Financial Statement Audit – Fiscal Year Ended June 30, 2023

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Report Summary

Background

The Delaware Office of Auditor of Accounts presents a financial statement audit of the Delaware Department of Transportation for the fiscal year ended June 30, 2023. This engagement was performed in accordance with accordance with 29 Del. C. § 2906. 

The Department, which is comprised of DelDOT, the Transportation Trust Fund, and DTC, operates as an enterprise fund, meaning it is self-supporting government fund that provides a service to the public for a fee.

DelDOT is an agency of the state and operates primarily by using revenues generated by motor fuel taxes, motor fuel documents fees, registration fees, and other transportation-related fees that are imposed and collected by the State.

In Fiscal Year 2023, the Department adopted two new accounting standards, GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements and GASB Statement No. 96, Subscription-Based Information Technology Arrangements.

On November 15, 2021, the Infrastructure Investment and Jobs Act was signed into law. As a result, the Department expects federal funding to increase from a total of approximately $1.1 billion over the subsequent five-year period to approximately $1.6 billion over the same period, for an annual increase of approximately $100 million.

Key Information and Findings

This audit contains an unmodified opinion on the financial statements. An unmodified opinion is sometimes referred to as a “clean” opinion, in which the auditor expresses an opinion that the financial statements are presented fairly, in all material respects, an entity’s financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. There were no findings required to be reported under Government Auditing Standards.