Authority Meeting Highlights
The Authority convened at NVTA's offices on Thursday, November 14, 2019.
November 15, 2019
On November 14th, the Authority convened for its second to last business meeting of the year, which began with a FY2019 Audit Presentation by Michael Garber, a partner at PBMares, LLP. As a political subdivision of the Commonwealth of Virginia, the Authority is required to complete an annual audit of its financial activities for each fiscal year. The Authority contracted with an independent, external, licensed certified public accounting firm, PBMares, LLP, to complete the required audit of the FY2019 financial reports, which was presented before the Authority's Finance Committee last month.
Michael Garber, PBMares, presents the NVTA FY2019 audit report and its findings.
The Authority’s FY2019 Financial and Compliance Reports received an unmodified (clean) audit opinion. This opinion reflects that the Authority’s financial statements, in all material respects, fairly and accurately present the financial position of the Authority for FY2019. The Authority accepted the NVTA Financial and Compliance Audit Reports for the fiscal year ended June 30, 2019. The FY2019 Audit Reports are available on the Authority's website.
Additionally, Tracy Baynard, Senior Vice President, Infrastructure and Economic Development & Government Relations Services, McGuireWoods, LLP, presented the draft of the proposed 2020 NVTA Legislative Program prepared by the Governance and Personnel Committee (GPC). During the November GPC meeting, the Committee received a briefing from Ms. Baynard, who recapped the 2019 General Assembly session and reviewed preparations and an outlook for the 2020 session. Two major initiatives for the Authority's 2020 Legislative Program are presented as: 1) Restoration of long-term funding to the Authority and 2) Amending the Virginia Investment of Public Funds Act to include the use of Fitch Ratings for the purchase of negotiable certificates of deposit and corporate notes. The draft program will be re-presented to the Authority in December for adoption.
Monica Backmon, NVTA Executive Director, also informed the Authority about the FY2019 Annual Report developed for the Joint Commission on Transportation Accountability (JCTA). NVTA staff prepared the report to inform the JCTA on the FY2019 revenues and allocations and provide an update on the use of:
- NVTA 70% Regional Revenue Funds for FY2018- 2023, focusing on the revenues programmed and appropriated for the Authority’s first Six Year Program;
- 30% Local Distribution Revenue Funds for FY2014 - FY2019, which the NVTA jurisdictions used for various transportation projects and programs.
The report also provides the revenue estimates for the period FY2020-2025.
As the region's multimodal transportation planning, programming and funding entity, it is vitally important to allow sufficient planning time for the Authority to conduct its business meetings. Ms. Backmon proposed the Authority continue to meet on the second Thursday of each month at 7:00 p.m. for calendar year 2020, as indicated below with noted exceptions. The Authority approved the proposed schedule:
- January 9, 2020 at 7:00 p.m. (*Listening Session for TransAction Update prior to the start of the Authority meeting)
- February 13, 2020 at 7:00 p.m.
- March 12, 2020 at 7:00 p.m.
- April 16, 2020 at 7:00 p.m. (*third Thursday of the month due to Spring Break and Passover)
- May 14, 2020 at 7:00 p.m.
- June 11, 2020 at 7:00 p.m. (*anticipated adoption of the Six Year Program update)
- July 9, 2020 at 7:00 p.m.
- August 2020 (*no meeting, unless special circumstances require)
- September 10 at 7:00 p.m.
- October 8, 2020 at 7:00 p.m.
- November 12, 2020 at 7:00 p.m.
- December 10, 2020 at **6:00 p.m.
A reminder, the December 12th Authority Meeting will be held at 6:00 p.m. at the Northern Virginia Association of Realtors (NVAR) headquarters (8407 Pennell Street, Fairfax, VA).
Click here to see the November Authority Meeting Agenda and Meeting Materials.
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