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  • GREATER HARTFORD TRANSIT DISTRICT

    HARTFORD, CONNECTICUT

    COMPREHENSIVE ANNUAL FINANCIAL REPORT

    FOR THE YEAR ENDED JUNE 30, 2014

  • GREATER HARTFORD TRANSIT DISTRICT

    HARTFORD, CONNECTICUT

    COMPREHENSIVE ANNUAL FINANCIAL REPORT

    FOR THE YEAR ENDED JUNE 30, 2014

    Prepared by: Accounting Department

  • INTRODUCTORY SECTION

  • i

    GREATER HARTFORD TRANSIT DISTRICT

    COMPREHENSIVE ANNUAL FINANCIAL REPORT

    TABLE OF CONTENTS

    Introductory Section Page Table of Contents i-iiLetter of Transmittal iii-viGFOA Certificate of Achievement viiOrganizational Chart viiiBoard of Directors ix

    Financial Section Page Independent Auditors Report 1-3Managements Discussion and Analysis 4-10

    Basic Financial Statements Government-Wide Financial Statements: Statement of Net Position 11 Statement of Activities 12 Fund Financial Statements: Balance Sheet - Governmental Funds 13 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position 14 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 15 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities 16 Statement of Revenues, Expenditures and Changes in Fund Balances - Budget

    and Actual (GAAP Basis) - General and Special Revenue Funds 17 Statement of Net Position - Proprietary Funds 18 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds 19 Statement of Cash Flows - Proprietary Funds 20Notes to the Financial Statements 21-36

    Supplemental Combining Schedule Page Special Revenue Fund: Combining Schedule of Revenues, Expenditures and Changes in Fund Balances by Project - Special Revenue Fund 37-38

  • ii

    Statistical Section Page

    Net Position by Component 39Changes in Net Position - Entity Wide 40-41Changes in Net Position - Purchased Transportation Program 42Governmental Activities Revenue by Source 43Fund Balances of Governmental Funds 44Revenues, Expenditures and Changes in Fund Balance - Governmental Funds 45Governmental Funds Revenue by Source 46Principal Revenue Payors 47Pledged-Revenue Coverage - Parking Lot Bonds 48Net General Bonded Debt Per Capita 49Demographic Statistics 50Principal Employers 51Full-Time Equivalent Government Employees by Function/Program 52Operating Indicators by Function/Program 53Capital Asset Statistics by Function/Program 54

  • iv

    UpgradestoUnionStationwillcontinueaspartoftheDistrictsongoingefforttoimprovethefacilityforitstenants,passengers,andvisitorstothearea.Theseenhancementswillhaveasignificantimpactonmakingpublictransportationamoreattractiveoptiontocommutersandtothegeneralpublicfortripsinandoutof the city. It isanticipated that theeconomic impactof theDistrictsactionswillhaveapositiveeffectonthecityandontheregion.LongTermFinancialandCapitalPlanningApproachManagement is responsible forestablishingandmaintainingan internalcontrol structuredesigned toensurethattheassetsofthegovernmentareprotected from loss,theftormisuseandtoensurethatadequate accounting data are compiled to allow for the preparation of financial statements inconformitywithgenerallyacceptedaccountingprinciples. The internalcontrolstructureisdesignedtoprovide reasonable assurance that these objectives are met. In addition, the District maintainsbudgetary controls. Budgetary control ismaintained by periodic review of yeartodate, actual vs.budgeted expenditures. Asdemonstratedby the financial statements and schedules included in thefinancial section of this report, the District continues to meet its responsibility for sound fiscalmanagement.TheDistrictslongtermfinancialandcapitalplanningapproachischaracterizedbyawiderange of projections. Shortterm and longterm planning processes are managed under a unifiedplanning structure. This includes;monitoring contracts andexternal agreements in a timely fashion,meetingrequiredreportingdeadlinestotheDistrictsfundingsources,centralizingfinancial,project,andhistorical data, tracking projectswithmultiple funding sources, and establishing and enforcing bestpractices.CompletedInitiatives

    Spruce Street Parking Lot Revenue continues to increase. The completed installation of anautomated parking revenue system in conjunction with an enhanced number of parkerscontributedtothe11%increaseinrevenuefromthepreviousyear.Therewasalsoasignificantannualsavingsintheparkingmanagementfeebasedonrenegotiationofservicesneeded.

    TheSpruceStreetParkingLotrevenuebondmaturedandthefinalpayoffwascompleted. AstheLimitedAgentfortheTIGERIVfunding,theDistrictisresponsibleforgrantoversightof

    thisproject.Thispastfiscalyearalldesignactivitieswerecompletedforthefourcomponentsoftheproject;UnionStationsTransitCenter,BushnellParkNorth,AsylumandPearlStreets,andStateHouseSquare.

    TheDistrictwasawardedoversightof$853,600whichwastransferredfromFHWASTPUrbanfundstoFTASection5307fortransportationimprovementstotheSoldiersandSailorsMemorialArch.

    Interestincomehasbeendownsignificantlyoverthepastseveralyearsasthebondratehasremainedlow.AftertheBoardofDirectorsapprovaltheDistrictinvestedinanFFCBbondthatwillhaveanexplicitguaranteerate.

