New Audit Announcements
Audit Initiated of FTA’s Oversight of Major Capital Projects in the Western Regions
Under the Federal Transit Administration’s (FTA) Capital Investment Grant program, the Agency’s three western regions oversee major capital projects that have been awarded almost $9 billion in Federal funds. Transit agencies with major projects must submit financial plans to FTA prior to grant award, and annual financial plans and quarterly financial reports after award. Both activities are important in FTA’s oversight, with the quarterly reports part of FTA’s monitoring to ensure grantees’ proper use of Federal funds.
Because of the considerable Federal investment, we are initiating an audit of FTA’s oversight of these western major capital projects. Our objectives will be to evaluate FTA’s (1) processes for identifying and assessing major capital projects’ financial risks, and reviewing and approving grantee financial plans and reports, and (2) oversight of grantees’ mitigation of financial risks.