AC Transit Annual Report 1967-1968

8/14/2019 AC Transit Annual Report 1967-1968

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ACTRANSITannual report1967-1968


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John McDonnellNo w serving his second term aspresident of the Board,McDonnell is owner of nurseriesin Oakland, Orinda and WalnutCreek. Active in communityefforts, McDonnell is a memberof the Governor's Task Force onTransportation . He has been adirector since the Districtwas created in 1956 .

William E. BerkPresident of a west Contra CostaCounty plumbing contracting firm,Berk is active in housing, building and contracting associations,as well as in civic and socialgroups . He is a director ofColumbus Founders Savings andLoan Association and theRichmond Chamber of Commerce.He was elected to the Boardin 1960 .

William J. BettencourtDirector of public relations,Friden, Inc ., Bettencourt currentlyis chairman of the CityBeautification Sub-Committee,San Leandro DevelopmentCommittee and is a past directorof the San Leandro Chamberof Commerce. He has served onthe Board since its founding in

1956 and represents the Districton the Bay Area Transit StudyCommission.

William H. Coburn, Jr.An attorney, Coburn was electedto the AC Transit Board ofDirectors in 1958. Active inlegal and civic affairs, Coburn ispast president of Berkeley-AlbanyBar Association and BerkeleyExchange Club and a formerdirector of Berkeley Chamber ofCommerce.

Board of Directors

THE COVER:-Oakland can take a bo w for expanding businessand industrial development and for its reputation as a placewhere people like to live the relaxed, friendly life . Countyseat of Alameda County, Oakland can boast of well-plannedbeauty and of the gem in its backyard, Lake Merritt, featuredon the cover of this annual report. A serene beauty spot, thelake is surrounded by Lakeside Park, center of recreationalactivity.

Robert M. CopelandColonel Copeland graduated as anengineer from Colorado Collegein 1913. In 1948 he retired fromthe Army Engineering Corps.He has been a director since1956, and also is a director ofStege Sanitary District; a lifemember of American Society ofCivil Engineers and of Society ofAmerican Military Engineers.

Ray H. RinehartA certified public accountant,Rinehart is past president,East Bay Chapter, Society ofCalifornia Accountants andOakland Serra Club . He is amember of National Panel ofArbitrators, American ArbitrationAssn., and director, UnitedCerebral Palsy Assn . ofAlameda County and St. Vincent'sDay Home . He has been aBoard member since 1963 .

E. Guy WarrenOwner of Warren TransportationCo., Warren currently is a trusteeof California State Colleges.Warren is past president of theCalifornia Trucking Association,Western Highway Institute,Hayward Chamber of Commerceand Hayward Rotary Club. He hasserved on the AC Transit Boardsince 1961.


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AC TRANSIThighlights

Homeward-bound commuters contribute to growth intransbay riding .

The 1967-68 fiscal year was a year of achievement for AC Transit, in which the forwardlooking policy of the Board of Directors an d th evigorous application of management resultedin decided financial an d riding growth.Contrary to national experience, th e Districtshowed heartening gains in p a s s ~ n g e r revenuean d in th e number of people using Districtservice. More people, particularly on East Baylines, were switching to bu s transportation,responding to th e economic and convenientadvantages of their publicly-owned system. Th eDistrict, in turn , effectively continued efforts toanticipate passenger needs and meet communitychanges and requirements .

Crowds await arrival of Santa Claus aboardCandy Cane Express.Highlights of th e year included : Reversal of downward trend in riding on EastBay lines. Continued growth in transbay riding. Accumulation of income surplus to apply tonew fiscal year, eliminating need to increasefares or taxes. Decision to eliminate monetary stock carriedby bus drivers as a means of stopping bushold-ups and assaults and inauguration in th e1968-69 year of a new, "Ready-Fare" plan ofriding. Approval of Federal grant to help finance studyinto most promising means of reducing crimeson transit vehicles on transit properties acrossthe nation. Release of engineering report of Northern California Transit Demonstration Project an d formation of three-system Bay Area committeeto help implement transit coordination. Launching of analysis of entire system, alongwith kindred study projects, to meet transitrequirements, including coordination withfuture operations of Bay Area Rapid TransitDistrict .


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Fiscal Year 1967-1968Alameda-Contra CostaTransit District

6050

40302010o

Revenue PassengersFiscal year ending June 30

millions of people

'64 '65"66 '67 '68'Passengers restated from previous Annual Report to giveeffect to passenger count procedure change effective withSeptember, 1965 and subsequent months.Increase in East Bay Riding

15

12

9

6

3

o

Passenger RevenueFiscal year ending June 30

millions of dollars

'64 '65 '66 '67 '68

Crowded buses roll through downtown Oakland, symbolicof riding increase on East Bay lines.

