7 6 24 25 financial statements and Fiscal Compliance single audit 093026 BOD

The Shasta Regional Transportation Agency (SRTA) is asking for approval of its Fiscal Year 2024/25 financial statements and audit reports. The audit, done by Davis Farr LLP, found two big problems with how SRTA handles its finances. First, the accounting system can't keep track of all the money for each government fund. This means people have to do extra work to balance the books. Second, the same person sometimes starts and approves financial changes. This is not safe because it should be two different people. Despite these problems, the auditors said SRTA is following federal rules for its programs. SRTA staff wants the board to approve the financial statements, look at how to fix the problems, and send the reports to the State Controller's Office and other agencies. Because the audit reports were late, SRTA is not getting some state money right now. The staff expects to get this money back after the board approves the reports and sends them in.