For the eighth consecutive year, independent auditors have given Sound Transit a clean, unqualified report on the agencys financial health.
Day in and day out, Sound Transit works hard to be a good steward of the publics tax dollars. Once again our annual independent audit of our financial management and transactions is proof were doing a good job, said Sound Transit Board Chair and Pierce County Executive John Ladenburg.
Our regions growing population creates major pressures to continue building our mass transit system, Ladenburg continued. Sound Transits strong track record of financial accountability is vital to the publics trust and support.
The 2004 annual financial audit, conducted by KPMG LLP, found no reportable conditions or material weaknesses involving internal control, and no instances of non-compliance required to be reported under Government Auditing Standards. The agency complied in all material respects required by the major federal programs that provide funding for Sound Transits capital programs.
Taxpayers want to know their money is being handled with rigorous attention to financial management best practices, said Sound Transit Finance Committee Chair and Tacoma City Council Member Kevin Phelps. The Sound Transit Board takes its accountability to the public very seriously. Our annual independent financial audit is one of many layers of financial and project oversight at Sound Transit.
Also presented to Sound Transits Audit and Reporting Subcommittee today was an annual subarea report that is conducted by independent auditors. The report found no major issues with Sound Transits adherence to subarea equity, the agencys financial framework that requires revenues generated in each of five geographic subareas to be used solely for the benefit of that subarea.