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Transportation Commission accepts Metro Transit 2024 financial audit; auditors report unmodified opinion
Summary
Baker Tilly presented Metro Transit's 2024 audited financial statements and the Transportation Commission voted to accept the audit after the firm reported an unmodified opinion and no compliance findings on federal grants.
The Madison Transportation Commission voted to accept Metro Transit's audited financial statements for the 2024 fiscal year after auditors from Baker Tilly reported a clean (unmodified) opinion and no compliance findings in single-audit testing of federal and state grants.
Baker Tilly's lead auditor, Jody Dobson, told the commission the audit required adjustments to restate some 2023 items but those corrections were made by Metro Transit management and did not affect the firm's clean opinion. "The financial statements received what we call a clean or an unmodified opinion," Dobson said during the presentation.
Dobson summarized the audit process and findings, telling commissioners that the audit focused on internal controls, grant compliance, and presentation of the management's discussion and analysis. She said one recent Governmental Accounting Standards Board (GASB) change on compensated absences required a new accounting treatment but did not materially change balances. She also noted that single-audit testing of transit grant compliance found no issues.
The audit presentation included five-year trend charts showing that operating revenues and expenses rose in 2023 and 2024 as ridership and operations increased, and that salaries and benefits remain Metro Transit's largest operating expense. Dobson thanked Metro Transit staff and an outside consultant, Wayne Block, for providing records and support during the audit.
A motion to accept the audit report was made by Alder O'Brien and seconded by Alder Martinez Rutherford; the commission approved the motion by unanimous consent.
Commissioners did not request additional follow-up items at the meeting. The accepted financial statements and management discussion and analysis remain the official report of Metro Transit's 2024 financial operations and position.
The commission recorded the acceptance as a formal action and the audit report will be included in the city's financial reporting and posted with other city audit documents.
