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Takata board adopts updated financial controls and asks FTA to release held federal draws
Summary
The Takata board approved revised financial-management procedures, signature-authority resolutions and an updated financial plan aimed at satisfying FTA concerns, and included a request that the FTA release roughly $440,000 in federal drawdowns being held, according to the board’s draft cover letter.
The Twin Cities Area Transportation Authority (Takata) Board voted March 31 to adopt revised financial-management procedures and related resolutions intended to address concerns raised by the Federal Transit Administration, and the board asked the FTA to release federal drawdowns it said are being held.
The board approved a set of procedural changes that remove obsolete job titles, reassign responsibilities among consultants and managers, and add segregation-of-duties language requested by FTA reviewers. The changes rename the internal unit as the “finance team,” specify invoice-approval steps, require submission of an accounts-payable list to the board, and assign backup roles to accounting consultants when managers are unavailable.
Board members said the measures aim to show Takata’s ability to…
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