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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, CFO |
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PRESENTER(S): |
Rob Lamph, Comptroller |
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Eric Barrett, Deputy Comptroller |
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TITLE:
title
2023 UTA Annual Comprehensive Financial Report (ACFR) and National Transit Database (NTD) Agreed Upon Procedure Report
end
AGENDA ITEM TYPE:
Audit - Approval
RECOMMENDATION:
Accept the 2023 UTA Annual Comprehensive Financial Report (ACFR) and National Transit Database (NTD) Agreed Upon Procedure Report.
BACKGROUND:
Provisions within the Public Transit District Act (“the Act”), Utah Code 17B-2a-808.1; UTA Bylaws, Article VII, Section 6; and the UTA Board of Trustee Policy 2.1, Financial Management, 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 the UTA’s Audit Committee and the Board of Trustees. Crowe LLP was selected to conduct the 2020-2024 financial audits and NTD agreed upon procedures.
DISCUSSION:
Crowe LLP has completed their financial audit reports and presented their results at UTA’s July 11, 2024 Audit Committee meeting where the Committee unanimously approved a motion to recommend acceptance of the reports by the Board of Trustees.
Upon acceptance of the reports by the Board of Trustees, UTA staff will submit the 2023 ACFR to the Council of Governments and Chief Executive Officer of each municipality and county within the district (as required in Sections 806, 808.1, and 812 of the Act), and to the Government Finance Officers Association’s Certificate of Excellence in Financial Reporting program.
ALTERNATIVES:
The Board of Trustees may seek additional information and delay acceptance of the 2023 UTA Financial Audit Report.
FISCAL IMPACT:
N/A
ATTACHMENTS:
1) 2023 Letter to the Board of Trustees and Audit Committee
2) 2023 Annual Comprehensive Financial Report, the Single Audit Report, and the Utah State Compliance Report
3) 2023 NTD Agreed Upon Procedure Report