File #: 2021-0126   
Type: Informational Report Status: Agenda Ready
File created: 3/11/2021 In control: Measure R Independent Taxpayer Oversight Committee
On agenda: 4/19/2021 Final action:
Title: Receive and file the Independent Auditor's Report on: A. Schedule of Revenues and Expenditures for Measure R Special Revenue Fund for the Fiscal Year ended June 30, 2020 completed by BCA Watson Rice, LLP (BCA); B. Compliance with Requirements Applicable to Measure R Ordinance and Measure R Local Return Guidelines for the Fiscal Year ended June 30, 2020 completed by Vasquez & Company, LLP (Vasquez); and C. Compliance with Requirements Applicable to Measure R Ordinance and Measure R Local Return Guidelines for the Fiscal Year ended June 30, 2020 completed by Simpson and Simpson, LLP (Simpson).
Sponsors: Measure R Independent Taxpayer Oversight Committee
Indexes: Audit, Evaluation and assessment, Financial Audit, Formula Allocation / Local Return, Guidelines, Informational Report, Local Returns, Measure R, Schedules and scheduling
Attachments: 1. Attachment A - BCA Audit Report, 2. Attachment B - List of Entities Audited by Vasquez, 3. Attachment C - List of Entities Audited by Simpson and Simpson, 4. Attachment D - Vasquez Audit Report, 5. Attachment E - Simpson and Simpson Audit Report, 6. Presentation BCA, 7. Presentation Vasquez, 8. Presentation Simpson and Simpson
Date Action ByActionResultAction DetailsMeeting DetailsAudio
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Meeting_Body

MEASURE R INDEPENDENT TAXPAYERS
OVERSIGHT COMMITTEE
APRIL 19, 2021

Subject
SUBJECT: MEASURE R AUDITS OF FISCAL YEAR 2020

Action
ACTION: RECEIVE AND FILE


Heading
RECOMMENDATION

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

A. Schedule of Revenues and Expenditures for Measure R Special Revenue Fund for the Fiscal Year ended June 30, 2020 completed by BCA Watson Rice, LLP (BCA);

B. Compliance with Requirements Applicable to Measure R Ordinance and Measure R Local Return Guidelines for the Fiscal Year ended June 30, 2020 completed by Vasquez & Company, LLP (Vasquez); and

C. Compliance with Requirements Applicable to Measure R Ordinance and Measure R Local Return Guidelines for the Fiscal Year ended June 30, 2020 completed by Simpson and Simpson, LLP (Simpson).


Issue
ISSUE

On November 4, 2008, Los Angeles County voters approved Measure R that imposed a half-cent transactions and use tax to fund transportation improvements in the County. Measure R, also known as the Traffic Relief and Rail Expansion Ordinance establishes an Independent Taxpayers 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 conducted 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 the LACMTA and local subrecipients have complied with the Measure R requirements.

Discussion
DISCUSSION

The following summarizes the independent auditor's report on Schedule of Revenues and Expenditures for Measure R Special Revenue Fund:

Management Audit Services contracted with BCA to perform the independent audit of the LACMTA, as required ...

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