Jefferson County Public Transportation Benefit Area (Jefferson Transit Authority)

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1 Financial Statements and Federal Single Audit Report Jefferson County Public Transportation Benefit Area (Jefferson Transit Authority) For the period January 1, 2015 through December 31, 2015 Published September 29, 2016 Report No

2 Washington State Auditor s Office September 29, 2016 Board of Commissioners Jefferson Transit Authority Port Townsend, Washington Report on Financial Statements and Federal Single Audit Please find attached our report on the Jefferson Transit Authority s financial statements and compliance with federal laws and regulations. We are issuing this report in order to provide information on the District s financial condition. Sincerely, TROY KELLEY STATE AUDITOR OLYMPIA, WA Insurance Building, P.O. Box Olympia, Washington (360) TDD Relay (800)

3 TABLE OF CONTENTS Schedule Of Findings And Questioned Costs... 4 Independent Auditor s Report On Internal Control Over Financial Reporting And On Compliance And Other Matters Based On An Audit Of Financial Statements Performed In Accordance With Government Auditing Standards... 6 Independent Auditor s Report On Compliance For Each Major Federal Program And Report On Internal Control Over Compliance In Accordance With The Uniform Guidance... 8 Independent Auditor s Report On Financial Statements Financial Section About The State Auditor s Office Page 3

4 SCHEDULE OF FINDINGS AND QUESTIONED COSTS Jefferson Transit Authority Jefferson County January 1, 2015 through December 31, 2015 SECTION I SUMMARY OF AUDITOR S RESULTS The results of our audit of the Jefferson Transit Authority are summarized below in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Financial Statements We issued an unmodified opinion on the fair presentation of the basic financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). Internal Control over Financial Reporting: Significant Deficiencies: We reported no deficiencies in the design or operation of internal control over financial reporting that we consider to be significant deficiencies. Material Weaknesses: We identified no deficiencies that we consider to be material weaknesses. We noted no instances of noncompliance that were material to the financial statements of the District. Federal Awards Internal Control over Major Programs: Significant Deficiencies: We reported no deficiencies in the design or operation of internal control over major federal programs that we consider to be significant deficiencies. Material Weaknesses: We identified no deficiencies that we consider to be material weaknesses. Page 4

5 We issued an unmodified opinion on the District s compliance with requirements applicable to its major federal program. We reported no findings that are required to be disclosed in accordance with 2 CFR (a). Identification of Major Federal Programs: The following program was selected as a major program in our audit of compliance in accordance with the Uniform Guidance. CFDA No. Program or Cluster Title Federal Transit Capital Investment Grants The dollar threshold used to distinguish between Type A and Type B programs, as prescribed by the Uniform Guidance, was $750,000. The District qualified as a low-risk auditee under the Uniform Guidance. SECTION II FINANCIAL STATEMENT FINDINGS None reported. SECTION III FEDERAL AWARD FINDINGS AND QUESTIONED COSTS None reported. Page 5

6 INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Jefferson Transit Authority Jefferson County January 1, 2015 through December 31, 2015 Board of Commissioners Jefferson Transit Authority Port Townsend, Washington We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the Jefferson Transit Authority, Jefferson County, Washington, as of and for the year ended December 31, 2015, and the related notes to the financial statements, which collectively comprise the District s basic financial statements, and have issued our report thereon dated September 21, As discussed in Note 7 to the financial statements, during the year ended December 31, 2015, the District implemented Governmental Accounting Standards Board Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27 and Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - an amendment of GASB Statement No. 68. INTERNAL CONTROL OVER FINANCIAL REPORTING In planning and performing our audit of the financial statements, we considered the District s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District s internal control. Accordingly, we do not express an opinion on the effectiveness of the District s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the District's financial statements will not be Page 6

7 prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. COMPLIANCE AND OTHER MATTERS As part of obtaining reasonable assurance about whether the District s financial statements are free from material misstatement, we performed tests of the District s compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. PURPOSE OF THIS REPORT The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. However, this report is a matter of public record and its distribution is not limited. It also serves to disseminate information to the public as a reporting tool to help citizens assess government operations. TROY KELLEY STATE AUDITOR OLYMPIA, WA September 21, 2016 Page 7

