Meeting_Body
PTSC-MTA RISK MANAGEMENT AUTHORITY
APRIL 29, 2025
Subject
SUBJECT: 2023 - 2024 AUDITED FINANCIAL ACTIVITIES
Action
ACTION: RECEIVE AND FILE
Heading
RECOMMENDATION
Title
RECEIVE and FILE the audited PTSC-MTA Risk Management Authority (PRMA) financial activities for the fiscal year ending June 30, 2024.
Issue
ISSUE
Financial statements reflecting the financial activities for PRMA are submitted to the California State Controller’s Office annually.
Discussion
DISCUSSION
PRMA is a California Joint Powers Authority (JPA) and is subject to Special Districts Financial Transaction reporting requirements under Government Code sections 26909 and 53891. Metro’s Accounting department prepares the basic financial statements. Metro contracts with certified public accounting (CPA) firm BCA Watson Rice LLP to provide an Independent Auditor’s Report.
Next_Steps
NEXT STEPS
PRMA By-Laws specify the Treasurer-Auditor shall cause an annual independent audit be made by a CPA. The Basic Financial Statements, Independent Auditor’s Management Letter to the Board and Independent Auditor’s Report on Internal Control over financial reporting are attached.
Attachments
ATTACHMENTS
Attachment A - Basic Financial Statements with Independent Auditor’s Report for the Fiscal Year Ended June 30, 2024
Attachment B - Independent Auditor’s Report on Internal Control for the Fiscal Year Ended June 30, 2024
Prepared_by
Prepared by: William Douglas, Senior Manager, Risk Financing, (213) 922-2105
Reviewed_By
Reviewed by: Kenneth Hernandez, Interim Chief Transit Safety Officer, (213) 922-2990