TO: Click or tap to select meeting body.Financing Corporation Board of Directors
FROM: Michael A. Hursh, General Manager
SUBJECT: Financial Statements for the First Quarter Ended September 30, 2019
BRIEFING ITEM
RECOMMENDED ACTION(S):
Title
Consider receiving the Financial Statements for the AC Transit Financing Corporation for the First Quarter Ended September 30, 2019.
Body
STRATEGIC IMPORTANCE:
Click to choose from the drop-down.Goal - Financial Stability and Resiliency
Click to choose from the drop-down.Initiative - Financial Efficiency and Revenue Maximization
BUDGETARY/FISCAL IMPACT:
Consistent with the amortization tables, accrued interest on the sole remaining Certificates of Participation (COP) fiscal year- to- date as of September 30, 2019, was $163,000;, $9,000 lower than that of the prior fiscal year due to the overall maturity of the debt portfolio, including the final maturity of the 2007 debt in August 2018.
BACKGROUND/RATIONALE:
The Financing Corporation was created to provide financing assistance to the Alameda-Contra Costa Transit District. The Board receives quarterly and annual reports on the Financing Corporation’s financial results. The financial statements reflect the remaining Certificates of Participation (COP) financing as follows:
• Series 2009 secured financing for the purchase of the 66th Avenue property and has payments scheduled to August 2034. Fiscal year-to-date principal payments and interest were $465,000 and $335,000 respectively. The accrued fiscal year to date interest expense, does not equal the amount paid, due to the timing of the accruals and the actual cash payment of interest expense.
• The District is currently in the process of refunding this issuance to benefit from lower interest rates.
•
ADVANTAGES/DISADVANTAGES:
This report does not recommend a course of action with notable advantages or disadvantages.
ALTERNATIVES ANALYSIS:
An Aalternative analysis does not apply to this report.
PRIOR RELEVANT BOARD ACTION/POLICIES:
SR 19-382xxx AC Transit Financing Corporation Financial Statements for the Period Ending June 30, 2019.
ATTACHMENTS:
1. AC Transit District Financing Corporation Financial Statements for the First quarter ended September 30, 2020, Staff Report 19-382.
AC Transit District Financing Corporation Internal Financial Statements for the Quarter Ended September 30, 2019.
Prepared by:
Ken Myers, Finance Administrator
In Collaboration with:
Approved/Reviewed by:
Click or tap to select.Claudia L. Allen, Chief Financial Officer
Click or tap to select.Ralph Martini, Controller
Click or tap to select.
Click or tap to select.
Click or tap to select.
Click or tap to select.
Click or tap to select.
Click or tap to select.