8 INDEPENDENT AUDITOR S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND REPORT ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH THE UNIFORM GUIDANCE Jefferson Transit Authority Jefferson County January 1, 2015 through December 31, 2015 Board of Commissioners Jefferson Transit Authority Port Townsend, Washington REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM We have audited the compliance of the Jefferson Transit Authority, Jefferson County, Washington, with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement that could have a direct and material effect on each of the District s major federal programs for the year ended December 31, The District s major federal programs are identified in the accompanying Schedule of Findings and Questioned Costs. Management s Responsibility Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. Auditor s Responsibility Our responsibility is to express an opinion on compliance for each of the District s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance Page 8

9 requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the District s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination on the District s compliance. Opinion on Each Major Federal Program In our opinion, the District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended December 31, REPORT ON INTERNAL CONTROL OVER COMPLIANCE Management of the District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the District s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program in order to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the District's internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Page 9

10 Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Purpose of this Report The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. However, this report is a matter of public record and its distribution is not limited. It also serves to disseminate information to the public as a reporting tool to help citizens assess government operations. TROY KELLEY STATE AUDITOR OLYMPIA, WA September 21, 2016 Page 10

11 INDEPENDENT AUDITOR S REPORT ON FINANCIAL STATEMENTS Jefferson Transit Authority Jefferson County January 1, 2015 through December 31, 2015 Board of Commissioners Jefferson Transit Authority Port Townsend, Washington REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying financial statements of the Jefferson Transit Authority, Jefferson County, Washington, as of and for the year ended December 31, 2015, and the related notes to the financial statements, which collectively comprise the District s basic financial statements as listed on page 14. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, Page 11

12 but not for the purpose of expressing an opinion on the effectiveness of the District s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Jefferson Transit Authority, as of December 31, 2015, and the changes in financial position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Matters of Emphasis As discussed in Note 7 to the financial statements, in 2015, the District adopted new accounting guidance, Governmental Accounting Standards Board Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27 and Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date - an amendment of GASB Statement No. 68. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis on pages 15 through 21 and pension plan information on pages 39 through 43 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Page 12

13 Supplementary and Other Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the District s basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). This schedule is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING STANDARDS In accordance with Government Auditing Standards, we have also issued our report dated September 21, 2016 on our consideration of the District s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District s internal control over financial reporting and compliance. TROY KELLEY STATE AUDITOR OLYMPIA, WA September 21, 2016 Page 13

14 FINANCIAL SECTION Jefferson Transit Authority Jefferson County January 1, 2015 through December 31, 2015 REQUIRED SUPPLEMENTARY INFORMATION Management s Discussion and Analysis 2015 BASIC FINANCIAL STATEMENTS Statement of Net Position 2015 Statement of Revenues, Expenses and Changes in Net Position 2015 Statement of Cash Flows 2015 Notes to Financial Statements 2015 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Proportionate Share of the Net Pension Liability PERS Schedule of Proportionate Share of the Net Pension Liability PERS 2/ Schedule of Employer Contributions PERS Schedule of Employer Contributions PERS 2/ Notes to Required Supplementary Information Pensions 2015 SUPPLEMENTARY AND OTHER INFORMATION Schedule of Expenditures of Federal Awards 2015 Notes to the Schedule of Expenditures of Federal Awards 2015 Page 14

