Too Little Too Late
By: Libi Uremovic | Original Article at patch.com
Beaumont Transit System Financial Statements Dated June 30, 2014
This financial statement was signed by the Auditing Firm of Moss Levy Hartheim on January 7, 2015; three weeks before the other financial statements were signed.
The Statement covers the Business-Type activities of the Transit Authority for the years 2013 and 2014. The Audit also claims to include an Internal Controls Audit, but there is nothing recorded.
Page 6 lists 2013 actual Operating Revenues were $190,807, but a $209,227 ‘contribution’ from the City brought the Operating Revenue to $400,034. 2013 Expenses were $1,941,586. The Transit Authority operated at a $1.5 Million Loss in 2013
2014 Operating Revenues are listed at $217,529 and Expenses were $2,258,381. The Transit authority operated at a $2 Million Loss in 2014.
Page 9 Note 2 reference authorized investments, but lists no investments for the Transit Authority. Unrestricted funds are recorded at $60 (sixty) in 2013 and $795,114 in 2014.
Page 10 Note 3 Capital Assets:
FYE 2012 Capital Asset Additions lists $535,000 for Vehicle, $65,700 for Building, and $200,000 in Equipment Additions.
FYE 2013 lists $20,000 for Vehicles, $248,000 for Building, and $0.00 in Equipment Additions.
Both FYE 2013 and FYE 2014 claim $1.1 Million in End of Year Total Capital Assets.
Below Capital Assets is a list of Fund Accounts Balances totaling $2,986,948 available as of June 30, 2014:
State Transit Assistance Funds = $1,943,346
Local Transportation Funds = $528,474
Measure A = $95,000
So Coast Air Quality Management = $0.00
Operator Funds = $88,026
Prop 1B = $322,102
Page 12 Note 5 Long Term Debt
Compensated Absences have increase from $130,941 on July 1, 2012 to $212,773 on June 30, 2014.
Note 7 Transportation Development Act Conformance Matters:
State Law requires additional regulations for Dial-a-Ride to protect Senior Citizens.
Page 13 Note 8 Prop 1B
Prop 1B also requires additional disclosure. City claims $460,700 in Unspent Prop 1B Funds as of June 30, 2014.
INTERNAL CONTROLS AUDIT:
The Auditing Firm of Moss Levy Hartzheim reports no instances of noncompliance FYE 2013 and 2014.
WHAT’S MISSING: SCHOOL TRANSPORTATION
The City collects Mitigation Fees for School Bus Transportation, but the funds are not recorded in the Transportation Audit.
Read Transit Audit Here: http://www.ci.beaumont.ca.us/DocumentCenter/View/24272
JUST THE FACTS: Beaumont Pass Transit is a public transportation system with a limited amount of annual funding.
WHY: The public transit budget is funded by the State and divided amongst several transit agencies in the region, including Riverside Transit, SunLine, and several others.
PROOF: The public transit budget is funded by the State and divided amongst several transit agencies in the region, including Riverside Year 2014-15 was $42.4M, of which Beaumont Pass Transit received $2.2M or $10.23 per passenger.