AATA Accepts Clean FY 2012 Audit

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The board of the Ann Arbor Transportation Authority has formally accepted the result of it fiscal year 2012 audit report. [.pdf of FY 2012 audit]

There were no significant deficiencies found in the audit, although a question remained from last year’s audit. One remark was made about the legal basis for the AATA’s investments in heating oil futures. The AATA has inquired with the state of Michigan seeking a legal opinion on the issue, but has not yet heard back. The AATA’s basic financial picture at the end of FY 2012 was as follows:

2012
ASSETS
$17,109,000 Current assets
 37,094,000 Capital assets, net
 54,203,000 Total assets
LIABILITIES
  1,619,000 Current liabilities
  1,233,000 Noncurrent liabilities
  2,852,000 Total liabilities
NET ASSETS
 37,094,000 Invested in capital assets
 14,257,000 Unrestricted
 51,351,000 Total net assets
===========
 54,000,000 Total liabilities and net assets

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The AATA operates on a fiscal year that runs from Oct. 1 through Sept. 30. The audit is due to be submitted to the state of Michigan within 180 days of the end of the fiscal year. That deadline translates to the end of March. The board’s vote came at its March 21, 2013 meeting.

The AAAT’s audit firm is Plante Moran.

This brief was filed from the downtown location of the Ann Arbor District Library at 343 S. Fifth, where the AATA board holds its meetings. A more detailed report will follow: [link]