Delaware News

State Auditor Announces Performance Audit of Diamond State Port Corporation

Auditor of Accounts | Auditor of Accounts Lydia York | Date Posted: Friday, February 7, 2025


State of Delaware Auditor of Accounts Seal

The audit engagement will offer greater insight and transparency into the State of Delaware’s largest single asset.

Dover, DE – Delaware State Auditor Lydia E. York announced a performance audit engagement of the Diamond State Port Corporation (DSPC) today for the fiscal year ending June 30, 2025. The engagement will examine the DSPC’s stewardship of hundreds of millions of dollars of State money as they carry out a planned expansion of operations into Edgemoor.

“The Port of Wilmington is not only a critical economic driver and provider of good-paying union jobs – it is an investment of unparalleled size for our State.” said Auditor York. “I strongly believe that a performance audit will provide both lawmakers and the Delaware public with more transparency into the operations of the DSPC and Enstructure. This is about ensuring that our State government has the information it needs to successfully carry this investment into the future.”

The performance audit was announced shortly after the largest-yet infusion of State money into the DSPC for the Edgemoor project. These transfers, which total $199,688,951.75 of funds and accrued interest originating from the State’s Extraordinary Escheat Claims fund, occurred on January 16 and 22, 2025. The funds, originally $195,000,000, were earmarked for DPSC by the former Delaware Secretary of Finance, former Director of the Office of Management and Budget and Chairs of the Joint Capital Improvement Committee through a process laid out in the epilogue language of the FY23 and FY24 Bond Bills. The money had been held in an interest-bearing State special fund since June 2024. It was transferred following the signing of a Joint Development Agreement between DSPC and Enstructure, the Port’s private concession holder, in December 2024.

DSPC is mandated to be audited annually. The State Auditor’s office previously issued a Financial Statement Audit of DSPC for FY24 on December 23, 2024.

Delaware Auditor of Accounts Lydia E. York is a public servant with decades of experience in accounting, finance, and the legal profession. In 2022, she became the first African American woman elected to executive office in Delaware history.

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State Auditor Announces Performance Audit of Diamond State Port Corporation

Auditor of Accounts | Auditor of Accounts Lydia York | Date Posted: Friday, February 7, 2025


State of Delaware Auditor of Accounts Seal

The audit engagement will offer greater insight and transparency into the State of Delaware’s largest single asset.

Dover, DE – Delaware State Auditor Lydia E. York announced a performance audit engagement of the Diamond State Port Corporation (DSPC) today for the fiscal year ending June 30, 2025. The engagement will examine the DSPC’s stewardship of hundreds of millions of dollars of State money as they carry out a planned expansion of operations into Edgemoor.

“The Port of Wilmington is not only a critical economic driver and provider of good-paying union jobs – it is an investment of unparalleled size for our State.” said Auditor York. “I strongly believe that a performance audit will provide both lawmakers and the Delaware public with more transparency into the operations of the DSPC and Enstructure. This is about ensuring that our State government has the information it needs to successfully carry this investment into the future.”

The performance audit was announced shortly after the largest-yet infusion of State money into the DSPC for the Edgemoor project. These transfers, which total $199,688,951.75 of funds and accrued interest originating from the State’s Extraordinary Escheat Claims fund, occurred on January 16 and 22, 2025. The funds, originally $195,000,000, were earmarked for DPSC by the former Delaware Secretary of Finance, former Director of the Office of Management and Budget and Chairs of the Joint Capital Improvement Committee through a process laid out in the epilogue language of the FY23 and FY24 Bond Bills. The money had been held in an interest-bearing State special fund since June 2024. It was transferred following the signing of a Joint Development Agreement between DSPC and Enstructure, the Port’s private concession holder, in December 2024.

DSPC is mandated to be audited annually. The State Auditor’s office previously issued a Financial Statement Audit of DSPC for FY24 on December 23, 2024.

Delaware Auditor of Accounts Lydia E. York is a public servant with decades of experience in accounting, finance, and the legal profession. In 2022, she became the first African American woman elected to executive office in Delaware history.

# # #

image_printPrint

Related Topics:  , ,


Graphic that represents delaware news on a mobile phone

Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

Here you can subscribe to future news updates.