SUBJECT: MONTHLY FINANCIAL STATUS REPORT … 04-112 Monthly Financial Report...Subject: Monthly Financial Status Report Date: April 21, 2004 Page 2 of 4 Background/Discussion: On June

BRIEFING MEMO

GM Memo No. 04-112

Meeting Date: April 21, 2004

Finance Committee El

Operations Committee □

Paratransit Committee □

Financing Corporation □

SUBJECT: MONTHLY FINANCIAL STATUS REPORT

RECOMMENDED ACTION:

□ Information Only EE3 Briefing Item □ Recommended Motion

1. Receive 10-Year Financial Projections as of February 29, 2004.

2. Receive Potential Revisions to the FY 2003-04 and FY 2004-05 Budgets.

3. Receive Cash Flow Projections as of February 29, 2004.

4. Receive Internal Financial Statements as of February 29, 2004 for the District

Operating Program, Paratransit and the AC Transit Financing Corporation.

5. Receive Monthly Report on Investments as of February 29,2004.

Fiscal Impact:

No change to the Second Quarter Projection.

BOARD ACTION: Approved as Recommended [x]

Approved with Modification(s) [ ]

Other

MOTION: PEPEEPLES/KAPLAN to receive report for information (6-0-0-1).

Ayes: Directors Peeples, Kaplan, Jaquez, Bischofberger, Vice President Harper,

President Wallace - 6

Noes: None - 0

Abstain: None - 0

Absent: Director Piras -1

The above order was passed and adopted on

May 5, 2004.

Rose Martinez, District Secretary

By

GM Memo No. 04-112

Subject: Monthly Financial Status Report

Date: April 21, 2004

Page 2 of 4

Background/Discussion:

On June 18, 2003, the Board adopted the FY 2003-04 and FY 2004-05 Biennial

Budget. The US and the State of California were amidst an economic downturn that

began in 2001. To mitigate the impact of the recession on the District's financial

condition, several revenue-enhancing activities, budget and service reduction actions,

and the implementation of stringent cost controls were employed to result in a balanced

budget.

On December 10, 2003, the Board received year-end financial statements as of June

30, 2003; the Independent Auditor's report for the year ended June 30, 2003; and

adopted First Quarter revisions to the FY 2003-04 and FY 2004-05 Biennial Budget.

The District closed FY 2002-03 with a ($4.2 million) deficit in unrestricted net assets,

which resulted from the financial strain experienced during the year as a result of the

economic recession. After extensive analysis of the economic outlook, the outcome of

first quarter receipts and year-to-date expenditure activity, the FY 2003-04 and FY

2004-05 Biennial Budget was amended.

On February 18, 2004, the Finance Committee was presented with the Second Quarter

Financial Performance Report that indicated potential revenue losses of $4.3 million

and $13.1 million respectively for FY 2003-04 and FY 2004-05. The financial hardship

that the District experienced during FY 2001-02 and FY 2002-03 persists. Updated

estimates of revenue and expenditures yield a combined $10.8 million shortfall for the

two-year period. The General Manager convened three sessions with the Executive

Team to formulate a corrective action plan with the intent to ensure the financial viability

of the agency. A mid-year review of financial operations and heightened expenditure

controls were put in place to contain costs for the two-year period and to address

balancing the FY 2003-04 and FY 2004-05 budget: a line-by-line review of salary,

benefits and operating expense categories reducing them to minimum levels; deferring

FY 2003-04 and FY 2004-05 operating and capital costs to the extent possible to a

future period; reduction of the budgeted contribution to reserves in FY 2004-05;

reduction of the District funded capital program in FY 2003-04 deferring projects to FY

2004-05; coach and engine sales to other transit agencies; and other adjustments to

the FY 2003-04 and FY 2004-05 budget. As a precautionary measure, staff has begun

the process to declare a fiscal emergency and to develop a service reduction plan of

$5-$15 million annually and will hold a public hearing in May to address these issues.

Staff continues to evaluate the financial characteristics of revenue and expenditure and

have determined potential FY 2003-04 and FY 2004-05 budget revisions on the horizon

for third quarter [See Attachment B]. Projections of operating and grant revenues

predict a net decline by year-end. However, corrective actions identified to-date could

offset the potential $2.5 million shortage. Additional plans continue to be formulated to

support a balanced year-end.

GM Memo No. 04-112



Page 3 of 4

offset the potential $2.5 million shortage. Additional plans continue to be formulated to support a balanced year-end.

Prior Relevant Board Actions/Policies:

GM Memo 04-060B, Consider FY 2003-04 Second Quarter Financial Performance Report, Adopting Resolution No. 2118A Amending the FY 2003-04 and FY 2004-05 General Fund Operating and Capital Budget for Second Quarter Revisions and Adoption of Resolution 2119 Authorizing the Filing and Execution of Applications and Funding Agreements with the Metropolitan Transportation Commission (MTC) April 7 2004.

GM Memo 04-016, Receive Monthly financial Status Report, 10-year Financial Projections—Moderate and Stronger Scenarios, Cash Flow Projections for FY 2003-04 and FY 2004-05, and Monthly Report on Investments as of December 2003.

GM Memo 03-342, FY 2003-04 First Quarter Financial Performance Report Adopting Resolution No. 2112 Amending the FY 2003-04 and FY 2004-05 General Fund Operating and Capital Budget for First Quarter Revisions. December 10, 2003.

GM Memo 03-312, Receiving Monthly Financial Status Report, Recommended Revisions to the FY 2003-04, FY 2004-05, FY 2005-06 and the remainder of the 10-Year Financial Projection Period, Cash Flow Projections For FY 2003-04 and FY 2004-05 as of October 28,2003, and Monthly Report on Investments as of September, 2003

GM Memo 03-297, Receiving Monthly Financial Status Report, Recommended Revisions to the FY 2003-04, FY 2004-05, FY 2005-06 and the remainder of the 10-Year Financial Projection Period, Cash Flow Projections For FY 2003-04 and FY 2004-05 as of October 3, 2003, and Monthly Report on Investments as of August 2003 November 19,2003. *

GM Memo 03-277A, Receiving Monthly Financial Status Report, Recommended Revisions to the FY 2003-04, FY 2004-05, FY 2005-06 and the remainder of the 10-Year Financial Projection Period, Cash Flow Projections For FY 2003-04 and FY 2004-05 as of September 25, 2003, and Monthly Report on Investments as of July, 2003.

