Comprehensive Annual Financial Report for FY 2012 - Omnitrans

More documents

Recommendations

Info

FINANCIAL SECTION MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED) The statements of net position include information on all of the Agency’s assets and liabilities with the difference between assets and liabilities reported as net position. Changes in net position may serve as a useful indicator of whether the financial position of the Agency is improving or deteriorating. The statement of revenues, expenses and change in net position present information regarding how the Agency net position changed during the fiscal years ended June 30, 2012 and 2011. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, and amounts are measurable, regardless of the timing of related cash flows. FINANCIAL STATEMENTS ANALYSIS The following tables summarize revenues, expenses and changes in net position comparing fiscal year 2012 with fiscal year 2011. For additional information regarding the Agencies’ financial activities for fiscal year ended June 30, 2012, readers are encourage to read this section in conjunction with the accompanying Notes to the Basic Financial Statements. REVENUES AND EXPENSES REVENUES Omnitrans’ total revenues for fiscal year ending June 30, 2012 show an increase of $8.5 million or 9.5 percent compared to the last fiscal year. Revenue from fares, pass and ticket sales less discount to pass sale vendors was $1.8 thousand less than the previous fiscal year. Reduction in advertising revenues account for the majority of the decrease in total operating revenues. Advertising revenue decreased $103.3 thousand or 11.4 percent compared to the previous fiscal year. Other transportation revenues account for less than 0.3 percent of total operating revenues decreased $2.0 thousand or 4.7 percent. Federal and local operating grants for Omnitrans decreased from $52.7 million in fiscal year 2011 to $47.9 million in fiscal year 2012. This represents a $4.8 million or 9.5 percent reduction in revenues. Omnitrans receive federal, state and local funding, which is utilized for both operating and capital expenditures. The slow economy continues to affect the rate of return on the Agency’s investment with Local Agency Investment Fund (LAIF). The Agency’s interest income from LAIF decreased $21.6 thousand or 29.0 percent compared to the previous fiscal year. LAIF’s interest rate on investment remains under one percent. Financing the construction, operation and maintenance of public transportation systems involves many different types of funding sources, including federal and non-federal grants, and other revenue sources. Omnitrans received $47.9 million in federal and local operating grants and $34.4 million in capital assistance for fiscal year ended June 30, 2012. Compared to last fiscal year, federal and local operating grants decreased $4.8 million or 9.1 percent and capital assistance increased $13.4 million or 63.7%. The source of federal and local operating grants and capital assistance include the following: • Measure I - the ½-cent sales tax collected throughout San Bernardino County for transportation improvements. • Local Transportation Fund (LTF) - Transportation Development Act (TDA) earmark ¼ percent of the state sales tax for transit. • Urbanized Area Formula Program (5307) - transit capital and operating assistance in urbanized areas and for transportation-related planning. 4 2012 Comprehensive Annual Financial Report
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED) • Congestion Mitigation and Air Quality Improvement (CMAQ) - established to support surface transportation projects and other related efforts that contribute air-quality improvements and provide congestion relief. • Job Access and Reverse Commute (JARC) - established to improve access to transportation services to employment and employment-related activities for welfare recipients and eligible low-income individuals and to transport residents of urbanized areas and non-urbanized areas to suburban employment opportunities. • New Freedom - a formula grant program aims