From it s inception in October. 1960. ACTransit ha s been determined to supply th e levelof transportation sought-and welcomed-by thepublic .To accomplish this. in the face of constantlyrising costs. i t has been necessary to attractadditional passengers and to find other sourcesof revenue. This th e District has been able to dofor the year past-and expectantly. will be ableto do in th e year ahead.Operating revenue of $15.181.817. plus$3.969.684 in property tax proceeds. amountedto $19.151.501. Total expenses for th e year.including depreciation and repayment of th e Dis-tr ict 's bonded debt. amounted to $18.849.625.As result. a $301.876 surplus of income overexpenses was recorded. enabling th e Districtto en d th e year " in the black" for th e secondstraight year.At th e same t ime. riding continued to grow.For a long period. th e District has enjoyed anincrease in transbay travel. to the point wherebuses now carry well over half the people whocross th e Bay bridge during th e top of th e peaktravel period.This same growth pattern became evident during th e year with an increase in riding on EastBay l ines. Th e three-year downward trend inlocal riding was stopped an d reversed. East Bayl ines had a patronage of 38 .067.523. up on epercent compared to the previous fiscal period.Revenue on East Bay routes totaled $8.089.710.up 1.29 percent.Two-thirds of the expense of operating Districtservice is attributed to East Bay lines. wh ichtraditionally operate in the red. A change in thispattern is of significant f inancial importance tothe Distr ict-and to every resident it serves.While growth on local l ines generally wa spromising , th e increase in riding on intercityexpress lines particularly was gratifying . Duringth e f iscal period, 3,447,728 passengers usedEast Bay express service, a boost of 2.53 percent compared to th e year before.


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Transbay Travel Up

7654321o

Bus FleetFisca l yea r endi ng Ju ne 30

hundreds of unilso fo rmer Key System :"lew Tr ansi t Lin ers

'64 '65 '66 '67 '68

Increase Transit Activity

Ne w headsigns receive finishing touches before inauguralof Alameda-Oakland commuter express service.Equipment Requirements

Buses stand ready at Transbay Transit Te rminal to carr yover half of peop le now using Bay Bridge in trave l peak.

Of important aid in helping the District chalkup a "better than expected" f inancial picturewas the steady increase in riding on transbaylines.Transbay buses carried 14,304,958 passengers during th e year , an increase of 3 .33 percentover th e passenger count of th e previous 12months. Transbay passenger revenue totaled$6,059,209, up 4.15 percent.In al l , the District carried 52,372,481 pass-engers during th e year, an increase of 1.64 percent. Riding nationally decreased 1.29 percentduring th e same period .Keeping pace with the public's increasing useof l imited-stop service, the District expandedits concept of transit which dips into neighborhoods and makes use of freeways to provideconvenient, speedy transit of a type which competes favorably with automobiles.A commuter express, l inking th e east end ofAlameda with downtown Oakland, proved sosuccessful, patronage wa s doubled in fourmonths. The line was expanded further when itwas l inked with th e Berkeley Express, providingfast transit between th e cities . Th e new expresswa s on e of a series of service expansions andimprovements .

Improvements included extension of Line 51to th e f ishing pier at Berkeley Marina; extensionof Line 87 via 55th Ave . to MacArthur Blvd. toprovide better connections fo r Maxwell Parkresidents an d expansion of night service on Line83 with a loop through Sobrante Park andBrookfield Village in East Oakland.An experimental shuttle, inaugurated on a sixmonths trial basis for residents of TassafarongaVillage in East Oakland, failed to produce patronage an d operations were curtailed in May.Other extensions an d reroutings, better headways, improved transfer connections and th econstant addition of more buses, especially ontransbay lines, were contributing factors to in creased business activity. With growth in servicean d patronage, came a matching need fo r additional equipment.Morning peak hour equipment requirements onschool days increased by 14 coaches, to a totalof 609. Nine additional buses were assigned toBay bridge runs, while five coaches were addedto East Bay lines.School service requirements continued toexpand, reaching 7.2 percent of total week-day

scheduled mileage. During th e fiscal period, th eDistrict operated 23,687,976 miles of passengerservice, an increase of 2.1 percent over th e yearbefore.Keeping step with growth, the District ex -panded it s fleet with purchase of 15 new buses,at a cost of $470 ,811. Th e new arrivals broughtto 417 the number of modern coaches in th efleet of 688 buses.


