NOTICE OF MEETING AND AGENDA - Metro Transit

Transit SystemQuarterly Balance Sheet ComparisonJune 30, 2011(In Thousands)(unaudited)Liabilities and net assetsCurrent Prior $ Change % Chg Prior Year $ Change % ChgCurrent liabilitiesAccounts payable $ 8,625 $ 10,368 $ (1,743) (16.8) $ 5,279 $ 3,346 63.4Accrued expenses 17,708 17,959 (251) (1.4) 17,922 (214) (1.2)Other current liabilities 2,688 15,164 (12,476) (82.3) 2,046 642 31.4Total current liabilities 29,021 43,491 (14,470) (33.3) 25,247 3,774 14.9Current liab payable from restricted assetsAccounts payable and retention 1,091 1,060 31 2.9 1,046 45 4.3Accrued interest payable 6,508 12,592 (6,084) (48.3) 5,880 628 10.7General self-insurance liability 6,472 6,472 - - 6,472 - -Medical self-insurance liability 3,488 3,253 235 7.2 3,465 23 0.7Current portion of long-term debt 10,120 10,120 - - 9,650 470 4.9Current portion of lease obligation 2,950 2,950 - - 7,223 (4,273) (59.2)Total current liabilities payablefrom restricted assets 30,629 36,447 (5,818) (16.0) 33,736 (3,107) (9.2)Total current liabilities 59,650 79,938 (20,288) (25.4) 58,983 667 1.1Non-current liabilitiesOther post-employment benefits 38,916 39,050 (134) (0.3) 30,690 8,226 26.8Long-term self-insurance 7,063 5,368 1,695 31.6 4,931 2,132 43.2Long-term debt 570,012 570,665 (653) (0.1) 582,358 (12,346) (2.1)Capital lease obligations 75,316 74,062 1,254 1.7 140,058 (64,742) (46.2)Other non-current liabilities 7,138 7,666 (528) (6.9) 251 6,887 n/aTotal non-current liabilities 698,445 696,811 1,634 0.2 758,288 (59,843) (7.9)Total liabilities 758,095 776,749 (18,654) (2.4) 817,271 (59,176) (7.2)Net assetsNet assets- capital investments 930,977 919,671 11,306 1.2 893,512 37,465 4.2Net assets- unrestricted (239,532) (239,532) - - (151,458) (88,074) (58.2)Net income (loss) (75,990) (52,292) (23,698) (45.3) (88,074) 12,084 13.7Total net assets 615,455 627,847 (12,392) (2.0) 653,980 (38,525) (5.9)Total liabilities and net assets $ 1,373,550 $ 1,404,596 $ (31,046) (2.2) $ 1,471,251 $ (97,701) (6.6)13