MTA METRO-NORTH RAILROAD FINANCIAL STATEMENTS MONTH ENDED: MARCH 31, 2010

Transcription

1 FINANCIAL STATEMENTS MONTH ENDED: MARCH 31, 2010 OFFICE OF VICE PRESIDENT OF FINANCE & INFORMAnON SYSTEMS

2 FEBRUARY FINANCIAL PLAN 2010 ADOPTED BUDGET ACCRUAL STATEMENT of OPERATIONS by CATEGORY March 2010 ($ in millions) Nonreimbursable Reimbursable Total Favorable Favorable Favorable (Unfavorable) (Unfavorable) (Unfavorable) Adopted Adopted Adopted Budget Actual Variance Percent Budget Actual Variance Percent Budget Actual Variance Percent Revenue Farebox Revenue $ $ $ $0.000 $0.000 $0.000 $ $ $ Vehicle Toll Revenue 'Additional Actions for Budget Balance: Revenue Impact Other Operating Revenue Capital & Other Reimbursements: MTA (2.917) (29.0) (2.917) (29.0) COOT Other (0.380) (21.6) (0.380) (21.6) Total Capital and Other Reimbursements (3.067) (18.7) (3.067) (18.7) Total Revenue/Receipts $ $ $ $ $ ($3.067) (18.7) $ $ ($0.841) (1.4) Expenses Labor' Payroll $ $ $ $3.529 $3.994 ($0.465) (13.2) $ $ $ Overtime (0.183) (16.2) Health and Welfare (0.100) (12.1) OPEB Current Payment (0.127) (14.6) (0.127) (14.6) Pensions Other Fringe Benefits (0.126) (16.4) Reimbursable Overhead (2.978) (3.138) (0.221) (7.7) (0.108) (0.047) (0.061) (56.3) Total Labor $ $ $ $9.683 $ ($1.029) (10.6) $ $ $ Non-Labor: Traction and Propulsion Power $6.467 $5.073 $ $0.000 $0.000 $0.000 $6.467 $5.073 $ Fuel for Buses and Trains Insurance (0.032) (9.9) Claims Paratransit Service Contracts Maintenance and Other Operating Contracts Professional Service Contracts (0.073) (2.6) (0.212) (52.5) (0.285) (8.8) Materials & Supplies (0.349) (5.1) Other Business Expenses (0.241) (21.1) (0.131) (10.0) Total Non-Labor $ $ $ $6.675 $2.579 $ $ $ $ Other Adjustments: Other Total Other Adjustments $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Gap Closing Expenses: 'Additional Actions for Budget Balance: Expense Impact Total Gap Closing Expenses $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Total Expenses before Non-Cash Liability Adjs. $ $ $ $ $ $ $ $ $ Depreciation OPEB Obligation Environmental Remediation (1.122) (56.1) (1 122) (56.1) Total Expenses $ $ $ $ $ $ $ $ $ Net Surplus/(Deficit) ($66.799) ($58.137) $ $0.000 $0.000 $0.000 ($66.799) ($58.137) $ Cash Conversion Adjustments: Depreciation (1.064) (5.7) (1.064) (5.7) Operating/Capital (1.009) (0.696) ($1.009) ($0.696) Other Cash Adjustments $5.964 $ Total Cash Conversion Adjustments $ $ $ $0.000 $0.000 $0.000 $ $ $ Net Cash Surplus/(Deficit) ($43.028) ($17.947) $ $0.000 $0.000 $0.000 ($43.028) ($17.947) $ l AABB actual operating savings are captured within the category construct of MTA's traditional financial statements. Please see variance explanations for more detail. - Results are preliminary and subject to audit review. - Differences are due to rounding. Variance exceeds 100%.

3 ACCRUAL STATEMENT OF OPERATIONS BY CATEGORY EXPLANATION OF VARIANCE BETWEEN BUDGET AND ACTUAL RESULTS FEBRUARY FINANCIAL PLAN ADOPTED BUDGET MARCH,2010 ($ in millions) Current Month vs. Budget Variance Generic Revenue Non Reimb. Fav (Unfav) or Expense Category or Reimb. $ I % I Reason for Variance OTHER OPERATING REVENUE Non-Reimb $ % Primarily due to higher station rents and concessions, advertising, and net GCT retail revenue. CAPITAL AND OTHER Reimb ($3.067) (18.7%) Lower reimbursements reflect scheduling changes in capital project REIMBURSEMENTS expenditures. PAYROLL Reimb ($0.465) (13.2%) Higher than projected charges during the period related to the MTA Business Service Co., and the Cyclical Track project. OVERTIME Non-Reimb $ % Lower than budgeted expenditures for vacancy and storm related coverage. Reimb ($0.183) (16.2%) Reflects higher activity during the period on the NHL Concrete Tie project. HEALTH AND WELFARE Non-Reimb $ % Reflects primarily lower actual premium rate increases than budgeted. Reimb ($0.100) (12.1%) Reflects primarily higher project activity. OPEB CURRENT PAYMENT Non-Reimb ($0.127) (14.6%) reflects additional retirees. PENSIONS Non-Reimb $ % Reflects lower than budgeted rate based on updated estimate of Metro North contribution requirement to the MTA DB Plan. Reimb $ % Reflects lower than budgeted rate. OTHER FRINGE BENEFITS Reimb ($0.126) (16.4%) Reflects higher project activity. REIMBURSABLE OVERHEAD Non-Reimb $ % Reflects higher project activity. Reimb ($0.221) (7.7%) Reflects higher project activity. TRACTION AND PROPULSION POWER Non-Reimb $ % Due to lower than projected usage on the H/H lines, and lower prices on the NH line. FUEL FOR BUSES & TRAINS Non-Reim $ % Primarily due to lower than projected usage on the NH line. INSURANCE Non-Reimb $ % Primarily due to lower premiums Reimb ($0.032) (9.9%) Reflects higher project activity. CLAIMS Non-Reimb $ % Lower than budgeted costs. MAINTENANCE AND OTHER Non-Reimb $ % Reflects lower than projected expenditures for Genesis Locomotive OPERATING CONTRACTS Overhaul project, utilities, hardware & software maintenance charges, NJT, WDOT and Hudson Rail Link subsidy payments, as well as othe miscellaneous contracts. Reimb $ % Reflects lower activity during the period on the M-4 Midlife Remanufacture, and the GCT Leaks Remediation.

