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Transportation Authority’s Finances Get Clean Bill of Health During Annual Review

Transportation Authority’s Finances Get Clean Bill of Health During Annual Review

 

Independent auditors have recognized The San Mateo County Transportation Authority’s (TA) financial practices as fair and in compliance with standard accounting principles as part of an annual review process.

The TA, responsible for administering Measure A, the voter-approved ½-cent sales tax that is dedicated toward transportation and infrastructure improvement projects in San Mateo County, contracted out independent auditing services to Maze and Associates, a certified firm based in California, to review its Comprehensive Annual Financial Report (CAFR).

The auditor expressed an opinion that the TA’s CAFR was fairly stated and in compliance with the accounting principles generally accepted in the United States of America. This conclusion is the most favorable kind and is commonly known as an ‘unqualified’ or ‘clean’ opinion.

Each year the TA submits it’s CAFR to the Government Finance Officers Association, a national review organization. The TA has been awarded a Certificate of Achievement from the organization every year for excellence in financial reporting.

The CAFR for the 2014 Fiscal Year was presented at the TA’s February Board of Directors meeting on Thursday.

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About the TA: Created to administer Measure A, San Mateo County’s ½ cent sales tax, the Transportation Authority provides funding for transportation and infrastructure improvement projects. In 2004, more than 75 percent of San Mateo County residents voted to reauthorize Measure A for an additional 25 years. 

 

 

Media Contact: Will Reisman, 650-508-7704