Capital Metropolitan Transportation Authority Monthly Financial Report For Period Ending November 30, 2013

Transcription

1 Capital Metropolitan Transportation Authority Monthly Financial Report For Period Ending November 30, 2013

2 Table of Contents SUMMARY REPORT Financial Performance -Sales Tax Revenue 3 -Other Revenue 4 -Operating Expenses 5 Contract Modifications 6 Budget Transfers 7 APPENDIX REPORTS -Statement of Revenues, Expenses and Changes in Net Assets 8 -Budget Variance by Department Summary 9 -Statement of Net Assets 10 -Capital and Other Commitments 11 -Transportation Expense by Mode 12

3 Financial Indicators Nov-13 SALES TAX REVENUE Monthly Sales Tax Budget vs. Actual (Millions) - FY2014 Budget vs. FY2014 Actual (Cash Basis) $18.0 Reflects Sales Tax collection to date on a cash basis through the period ending November 30, $17.0 $16.0 $15.5 $15.0 $14.5 $14.0 FY14 Bdgt FY14Act $13.0 $12.8 $12.3 $12.0 $11.0 $10.0 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Monthly Sales Tax Prior Fiscal Year vs. Current Fiscal Year - FY2013 Actuals vs. FY2014 Actuals (Millions on Cash Basis) Sales Tax year over year increased by XX% or $XX million. Reflects Sales Tax collection to date on a Reflects cash basis Sales through Tax collection the period to date ending through May November, for the period ending April 30, $18.0 $17.0 $16.0 $15.5 $15.0 $14.6 $14.5 $14.0 $13.4 FY13 Act FY14 Act $13.0 $12.0 $11.0 $10.0 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3

4 Financial Indicators Nov-13 OTHER REVENUE Other Revenue - FY2014 YTD Budget vs. FY2014 YTD Actual (Millions) $6.0 $5.0 $4.8 $4.0 $3.7 $3.8 $3.8 $3.0 FY14 Bdgt FY14 Act $2.0 $1.0 $0.8 $0.8 $0.0 $0.3 $0.1 $0.0 $0.0 Fares Operating Grants Capital Grants Freight Rev Other Rev Although November 's ridership levels performed 0.7% below what was budgeted for FY2014, passengers fares compared favorably to budget due to pass outlet sales. Operating Grant Revenue actual YTD compared unfavorably to budget due to a time lag in the receipt of contractor invoices, the payment of theses expenses and the actual grant draw. Capital grant revenue actual YTD compared unfavorably to budget due to a time lag in the receipt of invoices, the posting of payments, and the grant draw. Other revenues from advertising, wellness center fees, childcare fees, and other non transit revenue compared favorably to budget through November 30,

5 OPERATING EXPENSES Financial Indicators Nov-13 Operating Expenses - FY2014 YTD Budget vs. FY2014 YTD Actual (Millions) $25.0 $20.0 $19.1 $18.7 $15.0 $10.0 FY14 Bdgt FY14 Act $5.5 $5.0 $5.2 $4.8 $3.1 $3.3 $2.3 $2.0 $0.0 $0.4 $0.2 $1.0 Salaries and benefits compared favorably with budget due to unfilled vacancies. Professional services compared favorably to budget through November due to under spending. November's year-to-date diesel fuel prices averaged $2.99 per gallon. Management budgeted $3.50 per gallon for FY2014. October's year-to-date diesel fuel prices averaged $3.03 per gallon. Other expenses compared favorably to budget through November due to under spending of other expenses such as insurance claims posted, travel, non-capitalized software and hardware expenses and interest expense. 5

6 CONTRACT MODIFICATIONS November-13 These are modifications to contracts consistent with authority previously given by the Board. Vendor Description Effective Expiration Original Amount Amount with Modifications to Date Current Month Changes VEOLIA TRANSPORTATION SERVICES, INC. PRUDENTIAL INSURANCE COMPANY OF AMERICA Contracted Fixed Route 11/1/2009 9/30/2014 $55,033,312 $55,090,292 Corrected previous typographical error, reduced contract by $28,035. Life, Accidental Death, and Short and Long-Term Disability Insurance 8/26/ /31/2014 $1,990,035 $1,990,035 Exercised option year 1, no increase in amount. EYE MED VISION CARE TRANSAMERICA LIFE INSURANCE COMPANY K&L GATES Employee Optional Vision Benefit Plan Employee Optional Critical Illness Benefit Plan State Legislative Consulting Services 1/1/ /31/2014 $192,826 $215,626 Exercised option year 1, increased contract by $22,800. 1/1/ /31/2014 $161,662 $161,662 Exercised option year 1, no increase in amount. 11/30/ /30/2014 $108,996 $469,786 Exercised option year 3, increased contract by $126,177. ACS TRANSPORTATION SOLUTIONS INC. Replacement Header for Orbital Contract 11/14/ /31/2014 $12,801,942 $17,354,605 Added Dynamic Messaging System (DMS) Warranty & Maintenance for 77 units installed for BRT service, increased contract by $220,654. 6

