Comprehensive Annual Financial Report for the ... - WMATA.com

More documents

Recommendations

Info

Washington Metropolitan Area Transit AuthorityFY 2009 Comprehensive Annual Financial ReportCapital Assets and Debt Administration (Continued)Capital AssetsCurrent YearManagement's Discussion and AnalysisThe Authority's net capital asset balance was $8,107 million (net of accumulated depreciation andamortization) as of June 30, 2009, a decrease of $85.8 or 1.0 percent. Capital assets before depreciationand amortization increased by $323.6 million as described below.Buildings and Improvements increased by $32.9 million or 5.4 percent as a result of rehabilitation activities.Transit facilities increased by $97.4 million or 1.3 percent as a result of the completion of the West Ox busgarage and rehabilitation costs.Revenue vehicles increased by $135.4 million or 6.1 percent, as a result of placing new rail cars and cleannatural gas bus transportation vehicles into service. In addition, costs associated with railcar rehabilitationalso contributed to the increase.Other equipment increased by $153.0 million or 8.4 percent. This increase can be attributed to theacquisition of service vehicles and maintenance shop equipment. In addition, rehabilitation costs associatedwith power distribution facilities, passenger stations, and revenue vehicle control equipment contributed tothe increase.Additional information on the Authority's capital assets can be found in note 5 on pages 35-36 of thisreport.Prior YearNet capital assets were substantially unchanged for fiscal year 2007 to fiscal year 2008.Capital assets before depreciation and amortization increased by $398.4 million.Revenue vehicles increased by $278.9 million or 14.4 percent, as a result of placing new rail cars intoservice. In addition, costs associated with railcar rehabilitation also contributed to the increase.Future Capital PlansIn fiscal year 2010, the Authority will work with its funding jurisdictions to renew the multi-year capitalfunding agreement that will begin on July 1, 2010 (fiscal year 2011). The previous funding agreement thatcovered the period from fiscal year 2005 to fiscal year 2010 provided $3.2 billion in funding for projectsincluding replacing deteriorated or damaged track, repairing cracks and leaks in stations and tunnels,replacing obsolete communications and train control equipment, and performing general buildingmaintenance at many WMATA facilities. To date, approximately $2.2 billion has been expended.Metro is currently working with the Board and its funding partners on the specifics of the next fundingarrangement that will be effective July 1, 2010.19
Washington Metropolitan Area Transit AuthorityFY 2009 Comprehensive Annual Financial ReportManagement's Discussion and AnalysisBonds and Other DebtThe Authority's total outstanding bond debt as of June 30, 2009 and 2008 was $435.9 million and $153.1million, respectively. By insuring some of its bonds, the Authority has obtained a AAA rating from Standardand Poor's for these issuances. The bonds' uninsured rating is A.The Authority's total outstanding Commercial Paper Notes, Series A debt as of June 30, 2009 and 2008was $0 and $330.0 million, respectively.Additional information on the Authority's bonds and other debt can be found in note 6 on pages 37-40 ofthis report.Lease ObligationsInformation on these transactions can be found in note 11 on pages 57-59 of this report.Economic FactorsEmployment in the Washington, D.C. metropolitan area, although performing better than the nationalaverage, felt the impact of the economic downturn. According to the U.S. Department of Labor, Bureau ofLabor Statistics, the employed labor force was 2.8 million at June 30, 2009, a decrease of nearly 95,000jobs or 3.2 percent. The regional unemployment rate of 6.5 percent compares favorably with the nationalunemployment rate of 9.5 percent at June 2009. The region is the seat of the federal government, whichaccounts for more than 30.0 percent of the region's economy, according to George Mason UniversityCenter for Regional Analysis.Requests for InformationThis financial report is designed to provide interested readers with a general overview of the Authority'sfinances. Questions concerning this report or requests for additional financial information should bedirected to the Office of Accounting, Washington Metropolitan Area Transit Authority, 600 Fifth St., NW,Washington, D.C. 20001, telephone number (202) 962-1605.20
Page 1 and 2: COMPREHENSIVEANNUALFINANCIALREPORTF
Page 3 and 4: Washington Metropolitan Area Transi
Page 11: Washington Metropolitan Area Transi
Page 14 and 15: This Page Intentionally Left Blank
Page 16 and 17: ~Clifta~ Gund~rson LLPCertified Pub
Page 36: Washington Metropolitan Area Transi
Page 77 and 78:
Washington Metropolitan Area Transi
Page 79:
~system Map.Red Une e Glenmont to S
show all

Comprehensive Annual Financial Report for the ... - WMATA.com

Create successful ePaper yourself

Delete template?

Save as template?