November 3, 2009

Audit finds MARTA did not mishandle finances

On Monday, the state auditor's report, which was ordered by the Georgia General Assembly's Metropolitan Atlanta Rapid Transit Authority (MARTA) oversight committee, found that there are no deficiencies or improprieties in how the agency is handling its finances.  

Despite the "woefully inaccurate allegations that were leveled against MARTA when the audit was requested," the agency made a net profit of $15 million as a result of the lease-in, lease-out deals that had been publicly encouraged by federal transit officials and approved by  MARTA's board of directors, according to the agency. 

The auditor's report pointed out that MARTA has successfully extricated itself from two-thirds of these lease arrangements and is working diligently to resolve those few which still remain in effect. Even in the worst-case scenario, MARTA will wind up with a net profit.

In a press release, MARTA said it is "pleased, but not surprised, that the state auditor has given us a clean bill of health," and that they are hopeful the results of the audit will give it and the state legislature a clean slate "upon which to discuss identifying sustainable funding sources for mass transit."

 

 

 

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