1. Keep
Monterey
County
Moving
Measure X aka Transportation Safety & Investment Plan Audits Rita Goel-Director of Finance & Administration April 17, 2018

2. Measure X Audits Nov 2016-Ordinance 2016-01 Passed with 67.7% approval
April 1, 2017-Tax levy began
Revenue can only be used for
transportation related
projects in Monterey County

3. Measure X Audits TAMC has fiduciary responsibility
for administration which
includes financial audits
Audits done to ensure
compliance with the
Ordinance

4. Measure X Audits Has access to the annual audits
Citizens Oversight Committee:
Has access to the annual
audits
Authority to request/review
specific financial information
Provide input to assure that
funds are being expended in
accordance with the plan

5. Measure X Audits Independent Auditors What are GAAP GAAP standards
Moss, Levy & Hartzheim
GAAP standards
Issued by Comptroller General of the United States
What are GAAP
Standards?
Inquiries of management regarding the methods of preparing the information & comparing the information for consistency with management’s responses
Moss, Levy & Hartzheim-also audit other trust funds for which TAMC has fiduciary responsibility
GAAP-Generally Accepted Accounting Principles

6. Measure X Audits
Audit process
Examination on a test basis, evidence supporting amounts & disclosures in the financial statements
Auditors use judgement on the number of transactions to be examined and tested ensure financial statements are:
Free from errors
No fraudulent reporting
No misappropriation of assets
No violation of laws, govt. regs & agreements
Mention 1st quarter revenue shares will mostly likely come to TAMC. Details will need to be worked out.

7. Measure X Audits
Audit process
Auditors provide an opinion & written report on the financial statements to express whether fairly presented or not
Also provide a report on internal controls and compliance with agreements, ordinance etc.
Issue statement of fiduciary net position
Statement of changes in fiduciary net position
Mention 1st quarter revenue shares will mostly likely come to TAMC. Details will need to be worked out.

8. Measure X Audits Allocation of funds Administration costs
Materials and Services
60% to local road maintenance
40% to regional projects and programs

9. Measure X Audits $4,942,342 $3,334,281 $1,608,281 Revenue
April-June 2017
$4,942,342
Expenses & Payouts
$3,334,281
Fund balance
6/30/2017
$1,608,281

10. Measure X Audits Findings Cost Look Ahead
No instances of non compliance
No matters involving internal controls
No material weaknesses
Cost
No charge in FY 16/17
Look Ahead
Maintenance of Effort audits start in FY 17/18
Sales Tax revenue firm (HdL)

11. Measure X Audits
Questions?