GM Memo 03-225, August 6, 2003

GM Memo 03-140B, Adopting Resolution 2090A, Adopting the FY 2003-04 and FY 2004-05 General Fund Operating and Capital Biennial Budget, June 18, 2003.

GM Memo 02-017, Adopting Resolution 2043,

Amending Board Policy No. 336, District Investment Policy, February 7, 2002.

000002

GM Memo No. 04-112



Page 4 of 4

Attachments:

Attachment A: 10-Year Financial Projection

Attachment B: Potential Budget Revisions FY 2003-04 and FY 2004-05

Attachment C: FY 2003-04 and FY 2004-05 Cash Flows

Attachment D: Financial Operations for the Eight Months Ended February 29,2004

Attachment D: Monthly Investment Report for February 2004

Attachment F: YTD Total Farebox Revenue (Farebox Cash, G/L Pass Sales Bookings)

Approved by: Rick Fernandez

Prepared by: Deborah McClain, Chief Financial officer

Hernan Vargas, Budget Manager

Dan Lillin, Treasury Manager

Frank Haywood, Jr., Controller

Joan Martin, Manager of Capital Planning and Grants

Date Prepared: April 15, 2004

000003

TABLE OF CONTENTS

GM Memo 04-112 Monthly Financial Status Report Pp. 1-4

10-Year Financial Projections pp. 5.6

Potential Revisions to the FY 2003-04 and FY 2004-05 Budgets Pp. 7-8

Cash Flow Projections Y 2003-04 and FY 2004-05 Pp. 9.10

Financial Operations for the Eight Months Ended 2/29/04 Pp. 11-12

Paratransit Financial Statements Pp. 13.19

District Financial Statements Pp. 20-28

AC Transit Financing Corporation Financial Statements Pp. 29-33

Monthly investment Report for February 2004 Pp. 3443

Year-to-Date Total Farebox Revenue Pp.

GM Memo No. 04-112

ATTACHMENT C

FY 2003-04 and FY 2004-05 Cash Flows

As reported in March 2003, the District required additional financial assistance to meet its expenditure requirements for the next six months. On March 6, 2003, the Board authorized the use of Revenue Anticipation Notes as a budgetary strategy in FY 2003-04 to enable the District to borrow funds to offset temporary cash deficits that will impact the ability to pay the operating and capital obligation of the Agency. On August 28, 2003, the District received $35,312,900 from the sales of these Revenue Anticipation Notes. Funds are required to be set-aside in April and May 2004 for repayment of the notes, and are planned appropriately in the FY 2003-04 cash flow projection. As in FY 2003-04, the District will require additional financial assistance to meet its expenditure requirements for the next six months. Cash flow projections anticipate $35 million of RANS and the corresponding repayment in the FY 2004-05 Cash Flow projection. Upon receipt of authorization from the Board as requested in GM Memo No. 04-074, December 18, 2004, staff will begin the process to investigate the use of revenue anticipation Notes as a budgetary strategy in FY 2004-05. That investigation and associated analysis will determine the structure and sizing of the amount of RANs that the District may qualify for. Revised cash flows will be developed in conjunction with revised FY 2003-04 and FY 2004-05 projections to recognize the impact of revised allocation estimates, updated expenditure projections, and revenue enhancement or expenditure reduction strategies included in the forthcoming corrective action plan.

Comments on the February cash flow follow:

• Farebox receipts are currently tracking per forecast and staff continues to closely monitor.

• Bus purchases are tracking per forecast. As noted in last month's notes, the Operating Fund will temporary advanced funds to cover bus payments until the receipt of BRT Project funds.

• The $20 million Measure B loan from ACTIA, scheduled to arrive in February, was received in early March and invested.

• The first of the RAN's repayments is scheduled for late April and is fully funded.

• Approximately $7 million of Alameda County property tax, scheduled for receipt in April, was received in late March. This pushes the forecasted March close to approximately $59 million.

• Disbursements for outstanding A/P checks for the months September 2003 through February 2004 have been reclassified to payroll/wages/benefits. A/P transactions were subtracted from payroll/wages/benefits during this period. While there is no material change bottom line to the cash flows, A/P expenditures were overstated and payroll/wages/benefits were understated in the cash flow reports, for the referenced months, prior to this adjustment.

GM Memo 04-112

000004

tu i ecu ruictiluicti n

2nd Quarter Projection

000005

10 Year Financial Projection 2nd Quarter Projection

Scenario: Moderate Economic Recovery -Current Status

000006 I56PM

ATTACHMENT A

AC TRANSIT

POTENTIAL BUDGET REVISIONS - PRELIMINARY

Q3 PROJECTION FY 2003-04

As per 03/30/04 and 04/06/04 meetings

$000

Favorable/

Description of change (Unfavorable)

ISurplus as of Q2 FY 2003-04 Projection as of 03/11/04 215 |

* TDA adjustment to reflect revision by MTC (33)

* Welfare to work funding revised 155

* ADA Revenue addtl exchange PM 3,757

* Preventive maintenance revision (4,848)

* TFCA revision (383)

* ADA Paratransit funding (31)

* Bridge Toll grant revision (78)

*Fed Assist Sect 5307 Capital (98)

* Maintenance tech mechs wages adjustment (690)

* Other changes/revisions (Fuel and Lubricants?) (450)

IDefictt as of preliminary Q3 FY 2003-04 Projection as of 04/06/04 (2,484) |

Upside Potentials:

