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COPTA presents FY2024 audited financial statements; auditors issue unmodified opinion with ERP implementation finding
Summary
Amy Parker presented COPTA’s FY2024 audited statements: auditors issued an unmodified opinion but cited an ERP implementation finding; net position increased by $1.5M to $119.1M and operating expenses rose in part due to personnel costs associated with service expansions.
Amy Parker of the City accounting office presented the fiscal year 2024 audited financial statements to trustees on Oct. 3. The external auditors, Allen, Gibbs & Hulick (AGH), issued an unmodified opinion on the FY2024 statements but reported a finding related to the authority’s ERP implementation and missed audit adjustments that staff subsequently corrected on the books.
Parker told the board that the financial statements are materially correct and comply with Governmental Accounting Standards Board pronouncements. She said the single audit for the city is still in process and expected in the coming month.
Key figures Parker presented include a $1.5 million increase in the authority’s net position to $119.1 million and a $500,000 increase in net capital assets (about 0.5%). Operating expenses increased by $11.1 million to a total of $70.9 million for 2024, driven primarily by personnel services tied to new rapid transit lines and related maintenance and service changes. Net nonoperating revenues increased by $1.3 million to $57.0 million.
Board discussion focused on the personnel cost drivers; staff answered that new rapid transit lines required additional staffing and that maintenance and stop cleaning tasks also increased employee costs. Trustees voted to receive the annual financial report by motion; the motion passed.
Next steps: Parker said the single audit portion for the city remains pending. Trustees took no further action beyond receiving the report.