15 JEFFERSON COUNTY PUBLIC TRANSPORTATION BENEFIT AREA DBA/Jefferson Transit Authority MANAGEMENT DISCUSSION & ANALYSIS For The Year Ended December 31, 2015 The management of Jefferson Transit Authority (Jefferson Transit) offers the readers of Jefferson Transit s financial statements this narrative as an overview and analysis of the financial activities for the fiscal year ended December 31, To more fully understand the financial position of Jefferson Transit, this narrative should be considered in conjunction with the information contained in Jefferson Transit s financial statements and accompanying notes. Jefferson Transit was established in 1980 to provide public transit services. Current services include: Fixed Route Standard bus service on fixed, regularly scheduled routes. Route Deviated Is a normal fixed route service that will deviate up to ¾ mile off-route to provide demand response services. Demand Response (Dial-A-Ride) Is a shared-ride public transportation service for people with disabilities that prevent them from riding regular bus service. Vanpool A program that makes available to groups of 5-15 people a vehicle for commuting to work. The primary hub of operations is located outside Port Townsend at 63 4 Corners Road, with a transit hub located at the Haines Place Park and Ride and a second satellite base located on the west side of the county in Forks known as Jefferson Transit Olympic Connection. Jefferson Transit s new Administration and Maintenance Facility was functionally complete in May 2015 and operations transferred from 1615 W. Sims Way to 63 4 Corners Road in June FINANCIAL HIGHLIGHTS It is our opinion that Jefferson Transit s overall future financial position is positive but we will continue to address existing fiscal challenges versus 2014 changes and highlights include the following: During the year ending December 31, 2015, two new accounting standards (Statement No. 68 and 71 related to accounting and financial reporting for pensions) issued by the Government Accounting Standards Board (GASB) became effective and were implemented by the Transit where necessary or applicable. These requirements revise existing requirements and establish new financial reporting requirements for most governments that provide their employees with pension benefits. The statements have had a material impact on the Transit s financial statements. Operating revenue decreased 5% to $205,945 from $216,782; lower ridership, the 2013 decision to cancel advertising on the bus, and the loss of vanpool revenue are primary drivers for the decrease. Passenger Fares decreased 4% to $205,164 from $211,569. Operating expenses (excluding depreciation) decreased.1% to $3,895,934 from $3,900,371. The implementation of GASB 68 resulted in a reduction of 2015 expenses, however, there would have been a 2% increase to expenses without the GASB 68 reduction. There were increases in salaries and wages, however, expenses were also offset by significant fuel expenses savings due to lower fuel costs. Sales tax revenue increased 10% to $4,042,958 from $3,650,601. This increase is attributed to continued economic recovery and construction projects in Jefferson County. Operating subsidies decreased 11% to $1,112,564 from $1,245,354, this funding can fluctuate depending on grant awards. Beginning Net position had a prior period adjustment as a result of implementing GASB 68 reporting requirements. Net position increased 2% to $11,333,408 from $11,116,668. Page 15

16 Jefferson Transit began construction of an Administration and Maintenance Facility in The facility was ready for occupation in June of 2015, but there were several items on the punch list that were not completed until early The project was fully complete in April Jefferson Transit s primary expense, as with any service industry, is Labor and Benefits. Jefferson Transit s 2015 expenses included a contractual increase to represented labor of 1%, wage increases were also granted to non-represented staff. Labor expenses increased $52,528 over Benefits decreased by $2,676 over GASB 68 decreased the pension expense by $58, Another major expense for the Jefferson Transit budget is fuel. For a second year in a row fuel expense decreased dramatically. The expense for fuel was $234,436, a decrease of $110,953 (or 32%) from Overall, Jefferson Transit s management has a high degree of control over expenses. Budget versus actual expenses are reviewed by staff and reported to the Authority Board monthly. OVERVIEW OF THE FINANCIAL STATEMENTS Jefferson Transit s financial statements include two components: 1) financial statements and 2) notes to the financial statements. This management discussion and analysis is intended to serve as an introduction to Jefferson Transit s basic financial statements. Financial Statements The Statement of Net Position presents information on all of Jefferson Transit s assets and liabilities, with the difference between the two reported as Net Position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of Jefferson Transit is improving or deteriorating. The Statement of Revenues, Expenses and Changes in Fund Net Position presents information showing how Jefferson Transit s net position changed during the fiscal year. All changes in net position are reported when the underlying event giving rise to the change actually occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods (e.g., earned but unused general leave). The Statement of Cash Flows presents actual in and out cash activity during the fiscal period related to operating activities, noncapital financing activities, capital activities and investing activities. Additionally, a reconciliation of net cash provided (used) by operating activities to Operating Income (Loss) is included. Over time, increases or decreases in cash balances may serve as a useful indicator of the financial stability of Jefferson Transit. Notes to the Financial Statements The Notes to the Financial Statements provide additional information essential to fully understand the data provided in Jefferson Transit s financial statements and are located following the Statement of Cash Flows. FINANCIAL ANALYSIS Statement of Net Position The following condensed financial information provides an overview of Jefferson Transit s financial position for the fiscal years ending December 31, 2015 and In 2015, total assets were $14,624,263, an increase of $1,876,154 (or 14.7%) from In 2015 current and other assets were $4,747,106, a decrease of $712,062 (or 13.1%) from At December 31, 2015 Jefferson Transit had total liabilities of $3,219,191, an increase of $1,587,750 (or 97.3%) from 2014 year-end. The increase in total liabilities is due to the implementation of GASB 68/71, however, Jefferson Transit did see a decrease in Accounts Payable due to the timing of payments at year end compared to Page 16

