At the conclusion of each fiscal year, an independent audit of Lane Transit District’s financial statements and internal controls is performed. The results of the independent audit, including the independent auditor’s reports, are incorporated into the District’s Comprehensive Annual Financial Report (CAFR) and Single Audit. The LTD Board of Directors unanimously accepted each document at its December 17, 2014, meeting.
Devan Esch and Charles Swank of Grove, Mueller & Swank, P.C., presented the audit results to the Board. Todd Lipkin, LTD chief financial officer noted, “The district takes great pride in managing the community’s assets, and the results of the 2013-14 audit reports bear this out. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the district’s basic financial statements for the fiscal year ended June 30, 2014, are fairly presented in all material respects in conformity with generally accepted accounting principles.”
Staff have submitted the previous 18 CAFRs to the Government Finance Officers Association (GFOA) of the United States and Canada for consideration of the award for excellence in financial reporting. The award was granted to LTD for all 18 reports. The FY 2013-2014 CAFR will be submitted to the GFOA in an attempt to continue a tradition of reporting excellence as evidenced by the financial reporting award.
