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Rail News Home Financials

10/26/2017



Rail News: Financials

FTA restores WMATA's full access to grant funds


The move comes after WMATA submitted 65 corrective action plans to address earlier recommendations.
Photo – WMATA/Larry Levine

The Federal Transit Administration (FTA) has fully restored Washington Metropolitan Area Transit Authority's (WMATA) ability to receive automatic access to federal grant reimbursement, the agency announced yesterday.

The FTA's action comes after WMATA submitted 65 correction action plans to address recommendations in a 2014 financial management oversight report. The completion of those action plans marks the final step in fully restoring WMATA's ability to receive federal funds.

In December 2016, the FTA lifted WMATA's limitations on accessing federal grants after having placed WMATA on "restricted drawdown" status in 2014. That status required the agency to file paper requests for reimbursements instead of having automatic access.

WMATA also announced yesterday that it will receive a clean audit of its fiscal-year 2017 financial statements.

Prepared by accounting firm RSM US LLP, the audit will be presented before WMATA's board today. The independent auditor found that WMATA's FY2017 statements "present fairly, in all material respects, the financial position" of the agency during the period, according to the firm.

"Getting [WMATA's] financial house in order is a significant accomplishment and involved a lot of hard work and effort over the past three years led by our Chief Financial Officer Dennis Anosike," said WMATA General Manager and Chief Executive Officer Paul Wiedefeld.



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