TO: AC Transit Board of Directors
FROM: Michael A. Hursh, General Manager/Chief Executive Officer
SUBJECT: Year-End Financial Statements and Independent Auditor's Report FY 23-24
ACTION ITEM
AGENDA PLANNING REQUEST: ?
RECOMMENDED ACTION(S):
Title
Consider receiving the Year-End Financial Statements and Independent Auditor's Report for the Fiscal Year Ended June 30, 2024.
Staff Contact:
Chris Andrichak, Chief Financial Officer
Body
STRATEGIC IMPORTANCE:
Goal - Financial Stability and Resiliency
Initiative - Financial Efficiency and Revenue Maximization
With this staff report and its attendant financial reports, the District officially closes out its fiscal year ended June 30, 2024. These timely financial reports provide the final reference point to review the financial performance of the past fiscal year and help provide a fully informed basis to assist in planning for future periods
BUDGETARY/FISCAL IMPACT:
During Fiscal Year 2023-24, the District had revenues earned of $608.5 million over expenses (not including depreciation) of $507.7 million or an operating surplus (modified) of $100.8 million. After applying depreciation expense of $60.2 million and capital revenues of $20.8 million, as of June 30, 2024, the increase to net position was $61.4 million, to $261.7 million which includes restricted funds and operating and capital reserves. It is noted that without the $24.9 million of Federal American Rescue Plan (ARP) Act funds received during the period and the $45.4 million decrease in Other Post Employment Benefits (OPEB, primarily retiree healthcare) expense and Pension expense due to Government Accounting Standards Board (GASB) statement 75 and 68 adjustments, the District's Net Position would have decreased to $191.4 million as of June 30, 2024.
BACKGROUND/RATIONALE:
The Statement of Fund Net Position presents information about assets and liabilities with the difference between the two reported as net position. In accordance with Bo...
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