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TRANSPORTATION AGENCY FOR MONTEREY COUNTY Memorandum | |
| | | | | | | | | To: | Board of Directors | | From: | Rita Goel, Director of Finance & Administration | | Meeting Date: | January 27, 2021 | | Subject: | Regional Impact Fee Annual Audit FY 19/20 |
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| | | | | | | | | RECOMMENDED ACTION: | | ACCEPT the Regional Development Impact Fee Joint Powers Agency’s audit report for fiscal year ending June 30, 2020. |
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| | | | | | | | | SUMMARY: | | The auditors found no instances of noncompliance that are 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 audit is $2,500. The total fees and interest collected during the audit reporting period was $739,642. The Regional Development Impact Fee Joint Powers has a fund balance of $4,941,610 as of June 30, 2020. The Transportation Agency Board of Directors programs these fee revenues towards projects in the annually-adopted Regional Development Impact Fee strategic plan. The total fee program administration cost, including staff time, was $27,987. Under the terms of the adopted budget, $10,000 was transferred from the fee program to the Transportation Agency for Monterey County to partially cover these administrative costs. |
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| | | | | | | | | DISCUSSION: | The purpose of the audit is to confirm that the Regional Development Impact Fee Joint Powers Agency’s financial statements are free of material misstatement and assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
Moss, Levy & Hartzheim, Certified Public Accountants, conducted the audit for the fiscal year ending June 30, 2020. The auditors found no instances of noncompliance that are 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 the summary tables from the audit. The full audit will also be available on the Agency website.
The Regional Development Impact Fee Joint Powers Agency contracts with the Transportation Agency for Monterey County for administrative services. The Agency expects impact fee revenues to continue to grow as the pace of new development picks up. Regional fees collected will be expended on projects as prioritized in the Strategic Expenditure Plan. Near-term project expenditures identified in the plan are focused on the State Route 156 at Castroville Boulevard interchange improvements.
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