Auditor of state recognizes Laketran’s financial stewardship

Sept. 25, 2019
Laketran was awarded the Auditor of State Award with Distinction for the state of Ohio.

Laketran was awarded the Auditor of State Award with Distinction at the Sept. 23 board of trustees meeting by Keith Faber and Ohio Auditor of State Liaison Jake Altman  

Altman explained only four percent of public agencies statewide achieve this recognition.  

“It is clear that Laketran takes the responsibility of receiving taxpayer dollars very seriously,” said Faber. “This award is an acknowledgment of the hard work they’ve done to keep clean and accurate financial records.”  

It is the 24th consecutive year Laketran has received an unqualified opinion with no material citations, material weaknesses, significant deficiencies, single audit findings, or any questioned costs.  

To earn a “clean” audit report and receive an award, agencies must file timely financial reports in the form of a Comprehensive Annual Financial Report (CAFR) that meets strict requirements.  The award was for the audit that covered the 2018 fiscal year, ending December 2018.   

“Our staff and leadership team work very closely to be prudent and thorough in our financial practices,” said Laketran CEO Ben Capelle. “These audit findings confirm that we operate with high ethical standards and have necessary internal controls to ensure an accurate and accountable use of public funds that comes from the local sales tax levy, the state of Ohio, federal grants and our riders.” 

“A clean audit is key to assuring taxpayers that we take our fiduciary duties seriously, and we are using the taxpayers’ funds to prudently provide the services the community expects of us,” said Laketran Board President Brian Falkowski. “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, while doing everything we can within our budget to provide high quality transit service to Lake County residents.”