Comprehensive Annual Financial Report for FY 2012 - Omnitrans

As stewards of the taxpayer’s money, Omnitrans continues to achieve its primary objective of safeguarding the funds
entrusted to us. Our primary focus is the planning, securing and controlling of Omnitrans’ financial resources. This includes:
INTRODUCTORY SECTION
•Developing an Accurate Budget
Develop a realistic budget that clearly indicates what expenditures Omnitrans will incur during the fiscal year. In
doing so, the finance department assists all departments of the agency in planning their activities. The budget
clearly shows how much departments can spend on each particular activity.
•Coordinating Activities With Other Departments
Strive to coordinate the flow of funds with the agency's activities, using long-range planning while preparing
for short-term needs. This involves timing, making sure Omnitrans has sufficient funds for its activities when needed.
•Secure Funding
Research, apply and secure all available funding opportunities to ensure adequate cash flow to support the
construction, operation and maintenance of Omnitrans’ transportation system. This includes the day-to-day
operations as well as long-term goals.
•Maintaining Transparency
Provide transparency in our operations to all the stakeholders of Omnitrans to instill a sense of trust by consistent
actions that show we are reliable, cooperative and committed to the success of Omnitrans. This includes providing
thorough and accurate financial information to all stakeholders.
Omnitrans takes great pride in the fact that previously issued CAFRs have been awarded a prestigious award by the
Government Finance Officers Association (GFOA) in the form of its Certificate of Achievement for Excellence in Financial
Reporting. Omnitrans has received the GFOA “Certificate of Achievement for Excellence in Finance Reporting” a total of
nine times. These prior awards and the one that we are currently seeking this year evidence the significant improvements
regarding the strengthening of internal controls and our compliance with stringent GFOA standards for professional
financial reporting. Omnitrans’ system of internal control is supported by written policies and procedures and is
continually reviewed, evaluated and modified to meet current needs.
ii
2012 Comprehensive Annual Financial Report