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TRANSPORTATION AGENCY FOR MONTEREY COUNTY Memorandum | |
| | | | | | | | | To: | Board of Directors | | From: | Rita Goel, Director of Finance & Administration | | Meeting Date: | February 22, 2017 | | Subject: | ANNUAL FINANCIAL AUDIT REPORTS FOR FISCAL YEAR ENDING JUNE 30, 2016 |
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| | | | | | | | | RECOMMENDED ACTION: | | ACCEPT State of California Transportation Development Act Compliance and Audit Reports for fiscal year ending June 30, 2016. |
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| | | | | | | | | SUMMARY: | | For all of the audits completed for the year ending June 30, 2016, the auditors found no instances of noncompliance that is required to be reported under Government Auditing Standards, nor did they note any matters involving the internal control over financial reporting and its operation that they consider to be material weaknesses. |
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| | | | | | | | | FINANCIAL IMPACT: | | The cost for the annual audits is $19,985. The CPA firm was selected by the Agency after a bid process. The Agency authorized the audit firm to complete the audits for a 5-year period. This audit of the fiscal year ending June 30, 2016, is the fourth audit of the 5-year period authorized by the Agency. |
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| | | | | | | | | DISCUSSION: | The purpose of the audits is to confirm that the Transportation Agency for Monterey County is operating in compliance with requirements of the Transportation Development Act law in administration of funds entrusted to the Agency by the state, and also to confirm that the Agency and its member agencies’ to whom the Agency passed through Transportation Development Act funds last year have accounting practices that are in accord with standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.
Moss, Levy & Hartzheim, Certified Public Accountants, completed the following audits for fiscal year ending June 30, 2016:
1. Transportation Agency for Monterey County Regional Transportation Planning Agency compliance and fiscal audit, including audits of the Agency Trust Funds - Local Transportation Fund, State Highway Account Fund, State Transit Assistance Fund, and Traffic Congestion Relief Act Exchange Program Fund.
2. Transportation Development Act Article 3 (Bicycle and Pedestrian Projects) & 8 (Streets and Roads Projects) non-transit claimants for the following jurisdictions:
• County of Monterey, Department of Public Works
• City of Greenfield
• City of Seaside
A Single Audit Report is required for any agency receiving more than $750,000 in federal funds. In FY 2015/16, a Single Audit Report was not done as the agency received less than $750,000.
For all of the audits completed for the year ending June 30, 2016, the auditors found no instance of noncompliance that is required to be reported under Government Auditing Standards, nor did they note any matters involving the internal control over financial reporting and its operation that they consider to be material weaknesses.
Attached with this report are summary tables from the Agency audit for the 12 months ending June 30, 2016. The audits are also available on the Agency website:
www.tamcmonterey.org/information/audits/index.html.
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