17 Jefferson Transit s assets exceeded liabilities at December 31, 2014 by 11,333,408 (total net position). Invested in capital assets is $9,877,157. Unrestricted net assets are $1,371,001, a decrease of $2,372,016 (or 63.4%) from year-end This decrease is attributable to the JTA funded portion of the facility construction project. Due to a bond covenant, Jefferson Transit now has a restricted component of assets, $85,250 is restricted in a Bond Reserve Fund. The financial position of Jefferson Transit remains strong in Statement of Net Position (Summary) December 31, 2015 and Increase (Decrease) Over 2014 Assets: Current and Other Assets $ 4,747,106 $ 5,459,708 $ (712,602) Capital Assets, Net 9,877,157 7,288,401 2,588,756 Total Assets $ 14,624,263 $ 12,748,109 $ 1,876,154 Deferred Outflow - Pension $ 215,342 Total Assets & Deferred Outflows 14,839,605 Liabilities: Current Liabilities $ 142,679 $ 330,300 $ (187,620) Long-Term Liabilities 3,076,511 1,301,141 1,775,370 Total Liabilities $ 3,219,191 $ 1,631,441 $ 1,587,750 Deferred Inflow - Pension $ 287,006 Invested in Capital Assets $ 9,877,157 $ 7,288,401 $ 2,588,756 Restricted $ 85,250 $ 85,250 $ - Unrestricted 1,371,001 3,743,017 (2,372,016) Total Net Position $ 11,333,408 $ 11,116,668 $ 216,740 Total NP-Liabilities-Deferred IF $ 14,839,605 $ 12,748,109 $ 2,091,496 Statement of Revenues, Expenses and Changes in Fund Net Position As of December 31, 2015 total net position was $11,333,408, an increase of $216,740 (or 1.9%) from 2014 year-end. The pension liability created by GASB 68/71 reporting requirements resulted in a lower net position for Jefferson Transit had only the increased assets due to construction been reported capital contributions were $1,259,776, a decrease of $947,822 from The Administration and Maintenance Facility fully utilized all remaining grant funding in 2015, resulting in lower grant funded capital contributions. Operating revenue, operating expense and non-operating revenue variances are detailed in greater detail below. Revenues, Expenses and Changes in Fund Net Position (Summary) For The Years Ended December 31, 2015 and Change Over 2014 Operating Revenues $ 205,945 $ 216,782 $ (10,836) Operating Expense (4,456,458) (4,436,012) (20,446) Operating Income (Loss) $ (4,250,513) $ (4,219,230) $ (31,282) Nonoperating Revenues (Expenses) 5,175,817 4,936, ,487 Capital Contributions 1,259,776 2,207,598 (947,822) Increases (Decreases) in Net Assets $ 2,185,081 $ 2,924,698 $ (739,617) Net Position - Beginning (January 1) $ 11,116,668 $ 8,191,970 $ 2,924,698 Prior Period Adjustment (1,968,341) 0 (1,968,341) Net Position - Ending (December 31) $ 11,333,408 $ 11,116,668 $ 216,740 Page 17

