FirstNet Releases FY 2014 Audit
FirstNet operations in fiscal year 2014 were financed by NTIA capital contributions of $24.3 million, said a report by Acting Chief Financial Officer Kim Farington, posted by FirstNet Friday. FirstNet also paid out $900 million to buy assets, the report…
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said. Operating expenses were up 43 percent over the previous year, reflecting a larger staff and activities “to execute the Strategic Roadmap and create the internal capability required to support FirstNet’s mission,” the report said. “The clean audit opinion demonstrates the hard work by our talented and dedicated financial team,” Farington said in a news release. “They have been working diligently to implement strong policies and business practices, and to resolve complicated financial management issues associated with a newly established federal agency. Further, the effort has proven the soundness of the overall health of FirstNet’s financial management capabilities, driven by strong leadership commitment and partnerships within the Department of Commerce.” The report said FirstNet owns one class of “intangible asset,” the license for the 700 MHz D-block. “Under current law, the spectrum license is not tradable or exchange able in any market and any measure based on potential cash flow would be purely speculative,” the report said. “Therefore, FirstNet has not recognized in its financial statements any value related to the spectrum license granted by the FCC.” The report also said that during the fiscal year FirstNet took possession of a donation of microwave and LTE equipment from the City of Charlotte, North Carolina.