Annual AVTA audit is clean

Financial statements deemed in good order

LANCASTER — Antelope Valley Transit Authority’s financial statements for fiscal year 2021-22 are in good order, according to an independent audit conducted by the Brown Armstrong Accountancy Corp.

As a recipient of federal, state and local funds, the AVTA is required to have an annual audit conducted by an independent auditor. This is the third year that Brown Armstrong Accountancy Corp. has conducted the audit.

“Our purpose here is to render an opinion — are the financial statements fairly stated?” Thomas Young, a partner with the Bakersfield firm, asked during a presentation at the AVTA’s Nov. 22 meeting.

Young detailed the various steps the firm goes through as it conducts its audit. Those include planning with AVTA staff and fieldwork such as a payroll test of controls. The significant audit areas include cash and cash equivalents and money due from other governments. They also looked at the pension plan and operating and non-operating revenues.

“I’m pleased to announce we will issue what is considered an unmodified or clean opinion.” Young said.

An unmodified opinion is the highest-level opinion that the firm can render.

There were no findings or recommendations.

The report showed the AVTA’s cash and cash equivalents at the end of fiscal year 2021-22 was about $21.1 million. Money due from other governments, at June 30, was approximately $18.59 million, of which about $14 million was due from the Federal Transit Administration.

The state of California owed the AVTA about $3.83 million and the Los Angeles Metropolitan Transportation Authority owed the transit agency $203,461. There was another $554,585 from various other sources.

Total revenues, including capital contributions, from all sources was approximately $69.25 million, reflecting a 50.8% increase from the previous fiscal year. The total costs of all AVTA transit services and projects, excluding depreciation expense, were about $32.94 million, a decrease of 1.2% from the previous fiscal year.

AVTA’s jurisdictional partners, the cities of Lancaster and Palmdale and Los Angeles County, resumed quarterly contributions toward operations and capital at fiscal year 2019 levels, the report said.

The AVTA Board of Directors unanimously accepted the audited financial statements.

JULIE DRAKE/VALLEY PRESS Antelope Valley Transit Authority Board of Directors Steve director Darrell Dorris and Michelle Flanagan attend Hofbauer (left), Richard Loa, Chairman Marvin Crist, alternate the Nov. 22 Board meeting.