Capital Metro receives favorable annual financial audit by external auditor

Capital Metro's Focus on Accountability

March 23, 2009

An external auditor has audited Capital Metro's FY2008 financial statements and found no exceptions. The clean audit was presented to the Capital Metro Board of Directors as a required element of the agency's FY2008 Certified Annual Financial Report.

Randy Hume, executive vice president, Finance and Administration, also presented a detailed budget update. Some of the key points of the presentation:

1. Capital Metro is current on all of its financial obligations.
2. Capital Metro has been forecasting since 2006 that our cash reserves would decrease, and we've spent $299.2 million between 2003-2009 on legitimate capital projects to improve transit services within Capital Metro's service area.
3. During the same time period, sales tax revenue amounted to $783.2 million.
4. Capital Metro remains committed to fulfilling its obligation to the city for regional mobility projects, and is working with them to develop a mutually-agreed upon payment schedule.
5. Capital Metro is also committed to improving our financial accountability and transparency, and as such, has requested a review by the State Auditors Office.

View the entire presentation here.

Read the Guest Editorial Submitted to the Austin American-Statesman on March 19, 2009

Read the Letter to the Editor Published in the Austin American-Statesman on April  7, 2009

Capital Metropolitan Transportation Authority
2910 East 5th Street | Austin, Texas 78702 | (512) 389-7400
Specific Route Information | (512) 474-1200