The Ordinance requires the establishment of the Independent Taxpayer Oversight Committee as a safeguard to ensure that Measure A funds are used in accordance with the Ordinance and Expenditure Plan.
The ITOC regularly holds public meetings to discuss and review fiscal and performance audits, capital and operational program expenditures, and gather information used to make recommendations related to its advisory role to the Board.
Specific ITOC responsibilities include:
- Conduct annual fiscal and compliance audits of all Measure A-funded activities using the services of an independent audit firm to ensure compliance with the Ordinance and Expenditure Plan.
- Prepare and present reports to the Governing Board on the results of the audits.
- Develop program performance standards related to project delivery, cost control, schedule adherence, and other applicable activities for consideration by the Governing Board.
- Review and report on the delivery status of Measure A capital projects and on-going programs on a quarterly basis.
- Provide input into the required 10-year Expenditure Plan review which is required under the Ordinance to make recommendations for improving the program during the subsequent ten years.
- Review proposed debt financings to ensure that the benefits of accelerated project delivery exceed the cost of debt issuance.
The Committee is a functional partner to the STA Governing Board in the ongoing implementation of the Measure A program. The ITOC will conduct sufficient analyses to prepare objective recommendations and to provide the Governing Board and public with pertinent information about the implementation of the Measure A program. ITOC members and their designated auditors shall have complete and timely access to all public documents, records, and data associated with Measure A revenues and expenditures. The ITOC will conduct its affairs in a manner that does not cause unnecessary delays in project and program delivery.
The following narrative provides general guidance for how the ITOC and Governing Board should interact as the ITOC performs its duties:
Advisory Resource – It is intended that the ITOC will function as an independent resource to assist STA in implementing Measure A projects and programs. The Committee’s membership is designed to provide to STA a group of professionals who can collectively offer STA the experience and expertise to advance the timely and efficient implementation of the affected projects and programs. All deliberations will be conducted in an open manner, and the ITOC will provide regular reports to the public and to the Governing Board regarding project delivery and overall program performance.
Productivity & Cost Savings – It is intended that the ITOC will rely upon data and processes available at STA and the recipient Measure A entities, analyses and studies initiated by the ITOC, and other relevant information generated by reliable sources. The STA will continuously strive to improve the reliability and usefulness of its analytical processes. The ITOC will be kept abreast of such efforts, and will be invited to contribute to their development and assessment. It is intended that the ITOC not result in increased costs to deliver the Measure A program. Rather, through a cooperative and complementary working relationship between the ITOC and Governing Board, it is anticipated that a savings in delivery costs will ultimately be realized.
Flexibility – It is intended that the ITOC will assist the STA in monitoring changing situations and technologies, and will make recommendations, as appropriate, for improving the financial integrity and performance of the Measure A program.