4 ACCRUAL STATEMENT OF OPERATIONS BY CATEGORY EXPLANATION OF VARIANCE BETWEEN BUDGET AND ACTUAL RESULTS FEBRUARY FINANCIAL PLAN ADOPTED BUDGET MARCH,2010 ($ in millions) Generic Revenue or Expense Category Current Month vs. Budget Variance Non Reimb. Fav (Unfav) or Reimb. $ % Reason for Variance PROFESSIONAL SERVICE CONTRACTS Reimb ($0.212) (52.5%) Reflects higher activity during the period on the NHL-M8 Specification Development. and the Positive Train Control projects. MATERIAL AND SUPPLIES Non-Reimb ($0.349) (5.1%) Primarily higher than projected expenditures for truck/suspension material during the period, partially offset by lower expenditures for computer software and non-capital equipment. Reimb $ % Reflects primarily lower activity during the period on the M-4 Remanufacture, GCT T.O.lSwitch Renewal. Radio Freq. Rebanding, 525 N. Broadway, and M-4 Midlife Remanufacture. OTHER BUSINESS EXPENSES Non-Reimb ($0.241) (21.1%) Primarily due to higher than projected credit card fees, bad debt accruals, and other accounting adjustments. Reimb $ % Reflects lower activity during the period on the 525 N. Broadwav project. DEPRECIATION Non-Reimb $ % Reflects timing differences in project completions. ENVIRONMENTAL REMEDIATION Non-Reimb ($1.122) (56.1%) Higher than anticipated environmental payments for the period. OPERATING CAPITAL Non-Reimb $ % Reflects lower activity during the period on the Nortel Infrastructure Upgrade, LAN Hardware Replacement & Upgrade, and Commissar) Relocation projects, partially offset by accelerated activity on the Kronos Expanded Installation project. Variance exceeds 100%.

5 FEBRUARY FINANCIAL PLAN ADOPTED BUDGET ACCRUAL STATEMENT of OPERATIONS by CATEGORY March Year-To-Date ($ in millions) Nonreimbursable Reimbursable Total Favorable Favorable Favorable (Unfavorable) (Unfavorable) (Unfavorable) Adopted Adopted Adopted Budget Actual Variance Percent Budget Actual Variance Percent Budget Actual Variance Percent Revenue Farebox. Revenue $ $ $ $0.000 $0.000 $0.000 $ $ $ Vehicle Toll Revenue Addittonal ActIons for Budget Balance: Revenue Impact Other Operating Revenue Capital &Other Reimbursements. MfA (5.447) (21.8) (5.447) (218) COOT (4.427) (32.1 ) (4.427) (321) Other (2.669) (46.6) (2.669) (46.6) Total Capital and Other Reimbursements (12.544) (26.2) (12.544) (26.2) Total Revenue/Receipts $ $ $ $ $ ($12.544) (28.2) $ $ ($8.379) (4.9) Expenses Labor Payroll $ $ $ $9.503 $9.634 ($0.131) (1.4) $ $ $ Overtime Health and Welfare OPEB Current Payment (0.203) (7.6) (0.203) (7.6) Pensions , Other Fringe Benefits (0.046) (23) Reimbursable Overhead (6.107) (7.466) (0.636) (7.9) (0.296) (0.115) (0.161) (612) Total Labor $ $ $ $ $ $ $ $ $ Non-Labor Traction and Propulsion Power $ $ $ $0.000 $0.000 $0.000 $ $ $ Fuel for Buses and Trains Insurance , 1.6 Claims , Paratransit Service Contracts Maintenance and Other Operating Contracts ' Professional Service Contracts Materials & Supplies Other Business Expenses (0.039) (1.0) (0.124) (0.163) (42) Total Non-Labor $ $ $ $ $6.601 $ $ $ $ Other Adjustments Other Total Olher Adjustments $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Gap C/osmg Expenses ladditional Actions for Budget Balance: Expense Impact Total Gap Closing Expenses $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Total Expenses before Non-Cash liability AdJs. $ $ $ $ $ $ $ $ $ Depreciation OPEB Obli9ation Environmental Remediation (1.122) (56.1) (1.122) (56.1) Total Expenses $ $ $ $ $ $ $ $ $ Net Surplus/(Oefleil) ($ ) ($ ) $ $0.000 $0.000 $0.000 ($ ) ($ ) $ Cash Conversion Adjustments' Depreciation (4.147) (7.3) (4.147) (73) Operating/Capital (2.302) (1.404) ($2.302) ($1.404) Other Cash Adjustments $7.662 $ Total Cash Conversion Adjustments $ $ $ $0.000 $0.000 $0.000 $ $ $ Net Cash Surplus/IOeflelll ($ ) ($74.864) $ $0.000 $0.000 $0.000 ($ ) ($74.864) $ 'AABB actual operating savings are captured Within the category construct of MTA's traditional financial statements Please see variance explanations for mole delall -- ReSUlts are prehmmary and subject to audit review - Differences are due to rounding * Vanance exceeds 100%,

