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Comprehensive Annual Financial Report Comprehensive Annual PDF

81 Pages·2009·1.13 MB·English
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CCoommpprreehheennssiivvee AAnnnnuuaall FFiinnaanncciiaall RReeppoorrtt For Fiscal Year Ended December 31, 2008 Leading to the Future SM UUTTAAHHTTRRAANNSSIITTAAUUTTHHOORRIITTYY UTA Mission Statement “Utah Transit Authority strengthens and connects communities thereby enabling individuals to pursue a fuller life with greater ease and convenience by leading through partnering, planning, and wise investment of physical, economic, and human resources.” Comprehensive Annual Financial Report For Fiscal Year Ended December 31, 2008 Finance Department Kenneth D. Montague, Jr. Chief Financial Officer Daniel J. Harps Comptroller SM UTAHTRANSITAUTHORITY SM Table of Contents SectionOne-INTRODUCTORY LetterofTransmittal ..........................................................................1 CertificateofAchievement ....................................................................11 OrganizationalChart .........................................................................12 BoardofTrusteesandAdministration............................................................13 ServiceAreaMap............................................................................16 SectionTwo-FINANCIAL IndependentAuditor’sReport ..................................................................17 Management’sDiscussionandAnalysis ..........................................................18 FinancialStatements: ComparativeBalanceSheets............................................................26 ComparativeStatementsofRevenues,ExpensesandChangesinNetAssets ......................27 ComparativeStatementsofCashFlows ...................................................28 NotestotheFinancialStatements........................................................29 SectionThree-STATISTICAL FinancialTrends.............................................................................54 RevenueCapacity ...........................................................................58 DebtCapacity...............................................................................61 DemographicandEconomicInformation.........................................................63 OperatingInformation........................................................................66 IndustryComparativeStatistics: 2007PerformanceMeasures-LightRail ..................................................68 2007PerformanceMeasures-BusService.................................................69 2007PerformanceMeasures-DemandResponse ...........................................70 Graphs.................................................................................71 INTRODUCTORY SM June1,2009 TotheBoardofTrustees UtahTransitAuthorityand CitizenswithintheUTAServiceArea WearepleasedtosubmittoyoutheComprehensiveAnnualFinancialReport (CAFR)oftheUtahTransitAuthority(theAuthority)forthefiscalyearendedDecember 31,2008. Thisdocumenthasbeenpreparedbytheaccountingandfinancedepartments usingtheguidelinesrecommendedbytheGovernmentFinanceOfficersAssociationof theUnitedStatesandCanadaandconformswithgenerallyacceptedaccounting principlesacceptedintheUnitedStatesofAmericaandpromulgatedbythe GovernmentalAccountingStandardsBoard. Thisreportcontainsfinancialstatementsandstatisticaldatawhichprovidefull disclosureofallthematerialfinancialoperationsoftheAuthority. Thefinancial statementandstatisticalinformationaretherepresentationoftheAuthority’s managementwhichbearstheresponsibilityfortheiraccuracy,completenessandfairness. Thefinancialstatementshavebeenpreparedontheaccrualbasisofaccounting inconformancewithgenerallyacceptedaccountingprinciples. TheAuthorityis accountedforasasingleenterprisefund. ThisCAFRisindicativeoftheAuthority’s commitmenttoprovideaccurate,conciseandhigh-qualityfinancialinformationtothe residentsofitsserviceareaandtoallotherinterestedparties. UTAHTRANSITAUTHORITY 3600SOUTH700WEST P.O.BOX30810 SALTLAKECITY,UTAH84130-0810 TEL.801.262.5626 www.rideuta.com 1 SM The Authority The Utah Transit Authority was Commission who acts as a liaison Manager in accordance with the incorporatedonMarch3,1970,under between the Authority and the direction, goals and policies of the authority of the Utah Public Transit Transportation Commission, one Authority’s Board of Trustees. The DistrictActof1969forthepurposeof member of the board is appointed by GeneralManagerhasfullchargeofthe providingapublicmasstransportation the Governor, one member is acquisition, construction, system for Utah communities. The appointed by the speaker of the Utah maintenance, and operation of the Authorityisgovernedbya19member State House of Representatives and facilities of the Authority and of the board of trustees which is the one member is appointed by the administration of the business affairs legislative body of the Authority and PresidentoftheStateSenate. of the Authority. The General determines all questions of Authority Managersupervisestheexecutivestaff policy. FifteenmembersoftheBoard All nineteen members will have an whichisorganizedintotwogroups,the of Trustees are appointed by each equal vote as the Board of Trustees Corporate Forum and the Business countymunicipalityorcombinationof passesordinancesandsetspoliciesfor Unit Forum. The Corporate Forum municipalities which have been theAuthority. includes the General Manager, annexed to theAuthority. The Board Assistant General Manager, Chief also includes one member who is Theresponsibilityfortheoperationof Capital Development Officer, Chief appointed by the Transportation the Authority is held by the General TRAXatthe CityandCountyBuilding MAXinfrontofLDSTemple inSaltLakeCity