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725-030-06 PUBLIC TRANSPORTATION 06103 Page 4 of 12 7. 61 Federal Audit: In the event the Agency expends a total of $300 , 000 or more in Federal awards in its fiscal year, the Agency must have a single or program-specific audit conducted in accordance with the provisions of OMB Circular A- 133 . Federal awards are to be identified using the Catalog of Federal Domestic Assistance (CFDA) title and number, award number and year, and name of the awarding Federal agency . If the Agency expends less than $300 , 000 , this audit is not required and if the Agency elects to have an audit conducted in accordance with the provisions of OMB Circular A- 133 , the cost of the audit must be paid from non -Federal funds . The Agency agrees to allow the Department or an independent auditor of the Department, the State Comptroller, and the Auditor General access to the Agency's records and financial statements as may be necessary for complying with the requirements of 31 U . S . C . 7501 et seq . Pursuant to OMB Circular A- 133 , Subpart C , . 320(d ) , the Agency shall provide a copy of the reporting package and any management letters to the Department, or copies of audit reports for audits conducted in accordance with OMB Circular A- 133 , to the Department and to : Federal Audit Clearinghouse Bureau of the Census 1201 East 10th Street Jeffersonville , IN 47132 7. 62 State Audit: In the event that the Agency expends a total of $300 , 000 or more in State awards in its fiscal year, the Agency must have a State single or project-specific audit for such fiscal year in accordance with Section 215 .97, Florida Statutes and the applicable rules of the Executive Office of the Governor, the State Comptroller, and the Auditor General . In determining the State awards expended in its fiscal year, the Agency shall consider all sources of State awards except State awards received for Federal program matching requirements which shall be excluded from consideration . State awards will be identified using the Catalog of State Financial Assistance (CSFA) title and number, award number and year, and name of the awarding State agency. If the Agency expends less than $300 , 000 , this audit is not required and if the Agency elects to have an audit conducted in accordance with the provisions of Section 215 . 97 , F. S . , the cost of the audit must be paid from non-State funds : The Agency agrees to allow the Department, the State Comptroller, and the Auditor General access to records and independent auditor's working papers , as necessary for complying with the requirements of Section 215 .97 , F . S . The Agency shall provide annual financial reporting package of audits prepared in accordance with Section 215 . 97 , F . S . , and applicable Rules of the Auditor General to the Department and to : State of Florida Auditor General Room 574 , Claude Pepper Building 111 West Madison Street Tallahassee , Florida 32302 - 1450 7. 63 Other Requirements : If an audit discloses any significant audit findings relating to any award , including material noncompliance with individual project compliance requirements or reportable conditions in internal controls of the Agency, the Agency shall submit as part of the audit package to the Department a plan for corrective action to eliminate such audit findings or a statement describing the reasons that corrective action is not necessary. The Agency shall take timely and appropriate corrective action to any audit findings , recommendations , and corrective action plans .