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TRANSPORTATION AGENCY FOR MONTEREY COUNTY Memorandum | |
| | | | | | | | | To: | Board of Directors | | From: | Rita Goel, Director of Finance & Administration | | Meeting Date: | May 26, 2021 | | Subject: | Annual Financial Audits-FY 19/20 |
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| | | | | | | | | RECOMMENDED ACTION: | | ACCEPT the Agency's Financial Audit Reports for fiscal year ending June 30, 2020. |
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| | | | | | | | | SUMMARY: | | For all of the audits completed for the 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. |
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| | | | | | | | | FINANCIAL IMPACT: | | The cost for the annual audits is $23,265. The CPA firm was selected by the Agency after a bid process. The Agency authorized the audit firm to complete the annual financial audits over a 5-year period. This audit of the fiscal year ending June 30, 2020 is the third audit of the 5-year period authorized by the Agency. |
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| | | | | | | | | DISCUSSION: | The purpose of this audit 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. The audit also verifies the Agency's compliance with all other trust funds it administers.
Moss, Levy & Hartzheim, Certified Public Accountants, completed the following audits for fiscal year ending June 30, 2020: the 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, Regional Surface Transportation Fund and the Transportation Safety & Investment Plan Account (Measure X).
A Single Audit Report is required for any agency receiving more than $750,000 in federal funds. In FY 2019/20, a Single Audit Report was not done as the agency received less than $750,000 in federal funds.
For all of the audits completed for the year ending June 30, 2020, the auditors found no instance of noncompliance that were 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, 2020. The full audits are available on the Agency website:
www.tamcmonterey.org/information/audits/index.html. |
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