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Independent auditors give CTA a clean 2024 opinion; board approves CIP amendment to capture FTA formula funds
Summary
Crowe and Adelphia issued an unmodified (clean) audit opinion for CTA's 2024 financial statements and federal-program compliance. Separately, the board approved a CIP amendment adding $3.35M in FY25 to reflect CTA's full share of FTA formula funds, bringing the five-year CIP to about $6.986B.
Independent auditors from Crowe and Adelphia (Christine Torres and Anna Austin) reported a clean (unmodified) opinion on the CTA's financial statements for the fiscal year ended Dec. 31, 2024, and on compliance for the major federal programs tested; auditors reported no findings under government auditing standards or single-audit requirements.
Tom McComb presented an ordinance to amend the FY25--29 Capital Improvement Program to incorporate CTA's full share of regional FY25 FTA formula funds. He said the net increase to FY25 is $3,350,000 and that the total FTA formula budget now totals roughly $444,400,000; with this amendment the five-year CIP value is $6,986,000,000. McComb emphasized the timing for grant submission and the need to complete FTA reviews and execute grants prior to fiscal-year close in mid-September.
Directors congratulated staff on the clean audit and asked no further questions on the CIP amendment; both items were placed on the omnibus for board approval.
