CliftonLarsonAllen LLP CLAconnect.com
INDEPENDENT AUDITORS’ REPORT
Board of Trustees Maryland Transportation Authority Baltimore, Maryland
Report on the Audit of the Financial Statements Opinion
We have audited the accompanying financial statements of the Maryland Transportation Authority (the Authority), an enterprise fund of the State of Maryland, as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Authority, as of June 30, 2024, and the changes in financial position, and its cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards , issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Authority and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Emphasis of Matter Change in Accounting Principle As described in Note 1 to the financial statements, effective June 30, 2024, MDTA implemented Governmental Accounting Standards Board (GASB) Statement No. 103, “Financial Reporting Model Improvements,” which has led to significant changes in the presentation and disclosures of the financial statements. These changes, designed to enhance the understandability, reliability, and relevance of the financial reporting model, include modifications to the format and content of the financial statements, as well as additional disclosures. Our opinion was not modified with respect to this matter.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.
28 | Maryland Transportation Authority | Financial Section
Made with FlippingBook - PDF hosting