18 Operating Revenues Operating revenues are revenues tied directly to transit and transit related services operating revenues for Jefferson Transit were $205,945. This is a decrease of $10,837 (-5%) over the 2014 figures. Operating revenues by category: Passenger Fares for Transit Services Includes fares for fixed route, Dial-a-Ride and, vanpool programs. The decline in operational revenues can be attributed to a decline in Fixed route and Diala-Ride ridership. Auxiliary Transportation Services Includes services provided that are closely associated with but not directly related to transit services. This includes advertising and bookmobile cleaning for the Jefferson County Library. In late 2013 the Board placed a moratorium on all new advertising pending an in depth review of the policy for political or controversial advertising. The moratorium is still in place with no change predicted in the near future. Advertising revenues in 2014 were from residual advertising agreements that were signed prior to the moratorium. There was no advertising revenue in Operating Revenues For The Years Ended December 31, 2015 and Increase (Decrease) Over 2014 Passenger Charter Service Fares Revenues for Transit Services $ 205,165 $ 211,569 $ (6,404) 0 Auxiliary Transportation Revenues 780 5,213 (4,433) Operating Revenues $ 205,945 $ 216,782 $ (10,837) Operating Expenses Operating expenses are all expenses tied to operations and providing transit related services. Operating expense categories include operations, maintenance, administration and depreciation operating expenses were $4,456,458, an increase of $20,446 (or.46%) from Operating expenses by category: Operations Responsible for all on-street services including transit operators and dispatchers expenses related to operations were $1,887,295, a decrease of $236,901 (11.2%) from In May 2015 JTA created a new department, the Haines Place Transit Center (HPTC). While 2015 included an increase in wages to all represented staff of 1% and step increases (generally 3%) granted to management staff, a majority of the budget reduction for Operations is because budget was transferred to the HPTC. A decrease for pension expense due to the GASB 68 entries is also reflected in the reduced amount. Haines Place Transit Center (HPTC) From May 2015 through December 2015 the Mobility and Outreach Manager, Customer Service and Road Supervisor positions were assigned to the HPTC budget. Expenses for this department were $246,209, no comparative figures are available for In 2016 the dispatchers will be transferred to the HPTC budget. Maintenance Responsible for all vehicles including fuel, parts, cleaning, servicing, and facility upkeep. Expenses related to maintenance were $1,010,619 in This is a decrease of $79,902 (or -7.3%) from Besides the decrease for pension expense due to the GASB 68 entries the primary driver for the decrease in 2015 is attributed to a reduction in fuel expense. Page 18

19 Administration Responsible for all other functions including executive direction, planning, marketing, information systems, purchasing, finance, and human resources expenses related to administration were $778,711, an increase of $93,057 (or 13.6%) from Staff step increases (approximately 3%) as well adding a part-time IT position as well as making another position full time with additional duties are primarily responsible for the increases. Making one position full time resulted in an increased benefits cost as well. Professional Services increased over 2014 due to moving expenses, an accountability audit, and Phase I and II Environmental Reviews for the old facility property. Additional increases in Administrative expenses include an increase in office supplies (due to move) and an increase in liability insurance costs. Depreciation This is the estimated pro-ration of the cost of capital assets over the useful life of the asset expenses related to depreciation were $533,624, a decrease of $2,018 (or -.4%) from No major vehicle purchases were made and some assets were retired. Operating Expenses For The Years Ended December 31, 2015 and Increase (Decrease) Over 2014 Operations $ 1,887,295 $ 2,124,196 $ (236,901) Haines Place Transit Center 246,209 0 $ 246,209 M aintenance 1,010,619 1,090,521 (79,902) Administrative Expenses 778, ,654 93,057 Depreciation 533, ,642 (2,018) Operating Expenses $ 4,456,458 $ 4,436,012 $ 20,446 Non-operating Revenues Non-operating income consists mainly of sales tax revenue, investment income, and operating grants. Nonoperating revenues are all revenues that are not tied directly to an operating category such as fixed route fares non-operating revenue was $5,175,817, an increase of $239,487 (or 4.9%) over Non-operating Revenues by category: Sales Tax Consists of revenue received from local sales tax at the rate of 0.9% sales tax was $4,042,958, an increase of $392,357 (or 10.7%) from The increase is due to an improving economy and construction projects in Jefferson County. Operating Subsidies Consist mainly of state and federal grants operating subsidies were $1,112,564, a decrease of $132,789 (or -10.7%) from A lower rural mobility transit formula grant is the primary driver for the decrease. Investment Income Consists of revenue generated from investment interest investment income was $3,896, an increase of $1,872 (or 92.5%) from Stronger reserve fund balances account for the increase. Other Non-operating Revenues (Expenses) Consists of revenues not readily categorized to another revenue line. Other Non-operating Revenues consists of extraordinary items, special items, gain (loss) on sales disposition of capital items, public donations and other non-transportation revenues. For 2015 Non-operating Revenues largely consist of reimbursement for union related activities other nonoperating revenues (expenses) were $16,398, a decrease of $21,953 (or 57.2%) from Page 19

