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External auditor gives TJPA unmodified opinion for FY2024 financial report
Summary
Mays & Associates reported an unmodified (clean) audit opinion for the Transbay Joint Powers Authority’s fiscal year ended June 30, 2024; staff said a typographical error in the management discussion and analysis will be corrected and posted.
Mays & Associates, TJPA’s external auditors, presented the fiscal year 2024 audited financial statements to the board on Jan. 30 and issued an unmodified (clean) opinion, the highest level of assurance in an independent audit.
Whitney Crockett, the audit partner overseeing the engagement, told the board that the auditor had no material weaknesses or significant deficiencies to report and that required communications and the memorandum on internal controls contained no exceptions. The auditor noted a typographical error in the Management Discussion and Analysis (MD&A) table in the version published with the agenda; staff said they would post a corrected MD&A later that afternoon.
Key financial highlights presented
- Statement of net position: Staff reported the TJPA’s net position at June 30, 2024 and said the primary driver of the year‑over‑year decrease was depreciation as Phase 1 capital assets moved into service and began regular depreciation.
- Operating results: The audit presentation summarized operating revenues and expenses, noting changes from the prior year, including lower miscellaneous revenue and capital contribution variances explained in the MD&A.
Directors thanked staff for the audit work, and the presentation was informational; no board action was required.
Speakers: Whitney Crockett (audit partner, Mays & Associates) and TJPA staff were on the record during the presentation.
