Metro - File #: 2020-0139

• File #: 2020-0139
• Type: Informational Report
• Status: Agenda Ready
• File created: 2/11/2020
• In control: Measure M Independent Taxpayer Oversight Committee
• On agenda: 3/4/2020
• Title: Receive and file the Independent Auditor's Report on: A. Compliance with Requirements Applicable to Measure M Ordinance and Measure M Local Return Guidelines for the Fiscal Year ended June 30, 2019 completed by Vasquez & Company, LLP; B. Compliance with Requirements Applicable to Measure M Ordinance and Measure M Local Return Guidelines for the Fiscal Year ended June 30, 2019 completed by Simpson and Simpson, CPAs; and C. Schedule of Revenues and Expenditures for Measure M Special Revenue Fund for the Fiscal Year ended June 30, 2019 completed by BCA Watson Rice, LLP (BCA).
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Audit, Evaluation and assessment, Financial Audit, Guidelines, Informational Report, Local Returns, Measure M, Measure R, Schedules and scheduling

Meeting_Body

MEASURE M INDEPENDENT TAXPAYER
OVERSIGHT COMMITTEE
MARCH 4, 2020

Subject
SUBJECT: INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO MEASURE M ORDINANCE AND MEASURE M LOCAL RETURN GUIDELINES; AND MEASURE M SPECIAL REVENUE FUND AUDIT

Action
ACTION: RECEIVE AND FILE


Heading
RECOMMENDATION

Title
Receive and file the Independent Auditor's Report on:

A. Compliance with Requirements Applicable to Measure M Ordinance and Measure M Local Return Guidelines for the Fiscal Year ended June 30, 2019 completed by Vasquez & Company, LLP;

B. Compliance with Requirements Applicable to Measure M Ordinance and Measure M Local Return Guidelines for the Fiscal Year ended June 30, 2019 completed by Simpson and Simpson, CPAs; and

C. Schedule of Revenues and Expenditures for Measure M Special Revenue Fund for the Fiscal Year ended June 30, 2019 completed by BCA Watson Rice, LLP (BCA).

Issue
ISSUE

On November 9, 2016, Los Angeles County voters approved Measure M that imposed a half-cent transaction and use tax for transportation and the indefinite extension of an existing half-cent sales tax (Measure R) also dedicated to transportation and originally set to expire in 2039. Measure M, also known as the Los Angeles County Traffic Improvement Plan Ordinance (Ordinance) establishes an Independent Taxpayer Oversight Committee and an oversight process to ensure that the Los Angeles County Metropolitan Transportation Authority (LACMTA) complies with the terms of the Ordinance. The oversight process requires that an annual audit be completed within 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 Oversight Committee so that the Oversight Committee can determine whether LACMTA and local subrecipients have complied with the Measure M requirements.

Discussio...