AVTA Receives Accolades for Excellent Financial Management
The Antelope Valley Transit Authority (AVTA) has again received distinction in the transit industry for its sound financial management. For the third consecutive year, AVTA has been recognized for its outstanding achievements in financial accounting by the Government Finance Officers Association (GFOA). The transit agency was recently awarded the Certificate of Achievement for Excellence in Financial Reporting, for its 2015 Comprehensive Annual Financial Report (CAFR). This award is the highest form of recognition for financial accounting, and it represents a significant accomplishment by the AVTA Finance Team.
AVTA's CAFR for the fiscal year ending June 30, 2015 was reviewed by selected members of the GFOA professional staff and the Special Review Committee, to assure it met the program’s high standards. These include going beyond the minimum requirements of generally accepted accounting principles and preparing comprehensive financial reports that evidence the spirit of transparency and full disclosure. The GFOA is a non-profit professional association serving approximately 17,500 government finance professionals, and has previously awarded AVTA the Certificate of Achievement in 2008, 2013 and 2014.
"One of our highest priorities at AVTA is the practice of prudent financial management," said Board Chairman Marvin Crist. "We’ve made transparency and financial stability a cornerstone of the way we do business so we will have the resources necessary to invest in our future."
AVTA also recently received a perfect result on their Triennial Performance Review by the Los Angeles County Metropolitan Transportation Authority (LACMTA). This major audit is LACMTA's assessment of a transit agency's compliance with financial requirements, and is required for AVTA to maintain funding eligibility. The audit examined five areas of AVTA's operations: Compliance requirements, follow-up of prior report recommendations, analysis of program data reporting, performance review and functional review. Out of 18 transit agencies in Southern California that underwent this review, AVTA was one of only two agencies to receive a perfect result with no deficiencies.
"Our excellent finance team at AVTA has put in a great deal of hard work to develop a financial accounting system that is top notch, and consistently provides financials that meet the highest standards of communication and accountability to the public," said Executive Director Len Engel.
