Metro - File #: 2025-0133

• File #: 2025-0133
• Type: Informational Report
• Status: Agenda Ready
• File created: 2/18/2025
• In control: Finance, Budget and Audit Committee
• On agenda: 3/20/2025
• Title: RECEIVE AND FILE the Los Angeles County Metropolitan Transportation Authority's (Metro) basic financial statements and component financial statement audits completed by Crowe LLP (Crowe) as of and for the fiscal year ended June 30, 2024.
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Annual reports, Audit, Evaluation and assessment, Financial Audit, Informational Report, Low Carbon Transit Operations Program, Service Authority For Freeway Emergencies

Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
MARCH 20, 2025


Subject
SUBJECT: BASIC FINANCIAL STATEMENTS AND COMPONENT AUDITS

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE the Los Angeles County Metropolitan Transportation Authority's (Metro) basic financial statements and component financial statement audits completed by Crowe LLP (Crowe) as of and for the fiscal year ended June 30, 2024.

Issue
ISSUE

Metro is required to be audited annually by independent certified public accountants. The resulting reports include Metro's basic financial statements and the following component audits for the fiscal year ending June 30, 2024 (FY24):
> Annual Comprehensive Financial Report for the Los Angeles County Metropolitan Transportation Authority;
> Independent Auditor's Statement of Auditing Standards (SAS) 114 letter covering required communications related to the financial statement audit;
> Single Audit Report;
> Independent Accountant's Report on Applying Agreed-Upon Procedures on Federal Funding Allocation Data for the Transportation Operating Agency (ID# 90154);
> Independent Auditor's Report on Compliance with the California Code of Regulations (Section 6667); Report on Internal Control over Compliance; and Report on 50% Expenditure Limitation Schedule for Transportation Development Act Operations Agency;
> Independent Auditor's Report on Compliance with the California Code of Regulations (Sections 6640-6662); Report on Internal Control over Compliance; and Report on Schedule of Revenues, Expenditures, and Changes in Fund Balances for Transportation Development Act;
> Independent Auditor's Report on the Los Angeles County Metropolitan Transportation Authority State Transit Assistance Special Revenue Fund's basic financial statements for the fiscal years ended June 30, 2024, and 2023.
> Independent Auditor's Report on the Service Authority for Freeway Emergencies (A Component Unit of the Los Angeles County Metropolit...