7 Budget Transfers Financial Indicators Nov-13 Consistent with Budget and Financial Planning Policy FIN , therewere no budget transfersin excess of $250,000 for the period ending November 30,

8 Capital Metropolitan Transportation Authority Statement of Revenues, Expenses, and Changes in Net Assets For the Period Ending November 30, 2013 FY 2014 Year to Date YTD (Actuals) YTD Budget YTD Actual YTD Variance YTD Var % YTD % of November 30, 2013 November 30, 2013 Fav/(Unfav) Fav/(Unfav) Total Expenses Operating Revenue: Passenger Fares $ 2,501,854 $ 2,335,835 $ (166,019) -6.6% 7.6% Third Party Fares 1,168,920 1,452, , % 4.7% Freight Rail Revenue 849, ,980 (25,427) -3.0% 2.7% Other Revenue 82, , , % 1.0% Total Operating Revenue: 4,602,685 4,931, , % 16.1% Expenses; Salaries & Benefits 5,547,908 5,158, , % 16.9% Professional Services 4,755,349 3,131,904 1,623, % 10.2% Materials and Supplies 430, , , % 0.8% Fuel & Fluids 3,327,088 2,347, , % 7.7% Utilities 404, , , % 0.8% Insurance 307, ,721 76, % 0.8% Taxes 180, ,009 24, % 0.5% Purchased Transportation 19,137,386 18,713, , % 61.1% Other Expenses 759, , , % 0.5% Interest Expense 125, ,728 16, % 0.4% Lease/Rental 213, , , % 0.3% Total Expenses 35,189,023 30,602,755 4,586, % 100.0% Operating Income/(Loss) (30,586,338) (25,671,360) 4,914, % -83.9% Non-Operating Revenue/(Expenses): Sales Tax 25,053,627 26,762,752 1,709, % 87.5% Investment Income 3,797 23,185 19, % 0.1% Grants - Operating 4,766,667 20,509 (4,746,158) -99.6% 0.1% Grants - Capital 3,753,267 - (3,753,267) % 0.0% Total Non-Operating Revenue/(Expenses) 33,577,358 26,806,446 $ (6,770,912) -20.2% 87.6% Change in net assets available for financing and capital activities $ 2,991,020 $ 1,135,086 $ (1,855,934) -62.1% 3.7% Revenues: Although November 's ridership levels performed 0.7% below what was budgeted for FY2014, passengers fares compared favorably to budget due to pass outlet sales. Operating Grant Revenue actual YTD compared unfavorably to budget due to a time lag in the receipt of contractor invoices, the payment of theses expenses and the actual grant draw. Capital grant revenue actual YTD compared unfavorably to budget due to a time lag in the receipt of invoices, the posting of payments, and the grant draw. Other revenues from advertising, wellness center fees, childcare fees, and other non transit revenue compared favorably to budget through November 30, Expenses: Salaries and benefits compared favorably with budget due to unfilled vacancies. Professional services compared favorably to budget through November due to under spending. November's year-to-date diesel fuel prices averaged $2.99 per gallon. Management budgeted $3.50 per gallon for FY2014. October's year-to-date diesel fuel prices averaged $3.03 per gallon. Other expenses compared favorably to budget through November due to under spending of other expenses such as insurance claims posted, travel, non-capitalized software and hardware expenses and interest expense. 8