- TDA final revision 1 5q0

- AB1007 final revision 1 |qoo

Surplus after Upside Potentials as of 04/06/04 17

Revisions list FY 2003-04 04-05 Q3 Proj AprO6 4/15/2004 4:49 PM

10

000007

ATTACHMENT A

AC TRANSIT

WORKING BUDGET REVISIONS - PRELIMINARY

Q3 PROJECTION FY 2004-05

As per 03/30/04 and 04/06/04 meetings

Description of change

ISurplus as of 02 FY 2004-05 Projection as of 03/11/04"

$000

Favorable/

(Unfavorable)

* Farebox - fare increase not to be realized

* TDA adjustment to reflect revision by MTC

* Preventive Maintenance BDI revision

* ADA Paratransit funding

* Bridge Toll grant revision

* ADA Paratransit Vehicles

* Maintenance tech mechs wages adjustment

* Fringe Benefits - reduction in utilization rate for medical premium

costs at Kaiser down from 25% to 10% a year

* ADA Consortium expense adjustment

ISurplus as of preliminary Q3 FY 2004-05 Projection as of 04/06/oT

(48)

(16)

32

1,093

48

(1,401)

1,942

(600)

1,050

Revisions list FY 2003-04 04-05 Q3 Proj AprO6

000008

4/15/2004 4:54 PM

11

r*«.i* ciaw PY ditOd With Bua Proc

200J • 2D04 PROJECTED GENERAL FUND CASHFLOWS (Actuals wtUl updated pn|tetfOft«| (2nd QUARTER PROJECTION}

4.0M|Not«tti tere nc/tvc reductions

Urachsdutod dutt to tbTtng cf bcSing

PbtJM.2/2604

13 870 7.7Z

5.7411 Net with fatc/svc reductions

(tcuaiy

O O o o o

04/142C04

11:39 AM

Cash Fla*: FY 04/08 with Bus Proc

ittte Transportation Aartitance (STA)

>B4Z<STA)

18,308 47.369 44.824 37.497 27,704 21,102 34,911 32,499 25.289 23.605 25,166 7,423

iapaal Reimbursement

PmtramftVtan Lease

tsewutoe

iwwasumaAOvanoe)

lwmtm pwwma i irre MWYga

ha Dufciiul Funding 2 (gTP-FY 04/05) 2,021 2,240

2.000 2.240

3000 3,000

2.240 2.240 2.240 2.240 Ju

dpe Toll* 04/05 1.465 2,240

1,450 1,450 1,450 1,450

.SSEL

40.000

21,070 24,094 20,700 41,111 25,192 15,324 20.320 43,885 24,561

i—y.wapen

Conlniwtton

!Uto Board of

12.591

t5ie 1,356

tsi?"

12,410

TasT 1.356 L356

60" 50" :ops

_12J210_ 12210 1,356

12.110 12,010

7.016

_L356_

7,916

J2J010.

T356" T916"

5.000

401 401 401

166 166 168 166

17

is Tsoo"

so

"430" SO 50 50

169 170 170"

vementa

NDMG BALANCE

Board

© 24,218

29,061

47.3*9

(2,545)

44.824

31.421

(7.327)

37.497

"2T189"

(9,793)

27.704

■2735T

(6.602)

21.102

13,609

34.911

(2.412)

32.499

"22134"

(7.210)

26.289

20,400 20.400

22,004

(1.684)

42.304

t.561

28 1AA

42,304

(17.743)

IK

2,240

Tflgf 1.450

23,370

12.011

7,924

50

21,9t3

1.457

16,308

lio

56

16,950

2,102

600

331,

147,

HSr m 96,000

600

1.930

20,600

^030

40,800

34i3iO

(9.428)

Inc fare tnc/svc reduction*

Per JM 2/26

PftfJM2«6

Per JM 2^6

P«r JM 2/26

Per JM 2^6

Per JM 2/26

Per JM 2/26

J

nc tvc reductions

04/14^004

11:40 AM

ATTACHMENT D

Financial Operations for the Eight Months Ended February 29,2004

February Operations

As of the eight months ended February 29, 2004 and February 28, 2003, operating results for the District, Paratransit Services, and AC Transit Financing Corporation are summarized as follows:

DISTRICT (See attached Financial Statements):

The change in District equity from 02/28/03 to 02/29/04 is due primarily to timing of when capital contributions are booked. Capital contributions for FY 2002-03 were accumulated during the year in the balance sheet equity accounts and reclassified to revenues at year-end. Capital contributions during FY 2003-04 are recorded to revenues when received.

PARATRANSIT (See attached Paratransit Services Financial Statements):

Contract bus services is sole source of Paratransit program revenues.

Decrease in Paratransit program equity results from impact of Holiday season and driver shortages. Revenues declined beginning in November. New drivers have been hired since January and revenues are now beginning to increase.

GM Memo 04-112 OOOOll 15

ATTACHMENT D

AC TRANSIT FINANCING CORPORATION (See attached AC Transit Financing Corporation Financial Statements):

Increase in investment income reflects improved yield rates.

GM Memo 04-112

16 000012

PARATRANSIT SERVICES

FINANCIAL STATEMENTS

FOR THE EIGHT MONTHS ENDED

FEBRUARY 29, 2004

DATE ISSUED:3/15/04

000013 17

ALAMEDA-CONTRA COSTA TRANSIT DISTRICT

(PARATRANSIT SERVICES)

FINANCIAL STATFMFNTfi

TABLE OF CONTENTS

PAGE NO.

