Comprehensive Annual Financial Report Fiscal Year ... - Metro Transit

Comprehensive Annual Financial Report 

Bi-State Development Agency of the Missouri-Illinois Metropolitan District 

For the year ended June 30, 2012

Comprehensive Annual Financial Report 

Fiscal Year Ended June 30, 2012 

Bi-State Development Agency 

of the Missouri-Illinois Metropolitan District 

St. Louis, Missouri 

David Dietzel 

John M. Nations 

Chairman 

President & 

Board of Commissioners Chief Executive Officer

The cover was designed by Loretta Sebourn and depicts some of the various works from Metro’s “Arts In Transit” initiative. Metro’s 

goal is to create an aesthetically appealing and community oriented environment for Transit shareholders.



DBA “Metro” 

Table of Contents 

Introduction Section 

Table of Contents .................................................................................................................................................................... i 

Letter of Transmittal………………………………………………………………………………... ................................................ v 

Certificate of Achievement for Excellence in Financial Reporting ........................................................................................ xvi 

Board of Commissioners ..................................................................................................................................................... xvii 

Executive Officers/Financial Officers and Other Support Personnel……………………. .................................................... xviii 

Organizational Chart ............................................................................................................................................................ xix 

Financial Section 

Report of Independent Auditors ......................................................................................................................................... 1 

Management’s Discussion & Analysis ............................................................................................................................... 4 

Basic Financial Statements 

Combined Statements of Net Position ................................................................................................................................. 15 

Combined Statements of Revenues, Expenses and 

Changes in Net Position .................................................................................................................................................... 17 

Combined Statements of Cash Flows .................................................................................................................................. 18 

Fiduciary Activities – Bi-State Development Agency Other Post Employment Benefit Trust ............................................... 20 

Notes to Combined Financial Statements ............................................................................................................................ 21 

Footnote 1: Significant Accounting Policies ................................................................................................................... 21 

Footnote 2: Cash, Cash Equivalents and Investments .................................................................................................. 28 

Footnote 3: Restricted Assets ........................................................................................................................................ 34 

Footnote 4: Fair Value of Financial Instruments ............................................................................................................. 35 

Footnote 5: Capital Assets ............................................................................................................................................. 36 

Footnote 6: Liability, Claims, and Litigation .................................................................................................................... 38 

Footnote 7: Compensated Absences ............................................................................................................................. 40 

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Table of Contents (continued) 

Footnote 8: Revenue Recognition .................................................................................................................................. 40 

Footnote 9: Finance Obligations Under Lease ............................................................................................................... 41 

Footnote 10: Long-Term Debt ........................................................................................................................................ 45 

Footnote 11: Pension Plans ........................................................................................................................................... 53 

Footnote 12: Grants and Assistance .............................................................................................................................. 63 

Footnote 13: Operating Agreement ................................................................................................................................ 65 

Footnote 14: Meridian Garage ....................................................................................................................................... 66 

Footnote 15: Fuel Hedge................................................................................................................................................ 66 

Footnote 16: Commitments and Contingencies ............................................................................................................. 67 

Footnote 17: Conduit Debt Obligations .......................................................................................................................... 67 

Supplementary Section 

Required Supplemental Information 

Schedule of Funding Progress – OPEB Plan ....................................................................................................................... 70 

Schedule of Funding Progress – Pension Plans .................................................................................................................. 71 

Other Supplemental Schedules 

Combining 2012 Schedule of Net Position .......................................................................................................................... 73 

Combining 2012 Schedule of Revenues, Expenses and 


Combining 2012 Schedule of Cash Flows ........................................................................................................................... 76 

Combining 2011 Schedule of Net Position ........................................................................................................................... 79 

Combining 2011 Schedule of Revenues, Expenses and 


Combining 2011 Schedule of Cash Flows ........................................................................................................................... 82 

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Statistical Section 

Statistical Introduction .............................................................................................................................................................. 86 

Operating Data 

Combined Schedules .......................................................................................................................................................... 88 

General Agency .................................................................................................................................................................. 89 

Gateway Arch Tram System ............................................................................................................................................... 90 

Gateway Arch Parking Facility ............................................................................................................................................ 91 

Gateway Arch Riverfront Attractions ................................................................................................................................... 92 

St. Louis Downtown Airport ................................................................................................................................................. 93 

Transit…… ......................................................................................................................................................................... 94 

Capital Assets ..................................................................................................................................................................... 95 

Capital Assets Statistics by Function .................................................................................................................................. 96 

Net Assets by Operating Organization ................................................................................................................................ 97 

Continuing Disclosure Requirements 

Gateway Arch Parking Facility ..................................................................................................................................... 98 

Bi-State Transit System 

Historical Operating Funds and Expenses ............................................................................................................. 99 

Historical Sources and Uses ................................................................................................................................ 100 

Transportation Sales Tax Collections and Receipts ............................................................................................ 101 

Use of Prop M Sales Tax ..................................................................................................................................... 102 

Ridership and Farebox Recovery ........................................................................................................................ 103 

Mileage Trends .................................................................................................................................................... 104 

Personnel Data .................................................................................................................................................... 105 

Transit Fares ........................................................................................................................................................ 106 

Gateway Arch Activities and Ticket Prices ........................................................................................................................ 107 

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Regional Statistics 

Regional Population ............................................................................................................................................. 110 

Regional Per Capita Personal Income ................................................................................................................. 111 

Regional Unemployment Rate ............................................................................................................................. 112 

Regional Top Businesses as of Jan 1, 2012 ........................................................................................................ 113 

Regional Top Businesses History ........................................................................................................................ 114 

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November 6, 2012 

David Dietzel and 

Members of the Board of Commissioners 

Bi-State Development Agency of the 

Missouri-Illinois Metropolitan District (d/b/a METRO) 

Ladies and Gentlemen: 

State law requires that governmental agencies publish within six months of the close of each fiscal year a complete set of financial 

statements presented in conformity with U.S. Generally Accepted Accounting Principles (U.S. GAAP) and audited in accordance with U.S. 

Generally Accepted Auditing Standards by a firm of licensed certified public accountants. Pursuant to that requirement, we hereby 

transmit the Comprehensive Annual Financial Report of the Bi-State Development Agency of the Missouri-Illinois Metropolitan District (dba 

Metro) for the fiscal year ended June 30, 2012. 

This report consists of management’s representations concerning the finances of Metro and management assumes full responsibility for 

the completeness and reliability of all the information presented in this report. To provide a reasonable basis for these representations, 

management has established a comprehensive internal control framework designed both to protect the Agency’s assets from loss, theft, 

or misuse and to compile sufficient, reliable information for the preparation of Metro’s financial statements in conformity with U.S. GAAP. 

Because the cost of internal controls should not outweigh the benefits, Metro’s controls are designed to provide reasonable rather than 

absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of 

our knowledge and belief, this financial report is complete and reliable in all material respects. 

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The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in 

the financial statements; assessing the accounting principles used and significant estimates made by 

management; and evaluating the overall financial statement presentation. The independent auditor concluded that 

there was a reasonable basis for rendering an unqualified opinion that Metro’s basic financial statements for the 

fiscal year ended June 30, 2012, are fairly presented in conformity with U.S. GAAP. The independent auditor’s 

report precedes the Management Discussion and Analysis (MD&A) in the financial section of this report. 

The independent audit of the financial statements of Metro was part of a broader, federally mandated “Single 

Audit” designed to meet the special needs of the federal grantor agencies. The standards governing Single Audit 

engagements require the independent auditor to report not only on the fair presentation of the financial statements, 

but also on the government’s internal controls and compliance with legal requirements, with special emphasis on 

internal controls and legal requirements involving the administration of federal awards. These federally mandated 

reports are available in Metro’s separately issued Single Audit Report in conformity with the provisions of the 

United States Office of Management and Budget Circular A-133. Under this provision, the Federal Transit 

Administration (FTA) is the cognizant agency for Metro. 

Basic Financial Statements. These statements include net position as of June 30, 2012, and June 30, 2011; 

statements of revenues, expenses, and changes in net position; and statements of cash flows for the years 

ended June 30, 2012, and June 30, 2011. 

U.S. GAAP requires that management provide a narrative introductory overview and analysis to accompany 

the basic financial statements. This letter of transmittal is designed to complement the MD&A and should be 

read in conjunction with it. Metro’s MD&A can be found immediately after the report of the independent 

auditors. 