6 MTA METRO NORTH RAILROAD ACCRUAL STATEMENT OF OPERATIONS BY CATEGORY EXPLANATION OF VARIANCE BETWEEN BUDGET AND ACTUAL RESULTS FEBRUARY FINANCIAL PLAN ADOPTED BUDGET MARCH,2010 ($ in millions) Year to Date vs. Budget Variance Generic Revenue Non Reimb. Fav (Unfav) or Expense Category or Relmb. $ I % I Reason for Variance OTHER OPERATING REVENUE Non-Reimb $ % Higher than projected advertising. net GCT retail and station rents and concessions revenue. CAPITAL AND OTHER Reimb ($12.544) (28.2%) Lower reimbursements reflect scheduling changes in capital projec REIMBURSEMENTS expenditures. OVERTIME Non-Reimb $ % Lower than budgeted expenditures for vacancy. holiday. and storm related coverage. Reimb $ % Reflects lower activity during the period on the Tumouts: Yards project. partially offset by higher activity in the NHL Concrete Tie project. HEALTH AND WELFARE Non-Reimb $ % Reflects primarily lower actual premium rate increases than budgeted. OPEB CURRENT PAYMENT Non-Reimb ($0.203) (7.8%) Reflects additional retirees. PENSIONS Non-Reimb $ % Reflects lower than budgeted rate based on updated estimate of Metro- North contribution requirement to the MTA DB Plan. Reimb $ % Reflects lower than budgeted rate. REIMBURSABLE OVERHEAD Non-Reimb ($0.638) (7.9%) Reflects rate differences. Reimb $ % Reflects rate differences. I TRACTiON AND PROPULSION POWER Non-Reimb $ % Primarily due to lower than projected prices; lower usage on the H/H lines offset higher usage on the NH line. FUEL FOR BUSES & TRAINS Non-Reim $ % Primarily due to lower than projected usage on H/H & NH lines. INSURANCE Non-Reimb $ % Primarily due to lower premiums Reimb $ % Reflects lower F/A rate. CLAIMS Non-Reimb $ % Lower than budgeted claims costs. MAINTENANCE AND OTHER Non-Reimb $ % Reflects primarily lower than projected expenditures for Genesis & OPERATING CONTRACTS West of Hudson F40 Locomotive Overhaui projects. utilities, telephones. hardware/software maintenance, NJT. WDOT. & Hudson Rail Link subsidy payments. and higher expense recoveries from Amtrak & other railroads. Reimb $ % Reflects lower activity during the period on the GCT Leaks Remediation, NHL End Door Bombardier Coaches and M-4 Remanufacture. PROFESSIONAL SERVICE Non-Reimb $ % Reflects primarily lower than projected NHL MTA Police Service CONTRACTS charges, outside legal & witness fees. advertising. software customization services and employee training costs. Reimb $ % Reflects primarily lower activity during the period on the NHL - M8 Specification Development. partially offset by higher than projected activity on the Positive Train Control project.

7 MTA METRO NORTH RAILROAD ACCRUAL STATEMENT OF OPERATIONS BY CATEGORY EXPLANATION OF VARIANCE BETWEEN BUDGET AND ACTUAL RESULTS FEBRUARY FINANCIAL PLAN 2010 ADOPTED BUDGET MARCH,2010 ($ In millions) Generic Revenue or Expense Category MATERIAL AND SUPPLIES Non Reimb. Variance Fav (Unfav) Year to Date vs. Budget or Reimb. $ I % I Reason for Variance Non-Reimb $ % Lower than projected expenditures for propulsion and HVAC system components, non-capital and computer software equipment, fasteners, electrical and other miscellaneous supplies, partially offset by highe expenditures for truck/suspension material. Reimb $ % Reflects lower activity during the period on the M-4 Remanufacture, NH Diesel Storage Yard, NH Rail Yard - Component Change Out Shop, GCT T.O. / SWitch Renewal, M-4 Midlife Remanufacture, Yards Tumouts, WHO Track program, and Aluminum 3rd Rail projects. OTHER BUSINESS EXPENSES Reimb ($0.124) (+) Reflects delay in the recording of scrap sale from the WOH Improvements Track Program partially offset by delayed costs related to the relocation to 525 N. Broadway. DEPRECIATION Non-Reimb $ % Reflects timing differences in project completions. ENVIRONMENTAL REMEDIATION Non-Reimb ($1.122) (56.1%) Higher than anticipated environmental payments for the period. OPERATING CAPITAL Non-Reimb $ % Reflects primarily lower than projected payment of prior period costs. and lower activity during the period on the Concrete Tie Replacement, Nortellnfrastructure Upgrade. LAN Hardware Replacement & Upgrade, and Commissary Relocation projects.. a Variance exceeds 100 Va.