9 Capital Metropolitan Transportation Authority Budget Variance by Department Summary for Period Ending November 30, 2013 FY14 Year to Date November 30, 2013 Budget Actual $ Var % Var 100 Non-Allocated Benefits $ 1,525,145 $ 1,457,472 $ 67, % 102 Wellness Center 49,313 46,392 2, % 103 Child Care Center 115, , % 105 Business Center 52,600 35,200 17, % 110 General Managers 206, ,737 20, % 115 Communications 99,721 51,345 48, % 118 Government Affairs/Office of Diversity 114,456 86,512 27, % 120 Board of Directors 54,129 43,278 10, % 125 Internal Audit 53,461 52, % 130 Strategic Operations Management 161,049 57, , % 141 Security 555, ,989 (8,292) -1.5% 150 Legal 158,930 75,191 83, % 220 Finance 552, , , % 230 Information Technology 1,367, , , % 250 Procurement 193, ,764 21, % 275 RideShare 118, ,625 (6,073) -5.1% 320 Planning 432, , , % 330 Marketing 639, , , % 331 Community Involvement 142,176 78,611 63, % 332 Customer Service 234, ,427 49, % 340 Human Resources 239, ,057 21, % 420 Risk Management 539, ,675 99, % 457 Public Facilities 735, , , % 530 Capital Projects 203, ,931 96, % 540 Real Estate and Asset Management 801, , , % 542 Freight Rail Management 903, , , % 544 Commuter Rail 1,787,736 1,650, , % 545 Commuter Rail Special Service 318,646 9, , % 600 Bus & Paratransit Contract Operations 663, , , % 610 Bus Contract Operations 17,608,533 16,765, , % 620 Paratransit Contract Operations 4,037,822 3,650, , % 630 MetroAccess Administration 81,625 49,656 31, % 640 Paratransit Reservation and Control Center 268, ,119 45, % 650 Paratransit Eligibility 172, ,701 42, % Total Expenses $ 35,189,023 $ 30,602,755 $ 4,586, % 9

10 CAPITAL METROPOLITAN TRANSPORTATION AUTHORITY Statements of Net Assets November 30, 2013 and October 31, 2013 UNAUDITED Assets November 30, 2013 October 31, 2013 Current assets: Cash and cash equivalents $ 80,094,167 $ 73,980,982 Restricted cash for bus purchase 10,000,000 10,000,000 Short Term Investments 9,896,000 9,896,000 Receivables Sales and use tax 26,762,752 28,960,480 Federal 1,066,550 4,718,489 Other, net 5,019,651 5,315,623 Total receivables 32,848,953 38,994,592 Inventory 3,251,119 3,407,620 Other current assets 3,924,675 3,713,261 Total current assets 140,014, ,992,455 Non-current assets: Capital assets, net 309,341, ,475,408 Other assets 2,637,449 2,637,449 Total non-current assets 311,979, ,112,857 Total assets 451,994, ,105,312 Liabilities Current liabilities: Accounts and retainage payable 30,128,908 29,263,481 Accrued expenses 2,464,811 2,881,013 Interest payable 184, ,275 Master lease purchase financing agreement 2,642,614 2,642,614 Notes payable 1,855,000 1,855,000 Short term sick liabilities - McDonald & MV 898, ,489 City of Austin Interlocal Agreement 7,108,896 6,877,741 Total current liabilities 45,283,141 44,540,613 Long term liabilities: Accrued expenses 4,301,477 4,361,210 Master lease purchase financing agreement 11,244,121 11,244,121 Note payable 16,355,000 16,355,000 Deferred rent 429, ,260 Total long term liabilities 32,329,858 32,389,591 Total liabilities 77,612,999 76,930,204 Net assets: Invested in capital assets, net of related debt 286,491, ,378,673 Unrestricted 87,889,995 97,796,435 Total net assets $ 374,381,333 $ 374,175,108 10

