Quarterly Financial Report Q2 FY2018

Home Browse Search

Quarterly Financial Report October 1 – December 31, 2017 Page 2 of 7 NORTH COUNTY TRANSIT DISTRICT (NCTD) FINANCIAL PERFORMANCE Statements of Net Position, similar to the balance sheet of for-profit entities, provides a picture of the District’s net position as of a specific point in time. The net position for NCTD is stated as; total assets plus deferred outflows of resources, less total liabilities less deferred inflows of resources. This Quarterly Performance Report provides the unaudited Statements of Net Position for NCTD as of December 31, 2017, and June 30, 2017. Items of note from these statements as of December 31, 2017 are as follows:  Total assets of $612.7 million o Cash and investments balance of $43.5 million o Investment in regional transit system with net capital assets of $493.7 million  Total liabilities of $110.2 million  Net position of $513.7 million o Unrestricted portion of net position is $20 million, which includes a $15.0 million Board Reserve Fund Statements of Revenues, Expenses, and Changes in Net Position, similar to the income statement of for- profit entities, provides a summary of the District’s financial performance over a period of time. Financial performance is presented on this statement in three sections: (1) Operating Surplus or Loss which includes operating components such as fare revenues, and lease and advertising revenues less operating expenses and depreciation, (2) Surplus or Loss Before Capital Contributions which includes grant revenues used for operations and investment income and debt related expense, and (3) Change in Net Position which incorporates grant revenues used for the capital program. This Quarterly Performance Report provides the unaudited Statements of Revenues, Expenses, and Changes in Net Position for the six months ended December 31, 2017 as compared to the prior year’s six months ended December 31, 2016, and a separate statement comparing the six months ended December 31, 2017 against the operating budget for the same period. Items of note from these statements are as follows. FY 2018 Budget Versus FY 2018 Actual (6 months)  Operating revenues compared to budget are $1,264,407 lower (8.51%) primarily due to lower fare revenue, less billings for shared use of the right of way and carbon credit revenue budgeted but not yet earned.  Operating grants revenues are over budget by $1,843,150 due mostly to receipts of TransNet revenues of $1,480,566 that were not included in the FY 2018 budget related to the Sprinter debt service.  Operating expenses (not including depreciation) were $1.7 million under budget, due primarily to law enforcement services being $362K less than budget, legal costs $291K less than budget and other professional services $343K less than budget due to timing of expenses for professional services. Salaries and benefits were $141K less than budget due to open staff positions and insurance and claims costs were $302K less than budget.