Financial Policies 

Banking and Investment. Agency policies direct the investment of all operating, self-insurance restricted, 

capital and debt service funds of all entities of Metro not expressly controlled by Revenue Bond Trustees. The 

preservation of funds is the first consideration in determining the investment of Metro cash. Thereafter, the 

highest yield consistent with safety is required, provided the maturities are short enough to maintain operational 

liquidity. Banks and other financial institutions are selected for investments only on a competitive basis. The 

number of demand-deposit, non-interest bearing accounts is kept to the minimum for operational efficiency and 

safety. It is the Board of Commissioners’ (the Board) intent to have the majority of the available funds invested 

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in local institutions, provided the institutions meet the minimum credit standings set out below and yields are 

competitive. 

Financial Reporting Policy. It is the practice of Metro to prepare quarterly financial results of each operating 

company and to distribute these results to the Board. The reports shall include: Statement of Net Position and 

Statement of Revenue, Expense and Change in Net Position in Budget comparison format; Cash Receipts and 

Disbursement Schedules; Cash Flows Statement; Active Capital Expenditure Report in Budget comparison 

format; Aged Receivables Report; Personnel Status Report; and a summary of noteworthy deviations in the 

above reports. 

Budget Process. The annual budget serves as the foundation for Metro’s financial planning and control. All 

enterprises are required to submit expenditure requests in preparation for a new fiscal year budget. These 

requests are used as a starting point for budget development. The preparation and approval of the annual budget 

is both an internal and external process. The proposed budget is initially presented to the Board for approval. It is 

subsequently reviewed by the Public Transportation Commission in St. Louis County, the Ways and Means 

Committee of the Board of Aldermen in St. Louis City, and the St. Clair County Transit District in Illinois. For the 

Gateway Arch, the National Park Service must also approve the annual budget. 

Sources of Local Match Funding for Capital and Operating Budget 

The predominant sources of revenue include appropriation of regional sales taxes from the City of St. Louis and 

St. Louis County, federal grant funds, funds from the Illinois Department of Transportation and the St. Clair County 

Transit District, State of Missouri subsidies, passenger fares, and auxiliary income. These revenues are broken 

into jurisdictions: 

Illinois Sources. There are two primary sources for funding from Illinois: Capital Contributions from the State 

of Illinois and St. Clair County Transit District and payments for transit services from St. Clair County Transit 

District. The Illinois Department of Transportation (IDOT) is authorized to provide capital assistance to Metro 

for capital grants, covering up to 100 percent of the local share requirement. Historically, IDOT usually 

provides the full local match for capital projects located in Illinois, buses used to provide service in Illinois, and 

a share of the capital projects that benefit Illinois customers, but are located in Missouri. Effective January 1, 

1995, St. Clair County adopted an additional ½ cent countywide sales tax. The revenue from this tax can be 

used only for capital projects, debt service or operating and maintenance costs related to MetroLink light-rail 

systems. St. Clair County Transit District contracts with Metro for bus and light rail service and Alternative 

Transportation Service (ATS) maintenance. 

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Missouri Sources. Funding for Missouri projects comes from the City of St. Louis, St. Louis County and 

the Missouri Department of Transportation (MoDOT). The City of St. Louis and St. Louis County collect 

revenue from Prop A, ½ cent and ¼ cent local sales taxes. Prop A in St. Louis County is an additional ½ 

cent and in the City of St. Louis it is an additional ¼ cent. Both the City and the County appropriate all of 

their receipts from the ¼ cent sales tax to Metro. The City of St. Louis appropriates virtually all of its 

revenues from the ½ cent sales tax and Prop A to Metro. St. Louis County splits revenue collected from 

the ½ cent sales tax between Metro and County road and bridge projects. They also appropriated $44.0 

million of the Prop A funds to Metro, of which $2.7 million was set aside for future capital projects. 

Excluding Prop A, the County appropriated approximately $34.8 million and $34.0 million to Metro in FY 

2012 and FY 2011, respectively. At least 2 percent of the appropriations to Metro from the ½ cent sales 

tax must be used for transportation for developmentally disadvantaged persons. The balance is usually 

required to fund Missouri operations. MoDOT provides Metro with limited operating and FTA discretionary 

capital assistance. 

Agency Profile 

Historical Overview. The Bi-State Development Agency (Agency) was established on September 20, 1949, by 

an interstate compact passed by the state legislatures of Illinois and Missouri and approved by both governors. 

The compact was approved by the U. S. Congress and signed by President Harry S. Truman on August 31, 1950. 

A 10-member Board of Commissioners sets policy and direction for the Agency. The governor of Missouri 

appoints five commissioners and the County Boards of St. Clair and Madison Counties in Illinois appoint five. All 

commissioners must be resident voters of the prospective state and are appointed to terms of up to five years. 

The compact created an organization that has broad powers with the ability to plan, construct, maintain, own and 

operate bridges, tunnels, airports and terminal facilities; plan and establish policies for sewage and drainage 

facilities and other public projects; issues bonds and exercise such additional powers as conferred upon it by the 

legislatures of both states. 

In its first years, the Agency participated in or conducted several studies that included a comprehensive plan for 

development of the Missouri-Illinois Metropolitan District, a survey of chemical and biological pollution of the 

Mississippi River, and an exhaustive study of the St. Louis County sewer problem that contributed to creation of 

the Metropolitan St. Louis Sewer District. The Agency has also sponsored a coordinated interstate-highway 

planning action related to surveying highways and expressways. The most significant project undertaken in the 

early years was the construction of a 600-foot wharf at Granite City, Illinois, in 1953. 

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Budgeted Personnel 

Statistical Data 

Three Year Trend Comparison 

Data as of June 30, 

Data Measurement 2010 2011 2012 

Total employees 1,926 2,097 2,141 

Collective bargaining agreement employees % 76% 77% 77% 

Metro Transportation System 

Service area square miles 579 558 * 558 

Metro Bus 

Active fleet size – total vehicles 358 376 386 

Passenger trips 24,256,126 26,215,139 29,120,470 

Revenue miles 16,082,275 18,198,927 18,643,083 

Farebox recovery 20.7% 19.9% 20.6% 

Metro Link 


Passenger trips 15,828,981 16,209,098 17,000,005 

Revenue miles 2,913,199 3,147,407 3,166,500 


Demand response 


Passenger trips 545,606 568,419 584,291 

Revenue miles 4,616,903 4,766,990 5,127,067 


Business Enterprises 

Gateway Arch tram rides 840,296 842,066 907,147 

Gateway Parking vehicle transactions 272,258 271,589 239,801 

Riverfront Attractions passengers 105,887 76,230 113,503 

St. Louis Downtown Airport aircraft movements 116,267 93,443 84,040 

St. Louis Downtown Airport based aircraft 297 305 328 

Source: Annual Performance Indicators 

*Service area decreased despite increased service due to the cancellation of bus runs to Jefferson 

County and Gray Summit. 

The diverse organization we know today as 

Metro began in 1962 when the Agency was 

asked to fund and operate the tram system 

that would carry visitors to the top of the 

Gateway Arch Monument. A $3.3 million 

revenue bond issue was completed in July 

1962 and the Agency’s relationship with the 

Gateway Arch began. An agreement was 

reached in October 1962 that the Agency 

would assist in reopening Parks Metropolitan 

Airport in Cahokia, Illinois. After a series of 

approvals and resolutions, the Agency 

purchased the Airport in 1964 for $3.4 million. 

In July 1999, the Board of Commissioners 

renamed it St. Louis Downtown Airport. The 

Agency entered public-transit service in 1963 

when it purchased and consolidated 15 

privately owned bus and streetcar lines 

through a $26.5 million bond issue. The 

Agency issued a $10.0 million revenue bond 

in 1986 for construction of the Arch Parking 

Facility, a multi-level, 1,241 parking-space 

parking facility located on the grounds of the 

Jefferson National Expansion Memorial. In 

July 2001, the Agency purchased the Becky 

Thatcher and Tom Sawyer Riverboats and 

barges to preserve the St. Louis Riverfront 

experience. 

Public Mass Transit 

Today, Metro is best known for providing 

public transit services. Metro’s main purpose 

is to operate three modes of transportation 

service: MetroBus, MetroLink light rail, and 

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Metro Call-A-Ride demand-response service. Metro’s largest union, the Amalgamated Transit Union Division 788, 

represents bus, rail and van operators, and maintenance and clerical employees. The International Brotherhood of 

Electrical Workers Locals 2 and 309 represent electricians. In fiscal year 2012 (July 1, 2011 to June 30, 2012), 

Metro carried 46.7 million customers and operated 26.9 million revenue miles of service in a 558 square-mile 

service area that includes the City of St. Louis and St. Louis County in Missouri, and St. Clair, Madison and Monroe 

counties in Illinois. After the March 2009 system downsizing, service levels were restored in phases and by August 

2010 the system was near pre-reductions levels. Patrons returned and ridership growth has been robust for the 

past two years. In the first quarter of 2012, Metro led the nation with the largest percent increase in bus ridership 

among transit agencies. 