11 Capital Metropolitan Transportation Authority Summary of Operations, Financing, and Capital Expenditure Activities For Period Ending, November 30, 2013 Summary of Operations Year-to-Date Activity Total FY14 Budget % Spend vs. Budget Operating and Non Operating Revenues $ 31,737,841 $ 238,711, % Operating Expenses 30,602, ,384, % Operating Profit/(Loss) 1,135,086 31,326, % Capital Grant Revenue - 30,046, % Available for Capital/Financing Activities 1,135,086 61,373, % Financing Expenditure Activities Mobility & BCT Programs 32,628 1,400, % Quarter Cent Payment - 8,995, % Suburban Cities and Counties - 974, % Other ILA 34,524 1,166, % Other Non-Operating-Net (Gain)/Loss on Disposal of Fixed Assets Long Term Debt Payments - 1,855, % Railcar Principal Payments 745,259 2,642, % Total Financing Expenditure Activities 812,575 17,035, % Capital Expenditures Projects MetroRapid Project 1,499,760 18,431, % East End Rail Track Rehabilitation - 90 LB 292,992 2,784, % Bus Stop Accessibility Improvements 268,126 3,087, % Intelligent Transportation Systems (ITS) Project 110,534 5,759, % Productivity Software 101, , % Railroad Bridge Repair/Upgrade 44,627 1,291, % Bus Benches 35, , % MetroBike Shelters 31, , % Financial System 22,913 4,001, % Interactive Voice Response (IVR) System Replacement 16, , % IT Infrastructure Equipment 13, , % Farebox System Upgrade and Ticket Vending Machine Improvements 11, , % Saltillo Track Relocation 9,670 5,272, % Oakhill Park and Ride replacement 9,198 16, % Telephone Switch Upgrade * 3, % Server Backup System * 2, % IT Infrastructure Equipment * % Bus Stop Signage , % Sunroom Improvement * % Kramer Station bike shelter landscaping 325 5, % Paratransit Vehicle Replacement - 5,317, % Radio Communication System Replacement - 1,328, % Positive Train Control - 1,091, % Crossings Improvements Reimbursed by TxDOT - 1,000, % Capital Project Contingency - 565, % Diesel Multiple Unit (DMU) Powertrain Component Rebuild - 500, % Network Upgrades - 400, % Paratransit van replacement - 375, % North Lamar Transit Center Facility Enhancements - 350, % Alternative Analysis - 340, % Austin WYE Realignment - 325, % Points of Conflict - 300, % Flashing Lights and MP , % ITS equipment and Dynamic Message Signs Vehicle Spare Parts - 250, % Ridership Analysis System - 200, % Private Crossing Signalization at MP , % Non-revenue vehicle replacement - 180, % MLK Crossing Preemption - 175, % HVAC chilling system - 165, % Bus Shelters - 154, % MetroBike Shelters - 150, % Emergency Walkway and Guardrail for Bridges - 150, % Diesel Multiple Unit (DMU) Security Cameras Upgrade - 150, % Test System for ITS - 125, % Customer Comments System Replacement - 120, % High-Rail Vehicles - 120, % Bus Stop Litter Containers - 100, % Data Warehousing - 100, % Risk Management System - 100, % Security Camera Software Replacement - 100, % Northbase paratransit dispatch console - 100, % Fuel System Upgrade at Thompson Lane - 90, % Headquarters Facility - Shop Lighting - 75, % North Operations Facility - HVAC control system - 75, % Portable Lifts - 75, % UPS System Replacement - 75, % ServiceNow System - 75, % Station and Platform Place-Making - 50, % MetroRapid Dedicated Transit Lane - 50, % Disadvantaged business enterprise (DBE) compliance software - 50, % Trapeze Integration System - 50, % Rail Maintenance Building Drainage - 45, % Rail Maintenance Building Ventilation System - 45, % Video Development Equipment - 45, % Fuel System Upgrade - 35, % Fitness Equipment - 30, % Digital clocks for Techridge Park & Ride - 28, % IT Infrastructure - 17, % Reduced Fare ID Card System - 10, % Serta Yard Material Relocation - 4, % Convert Wood Deck Bridge to Open Deck MP52.44 (8,020) 31, % Total Capital Project Expenditures 2,467,516 59,419, % Financing Activity & Capital Expenditures 3,280,091 76,454, % Operating/Capital Funds Net Increase/(Decrease) $ (2,145,005) $ (15,080,400) 14.2% Note: The year-to-date activity for capital project expenditures are actual expenditures through November 30, Approximately 4.2% of the annual capital budget has been expended year to date. *Funding for these projects will be absorbed through fund balance until the budget amendment is approved by the board on January 29,

12 Capital Metropolitan Transportation Authority Transportation Expense by Mode for Period Ending November 30, 2013 Service Type YTD Budget YTD Actual YTD Variance YTD Variance % Nov-13 Nov-13 Nov-13 Nov-13 MetroBus $ 20,721,903 $ 18,322,506 $ 2,399, % MetroRapid 461, , , % 1 UT Shuttle 2,321,229 2,150, , % ExpressBus 1,095,599 1,071,650 23, % Suburban 305, ,105 60, % MetroAccess 6,742,546 5,662,060 1,080, % MetroRail 1,939,157 1,799, , % MetroRail City of Austin 332,246 38, , % Rideshare 337, ,853 41, % Freight Rail 931, , , % Total All Modes (Including overhead) $ 35,189,023 $ 30,602,755 $ 4,586, % 1) Direct Start-up Costs Only 12