During a Round of Public Hearings (earlier this year) for the MTA considering fair hikes we wanted to consider with you MTA Financials and planned for a later time to return and do so, this seemed like a good time to check back in on this.
Most of us have an up and down relationship with Public Transportation which at it's optimal performance can help us efficiently move, save resources, and better connect in the Urban Environment. Like any large organization there is always room for continued improvement and the interaction of an interested audience can go a long way in helping the MTA more efficiently reach its service goal to better transport us all with efficiency.
A solid starting point for considering MTA Finances is realizing the Federal, State and Local Funding are components of supporting the MTA in addition to the Fares we pay - it is a subsidized service, but like any Organization the process is likely to work with more efficiency in meeting it's goal when we pay attention to Financials, Budgets and Plans and consider ways we can help to be more interactively involved. The questions you've had, the solutions you've considered can all help to bring more efficiency to MTA operations and it's in your hands to better connect with the Government and MTA leadership to communicate the ways we can all assist in improving MTA and supporting Fiscally Responsible Financial Management and Operational Efficiency in Public Transit.
To this end in learning more about MTA Operations it's a great start to read Financials to see where Operations and Efficiency Meet or may need additional assistance.
We share with you Audited 2010 MTA Financials and 2Q11 Reviewed MTA Financials, as you review them it is helpful to understand that Audited Financials delivered by CPAs provide a higher degree of reliability than Review. Audited Financials have met the higher benchmark of Reasonable Assurance from a CPA, that those Audited Financials are Free from Material Misstatements, Errors, Omissions or other defects (it is not a Guarantee). Reviewed Financials are subject to a substantially lesser CPA review process based on observational and analytical analysis. Given the choice you should always focus more on the Audited Financials that meet the greater standard. You can better follow the difference between an Audit and Review by reading and contrasting the wordings in Each CPA Report below to better follow what an Audit or a Review is or is not. To help you find them below they are called the Independent Auditors Report and the Independent Accountants Review Report respectively and are signed by the CPA Firm in the Documents below.
See also DCarsonCPA The Empire Line for info on MTA Budgets 2012 - 2015: http://dcarsoncpa-theempireline.blogspot.com/2011/11/nys-ct-mta-financial-plan-2012-2015.html
MTA_Q2_ReviewReport
NYS MTA Audited Consolidated 2010 Financials
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