Lake County, OH – Laketran, the regional public transit authority for Lake County, Ohio received a clean audit for the eighteenth consecutive year.  Laketran received an unqualified opinion, the best opinion available for this type of audit. The unqualified opinion means the audit was filed with no material citations, material weaknesses, significant deficiencies, or any questioned costs. 

No citations were reported in the audit for the year ending 2013.

To earn a “clean” audit report and receive an award, agencies must file timely financial reports in the form of a Comprehensive Annual Financial Report (CAFR) that meets strict standards of the Government Finance Officers’ Association.

Laketran controller Lisa Colling issued Laketran’s Comprehensive Annual Financial Report (CAFR) for FY2013, which was completed by James G. Zupka, CPA, Inc.

“We are very proud of our track record of 18 years of unqualified opinions with no material findings,” comments Kevin D. Malecek, board president for Laketran.  “Our staff and leadership team work closely to be prudent and thorough in our financial practices.  These audit findings confirm we are being good stewards of the public funding that comes from our local sales tax levy, the State of Ohio, federal grants and our riders.”

The audit covered the 2013 fiscal year, ending December 2013.  The operating cost for the agency in 2013 was $12.2 million.