The finance committee of the Northern Virginia Transportation Authority on Oct. 9 reviewed the authority's FY2025 financial statements and received an audit report that auditors described as an unmodified ("clean") opinion, then voted to recommend the full authority accept the audit.

The audit presentation noted a balance sheet of about $2,000,000,000 and highlighted project delivery metrics: roughly $109,000,000 in project funding referenced in the statements, approximately $76,500,000 returned to the PAYGo process, and $196,000,000 in project reimbursements in fiscal 2025 compared with $138,000,000 the prior year. The presentation also reiterated the authority's ongoing Bus Rapid Transit (BRT) commitments, noting about $880,000,000 in BRT investments and one applicant for the next six‑year program requesting $460,000,000.

"You will get an unmodified opinion with your financial statements," said Michael Garber, partner at PBMairs, the authority's external auditing firm, describing the result as the "clean opinion" that auditors aim to issue. Garber told the committee auditors found no disagreements with management, no uncorrected adjustments, and no internal control findings.

Committee staff noted the authority ended the fiscal year with a positive revenue variance and explained that revenue not assigned to projects flows into the next PAYGo update. In the presentation staff also said the authority's investment portfolio produced monthly returns large enough to fund the annual operating budget: "In 1 month, the investment portfolio is paying the entire year's operating budget plus $2,000,000," a point staff used to underline the portfolio's contribution to operations.

The committee voted to recommend authority acceptance of the FY2025 financials and audit; the motion passed unanimously.

Votes at a glance

- Approval of September minutes — motion made and seconded; passed. (Recorded during the meeting.)
- Recommend authority acceptance of FY2025 financial statements/audit — committee motioned and seconded; vote recorded as aye, motion passed and will be forwarded to the full authority for action.
- Motion to adjourn — passed.

Staff said the final audited financial statements and audit communication letter will be finalized for distribution to the full authority for consideration at the upcoming board meeting.