8 FEBRUARY FINANCIAL PLAN 2010 ADOPTED BUDGET CASH RECEIPTS AND EXPENDITURES ($ in millions) March 2010 Year-to-Date Favorable Favorable (Unfavorable) (Unfavorable) Adopted Adopted Budget Actual Variance Percent BUdget Actual Variance Percent Receipts Farebox Receipts $ $ $ $ $ $ Toll Receipts 'Additional Actions for Budget Balance: Revenue Impact Other Operating Receipts Capital & Other Reimbursements: MTA COOT Other Total Capital and Other Reimbursements Total Receipts $ $ $ $ $ $ Expenditures Labor: Payroll $ $ $ $ $ ($0704) (07) Overtime.-" Health and Welfare OPEB Current Payment (0.204) (23.4) (0.322) (12.3) Pensions Other Fringe Benefits (0.096) (1.3) (0267) (1.2) GASB Account Reimbursable Overhead Total Labor $ $ $ $ $ $ Non-Labor: Traction and Propulsion Power $6.467 $6.559 ($0.092) (1.4) $ $ $ Fuel for Buses and Trains Insurance Claims Paratransit Service Contracts Maintenance and Other Operating Contracts Professional Service Contracts Materials & Supplies Other Business Expenditures Total Non-Labor $ $ $ $ $ $ Other Adjustments: Other Other Post Employment Benefits Total Other Adjustments $0.000 $0.000 $ $0.000 $0.000 $0.000 Gap Closing Expenses: 1 Additional Actions for Budget Balance: Expense Impact Total Gap Closing Expenses $0.000 $0.000 $ $0.000 $0.000 $ Total Expenditures $ $ $ $ $ $ Net Cash Deficit ( excludes Opening Cash Balance) ($43.028) ($17.946) $ ($ ) ($74.864) $ Subsidies MTA (19.302) (58.3) (50294) (487) COOT (5.504) (20.0) Total Subsidies $ $ ($12.352) (28.7) $ $ ($55.798) (42.7) Cash Timing and Availability Adjustment $0.000 ($1.032) ($1.032) - $0.000 $3.411 $ AABB actual operating savings are captured Within the category construct of MTA s traditional financial slatements. Please see vaflance explanations for more detail -- Results are preliminary and SUbject to audit review -- Differences are due to rounding. " Variance exceeds 100%

9 Table 5 MTA METRO NORTH RAILROAD FEBRUARY FINANCIAL PLAN 2010 ADOPTED BUDGET CASH RECEIPTS AND EXPENDITURES EXPLANATION OF VARIANCE BETWEEN BUDGET AND ACTUAL RESULTS ($ in millions) Generic Receipt or Expense Category Variance Fav (Unfav) $ % March Reason for Variance FARE REVENUE % Higher ridership as well as liming difference in cash receipts. OTHER OPERATING REVENUE % Timing difference in receipts for Amtrak reimbursements (received two months), as well as higher net GCT retail revenue. CAPITAL AND OTHER REIMBURSEMENTS: MTA % Primarily due to higher project activity during 4th quarter COOT % Receipt timing differences. OTHER Advance receipt from ConEd for a pending substation project ($1.0 million) as well as other receipt timing differences. OPEB CURRENT PAYMENT (0.204) (23.4%) Higher payments for retirement health benefits. PENSIONS % Lower payments to the MTA Defined Benefit Plan. INSURANCE % Payment timing difference for station liability insurance premiums. CLAIMS % Lower personal injury payments during the month. MAINTENANCE &OTHER OPERATING CONTRACTS % Lower capital project activity (primarily GCT Leaks Remediation, NHL End Door Bomb Coach Overhaul), payment timing differences for telephone and real estate administration, and lower hardware and software maintenance and other miscellaneous services. PROFESSIONAL SERVICE CONTRACTS % Payment timing difference for MTA Police and other consolidated services, NHL BSC costs, as well as lower advertising and other miscellaneous services, partially offset by higher capital-related expenditures. MATERIALS & SUPPLIES % Lower than budgeted purchases of capital-related material and lower payments for electrical/electronic suppiies, computer software equipment. purchases of non-capialized equipment. and other material during the month. OTHER BUSINESS EXPENSES % Payment timing differences for miscellaneous business expenses and lower capital project activity, partially offset by higher Metro- Card and other pass-throughs. MTA SUBSIDY RECEIPTS (19.302) (58.3%) Lower subsidy draw due to a lower cash deficit as a result of higher receipts, lower disbursements. and higher COOT subsidy payments (timing), partially offset by an unfavorable change in available bank balance. COOT SUBSIDY RECEIPTS % Payment timing differences. TOTAL SUBSIDY RECEIPTS (12.352) (28.7%) Variance exceeds 100%