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Costs of Doing Business

One-way Route Miles

15

12

9

63o

fiscal year ending June 30hundreds of miles

'64 '65 '66 '67 '68

Computer clicks through payroll, as da ta processingdepartment moves into elec tronic age.Same fares and tax rate

Ai d from Legislation

Governor Ronald Reagan signs into law legislation reducingdiesel fuel taxes paid by urban transit systems.

Although th e District experienced a healthyincrease in riding an d revenue, it ha d an evengreater increase in costs of doing business.Labor expenses continued to account fo r th emajor portion of District costs, amounting to8.42 percent over th e previous fiscal period.Expenses increased again on June 1, when 1479employees took home fatter paychecks, with aboost equivalent to 20 cents an hour . Projec tions for the year ahead include a cost of livingadjustment after January 1 , 1969 and another20 cent an hour wage increase on June 1,1969.

Although estimates fo r th e year ahead projected over-al l increase in expenses of 4 .8 pe rcent, the District expected to keep th e samefares an d consolidated ta x rate. Offsetting thehike in expenses, including a 7.9 percent boostin th e cost of labor , are anticipated increases inoperating revenues and assessed property valuat ions. Also included are savings to be rea l izedfrom legislation which reduces diesel fuel taxespaid by private and publicly-owned urban transitsystems from seven cents to one cent pe r gallon

The law, which will save the District an esti mated $280,000 annually, became effectivewith start of the 1968-69 fiscal year after i t wassigned by Gov . Ronald Reagan . The measure, coauthored by Sen . James R. Mills, D-San Diego ,an d Assemblyman James Hayes, R-Long Beach ,materially aids transit properties in continuingoperations, reliev ing some of th e f inancial bu rden placed on property taxpayers in underwritingcosts of transportation .

OPERA.TOR CA.RRIES

Signs are posted in buses to inform public thatdrivers no longer will carry money or tokens .


7/16

Elimination of Robberies

Crime Study Launched

Drivers start new fiscal year by turning in s tock, drivingwithout money for first time in transit history.Transit Today and Tomorrow

Vehicle MilesFiscal year endin g June 30millions 01 miles2420161284o'64 '65 '66 '67 '68

At th e close of th e year, the District took decisive action to protect safety of employees andpassengers. By eliminating money, t ickets andtokens carried by drivers, the District removedtemptation which ha s led to bu s crimes.Under the "Ready Fare" plan, passengers wereasked to have exact fares ready. I f change wasnecessary, drivers would issue refund coupons.Business and f inancial f irms were cooperating byselling tokens. All phases of th e plan were beingwidely publicized and wholehearted support wa sevident from th e public and business and f inancial f irms.Two new t icket books were developed tomake riding easier. An East Bay t icket book,based on token rates, wa s designed for localriders. Also designed were youth fare tickets.

Launched at the same t ime was a study todevelop most promising means of reducingcrimes on transit vehicles . It wa s given th e "goahead" with approval of the District's application for a demonstration grant of $206,000,two -thirds of total costs. The national headquarters of Amalgamated Transit Union, as co sponsors, is contributing $30,000, while fourparticipating transit properties, along with ACTransit, will make contribution in direct services.Th e study, of benefit to th e entire transit in dustry, will include development of data on bu scrimes and consideration of procedures an ddevices to deter robberies and other acts ofviolence.

Work ge ts underway on bu s crime study as managementm eets with research engineer and criminologist.Th e present-and future--of public transit

became a matter of cooperative work followingrelease in December of final engineering reportof th e Northern California Transit DemonstrationProject . The report, partially financed by th eU. S. Government, climaxed a 30 -month studyinto ways AC Transit, th e S. F. Mun icipal Railway an d th e Bay Area Rapid Transit Districtcould be coordinated in a network of bus andrail service.Information developed wa s being used by th eagencies to determine what changes will berequired to achieve coo rdinated service. A jointcommittee , established by th e systems , wasevaluating recommend at ions and work ing to ward ul t imate implemen t ation .


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Analysis of System

Fleet of modern buses reaches count of 4 1 7 as first of 15ne w coaches rolls from freight train .New Revenue Source

Safe Rides fo r Passengers

Developmen t of addi t ional duo-buses looms in future asres ul t of successfu l experimentat ion with Freeway Train.

