Sharing Excellence in Parking & Mobility Management

EPub: A Performance & Compliance Audit of an Airport Operating Agreement for Airport Parking Facilities

$0.00

The Long Beach Airport (LGB) retained BCA Watson Rice LLP, Certified Public Accountants & Management Systems and Financial Consultants, to review AMPCO System Parking, Inc.'s compliance with an agreement to operate the parking operations at the airport. Although this audit was not conducted with full working knowledge of parking industry standards and practices, as the auditors were CPAs, Mobility Managers may gain knowledge of typical auditing standards and practices from reviewing this process. This publication is *FREE* for registered H2 “amigos”.

Description

The Long Beach Airport (LGB) oversaw the agreement with AMPCO System Parking, Inc. to operate city-owned parking facilities and related services at the airport, including two parking structures and a tenant and employee parking lot, which generated an average of $9 million in parking revenue from 2009-2012. The airport retained BCA Watson Rice LLP, Certified Public Accountants & Management Systems and Financial Consultants, to review AMPCO’s compliance with the agreement While Airport Department (Airport) parking facility operations had significantly changed in recent years, the agreement covering operations had not and at the time of the audit was 23 years old. The audit found that AMPCO is generally in compliance with agreement requirements even though certain terms and conditions of the agreement are outdated due to the age of the contract. Although this audit was not conducted with full working knowledge of parking industry standards and practices, as the auditors were CPAs, Mobility Managers may gain knowledge of typical auditing standards and practices from reviewing this process.