Meeting_Body
MEASURE R INDEPENDENT TAXPAYERS OVERSIGHT COMMITTEE
MARCH 5, 2025
Subject
SUBJECT: MEASURE R AUDITS OF FISCAL YEAR 2024
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 R Special Revenue Fund for the Fiscal Year ended June 30, 2024 (Attachment A) completed by BCA Watson Rice, LLP (BCA);
B. Compliance with Requirements Applicable to Measure R Ordinance and Measure R Local Return Guidelines for the Fiscal Year ended June 30, 2024 (Attachment B) completed by Vasquez & Company, LLP (Vasquez); and
C. Compliance with Requirements Applicable to Measure R Ordinance and Measure R Local Return Guidelines for the Fiscal Year ended June 30, 2024 (Attachment C) completed by Simpson and Simpson, LLP (Simpson).
Issue
ISSUE
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 Ordinance related to the receipt and expenditure of sales tax revenues during the fiscal year. The audit must be provided to the Measure R Independent Taxpayers Oversight Committee (Committee) so that the Committee can determine whether the Los Angeles County Metropolitan Transportation Authority (LACMTA) and local subrecipients have complied with the Measure R requirements.
Background
BACKGROUND
On November 4, 2008, Los Angeles County voters approved Measure R, which imposed a half-cent transaction and use tax to fund transportation improvements in the County. Measure R, also known as the Traffic Relief and Rail Expansion Ordinance, establishes an Independent Taxpayers Oversight Committee and an oversight process to ensure that LACMTA complies with the terms of the Ordinance.
Discussion
DISCUSSION
The following summarizes the independent auditor's reports on the Schedule of Revenues and Expenditures for Measure R Special Revenue Fund:
Mana...
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