The bill addresses the financial reporting and accounting practices for the Greater Attleboro-Taunton Regional Transit Authority (GATRA) for the fiscal year ending June 30, 2024. It includes key insertions such as the specific date for the financial year, the requirement for investments to be reported at fair value, and the total Other Post-Employment Benefits (OPEB) liability of $6,377,090. The bill emphasizes the importance of transparency and accountability in financial reporting, particularly in light of the challenges posed by the COVID-19 pandemic, and outlines the responsibilities of management and auditors in preparing and conducting audits of the financial statements.

The financial statements reveal that GATRA experienced a recovery in its financial position, with total current assets increasing by approximately $2.1 million and operating revenues rising by $7.6 million due to higher ridership and new contracts. However, total operating expenses also increased significantly, reflecting the costs associated with the increased demand for transportation services. The bill details the Authority's liabilities, net position, and funding contributions from local cities and towns, totaling $4,963,615, while also highlighting the independent auditor's assessment that no material weaknesses were identified in the Authority's internal control over financial reporting.