File #: 2024-0433   
Type: Informational Report Status: Agenda Ready
File created: 6/6/2024 In control: Finance, Budget and Audit Committee
On agenda: 7/18/2024 Final action:
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 years ended June 30, 2022 (FY22), and June 30, 2023 (FY23).
Sponsors: Finance, Budget and Audit Committee
Indexes: Annual reports, Audit, Budgeting, Burbank, Commerce, Consolidated Audit, Design build, Evaluation and assessment, Ez Pass, Federal Transit Administration, Financial Audit, Formula Allocation / Local Return, Funding plan, Gateway Cities (Southeast LA County) Service Sector, Gateway Cities subregion, Glendale, Guidelines, Huntington Park, Informational Report, Local Returns, Low-Income Fare is Easy (LIFE), Measure M, Measure R, Memorandum Of Understanding, Metro Vision 2028 Plan, Pasadena, Program, Proposition A, Proposition C, Public Hearing, Redondo Beach, Strategic planning, Torrance, Transit operators, Transit System, Transportation Development Act - Article 4, Transportation Development Act of 1971
Attachments: 1. Attachment A - FY22 Prop A & C Consolidated Audit Vasquez, 2. Attachment B - FY22 Prop A & C Consolidated Audit Simpson, 3. Attachment C - FY23 Prop A & C Consolidated Audit Vasquez, 4. Attachment D - FY23 Prop A & C Consolidated Audit Simpson, 5. Attachment E - FY22 and FY23 Measure R Annual Report, 6. Attachment F - FY22 Measure M Annual Report, 7. Attachment G - FY23 Measure M Annual Report, 8. Presentation
Date Action ByActionResultAction DetailsMeeting DetailsAudio
No records to display.
Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
JULY 18, 2024

Subject
SUBJECT: CONSOLIDATED AUDIT FOR FISCAL YEARS 2022 AND 2023

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 years ended June 30, 2022 (FY22), and June 30, 2023 (FY23).

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.

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
* Low-Income Fare is Easy (LIFE) Program
* Metrolink Program
* EZ Transit Pass Program
...

Click here for full text