10 Table 5 FEBRUARY FINANCIAL PLAN ADOPTED BUDGET CASH RECEIPTS AND EXPENDITURES EXPLANATION OF VARIANCE BETWEEN BUDGET AND ACTUAL RESULTS ($ in millions) Variance Fav (Unfav) Year-To-Date as of March 31, 2010 Generic Receipt or Expense Category $ % Reason for Variance FARE REVENUE % Higher ridership as well as timing difference in cash receipts. CAPITAL AND OTHER REIMBURSEMENTS: MTA % Higher project activity during 4th quarter 2009, as well as receipt timing differences. CDOT % Receipt timing differences, partially offset by lower project activity during the period. OTHER % Advance receipt from ConEd for a pending substation project. OVERTIME % Lower than projected overtime for Train & Engine personnel, as well as lower than projected winter coverage requirements. HEALTH & WELFARE % Lower payments for NYSHIP/Empire health plan as well as lower than budgeted rates. OPEB CURRENT PAYMENT (0.322) (12.3%) Higher payments for retirement health benefits. PENSIONS % Lower payments to the MTA Defined Benefit Plan. TRACTION AND PROPULSION POWER % Primarily lower prices on the H/H and NH Lines. FUEL FOR TRAINS % Primarily lower consumption, as well as lower prices. INSURANCE % Primarily a timing difference in payment for station liability insurance premiums. CLAIMS % Lower personal injury settlements during the period. MAINTENANCE & OTHER OPERATING CONTRACTS % Payment timing differences to Norfolk Southern Railroad for Port Jervis lease costs and NJ Transit subsidy ($4.6 million budgeted in January; paid in December), lower capital-related expenses, lower utility costs and equipment overhead costs, partially offset by higher payments during the period for track maintenance & repairs, GCT Tarrazzo floor maintenance and other miscellaneous contract services. PROFESSIONAL SERVICE CONTRACTS % Payment timing difference for MTA Police and other consolidated services, capital-related engineering services, occupational health services, NHL BSC costs, data center charges, and security guards costs, as well as lower legal fees and other miscellaneous services MATERIALS & SUPPLIES % Lower purchases of capital-related material for MTA and Connecticut projects, and lower payments for propulsion, HVAC and car body system components, electrical/electronic supplies, computer software equipment, purchases of non-capitalized equipment, and other material purchases. MTA SUBSIDY RECEIPTS (50.294) (48.7%) Lower subsidy draw due to a lower net cash deficit resulting from iower disbursements, higher force account receipts and higher fare revenue, partially offset by lower CDOT subsidy payments. CDOT SUBSIDY RECEIPTS (5.504) (20.0%) Lower subsidy primarily due to adjustments for estimate to actual deficit for November and December 2009, and January 2010 TOTAL SUBSIDY RECEIPTS (55.798) (42.7%) Variance exceeds 100%

11 FEBRUARY FINANCIAL PLAN ADOPTED BUDGET CASH CONVERSION (CASH FLOW ADJUSTMENT) ($ in millions) March Year-to-Date Favorable Favorable (Unfavorable) (Unfavorable) Adopted Adopted Budget Actual Variance Percent Budget Actual Variance Percent Receipts Farebox Revenue $0.785 $2.005 $1.220 $1.847 $3.588 $ Toll Revenue 'Additional Actions for Budget Balance: Revenue Other Operating Revenue (1.136) (26.2) Capital & Other Reimbursements: MTA (1.715) COOT (0.121 ) (0.118) (0.036) Other (0.474) (1.476) Total Capital and Other Reimbursements (2.310) Total Revenue/Receipts ($0.081) $9.888 $9.969 $6.677 $ $ Expenditures Labor: Payroll $5.183 $5.550 $ $7.616 $5.294 ($2.322) (30.5) Overtime (0.247) (37.7) (0.607) (99.0) Health and Welfare (0.453) (0.513) (1.055) (0.168) OPEB Current Payment (0.076) (0.076) (0.119) (0.119) Pensions (0.248) (90.7) (0.027) (0.687) (0.660) Other Fringe Benefits (0.187) (30.1) (0.637) (1.393) (0.756) GASB Account (0.601) (0.601) (1.803) (1.803) Reimbursable Overhead (0108) (0.047) (0.296) (0.115) Total Labor $6.084 $5.241 ($0.843) (13.9) $4.411 $1.015 ($3.396) (77.0) Non-Labor: Traction and Propulsion Power ($0.000) ($1.486) (1.486) ($0.001 ) $ Fuel for Buses and Trains (0.141 ) (0.141 ) Insurance (0.926) (0.451 ) Claims (0.003) (0.327) (0.325) Paratransit Service Contracts Maintenance and Other Operating Contracts (3.275) (2.373) (10.299) (7.518) Professional Service Contracts (3.585) (2.132) Materials & Supplies (0.115) (0613) Other Business Expenses (1.673) (0.419) (9.334) (9.131 ) Total Non-Labor ($8.298) ($1.062) $ ($23.257) ($11.165) $ Other Adjustments: Other Total Other Adjustments $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Gap Closing Expenses: 1Additional Actions for Budget Balance: Expense Total Gap Closing Expenses $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 Total Expenditures Adjustments before Non Cash Liability Adjs. ($2.214) $4.179 $6.393 ($18.847) ($10.150) $ Depreciation (1.064) (4.147) 7.3 OPEB Obligation Environmental Remediation (56.1) (56.1) Total Expenditures Adjustments $ $ $ $ $ $ Total Cash Conversion Adjustments $ $ $ $ $ $ 'AABB actual operating savings are captured within the category construct of MTA's traditional financial statements. Please see variance explanations for more detail. -- Results are preliminary and subject to audit review. -- Differences are due to rounding. Variance exceeds 100%.

12 2010 BUDGET VS. ACTUALS TOTAL FULL-TIME POSITIONS AND FULL-TIME EQUIVALENTS (1) March 31, 2010 Department 2010 Budget Actual Favorable (Unfavorable) Variance Administration President Labor Relations Safety Corporate Communications Legal Claims Services Environmental Compliance & Serv VP Human Resources Human Resources Training Employee Relations & Diversity VP Planning & Development Operations Planning & Analysis Capital Planning & Programming Business Development & Facilities Long Range Planning VP Finance & Information Systems Controller Information Technology Budget Customer Service (2) Corporate Total Administration Operations Operations Administration Operations Services Metro-North West Total Operations Maintenance GCT Maintenance of Equipment Maintenance of Way Procurement & Material Mgmt Total Maintenance Engineering/Capital Project Budget Construction Management Engineering & Design Total Engineering/Capital Total Positions Non-Reimbursable Reimbursable Total Full-Time Total Full-Time-Equivalents (of part-time positions) (40) , ,261 1, , ,089 5, , (1 ) (40) 719 (18) , (15) 1, , , , , , (1) Reflects authorized positions reduced by vacancies. (2) Includes 2 part-time positions equal to 1 FTE.

