The STA has an adopted policy requiring a two-year annual fiscal year budget plan. The budget authorizes and provides the basis for control of financial operations during the fiscal year and for multi-year funded projects. The financial plan is presented to the Board for adoption, is revised mid-year and finalized at the end of the fiscal year.
In July 2017, the STA Board adopted a two-year budget for FY 2017-2018 and 2018-19. The FY 2017-2018 Budget Revision is balanced in the amount of $17.29 million, and the FY 2018-19 Budget is balanced in the amount of $12.9 million.
The Solano Transportation Authority (STA) is annually required to prepare an audited financial statement in accordance with Government Accounting Standards Board Statement Number 34 (GASB 34) and the Office of Management and Budget (OMB) Circular A-133 (Audits of State, Local Government, and Non-Profit Organizations).
In January 2017, the STA issued a Request for Proposals (RFP) for interested and qualified accounting firms to perform professional auditing service. Vavrinek, Trine, Day (VTD) & Co, LLP, a Certified Public Accountant (CPA) firm from Palo Alto, California was selected to perform the STA's annual financial reviews and funding compliance, appraise STA's accounting internal controls, and issue Comprehensive Annual Financial Report (CAFR).
In October 2017, VTD performed their annual financial review, funding compliance, and internal controls audit for STA. Their audit evaluation resulted in a thoroughly-prepared audit process noting no matters involving internal control over financial reporting and its operation to be considered of any material weaknesses, which resulted in their issuance of an unmodified (clean) opinion on STA's comprehensive financial statements for the fiscal year ending June 30, 2017. With the unqualified opinion of the FY 2016-17 annual audit and the second year issuance of the Comprehensive Annual Financial Report, STA now has twelve (12) consecutive fiscal years of no reportable deficiencies or material weakness that will adversely affect its primary missions.
The STA's FY 2016-17 CAFR was submitted to the Government Finance Officers Association (GFOA) for its prestigious national award recognition and conformance with the highest standards for preparation of state and local government financial reports.