The auditor's office has given a lake area Transportation Development District a poor performance rating, citing a number of issues the state says need to be fixed.
The audit findings involve a parcel of land that is currently at the center of a growing controversy over parking issues near two popular entertainment venues located off Horseshoe Bend Parkway.
The findings were released in an audit report of the Toad Cove Complex Transportation Development District and Toad Cove Resort Transportation Development District released this week by State Auditor Thomas Schweich's office.
The Toad Cove Complex Transportation Development District and the Toad Cove Resort Transportation Development District (TDDs) are located in the city of Lake Ozark. The TDDs were organized in May 2008. The TDDs were formed for the purpose of leasing and operating a parking lot. The Horseshoe Bend Special Road District and Camden County are the public entities with jurisdiction over this project, but, because the project is not located on public transportation or right-of-way, neither entity has accepted dedication of the project.
The TDDs did not adequately monitor sales tax revenues, and, as a result, the TDDs did not receive approximately $23,000 in taxes dues to them. After audit staff brought this to the attention of the TDDs' Board Treasurer, the Treasurer and managing corporation prepared amended sales tax returns. The Treasurer does not provide financial records to other Board members for review and approval, and the TDDs did not timely submit 2010 or 2009 financial statements to the State Auditor's office. Both of the TDDs may be subject to a maximum fine of $292,500 for the late filing, but the law does not establish the agency responsible for assessment and collection authority of these fines.
The property owners have not met to elect successor directors, and the Board has not met since 2009 and has not adopted budgets for the years ended December 31, 2011 and 2010.
In the areas audited, the overall performance of this entity was poor. The rating(s) cover only audited areas and do not reflect an opinion on the overall operation of the entity.
The TDDs' boards, appointed by the property owner, act as the policy-making body for both districts' operations. The Boards' five members serve 3-year terms without compensation. The same members serve on both Boards. Members of the Boards at December 31, 2011, were:
Roger Rand, Chairman
Christina Vandervort, Secretary and Vice Chair
Merlyn Vandervort II, Assistant Secretary
Rhonda Martin, Treasurer
Ray Salassa, Member
Page 2 of 2 - The overall rating for the TDD assigned by the auditor's office is poor.
The audit results indicate the entity needs to significantly improve operations. The report contains numerous findings that require management's immediate attention, and/or the entity has indicated most recommendations will not be implemented. In addition, if applicable, most prior recommendations have not been implemented.
*Information provided by the Missouri State Auditor's office.
To reach the auditor's office:
Jefferson City Office Building
301 West High Street
P.O. Box 869
Jefferson City, Missouri 65102
Phone: (573) 751-4213