13 2010 BUDGET VS. ACTUALS TOTAL FULL-TIME POSITIONS AND FULL TIME EQUIVALENTS March 31, 2010 FU NCTION/OCCUPATION 2010 Budget Actual t-avoraole (Unfavorable) Variance Administration Managers/Supervisors Professional, Technical, Clerical Operational Hourlies Total Administration (20) (2) (18) Operations Managers/Supervisors Professional, Technical, Clerical Operational Hourlies ,524 Total Operations 1, ,451 1, Maintenance Managers/Supervisors Professional, Technical, Clerical Operational Hourlies Total Maintenance 43 1,064 2,295 3, ,009 2,261 3, Engineering/Capital Managers/Supervisors Professional, Technical, Clerical Operational Hourlies Total Engineering/Capital Public Safety Managers/Supervisors Professional, Technical, Clerical Operational Hourlies Total Public Safety Total Positions Managers/Supervisors Professional, Technical, Clerical 2,093 2, Operational Hourlies 3,847 3, Total Positions 6,089 5,

14 2010 BUDGET VS. ACTUALS TOTAL FULL TIME POSITIONS AND FULL-TIME EQUIVALENTS March 31, 2010 Favorable Agency-wide (Non-Reimbursable and 2010 (Unfavorable) Reimbursable) Budget Actual Variance Explanation of Variances Functional Classification: Operations 1,879 1, Higher than projected vacancies Maintenance 3,402 3, Higher than projected vacancies Adm inistration (1) (18) Lower than projected vacancies Engineering / Capital Higher than projected vacancies Total Agency-wide Headcount 6,089 5, Non-Reimbursable 5,516 5, Higher than projected vacancies Reimbursable Higher than projected vacancies. (1) Budget includes a railroad-wide vacancy provision that is included in Corporate Department (aggregated under Administration).

15 FEBRUARY FINANCIAL PLAN 2010 ADOPTED BUDGET UTILIZATION (in millions) Month of March Variance Year-to-Date March Variance Fav (Unfav) Bud Fav (Unfav) Bud Budget Actual Amount % Budget Actual Amount % Farebox Revenue Harlem line $ $ $ $ $ $ Hudson line $9.077 $9.201 $ $ $ ($0.059) -0.2 New Haven line $ $ $ $ $ $ (I) (I) Total Farebox Revenue $ $ $ $ $ $ Ridership Harlem line Hudson line (0.025) -0.7 New Haven line Total Ridership (1) Excludes West of Hudson Mall &Ride revenue Iotaling $0.074 million for the month and $0.220 million year-lo-date. Overall ridership for the month was million. This was million or 3.1 % higher than budget. Ridership on the Harlem line was was 2.9% higher than budget, 0.7% higher on the Hudson line, and 4.4% higher on the New Haven line. The Farebox revenue was $1.637 million higher than budget for the month of March. Overall ridership for the year-to-date was million. This was million or 1.7% higher than budget. Ridership on the Harlem line was 1.7% higher than budget. 0.7% lower on the Hudson line, and 2.8% higher on the New Haven line. The Farebox revenue was $2.895 million higher than budget for the year-to-date March.

16 FEBRUARY FINANCIAL PLAN ADOPTED BUDGET MONTHLY PERFORMANCE INDICATORS MARCH 2010 MONTH VARIANCE vs. vs BUDGET 2009 BUDGET 2009 Farebox Operating Ratio (Percent) 55.6% 48.9% 49.6% 6.7% 6.0% Cost Per Passenger $11.19 $12.60 $11.88 $1.41 $0.69 Passenger Revenue/Passenger $6.37 $6.31 $6.05 $0.06 $0.32 YEAR-TO-DATE VARIANCE vs. vs BUDGET 2009 BUDGET 2009 Farebox Operating Ratio (Percent) 54.7% 48.8% 49.9% 5.9% 4.8% Cost Per Passenger $12.03 $13.39 $12.29 $1.36 $0.26 Passenger Revenue/Passenger $6.73 $6.69 $6.29 $0.04 $0.44 1) Farebox Operating Ratio excludes Other Post Employment Benefits (Accruals) cost of M (Year to Date), Environmental GASB-49 Accruals/Payments cost of $3.122M (Year to Date); MTA Police costs 4.279M (Year to Date), and NHL BSC costs $195K (Year to Date) 2) Cost per Passenger includes West of Hudson 3) Passenger Revenue/Passenger is for East of Hudson only and Includes Bar Car Services

17 METRO-NORTH MONTHLY RIDERSHIP REPORT MARCH 2010 Operations Planning & Analysis Department May, 2010

18 MARCH 2010 RIDERSHIP REPORT EXECUTIVE SUMMARY March March 2010 Total Metro-North System ridership was million vs million in March 2009, a decrease of 6,953 passengers (-0.1%). March 2010 East of Hudson ridership was million vs million in March 2009, an increase of 5,841 passengers (+0.1%). - Commutation ridership was -1.3% vs Non-Commutation ridership was +2.3% vs March 2010 West of Hudson ridership was million vs million in March 2009, a decrease of 7,417 passengers (-4.2%) March 2010 Connecting Services ridership was million vs million in March 2009, a decrease of 5,377 passengers (-9.5%). Year To Date 2010 YTD Total Metro-North System ridership was million vs million in 2009, a decrease of 298,448 passengers (-1.6%) YTD East of Hudson ridership was million vs million in 2009, a decrease of 257,175 passengers (-1.4%). - Commutation ridership was -2.6% vs. 2009, - Non-Commutation ridership was +0.5% vs YTD West of Hudson ridership was million vs million in 2009, a decrease of 30,974 passengers (-6.6%) YTD Connecting Services ridership was million vs million in 2009, a decrease of 10,299 passengers (-7.0%).

