Metro - File #: 2022-0299

• File #: 2022-0299
• Type: Informational Report
• Status: Filed
• File created: 5/2/2022
• In control: Finance, Budget and Audit Committee
• On agenda: 8/17/2022
• Final action: 8/17/2022
• 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, 2021.
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Audit, Budgeting, Consolidated Audit, Design build, Evaluation and assessment, Federal Transit Administration, Financial Audit, Formula Allocation / Local Return, Funding plan, Guidelines, Informational Report, Local Returns, Low-Income Fare is Easy (LIFE), Measure M, Measure R, Memorandum Of Understanding, Metro Vision 2028 Plan, Program, Program Management, Proposition A, Proposition C, Strategic planning, Subsidies, Torrance, Transit operators, Transit System, Transportation Development Act - Article 4, Transportation Development Act of 1971

Date	Action By	Action	Result
8/17/2022	Finance, Budget and Audit Committee

Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
AUGUST 17, 2022

Subject
SUBJECT: CONSOLIDATED AUDIT FOR FISCAL YEAR 2021

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, 2021.

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 and Compliance Reports (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
o Proposition A Local Return
o Proposition C Local Return
o Measure R Local Return
o Measure M Local Return
o Transportation Development Act (TDA) Article 3, Article 4 and Article 8 Programs
o Proposition A Discretionary Incentive Program
* Prop A Discretionary Incentive Grant
o Antelope Valley Transit Authority
o Pomona Valley Transportation Authority
* Transit System Operators of Commerce, Redondo Beach, Torrance
o Transit System Funds
o Measure M 20%
o Measure R 20%
* Proposition A Growth Over Inflation (GOI) Fund to Burbank, Glendale, LADOT and Pasadena
* Fare Subsidies Programs
o Support for Homeless Re-Entry (SHORE) Program
o Low-Income Fare is Easy (...