After the March 2009 system downsizing, service levels were restored in phases and by August 2010 the system 

was near pre-reductions levels. Patrons returned and ridership growth has been robust for the past two years. In 

the first quarter of 2012, Metro led the nation with the largest percent increase in bus ridership among transit 

agencies. 

Bus service. Metro has operated its bus network since 1963 and MetroBus remains the largest component of the 

multi-modal system. 

Light rail. Construction of the light-rail system began in the late 1980s. A 37.9-mile alignment was constructed in 

two stages between Lambert International Airport and Shiloh, Illinois. The first stage was opened July 1993. It 

quickly became one of the most successful light-rail systems in the United States. In August 2006, MetroLink 

opened the Cross County extension south to Shrewsbury, Missouri, creating a total of 46 miles of light-rail track. 

Demand response. Metro Call-A-Ride began a demand-response service in 1988 primarily to provide transit 

access to customers with disabilities who are unable to use fixed-route service. With the opening of the Transit 

Access Center in February 2004, Metro partnered with the Washington University Occupational Therapy Program to 

provide interviews and functional assessments to determine paratransit eligibility through Americans with Disabilities 

Act (ADA) for Metro Call-A-Ride services. These services were taken in-house in 2006. Both the vehicle expansion 

and assessment program are designed to ensure Metro meets the federal mandate of full ADA compliance. 


All other operating entities fall under Metro’ s Business Enterprises organization. The Gateway Arch has enjoyed 

significant success and is the most recognized landmark in the St. Louis region. It is one of the most-visited 

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St. Louis Metro Area Economic Statistics 

2012 

Statistic 

U.S. 

Ranking 

Population 

St. Louis Metropolitan Area (including St. Louis City) 2,817,355 19 th 

St. Louis City (only) 318,069 

Trade and Industry 

Largest U.S. Inland Port n/a 2 nd 

Largest U.S. Rail Center n/a 3 rd 

Most Logistics friendly (of 362 largest metropolitan areas) n/a 2 nd 

World’s 2,000 Largest Public Companies (Forbes magazine) 11 n/a 

America’s Largest Private Companies (Forbes magazine) 7 n/a 

Fortune 500 (headquarters) 10 n/a 

Living Costs of 20 largest U.S. metropolitan areas 

Most Affordability Housing n/a 5 th 

Lowest Cost of Living n/a 2 nd 

Business Cost of 22 US metros exceeding 2 million 

population 

Lowest cost of doing business (KPMG LLP) n/a 6 th 

national memorials, attracting four million 

visitors annually. The Arch Parking Facility 

provides parking to visitors of the Gateway 

Arch, riverfront and Laclede’s Landing. 

Gateway Riverfront attractions operate the 

Becky Thatcher and Tom Sawyer 

Riverboats, a heliport and bike rentals. The 

St. Louis Downtown Airport is a full-service 

aviation center located within eight minutes 

of downtown St. Louis that has grown to be 

the third-busiest airport in Illinois behind 

Chicago’s two commercial airports. 

Factors Affecting Financial Condition 

Local Economy 

The information presented in the financial 

statements is perhaps best understood 

when it is considered from the broader 

perspective of the economic environment in 

which Metro operates. Metro is funded by a 

combination of regional sales taxes, service 

contracts, passenger fares, federal funds, 

advertising, investment and auxiliary 

revenues. Business Enterprises primarily 

generates operating revenues through 

business segment operations. 

St. Louis is a diverse economic 

environment, but it is not immune from 

broader economic trends. Major employers 

(Source: St. Louis RCGA; U.S Census Bureau) 

in the region include healthcare, supermarkets, and universities and they have remained stable. St. Louis is the world headquarters for 21 

Fortune 1000 companies including Emerson Electric, Express Scripts and Monsanto. (See pages 110 - 111 in the statistical section for 

St. Louis metro area major employers.) 

59 th 

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St. Louis is one of the nation’s largest rail centers and is home to six Class I railroads and several smaller 

industrial lines, along with Amtrak service. St. Louis, the second largest inland port, offers more than 100 docks 

and terminal facilities serving approximately 2,500 barges annually. 

Signs of a weak economic recovery are reflected in the June 2012 United State’s unemployment rate of 8.2 

percent compared to the prior June rate of 9.1 percent. St. Louis unemployment in June 2012 was 8.9 percent 

and higher than the national average. 

Regional sales taxes are the largest source of subsidy for public transportation in Missouri. Although higher than 

normal unemployment continues, the region has experienced partial recovery in sales tax collections. FY 2012 

represents the first full year of collections for St. Louis County Prop A and St. Louis City Prop M2. Base 1973 (1/2 

Cent) and 1994 (1/4 Cent) Sales Tax collections for the City and County were favorably impacted by the baseball 

World Series games in the fall of 2011. While trending upward in 2012, sales taxes are still considerably below 

levels pre-2008 collection levels and have not fully recovered from the economic downturn. State of Missouri 

operating subsidy to Metro was also reduced a number of years ago as a budget balancing measure and is less 

than $200,000 today. 

Year in Review 

Board of Commissioner changes in FY 2012 includes Constance Gully and Aliah Holman both representing 

the State of Missouri. Commissioner Gully serves as Vice President for Business and Financial Affairs at 

Harris-Stowe State University. Commissioner Holman is the Senior Marketing Manager for Express Scripts. 

Economic development opportunities along the MetroLink alignment are a high priority of management. Metro 

and Cortex are in discussions on the potential for a number of transit related improvements in the Cortex area. 

This could include a new station in the Central West End as an outcome from the growth and development of the 

biotechnology industry segment. A recent study called the National Cluster Mapping Project, ranks the St. Louis 

biopharmaceutical cluster as the 6 th largest in the nation. Missouri is home to the Stowers Institute, one of the 

most innovative biomedical research centers in the world as well as five of the top-rated hospitals in the United 

States. Metro is prepared to be a partner in transit oriented development opportunities as they present 

themselves. 

Metro is increasing its presence in the region by purchasing property and building a North County transit center, 

located in the region’s fastest-growing transit market. The project will be completed in two phases. Phase I will 

include renovating the existing property, building a transfer hub, an indoor waiting room area, and park and ride 

spaces. Phase II for the center will include a bus garage, bus and van maintenance facilities with dispatch 

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capability. Having a bus facility in North County where there are a large number of routes, will cut down on 

deadhead costs and improve operating efficiency. 

Economic development includes Metro’s partnership with Sappington Farmers Market to bring fresh fruit and 

vegetables to parts of town where they can be hard to find. The mobile markets serve several MetroLink and 

MetroBus locations featuring seasonal local grown produce once a week. 

Metro continued taking the actions outlined in “Moving Transit Forward” the 30-year plan designed to promote 

regional economic development, strengthen mass transit as a vital regional asset, provide quality transit access to 

more people, improve service to low-income, elderly, and disabled residents, and include projects that are costeffective. 

Initially emphasis was placed on service restoration and ridership growth. Currently, actions include 

preparing to study the proposed BRT corridors, enhancements to the current service delivery, completing MetroLink 

interlocking projects and the Grand Station as well as preparing to start the Eads Bridge Project. A change in fare 

policy to have frequent modest fare increases every other year supports the July 1, 2012 fare increase. 

A bus stop in Glendale, Missouri became Metro’s first bus stop to get its own Facebook page, named Grace’s 

Glendale Bus Stop. The Facebook page is named for one of the bus stop’s riders who is a woman with Down 

Syndrome that uses mass transit to attend a program at Webster University. Metro is progressive in the use of the 

social media to communicate with its patrons. The St. Louis Girl Scouts celebrated their 100-year anniversary by 

painting a MetroBus. Additionally, Metro riders were carried to Fair St. Louis, the Mardi Gras celebration in Soulard, 

the St. Patrick’s Day parade downtown and the Susan G. Komen Race for the Cure as well as the National League 

playoffs and World Series. 

The modest economic upturn and the World Series have also favorably impacted Business Enterprise operations. 

In prior years, the recession’s impact on tourism and Mississippi River flooding had reduced their profitability. For 

2012, nearly all Business Enterprise operations reflect net income before depreciation and exceed budget 

expectations. The only exception is the Arch Parking Facility. 

St. Louis Downtown Airport has also become a hub of medical flights. BK 117B-1 airlift helicopters known as 

KidsFlight 1 and KidsFlight 2, along with a Pilatus PC-12/45 KidsFlight 3, are based at the airport and serve St. 

