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Auditor gives CVTA an unmodified opinion; Finance Committee recommends approval to full commission
Summary
External auditors delivered an unmodified (clean) opinion on the CVTA financial statements with no internal control or compliance findings; the Finance Committee voted to forward the audit report to the full commission for approval.
External auditor Mike Barber presented the CVTA audit to the Finance Committee and reported an unmodified (clean) opinion on the financial statements and no findings on internal control or compliance.
Barber highlighted that the regional revenue fund increased by roughly $84 million over the last year and that staff added a schedule by locality (page 21) to the financial statements showing distributions to regional and local funds. He also noted a new requirement under the "Virginia Security for Publics Deposit Act," which auditors and local fiscal agents had not previously been aware of; Barber said auditors will follow up next year so the Authority avoids a compliance finding.
After the presentation, the committee moved and seconded a recommendation that the audit report be approved by the full commission. Roll call recorded unanimous 'aye' votes from members present and the motion carried to forward the audit report.
Next step: staff will place the audit report on the full commission agenda for approval.
