Comprehensive Annual Financial Report - Metro Transit

Emerson Electric, Express Scripts and Monsanto. (See page 99 in the statistical section for St. Louismetro area major employers.)The St. Louis region is located near the geographic and population center of the nation and hasaccess to four modes of transportation; air, rail, road, and water. We have four interstate highwaysand four interstate highway linkages. Lambert International Airport, a dozen regional airports andMetroLink provide options for local commuting. St. Louis is one of the nation’s largest rail centers andis home to six Class I railroads and several smaller industrial lines, along with Amtrak service. St.Louis, the second largest inland port, offers more than 100 docks and terminal facilities servingapproximately 2,500 barges annually.The annual average 2010 unemployment rate of 10.0 percent fell to 9.0 percent in June 2011 in theSt. Louis, MO-IL Metropolitan Statistical Area (MSA), but was still significantly higher than the 2008annual average of 6.4 percent. (See annual unemployment rates by county in the StatisticalSection of this document.) While national home sales showed some improvement over the pastyear, improved home sales in the St. Louis region came with deflated home prices.Regional sales taxes are the largest source of subsidy for public transportation in Missouri.Unemployment clearly impacts sales taxes as illustrated by the fall of retail sales. The regionexperienced some recovering in sales taxes at the end of FY2011. Sales tax collections increased by3.0% in St. Louis County between 2011 and 2010 and also increased in the City of St. Louis by 1.5%over the same period. While trending upward, sales taxes are still considerably below levels prior to2008. With the State of Missouri experiencing economic budget pressures due to declining revenues,the state has reduced its operating subsidy to the Agency almost entirely providing support under$200,000 in FY2011.The economic climate has also impacted Business Enterprise units. In recent years, the GatewayArch, Arch Parking Facility, Riverboats, and the St. Louis Downtown Airport have experienced mixedchanges in business volume. The St. Louis Downtown Airport has been affected by the sloweconomy and the Riverboats have been plagued by high flood waters, forcing them to close forbusiness during portions of their busy season.ix