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The VCTC Finance Department strives to run an efficient and fiscally responsible department that produces timely and accurate reports to provide the Commission and the public financial information about the Commission’s operations. The Finance Department is responsible for performing the day-to-day accounting functions consisting of cash management, accounts receivable, accounts payable, payroll, general ledger and financial and investment reports for a general fund, a Service Authority for Freeway Emergencies (SAFE) fund, a Local Transportation Fund (LTF) and a State Transit Assistance (STA) fund. The Finance Department prepares and monitors the agency’s budget, provides budgetary assistance to project managers who monitor individual task budgets, and provides grant support and specific project support for VCTC Intercity Services, Valley Express, Santa Paula Brach Line and Fare Collection, etc. The Finance Department is also in charge of multiple audits and overseeing financial compliance with various state and federal regulations.
The Finance Department prepares and publishes several financial reports annually. The current version of each is listed below. Simply click on the title or image of the publication to download file in a .pdf format.
|Fiscal Year 2016/2017 Budget
Each year, VCTC’s Finance Department prepares a comprehensive Annual Budget itemizing revenues, expenditures, and investments for the upcoming fiscal year. Program budgets include objectives and accomplishments at the task level for each of VCTC’s six programs: Transit and Transportation, Highways, Rail, Commuter Assistance, Planning and Programming, and General Governance. The Annual Budget is presented to the Commission each April and typically adopted the following June.
|Comprehensive Annual Financial Report (CAFR), Fiscal Year 2014/2015
The State of California requires the Ventura County Transportation Commission (VCTC) to prepare annual financial statements in accordance with generally accepted accounting principles (GAAP). The financial statements are then audited by independent certified public accountants. The VCTC goes beyond the minimum established requirements and produces a Comprehensive Annual Financial Report (CAFR). The CAFR is designed to provide a complete financial picture of the agency and includes the independent auditors' report, a management discussion, the audited financial statements as well as supplementary information including budget results and statistical information.
|Single Audit Report on Federal Awards for Fiscal Year 2014/2015
The Comptroller General of the United States requires that VCTC comply with OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. To comply, VCTC prepares an annual Single Audit Report on Federal Awards which is audited by an independent certified public accounting firm.
|SB 272 Catalog of Enterprise Systems
Approved on October 11, 2015, Senate Bill 272 adds a section to the California Public Records Act requiring local agencies to create a catalog of Enterprise Systems by July 1, 2016 with annual updates.
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