19 RIDERSHIP SUMMARY MARCH 2010 MARCH RIDERSHIP MARCH MARCH CHANGE VS SERVICE AMOUNT PERCENT East of Hudson (1) 6,769,641 6,763,800 5, % West of Hudson (1) 168, ,986 (7,417) -4.2% METRO-NORTH RAIL RIDERSHIP 6,938,210 6,939,786 (1,576) 0.0% Connecting Services Provided By Metro-North Contractors (2) 51,499 56,876 (5,377) -9.5% TOTAL MTA METRO-NORTH SYSTEM RIDERSHIP 6,989,709 6,996,662 (6,953) -0.1% YTD RIDERSHIP YTD YTD CHANGE VS SERVICE AMOUNT PERCENT East of Hudson (1) 18,243,337 18,500,512 (257,175) -1.4% West of Hudson (1) 440, ,456 (30,974) -6.6% METRO-NORTH RAIL RIDERSHIP 18,683,819 18,971,968 (288,149) -1.5% Connecting Services Provided By Metro-North Contractors (2) 136, ,420 (10,299) -7.0% TOTAL MTA METRO-NORTH SYSTEM RIDERSHIP 18,819,940 19,118,388 (298,448) -1.6% Notes: 1) 2009 ridership figures have been restated to eliminate calendar impacts on ridership. 2) Includes Hudson Rail Link, Haverstraw-Ossining Ferry and Newburgh-Beacon Ferry.

20 RIDERSHIP EAST OF HUDSON MARCH 2010 MARCH RIDERSHIP MARCH MARCH VARIANCE VS. MARCH BUDGET 2009 CHANGE FROM 2009 LINE ACTUAL BUDGET AMOUNT PERCENT RESTATED (1) AMOUNT PERCENT Harlem 2,287,299 2,223,442 63, % 2,316,481 (29,182) -1.3% Hudson 1,328,645 1,319,876 8, % 1,348,181 (19,536) -1.4% New Haven 3,153,697 3,020, , % 3,099,138 54, % TOTAL 6,769,641 6,564, , % 6,763,800 5, % YTD RIDERSHIP VARIANCE VS YTD YTD BUDGET YTD CHANGE FROM 2009 LINE ACTUAL BUDGET AMOUNT PERCENT RESTATED (1) AMOUNT PERCENT Harlem 6,154,106 6,050, , % 6,312,751 (158,645) -2.5% Hudson 3,567,730 3,592,899 (25,169) -0.7% 3,674,149 (106,419) -2.9% New Haven 8,521,501 8,287, , % 8,513,612 7, % TOTAL 18,243,337 17,930, , % 18,500,512 (257,175) -1.4% Note: 1) 2009 ridership figures have been restated to eliminate calendar impacts on ridership.

21 REVENUE EAST OF HUDSON MARCH 2010 MARCH REVENUE MARCH MARCH VARIANCE VS. MARCH BUDGET 2009 CHANGE FROM 2009 LINE ACTUAL BUDGET AMOUNT PERCENT RESTATED (1) AMOUNT PERCENT Harlem $12,848,144 $12,385,621 $462, % $11,657,451 $1,190, % Hudson $9,200,414 $9,077,024 $123, % $8,455,540 $744, % New Haven $20,460,391 $19,409,324 $1,051, % $19,242,416 $1,217, % TOTAL $42,508,949 $40,871,969 $1,636, % $39,355,407 $3,153, % YTD REVENUE VARIANCE VS YTD YTD BUDGET YTD CHANGE FROM 2009 LINE ACTUAL BUDGET AMOUNT PERCENT RESTATED (1) AMOUNT PERCENT Harlem $36,774,263 $35,961,495 $812, % $34,027,513 $2,746, % Hudson $26,186,481 $26,245,980 ($59,499) -0.2% $24,588,718 $1,597, % New Haven $58,443,030 $56,301,805 $2,141, % $56,168,915 $2,274, % TOTAL $121,403,774 $118,509,280 $2,894, % $114,785,146 $6,618, %

22 RIDERSHIP MARCH 2010 NYS PORTION OF WEST OF HUDSON SERVICE (1) MARCH RIDERSHIP MARCH MARCH VARIANCE VS. MARCH BUDGET 2009 CHANGE FROM 2009 LINE ACTUAL BUDGET AMOUNT PERCENT RESTATED (2) AMOUNT PERCENT Port Jervis 117, ,928 2, % 126,437 (8,807) -7.0% Pascack Valley 50,939 45,395 5, % 49,549 1, % TOTAL 168, ,323 8, % 175,986 (7,417) -4.2% YTD RIDERSHIP VARIANCE VS YTD YTD BUDGET YTD CHANGE FROM 2009 LINE ACTUAL (3) BUDGET AMOUNT PERCENT RESTATED (2) AMOUNT PERCENT Port Jervis 308, ,533 (2,916) -0.9% 339,780 (31,163) -9.2% Pascack Valley 131, ,213 9, % 131, % TOTAL 440, ,746 6, % 471,456 (30,974) -6.6% Notes: (1) NY State portion includes Port Jervis Line stations West of Suffern and Pascack Valley Line stations north of Montvale. (2) 2009 ridership figures have been restated to eliminate calendar impacts on ridership.

