Laketran Celebrates Achievement in Financial Excellence
Laketran, the public transit agency serving Lake and Geauga counties in Ohio, has recently been awarded the prestigious Auditor of State Award with Distinction. This honor, presented by Tina Ludwig, Northeast Ohio Regional Liaison for Auditor of State Keith Faber, highlights the agency’s outstanding commitment to financial management and fiscal accountability. The recognition was unveiled at their August meeting, marking a significant milestone for the organization.
Elite Recognition in Ohio
This award places Laketran among an elite group of public agencies in Ohio that have demonstrated exemplary financial practices. Each year, the Auditor of State’s office conducts more than 4,200 audits covering nearly 6,000 clients statewide. Astonishingly, only about four percent of these organizations qualify for the award, emphasizing the rigorous standards that Laketran has met.
A Testament to Hard Work
Tina Ludwig praised Laketran, stating that the award is a direct reflection of the hard work and dedication exhibited by its staff. “What this truly means is that across the entire organization, you have the people and processes in place that understand fiscal accountability,” she said. This recognition serves as validation for the continuous commitment to achieving financial excellence.
The Rigorous Qualification Criteria
To qualify for the Auditor of State Award with Distinction, an organization must successfully complete a “clean” financial audit in accordance with state-established standards. Specific requirements include timely filing of financial reports without extensions, adherence to Generally Accepted Accounting Principles (GAAP), and preparation of a comprehensive annual financial report.
Additionally, the audit must reveal no findings for recovery, material citations, or significant deficiencies. Management letters should be free of comments related to ethics referrals, bank reconciliation issues, and public meetings, further underscoring the organization’s adherence to best practices.
Recognition of Leadership
Ludwig specifically called attention to the contribution of Laketran’s board, administration, and finance department in achieving this accolade. Notably, Laketran’s Director of Finance, Matthew Clarke, was acknowledged for his leadership, professionalism, and dedication to maintaining fiscal integrity. His efforts have played a crucial role in steering the agency toward financial transparency.
A Collective Achievement
Brian Falkowski, the President of Laketran’s Board, emphasized that this award reflects an organizational effort and a culture of financial stewardship. “This is a tremendous accomplishment for Laketran and a recognition that our entire organization should be proud of,” Falkowski stated. He further noted the exceptional job the finance team does in managing the finances of Laketran’s services, including the Special Transportation Service and Geauga Transit.
Commitment to Strong Financial Practices
The award is not just a feather in Laketran’s cap; it signifies their commitment to maintaining robust financial practices that allow the agency to continue investing in community transportation services. The board and staff’s efforts to uphold high financial standards illustrate a shared mission to ensure every public dollar is managed responsibly.
Proven Track Record
Laketran’s recognition is part of an ongoing narrative of financial and operational excellence. The agency boasts an impressive record with over 30 clean audits to date. Furthermore, they recently achieved a perfect score on the Federal Transit Administration Triennial Review, reinforcing its reputation for sound fiscal management and accountability.
Expanding Horizons
As Laketran continues to grow its transportation services, the agency is also making significant investments in its fleet, facilities, technology, and overall service improvements. This award serves as motivation for further enhancements, ensuring that they remain a vital resource within the community.
In an ever-evolving transit environment, Laketran’s achievement underscores the importance of fiscal responsibility in maintaining and expanding essential public services. The recognition solidifies Laketran’s status as a model of excellence among public agencies, paving the way for future achievements.
