Seaport recognized nationally for financial excellence following dramatic turnaround in finances



Editor's Note: Awards from the National Association of Government Accountants are prestigious indicators of sound financial management and a commitment to excellence in financial transparency and accountability on the part of the awardee.


The Port Authority of Guam, under the management of current general manager Rory Respicio, turned the seaport's finances from red to black in the first year of his tenure. The previous general manager, Joanne Brown, left the seaport in debt.


The following is news from the Port Authority of Guam:


The Port Authority of Guam for the very first time has been recognized on a national level for transparency and communication with the public regarding how the agency spends ratepayer dollars.


The National Association of Government Accountants awarded the Port Authority of Guam the “Certificate of Excellence in Citizen-Centric Reporting.”


For the last ten years, the Port has been in compliance with a local law that requires Government of Guam agencies to publish a Citizen-Centric Report no later than 60 calendar days after the independent audit report for that agency has been released by the Guam Office of Public Accountability. The Citizen-Centric Report is an initiative to simplify communication between the government and its citizens who have a right to accurate information about how their government spends their taxpayer and ratepayer funds.


Last month the Port was awarded the “Certificate of Excellence in Citizen-Centric Reporting” for the agency’s Citizen-Centric Report published in July 2020. This is the first time the Port has received this recognition.


“I want to thank the National Association of Government Accountants for recognizing the Port’s efforts to remain transparent with the people of Guam and for acknowledging the Port for setting new standards of transparency and accountability,” said Port General Manager Rory J. Respicio. “Our Citizen-Centric Report is aligned with the Leon Guerrero Tenorio Administration and Board’s vision and goals to keep the Port fiscally responsible and transparent to all the people of Guam. The Port’s Citizen-Centric Report highlights our achievements and shows that we instituted prudent fiscal management, strong internal controls and cost containment measures that enabled us to take the Port from a $103,000 net-income loss in Fiscal Year 2018 to earning nearly $7.5 million in just one year.”

The Port’s Citizen-Centric Report is produced by the Financial Affairs Division under the direction of Financial Affairs Controller Jojo Guevara with the assistance of the Port’s Marketing Division.