FY 2013 Operating and Capital Budget - Metro Transit
FY 2013 Operating and Capital Budget - Metro Transit
FY 2013 Operating and Capital Budget - Metro Transit
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Department of Transportation. All interim budget <strong>and</strong> performance indicator reports are also<br />
published on the <strong>Metro</strong> website.<br />
Fund Accounting<br />
<strong>Metro</strong> maintains its accounting records on the basis of funds. A fund is a fiscal <strong>and</strong> accounting<br />
entity with a self-balancing set of accounts. Cash <strong>and</strong> other financial resources, together with<br />
all related liabilities <strong>and</strong> residual equities balances <strong>and</strong> changes therein are segregated for the<br />
purpose of carrying on the specific activities or attaining certain objectives in accordance with<br />
special regulations, restrictions or limitations.<br />
The fund financial statements provide information about <strong>Metro</strong>’s funds, including fiduciary<br />
funds. Separate statements for each fund category – proprietary <strong>and</strong> fiduciary – are presented.<br />
The emphasis of fund financial statements is on the enterprise funds.<br />
All funds used in accounting for the financial operations of <strong>Metro</strong> are enterprise funds or<br />
fiduciary funds. For financial reporting purposes, <strong>Metro</strong> is considered a single enterprise fund<br />
in which all subsidiary enterprise funds are combined <strong>and</strong> interfund transactions are<br />
eliminated. <strong>Metro</strong> is required to adopt a balanced budget; however, it is not required to adopt<br />
legally enforceable budgets <strong>and</strong> does not adopt such budgets.<br />
Fund Equity<br />
Fund equity is calculated by deducting the liabilities from the assets. In its simplest terms, it<br />
is what would be left over if all liabilities were paid at fiscal year-end. Fund equity is one<br />
indicator of financial health.<br />
Enterprise Funds<br />
<strong>Metro</strong>’s enterprise funds are used to account for operations that are financed <strong>and</strong> operated in a<br />
manner similar to private business enterprises.<br />
The business purposes of the various enterprise funds of <strong>Metro</strong> are as follows:<br />
• General Agency Fund - performs certain developmental activities <strong>and</strong> acts as the<br />
administrative head of <strong>Metro</strong>;<br />
• Gateway Arch Tram System Fund - operates <strong>and</strong> maintains the transportation system<br />
within the Gateway Arch in accordance with a cooperative agreement with the United<br />
States Government;<br />
• Gateway Arch Parking Facility Fund - operates <strong>and</strong> maintains the parking garage at the<br />
Jefferson National Expansion Memorial Park in accordance with a cooperative agreement<br />
with the United States Government;<br />
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