Baker Tilly Presents Metro Transit's 2024 Financial Audit Results to City Council

The Metro Transit annual financial statement audit report took center stage at the Transportation Commission meeting on August 13, 2025, with Jody Dobson from Baker Tilly presenting the findings. The audit, which covers the financial activities of the transit system for 2024, concluded with a clean or unmodified opinion, indicating that the financial statements fairly represent the transit's financial position.

Dobson highlighted the thorough audit process, which included examining internal controls and financial reporting practices. She noted that the audit team, which has been involved with Metro Transit for nearly two decades, worked closely with management to ensure accuracy and compliance. Despite some staffing changes, the audit met all deadlines and requirements.

A key takeaway from the report was the financial trend over the past five years. Operating revenues and expenses remained flat from 2020 to 2022, largely due to the impacts of the COVID-19 pandemic. However, both revenues and expenses began to rise in 2023 and 2024, reflecting a return to normal operations and increased ridership. The report also emphasized the importance of federal and state funding, which significantly supports transit operations.

Additionally, the audit revealed no compliance issues related to grant funding, a positive sign for the transit system's financial health. The meeting underscored the collaborative efforts of the Metro Transit staff and Baker Tilly, with special acknowledgment of Wayne Black, who returned in a consulting role to assist with the audit process.

Overall, the successful audit reflects a commitment to transparency and accountability within the Metro Transit system, setting a solid foundation for future operations and funding.