COUNCIL LETTER

CITY OF GALESBURG

MARCH 1, 2004

AGENDA ITEM: Transit Audit Report for the state fiscal year ended June 30, 2003.

BACKGROUND: Attached is a copy of the audit report for the transit system (Galesburg Transit, Inc. and Galesburg Handivan). This audit is required by the State and Federal governments as a result of the funding the City received from each. The audit covers the State’s 2002-03 fiscal year (7-1-02 through 6-30-03). It should be noted that the audit shows a total of $64,028.52 due to the City from Galesburg Transit subsidy payments. Please be advised that Galesburg Transit has made payment to the City.

POLICY QUESTION: This item is unrelated to any Council policy question. However, the City Council must receive the transit audit.

BUDGET IMPACT: There is no budget impact.

RECOMMENDATION: The City Manager and Director of Community Development recommend that the audit be received by the City Council.

SUPPORTING DOCUMENTS:

1. Transit audit for the fiscal year ending 6-30-03.