At the same t ime, District management movedinto initial work stages of reshaping AC Transit'snetwork into a system geared to neighborhoodneeds, including carrying people to rapid transitstations and providing direct service fo r thosewho best can be served, transbay and locally,exclusively by buses.Successful experimentation with the FreewayTrain, a duo-bus which can carry more passsengers in greater luxury at less cost per passengerthan regular buses, led th e District to pursueacquisition of additional articulated coaches. Busmanufacturers in th e United States and Europewere studying development of a double unitwhich would meet local and State requirements

Service expansions inc lu de extension of Line 5 1M" a cast away" from Berke ley f ish ing pier.Seeking new sources of revenue , in off -peakhours , the District began operating a summerlong sightseeing tour , providing a " tr ip of discovery" through four East Bay cities . The projectwas a joint effort with the Oakland Chamber ofCommerce to present the east side of San Fran

cisco Bay as exciting and imaginative.Newcomers to th e area were introduced totheir bu s network through a "Personalized TravelPlan." Transit information, mailed to callers,detailed appropriate bus service. A "WelcomeAboard" brochure was distributed by majorindustries an d real estate firms.Although more people were riding than eve r -and th e District was operating more mi les -passengers had a safer ride. Total operatingaccidents were down 1 .9 percent. The numberof traffic accidents pe r 100,000 miles wasreduced 3.4 percent,while passenger accidentsper 1,000,000 riders was reduced 4 .7 percent.The average number of safely driven miles between accidents increased from 11,400 miles to11,845 , up 3 .9 percent.

... ,


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1

Accident Costs Down

System Expenditures per Milefiscal year ending June 30

cent.

80

6040

20

10

o'64 '65 '66 '67 '68

Stores department workers collect award for over twoyears of work without any lost time due to injury.

Costs of accidents totaled $185.428 for bodilyinjury and $41,538 for property damage, a totalof $226,966, compared to $237,972 for th eprior year. Claims paid amounted to 1.52 per-cent of operating revenue, a reduction from th e1.64 percent of the 1966 -67 fiscal year.As the new fiscal year began, th e dataprocessing department moved into the advancedworld of electronic information processing withdelivery and installation of an IB M computer.The computer, to replace unit record equipment,also will have prime t ime available for otheractivities.To hold th e l ine on a ta x or fare increase an dstill continue with service improvements nec-essary for community growth, th e District wa sworking persistently to develop additionalsources of revenue.

Everything is " rosy" at Richmond Division asdrivers collect treat for topping safety goal.


10/16

Government Assistance Sought

765432

o

AverageMonthly EmployeeEarningsf isca l year ending Jun e 30

hundreds 01 dolla,.

'64 '65 '66 '67 '68

Eye-catching bus stop signs are posted to help selltransit riding to passing motorists.

Pending before th e Government was application for a $558,500 grant to assist in purchaseof 30 new buses an d to finish equiping th eentire fleet with two -way radios.The District also has applied fo r deferredgrants totaling $170,600, remaining f rom grantsmade in 1966 for purchase of buses and installation of th e two-way radio network.The grants , initially for half of actual costs,included possibil ity of enlargement to two -thirdsof costs if regional planning was completed inthree years.The District also has asked th e California StateToll Bridge Authority to consider reduction ofth e 50 cent charge paid by buses crossing th eBay Bridge as another means of meet ing expense of operat ion-and continuing quality oftransportation needed to lure travelers fromprivate cars to avoid traff ic strangulation.

Decals, marking where tokens can be purchased, go up instore windows as the District sw itches to a "Ready Fare"plan to protect safety of drivers and passengers.Expanded summer sightseeing tour gives visitors a buseyed view of historic Mills College campus.


11/16

ManagementAlan L. Bingham

General Manager

Harold M. DavisAssistant General Manager for PersonnelGeorge M. TaylorAssistant General Manager for Administrationand District SecretaryH. Donald WhiteAssistant General Manager fo r Operations

Howard D. BeebePurchases and Stores ManagerE. Sam DavisResearch and Planning Manager

Ozro D. GouldClaims ManagerJohn F. LarsonTreasurer-Controller

Anthony R. LucchesiMaintenance ManagerRobert E. NisbetAttorney

Dennis J. O'ConnorPublic Information ManagerDonald J . PotterTransportation Manager

