Wes Moore, Governor Aruna Miller, Lt. Governor Paul J. Wiedefeld, Chairman
Board Members: Dontae Carroll William H. Cox, Jr. W. Lee Gaines, Jr. Mario J. Gangemi, P.E.
Cynthia D. Penny-Ardinger
Jeffrey S. Rosen
Samuel D. Snead, MCP, MA
John F. von Paris
Bruce Gartner, Executive Director
December 31, 2024 To the Chairman, Members of the Maryland Transportation Authority Board and Toll Users of Maryland: We are pleased to respectfully submit the Annual Comprehensive Financial Report (ACFR) for the Maryland Transportation Authority (MDTA) for the fiscal year ended June 30, 2024, which includes the MDTA’s Financial Statements. The MDTA prepared the Financial Statements as required by the Trust Agreement between the MDTA and The Bank of New York Mellon as Trustee. The data as presented consists of management’s representation of its finances. The responsibility for the accuracy, completeness, and fairness of the data rests with management. To the best of our knowledge and belief, this report contains data that is complete and reliable in all material respects. To provide a reasonable basis for making these representations, management of the MDTA has established an internal control structure designed to provide reasonable assurance that assets are safeguarded from loss, theft, or misuse and that adequate and reliable accounting data is compiled to prepare Financial Statements in conformity with accounting principles generally accepted in the United States of America. The cost of internal control should not outweigh their benefits; therefore, the MDTA’s comprehensive framework of internal control has been designed to provide reasonable rather than absolute assurances that the Financial Statements will be free from material misstatements. The MDTA’s Trust Agreement requires an annual audit of its Financial Statements by an independent audit firm. The MDTA’s Financial Statements have been audited by CliftonLarsonAllen LLP, a firm of certified public accountants selected by the MDTA through a competitive process. The goal of the independent audit is to provide reasonable assurance that the financial statements of the MDTA as of and for the fiscal year ended June 30, 2024, are free of material misstatements. The audit was performed in accordance with generally accepted auditing standards and government auditing standards and included tests of the accounting records and other auditing procedures considered necessary during the audit. Based upon the audit, the independent auditors issued an unmodified (“clean”) opinion of the MDTA’s Financial Statements for the fiscal year ended June 30, 2024. The independent auditor’s report is presented in the Financial Section of this report. Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic Financial Statements. This letter of transmittal complements the MD&A and should be read in conjunction with it.
2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com
Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2024 | 9
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