Metro - File #: 2018-0412

• File #: 2018-0412
• Type: Informational Report
• Status: Agenda Ready
• File created: 6/20/2018
• In control: Finance, Budget and Audit Committee
• On agenda: 7/18/2018
• Title: RECEIVE AND FILE the Consolidated Audit financial and compliance audit reports completed by Vasquez and Company (Vasquez) and Simpson and Simpson, CPA's (Simpson & Simpson) for the Fiscal Year ending June 30, 2017.
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Access Services Inc., Audit, Burbank, C Line (Green) Extension to Torrance, Commerce, Consolidated Audit, Design build, Evaluation and assessment, Ez Pass, Financial Audit, Formula Allocation / Local Return, Glendale, Guidelines, Immediate Needs Transportation Program, Informational Report, LADOT Transit, Local Returns, Measure R, Memorandum Of Understanding, Metro Green Line, Metro Rail C Line, Metrolink, Program, Proposition A, Proposition C, Redondo Beach, Subsidies, Support for Homeless on Re-entry Program, Torrance, Transit operators, Transit System, Transportation Development Act - Article 4, Transportation Development Act of 1971
• Related files: 2018-0480, 2019-0385, 2018-0502, 2021-0178

Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
JULY 18, 2018


Subject
SUBJECT: CONSOLIDATED AUDIT FOR FISCAL YEAR 2017

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE the Consolidated Audit financial and compliance audit reports completed by Vasquez and Company (Vasquez) and Simpson and Simpson, CPA's (Simpson & Simpson) for the Fiscal Year ending June 30, 2017.

Issue
ISSUE

As the Regional Transportation Planner for Los Angeles County, we are responsible for planning, programming and allocating transportation funding to Los Angeles County jurisdictions, transit operators and other transportation programs. We have the fiduciary responsibility to provide assurance that recipients of funds included in the Consolidated Audit are adhering to the statutes, program guidelines, and/or agreements of each applicable funding source and that operations data used to allocate funds is fair and in accordance with Federal Transportation Authority (FTA) guidelines.

The Consolidated Audit process includes financial and compliance audits of the following programs:
* Local Funding Program to 88 cities and Unincorporated Los Angeles County
* Proposition A Local Return
* Proposition C Local Return
* Measure R Local Return
* Transit Development Act (TDA) Article 3 and Article 8 Programs
* Proposition A Discretionary Incentive Program
* Transit System Funds to Commerce, Redondo Beach, Torrance
* Transit Development Act (TDA) Article 4
* State Transit Assistance (STA)
* Proposition A 95% of 40% Discretionary
* Proposition C 5% Security
* Proposition C 40% Discretionary
* Proposition 1B Funds
* Measure R 20% Bus Operations and Clean Fuel Bus Funds
* Proposition A 40% Discretionary - Growth Over Inflation (GOI) Fund to Burbank, Glendale, LADOT and Pasadena Transit System Operators
* Fare Subsidies Programs
* Immediate Needs Transportation Program (INTP)
* Rider Relief Transportation Program (RRTP)
* Support for Homeless Re-Entry (SHORE) Progr...