Laketran, the regional public transit authority for Lake County, Ohio, received a clean audit for the sixteenth consecutive year. Laketran received an unqualified opinion, the best opinion available for this type of audit, directly from State of Ohio auditors who conducted Laketran's audit and issued the opinion. No citations were reported in the audit for the year ending 2011.
Laketran controller Lisa Colling issued Laketran's Comprehensive Annual Financial Report (CAFR) for FY2011, which was completed by James G. Zupka, CPA, Inc.
"We are very proud of our track record of sixteen years of unqualified opinions with no material findings," said Colling. "Our staff and leadership team work closely to be prudent and thorough in our financial practices. These audit findings confirm that we are being good stewards of the public funding that comes from our local sales tax levy, the State of Ohio, federal grants and our riders."
The audit covered the 2011 fiscal year, ending in December 2011. The operating cost for the agency in 2011 was $11 million.
"I am very proud of Laketran's management team for this great accomplishment. It supports our objective of accountability to our customers and the community. We are doing everything we can within our budget to bring high quality public transportation services to Lake County residents," Laketran board president, Kevin Malecek said.