The Antelope Valley Transit Authority (AVTA) has again been recognized for its financial accounting by the Government Finance Officers Association (GFOA). This marks the third consecutive year that the AVTA has received this commendation.
The transit agency was awarded recently the Certificate of Achievement for Excellence in Financial Reporting for its 2015 Comprehensive Annual Financial Report (CAFR), representing the highest form of recognition of financial accounting. The transit agency’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 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” according to the GFOA staff. The GFOA is a non-profit professional association serving about 17,500 government finance professionals. The AVTA also received this recognition in 2008.
“One of the highest priorities at AVTA is the practice of prudent financial management,” said Marvin Crist, AVTA board chairman and vice mayor of Lancaster. “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 received recently a perfect result on its Triennial Performance Review by the Los Angeles County Metropolitan Transportation Authority. This major audit is the LACMTA’s assessment of a transit agency’s compliance with financial requirements and is required for AVTA to maintain funding eligibility.
“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 Len Engel, executive director of AVTA.