Controller Scathing on Transit Agency Finances
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From Times Staff and Wire Reports
The city agency that distributes tens of millions of dollars in transportation improvement funds has been berated for its financial incompetence.
City Controller Ed Harrington said the San Francisco County Transportation Authority was the worst organization he had ever audited in his 13 years in office.
The authority, created in 1989, is deciding whether to sell up to $200 million in commercial paper to help fund the Municipal Railway’s 3rd Street Light Rail Project. It would be the first time the agency has taken on significant debt.
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