Port Infrastructure: Financing of Navigation Projects at Small and Medium-Sized Ports.

摘要

We examined the following issues concerning the Corps of Engineers' financing of navigation projects at small and medium-sized public ports. Specifically: How have small and medium-sized public ports financed the nonfederal share of the cost of navigation projects from 1986 through 1999. To what extent have projects been terminated or suspended at small and medium-sized public ports during this period because the ports were unable to demonstrate a feasible source of funding for the nonfederal share. Could federally sponsored innovative financing mechanisms help small and medium-sized public ports fund the nonfederal share of navigation projects. We collected data on navigation projects at small and medium-sized public ports from the Corps of Engineers, the U.S. Maritime Administration, and several individual ports. To determine how small and medium-sized ports financed the nonfederal share of the cost of navigation projects, we surveyed 37 states that potentially had the Corps of Engineers' navigation projects at small or medium-sized public ports from 1986 through 1999 and examined whether those states had provided financial assistance to the ports. Due to limitations in the Corps of Engineers' record keeping, we were not able to collect information about all the ports and all the projects initiated during this time period. However, the Corps of Engineers did provide detailed information on the financing plans for 63 projects. To determine the extent that projects were terminated or suspended during this period, we analyzed 463 projects that the Corps of Engineers identified as having been initiated at small or medium-sized public ports from 1986 through early 1999. We discussed selected projects with Corps of Engineers and port officials. These projects were in various stages of development or, in many cases, had been terminated for a variety of reasons, including financing. We used this information to determine whether federally sponsored innovative financing mechanisms could help small and medium sized ports fund the nonfederal share of navigation projects. Appendix I contains a more detailed description of our scope and methodology. Our work was performed from April 1999 through December 1999 in accordance with generally accepted government auditing standards.