Comprehensive Annual Financial Report - Metro Transit

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Bi-State Development Agency of theMissouri-Illinois Metropolitan DistrictNotes to Financial StatementsJune 30, 2011 and 2010Operating expenses include the cost of services, administrative expenses anddepreciation expenses on capital assets. All revenues and expenses not meeting thisdefinition are reported as non-operating revenues and expenses.Capital Grants and AssistanceAll capital grants and assistance are recorded in the accounting period in which theybecome earned and measurable. Unrestricted, irrevocable operating assistance grantsare recorded as non-operating income. Capital grants and assistance that are restrictedto use for payments of debt service or acquisitions of capital assets are recorded ascapital contributions in the Statement of Revenues, Expenses and Changes in NetAssets.ReclassificationsCertain reclassifications have been made to the prior year’s financial statements toconform to the current year presentation.2.Cash, Cash Equivalents and InvestmentsCash, cash equivalents and investments of Metro are presented on the combinedstatements of net assets as restricted cash and cash equivalents and restrictedinvestments, as discussed in Note 3 (Restricted Assets, page 26), and as unrestrictedcash and cash equivalents and investments. Deposits and investments are segregated,in this footnote, based upon GASB Statement No. 3, Deposits with Financial Institutions,Investments (including Repurchase Agreements), and Reverse Repurchase Agreements,as amended by GASB Statement No. 40.Cash on HandCash on hand, which includes petty cash, working funds (including funds in ticketvending machines) and undeposited receipts, was $721,026 and $753,302 at June 30,2011 and 2010, respectively.Cash DepositsAt June 30, 20011 and 2010, the carrying amounts of Metro’s deposits were $16,428,309and $11,792,392, respectively, and the bank balances were $18,587,484 and$13,182,409 respectively.Custodial Credit Risk. Custodial credit risk is the risk that in the event of a financialinstitution failure, Metro’s deposits may not be returned. Metro’s banking and investmentpolicy authorizes the use of demand deposit and interest bearing bank accounts, andcertificates of deposit. The policy specifies that bank deposits exceeding FDIC insurancecoverage be collateralized with U.S. government or agency securities, or be guaranteedby a surety carrying the highest rating of a nationally recognized credit ratingorganization. As of June 30, 2011, Metro’s bank total bank balance was $18,587,484.23
Bi-State Development Agency of theMissouri-Illinois Metropolitan DistrictNotes to Financial StatementsJune 30, 2011 and 2010Of this total, $5,475,459 was guaranteed by FDIC insurance, including through provisionsof the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Of theremaining balance of $13,112,025, $12,419,769 was collateralized with securities heldin a joint custody account at the Federal Reserve Bank, and $692,256 was collateralizedwith securities held in a segregated account with a third party custodian.InvestmentsAs of June 30, 2011 and 2010, Metro had the following investments and maturities:June 30, 2011Investment MaturitiesFair Value Overnight 2-90 days 90-365 days 1-5 years + 5 yearsMoney Market Funds& Other Broker Accounts $ 50,686,419 $ 50,686,419 $ - $ - $ - $ -Repurchase Agreements 31,857,413 31,857,413 - - - -U.S. Treasury Bills 32,983,200 - 14,249,722 18,733,478 - -U.S. Treasury Notes 2,002,656 - - - 2,002,656 -U.S. Treasury STRIPS 2,404,747 - 2,404,747 - - -Government Agencies:FHLB Discount Notes 23,997,488 - 19,999,216 3,998,272 - -FHLB Bonds 15,529,217 - - 1,005,720 14,523,497 -FCB Bonds 4,502,065 - - - 4,502,065 -Investment Contracts:AIG 21,574,915 - - - - 21,574,915FSA 57,101,499 - - - - 57,101,499Total $ 242,639,619 $ 82,543,832 $ 36,653,685 $ 23,737,470 $ 21,028,218 $ 78,676,414June 30, 2010Investment MaturitiesFair Value Overnight 2-90 days 90-365 days 1-5 years + 5 yearsMoney Market Funds& Other Broker Accounts $ 66,813,082 $ 66,813,082 $ - $ - $ - $ -Repurchase Agreements 35,385,402 35,385,402 - - - -U.S. Treasury Bills 14,991,849 - 9,497,113 5,494,736 - -U.S. Treasury STRIPS 2,398,427 - - - 2,398,427 -Government Agencies:FHLB Discount Notes 26,578,765 - 15,997,900 10,580,865 - -FHLB Bonds 9,015,309 - - 5,004,373 4,010,936 -FCB Bonds 2,001,875 - - - 2,001,875 -RTC STRIPS 19,031,267 - - - - 19,031,267Investment Contracts:AIG 76,558,551 - - - - 76,558,551FSA 56,091,003 - - - - 56,091,003Total $ 308,865,530 $ 102,198,484 $ 25,495,013 $ 21,079,974 $ 8,411,238 $ 151,680,821All of the Investment Contracts shown above are related to Metro’s Finance ObligationsUnder Lease, as discussed in Note 9.At June 30, 2011 and 2010, Metro’s fiduciary activities had the following investments andmaturities:24
Page 1 and 2: 2011Comprehensive AnnualFinancial R
Page 3 and 4: Introduction SectionBi-State Develo
Page 5 and 6: October 26, 2011Vincent C. Schoemeh
Page 7 and 8: Sources of Local Match Funding for
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Ticket prices are: All: $62.00"Sund
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707 N. First StreetSt. Louis, MO 63
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Comprehensive Annual Financial Report - Metro Transit

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