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TO: |
Audit Committee |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, CFO |
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PRESENTER(S): |
Brad Schelle, CPA Partner at Crowe |
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Viola Miller, Chief Financial Officer |
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Rob Lamph, Comptroller |
TITLE:
title
2025 UTA Annual Comprehensive Financial Report (ACFR) and National Transit Database (NTD) Agreed upon Procedure Report
end
AGENDA ITEM TYPE:
Audit Action
RECOMMENDATION:
Review and recommend acceptance of the 2025 UTA Financial Audit Report and National Transit Database Agreed Upon Procedure Report by UTA’s Board of Trustees.
BACKGROUND:
Provisions within the Public Transit District Act, 17B-2a-808.1 (the “Act”), UTA’s Bylaws, Article VII, Section 6, and the Board of Trustee Policy 2.1, Financial Management, all require the use of a qualified independent auditing firm to conduct an annual financial audit and to present the results of their annual audit to UTA’s Audit Committee and the Board of Trustees.
Crowe LLP was selected to conduct the 2025-2029 financial audits and NTD agreed upon procedures. They have completed the required reports and will present their results to UTA’s Audit Committee.
DISCUSSION:
Representatives from Crowe LLP will present their reports which will cover the purpose and scope of the financial audit, required communications with the Audit Committee, and results of their audit and compliance work. The 2025 UTA Financial Audit Report and National Transit Database Agreed Upon Procedure Report will be presented for acceptance by the Board of Trustees on June 24th.
Upon acceptance by the Board of Trustees, UTA staff will submit the 2025 Annual Comprehensive Financial Report (“ACFR”) to the Council of Governments as required in the Act, and to the Government Finance Officers Association’s Certificate of Excellence in Financial Reporting program.
ALTERNATIVES:
The Audit Committee may seek additional information before recommending acceptance of the 2025 UTA Financial Audit Report to the Board of Trustees.
FISCAL IMPACT:
N/A
ATTACHMENTS:
• 2025 Letter to the Board of Trustees and Audit Committee (SAS114 Letter)
• 2025 ACFR which includes the Annual Comprehensive Financial Report, the Single Audit Report, and the Utah State Compliance Report
• 2025 Management Letter
• 2025 NTD Agreed Upon Procedure Report