Louis Children's Hospital. Arch/Air Methods BK-117B-2 and Air Evac Life Team Bell 206L-1 Long Ranger 

helicopters land and refuel after local flights. The increase in medical flights to St. Louis Downtown Airport is a 

tribute to the excellence of St. Louis medical facilities, and the ideal location of the airport. In 2012, aircraft 

movements decreased by 10.1% primarily due to the shutdown of the primary runway for the widening and 

resurfacing project. 

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The CityArchRiver 2015 project is designed to connect the Arch to St. Louis and the Mississippi River; invigorating the grounds and 

creating an experience under the Arch as memorable as the Arch itself. This project is multi-year and is expected to breathe new life 

into the iconic national park. The current Arch Parking Facility may be impacted as the plan proposes demolition of the garage and 

changes the main entrance to the Arch. 

Awards and Acknowledgements 

Metro and Metro personnel received a number of awards and acknowledgements during FY 2012. The following represents the most 

outstanding recognitions: 

■ President and CEO, John Nations, was presented the Patriot Award by the Employer Support of the Guard and Reserve 

(ESGR), an agency of the U.S. Department of Defense. The ESGR recognized Nations and Metro for extraordinary support of 

Metro’s employees who serve in the Missouri National Guard and Reserve. 

■ John Nations was also named by the St. Louis Business Journal as one of the 100 Most Influential St. Louisans. 

■ The Transportation Security Administration (TSA) presented Metro with a “Gold Standard” rating plaque for demonstrating the 

highest level of excellence for commitment to security and passenger safety. Metro is among one of 17 rail and mass transit 

agencies nationwide to receive the special rating. 

■ The Metro Team placed first overall in APTA’s 2012 International Rail Rodeo. The Metro Transit Operator Team and 

Maintenance Team both placed second in the respective category, which contributed to the first place overall. The Operators 

team consisted of Robert Yawn and Christina Hicks. The Maintenance team consisted of Matt Fisher, Chris Lynch and Kevin 

Moore. Their supervisors were Etta James and Stan Niemeier. 

■ Jessica Mefford-Miller and Courtney Sloger were named to Mass Transit magazine’s Top 40 Under 40 list which honors 

individuals under 40 years old who have made significant contributions to the public transit industry. Mefford-Miller is the Chief 

of Planning and System Development at Metro and Sloger is Metro’s Online Media Specialist. 

■ Metro Call-A-Ride Operator Dale Dean was also recognized by John Nations and the Board of Commissioners for his bravery 

and putting the lives of others ahead of his own life in February 2012. Dean saved a life by alerting a Berkeley resident that 

her home was on fire. 

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■ MetroLink Transit Service Manager Amos Armour was recognized by John Nations and the Board of 

Commissioners for going above and beyond the call of duty. Armour assisted a law enforcement officer 

with the arrest of a fare evader on a train in January 2012. 

■ For FY 2011, The Government Finance Officers Association of the United States and Canada (GFOA) 

awarded a Certificate of Achievement for Excellence in Financial Reporting for the 16th consecutive year 

in a row to Metro for its comprehensive annual financial report (CAFR). The Certificate of Achievement 

is a prestigious national award recognizing conformance with the highest standards for preparation of 

state and local government financial reports. A Certificate of Achievement is valid for a period of one 

year only. 

■ For FY 2011, the Government Finance Officers Association of the United States and Canada awarded a 

Distinguished Budget Presentation Award for the sixth year to Metro for its operating and capital budget. 

The award recognizes the high standards of preparation of state and local governmental budgets. 

Metro 

thanks each of the governing bodies providing the support and resources necessary to prepare this report, 

including the States of Missouri and Illinois, the City of St. Louis, St. Louis County, and the Transit District of St. 

Clair County. We also extend our sincere appreciation to the independent auditing firm of RubinBrown for their 

assistance. 

Senior Vice President and 

Chief Financial Officer 

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Board of Commissioners 

Illinois 

David A. Dietzel 

Chair 

Michael Buehlhorn 

Treasurer 

Fonzy Coleman 

Tadas Kicielinski 

Jeffery Watson 

Missouri 

Constance Gulley 

Vice Chair 

Kevin S. Cahill 

Secretary 

Aliah Holman 

Vincent C. Schoemehl, Jr. 

Hugh Scott, III 

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Executive Officers 

John M. Nations 

President and Chief Executive Officer 

Raymond A. Friem Kathy S. Klevorn Jennifer S. Nixon 

Senior Vice President Senior Vice President Senior Vice President 

Transit Operations Chief Financial Officer Business Enterprises 

Chris Poehler Melva R. Pete Charles A. Stewart 

Senior Vice President Vice President Vice President 

Engineering and New System Development Human Resources Pension and Insurance 

Debra Erickson Larry B. Jackson John Langa 

Vice President Vice President, Procurement, Inventory Vice President 

Information Systems Management and Supplier Diversity Economic Development 

Dee Joyce-Hayes Open David Morita 

General Counsel Vice President Vice President, Marketing 

Governmental Affairs and 

Communications 

Financial and Other Support Personnel 

Mark Carroll James Cali Kent Swagler 

Director Treasury Services Director Internal Audit Director Corporate Compliance 

Randy S. McGuire Craig S. Macdonald Tracy L. Beidleman 

Director Revenue Passenger Director Risk Management and Safety Director Program Development 

and Capital Budgets 

Mark Vago 

Controller, Acting 

xviii

Bi-State Development Agency (d.b.a Metro) Organizational Chart 

Board of 

Commissioners 

President & CEO 

Internal Audit 

Executive 

Office 

General 

Counsel 

EEO and 

Workforce 

Diversity 

Government 

Affairs 

Economic 

Development 

Business 

Enterprises 

Real Estate and 

Meridian 

Gateway Arch 

Transit 

Operations 

Engineering and 

New Systems 

Human Resources 

Procurement, 

Inventory 

Mgmt & 

Supplier Diversity 

Finance 

Information 

Technology 

Gateway Arch 

Parking Facility 

Bus 

Transportation 

Maintenance of 

Way 

New Systems 

Operating 

Human 

Resources 

Management 

Inventory 

Management 

Risk 

Management 

and Safety 

Information 

Technology 

Gateway Arch 

Riverfront 

Attractions 

Rail 

Transportation 

Security Arts in Transit Benefits Procurement 

Treasury 

Services 

Office Services 

St. Louis 

Downtown Airport 

Paratransit 

Planning and 

Systems 

Development 

Labor Relations Supplier Diversity 

Passenger 

Revenue 

Marketing 

Vehicle 

Maintenance 

ADA Services 

Training and 

Organizational 

Development 

Procurement 

Administration 

Accounting & 

Operating 

Budget 

Facility 

Maintenance 

Operations 


Program 

Development 

and Grants 

Executive Services 

Finance 



Transit System 

xix


Missouri-Illinois Metropolitan District 

Financial Section 

For the Years Ended June 30, 2012 and 2011

Independent Auditors’ Report 




We have audited the accompanying combined financial statements of the business-type activities and the aggregate remaining fund 

information of Bi-State Development Agency of the Missouri-Illinois Metropolitan District (Metro) as of and for the years ended 

June 30, 2012 and 2011. These combined financial statements are the responsibility of Metro’s management. Our responsibility is 

to express opinions on these combined financial statements based on our audits. 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the 

standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 

United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the 

combined financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting 

the amounts and disclosures in the combined financial statements. An audit also includes assessing the accounting principles used 

and significant estimates made by management, as well as evaluating the overall combined financial statement presentation. We 

believe that our audits provide a reasonable basis for our opinions. 

In our opinion, the combined financial statements referred to above present fairly, in all material respects, the respective financial 

position of the business-type activities and the aggregate remaining fund information of Metro as of June 30, 2012 and 2011, and the 

respective changes in financial position and cash flows, where applicable, thereof for the years then ended, in conformity with 

accounting principles generally accepted in the United States of America.




As discussed in Note 12 to the basic combined financial statements, the operation of Metro is dependent upon Metro's ability to 

obtain sufficient operating assistance. While resources exist to meet present obligations, revenues derived from operations are not 

adequate to meet the expenses of continued operation without such operating assistance. 

In accordance with Government Auditing Standards, we have also issued our report dated November 6, 2012, on our consideration 

of Metro’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, 

contracts, grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control 

over financial reporting and compliance and the results of that testing and not to provide an opinion on the internal control over 

financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing 

Standards and should be considered in conjunction with this report in considering the results of our audit. 

Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis 

and Schedule of Funding Progress for the Pension Plans and Other Post Employment Benefit Plan, as listed in the table of contents, 

be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is 

required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing 

the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited 

procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States 

of America, which consisted of inquiries of management about the methods of preparing the information and comparing the 

information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we 

obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the 

information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any 

assurance. 