to provide additional tools to overcome existing barriers facing Americans with disabilities seeking integration into the workforce available to people with disabilities beyond the requirements of the Americans with Disabilities Act of 1990 (ADA). FINANCIAL SECTION • State Transit Assistance Fund (STAF) - derived from sales tax on gasoline and diesel fuel, this funding is an allocation to local transit agencies to fund a portion of the operations and capital costs associated with local mass transportation programs. • Public Transportation Modernization, Improvement and Service Enhancement Account Program (PTMISEA) - created by Proposition 1B, is funding available to transit operators over a ten-year period. PTMISEA funds may be used for transit rehabilitation, safety or modernization improvements, capital service enhancements or expansions, new capital projects, bus rapid-transit improvements, or rolling stock (buses and rail cars) procurement, rehabilitation or replacement. Interest income for the Agency consists of quarterly return on investment with the Local Agency Investment Fund (LAIF). The LAIF program offers local agencies the opportunity to participate in a major portfolio, which invests hundreds of millions of dollars, using the investment expertise of the State Treasurer's Office at no additional cost. Total interest income for fiscal year ended June 30, 2012 was $52.7 thousand, down $21.6 thousand or 29.0 percent compared to the previous fiscal year. Other non-operating revenues consist mainly of quarterly reimbursement to the Agency from the Amalgamated Transit Union (ATU) Local 1704 for wages and benefits paid by the Agency to ATU Officers/Stewards during normal work hours to process grievances. Total other non-operating revenues increased $4.9 thousand or 24.7 percent over last fiscal year. OMNITRANS’ REVENUES Percent Increase Increase 2012 2011 (Decrease) (Decrease) Passenger fares $14,536,931 14,538,747 (1,816) (0.0) Advertising revenue 805,904 909,176 (103,272) (11.4) Other transportation revenue 39,819 41,802 (1,983) (4.7) Federal and local operating grants 47,875,811 52,675,797 (4,799,986) (9.1) Capital assistance 34,412,696 21,016,685 13,396,011 63.7 Interest income 52,727 74,302 (21,575) (29.0) Other non-operating revenues 24,951 20,002 4,949 24.7 Total Revenue $97,748,839 89,276,511 8,472,328 9.5 2012 Comprehensive Annual Financial Report 5
Page 1 and 2: CONNECTING OUR COMMUNITY OMNITRANS,
Page 3 and 4: OMNITRANS San Bernardino, Californi
Page 5 and 6: INTRODUCTORY SECTION CONNECTING OUR
Page 7 and 8: January 9, 2013 To the Members of t
Page 9 and 10: ORGANIZATIONAL CHART BOARD OF DIREC
Page 11 and 12: OMNITRANS BOARD OF DIRECTORS INTROD
Page 13 and 14: INTRODUCTORY SECTION 2012 Comprehen
Page 15 and 16: with service beginning at 5:13 AM a
Page 17 and 18: The focus is centered on sustainabi
Page 19 and 20: AWARDS AND ACKNOWLEDGEMENTS The Gov
Page 21 and 22: FINANCIAL SECTION CONNECTING OUR CO
Page 23 and 24: Board of Directors Omnitrans San Be
Page 25: MANAGEMENT’S DISCUSSION AND ANALY
Page 29 and 30: MANAGEMENT’S DISCUSSION AND ANALY
Page 35 and 36: STATEMENT OF REVENUES, EXPENSES AND
Page 37 and 38: STATEMENT OF CASH FLOWS (CONTINUED)
Page 39 and 40: Capital contributions consist of gr
Page 41 and 42: NET POSITION The unrestricted net p
Page 43 and 44: party. The custodial credit risk fo
Page 45 and 46: The future minimum lease obligation
Page 47 and 48: • Public Officials Errors and Omi
Page 49 and 50: (9) COMMITMENTS AND CONTINGENCIES L
Page 51 and 52: The fair values, classification and
Page 53 and 54: STATISTICAL SECTION CONNECTING OUR
Page 55 and 56: STATISTICAL SECTION This section of
Page 57 and 58: FINANCIAL TRENDS (CONTINUED) CHANGE
Page 59 and 60: DEMOGRAPHIC AND ECONOMIC INFORMATIO
Page 61 and 62: RIVERSIDE-SAN BERNARDINO-ONTARIO MS
Page 63 and 64: THE ECONOMY AND ECONOMIC OUTLOOK Af
Page 65 and 66: OPERATING INFORMATION (CONTINUED) O
Page 67: CONNECTING OUR COMMUNITY OMNITRANS

Comprehensive Annual Financial Report for FY 2012 - Omnitrans

Create successful ePaper yourself

Delete template?

Save as template?