Comprehensive Annual Financial Report Comprehensive Annual

81 Pages·2009·1.13 MB·English

CCoommpprreehheennssiivvee
AAnnnnuuaall FFiinnaanncciiaall
RReeppoorrtt
For Fiscal Year Ended
December 31, 2008
Leading to the Future
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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
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UTAHTRANSITAUTHORITY
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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
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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.[phone] www.rideuta.com
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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
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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
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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
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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
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