Independent Auditor Affirms Financial Statements of Transportation Corridor Agencies
IRVINE, Calif. - November 17, 2020
The Transportation Corridor Agencies’ (TCA) Boards of Directors have unanimously approved the audited financial statements for Fiscal Year 2020 (FY20).
The independent audit was conducted by Certified Public Accountants and in accordance with auditing standards generally accepted in the United States.
The audit approval marks the 34th consecutive year that an independent auditor has issued an unmodified opinion on the Agencies’ financial statements, indicating that they fairly present in all material respects the financial position of TCA.
"A clean audit is always the desired outcome and I believe it speaks highly of management that this year’s result is a continuation of the Agencies’ outstanding track record," said Tony Beall, Rancho Santa Margarita’s Mayor Pro Tem, TCA Director and Chair of the Agencies’ Joint Finance and Investment Committee.
Financial statements included in the review by an independent auditor include Statements of Net Position; Statements of Revenues, Expenses and Changes in Net Position; and Statements of Cash Flow.
“This most recent audit affirms, yet again, the integrity of TCA’s financial management,” said Samuel Johnson, TCA’s CEO. “I’m proud of TCA’s record of sound financial planning and responsible fiscal oversight. This audit is further acknowledgment of our successes in this area.”
TCA has an established record of sound financial planning, noted TCA staff in presenting the audited financial statement to board members. Earlier this year, the Agencies amended their Debt Management Policies to provide further transparency and bolster the Agencies’ creditworthiness. This was done in conjunction with the approval of a conservative FY21 budget that slashed expenses while preserving jobs and emphasizing priority mobility projects.
To see TCA’s audited financial statements, visit https://thetollroads.com/about/investor.
The Transportation Corridor Agencies (TCA) are two joint powers authorities formed by the California legislature in 1986 to plan, finance, construct and operate Orange County’s public toll road system comprised of the 73, 133, 241 and 261 Toll Roads.