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Agenda Item # 8

  Date: April 20, 2005
  Committee Meeting Date: May 12, 2005
  Board Meeting Date: June 2, 2005
  ACTION    ___      DISCUSSION   ___ INFO   X

BOARD MEMORANDUM

TO: Policy Advisory Committee
 Santa Clara Valley Transportation Authority
 Board of Directors
  
THROUGH:Peter M. Cipolla
 General Manager
  
FROM:Carolyn M. Gonot
 Chief Development Officer
  
SUBJECT: Congestion Management Program Financial Audit, Fiscal Year 2004

FOR INFORMATION ONLY

BACKGROUND:

The Joint Powers Agreement for administration of the Santa Clara County Congestion Management Program (CMP) requires that an audit of the CMP accounts and records be performed annually by an independent certified public accounting firm as part of VTA’s annual financial audit.

The audit of CMP’s financial statements for Fiscal Year (FY) 2004 was performed by the certified public accounting firm of Macias, Gini & Company LLP (MGC) and was prepared in accordance with the guidelines recommended by the Government Finance Officers Association.   The CMP’s audited financial statements for FY 2004 were presented to the VTA Board of Directors in February 2005 as part of VTA’s Comprehensive Annual Financial Report (CAFR).

DISCUSSION:

MGC conducted their audit of the CMP’s FY 2004 financial records and statements in accordance with auditing standards generally accepted in the United States.   This consists of planning and performing the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   It also includes assessing the accounting principles used and evaluating significant estimates made by management.

After planning and conducting their audit, MGC gave the CMP an unqualified report, indicating that, in their opinion, the financial statements present fairly, in all material respects, the respective financial position of the CMP as of June 30, 2004.   It also identifies the Fund Balance (Reserve) of approximately $1.6 million at the end of FY 2004.

CONTACT THE BOARD SECRETARY'S OFFICE FOR ATTACHMENTS.

 

Prepared by: Stephen Flynn, Sr. Management Analyst
  

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