20 Nonoperating Revenues (Expenses) For The Years Ended December 31, 2015 and Increase (Decrease) Over 2014 Sales Tax $ 4,042,958 $ 3,650,601 $ 392,357 Operating Subsidies 1,112,564 1,245,354 (132,789) Investment Income 3,896 2,024 1,872 Other Nonoperating Revenues (Expenses) 16,398 38,351 (21,953) Nonoperating Revenues (Expenses) $ 5,175,817 $ 4,936,330 $ 239,487 Statement of Cash Flows 2015 year-end cash balance was $3,576,937 a decrease of $382,593 (or 9.7%) from 2014 year-end cash used by operating activities was $4,032,399, a decrease of $421,669 (or 11.7%) from cash provided from noncapital financing activities was $5,086,263, an increase of $263,175 (or 5.5%) from cash used by capital and related financing activities was $1,440,354, an increase of $1,720,069 (or 614.9%) from Cash provided by investing activities (interest earned) was $3,896, an increase of $1,872 (or 92.5%) from Jefferson Transit is focused on controlling costs, building reserves for future capital purchases and expanding service options, and sustaining current operations. Statement of Cash Flows (Summary) For The Years Ended December 31, 2015 and Change Net Cash Provided (Used) by: Operating Activities $ (4,032,399) $ (3,610,730) $ (421,669) Noncapital Financing Activities 5,086,263 4,823, ,175 Capital and Related Financing Activities (1,440,354) 279,715 (1,720,069) Investing Activities 3,896 2,024 1,872 Net Increase (Decrease) in Cash and Equivalents $ (382,593) $ 1,494,098 $ (1,876,691) Cash Balances - Beginning of Year $ 3,959,530 $ 2,465,432 $ 1,494,098 Prior Year Adjustment 0 0 Cash Balances - End of Year $ 3,576,937 $ 3,959,530 $ (382,593) Capital Assets Jefferson Transit s investment in capital assets as of year-end 2015 was $9,877,157 (net of accumulated depreciation), an increase of $2,588,756 (or 35.5%) from year-end Jefferson Transit s investment in capital assets includes land, buildings, shelters, vehicles & equipment and construction in progress. Depreciation expense was $533,624; and $148,468 in fully depreciated assets were retired. Jefferson Transit s asset increase was due to the ongoing construction of the Administration and Maintenance Facility. Construction of the Administration and Maintenance Facility was completed in April Jefferson Transit did not purchase new vehicles in Capital Equipment purchases in the form of new computer hardware and bus shelters were purchased in Additional information concerning capital assets may be obtained from Note 2 in the Notes to the Financial Statements. Page 20

21 ECONOMIC OUTLOOK Jefferson Transit management has been and continues to be focused on controlling expenses. Jefferson Transit management has taken several measured steps to hold expenses in check and minimize the impact of inflationary pressures, but is keenly aware that the sales tax rate is at the maximum allowable by law. Any future actions taken by management will carefully consider the impact on safety service to the public and continued ability to comply with regulatory compliance expected of any government entity. Given that costs increase in the long run, maintaining revenues coupled with the need to stabilize and bolster Operating and Capital reserves, management must continue to ensure sound fiscal operation of Jefferson Transit. Major issues which could impact the future financial condition of Jefferson Transit include: Maintaining grant and sales tax revenue streams with a focus on sustaining existing and developing new ones in order to address cost increases due to inflationary pressures. Review of community growth patterns and adjustment of routes as needed to address various county population centers. Requests for Information This financial report is designed to provide a general overview of Jefferson Transit Authority s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: General Manager Jefferson Transit Authority 63 Four Corners Road Port Townsend, WA Page 21

22 ASSETS Jefferson County Public Transportation Benefit Area DBA/Jefferson Transit Authority STATEMENT OF NET POSITION December 31, 2015 CURRENT ASSETS Cash and Cash Equivalents $ 3,576,937 Taxes Receivable 729,836 Accounts Receivable (Net) 6,709 Due To (From) Other Governments 272,331 Inventory 148,133 Prepaid Expenses 13,160 TOTAL CURRENT ASSETS $ 4,747,106 NONCURRENT ASSETS Capital Assets Not Being Depreciated: Land $ 1,203,423 Construction in Progress 6,530,648 Capital Assets Being Depreciated: Facility 694,265 Other Buildings & Structures 1,782,397 Revenue Vehicles 5,379,035 Service Vehicles 446,475 Service Equipment 390,015 Office Furniture & Equipment 276,287 Less: Accumulated Depreciation (6,825,388) TOTAL NONCURRENT ASSETS $ 9,877,157 TOTAL ASSETS $ 14,624,263 DEFERRED OUTFLOW OF RESOURCES Pension 215,342 TOTAL ASSETS AND DEFERRED OUTFLOW OF RESOURCES $ 14,839,605 LIABILITIES Accounts Payable $ 93,091 Accrued Expenses 49,588 TOTAL CURRENT LIABILITIES $ 142,679 NONCURRENT LIABILITIES Deposits and Other Payables $ 285 GO Bonds Payable 1,060,000 Unamortized Premium on Bonds Sold 27,610 Employee Leave Benefits 184,674 Pension Liability 1,803,943 TOTAL NONCURRENT LIABILITIES $ 3,076,512 TOTAL LIABILITIES $ 3,219,191 DEFERRED INFLOW OF RESOURCES Pension $ 287,006 NET POSITION Invested in Capital Assets, Net of Related Debt $ 9,877,157 Restricted for Bond Covenant 85,250 Unrestricted 1,371,001 TOTAL NET POSITION $ 11,333,408 TOTAL LIABILITIES, DEFERRED INFLOWS AND NET POSITION $ 14,839,605 The Notes to the Financial Statements are an integral part of this statement. Page 22

