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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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Rob Lamph, Comptroller |
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TITLE:
title
2024 UTA Annual Comprehensive Financial Report (ACFR) and National Transit Database (NTD) Agreed Upon Procedure Report
end
AGENDA ITEM TYPE:
Audit - Approval
RECOMMENDATION:
Review and recommend acceptance of the 2024 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 2020-2024 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 2024 UTA Financial Audit Report and National Transit Database Agreed Upon Procedure Report will be presented for acceptance by the Board of Trustees on June 25th.
Upon acceptance by the Board of Trustees, UTA staff will submit the 2024 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 2024 UTA Financial Audit Report to the Board of Trustees.
FISCAL IMPACT:
N/A
ATTACHMENTS:
1) 2024 Letter to the Board of Trustees and Audit Committee
2) 2024 ACFR which includes the Annual Comprehensive Financial Report, the Single Audit Report, and the Utah State Compliance Report
3) 2024 NTD Agreed Upon Procedure Report