    DuringthecourseofthispastyearconstructionactivitiesbeganontheMansfieldIntermodalCenter(NashZimmer)TransportationCenterandtheTransitPathway.Withinoneyearthetransitcenteropenedwithbuscirculation.

    AQualificationsBasedSelectionprocesswasconductedtoselectaconsultanttodesigntheSigourneyStreet/CTfastrakBusStation.TheDistrictisoverseeingthisbuslivabilityproject.

    TheDistrictreceivedtwoyearsofadditionalfundingfortheNewFreedomTaxiRideProgram. MunicipalDialARidegrantswerereinstatedandassistancewasprovidedtoallmembertowns. TheDistrictexecutedacontractwiththeCityofNewBritaintobethegranteefortheBus

    Livabilityfundsawardedtothatcityfortheirmultimodalconnectivityproject. TheDistrictconductedaqualificationbasedselectionforafirmtoconducttheassessmentand

    providedesignservicesfor148RobertsStreet,EastHartford.ThiswillbethenewhomefortheADAParatransitOperationsandMaintenanceFacility.

  • v

    TheDistrictreceivedthe2013CertificateofAchievementinFinancialReportingbytheGovernmentFinanceOfficersAssociation.

    APositivePayFraudPreventionprocesswasinitiated. NegotiatedandfinalizedleaseagreementswithtwooftheDistrictsmajortenants.Thenew

    leaseswillprovidetheDistrictwithapproximately$700,000inadditionalrevenueoverthecourseofthenext5years.

    ThereleaseandrecordingoftheUnionStationopenendedmortgagewascompleted. TheDistrictreceivedaTechnicalAssistancegrantfromtheConnecticutTrustforHistoric

    Preservation. Electricity costs per kWh were reduced based on negotiated pricing through the Districts

    participationintheCRCOGenergysavingsprogram. TheDistrictcontinuestopromotebikeparkingatthefacilityandaddedbikelockerstooursite. TheDistricthastakentheleadinworkingwiththeCapitolRegionCouncilofGovernmentsand

    otheragenciestoinvestigatethefeasibilityofestablishingabikesharesysteminthemetroHartfordregion.

    TheDistrictchoseacontractortoinstallelectronicsignageintheUnionStationTransportationCentercomplex.ThecontractorbegantheirworkinDecemberof2013andallinstallationswillbecompletebyFall2014.Thesignagesystemwillconsistofelectronicsignsatthebusbays,arrivalanddeparturescreens,andatouchscreeninformationkiosk.

    TheDistrictworkinginconjunctionwiththeCapitolRegionCouncilofGovernmentsandCTTRANSITispurchasingandinstallingpassengerwaitingsheltersforseveralparticipatingmunicipalities.

    Atotaloftwentytwonewvehicleswereorderedduringthispastfiscalyeartoreplacethosethathavemettheirusefullife.(15)werecompressednaturalgas(CNG)andtheremaining(7)weredieselvehicles.

    Installed contemporary replacement benches along the bus berthing area and inside of thetransportationcentervestibule.

    AnupgradetotheADAParatransitTrapezesoftwaresystemwascompletedincludinghardwareandsoftwareupdatesandstafftraining.Improvedsoftwarefunctionality,ontimeperformanceandincreasedproductivityareanticipatedwiththeupgrade.

    New featuresadded to theADA IVRsystemallowclients to receive information inalternativeformatssuchasphonecalls,text,and/oremail.Thishasbeenanextremelyusefulresourceforboththeoperationandmostimportantlyforourpassengers.

    AfinalTitleVIreportwassubmittedtoFTAtomeetnewfederalregulationsandwasapproved.FutureInitiatives

    Continuewiththedesign,demolition,andconstructionofthenewADAParatransitfacilityinEastHartford.

    TheTransitCenterportionoftheTIGERIVHartfordsIntermodalTriangleProjectwillbecompletedbyDecember2014.TheDistrictcontinuestocoordinateactivitieswiththeCityofHartford,CTDOTandCTTRANSITfortheremainderofthethreecomponentsoftheproject.

    Continuetopursueadditionalfederalfundsthatareapplicableandothersourcesoffundingthroughstateprograms.

    ContinuetoseekcreativewaystoincreasetheEnterpriseFundrevenue. ContinuetoseekallappropriateinvestmentopportunitiestoincreasetheDistrictsunrestricted

    account. TheFederalTransitAdministration(FTA)hasscheduledastandardtriennialreviewofthe

    District.ThereviewdetermineswhetheragranteeisadministeringitsFTAfundedprogramsinaccordancewith49U.S.C.Chapter53,Federaltransitlawprovisions.ItassessesgranteemanagementpracticesandprogramimplementationtoensurethattheprogramsareadministeredinaccordancewithFTArequirementsandaremeetingprogramobjectives.

  • vii

  • ORGANIZATION CHART FISCAL YEAR 2014GREATER HARTFORD TRANSIT DISTRICT

    BOARD OFDIRECTORS

    EXECUTIVE DIRECTORVicki L. Shotland

    OPERATIONS

    LEGISLATIVE BODIES OFMEMBER MUNICIPALITIES

    ADMINISTRATOR

    DJ Gonzalez

    viii

    DIRECTOR OF FISCAL AND

    Abram Aviles

    DIRECTOR OF GRANTS AND

    CONTRAC

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