Meeting_Body
INDEPENDENT CITIZEN'S ADVISORY AND OVERSIGHT COMMITTEE
MARCH 5, 2025
Subject
SUBJECT: PROPOSITION A AND PROPOSITION C AUDITS OF FISCAL YEAR 2024
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, 2024, 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, 2024, 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, 2024, completed by Simpson & Simpson, CPAs (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 Ordinances related to the receipt and expenditure of sales tax revenues during the fiscal year. The audit must be provided to the Oversight Committee so that the Oversight Committee can determine whether the LACMTA and local subrecipients have complied with the Proposition A and Proposition C requirements.
Background
BACKGROUND
In November of 1998, Los Angeles County voters passed the MTA Reform and Accountability Act of 1998 (Act). The 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.
Discussion
DISCUSSION
The following summarizes the independent auditor's report on Schedules of Revenues and Expenditures for Proposition A and Proposition C Special Revenue Funds:
To create a more efficient audit process, Management Audit Services ...
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