2




Our audits were conducted for the purpose of forming an opinion on the combined financial statements. The introductory section, 

statistical section and supplemental schedules, as defined in the table of contents to the Financial Section, are presented for 

purposes of additional analysis and are not a required part of the combined financial statements. The supplemental schedules are 

the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to 

prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic 

financial statements and certain additional procedures, including comparing and reconciling such information directly to the 

underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and 

other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our 

opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. The 

introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial 

statements and, accordingly, we do not express an opinion or provide any assurance on them. 

November 6, 2012 

3



Management’s Discussion and Analysis 

June 30, 2012 and 2011 

The following represents the Management Discussion and Analysis (“MD&A”) of the financial activities and 

performance of the Bi-State Development Agency (“Metro”). The MD&A provides the reader with an introduction 

and overview to the basic financial statements of Metro for the fiscal years ended June 30, 2012 and 2011. The 

information contained in this MD&A should be considered in conjunction with the information contained in the letter 

of transmittal found in the introductory section. 

Following this MD&A are the financial statements of Metro together with the notes and combining financial 

schedules that are essential to providing a full understanding of Metro’s financial performance. 

FINANCIAL HIGHLIGHTS 

Key financial highlights for 2012 were as follows: 

• Total assets increased $34.4 million or 2.4 percent from fiscal year 2011. 

• Metro’s total assets and deferred inflows of resources exceeded liabilities and deferred outflows of resources 

(net position) by nearly $673.6 million as of June 30, 2012, $53.3 million of which are unrestricted net 

position and are available to meet Metro’s ongoing obligations. 

• Total net position increased $15.0 million, or 2.3 percent from the prior year. 

• Deferred outflow of resources increased $0.7 million from the prior year. 

• Total operating revenues increased $4.1 million, or 6.6 percent from the prior year. 

• Total operating expenses increased $5.3 million, or 1.7 percent from the prior year. 

• Total non-operating revenues increased $1.9 million, or 0.9 percent from prior year. 

• Total non-operating expenses increased $8.5 million, or 22.5 percent from the prior year. 

• Capital contributions consist of Federal, State of Illinois, and local capital contributions totaling $84.0 million 

for fiscal 2012, representing an increase of $39.7 million, or 89.6 percent from prior year. 

4




June 30, 2012 and 2011 

Key financial highlights for 2011 were as follows: 

• Total assets decreased $95.4 million or 6.3 percent from fiscal year 2010. 

• Metro’s total assets and deferred inflows of resources exceeded liabilities and deferred outflows of resources 

(net position) by nearly $658.6 million as of June 30, 2011, $70.7 million of which are unrestricted net 

position and are available to meet Metro’s ongoing obligations. 

• Total net position decreased $33.9 million, or 4.9 percent from the prior year. 

• Total deferred inflow of resources increased $1.1 million from the prior year. 

• Total operating revenues increased $1.3 million, or 2.1 percent from the prior year. 

• Total operating expenses increased $16.9 million, or 5.8 percent from the prior year. 

• Total non-operating revenues increased $16.7 million, or 8.9 percent from prior year. 

• Total non-operating expenses decreased $8.8 million, or 18.8 percent from the prior year. 

• Capital contributions consist of Federal, State of Illinois, and local capital contributions totaling $44.3 million 

for fiscal 2011, representing an increase of $17.5 million, or 65.3 percent from prior year. 

BASIC FINANCIAL STATEMENTS - OVERVIEW 

Metro’s basic financial statements are comprised of fund financial statements and notes to the financial 

statements. This report also contains other supplementary information in addition to the basic financial 

statements. 

Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over 

resources that have been segregated for specific activities or objectives. All of the funds of Metro are proprietary 

funds. 

Proprietary funds. Metro maintains one type of proprietary fund to account for its financial activities. A 

proprietary fund is one that has profit and loss aspects. The two types of proprietary funds are internal service 

funds and enterprise funds. Enterprise funds are used by Metro to account for the General Agency, Gateway Arch 

Tram, Gateway Arch Parking Facility, Gateway Arch Riverboats, St. Louis Downtown Airport and Bi-State Transit 

System Funds. 

5




June 30, 2012 and 2011 

Fiduciary Fund. Metro maintains one fiduciary trust fund to account for the assets of the Bi-State Development 

Agency Other Post Employment benefits (OPEB) Trust Fund. 

The basic financial statements start on Page 15. 

Notes to the financial statements. The notes provide additional information that is essential to provide a full 

understanding of the data in the proprietary fund financial statements. These notes begin on Page 21 of this 

report. 

Other information. In addition to the basic financial statements and accompanying notes, supplementary 

information is provided concerning combining schedules for both fiscal years. Following the supplementary 

information is a statistical section. The statistical section includes operating data and required continuing 

disclosure requirements. 

FINANCIAL ANALYSIS 

As noted in the financial highlights, Metro’s total assets exceeded liabilities (net position) by $673.6 million as of 

June 30, 2012. The most significant portion of Metro’s net position is reflected in its investment in capital assets, 

such as building and improvements, revenue-producing vehicles, improvements and equipment. 

Statements of Net Position: These statements present information on all of Metro’s assets, deferred outflow of 

resources, liabilities, and deferred inflow of resources, with the difference between the two reported as net 

position. Over time, increases or decreases in net position may be a useful indicator of whether the financial 

position of Metro is improving or deteriorating. Information on all Metro funds is detailed in the combining 

schedules found in the supplemental section. The following table, which is presented in thousands, provides a 

summary of Metro’s net position at fiscal year-end for 2012 compared to 2011 and 2011 as compared to 2010. 

6




June 30, 2012 and 2011 

(in thousands) 2012 2011 Incr (Decr) % Change 2010 Incr (Decr) % Change 

Assets 

Non-capital assets $ 334,447 $ 294,671 $ 39,776 13.5% $ 346,659 $ (51,988) -15.0% 

Capital assets 1,119,184 1,124,557 (5,373) -0.5% 1,167,998 (43,441) -3.7% 

Total assets 1,453,631 1,419,228 34,403 2.4% 1,514,657 (95,429) -6.3% 

Deferred Outflow of Resources 655 - 655 n/a - - n/a 

Liabilities 

Current liabilities 66,642 62,859 3,783 6.0% 61,208 1,651 2.7% 

Long-term liabilities 714,052 696,501 17,551 2.5% 760,716 (64,215) -8.4% 

Total liabilities 780,694 759,360 21,334 2.8% 821,924 (62,564) -7.6% 

Deferred Inflow of Resources - 1,237 (1,237) n/a 166 1,071 645.2% 

Net Position 

Invested in capital assets 553,228 548,481 4,747 0.9% 576,917 (28,436) -4.9% 

Restricted net position 67,103 39,431 27,672 70.2% 33,263 6,168 18.5% 

Unrestricted net position 53,261 70,719 (17,458) -24.7% 82,387 (11,668) -14.2% 

Total net position 673,592 658,631 14,961 2.3% 692,567 (33,936) -4.9% 

Total $ 1,454,286 $ 1,419,228 $ 35,058 2.5% $ 1,514,657 $ (95,429) -6.3% 

Total assets amounted to $1.45 billion as of June 30, 2012, as compared to $1.42 billion and $1.51 billion as of 

June 30, 2011 and 2010, respectively. Non-capital assets primarily consist of unrestricted and restricted cash and 

investments and receivables. Non-capital assets increased $39.8 million between 2012 and 2011. Accordingly, 

combined capital assets including construction in process decreased $5.4 million between 2012 and 2011. Total 

assets increased by $34.4 million between 2012 and 2011, while the deferred outflow of resources increased $0.7 

7




June 30, 2012 and 2011 

million. In FY 2011, the balance was a deferred inflow of resources of $1.2 million. The variance between 2012 

and 2011 assets is related to an increase in restricted investments. 

Metro’s total net position increased $15.0 million and decreased $33.9 million respectively, between 2012 and 

2011 and between years 2011 and 2010. The changes in net position between 2011 and 2010 are primarily the 

result of changes in depreciation. The changes between 2012 and 2011 are also reduced by depreciation, but is 

being offset with additional increases in sales tax capital. 

Total liabilities increased $21.3 between 2012 and 2011 and decreased $62.6 million between 2011 and 2010. 

The variance results from 2012 to 2011 are primarily an increase in OPEB benefits while the changes in 2011 to 

2010 is the termination of capital lease/leaseback agreements. 

