Meeting_Body
MEASURE R INDEPENDENT TAXPAYERS
OVERSIGHT COMMITTEE
MARCH 7, 2024
Subject
SUBJECT: MEASURE R AUDITS OF FISCAL YEAR 2022 AND 2023
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 Years ended June 30, 2022 (Attachment A) and June 30, 2023 (Attachment B) 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 Years ended June 30, 2022 (Attachment C) and June 30, 2023 (Attachment D) 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 Years ended June 30, 2022 (Attachment E) and June 30, 2023 (Attachment F) completed by Simpson and Simpson, LLP (Simpson).
Issue
ISSUE
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.
Background
BACKGROUND
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.
Discussion
DISCUSSION
The following summarizes the independent auditor's reports on t...
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