entered into contracts for construction as of September 30, 2008 as follows: Project Required Authori- Expended Remaining Further zation To Date Commitment Financing Fire sprinkler renovations $ 879,800 $ 635,392 $ 244,408 $ Berth 1 22,385 22,385 Berth 5 extension 599,373 212,149 387,224 Relocate Bulk Loader 24,500 19,753 4,747 Velasco Terminal phase 1 46,844,205 25,019,188 21,825,017 Parcel 25 staging area 4,636,615 4,260,481 376,134 Parcel 25 high mast lighting 2,660,248 2,656,482 3,766 Parcel 25 East 18,400 18,049 351 Parcel 14 & 19 1,693,987 1,421,215 272,772 Dredging 95,910 75,811 20,099 Sonar system 251,000 166,868 84,132 Environmental management system 57,325 47,358 9,967 Counseling group 55,600 34,533 21,067 Gateway to the Port landscaping 24,000 16,925 7,075 Zeus removal 19,483 13,752 5,731 Gate 8 Expansion 1,124,030 95,722 1,028,308 Velasco Terminal Civil 2,317,148 2,197,079 120,069 Annual refrigeration service for cool storage 47,252 15,901 31,351 Total $ 61,371,261 $ 36,906,658 $ 24,464,603 $ -0- -44-
PORT FREEPORT Notes to Financial Statements For the Years Ended September 30, 2009 and 2008 NOTE 5. LONG-TERM DEBT AND NON-CURRENT LIABILITIES Non-current liabilities activity for the year ended September 30, 2009 was as follows: Balance Balance Due Within 10-01-08 Additions Reductions 9-30-09 One Year General obligation bonds $ 10,411,910 $ 14,040 $ 780,000 $ 9,645,950 $ 810,000 Revenue bonds 40,000,000 1,165,000 38,835,000 1,280,000 Components of Long-Term Debt: Premium on bonds 168,865 15,518 153,347 15,518 Compensated absences 150,568 93,093 85,568 158,093 85,093 Total non-current liabilities $ 50,731,343 $ 107,133 $ 2,046,086 $ 48,792,390 $ 2,190,611 Non-current liabilities activity for the year ended September 30, 2008 was as follows: Balance Balance Due Within 10-01-07 Additions Reductions 9-30-08 One Year General obligation bonds $ 11,138,414 $ 13,496 $ 740,000 $ 10,411,910 $ 780,000 Revenue bonds 40,000,000 40,000,000 1,165,000 Components of Long-Term Debt: Premium on bonds 184,383 15,518 168,865 15,518 Compensated absences 130,334 86,469 66,235 150,568 78,140 Total non-current liabilities $ 11,453,131 $ 40,099,965 $ 821,753 $ 50,731,343 $ 2,038,658 General Obligation Bonds Payable: The Unlimited Tax Refunding Bonds, Series 2006, were issued in November, 2006. The proceeds from the $ 6,330,000 of Unlimited Tax Refunding Bonds, Series 2006, were placed in an escrow account and will be used through August 15, 2017 to completely call the remaining Port Freeport Unlimited Tax Bonds, Series 1998. By this action the Port will have effected the defeasance of the refunded bonds. The difference between the cash flow required to service the new debt and complete the refunding at the date of the refunding was $ 486,452. The economic gain resulting from the transaction was $ 373,018. The remaining bonds were redeemed on August 31, 2008. The Series 2006 bonds are dated November 15, 2006 with a final maturity of August 15, 2019 and bear interest ranging from 3.5% to 5.5% per annum, payable semi-annually on February 15 and August 15. The remaining Unlimited Tax (Port Freeport Projects) Bonds, Series 1998 were issued in August, 1998. The remaining Series 1998 bonds are dated August 1, 1998 with a final maturity of August 15, 2013 and bear interest ranging from 4.5% to 4.9% per annum, payable semi-annually on February 15 and August 15. The series 1998 bonds are subject to optional redemption on August 15, 2008 or any date thereafter. The issuance of the Unlimited Tax Refunding Bonds, Series 2006, resulted in an additional cost (difference between the reacquisition price and the new carrying amount of the old debt) of $ 180,836 and bond issuance costs of $ 125,926. The issuance of the Unlimited Tax Bonds, Series 1998, resulted in bond issuance cost of $ 94,780. These balances are amortized as a component of interest expense over the remaining life of the bonds. These amounts net of amortization are reported as bond discount and issuance costs on the statements of net assets. Amortization of these costs for the years ended September 30, 2009 and 2008 were $ 55,511 and $ 46,128, respectively. The bond resolution for the 1998 Series and 2006 Series general obligation bonds obligates the Port annually to assess and cause to be collected property taxes sufficient to pay current principal and interest due on the bonds. -45-
Page 4 and 5: PORT FREEPORT Comprehensive Annual
Page 6: Certificate of Achievement for Exce
Page 9 and 10: With so many developments pointing
Page 11 and 12: PORT FREEPORT Directory of Official
Page 14 and 15: 200 W. SECOND ST., 3 rd FL. • FRE
Page 16 and 17: comprehensive annual financial repo
Page 20 and 21: KENNEMER, MASTERS & LUNSFORD CERTIF
Page 22 and 23: PORT FREEPORT Management Discussion
Page 32 and 33: PORT FREEPORT Statements of Net Ass
Page 34 and 35: PORT FREEPORT Statements of Revenue
Page 36 and 37: PORT FREEPORT Statements of Cash Fl
Page 38 and 39: PORT FREEPORT Notes to Financial St
Page 62 and 63: PORT FREEPORT Statistical Section F
Page 64 and 65: PORT FREEPORT Cargo Traffic Statist
Page 66 and 67: PORT FREEPORT Net Assets by Compone
Page 68 and 69: PORT FREEPORT Summary of Revenues,
Page 70 and 71: PORT FREEPORT Property Tax Rates D
Page 72 and 73: PORT FREEPORT Valuation, Exemptions
Page 74 and 75: PORT FREEPORT Property Tax Levies a
Page 76 and 77: PORT FREEPORT Computation of Legal
Page 78 and 79: PORT FREEPORT Ratio of Net General
Page 80 and 81: PORT FREEPORT Pledged Revenue Cover
Page 82 and 83: PORT FREEPORT Unlimited Tax Bonds,
Page 84 and 85: PORT FREEPORT Summary of Annual Cas
Page 86 and 87: PORT FREEPORT History of the Port
Page 88: PORT FREEPORT History of the Port
Page 93 and 94: Board of Commissioners Port Freepor
Page 95 and 96: Board of Commissioners Port Freepor
Page 97 and 98: PORT FREEPORT Schedule of Status of
Page 99 and 100: PORT FREEPORT Schedule of Expenditu

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