Balance Sheet - Assets 1

Balance Sheet - Liabilities and Capital 2

Revenue & Expenses - District Total (Year-To-Date) 3

Comparison of Revenue & Expenses, Year-to-Date 2004 vs. 2003 4

Revenue & Expenses - District Total (Month) 5

18 000014

PAGE1


BALANCE SHEET

FEBRUARY 29. TfiOA

ASSETS

Current Assets:

Cash and Cash Equivalents

Investments

Receivables

Federal and State Capital Grants

Federal Operating Assistance

Due (to)/from A/C Transit

Other Receivables (Net of Reserve)

Materials and Supplies

Prepaid Expenses

Total Current Assets

Unamortized Discount on Certificates

of Participation

Deferred Compensation

$0

0

0

0

1,866,561

592,480

0

0

2,459,041

Property, Plant and Equipment at Cost:

Land

Buildings, Structures and Improvements

Revenue Equipment

Shop, Office, Service and Other Equipment

Acquisitions in Progress

Total Before Accumulated Depreciation

Less: Accumulated Depreciation

Total Property, Plant and Equipment

- Total Assets

0

0

0

0

3,452

3,452

• 0

3,452

$2,462.493

000015 19

PAGE 2


BALANCE SHEET

FEBRUARY 29. 2004

LIABILITIES

Current Liabilities:

Accounts Payable $1,169

Salaries, Wages , Vacations & Sick Leave 135^034 Book Overdraft ' q Other Liabilities 224

Due to/(from) AC Transit 0

Notes Payable - Rans 0

Notes Payable - Cops - S/T Portion 0

Capital Lease Obligation - S/T Portion 0

Deferred Revenue 0

Self-Insurance Reserves:

Public Liability and Property Damage 475,334

Workers'Compensation 558,114

Total Current Liabilities 1,169,875

Long Term Liabilities:

Deferred Compensation 0

Early Retirement 0

Accrued Unfunded Pension Costs 0

Notes Payable - L/T Portion 0

Capital Lease Obligation - L/T 0

Due to/(from) Financing Corp. 0

Total Long Term Liabilities 0

Total Liabilities 1,169,875

CAPITAL

District Equity:

Designated 0

Non-designated 1,292,618

Sub-Total 1,292^618 Contributed Capital:

Federal Grants 0

State Grants 0

Local Transportation Funds 0

Total Capital 1,292,618

Total Liabilities and Capital $2,462,493

20 000016


COMPARISON OF ACTtlAI REVENUE AND EXPENSE WITH BUDGFT FOR THE EIGHT MONTHS ENDED FEBRUARY 29 2004

DISTRICT TOTAL

PAGE 3

% OF YTD 66.85%

REVENUES:

Farebox

Contract Bus Service

Bart Transfers

Advertising

Interest Income

Other Income

OPERATING REVENUES

SUBSIDIES:

Property Taxes

Supplementary Service

AB1107

Transit Development Act

Federal Assistance

Measure "B"

Measure "C"

State Transit Assistance

ADA Paratransit Service

SUBSIDIES

REVENUE & SUBSIDIES

2.646.420

0

0

0

0

0

0

0

0

0

4.336.007 61.03%

N/A

2,646.420 4,336,007 61.03%

EXPENSES:

Operator Wages

Other Wages

Fringe Benefits

Pension Expense

Services

Fuel & Lubricants

Tires & Tubes

Office/Printing Supplies

Bus Parts/Maint. Supplies

Utilities

Insurance

Taxes

Leases & Rentals

Other Expenses

Purchased Transportation Service

Purchased Transportation - ADA

Interest Expense

Depreciation

EXPENSES

SURPLUS(DEFICIT)

Depredation-Contrib. Capital

Increase(Decrease) in District Equity

District Equity - Beginning of Year

1.044.753

382,095

903,550

63,934

2,333

97,595

5,762

5,154

30,710

0

193.333

275

63

(116)

0

0

0

0_

S2.729.441

1.699,692

684.288

1,295.643

59,000

35.640

119,169

12,358

12.562

80.340

0

318.780

1.986

0

0

0

0

0

0

$4.319.478

61.47%

55.84%

69.74%

108.36%

6.55%

81.88%

46.63%

41.03%

38.23%

N/A

60.65%

13.85%

N/A

N/A

N/A "

N/A

N/A

N/A

63.19%

($83,021)

(83.021)

1.375.639

District Equity - End of February 29,2004 $1,292,6.18

000017 21


COMPARISON OF ACTUAL REVENUE AND EXPENSE

FOR THE EIGHT MONTHS ENDED FEBRUARY 29. 2004 AND 2003

DISTRICT TOTAL

PAGE 4

22

000018


COMPARISON OF ACTUAL REVENUE AND EXPENSE WITH BUDGET

FOR THE ONE MONTH ENDED FEBRUARY 29. 2004

DISTRICT TOTAL

PAGE 5

REVENUES:

Farebox

Contract Bus Service

Bart Transfers

Advertising

Interest Income

Other Income

OPERATING REVENUES

SUBSIDIES:

Property Taxes

Supplementary Service

AB1107


Federal Assistance

Measure "B"

Measure "C"


ADA Paratransit Service

SUBSIDIES

REVENUE & SUBSIDIES

317,909

0

0

0

0

0

0

0

0

0

4,336,007 7.33%

N/A

317,909 4,336.007 7.33%

SURPLUS(DEFICIT)

Depreciation-Contrib. Capital


District Equity - End of January 31.2004

District Equity - End of February 29,2004

($26,076)

0

(26.076)

1.318.694

$1.292.618

000019 23



FOR THE EIGHT MONTHS ENDED

FEBRUARY 29, 2004

UM

DATE ISSUED:3/15/04

24 000020

ALAMEDA.CONITRA COSTA TRANSIT DISTRICT


TABLE OF CONTENTS

PAGE NO.

