title
TDA Financial Statements FY 2023 - Deputy Director Riske-Gomez
end
Requested Action(s)
recommendation
Adopt Resolution No. 07-2024: Tehama County Transportation Commission Financial Statements, Transportation Development Act Funds, and Tehama County Transit Programs Annual Financial Statements for FY 2023.
body
Financial Impact:
N/A
Background Information:
The purpose of this agenda item is to present the annual Independent Audit of the Commission's Financial Statements, and the Transportation Development Act Funds for Tehama County Transit Programs accounts as prepared by certified public accountants for FY 2023.
Fiscal and performance audits are conducted to ensure program compliance. Fiscal audits are conducted annually and include transit operator's expense-to-revenue ratio, known as farebox recovery. Both fiscal and performance audits are conducted by entities designated by the transportation planning agency, a county transportation commission, or an operator.
All TDA claimants who receive TDA funding for Local Streets and Roads shall conduct an independent audit which shall be submitted to the transportation planning agency, transit development board, county transportation commission, and to the Controller within 180 days after the end of the fiscal year. Submittal of the audit report to the State Controller's Office and Caltrans is a requirement. A courtesy copy is also provided to the County Auditor-Controller.
After conducting the FY 2023 audit, it is the opinion of O'Connor & Company that the financial statements "present fairly, in all material respects, the respective financial position of the governmental activities, business-type activities and each major fund of the Tehama County Transportation Development Act Funds, as of June 30, 2023, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United S...
Click here for full text