An Audit Report on the Texas Department of Transportation's Texas Mobility Fund Financial Statements from the Fund's Inception through August 31, 2005
December 2005
Report Number 06-010
Overall Conclusion
In our audit report dated October 28, 2005, we determined that the financial statements of the Texas Department of Transportation's Texas Mobility Fund (Fund) from the Fund's inception in November 1, 2001, through August 31, 2005, were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.
This is the first time the Fund's financial statements have been audited. In May 2005, the Texas Bond Review Board approved the issuance of $4 billion in Texas Transportation Commission (Commission) State of Texas General Obligation Mobility Fund Bonds, with the first issuance of $1 billion to be made in fiscal year 2005. The Commission issued $900 million in fixed-rate general obligation bonds and $100 million in variable-rate general obligation bonds. The Resolution, which was dated June 2, 2005, requires the Commission to provide audited annual financial statements.
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