NVTA Audited Financial Statements and Compliance Performance Audits Summary
"Get insights on NVTA audited financial statements for the years ended June 30, 2021, and 2020, including revenue and expenditure comparisons. Explore compliance and performance audits in Napa County and St. Helena, along with Measure T revenues data. Check out the findings and recommendations highlighted in the management letter."
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Presentation Transcript
NVTA NVTA- -TA AUDITED FINANCIAL STATEMENTS TA AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED FOR THE YEAR ENDED JUNE 30, 2021 JUNE 30, 2021 AND 2020 AND 2020 COMPLIANCE COMPLIANCE & & PERFORMANCE AUDITS PERFORMANCE AUDITS COUNTY OF NAPA COUNTY OF NAPA CITY OF ST. HELENA CITY OF ST. HELENA FYE21 & FYE20 FYE21 & FYE20 June 15, 2021
FY21 VS FY20 FY21 VS FY20 SUMMARY COMPARISON SUMMARY COMPARISON $ Variance with Previous Year 2021 2020 2019 Revenues Measure T revenue Interest income 20,427,402 $ 26,959 18,597,396 $ 42,459 1,830,006 $ (15,501) 19,669,765 $ 36,893 Total revenues 20,454,360 18,639,855 1,814,505 19,706,658 Expenditures Administration Maintenance 236,260 20,176,102 171,403 18,380,489 64,857 1,795,613 154,363 19,438,739 Total expenditures 20,412,362 18,551,891 1,860,471 19,593,102 Change in Net Position 41,998 87,964 (45,965) 113,556 Net position, beginning of year 201,520 113,556 87,964 - Net position, end of year $ 243,519 $ 201,520 $ 41,999 $ 113,556 2
MEASURE T REVENUES MEASURE T REVENUES Jurisdiction Napa Napa County American Canyon St. Helena Yountville Calistoga NVTA Admin ITOC Totals Y/Y Inc/ (Dec) FYE21 8,223,648 8,080,104 1,569,321 FYE20 FYE19 $7,492,896 7,359,399 1,429,863 $7,922,984 7,784,981 1,511,945 1,202,467 550,281 550,281 204,932 73,327 $20,454,360 1,095,610 501,381 501,381 187,016 72,350 $18,639,855 1,158,503 530,162 530,162 196,860 71,060 $19,706,658 10% (5%) MANAGEMENT LETTER MANAGEMENT LETTER Current Year Findings and Recommendations: None 3
COMPLIANCE COMPLIANCE & & PERFORMANCE AUDITS PERFORMANCE AUDITS COUNTY OF NAPA COUNTY OF NAPA CITY OF CITY OF ST. ST. HELENA HELENA The objective of these audits is the expression of opinions as to whether the recipients complied with, and performed in accordance with the requirements in the: 1. Ordinance- voter approved in 2012, 2. Master Funding Agreement executed in 2013; and 3. Measure T Process and Procedures document adopted in 2019. 8 areas of compliance/ performance under review: Maintenance of Effort: County/Town: met its MOE requirements. o Certification of Five Year Project List: No exceptions o Project Implementation and Reporting: City/Town: No exceptions. o 4
Signage: County/City- No exceptions o Separate Accounting: Measure T deposits are in a separate fund account, not a separate interest bearing account. o Record Keeping: City/Town- no exceptions o Financial Reporting and Audits: Verified- County noted that Annual Comprehensive Financial Report and State Controller Reports are due to the State on January 31st, so documents were not submitted until after Jan. 1st. o Corrective Action: NVTA has new submission dates of January 31st to align with State submission deadlines. Funding Agreement will be amended with current practice 6.67% Equivalent Fund Requirement: County/City has committed revenues. o AUDITORS OPINIONS AUDITORS OPINIONS County of Napa: County has complied, in all material aspects of the compliance/performance audits. City of St. Helena: City has complied, in all material aspects of the compliance/ performance audits. 5
QUESTIONS? QUESTIONS?
