Metro - File #: 2022-0085

• File #: 2022-0085
• Type: Informational Report
• Status: Agenda Ready
• File created: 2/7/2022
• In control: Independent Citizen’s Advisory and Oversight Committee
• On agenda: 3/2/2022
• Title: RECEIVE AND FILE the Independent Auditor's Report on: A. Schedules of Revenues and Expenditures for Proposition A and Proposition C Special Revenue Funds for the Fiscal Year ended June 30, 2021, completed by BCA Watson Rice, LLP (BCA); B. Compliance with Requirements Applicable to Proposition A and Proposition C Ordinances and Local Return Guidelines for the Fiscal Year ended June 30, 2021, completed by Vasquez & Company, LLP (Vasquez); and C. Compliance with Requirements Applicable to Proposition A and Proposition C Ordinances and Local Return Guidelines for the Fiscal Year ended June 30, 2021, completed by Simpson & Simpson, CPAs (Simpson).
• Sponsors: Board of Directors - Regular Board Meeting
• Indexes: Audit, Evaluation and assessment, Financial Audit, Formula Allocation / Local Return, Guidelines, Informational Report, Local Returns, Proposition A, Proposition C

Meeting_Body

INDEPENDENT CITIZEN'S ADVISORY AND OVERSIGHT COMMITTEE
MARCH 2, 2022

Subject
SUBJECT: INDEPENDENT AUDITOR'S REPORTS ON PROPOSITION A AND PROPOSITION C SPECIAL REVENUE FUNDS AND COMPLIANCE WITH REQUIREMENTS APPLICABLE TO PROPOSITION A AND C ORDINANCE AND LOCAL RETURN GUIDELINES

Action
ACTION: RECEIVE AND FILE


Heading
RECOMMENDATION

Title
RECEIVE AND FILE the Independent Auditor's Report on:

A. Schedules of Revenues and Expenditures for Proposition A and Proposition C Special Revenue Funds for the Fiscal Year ended June 30, 2021, completed by BCA Watson Rice, LLP (BCA);

B. Compliance with Requirements Applicable to Proposition A and Proposition C Ordinances and Local Return Guidelines for the Fiscal Year ended June 30, 2021, completed by Vasquez & Company, LLP (Vasquez); and

C. Compliance with Requirements Applicable to Proposition A and Proposition C Ordinances and Local Return Guidelines for the Fiscal Year ended June 30, 2021, completed by Simpson & Simpson, CPAs (Simpson).

Issue
ISSUE

In November of 1998, Los Angeles County voters passed the MTA Reform and Accountability Act of 1998. This Act requires the completion of an independent audit to determine compliance by LACMTA with the provisions of Propositions A and C since the effective dates of each ordinance through June 30, 1998, and then annual audits thereafter. The oversight process requires that an annual audit be conducted six months after the end of the fiscal year to determine compliance with the provisions of the Ordinances related to the receipt and expenditure of sales tax revenues during the fiscal year. The audit must be provided to the Oversight Committee in order for the Oversight Committee to determine whether the LACMTA and local subrecipients have complied with the Proposition A and Proposition C requirements. In addition, the Ordinance requires that Metro hold a public hearing to obtain the public's input on the audit results.

Discussion
DISCUSSION...