TAWC has received a clean audit.
The Transit Authority of Warren County received the news at the November board meeting held at the TAWC offices on Clark Street.
A representative of the firm Buffamante, Whipple, Buttafaro, James Alexander, informed the board that the Authority has received a "clean, unqualified assurance of a clean audit. He added that this designation is the "highest possible affirmation from auditors."
In running the board through the numbers, Alexander said that the Authority has two major assets: cash and capital assets.
At the end of June, the conclusion of the audit period, cash on hand was approximately $440,000, down from $612,000 from the previous year. Alexander also said that the Authority is in possession of approximately $276,000 in deferred revenue which "will eventually be utilized for future costs."
The other major asset, capital assets, essentially means buses. Since 2008, Alexander said, the Authority's capital assets have risen from $4 million to approximately $10 million, largely through the purchase and expansion of the bus fleet.
"We're a break even organization," he added. Looking at the period 2008 through 2012, he said "We've had some positive fund equity. We've had some negative fund equity. (We) break even throughout the years."
That principal can be seen in a comparison of the Authority's revenues and expenditures. "(The) revenue page and the expenditure page almost look identical," Alexander said, noting that the fixed route program "is neutral according to the state. (It) can't make a profit."
He also noted that wages are up approximately $60,000 from the year before, primarily because the Authority hired their own mechanic.
"(The) buses are being taken better care of not, at least more time spent working on them," TAWC Director John Aldrich said.
Two "internal control" issues were identified but stem largely from the fact that the Authority has a small staff with "one person doing a lot of overlapping things," Alexander noted. Board member Jamie Steffan noted that he does work with small businesses and non-profit organizations and said that "many can't afford to alleviate those deficiencies."
But he informed the board that the issues aren't anything to be concerned about. "(It) doesn't mean there are problems," he said, explaining that the audit firm noted the concern "because they have to."