MINUTES - Audit Oversight 11-29-07

AUDIT OVERSIGHT COMMITTEE MEETING FOR THE METROPOLITAN TRANSIT SYSTEM (MTS), SAN DIEGO TRANSIT CORPORATION (SDTC), AND SAN DIEGO TROLLEY, INC. (SDTI) November 29, 2007 MTS 1255 Imperial Avenue, Suite 1000, San Diego MINUTES A. ROLL CALL 1. Chairman Ewin called the meeting to order at 9:06 a.m. A roll call sheet listing Audit Oversight Committee member attendance is attached. 2. APPROVAL OF MINUTES Mr. Mathis moved approval of the minutes of the November 1, 2007, Audit Oversight Committee meeting. Mr. Rindone seconded the motion, and the vote was 3 to 0 in favor. B. AUDIT OVERSIGHT COMMITTEE DISCUSSION ITEMS 1. MTS: Fiscal Year 2007 Comprehensive Annual Financial Report (CAFR) (ADM 110.12) Chairman Ewin stated that he appreciated all 94 pages of the CAFR including the supplemental material showing year-to-year comparisons. He stated that the new format is a lot easier to follow. Mr. Cliff Telfer, MTS Chief Financial Officer, stated that the new format is possible because MTS has transitioned from a planning and development agency to an operating agency. Mr. Ken Pun, of Caporicci & Larson, reviewed the structure of the report as outlined in the Table of Contents. Mr. Pun confirmed for Chairman Ewin that the auditors were issuing an unqualified opinion. He also reported that the exit meeting has not been scheduled because there is a single audit left to be completed. He anticipated that everything would be ...