TAPS earned one of its best financial audits in recent years, officials with the organization said Tuesday. The paratransit company reduced its debt load from about $8 million down to about $1.2 million and it is expected to continue to decrease.Grayson County Judge Bill Magers said he wanted to thank the county for its financial support of the struggling transportation company.
In an effort to increase local funding for transit operations, TAPS Public Transit is considering possible exterior advertising for its bus fleet.
In an effort to resolve ongoing litigation, TAPS Public Transit settled more than than $2.3 million in liabilities with former management provider First Transit earlier this year, according to settlement documents obtained by the Herald Democrat.
TAPS Public Transit will soon be replacing more of its aging fleet than initially anticipated, officials with the transit agency said Monday.
For the first time since at least 2013, TAPS Public Transit returned no major findings, noncompliance issues or material weaknesses in its annual audit. The TAPS Board of directors received an update on the annual report earlier this week.In its report for 2016, auditors found one material weakness related to missing documentation for $564,000 in expenses related to Medicaid.
Editor’s note: This article has been updated throughout. The TAPS Public Transit board of directors agreed to accept settlement agreements with former management provider First Transit and accounting firm Conway Company CPA following a closed executive session Monday afternoon.