Summary of Cash and Investments 1

Balance Sheet - Assets 2

Balance Sheet - Liabilities and Capital 3

Revenue & Expenses - District Total (Year-To-Date) 4

Statement of Cash Flows 5

Revenue & Expenses - District Total (Month) 6

Comparison of Revenue & Expenses, Year-To-Date 2004 vs. 2003 7

000021 25

PAGE1

ALAMEDA-CQNTRA COSTA TRANSIT DISTRJP.T

SUMMARY OF CASH AND INVESTMENTS

FEBRUARY 29. 9004

A.C. TRANSIT

Cash - In Bank and on Hand

Bank of CA - Money Market

Bank of America - Money Market

Repurchase Agreements

Guaranteed Inv. Certificates (GIC)

U.S. Treasury Bills -

Less than 90 Days

Cash & Cash Equivalents

U.S. Treasury Bills-

Greater Than 90 Days

Total Cash & Investments

26 000022

PAGE 2


BALANCE SHEET

FEBRUARY 29. 2004

ASSETS

Current Assets:

Cash and Cash Equivalents

Investments

Receivables

Federal and State Capital Grants

Federal Operating Assistance

State and Local Operating Assistance

Other Receivables (Net of Reserve)

Due from/(to) Pension

Materials and Supplies

Prepaid Expenses


Unamortized Discount on Certificates

of Participation


Property, Plant and Equipment at Cost:

Land

Buildings, Structures and Improvements

Revenue Equipment

Shop, Office, Service and Other Equipment

Acquisitions in Progress

Total Before Accumulated Depreciation

Less: Accumulated Depreciation

Total Property, Plant and Equipment

Total Assets

$45,371,071

396

7,178,502

109,866

19,007,463

3,319,670

117,835

6,779,585

376,380

82,260,768

1,645,647

11,402,646

121,772,747

248,416,211

103,564,154

45,878,313

531,034,071

268,603,740

262,430,331

$346.336.746

000023 27

PAGE 3 ALAMEDA-CONTRA COSTA TRANSIT njRTRir.T

BALANCE SHEFT

FEBRUARY 29. 2004

LIABILITIES

Current Liabilities:

Accounts Payable $8 321 -g1

Salaries, Wages, Vacations & Sick Leave 14 WQ9Q

Book Overdraft 2 786

interest Payable 4B2

Other Liabilities ftis' Notes Payable - Rans

Notes Payable - Cops - S/T Portion *1' 105 000 Capital Lease Obligation - S/T Portion ' ' 0

Deferred Revenue 0 7Oc 17Q

Self-Insurance Reserves: ' '

Public Liability and Property Damage 561 359

Workers' Compensation 5 848'677

Total Current Liabilities

Long Term Liabilities:


Accrued Vacation and Sick Leave

Claims (Workers' Vacation and Sick Leave) Notes Payable - L/T Portion

Capital Lease Obligation - UT

Due to/(from) Financing Corp.

Total Long Term Liabilities

Total Liabilities

CAPITAL

District Equity:

Designated

208 177 457 Contributed Capital: ' *4t)' Federal Grants 0

State Grants ^

Local Transportation Funds 0

Total Capital 208,177.457

Total Liabilities and Capital $346 336 746

28 000024


COMPARISON OF ACTUAL REVENUE AND EXPENSE WITH BUDGET

FOR THE EIGHT MONTHS ENDED FEBRUARY 29. 2004

DISTRICT TOTAL

PAGE 4

% OF YTD 66.85%

YTD%

29

PAGE 5

ALAMEDA-CQNTRA COSTA TRANSIT DISTRICT STATEMENT OF CASH Fl OWS

FOR THE EIGHT MONTHS ENDED FEBRUARY 7Q

CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers

Cash payments to suppliers for goods and services Cash payments to employees for services Other operating revenues

Net cash used for operating activities

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Operating grants received

Principal paid on certificates of participation

Interest paid on revenue anticipation notes

Proceeds from sale of revenue anticipation notes

Net cash provided by noncapital financing activities

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: Capital contributed by grants

Acquisition and construction of capital assets

Principal paid on certificates of participation

Discount amortization on note payable

Principal paid on capital lease obligation

Interest paid on certificates of participation Interest paid on capital lease

Net cash provided by capital and related financing activities

CASH FLOWS FROM INVESTING ACTIVITIES:

Sales of investment securities

Purchases of investment securities

Interest and dividends on investments

Net cash used for investing activities

Net increase (decrease )in cash and cash equivalents

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

CASH AND CASH EQUIVALENTS AT FEBRUARY 29, 2004

$31,858,134

(39,612,207)

(126,630,728)

"£322,385

(129,062,416)

130,254,785

0

(350,000)

35,187,740

"165TO92,525"

32,542,404

(51,114,716)

(1,075,000)

(76,099)

0

(367,061)

0

(20,090,472)

9,994,236

(4,996,632)

_ 244,246

5,242,350

21,181,986

... ,24'.189^085

$45,371,071

30 000026


COMPARISON OF ACTUAL RFVENUE AND EXPENSE WITH

FOR THE ONF MONTH FEBRUARY 29. 2004

DISTRICT TOTAL

PAGE 6

REVENUES:

Farebox

Bart Transfers

Contract Services

Advertising

Interest income

Other Income

OPERATING REVENUES

SUBSIDIES:

Property Taxes

Supplementary Service/Welfare to Work AB1107


Fedl Assist- ADA Set Aside/Planning

Fed Assist-Bus Def.ffires & Tubes/Other

Fed Assist-Prev. Maint. (Van Hool) Measure "AA"

Measure "B"

Measure "C"


ADA Paratransit Service/Consortium SUBSIDIES

REVENUE & SUBSIDIES

5,575,215

4,215,416

745,833

2,395,834

3,802,677

3,433

1,246,976

0

583.333

1.949.054

125,500

321,777

327.165

15.716,998

58,014,451

51,608,000

5,327,000

28,750,000

46,149,000

3,266.000

26,257,000

0

7,000,000

19.100.000

1,506,000

3,651,000

3,811,000

196,425,000

9.61%

8.17%

14.00%

8.33%

824%

0.11%

4.75%

N/A

8.33%

10.20%

8.33%

8.81%

8.58%

8.00%

21,292,213 254,439.451 8.37%

EXPENSES:

Operator Wages

Other Wages

Fringe Benefits

Pension Expense

Services

Fuel & Lubricants

Tires & Tubes

Office/Printing Supplies

Bus Parts/Maint. Supplies

Utilities

Insurance

Taxes

Leases & Rentals

Other Expenses

Purchased Transportation Service

Purchased Transportation - ADA

Interest Expense

EXPENSES

Surplus (Deficit) before Deprn. & Capital

Contributions

Depreciation

Depreciation-Contrib. Capital

Net Depreciation

Capital Contributions


District Equity - End of January 31, 2004

District Equity - End of February 29,2004 208.177.457

4,513,201

3,750,573

6.268,518

1,415,919

1.051,709

571,878

106.254

53.805

583,944

279,689

353,736

71.976

61.960

120,897

23,956

1,329,848

120,266

$20,678,130

$614,083

(2,904,726)