Statements of Revenues, Expenses, and Net Position: Total operating revenues increased $4.1 million and 

increased $1.3 million, respectively, between 2012 and 2011 and between 2011 and 2010. Transit passenger 

revenues accounted for $48.8 million and $46.0 million in 2012 and 2011 respectively representing 74.0 percent of 

total operating revenues for 2012 and 76.7 percent for 2011. Ridership increases in 2012 relate to riders 

continued confidence in the system, the warm winter and the World Series. The overall increase in Transit 

operating revenues is related to a full year of service restoration by Metro Transit in 2011. In 2011, Metro ridership 

growth is 5.8 percent higher than 2010, while in 2012 it increased 8.6 percent over 2011. 

Total operating expenses increased $5.3 million between 2012 and 2011 and are related to benefits and fuel. The 

$16.9 million increase in expenses between 2011 and 2010 are related to service restoration. Salaries and wages 

were frozen in 2010, 2011 and 2012. Therefore, changes in the wages and benefits line are attributed to 

expansion or reduction of the transit system between 2011 and 2010. Increases in wages and benefits between 

2012 and 2011 are the result of workers compensation, pension related costs, and payroll tax related costs which 

have been trending upward. Wages and benefits represent the largest expense category (see chart on page 11). 

Total non-operating revenues consist primarily of Federal Section 5307 funds, Missouri and Illinois (St. Clair 

County Transit District) operating assistance and City of St. Louis and St. Louis County ¼ and ½ cent, and ½ cent 

(Prop A) and ¼ cent (Prop M2) sales taxes from St. Louis County and City for FY 2012 and FY 2011. In FY 2011 

was the first year for Prop A and Prop M2, but included only 10 months of collection. FY 2012 was the first full 

year of Prop A and Prop M2 receipts. In 2010, total grants and assistance revenues were positively impacted by a 

one-time award of $8.0 million from the State of Missouri and negatively impacted by declining sales tax revenues 

8




June 30, 2012 and 2011 

from St. Louis County and the City of St. Louis. St. Clair County assistance increased in 2010 due to additional 

Illinois service. Interest revenue from capital lease activities and savings was $16.4 million in 2010 and decreased 

to $7.1 million in 2011 and $5.4 million in 2012. 

A key component of non-operating expenses consists of interest expense incurred from capital lease activity and 

Mass Transit Sales Tax Appropriation Bonds totaling $27.7 million and $22.9 million for 2012 and 2011, 

respectively. Also included in the non-operating expense category are contributions to outside entities. 

Contributions to outside entities included $1.8 million, $2.1 million and $1.3 million in 2012, 2011 and 2010, 

respectively. Fiscal years 2012, 2011, and 2010 were also impacted by contributions to sheltered workshops of 

approximately $1.1 million, $1.1 million, and 1.0 million, respectively, which represents a legal obligation of 

approximately 2.0 percent of the St. Louis City and County (1973) ½ cent Transportation Sales Tax. A lawsuit with 

Union Station Partners was settled in 2010 for $1.6 million. See the following table, which is presented in 

thousands. 

9




June 30, 2012 and 2011 

2012 2011 Incr (Decr) % Change 2010 Incr (Decr) % Change 

Passenger and service revenues $ 61,267 $ 57,403 $ 3,864 6.7% $ 56,924 $ 479 0.8% 

Other 4,668 4,438 230 5.2% 3,617 821 22.7% 

Total operating revenues 65,935 61,841 4,094 6.6% 60,541 1,300 2.1% 

Wages and benefits 158,735 153,788 4,947 3.2% 146,358 7,430 5.1% 

Services 29,840 26,675 3,165 11.9% 23,279 3,396 14.6% 

Materials and supplies 36,690 32,209 4,481 13.9% 28,950 3,259 11.3% 

Casualty and liability costs 3,727 6,193 (2,466) -39.8% 5,095 1,098 21.6% 

Utilities, leases, and other general expenses 9,601 10,338 (737) -7.1% 9,729 609 6.3% 

Depreciation and amortization 74,220 78,297 (4,077) -5.2% 77,216 1,081 1.4% 

Total operating expenses 312,813 307,500 5,313 1.7% 290,627 16,873 5.8% 

Operating loss (246,878) (245,659) (1,219) 0.5% (230,086) (15,573) -6.8% 

Grants and assistance 201,825 197,185 4,640 2.4% 172,080 25,105 14.6% 

Interest income 5,419 7,086 (1,667) -23.5% 16,388 (9,302) -56.8% 

Other 77 1,162 (1,085) -93.4% 261 901 345.2% 

Total non-operating revenues 207,321 205,433 1,888 0.9% 188,729 16,704 8.9% 

Interest expense (27,650) (29,385) 1,735 5.9% (43,247) 13,862 32.1% 

Contribution to outside entities (1,762) (2,110) 348 16.5% (1,255) (855) -68.1% 

Legal settlement - - - 0.0% (1,550) 1,550 -100.0% 

Gain (loss) on capital lease termination - (6,489) 6,489 -100.0% - (6,489) -100.0% 

Gain (loss) disposition of assets (26) 2 (28) 1400.0% (734) 736 -100.3% 

Total non-operating expenses (29,438) (37,982) 8,544 22.5% (46,786) 8,804 18.8% 

Loss before contributions (68,995) (78,208) 9,213 11.8% (88,143) 9,935 11.3% 

Capital contributions 83,956 44,272 39,684 89.6% 26,785 17,487 65.3% 

Change in net position 14,961 (33,936) 48,897 144.1% (61,358) 27,422 44.7% 

Total net position, beginning of year 658,631 692,567 (33,936) -4.9% 753,925 (61,358) -8.1% 

Total net position, end of year $ 673,592 $ 658,631 $ 14,961 2.3% $ 692,567 $ (33,936) -4.9% 

10




June 30, 2012 and 2011 


passenger 

revenue 

82.0% 

FY 2012 Passenger and Service Revenue 

Gateway Arch 

9.5% 

St. Louis 

Downt own 

Airport 

1.9% 

Gateway 

Parking 

2.6% 

Gateway 

Riverfront 

4.0% 

Other general 

expenses 

3.1% 

Casualty and 

liability costs 

1.2% 

Services 

9.5% 

FY 2012 Operating Expense 

Depreciation 

23.7% 

Materials and 

supplies 

11.7% 

Wages and 

benefits 

50.8% 

CAPITAL ASSETS AND DEBT ADMINISTRATION 

Metro’s investment in capital assets for all funds amounted to $1.12 billion, net of accumulated depreciation. This 

investment includes capital asset categories shown in the table that follows. The decrease in Metro’s capital 

assets for the current fiscal year was $5.4 million or 0.5 percent. Additional information regarding capital assets 

can be found in Footnote 5 of the financial statements. 

11




June 30, 2012 and 2011 

2011 Additions Deletions, 2012 

Ending and Retirements, Ending 

Balance Transfers & Transfers Balance 

Construction in Progress $ 17,525,627 $ 64,840,881 $ (54, 472, 990) $ 27,893,518 

Land 101, 931, 452 29,780 (36,900) 101,924,332 

Capital Assets 1,885, 117, 022 58,684,208 (14, 490, 348) 1,929,310,882 

2,004, 574, 101 123,554,869 (69, 000, 238) 2,059,128,732 

Less: Acc umulated 

Depreciation (880,016,686) (74,213,914) 14,286,348 (939,944,252) 

Capital Assets, net $ 1,124,557,415 $ 49,340,955 $ (54, 713, 890) $ 1,119,184,480 

2010 Additions Deletions, 2011 

Ending and Retirements, Ending 

Balance Transfers & Transfers Balance 

Construction in Progress $ 10,977,175 $ 8, 102, 821 $ (1,554,369) $ 17,525,627 

Land 101, 799,314 132, 138 - 101,931,452 

Capital Assets 1,858,208,966 28,052,342 (1,144,286) 1,885, 117, 022 

1,970,985,455 36,287,301 (2,698,655) 2,004, 574, 101 

Less: Acc umulated 

Depreciation (802,987,047) (78, 291, 213) 1, 261, 574 (880,016,686) 

Capital Assets, net $ 1,167,998,408 $ (42, 003, 912) $ (1,437,081) $ 1,124, 557, 415 

12




June 30, 2012 and 2011 

Major capital asset additions during the current fiscal year included the following: 

• New MetroBus revenue vehicles of $25 million 

• East Riverfront Interlocking of $10.2 million 

• Illinois Metro Bike Link – Swansea section of $6.3 million 

• New non-revenue vehicles of $0.8 million 

• St. Louis Downtown Airport land improvement of $7.1 million 

Lease Transactions 

In February 2011, Metro purchased collateral in the form of U.S. Treasury securities, in the agreed upon par 

amount of $8.7 million to cure a lease default pertaining to the remaining tranches (C1, C2) of the 2001 LRV 

Lease. The St. Clair County Transit District, which participated in the lease, paid for approximately 75 percent of 

the collateral. In November 2010 Metro made an offer to the 1995 LRV lease investor to early terminate the 

transaction for the market value of securities in the Lease Investment Account (approximately $20 million), plus an 

additional payment of approximately $2 million, to bring the total offer to $22 million. The investor accepted the 

offer and the transaction closed on November 30. Metro’s out of pocket termination expense, including the 

termination payment and fees were approximately $2.2 million. Metro also recognized a loss on a previously 

reported market gain of the securities of $6.5 million. Metro no longer has any exposure related to lease 

transactions. Additional information on Metro’s leases can be found in Footnote 9. 