23 Jefferson County Public Transportation Benefit Area DBA/Jefferson Transit Authority STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION For The Year Ended December 31, 2015 OPERATING REVENUES Passenger Fares $ 205,165 Other Operating Revenue 780 Total Operating Revenues $ 205,945 OPERATING EXPENSES Operations $ 1,887,295 HPTC $ 246,209 Maintenance 1,010,619 Administrative Expenses 778,711 Depreciation 533,624 Total Operating Expenses $ 4,456,458 Operating Income (Loss) $ (4,250,513) NONOPERATING REVENUES (EXPENSES) Sales Tax $ 4,042,958 External Operating Subsidies 1,112,564 Investment Income 3,896 Other Nonoperating Revenues (Expenses) 16,398 Total Nonoperating Revenues (Expenses) $ 5,175,817 Income (Loss) Before Capital Contributions, Extraordinary and Special Items $ 925,304 Capital Contributions $ 1,259,775 Increase (Decrease) In Net Position $ 2,185,079 Net Position - Beginning of Period $ 11,116,668 Accounting Change for GASB 68/71 (1,968,340) Net Position - End of Period $ 11,333,408 The Notes to the Financial Statements are an integral part of this statement. Page 23

24 Jefferson County Public Transportation Benefit Area DBA/Jefferson Transit Authority STATEMENT OF CASH FLOWS For The Year Ended December 31, 2015 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Customers $ 201,933 Payments to Suppliers (1,103,001) Payments to Employees (3,038,598) Change in accounting method for GASB 68 (92,733) Net Cash Provided (Used) by Operating Activities $ (4,032,399) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Sales Tax Receipts $ 3,970,668 Other Nonoperating Receipts 18,324 Operating Grant Receipts 1,078,271 Local Government Assistance Fund Receipts 19,000 Net Cash Provided (Used) by Noncapital Financing Activities $ 5,086,263 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Capital Contributions $ 1,681,854 Purchases of Capital Assets (3,122,380) Sale of Capital Assets 172 Net Cash Provided (Used) by Capital and Related Financing Activities $ (1,440,354) CASH FLOWS FROM INVESTING ACTIVITIES Interest and Dividends $ 3,896 Net Cash Provided by Investing Activities $ 3,896 Net Increase (Decrease) in Cash and Cash Equivalents $ (382,593) Balances - Beginning of the Year $ 3,959,530 Balances - End of the Year $ 3,576,937 Reconciliation of Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities Operating Income (Loss) $ (4,250,512) Adjustments to Reconcile Operating Income to Net Cash Provided (Used) by Operating Activities: Depreciation Expense 533,624 Change in accounting method for GASB 68 (92,733) Change in Assets and Liabilities: Receivables, Net (2,475) Inventories (18,131) Prepaid Expenses (3,912) Prepaid Revenue 225 Accounts and Other Payables (191,055) Accrued Payroll and Benefit Expenses (7,431) Net Cash Provided by Operating Activities $ (4,032,399) The Notes to the Financial Statements are an integral part of this statement. Page 24