(2.904,726)

0_

(2.290,643)

210,468,100

56,960,794

45.875.919

67.505.921

17,027,000

15,574,587

7,088,121

1,326.046

1.054,481

8.257.987

2.915.251

4,947.000

1,780,977

610,616

657,749

160,000

15,732,000

1.581.000

$251.055.451

7.65%

8.18%

9.29%

8.32%

6.75%

8.07%

8.01%

5.10%

7.07%

9.59%

7.15%

4.04%

10.15%

18.38%

14.97%

8.45%

7.61%

8.24%

000027 31


COMPARISON OF ACTUAL REVENUE AND EXPENSE

FOR THE EIGHT MONTHS ENDED FEBRUARY 29. 2004 AND 2003

DISTRICT TOTAL

PAGE 7

32

000028

Alameda Contra

Costa Transit District

Financing Corporation

Financial Statements

For the Eight Months Ending

February 29, 2004

Post-audit Issued February 12,2004

000029 33

ALAMEDA CONTRA COSTA TRANSIT DISTRICT

FINANCING CORPORATION (COPS)

STATEMENT OF NET ASSETS AVAILABLE TO CERTIFICATE HOLDERS At February 29,2004

As of

February 29,2004

Assets:

Cash, unrestricted

Investments, unrestricted

Note Receivable ACTD- Current Portion

Interest Receivable-ACTD

Intercompany-ACTD


Cash & Investments, restricted for debt service

Note Receivable, ACTD-Long term portion

Unamortized Intercompany deferral

Note Receivable, net

Unamortized Issuance Costs

Total Assets

Liabilities:

Accounts Payable

Interest Payable

Certificates of Participation-current portion

Total Current Liabilities

Funds Held for ACTD

Certificates of Participation-Long term portion

Unamortized deferred amount from refunding

Total Liabilities

Net assets available for certificate holders

37,028

1,105,000

74,732

PAGE1

34 000030



STATEMENT OF CHANGES IN NET ASSETS

For the Month Ended February 29,2004

One Month

Ending February 29

Additions to net assets attributed to:

Interest From ACTD to Fin Corp

Amortization on Deferral

Investment Income

Total Additions

Deductions from net assets attributed to:

Interest to Certificate Holders

Interest Expense: amortization of net gain from defeasence

Amortization of COPS issuance costs

Total Deductions

Net increase (decrease)

Net assets available for Certificate Holders:

Beginning of period


End of period

PAGE 2

000031 35



STATEMENT OF CHANGES IN NET ASSETS

For the Eight Months Ended February 29,2004

Additions to net assets attributed to:

Interest From ACTD to Fin Corp


Investment Income

Total Additions

Deductions from net assets attributed to:

Interest to Certificate Holders


Amortization of COPS issuance costs

Total Deductions

Net increase (decrease)


Beginning of period


End of period

PAGE 3

36 000032



REPORT TO CERTIFICATE HOLDERS

For the Eight Months Ended February 29,2004

The following is a summary of the Financing Corporation activity:

AC Transit District Interest Contributions


Investment Income

Total Income

Interest Payments to Transfer Trustee


Amortization of COPS Issuance Costs

Administrative Expenses

Total Expenses

Net Increase

Net Assets at Beginning of Period

Net Assets at End of Period

Eight Months

Ending February 29

PAGE 4

000033 37

ATTACHMENT E

Monthly Investment Report for February 2004

The General Fund Investment Report for the month of February 2004 is provided

for information and review.

The following disclosure statements are being made in accordance with California

Government Code Section 53646 (b)(2) and (3):

The portfolio contained in the Monthly Report on Investments for February 2004

is in compliance with Investment Policy No. 336. As reported in March 2003, the

District requires additional financial assistance to meet its expenditure

requirements for the next six months. On March 6, 2003, the Board authorized

the use of Revenue Anticipation Notes as a budgetary strategy in FY 2003-04 to

enable the District to borrow funds to offset temporary cash deficits that will

impact the ability to pay the operating and capital obligations of the Agency. On

August 28, 2003, the District received $35,312,900 from the sales of these

Revenue Anticipation Notes. The District is pursuing Revenue Anticipation Notes for the Fiscal Year 2004-05.

Current investment earning trends are summarized below:

Feb 2003

Feb 2004

Earnings on the District's Repurchase Agreements (0.456%) fell below the current 3 month Treasury Bill benchmark (0.937%) as rates are dependent on

the Federal Funds rate. Earnings on the District's Agency Discount Notes (0.980%) continue to exceed the 3 month Treasury Bill benchmark (0.937%).

On November 6,2002, the Federal Funds rate was reduced by 50 basis points to 1.25% resulting in lower interest income rates for overnight repurchases. This

rate remains in effect per the outcome of all Federal Reserve meetings held since that date.