Long-term Debt 

In October 2010, Metro refunded the $150 million Series 2005 Bonds through a $145.2 million plus (premium of 

$4.7 million) issue of Mass Transit Sales Tax Appropriation Bonds. Significant details of debt can be found in 

Footnote 10. 

13




June 30, 2012 and 2011 

ECONOMIC FACTORS 

The impact of economic factors is masked by the service reductions and service restorations in 2010 and 2011, 

which skew and complicate useful year to year comparisons between the two years. FY 2012 is a full year of 

restoration and is comparable to FY 2011. 

The number one reason people use mass transit in the greater St. Louis metropolitan area is to get to work. 

According to a Metro survey, approximately 49 percent of all bus riders and 58 percent of all MetroLink riders 

utilize mass transit to get to and from work. Metro has seen its ridership return the past two years. In fact, Metro 

led the nation in increased ridership during the first calendar quarter of 2012. 

Consumer spending reflected an upturn in sales tax receipts from St. Louis County and the City of St. Louis. The 

receipts in the City of St. Louis were primarily driven by the 2011 World Series and playoffs in October 2011. 

On July 6, 2012, President Obama signed into law a new two-year transportation authorization entitled “Moving 

Ahead for Progress in the 21 st Century (MAP-21). The new law is a good bi-partisan bill that should provide 

steady and predictable funding for two years. 

BUDGET 

Analysis of economic factors and trends are essential to understanding the state of Metro and its budget. For 

fiscal year 2013, the Board of Commissioners approved an operating budget including depreciation of $334.2 

million and a three-year capital program totaling $564.3 million. 

REQUESTS FOR INFORMATION 

This financial report is designed to provide an overview to all parties or individuals with an interest in Metro’s 

finances. Questions concerning any of the information provided in this report or requests for additional financial 

information should be addressed to the Finance Division, Bi-State Development Agency, 707 N 1st Street, Mail 

Stop 154, St. Louis, MO 63102. The telephone number to the Finance Division is 314-982-1547. The email 

address is Finance@MetroStLouis.org. This report and its contents are available on the web at 

www.MetroStLouis.org/About/FinancialInformation/AnnualReports.aspx. 

14



Combined Statements of Net Position 

As of June 30, 2012 and 2011 

2012 2011 

Assets 

Current assets 

Cash and cash equivalents $ 30,667,953 $ 58,749,523 

Restricted cash and cash equivalents 47,279,897 40,563,802 

Investments 35,177,740 8,002,452 

Restricted investments 100,888,603 73,075,738 

Accounts receivable 2,541,037 2,275,393 

Restricted accounts receivable 51,901 60,611 

Federal, state and local operating 

assistance receivable 23,011,355 17,002,402 

Materials and supplies 7,183,204 7,401,570 

Prepaid expenses, deferred charges and 

other current assets 91,307 1,566,948 

Total current assets 246,892,997 208,698,439 

Non-current assets 

Investments held to pay 

capital lease / leaseback liabilities 80,797,975 78,676,413 

Depreciable capital assets, net 

of accumulated depreciation 989,366,630 1,005,100,336 

Land 101,924,332 101,931,452 

Construction in progress 27,893,518 17,525,627 

Other non-current assets, 

net of accumulated amortization of 

$3,397,517 and $2,868,609 respectively 6,755,712 7,295,456 

Total non-current assets 1,206,738,167 1,210,529,284 

Total assets 1,453,631,164 1,419,227,723 

Deferred Outflow of Resources 

Deferred Outflow of Resources 654,738 - 

_________________________ 

See Accompanying Notes to Combined Financial Statements 

15



Combined Statements of Net Position 

As of June 30, 2012 and 2011 

2012 2011 

Liabilities 

Current liabilities payable from unrestricted assets 

Accounts payable 10,245,406 8,398,987 

Accrued expenses 17,015,189 17,891,410 

Other current liabilities 3,240,077 2,047,757 

Total current liabilities payable from 

unrestricted assets 30,500,672 28,338,154 

Current liabilities payable from 

restricted assets 

Accounts and retainage payable 5,487,551 2,703,366 

Accrued interest 6,519,629 6,521,604 

Self-insurance liability 11,166,488 11,546,420 

Current portion of long-term debt 11,040,000 10,800,000 

Current portion of capital lease / 

leaseback obligations 1,927,505 2,949,633 


restricted assets 36,141,173 34,521,023 

Total current liabilities 66,641,845 62,859,177 

Non-current liabilities 

Other post-employment benefits 44,402,001 39,193,000 

Long-term self insurance liability 5,721,407 5,628,555 

Long-term debt 561,007,541 569,241,793 

Capital lease / leaseback obligations 78,855,498 75,711,808 

Other non-current liabilities 24,065,120 6,725,762 

Total non-current liabilities 714,051,567 696,500,918 

Total liabilities 780,693,412 759,360,095 

Deferred Inflow of Resources 

Deferred Inflow of Resources - 1,236,740 

Net position 

Invested in capital assets, net of related debt 553,227,719 548,480,654 

Restricted 

Accounts Receivable 51,901 60,611 

Cooperative agreement 9,770,402 8,498,350 

Revenue bond indenture 1,345,025 1,384,696 

Mass transit sales tax bond indenture 48,200,198 20,751,043 

Capital lease obligations 7,691,014 8,736,150 

Other 45,683 - 

Unrestricted 53,260,548 70,719,384 

Total net position $ 673,592,490 $ 658,630,888 

___________________________ 


16



Combined Statements of Revenues, Expenses and 

Change in Net Position 

As of June 30, 2012 and 2011 

2012 2011 

Operating revenues 

Passenger and service revenues $ 61,266,584 $ 57,402,404 

Other 4,668,237 4,438,274 

Total operating revenues 65,934,821 61,840,678 

Operating expenses 

Wages and benefits 158,734,615 153,787,837 

Services 29,839,982 26,675,440 

Materials and supplies 36,689,676 32,209,103 

Casualty and liability costs 3,727,272 6,193,155 

Electricity, telephone, leases, and other gen expenses 9,600,927 10,337,615 

Depreciation and amortization 74,220,327 78,296,734 

Total operating expenses 312,812,799 307,499,884 

Operating loss (246,877,978) (245,659,206) 

Non-operating revenues (expenses) 

Grants and assistance 

State and local assistance 180,281,544 170,832,333 

Federal assistance 21,543,864 26,352,771 

Interest income 5,419,005 7,086,754 

Interest expense (27,649,785) (29,385,304) 

Contributions to outside entities (1,762,193) (2,110,270) 

Gain or (loss) on disposition of assets (25,918) 1,770 

Loss on capital lease termination - (6,488,743) 

Other non-operating revenues (expenses), net 77,296 1,161,748 

Total non-operating revenues (expenses) 177,883,813 167,451,059 

Loss before capital contributions (68,994,165) (78,208,147) 

Capital contributions 83,955,767 44,272,310 

Change in net position 14,961,602 (33,935,837) 

Total net position, beginning of year 658,630,888 692,566,725 

Total net position, end of year $ 673,592,490 $ 658,630,888 

_____________________________ 


17



Combined Statements of Cash Flows 

As of June 30, 2012 and 2011 

2012 2011 

Cash flows from operating activities 

Receipts from customers $ 65,665,862 $ 62,143,997 

Payments to employees (154,397,516) (146,494,966) 

Payments to vendors (73,895,159) (61,621,912) 

Payments for self-insurance (4,016,137) (4,107,397) 

Net cash used in operating activities (166,642,950) (150,080,278) 

Cash flows from non-capital financing activities 

Operating assistance received 195,828,506 190,162,659 

Contributions to outside entities (1,762,193) (1,945,639) 

Nonoperating contributions 77,296 1,161,748 

Net cash provided by non capital financing activities 194,143,609 189,378,768 

Cash flows from capital and related financing activities 

Acquisitions of capital assets (65,712,552) (34,311,371) 

Proceeds from long-term debt 5,000,000 - 

Payments of long-term debt (10,800,000) (15,005,000) 

Receipt of FTA Section 5309 funds 18,000,000 - 

Funds used to fund DSRF (18,000,000) - 

Funds paid as part of capital lease termination (1,099,434) (2,104,426) 

