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