25 JEFFERSON COUNTY PUBLIC TRANSPORTATION BENEFIT AREA DBA/JEFFERSON TRANSIT AUTHORITY NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2015 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Jefferson County Public Transportation Benefit Area was incorporated on July 11, 1980 and operates under the laws of the State of Washington applicable to a transit district. The financial statements of the Jefferson County P.T.B.A., DBA/Jefferson Transit Authority (Jefferson Transit) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governments. During the year ending December 31, 2015, two new accounting standards (Statement No. 68 and 71 related to accounting and financial reporting for pensions) issued by the GASB became effective and were implemented by the Transit where necessary or applicable. These requirements revise existing requirements and establish new financial reporting requirements for most governments that provide their employees with pension benefits. The statements have had a material impact on the Transit s financial statements. A. Reporting Entity Jefferson Transit is a special purpose government entity and provides Fixed Route, Route Deviated, Demand Response (Dial-A-Ride) and Vanpool Programs to the general public. Jefferson Transit is supported through passenger and other transit charges, sales tax revenue and various local, state and federal contributions and grant programs. Jefferson Transit is governed by an elected five-member board which consists of two City of Port Townsend councilors and the three Jefferson County commissioners. As required by generally accepted accounting principles, management has considered all potential component units in defining the reporting entity. Jefferson Transit has no component units. B. Basis of Accounting and Reporting The accounting records of Jefferson Transit are maintained in accordance with methods prescribed by the State Auditor under the authority of Chapter RCW. Jefferson Transit uses the Budgeting, Accounting, and Reporting System (BARS) in the State of Washington. Funds are accounted for on a cost of services or an economic resources measurement focus. This means that all assets and all liabilities (whether current or noncurrent) associated with their activity are included on their statements of net position. Their reported net position is segregated into invested in capital assets, restricted and unrestricted net position. Operating statements present increases (revenues and gains) and decreases (expenses and losses) in net position. Jefferson Transit discloses changes in cash flows by a separate statement that presents their operating, non-capital financing, capital and related financing and investing activities. Jefferson Transit uses the full-accrual basis of accounting where revenues are recognized when earned and expenses are recognized when incurred. Capital asset purchases are capitalized and long-term liabilities are accounted for in the appropriate fund. Jefferson Transit distinguishes between operating revenues and expenses from non-operating ones. Operating revenues and expenses result from providing services in connection with Jefferson Transit s principal ongoing operations. The principal operating revenues of Jefferson Transit are charges to customers for passenger fares and charges collected for the use of the Vanpool program. Operating Page 25

26 expenses result from those expenses incurred to provide transit services such as fixed route, route deviated, demand response and other services such as the Vanpool program. Operating expenses consist of direct expenses including driver wages and fuel, and indirect expenses such as administration costs and depreciation of capital assets. All revenues and expenses not meeting the definition of operating are classified as non-operating revenues and expenses. C. Assets, Liabilities and Net Position 1. Cash and Cash Equivalents It is Jefferson Transit s policy to invest all temporary cash surpluses. As of December 31, 2015 the treasurer was holding $3,576,937 in short-term residual investments of surplus cash. This amount is classified on the Statement of Net Position as cash and cash equivalents. For purposes of the Statement of Cash Flows, Jefferson Transit considers all highly liquid investments (including restricted assets) with a maturity of less than three months when purchased, to be cash equivalents. Jefferson Transit s deposits are entirely covered by federal depository insurance (FDIC) or by collateral held in a multiple financial institution collateral pool administered by the Washington Public Deposit Protection Commission (WPDPC) and thus not subject to custodial credit risk. 2. Receivables As of December 31, 2015, Jefferson Transit had $729,836 in Taxes Receivable. Taxes Receivable consists of sales tax receivable. Sales tax revenue is accrued in the period earned and received two months later. As of December 31, 2015, Jefferson Transit had the following sales tax amounts accrued: November 2015 Sales Tax Received January 2016 $ 300,909 December 2015 Sales Tax Received February ,927 TOTAL $ 729,836 As of December 31, 2015, Jefferson Transit had $6,709 in Accounts Receivable (Net). Accounts receivable consists of amounts owed from employees, private individuals or organizations for goods and services. Due to the type and amount of receivables, no estimation is made for uncollectible accounts. When accounts are deemed uncollectible following all methods of collection efforts and, if necessary, reviewed by legal counsel, they are written off to appropriate categories. As of December 31, 2015, Jefferson Transit had the following receivables: Accounts Receivable $ 5,240 Accounts Receivable - Other 1,469 TOTAL $ 6, Due to (From) Other Governments As of December 31, 2015, Jefferson Transit had a net $272,330 Due From Other Governments. Page 26

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