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Financial Audit of the Hawai‘i Tourism Authority
Posted on Dec 28, 2021 in Summary
PHOTO: HAWAII TOURISM AUTHORITY / TOR JOHNSON
THE PRIMARY PURPOSE of the audit was to form an opinion on the fairness of the presentation of the financial statements for the Hawai‘i Tourism Authority, as of and for the fiscal year ended June 30, 2021. The audit was conducted by Accuity LLP.
FOR THE FISCAL YEAR ended June 30, 2021, HTA reported total revenues of $46.1 million, along with $5 million in transfers from other state departments, and total expenses of $49.2 million. Revenues consisted of $38 million from TAT, $5.8 million from charges for services, and interest and other revenues of $2.3 million.
Total expenses of $49.2 million consisted of $36.4 million for contracts, $7.9 million for depreciation, and $4.9 million for payroll, administrative, and other expenses.
As of June 30, 2021, total assets and deferred outflows of resources of $320.3 million exceeded total liabilities and deferred inflows of resources of $13.5 million, resulting in a net position of $306.8 million. Total assets and deferred outflows of resources included (1) cash of $104.6 million, (2) land and net capital assets of $192.9 million, and (3) other assets and deferred outflows of resources of $22.8 million.
HTA RECEIVED AN UNMODIFIED OPINION that its financial statements were presented fairly, in all material respects, in accordance with generally accepted accounting principles.
About the Authority
The Hawai‘i Tourism Authority (HTA) was established by the 1998 Legislature to serve as the State’s lead agency for strategically managing tourism. State law requires HTA to develop a tourism marketing plan that includes statewide promotional efforts and programs, targeted markets, and other marketing efforts with measures of effectiveness and documentation of HTA’s progress toward strategic plan goals. HTA is also responsible for the Hawai‘i Convention Center. The primary source of funding for HTA’s operations is the Transient Accommodations Tax (TAT) collected by the State. HTA is governed by a board of directors comprised of 12 voting members, each of whom is appointed by the Governor, and is placed within the Department of Business, Economic Development and Tourism for administrative purposes.