Warren E. RobinsonTransportat io n EngineerGordon G. WadsworthSafety Eng in eer

PASSENGERS ---.:REVENUE- MILEAGE196768Revenue PassengersEast Bay . ... . ... ... ... 38 .06 7 .52 3Transbay .. .... ... . .. . . 14 .304.958Passenger RevenueEast Bay ....... .... ... $8,089.7 10Transbay ... .. .. .. ... . 6.059.209Charter ...... ...... ... . 7 1 1.658Vehic le MilesEast Bay .......... . .. , 15 ,15 3 .27 2Transbay .... .. .... . ... 8.534,704

Statement of Sourcesand Application of FundsYear Ending June 30. 1968SOURCES:

1966 67

37.684.41413.844 .58 6

$7.986 .7365.818.032692.757

14 .958.2918 .241.612

%Change+ 102+ 3 .33

+ 1.29+ 4 .15+ 2 .73

+ 1.30+ 3 .56

Proceeds from taxat ion ............................. . ..... $3 .969 .68 4Sale of fixed assets........................................ . 4.681Refund of workmen 's compensationinsurance prem ium s .. ..... ................... . .. ........ 127.263$4.101.628

APPLICATIONS:Operating loss ................................................$2.527 .54 9Less depreciation and amortization .................. 1.1 15.108

Interest on bonded debt .............. ...... ............ .Current installment due on bonded debt ........ ..Acquisition of fixed assets .. .. .. .. ................ .... ..Refund of Federal Grant ................................ .

$1.412.441394.425750.000626.7601.755

$3.185.381Increase in working cap ita l ............................. 916.247

$4.101 .62 8

See notes to f inancial statements .


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Alameda-Contra Costa Transit Distr ictSpecial Transit Service District No. 1Balance SheetsJune 30, 1968 and 1967

Assets

Property, Plant, and Equipment-at cost(Note A):Property, plant, an d equipment acquired October 1, 1960Less accumulated amortization

, Other equipment:Motor coachesParts, service cars, shop, and miscellaneous equipmentOffice furniture an d equipmentLess accumulated depreciation

Total Property. Plant. and Equipment

Current Assets:Cash:On hand and in commercial accountsTime deposits

U. S. Treasury obl igat ions-at amortized cost(approximates market)Accounts receivableMaterials an d suppl ies-at average costPrepaid expenses Total Current Assets

See notes to financial statements.

1968JUNE 30

$ 6.773.9042.053.038$ 4,720.866

$12.194.835523.72871.470$12.790.0334.894.847$ 7.895.186$12,616,052

$ 461,7995,435,347$ 5,897,146

55,948409.468173,68498,397$ 6,634,643

$19,250.695

,

1967JUNE 30

$ 6,786,9731.772.874$ 5,014.099

$11,760.702375.26064,510$12.200,47.24,105.490$ 8,094,982$13,109.081

$ 876,9513,662,073$ 4,539,0,30

10,193326,428154,355116,673$ 5,146,679

1$18,255,760

..!:. ' ",


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Liabilities and District Equity

General Obligation Bonds. du e serially to 1980.various interest rates (1 % to 6%). less amountdue within one year

Current Liabilities:Accounts payableSalaries and wagesAccrued payroll taxes and amounts withheldfrom employeesProvision for pensions (Note C)Accrued interestUnredeemed t ickets and tokensSelf-insurance reserveLease purchase agreementAmount du e within on e year on generalobligation bondsTotal Current Liabil ities

District Equity

See notes to Financial Statement.

1968JUNE 30

$11.775.000

$ 263.978270.508168.164497.808128.296133.483500.000457.407750.000

$ 3.169.644

4.306.051

$19.250.695

1967JUNE 30

'12.626.000

490,162214.944143,063290.392142.79691.690600,000-0-726,000

$ 2 .697,927

3,132,833

"

$18,266,760


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Alameda-Contra Costa Transit DistrictSpecial Transit Service District No. 1Statement of RevenueExpense and District EquityRevenue:Passenger

CharterAdvertisingInterest earnedOther operationsTotal Operating Revenue

Expense:TransportationMaintenanceDepreciation an d amortizationOperating taxes and licensesAdministrative an d generalWelfare an d pensions (Note C)Insurance and safetyPublic information and advertising

Nonoperating Items:Proceeds from taxationLess:

Total ExpenseOperating Loss

Provision fo r current year's redemption ofbond principalInterest and fees on bonded debtNet Proceeds from Taxation Available for Operations

Increase in Equity After Provision fo r Bond PrincipalRedemption

District Equity:Balance at beginning of yearAdd:Refunds of prior years' workmen's compensationinsurance premiumsRestoration of provision for bond principalredemption deducted aboveProceeds from federal grants for capitalequipment acquisitions (Note D)

Deduct provision for self-insurance reserve(Note B)Balance at en d of year

See notes to financial statements.

