A Report on the Audit of the Department of Transportation's Central Texas Turnpike System Financial Statements for the Fiscal Year Ended August 31, 2007
December 2007
Report Number 08-017
Overall Conclusion
In our audit report dated December 7, 2007, we determined that the Department of Transportation's (Department) Central Texas Turnpike System (System) basic financial statements for fiscal year 2007 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.
We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards. Our procedures were not intended to provide an opinion on internal control over financial reporting or to provide an opinion on compliance with certain provisions of the Resolution for the Central Texas Turnpike System Revenue Bonds (Resolution), Bond Anticipation Notes, and other laws and regulations. Our procedures did not identify any instances of noncompliance that materially affected the financial statements.
However, we identified several deficiencies related primarily to controls over toll revenues that, when combined, represent a significant weakness in internal control over financial statement reporting. Toll revenues during this first year of tolling operations were quantitatively insignificant, but they will be much greater in the future. Should the deficiencies identified in this report not be corrected, they may become a material weakness in internal control.
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