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Valley Transit audit returns clean opinion; agency reports $18.5 million net position
Summary
External auditors gave Valley Transit an unmodified (clean) audit opinion and highlighted growth in capital assets and federal capital grants; staff also reviewed year-to-date budget performance and key balance-sheet items.
Leah Lasecki, signing principal for CLA, told the Valley Transit Commission the agency received an unmodified (clean) audit opinion for the year ended Dec. 31, 2024.
Lasecki said the audit showed no findings for internal controls and that neither the state single audit nor the federal single audit produced findings for the transit operations. "We gave transit a clean audit opinion or an unmodified audit opinion, meaning that we believe that your financial statements are materially stated correctly," Lasecki said.
The clean opinion matters because it signals to the commission and grantors that Valley Transit’s external financial statements are presented in accordance with accounting standards and that the auditors found no material weaknesses. The audit also flagged that transit’s accounting is on an accrual basis and that recent increases…
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