It was confirmed to me off the record, by an informed MATA official, of how the $20M loan from the City is being accounted for by MATA. The $20M is accounted for under an entry in the new, just released, MATA Net position statement under an “MTM” entry. Had either a March Net Position statement been presented at the previous MATA May meeting, with more clear entry of what “MTM” stands for or a March cash flow statement been available, the mystery of the $20M would not have surfaced. In short, the missing $20M concern surfaced due to deficient incomplete but now improving MATA financial reporting.
And good news is MATA cash flow statements will be forthcoming based on the public testimony of MATA CFO Hamish Davidson at the 6/26/24 meeting. Additionally, the City Council failed to account for the $20M MATA loan repayment or renegotiated loan term in budget proceedings, adding further confusion.
Also mentioned in testimony was improving the Net Position financials to separate “cash and receivables” from a combined to individual entries.
I still do not know what “MTM” stands for. MATA continues to struggle with financial reporting due to a challenged technology implementation. The off the record MATA official clarification was helpful. Good news is that $20M was found. See pdf page 51 of the MATA 6/26/24 Agenda Packet .