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 2016, the STA Board adopted a two-year budget for FY 2016-2017 and 2017-18. The FY 2016-2017 Budget Revision is balanced in the amount of $18.42 million, and the FY 2017-18 Budget is balanced in the amount of $14.28 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 October 2016, Vavrinek, Trine, Day & Co, LLP performed their seventh STA financial review, funding compliance, and internal controls audit. Their audit evaluation noted no concerns regarding transactions involving internal control over financial reporting and STA's operations were found to have no material weaknesses, deficiencies, or non-compliance.
The annual audit for FY 2015-16 is the eleventh consecutive fiscal year that an unqualified audit report was issued by an independent auditor to STA. This fiscal and administrative requirement is sufficient to ensure that STA funds are used in compliance with all applicable Federal statutory and regulatory provisions, and costs were reasonable and necessary for operating its programs.
This is STA's first Comprehensive Annual Financial Report. For consistency, only the last two fiscal years statistical data and analysis are presented in the report. The comprehensive annual financial report is presented in accordance with GASB 34 and OMB Circular A-133, and compliance to the GASB Statements No. 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27 and No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - an amendment of GASB Statement No. 68, effective July 1, 2014.
The STA's FY 2015-16 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.