May 6, 2014 > Alameda CTC recognized for financial reporting
Alameda CTC recognized for financial reporting
Submitted By Tess Lengyel
The Alameda County Transportation Commission (Alameda CTC) has been awarded a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its Comprehensive Annual Financial Report (CAFR) for the year ended June 30, 2013. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting.
ÒThis award represents a significant accomplishment by our agency thanks to the diligent work and leadership of Patricia Reavey, Alameda CTCÕs director of finance,Ó says Alameda CTC Executive Director Arthur Dao. ÒIn addition to the agencyÕs award, Ms. Reavey received an Award of Financial Reporting Achievement for the preparation of our award-winning CAFR.Ó
ÒThis award comes on the heels of the Alameda County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), Series 2014 being rated AAA by both Fitch Ratings and Standard and PoorÕs ratings services, and their successful sale,Ó says Alameda CTC Chair Supervisor Scott Haggerty. ÒThis is a banner year for Alameda CTC, demonstrating to voters that the agency continues to be an excellent steward of public funds.Ó
Earlier this year, Alameda CTC sold $137,145,000 (par value) of the Alameda County Transportation Commission Sales Tax Revenue Bonds (Limited Tax Bonds), Series 2014 through a syndicate led by Citigroup Global Markets Inc. Strengthened by their AAA rating, the bonds sold quickly at an all-in true interest cost of 1.587 percent.
The proceeds of the sale will finance certain transportation improvements and projects outlined in Alameda CTCÕs 2000 Measure B Transportation Expenditure Plan, including BART extensions, key freight corridor improvements and other projects that support economic vitality, reduce traffic and serve the spectrum of transportation needs in Alameda County.