1968$14,148,919

711,658116,664188,94215,634$15,181,817

$10,614,8042,302,4251,115,108793,828850,1781,153,997638,627240,399$17,709,366$ (2,527,549)

$ 3,969,684(745,834)(394,425)

$ 2,829,425$ 301,876

$ 3,132,833127,263745,834

(1,755)$ 4,306,051

-0-$ 4,306 ,051

.",.

1967$13,804,768

692,75792,100125,52012,691$14,727,836

$ 9,813,7602,121 ,9821 ,097,083768,444818,1331,102,665638,077228,418$16,588 ,562$ (1,860;726)

$ 3,086,380(720,836)(438,571 )

1$ 1,926,97366,247

$ 2 ,281,83350,387

720 ,836513,530

$ 3 , 6 3 2 , 8 3 ~500,000

$ 3,132,8331


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Notes to Financial Statementsyear ending June 30 , 1968

Note A -Property. Plant . and EquipmentProperty. plant. and equipment acquiredon October 1. 1960 from Key System Tr an -si t Lines and its parent Bay Area PublicService Corporation is being amort ized on acomposite basis. Other property is being

depreciated on th e straight l ine basis.

Note C-PensionsWhen th e District acquired th e physicaloperating assets of the Key System TransitLines it also assumed th e liability fo r currentan d future pensions. Prior to 1966 payments were charged to operations in th ein th e year made an d no provision wasmade fo r future pension liabilities. Inaccordance with the terms of a labor agree-ment with th e Amalgamated Trans it Uniondated September 8 . 1965 . the District is

contributing 5% of compensation of co v -ered employees fo r current and future benefits . To afford similar treatment. fo r no n -union employees. th e District began in1967 to provide fo r their future pensionbenefits.The l iability fo r provision fo r pensions wil lnot necessarily provide. on an actuarialbasis. fo r complete funding of future pen-sion liabilities.

TOUCHE, ROSS , BAILEY & SMART

Board of Di rec to rs ,

Note B --Self-Insurance ReserveThe District is self-insured fo r personalinjury and property damage claims up to$50 .000 fo r anyone occurrence. Claimsin excess of this amount are insured withcommerc ial insurance carriers .

Note D -Federal GrantsDuring th e year ended June 30 . 1967.th e District received th e proceeds from twofederal grants fo r capital equipmentacquisitions.Under th e terms of th e grants the Government participation was 50%. However. th egrants provided fo r Government participat ion of 66% or an additional $170.600 ifin th e San Francisco Bay Area a t ransitdevelopment program is completed. an d

comprehensive and t ransportation planningmeet requirements under th e Urban MassTransportation Act of 1964. A petition byth e District fo r th e additional grant has beenfiled with th e Government and is pending .

133 0 BROADWAYOAKLAND. CAL I FORN I A 94612

Augus t 8 , 1968

Alameda - Contra Costa Trans i t Di s t r i c t ,Special Transi t Serv i ce Dist r ic t No.1 ,Oakland , Ca l i fornia .We have examined th e a c comp a nying balance sheet of Alameda-Cont r a Cos t a Trans i t Distr i c t , Special Transi t Service Distr i c t No.1as of June 30, 1968 , th e related s ta temen t s of revenue, expense andd i s t r i c t equity , an d the statement of sources an d appli cat ions off unds fo r the year then ended . Our examinati on was made in a cc o rdancewith generally accepted aud i t ing standards , an d accordingly inc ludedsuch tes ts of th e account i ng re c ords and such o ther auditing proc e dures as we considered necessary i n th e c i r cumstances.In our opinion, th e f i nanc i a l s ta t ements refer red t o ab ovepresent fa i r ly th e f inancial pos i t ion of Alameda - Contra Cos ta Trans i tDi s t r i c t , Special Trans i t Servi ce Dist r ic t No . 1 a t June 30 , 1968 ,an d th e re su l t s of i t s operat i ons and source s and appli ca t i ons offunds fo r t he year then ended, i n conformity with gen e r a ll y a cc eptedaccounting principles applied on a bas i s consis tent with t ha t of thepreceding year .

- F ~ a d Ce r t i f i ed Publi c Acco untants


16/16

ALAMEDA-CONTRA COSTA TRANSIT DISTRICT50S16th Street, LATHAM SQUARE BUILDING, OAKLAND, CALIFORNIA

Documents

AC Transit Annual Report 1967-1968