File #: 2021-0049   
Type: Informational Report Status: Filed
File created: 2/12/2021 In control: Finance, Budget and Audit Committee
On agenda: 3/17/2021 Final action: 3/17/2021
Title: RECEIVE AND FILE the Consolidated Audit Financial and Compliance Reports completed by Vasquez and Company (Vasquez) and Simpson and Simpson (Simpson), certified public accountants, for the Fiscal Year ending June 30, 2019.
Sponsors: Finance, Budget and Audit Committee
Indexes: Audit, Budgeting, C Line (Green) Extension to Torrance, Consolidated Audit, Design build, Evaluation and assessment, Federal Transit Administration, Financial Audit, Formula Allocation / Local Return, Funding plan, Guidelines, Immediate Needs Transportation Program, Informational Report, Local Returns, Low-Income Fare is Easy (LIFE), Measure M, Measure R, Memorandum Of Understanding, Metro Vision 2028 Plan, Metrolink, Program, Proposition A, Proposition C, Redondo Beach, South El Monte, Strategic planning, Subsidies, Torrance, Transit operators, Transit System, Transportation Development Act - Article 4, Transportation Development Act of 1971
Attachments: 1. Attachment A - Report on Compliance with Requirements Applicable to Prop A and Prop C Ordinances and Local Return Guidelines (Vasquez), 2. Attachment B - Report on Compliance with Requirements Applicable to Prop A and Prop C Ordinances and Local Return Guidelines (Simpson), 3. Attachment C - Report on Compliance with Requirements Applicable to Measure R Ordinance and Measure R Local Return Guidelines (Vasquez), 4. Attachment D - Report on Compliance with Requirements Applicable to Measure R Ordinance and Measure R Local Return Guidelines (Simpson), 5. Attachment E - Report on Compliance with Requirements Applicable to Measure M Ordinance and Measure M Local Return Guidelines (Vasquez), 6. Attachment F - Report on Compliance with Requirements Applicable to Measure M Ordinance and Measure M Local Return Guidelines (Simpson)
Related files: 2021-0178
Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
MARCH 17, 2021

Subject
SUBJECT: CONSOLIDATED AUDIT FOR FISCAL YEAR 2019

Action
ACTION: RECEIVE AND FILE

Heading
RECOMMENDATION

Title
RECEIVE AND FILE the Consolidated Audit Financial and Compliance Reports completed by Vasquez and Company (Vasquez) and Simpson and Simpson (Simpson), certified public accountants, for the Fiscal Year ending June 30, 2019.

Issue
ISSUE

As the Regional Transportation Planner for Los Angeles County, the Los Angeles County Metropolitan Transportation Authority (Metro) is responsible for planning, programming and allocating transportation funding to Los Angeles County jurisdictions, transit operators and other transportation programs. Metro has 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 Transit Administration (FTA) guidelines.

Background
BACKGROUND

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
* Measure M Local Return
* Transit Development Act (TDA) Article 3 and Article 8 Programs
* Proposition A Discretionary Incentive Program
* Transit System Funds to Commerce, Redondo Beach, and 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
* Measure M 20% Bus Transit Operation Fund
* Proposition A 40% Discretionary - Growth Over Inflation (GOI) Fund to Burbank, Glendale, LADOT and Pasadena Transit System Ope...

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