2010 Component Unit Financial Statements - Regional ...

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REGIONAL TRANSPORTATION COMMISSION OF SOUTHERN NEVADA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010 NOTE 2 – Stewardship, Compliance and Accountability The RTC adopts annual budgets for the general fund and all special revenue, debt service, and capital project funds. All budgets are adopted on a basis consistent with applicable accounting principles generally accepted in the United States and used by the RTC for financial reporting. The RTC uses the following procedures to establish, modify, and control the budgetary data presented in the financial statements: a. Prior to April 15, the RTC submits to the Nevada State Department of Taxation the tentative budget for the next fiscal year, commencing on July 1. The tentative budget as submitted contains the proposed expenditures and means of financing them. b. The Nevada State Department of Taxation notifies the RTC of its acceptance of the tentative budget. c. Public hearings are conducted on the third Thursday in May. d. After all the changes have been noted and hearings closed, the RTC Board of Commissioners adopts the final budget on or before June 1. e. The NRS require budget controls to be exercised at the function level. The General Manager or designee is authorized to transfer budgeted amounts within functions or funds, but the RTC Board of Commissioners must approve any transfers between funds or increases to a fund's original appropriated level. f. Increases to a fund's budget (augmentations) other than by transfers are accomplished through formal RTC Board of Commissioners action. g. All appropriations lapse at the end of the fiscal year. Encumbrances are re-appropriated in the ensuing fiscal year. Compliance with Nevada Revised Statutes Per NRS 354.626, the RTC is required to report and explain expenditures that exceeded budgeted appropriations at the legal level for each of its funds. For the year ended June 30, 2010, the RTC had no funds with expenditures in excess of appropriations. New Accounting Pronouncements In June 2008, The GASB issued Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, effective for periods beginning June 15, 2009. This Statement addresses the recognition, measurement, and disclosure of information related to derivative instruments entered into by state and local governments. Effective July 1, 2008, the RTC implemented the provisions of GASB Statement No. 53 (Note 14). In March 2009, the GASB issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, effective for periods beginning after June 15, 2010. This statement establishes fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds. Management has not yet completed its assessment of this statement; and therefore, the effect of adopting this statement, if any, is not subject to estimation at this time. 26
REGIONAL TRANSPORTATION COMMISSION OF SOUTHERN NEVADA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2010 In December 2009, the GASB issued Statement No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans. The provisions of Statement 57 related to the use and reporting of the alternative measurement method are effective immediately. The provisions related to the frequency and timing of measurements are effective for actuarial valuations first used to report funded status information in OPEB plan financial statements for periods beginning after June 15, 2011. The objective of this Statement is to address issues related to the use of the alternative measurement method and the frequency and timing of measurements by employers that participate in agent multiple-employer other postemployment benefit (OPEB) plans (that is, agent employers). Management has not yet completed its assessment of this statement; and therefore, the effect of adopting this statement, if any, is not subject to estimation at this time. In December 2009, the GASB issued Statement No. 58, Accounting and Financial Reporting for Chapter 9 Bankruptcies, effective for periods beginning after June 15, 2009. Retroactive application is required for all prior periods presented during which a government was in bankruptcy. The objective of this Statement is to provide accounting and financial reporting guidance for governments that have petitioned for protection from creditors by filing for bankruptcy under Chapter 9 of the United States Bankruptcy Code. It requires governments to remeasure liabilities that are adjusted in bankruptcy when the bankruptcy court confirms (that is, approves) a new payment plan. Management does not anticipate filing for Chapter 9 Bankruptcy, and does not expect any financial or disclosure impact due to the issuance of this statement. In June 2010, the GASB issued Statement No. 59, Financial Instruments Omnibus, effective for periods beginning after June 15, 2010. The objective of this Statement is to update and improve existing standards regarding financial reporting of certain financial instruments and external investment pools. Management has not yet completed its assessment of this statement; and therefore, the effect of adopting this statement, if any, is not subject to estimation at this time. 27
Page 1 and 2: R E G I O N A L T R A N S P O R T A
Page 3 and 4: REGIONAL TRANSPORTATION COMMISSION
Page 5 and 6: R E G I O N A L T R A N S P O R T A
Page 8 and 9: MANAGEMENT’S DISCUSSION AND ANALY
Page 10 and 11: Restricted net assets are comprised
Page 12 and 13: REVENUES The following chart shows
Page 14 and 15: The RTC debt management policy stip
Page 16 and 17: BASIC FINANCIAL STATEMENTS
Page 66: REGIONAL TRANSPORTATION COMMISSION

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