Metro - File #: 2022-0086

• File #: 2022-0086
• Type: Informational Report
• Status: Agenda Ready
• File created: 2/7/2022
• In control: Measure M Independent Taxpayer Oversight Committee
• On agenda: 3/2/2022
• Title: RECEIVE and FILE the Independent Auditor's Report on: A. Schedule of Revenues and Expenditures for Measure M Special Revenue Fund for the Fiscal Year ended June 30, 2021, completed by BCA Watson Rice, LLP (BCA); B. Compliance with Requirements Applicable to Measure M Ordinance and Measure M Local Return Guidelines for the Fiscal Year ended June 30, 2021, completed by Vasquez & Company, LLP (Vasquez); and C. Compliance with Requirements Applicable to Measure M Ordinance and Measure M 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, Guidelines, Informational Report, Local Returns, Measure M, Measure R, Schedules and scheduling

Meeting_Body

MEASURE M INDEPENDENT TAXPAYER
OVERSIGHT COMMITTEE
MARCH 2, 2022

Subject
SUBJECT: MEASURE M AUDITS OF FISCAL YEAR 2021

Action
ACTION: RECEIVE AND FILE


Heading
RECOMMENDATION

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

A. Schedule of Revenues and Expenditures for Measure M Special Revenue Fund for the Fiscal Year ended June 30, 2021, completed by BCA Watson Rice, LLP (BCA);

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

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

Issue
ISSUE

On November 9, 2016, Los Angeles County voters approved Measure M that imposed a half-cent transaction and use tax for transportation and the indefinite extension of an existing half-cent sales tax (Measure R) also dedicated to transportation and originally set to expire in 2039. Measure M, also known as the Los Angeles County Traffic Improvement Plan Ordinance (Ordinance), establishes an Independent Taxpayer Oversight Committee and an oversight process to ensure that the Los Angeles County Metropolitan Transportation Authority (LACMTA) complies with the terms of the Ordinance. The oversight process requires that an annual audit be completed within six months after the end of the fiscal year to determine compliance with the provisions of the Ordinance 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 LACMTA and local subrecipients have complied with the Measure M requirements. In addition, the Ordinance requires that Metro hold a public hearing to obtain the public's input on the audit results.

Dis...