23 REVENUE MARCH 2010 NYS PORTION OF WEST OF HUDSON SERVICE (1) MARCH REVENUE MARCH MARCH VARIANCE VS. MARCH BUDGET 2009 CHANGE FROM 2009 LINE ACTUAL BUDGET AMOUNT PERCENT RESTATED (2) AMOUNT PERCENT Port Jervis $847,759 $779,141 $68, % $818,708 $29, % Pascack Valley $275,208 $233,823 $41, % $242,308 $32, % TOTAL $1,122,967 $1,012,964 $110, % $1,061,016 $61, % YTD REVENUE VARIANCE VS YTD YTD BUDGET YTD CHANGE FROM 2009 LINE ACTUAL (3) BUDGET AMOUNT PERCENT RESTATED (2) AMOUNT PERCENT Port Jervis $2,385,023 $2,287,676 $97, % $2,403,963 ($18,940) -0.8% Pascack Valley $766,988 $677,811 $89, % $701,676 $65, % TOTAL $3,152,011 $2,965,487 $186, % $3,105,639 $46, % Notes: (1) NY State portion includes Port Jervis Line stations West of Suffern and Pascack Valley Line stations north of Montvale.

24 QUARTERLY RIDERSHIP GROWTH EAST OF HUDSON 7% Percent Change From Previous Year 5% 3% 1% -1% -3% -5% 3.8% 3.5% 5.0% 3.8% 5.1% 4.5% 4.9% 1.0% -2.3% -3.8% -3.8% -1.4% % 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q -5.8% (a) Thru March, (+4.0%) (+3.8%) (-4.0%) (-1.4%)

25 AVERAGE WEEKLY RIDERSHIP EAST OF HUDSON (Millions of rides) J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D MONTHLY AVG 12-MONTH AVG

26 RIDERSHIP TRENDS BY MARKET EAST OF HUDSON COMMUTATION NON-COMMUTATION INTERMEDIATE TOTAL To/From Manhattan To/From Manhattan (18%) (a) (100%) (a) (50%) (a) (32%) (a) 8.0% Percent Change From Previous Year 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% 2.5% -5.0% -2.0% 4.7% -1.4% 0.1% 6.0% -5.8% -2.0% 3.8% -4.0% -1.4% % (a) Percent of total market. (b) 2008 and 2009 figures reflect annual trends

27 CONNECTING SERVICES RIDERSHIP REPORT MARCH 2010 (1) CURRENT MONTH YEAR-TO-DATE SERVICE MARCH MARCH MARCH MARCH CHANGE FROM CHANGE FROM 2009 ACTUAL RESTATED (2) AMOUNT PERCENT ACTUAL RESTATED (2) AMOUNT PERCENT 1) CONNECTING SERVICES PROVIDED BY METRO-NORTH CONTRACTORS Hudson Rail Link 34,954 37,352 (2,398) -6.4% 95,982 98,143 (2,161) -2.2% Haverstraw-Ossining Ferry 10,347 10,986 (639) -5.8% 24,950 27,652 (2,702) -9.8% Newburgh-Beacon Ferry 6,198 8,538 (2,340) -27.4% 15,189 20,625 (5,436) -26.4% TOTAL 51,499 56,876 (5,377) -9.5% 136, ,420 (10,299) -7.0% 2) CONNECTING SERVICES PROVIDED BY METRO-NORTH PARTNERS Bronx (NYCT)(3) 84,594 89,022 (4,428) -5.0% 214, ,637 (22,296) -9.4% Westchester (WCDOT, Croton Falls Shuttle) (3) 56,397 60,091 (3,694) -6.1% 137, ,343 (23,594) -14.6% Westchester Shuttles (WCDOT) 16,628 17,531 (903) -5.1% 44,703 46,505 (1,802) -3.9% Putnam (Putnam County) % % Dutchess (Dutchess Loop) 1,369 2,713 (1,344) -49.5% 5,050 7,863 (2,813) -35.8% Connecticut (CDOT, I-Bus, Danbury-Brewster, 88,168 89,597 (1,429) -1.6% 228, ,033 (8,328) -3.5% Ridgefield-Katonah, Greenwich & Stamford) Shore Line East (CDOT) 17,889 19,384 (1,495) -7.7% 46,043 51,453 (5,410) -10.5% Rockland (Tappan ZeeXpress) 23,294 22,102 1, % 61,372 60,017 1, % Orange (Newburgh-Beacon) 4,763 4, % 11,939 12,056 (117) -1.0% TOTAL 293, ,206 (11,965) -3.9% 750, ,178 (62,846) -7.7% COMBINED TOTAL 344, ,082 (17,342) -4.8% 886, ,598 (73,145) -7.6% (1) Ridership reflects passengers using connecting services to travel on Metro-North only and is calculated based on a combination of passenger counts and ticket sales. (2) 2009 ridership figures have been restated to eliminate calendar impacts on ridership. (3) Totals exclude Westchester and NYCT Bronx connecting bus service which continues to be adversely impacted by the introduction of MetroCard in April 2007.