LOS ANGELES BOARD OF AIRPORT COMMISSIONERS REINSTATES AUDIT COMMITTEE TO ENSURE FINANCIAL INTEGRITY, CONTROLS AND PERFORMANCE

(Los Angeles, California – February 16, 2017) As Los Angeles World Airports (LAWA) continues its $14-billion modernization effort at Los Angeles International Airport (LAX), the Los Angeles Board of Airport Commissioners (BOAC) is renewing its three-member Audit Committee, which will have its first meeting this afternoon.

“This is considered a best practice, and with the volume and complexity of the business we do, we felt reinvigorating the Audit Committee was imperative,” said BOAC President Sean O. Burton.   “With the leadership of Board Vice President Val Velasco, this committee will be responsible for overseeing the integrity of LAWA’s financial statements, the effectiveness of LAWA’s internal control system, and the qualifications, independence and performance of external auditors.”

“This committee will perform a number of important tasks,” said Velasco. “Our chief responsibilities will be to review and approve an annual Internal Audit work plan; receive briefings on matters related to changes in accounting principles and impacts on LAWA; review selection of external financial auditors; and to periodically review the Audit Committee charter.  These are all key to ensuring that LAWA’s financial interests are protected.”

“Because of LAWA’s public accountability role, we must be prudent stewards of our airports,” said LAWA Chief Executive Officer Deborah Flint.  “This is one of our core values, and this rekindled Audit Committee will help ensure that we do this in the most transparent way possible.”

The members of the committee, which was originally created in 2004, will be appointed by the BOAC president at the start of each fiscal year.

Joining Velasco on the committee are Board of Airport Commissioners members Jeffery Daar and Beatrice Hsu.  Following this afternoon’s meeting, the committee will meet quarterly in January, April, July and October, following the first regular board meeting of that month.

The committee is a legislative body for the purposes of the Brown Act, and meetings will be open to the public, subject to the noticing and meeting requirements under these laws.

About Los Angeles International Airport (LAX)

            LAX is the seventh busiest airport in the world and second in the United States.  LAX served more than 80.9 million passengers in 2016.  LAX offers 742 daily nonstop flights to 101 cities in the U.S. and 1,280 weekly nonstop flights to 77 cities in 42 countries on 64 commercial air carriers.  LAX ranks 14th in the world and fifth in the U.S. in air cargo tonnage processed, with more than 2.2 million tons of air cargo valued at over $101.4 billion.  LAX handled 697,138 operations (landings and takeoffs) in 2016. 

An economic study based on 2014 operations reported LAX generated 620,610 jobs in Southern California with labor income of $37.3 billion and economic output (business revenues) of more than $126.6 billion.  This activity added $6.2 billion to local and state revenues and $8.7 billion in federal tax revenues.  The study also reported that LAX’s ongoing capital-improvement program creates an additional 121,640 annual jobs with labor income of $7.6 billion and economic output of $20.3 billion, $966 million in state and local taxes, and $1.6 billion in federal tax revenues.

            LAX is part of a system of two Southern California airports – along with Van Nuys general aviation – that are owned and operated by Los Angeles World Airports, a proprietary department of the City of Los Angeles that receives no funding from the City’s general fund.

            For more information about LAX, please visit www.lawa.aero/lax or follow on Twitter @flyLAXAirport, on Facebook at www.facebook.com/LAInternationalAirport , and on YouTube at www.YouTube.com/laxairport1 .  Information about LAX’s ongoing multi-billion-dollar LAX Modernization Program, as well as tips and shortcuts to help navigate LAX during construction, are available at www.LAXisHappening.com .  

            As a covered entity under Title II of the Americans with Disabilities Act, the City of Los Angeles does not discriminate on the basis of disability and, upon request, will provide reasonable accommodation to ensure equal access to its programs, services, and activities.  Alternative formats in large print, braille, audio, and other forms (if possible) will be provided upon request.