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OCTA again awarded national honor for financial reporting

The Orange County Transportation Authority was recently recognized by the leading association of government finance professionals for excellence and transparency in financial reporting.

The Government Finance Officers Association of the United States and Canada this month awarded OCTA the Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report for the fiscal year that ended in June 2019.

OCTA has received the high honor each year since it was founded in 1991.

The Certificate of Achievement is the association’s highest recognition for government accounting and financial reporting. It is judged by an impartial panel of experts from the association who review the report for its ability to clearly communicate the agency’s financial story and for a “spirit of full disclosure.”

“OCTA prides itself on being transparent with the taxpayers of Orange County and this award is another clear indication that we are achieving that goal,” said OCTA Chairman Steve Jones, also the Mayor of Garden Grove. “Through the tremendous work of our staff and Board, we will continue to fulfill our responsibility to wisely and efficiently use the funds entrusted to OCTA to improve our transportation system and, ultimately, our residents’ quality of life.”

OCTA has an annual budget of $1.4 billion, approved by a 17-member Board of Directors each year after a budget workshop, numerous updates in public committee meetings and the board’s annual public hearing.

An independent,11-member Taxpayer Oversight Committee also holds an annual compliance hearing to ensure that funds from Measure M, the county’s half-cent sales tax for transportation improvements, are being administered in accordance with the ordinances that were first approved by voters in 1990 and overwhelmingly renewed for 30 years in 2006. The Taxpayer Oversight Committee has determined for 29 consecutive years that Measure M is being delivered to voters as promised.

The Taxpayer Oversight Committee has determined for 29 consecutive years that Measure M is being delivered to voters as promised.

Amidst the uncertainty of the coronavirus (COVID-19) pandemic impacts, OCTA continues to provide frequent financial updates to the Board of Directors for utmost transparency and accountability.

This article was released by the Orange County Transportation Authority.

1 Comment

  1. To really earn the top award for transparency in government finance, I suggest your team review Amtrak’s accounting system for California operating in defiance of GAAP; Amtrak’s financial program that grossly inappropriately cost shifts from the Northeast Corridor onto the state-supported corridors, e.g., California.

    As well, to identify the $52 billion in Northeast Corridor maintenance, repair, and replacement costs Amtrak struggles to smoke screen and dump on state-supported corridors, such as California.

    The millions that could be saved by California’s competently operated Joint Powers Authorities (LOSSAN, San Joaquin, and Capitol) could be well used to expand viable regional rail services.

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