TO:
Board of Trustees
THROUGH:
Jay Fox, Executive Director
FROM:
Viola Miller, Chief Financial Officer
PRESENTER(S):
Eric Barrett, Deputy Comptroller
TITLE:
title
Ratification of FTA Disbursement
end
AGENDA ITEM TYPE:
Disbursement
RECOMMENDATION:
Ratify Disbursement made to the Federal Transit Administration (FTA) relating to the Financial Management Oversight (FMO) review.
BACKGROUND:
Audit findings from FY 2017 and FY 2018 triggered a FMO Review. This review resulted in the need to return grant funds to the FTA in the amount of $5,557,291.00.
DISCUSSION:
After discussions were held with FTA representation, a wire transfer was made on May 14, 2024 to satisfy this FMO finding.
ALTERNATIVES:
None
FISCAL IMPACT:
$5.5 million in unbudgeted disbursement.
ATTACHMENTS: