HAGÅTÑA (The Guam Daily Post) — The ability of the Port Authority of Guam to turn a deficit into a multimillion-dollar surplus has gained national attention from the National Association of Government Accountants, the Port announced recently in a press release.
The Association presented Port General Manager Rory Respicio with the AGA 2024 Distinguished Local Government Leadership Award to recognize the island’s only seaport for excellence in government finances and sound financial practices, the Port said in the release.
“In my role as Port general manager, I am profoundly grateful for the recognition of our efforts, highlighting the Port of Guam’s essential role in national security and its strategic position in the Asia-Pacific amid growing geopolitical tensions,” Respicio said. “This national recognition reaffirms our high credibility and commitment to excellence, with the steadfast support of Gov. Lou Leon Guerrero, Lt. Gov. Josh Tenorio, our dedicated board and our partners in government and the private sector. Together, we are committed to navigating these complex times, ensuring our port continues to be a vital link in the chain of global commerce and national security.”
In four years, the Port’s deficit of $104,000 was reversed, and the Port is now at a surplus of $26.4 million, the Port said in the release.
According to a release from the governor’s office, the Port’s strategic financial management and improvements have elevated the Port to a low-risk auditee status, enhancing bond ratings and earning recognition for transparency, including this distinguished award.
“Lt. Gov. Tenorio and I fully support Rory’s innovative and persistent approach, which aligns with our administration’s strategic framework to maximize all opportunities for our island, especially in the context of the military buildup,” Leon Guerrero said in the release.
Tenorio added, “Implementing the JDE Enterprise One Financial Management system marks a leap toward modernization and efficiency. This transformation has revamped our financial operations, underscoring our commitment to excellence and resilience, notably through the COVID-19 pandemic and Typhoon Mawar recovery. Rory’s visionary leadership and public service dedication have been key, bolstering the Port’s role in our economy and national security.”
A Port Authority of Guam gantry crane unloads a container on Thursday, Jan. 4, 2024, in Piti.
