07 CAFR cover FINAL.p65 - WMATA.com

Washington Metropolitan Area Transit AuthorityFY 2007 Comprehensive Annual Financial ReportStatements of Revenues, Expenses, and Changes in Net AssetsFor the Years Ended June 30, 2007 and 2006(in thousands)2007 2006OPERATING REV ENUESPassenger revenue $ 563,356 $ 555,262Charter and contract revenue 6,767 3,909A dvertising revenue 33,000 30,000Rental revenue 20,777 17,108Other revenue 1,192 1,199Total operating revenues 625,092 607,478OPERATING EX PENSESLabor 573,514 536,439Fringe benefits 302,416 271,577Services 117,867 102,081Materials and supplies 144,584 123,439Utilities 72,286 67,010Casualty and liability costs 28,223 44,688Leases and rentals 2,925 3,999Miscellaneous 3,452 5,205Depreciation and amortization 361,141 306,955Total operating expenses 1,606,408 1,461,393Operating loss (981,316) (853,915)NONOPERATING REVENUES (EXPENSES)Investment income 3,288 3,981Interest income from leasing transactions 87,874 88,548Interest expense from leasing transactions (87,874) (88,548)Interest expense (11,838) (9,978)Income (expense) from pension plans 16,392 (14,514)Other 12,281 9,413Jurisdiction subsidies:Operations 589,639 546,132Interest 10,413 11,926Total nonoperating revenues (expenses), net 620,175 546,960Loss before capital contributions (361,141) (306,955)Revenue from capital contributions 223,371 471,037Change in net assets (137,770) 164,082Total net assets, beginning of year 8,283,822 8,119,740Total net assets, ending of year $ 8,146,052 $ 8,283,822The accompanying notes are an integral part of these basic financial statements.23