Metro News Release

For immediate release: August 6, 2015

WMATA receives independent auditor's report for FY2014

WMATA’s Board of Director’s today announced that it has received an independent audit of its FY2014 Financial Statements from McGladrey LLP, a significant milestone in the Authority’s work to improve its financial management.

“This is a very important step forward in getting WMATA’s financial house in order,” said Metro Board Chairman Mortimer Downey. “We have more work to do to restore our credibility but this independent audit is key to demonstrating our commitment to transparency in our financial reporting to the market, our funders and our stakeholders.”

The independent auditor’s opinion is qualified with respect to Metro’s restricted net position based on the expectation that some federal capital costs may shift to non-federal sources and vice versa as management and the Federal Transit Administration (FTA) work to conclude on-going grant analyses, accounting and reconciliations for unreimbursed costs – an issue that was identified in the Federal Transit Administration’s 2014 Financial Management Oversight (FMO) Report. McGladrey LLP is unable to determine the effect of such changes within Metro’s Restricted Net Position (i.e. total funds remaining after all expenses paid).

According to McGladrey LLP, except for the matter of Restricted Net Position, Metro’s financial statements for the year ending June 30, 2014 are “presented fairly, in all material respects, with accounting principles generally accepted in the United States of America.”

“The historic documentation problem is being addressed with new management, new processes, and new financial controls that will make Metro fully compliant with FTA requirements,” said WMATA CFO Dennis Anosike. “These improvements in financial management will make future audits more timely and less problematic.” 

News release issued at 2:50 pm, August 6, 2015.