Financial Statement Audit – Fiscal Year Ended June 30, 2024

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Report Summary

Background

The Office of Auditor of Accounts presents a financial statement audit of the Delaware Department of Transportation. This audit was conducted for Fiscal Year ended June 30, 2024. The primary objective of a financial statement audit is to provide reasonable assurance that the financial statements present fairly, in all material respects, the financial position of an entity.

The Department, which is comprised of DelDOT, the 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, tolls, and other transportation-related fees that are imposed and collected by the State.

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.

This engagement was conducted in accordance with 29 Del. C. §2906.

Key Information and Findings

The financial statement audit contains an unmodified “clean” opinion. An unmodified opinion expresses that the financial statements present fairly, in all material respects, an entity’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles.

The auditor’s reports over internal control over financial reporting that is considered to be a material weakness.

There were no findings required to be reported under Government Auditing Standards.