GM Memo 04-112

38 000034

o o o

ALAMEDA - CONTRA COSTA TRANSIT DISTRICT

MONTHLY REPORT ON INVESTMENTS

FOR THE GENERAL FUND

FEBRUARY 29, 2004


MONTHLY REPORT ON INVESTMENTS

Table of Contents

Page

O Investment Summary 1

O p Investment Overview 2 CO

Return on Investments 3

Detail of Portfolio 4

Repurchase Agreements 5

Government Securities (General Fund) 6

Government Securities (Bus Procurement Fund) 7

INVESTMENT SUMMARY

FOR THE GENERAL FUND & BUS PROCUREMENT FUND

FEBRUARY 29, 2004

© O o o

ALAMEDA • CONTRA COSTA TRANSIT DISTRICT

INVESTMENT OVERVIEW


FEBRUARY 29, 2004

YTD

APR MAY JUN AVERAGE

0.4S7%

0867%

0840%

0.986%

Agency Bonds (purchased In current month)

o o o o c; GO

AVERAGE INTEREST RATE

Repurchase Agreement! (12-monin avQ)

Monty Market Accounts (t2nxxi1n ovg)

Go* Securtles held ai rnonlh ond

Treasury BUS (Portfolio)

Ofcecurt Notes (Porttodo)

Agency Boo* (Poftto&rt

BEWCMMAHKa

Current Mm9i Oaly Fed Funds Average

Current Worth Daly 3 Month T BH Ra» Averttoe

MontMy Atg ol oaty r-ca r-ura» 112 manm mv)

MoMMy Atg i MonO) T Bit Rota (12 month avg)

AVER/WE MATURfTY OF MVE3TMEMT3

Retwrdtose Arjifomtrls

Treasury BilS

Discount Notes

Afleney Bonds

MVfFSTWSWTa AT CAUB YINfi Vfll <fF

Repurdtase A«re«nents

UsrMy Market Account*

Treasury BUS

AQCtcy Bonds

MVESTMENTaATCQSI

0974%

0029%

0904%

0 941%

0601%

0953%

1.000%

09S2%

• 019%

0934%

0 533%

0919%

$12,000,000 S1S.O00.O00 tS.2S0.0O0 S8.0S0.000 S1S.0O0.O0O S15.000.000 S13.370.000 S15.C0O.000

t17.S16.057 S1S.634.138 SI0.S79.72S M.JM.C39 13.1W.442 13.564.28$ 447.843 4.535.900

S4.S99.3S7

S29.962.6S2 S34.07e.739 S34.977.422 9.997.917 24.930.171 29.931.378 24.984227

J29.516.0S7S6S.S9S.tS7 JSI.IIXMW SS<.392.121 $38,148,359 S53.S44.4S6 S43799.211 U4^19.T27

129.516.057 t6S.592.097 SS1.0S0.S04 SSI .399.65* S38.139.192 S53.5J3.913 S43.781.0S6 S44.504.033

DAYS

0.646%

0.972%

0210%

0988%

0478%

0899%

0676%

1.063%

DAYS

2

14

27

J12.337.S00

$10,507,841

S4.9S8.387

$27,122,824

SO tS4.9GJS.63l

M7.189.507

DAYS


RETURN ON INVESTMENTS


FEBRUARY 29, 2004

RETURN ON INVESTMENTS

Repurchase Agreements

Money Market Accounls

Treasury Bills

Discount Notes

Bonds

Total return on investments

Interest received

Accrued interest

Total return on Investments

2003

JUL

$4,117

7,534

2,336

$3,467

10.386

467

3,071

SEP

$4,061

14.750

1.167

22.674

$3,802

10,076

O

26.928

NOV

$4,121

9,537

O

20.493

$34.151

$33,790

361

S34.1S1

DEC

$6,008

6,118

0

12,625

$24.751

2004

JAN FEB MAR

$5,199

9.011

0

22.872

S5.018

2.348

0

22.419

$37,082 $29.785 $0

APR MAY JUN

$0 $0 $0

S23.897

854

$15,230

21.792

$29,315

470

$24.751 $37,082 S29.785 SO $0 $0 so

© o o o

PORTFOLIO INVESTED

Average daity portfolio available for investment J15.B85.749

Average daily portfolio invested $13,013,871

% of average da9y portfolio invested 81.92%

CARRYING VALUE GENERAL FUND PORTFOLIO

CABBYJNJS-VALUE-B-US PROCUREMENT PORTFOLIO

$21,065,111

$20,720,387

98.38%

S44.837.597

$44,172,590

98.52%

$43,354,773 $36,135,621 $30,807,349

$42,765,708 $35,605,583 S30.474.276

98 64% 98.53% 98.92%

FY 02/03

Jul 2002

Aug

Sep

Oct

Nov

Doc

Jan 2003

Feb

Mar

Apr

May

Jun

$3,326,111

$3,331,373

$3,336,275

$6,333,657

$1,751,770

S4.293.460

S8.G98.B05

$12,543,001

S14.B37.136

S16.963.151

$16,976,610

S14.443.B83

$42,885,912

$41,565,506

86.92%

S43.345.823

$43,110,984

99.46%

FY 00/01

TYPE

MONEY MARKET ACCOUNTS

Bank of America

Union Bank of CA

REPO'S Bank of America

TREASURY BILLS:

02G9/04


DETAIL OF PORTFOLIO


FEBRUARY 29, 2004

Purchased

From

TOTAL REPO

TOTAL TREASURY BILLS

AGENCY DISC NOTES:

5

17

26

33

40

TOTAL DISCOUNT NOTES

TOTAL BONDS

0.960%

1.000%

0.970%

0.980%

0970%

0.973%

1.014%

0.983%

0.994%

0.983%

4.999.466.67

4.997.777.78

4.996.631.94

4.995.644.44

4.994.745.83

24 0976% 0.990% 24.984.266.66

5.000,000.00

5.000.000.00

5.000.000.00

5.000.000.00

5.000.000.00

25.000.000.00

MONEY MARKET ACCOUNT:

Union Bank of CA TOTAL MONEY MARKET ACCOUNTS 1.020% 1.020% 1.927,514.46

TREASURY BILLS:

AGENCY DISC NOTES:

TOTAL TREASURY BILLS

TOTAL DISCOUNT NOTES

1.927.514.46

4.999.500.00

4.998.000.00

4,996.500.00

4.995.500.00

4.994.S00.00

24.984.000.00

42.592.252.02 42,607.985.36 42.591.985.36]

1.927.514.46

AGENCY BONDS:

IPORTFOOO -BUS 1,927.514.46 1.927.514.46 1.927.514.46

ITOTAL PORTFOLIO 44,519,766.48 44,635,499,82 44,519,499.82

COMPOSITION OF PORTFOLIO:

Money Market Accounts

Repurchase Agreamonts

Treasury Bills

Discount Notes

Bonds

GENERAL FUND

6 12%

3522%

0 00%

58 66%

0 00%

100 00%

BUS PROCUREMENT

100.00%

0.00%

000%

0.00%

0.00%

100.00%


REPURCHASE AGREEMENTS

FOR THE MONTH ENDED

FEBRUARY 29, 2004

ALAMEDA - CONTRA COSTA TRANSIT DISTRICT GENERAL FUND

GOVERNMENT SECURITIES SUMMARY

FOR THE MONTH ENDED

FEBRUARY 29, 2004

o o

ALAMEDA - CONTRA COSTA TRANSIT DISTRICT BUS PROCUREMENT FUND

GOVERNMENT SECURITIES SUMMARY

FOR THE MONTH ENDED

FEBRUARY 29, 2004

I TOTAL GOVERNMENT SECURITIES 0.001 0.001 0.00! 0.001 0.001 0.001 0.001

000

0.001

Too? Government Securities 90 days and less

Government Securities over 90 days

Total Government Securities - Aged

Variance

Tool Tool oobi oool

_O00J

JJJXJ] _0 00

0.00

0.00

000

JOOO

0.00

uoo

000

J)00

000

0001

0001

000;

000:

000

000

000

000

000

0 001

0001

OJOOJ

OMl

OOVT SECURITIES OVER M OATS I OS/29/04 I For he mill ended 07/29/04

000

0.00

OUJO

Pg 2

vostmonts et Cos)

0.00

o.oo

„ 0.00

P93 ■ Irtlcrest Reed

YTD Total Farebox Revenue GM MEMO 04-112

Attachment F

,300,000

2.200,000

2,100,000

2,000,000

1,900,000

1,800,000

1,700.000

1,600,000

Farebox Cash

►—FY 01/02

■-FY 02/03

— FY 03/04

G/L Pass Sales Bookings

Cash Totals:

FY 01/02:

FY 02/03:

FY 03/04

Projection:

$22,969,145

$22,222,411

$23,390,148

2,200.000

2,000,000

1,800,000

1.600.000

1,400.000

,200,000

,000,000

-FY 01/02

-FY 02/03

FY 03/04

G/L Totals:

FY 01/02:

FY 02/03:

FY 03/04

Projection:

$19,467,460

$15,476,617

$18,898,095

Total Farebox Revenue

4,400,000

4,200,000

4,000,000

3,800,000

3,600,000

3,400,000

3,200,000

3,000,000

2,800,000

Total Farebox

FY 01/02

FY 02/03

FY 03/04

$42,436,605

$37,699,028

FY 01/02:

FY 02/03:

FY 03/04

Projection:

48 000044

Forwbon Cash saam

Firebm cuh and OL booWrtoi griiptii.xh

Juli Annual Saatembar October November Pac«mb«r January Etbroarv March fiElil &9X ^»nq TOTAL fnc/Dae from previous vnar Avu/month Prolaetlon

FY0IK>2 2.046.616 2.050.695 1.997.039 2.093.392 1.BS4.I01 1.753.705 1.905.233 1.745.631 1.897.344 1.680.656 1.912.589 1.831.544 22.969.145 1914095 lavo'121

FY 02/03 1.909.629 1.917.521 2.055,656 2.074.434 1.782.000 1.637.744 1.867.90S 1.699.142 1.647.777 1,762,379 1.619.-173 1.797,871 22.222,411 (746.734) iWc&O FYOSflM 1.B29.173 1.842,645 2,176.185 2,168.916 1.842,341 1.847.452 1,917.539 13.644.253 34B.484 1949*170 23390148 %lncJD»c: -4.21% -3.90% 5.86% 5.52% 3.34% 9.46% 2.66%

o o

o o

in

Tatttwy Oft. T1cfccW»M Satan Fwebei nih end 01 boaktogi VW*t it>

o ut N>y fi£tSkU MfiyWltwr Qgcambar Janmrv F^fflfg Bwch flfi£fl MM JUIll TOTAt, FV 01/02 2.112.974 1.031.709 1.301.935 2.027.284 1,682.395 1.638.748 1.675.164 1.543.536 1.261.590 1.459.837 1.565.923 1.338.JB8 19487480

FY02W3 1.303.565 1.481.179 1.410.031 1.151.320 1.444.676 1.233.428 1.362.587 1.166,142 1,164.724 1,155.643 1.262.651 1.320.671 15478617

FYOJrtM 1,230.673 2.002.501 1.541.052 1.677.222 1.546.486 1.522.191 1.503.764 1i'o23'e89 -592% 20.03% 8.50% 31.36* 6.58% 1697% 9.39% ' '

(3990643)

1637103

1.622^88 (tvg'12)

1.269.716 15.476.617

1.574.841 18.698.095

o o o ©

July August 8<mt«mfaw peMm Noymrtwr Dacambw Jmhiot February UffiSb fiElll MM jHtt TOTAL |pcffl«c trem nrevtom v«»r AwtfManHi Protection FY01/02 4159 590 3,712481 3.298.974 4,120.676 3.736.496 3.392.453 3.560.397 3.289.167 3,159.534 3.340.493 3.478.512 3.167.832 42.43S.605 3.S3S.384 (av9*12|

FY02fO3 3213194 3.398700 3,465.687 3.225.754 3.227,558 2.921.172 3.230.492 2,665.284 3.012,501 2.918,022 3.102.124 3.118.542 37.699.028 (4.737.577) 3.141.586 15.476.617

FY 03/04 3.059.846 3.845.146 3.717.237 3.666.140 3.3B8.827 3.369.643 3.421.303 24.668.142 1.985.587 3.524.020 42.26B.243

%lnc/Oce: -5.01S 11.61% 877% 16 56% 4.76% 13.31% 558%

o o o o

Documents

SUBJECT: MONTHLY FINANCIAL STATUS REPORT … 04-112 Monthly Financial Report...Subject: Monthly Financial Status Report Date: April 21, 2004 Page 2 of 4 Background/Discussion: On June