Cal. Code Regs. tit. 21 § 6751

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 6751 - Audit of State Transit Assistance Fund

Each regional entity shall submit to the State Controller, annually and within 180 days after the end of the fiscal year, a report of a fiscal and compliance audit of the financial statements of its state transit assistance fund. If the regional entity is a county transportation commission or the San Diego Metropolitan Transit Development Board, a copy of the audit report shall be transmitted at the same time to the transportation planning agency. The audit shall be conducted in accordance with generally accepted auditing standards by the State Controller or by a certified public accountant or public accountant who is not an officer or employee of the regional entity or of any city, county, or operator within the area of the regional entity and shall include a determination of compliance with the Act and the administrative rules and regulations. If the regional entity and the county auditor so agree, the audits of the local transportation fund (pursuant to Section 6661) and the state transit assistance fund may be conducted by the same auditor and may be submitted together in one audit report to the State Controller and to the transportation planning agency. The State Controller shall not authorize the payment of any allocation to a regional entity that is delinquent in its submission of a fiscal audit report.

The financial statements shall be prepared in accordance with generally accepted accounting principles. The statements shall include, but not be limited to

(a) a balance sheet,

(b) a statement of the revenues and expenditures during the fiscal year,

(c) a statement of changes in the fund balance, and

(d) supplemental schedules as necessary to list or identify

(1) the net amounts allocated and net amounts disbursed during the fiscal year for each of the allocation purposes specified in Sections 6730 and 6731,

(2) any portion of the fund balance that is allocated or reserved,

(3) any interest or other income earned by investment of the fund during the fiscal year,

(4) any amounts included in the fund balance that are apportioned to an operator pursuant to Section 6721, and

(5) any amounts that have been transferred or that have been received as a result of a transfer as authorized by Section 99313.1.

All fiscal and accounting records and other supporting papers related to the state transit assistance fund shall be maintained for a minimum of four fiscal years following the close of the fiscal year and shall be available for inspection and audit by the State Controller.

Cal. Code Regs. Tit. 21, § 6751

1. Amendment filed 5-7-81; effective thirtieth day thereafter (Register 81, No. 19).
2. Amendment filed 6-21-84; effective thirtieth day thereafter (Register 84, No. 25).
3. Amendment filed 12-30-85; effective thirtieth day thereafter (Register 86, No. 1).
4. Amendment filed 9-1-87; operative 10-1-87 (Register 87, No. 37).
5. Amendment of subsection (d)(2) filed 8-17-89; operative 9-16-89 (Register 89, No. 34).

Note: Authority cited: Section 99241, Public Utilities Code. Reference: Sections 99241, 99245, 99313, 99313.6, 99314 and 99314.5, Public Utilities Code; and Section 16304, Government Code.