WASHINGTON — Metro’s money will flow a little easier now.
The Federal Transit Administration said Thursday Metro has met financial management oversight requirements after major problems were identified nearly three years ago. This means Metro can now get cash from some of its recent grants upfront — instead of borrowing money until the agency showed federal inspectors its receipts.
The restricted drawdown was meant to protect taxpayers from money going out the window.
Including an on-time, clean audit this year, the FTA says Metro has made progress on all grants awarded since July 2015.
Metro still has more work to do to remove restrictions on grants awarded before that date, the FTA said.
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2020 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.