The COMET Financial Transparency
As a regional transportation authority created under South Carolina law that receives local sales tax, general fund, state and federal funding and exists for the service of the residents of Richland and Lexington Counties, The COMET believes the public has a right to our financial information. The COMET has created this part of our website to offer easy access to our budgets and financial statements. Please see a brief description of the types of files found here and then click on any of the links below to open a .pdf of that file.
Additional information can also be found in our monthly board reports, and public records may be requested through our Public Records Request Form. Certain restrictions and/or fees may apply.
You can also learn about The COMET, our vision and strategic plan and the use of the Richland County Penny through reading about the Tale of The COMET.
We encourage you to review this information and please feel free to contact Rosalyn Andrews, Director of Finance/CFO at randrews@TheCOMETSC.gov or call (803) 255-7135.
How The COMET is Funded?
Comprehensive Annual Financial Report and Audited Financial Statements – The operating and capital project assistance from federal funds is subject to a financial statement audit under Government Auditing Standards and a compliance audit as required by CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards:
The COMET is proud to be recipients of the award by Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for its Comprehensive Annual Financial Report (CAFR) for FY 2018 and 2019.
Operating and Capital Budgets
The COMET on an annual basis adopts and monitor its Operations and Capital Budget. It gives you a look at The COMET’s expenses, revenue sources, projects, and plans for allocation. This budget is being presented in accordance with Chapter 25, Section 58-25-70.
The COMET is proud to be recipients of the award by Government Finance Officers Association Distinguished Budget Presentation Award in FY 2021.
Triennial Reviews For Use of Federal Transit Administration (FTA) Sections 5307 and 5311 Funds
The Triennial Review is one of FTA’s and SCDOT’s management tools for examining The COMET’s performance and adherence to current FTA requirements and policies. Mandated by Congress in 1982, the Triennial Review occurs once every three years and examines The COMET’s use of FTA funds. It also examines how recipients of FTA funds meet statutory and administrative requirements.