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RTA receives clean audit for FY25; single-audit report awaiting OMB supplement
Summary
Brown Armstrong reported an unmodified opinion on Riverside Transit Agency's FY25 financial statements; the board accepted the audited statements and related communications pending OMB's issuance of the federal compliance supplement required to finalize the single-audit report.
Riverside Transit Agency staff and auditors reported an unmodified ("clean") opinion on the agency's fiscal year 2025 financial statements at the board's Nov. 20 meeting and recommended the board accept the audited statements and related communications.
Charlie Ramirez, the agency's chief financial officer, said the audit ensures the agency practices sound accounting and remains accountable to grantors and the public of Western Riverside County. Ryan Nielsen, a managing partner at Brown Armstrong, summarized the audit approach — risk-based planning, tests of internal controls, third-party confirmations for cash and investments, and grant-compliance testing — and reported a clean opinion on the basic financial statements. "As you are all aware... you received an unmodified or clean opinion," Nielsen told the board.
Nielsen and Ramirez both noted that issuance of the single-audit (the section that covers federal grants) is delayed pending guidance from the Office of Management and Budget. Ramirez said the agency expects to issue the single-audit report after OMB publishes the FY25 federal compliance supplement and will return the final report to the board for approval.
Board members praised staff and auditors for the work; the board accepted the FY25 audited basic financial statements, the single-audit draft, and the audit communication letter as recommended. The acceptance is contingent on final OMB action; staff will return to the board when the single-audit report is finalized.