MCIBusatUtahStateCapitol 2 Operating Officer, Chief Financial groups meet together in a Policy Highland, Lehi, Lindon, Mapleton, Officer, Chief Communications Forumtoreviewandsetmanagement Orem,Payson,PleasantGrove,Provo, Officer, Chief Technology Officer, policies, goals and objectives. The Salem, Spanish Fork and Springville General Counsel and Executive CivilRightsDepartmentalsoreportsto andProvoCanyoninUtahCountyand Secretary. The Business Unit Forum theGeneralManager. theCitiesofTooeleandGrantsvillein includes the Regional General TooeleCountyandthatpartofTooele Manager of Meadowbrook, Regional TheInternalAuditorfortheAuthority Countycomprisingtheunincorporated General Manager of Mt. Ogden, reports to the Board of Trustees. An areas of Erda, Lakepoint, Stansbury Regional General Manager of organizational chart which illustrates Park, and Lincoln, and the cities of Timpanogos,SpecialServicesGeneral the reporting relationships follows in Brigham City, Perry and Willard in Manager, Regional General Manager theintroductorysection. BoxElderCounty. Thepopulationof of Central, Rail Service General the Authority’s service area is Manager, Chief Financial Officer, The Authority serves the largest estimated at 2,183,528 and represents Chief Technology Officer and the segment of population in the State of 79% percent of the State’s total Chief Operating Officer. Each group UtahknownastheWasatchFront. Its population. In 2009 the cities of meets periodically to coordinate and serviceareaincludesSaltLake,Davis SaratogaSpringsandEagleMountain manage the affairs and operations of and Weber Counties, the Cities of CitywilljointheAuthority. theAuthority. Onamonthlybasisboth Alpine, American Fork, Cedar Hills, SkiBuses FrontRunneratOgdenIntermodalCenter UTAParatransitVehicle 3 SM Current Year Review The mission statement developed by opening Utah’s first commuter rail residentialandcommercialareas. The the Authority’s Board of Trustees line,itsfirstbusrapidtransitlineand southern terminus, the Salt Lake continues to guide the activity and anextensiontoitscurrentlightrailline Central Plaza station provides a directionoftheTransitAuthority. The calledTRAX. connection between commuter and missionstatementis: lightrail. TheSaltLakeCentralPlaza The commuter rail line called station,isanintermodalhubthatalso UtahTransitAuthoritystrengthensand FrontRunnerrunsfromSaltLakeCity serves Utah Transit Authority buses, connects communities, thereby throughDavisandWeberCountiesto Greyhound buses and the Amtrak enablingindividualstopursueafuller Pleasant View just north of Ogden. station. During2008,anextensionof lifewithgreatereaseandconvenience FrontRunner is approximately 44 thecurrentTRAXlightrailsystemwas by leading through partnering, mileslongandhasstationsatPleasant extendedfromthearenastationtothe planning, and wise investment of View,Ogden,Roy,Clearfield,Layton, intermodalhubprovidingaconvenient physical, economic and human Farmington, Woods Cross and transferfromFrontRunnertoTRAXor resources. terminatesattheSaltLakeintermodal thebussystem. center called the Salt Lake Central A major element in future growth Plaza. FrontRunner operates diesel In July of 2008, the Authority also scenarios for the Wasatch Front is electric locomotives and uses multi- launched its first bus rapid transit increasedtransportationchoices. The levelpassengercoaches,iscapableof system or BRT. This first BRT line UtahTransitAuthorityisleadingoutin achieving a maximum speed of 79 runsalong3500SouthfromMagnato this area by developing a mass milesperhour,andisanintegratedpart the3300SouthTRAXstationcovering transportation network that when it is of the Authority’s regional transit 10miles,containing23busstopsand completedwillbeoneofthebestinthe system. linkingriderstolightrail. BRTservice nation. During 2008, the Authority is sometimes referred to as “light rail continueditsprogresstowardsbuilding Buses serve each of the individual onrubbertires”becauseitprovidesthe thisfirst-classtransportationsystemby stations providing connections to speed and dependability of light rail TRAXandFrontRunneratthenewSaltLakeCentralPlaza 4 service. This first BRT line is called The Authority also achieved a 5% efficient energy management a high MAX and is served by 10 buses that reductioninelectricalusageatpark-n- priority. werespeciallydesignedfortheservice ride lots along the north/southTRAX which facilitates easy access for corridor. Based on actual vehicle For a more complete review of the gettingonandoffthebuses. Busesare miles traveled in 2008, the Authority Authority’s current year financial equipped with traffic preemption was able to reduce the NOx emission activities please refer to section two, capability and make limited stops rateofitsfleetbyover9.3%. UTAhas which contains the Auditor Report, whichreducesthetraveltimethrough developed a six-year bus replacement Management’s Discussion and thecorridor. plan that will reduce PM and NOx Analysis,theFinancialStatementsand emissions by 80% in 2015. The accompanyingnotes. The Authority is the only transit Authority will continue to make authorityintheUnitedStateswithboth ISO 9001 certification for quality management and ISO 14001 certification for environmental management. Through better energy management systems the Authority reducedtheamountofelectricitybeing used for 2008 by 5.57% at all its bus MAXtoTRAXservice divisions except Riverside. Projects for reducing the use of electricity at Riversidewillbeunderwayin2009. UniversityofUtahfans disembarkingTRAX TRAXplatformat SaltLakeCentralPlaza 5

Description:
Jun 1, 2009 This report contains financial statements and statistical data which provide full disclosure of all the FrontRunner at Ogden Intermodal Center.
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