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Financial Transparency: Take a Look Inside Holding steadfast to the ideals of fiscal responsibility, the NTTA seeks transparency regarding our financial processes and reporting. This disclosure philosophy keeps the public and investors informed about NTTA finances and how funds are being used, holding us accountable to you, our customers and stakeholders.
One of the most visible means of providing financial transparency can be seen in two versions of the annual report for the NTTA System that highlight the Authority’s achievements and financial statements from the previous year. Both the Comprehensive Annual Financial Report and the Annual Summary Report are available on www.NTTA.org in the Investor/Financial Information section, where you’ll also find the Authority’s five-year capital plan, annual budget, monthly financial reports, check registers, transaction and revenue updates, and related information.
As its name implies, the Comprehensive Annual Financial Report, or CAFR, is an extensive, detailed report that includes audited financial statements as well as management discussion and analysis. The NTTA retains the public accounting and consulting firm Crowe Horwath to conduct an annual independent external audit to examine the financial statements and assess management’s estimates. The auditors found no material weaknesses in internal control in our 2010 CAFR, and they gave the report a “clean” opinion, meaning the basic financial statements fairly represent the Authority’s financial position and cash flows.
The Authority has been recognized consistently for our financial reporting, garnering international honors for meeting the highest principles of governmental budgeting. Our 2010 CAFR also earned the Distinguished Budget Presentation Award from the Government Finance Officer Association of the United States and Canada. To receive this honor, the NTTA secured a “proficient” rating on each of the following nationally recognized guidelines for effective budget presentation: a policy document, a financial plan, an operations guide and a communications device.
The NTTA also issues a shorter Annual Summary Report to provide a high-level overview of our progress. Similar to annual reports from publicly held businesses, this colorful booklet covers our financial status and is filled with interesting updates. Our most recent summary report spotlights road construction and expansion, TollTag usage and distribution, community partnerships and social responsibility programs, environmental and safety initiatives, and other key topics. However, because state statute requires this summary be distributed by March 31 each year before the external auditors complete their review, the Annual Summary Report includes preliminary, unaudited financial data.
Recently, we also began posting our check register online, providing you with the opportunity to see the flow of our expenditures. Interested parties can track payments to suppliers, vendors and other payees dating back to 2008. The check register includes transaction numbers and dates, payee names, dollar amounts, and short memos explaining the expenditures. By adding this information to our website, the NTTA hopes to achieve the “gold standard” in transparency as outlined by the Texas Comptroller of Public Accounts.
As part of our ongoing effort to increase transparency, the NTTA will continue to expand financial and investor content online with the launch of its new website later this year.
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