Interest paid (21,710,810) (21,293,590) 

Contributed capital 83,955,767 44,272,310 

Net cash used in capital and related financing activities (10,367,029) (28,442,077) 

Cash flows from investing activities 

Purchases of investments (156,369,739) (113,833,880) 

Proceeds from sale of investments 112,451,630 77,746,666 

Interest received 5,419,004 598,011 

Net cash used in investing activities (38,499,105) (35,489,203) 

Net decrease in cash and cash equivalents (21,365,475) (24,632,790) 

Cash and cash equivalents, beginning of year 99,313,325 123,946,115 

Cash and cash equivalents, end of year $ 77,947,850 $ 99,313,325 

______________________ 

See Accompanying Notes to Combined Financial Statements (continued) 

18



Combined Statements of Cash Flows 

As of June 30, 2012 and 2011 

2012 2011 

Reconciliation of operating loss to net cash 

used for operating activities 

Operating loss $ (246,877,978) $ (245,659,206) 

Adjustments to reconcile operating 

loss to net cash used for operating activities 

Depreciation and amortization 74,220,327 78,296,734 

Changes in assets and liabilities 

Receivables (268,958) 303,323 

Materials and supplies 218,366 (1,416,088) 


other current assets 1,514,886 (1,215,965) 

Accounts payable 1,843,892 2,630,005 

Other current liabilities (1,341,720) 7,602,291 

Accrued expenses (871,901) (331,129) 

Other post employment benefits liability 5,208,999 7,623,999 

Self-insurance liability (288,863) 2,085,758 

Total adjustments 80,235,028 95,578,928 

Net cash used for operating activities $ (166,642,950) $ (150,080,278) 

Supp lemental Disclosure o f 

Cash Flow Information 

Non-cash Activities: 

Payments of capital lease obligation $ 2,949,633 $ 22,932,000 

Interest accrued on capital lease obligation 5,071,191 6,757,352 

Interest earnings on investments held to 

pay capital lease/leaseback liability 5,071,191 4,560,766 

Remarketing of 2005 debt - 145,290,000 

Loss on 1995 capital lease termination - 6,488,743 

Loss on disposal of assets 25,918 - 

1 


19



Fiduciary Activities 

Bi-State Development Agency Other Post Employment Benefits Trust 

Statement of Fiduciary Net Position 

As of June 30, 

2012 2011 

Assets 

Investments: 

Money Market $ 9,092,747 $ 6,084,361 

Total Assets $ 9,092,747 $ 6,084,361 

Net Position 

Held in trust for OPEB benefits $ 9,092,747 $ 6,084,361 

_____________________ 

Statement of Changes in Fiduciary Net Position 

For the years ended June 30, 

2012 2011 

Additions 

Contributions: 

Employer contributions $ 3,000,000 $ 3,000,000 

Interest / dividends 8,358 5,138 

Capital gains 28 27 

Total Additions 3,008,386 3,005,165 

Deductions 

Benefits paid - - 

Change In Net Position 3,008,386 3,005,165 

Net Assets Held In Trust For Pension Benefits - 

Beginning Of Year 6,084,361 3,079,196 

Net Assets Held In Trust For Pension Benefits - 

End Of Year $ 9,092,747 $ 6,084,361 


20



Notes to Combined Financial Statements 

June 30, 2012 and 2011 

1. Significant Accounting Policies 

The accompanying combined financial statements of the Bi-State Development Agency of the Missouri-Illinois 

Metropolitan District (“Metro”) are prepared in conformity with accounting principles generally accepted in the 

United States of America applicable to state and local governments as prescribed by the Governmental 

Accounting Standards Board (“GASB”). The following is a summary of the more significant policies. 

Financial Reporting Entity 

The basic financial statements encompass all proprietary functions for which Metro is responsible. These 

functions include: General Agency, Gateway Arch Tram System, Gateway Arch Parking Facility, Gateway 

Arch Riverfront Attractions, St. Louis Downtown Airport, and the Transit System. 

Additionally, Metro evaluated whether there were any potential component units which should be included in 

these financial statements based on the following criteria: financial accountability, access to resources, 

responsibility for debts and deficits, and fiscal independence. No potential component units were identified, 

nor is Metro a component unit of any other entity or government. The City of St. Louis, Missouri, the Missouri 

counties of St. Louis, St. Charles and Jefferson, the Illinois counties of Madison, St. Clair, and Monroe and the 

States of Illinois and Missouri have limited decision-making authority over Metro and have limited responsibility 

for Metro's debts or deficits except as provided in the Memorandum of Agreement. 

Fund Accounting 

Metro maintains its accounting records on the basis of funds. A fund is a fiscal and accounting entity with a 

self-balancing set of accounts. Cash and other financial resources, together with all related liabilities and 

residual equities balances and changes therein are segregated for the purpose of carrying on the specific 

activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. 

The fund financial statements provide information about Metro’s funds, including fiduciary funds. Separate 

statements for each fund category – proprietary and fiduciary – are presented. The emphasis of fund financial 

statements is on the enterprise funds. 

21




June 30, 2012 and 2011 

All funds used in accounting for the financial operations of Metro are enterprise funds or fiduciary funds. For 

financial reporting purposes, Metro is considered a single enterprise fund in which all subsidiary enterprise 

funds are combined and interfund transactions are eliminated. Metro is required to adopt a balanced budget; 

however, it is not required to adopt legally enforceable budgets and does not adopt such budgets. 

Enterprise Funds 

Metro’s enterprise funds are used to account for operations that are financed and operated in a manner similar 

to private business enterprises. 

The business purposes of the various enterprise funds of Metro are as follows: 

• General Agency Fund - performs certain developmental activities and acts as the administrative head of 

Metro; 

• Gateway Arch Tram System Fund - operates and maintains the transportation system within the Gateway 

Arch in accordance with a cooperative agreement with the United States; 

• Gateway Arch Parking Facility Fund - operates and maintains the parking garage at the Jefferson National 

Expansion Memorial Park in accordance with a cooperative agreement with the United States 

Government; 

• Gateway Arch Riverfront Attractions – owns, operates and maintains both the Tom Sawyer and Becky 

Thatcher Riverboats docked along the Mississippi River just below the Gateway Arch; 

• St. Louis Downtown Airport Fund – owns, operates and maintains the St. Louis Downtown Airport and an 

adjacent business park located in Cahokia, Illinois; and 

• Transit System Fund – owns, operates and maintains the St. Louis metropolitan area mass transportation 

system which includes MetroBus, MetroLink and Metro Call-A-Ride services. 

22




June 30, 2012 and 2011 

Fiduciary Fund 

The fiduciary funds are used to account for assets held by Metro as a trustee or as an agent for others and 

which assets cannot be used to support its own programs. Metro’s trust fund is the Bi-State Development 

Agency Other Post Employment Benefits Trust. 

Basis of Accounting 

Metro follows the accrual basis of accounting and uses the economic resources measurement focus for all of 

its enterprise funds and fiduciary funds. Revenues are recognized when earned and expenses are recognized 

at the time liabilities are incurred regardless of the timing of related cash flows. Under GASB Statement No. 

20, Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use 

Proprietary Fund Accounting, Metro applies all applicable GASB pronouncements and Financial Accounting 

Standards Board (“FASB”) Statements and interpretations issued on or before November 30, 1989, unless 

these pronouncements conflict with or contradict GASB pronouncements. Metro has also elected to apply all 

FASB statements and interpretations issued after November 30, 1989 except for those that conflict with or 

contradict GASB pronouncements. 

Estimates and Assumptions 

The preparation of the financial statements in conformity with accounting principles generally accepted in the 

United States of America requires management to make estimates and assumptions that affect the reported 

amounts of assets and liabilities; the disclosure of contingent assets and liabilities at the date of the financial 

statements; and the reported amounts of revenues and expenses during the reporting period. Actual results 

could differ from those estimates. 

Cash and Cash Equivalents 

Metro pools all cash for investment purposes when most beneficial. Each fund has equity in the pooled 

amount. Investment earnings are allocated to each individual fund on the basis of their investment or equity in 

the pooled amount. Metro considers all highly liquid investments readily convertible into cash with original 

23




June 30, 2012 and 2011 

maturities of three months or less to be cash equivalents. Metro carries all cash equivalents at cost, which 

approximates fair value. 

Investments 

When beneficial, Metro pools funds for investment purposes. For pooled investments, investment earnings 

are allocated proportionately according to each fund’s equity in the investment. Metro’s investments consist of 

collateralized repurchase agreements; Triple A rated money market funds, collateralized certificates of 

deposit, investment contracts, and U.S. Treasury and U.S. Government Agency securities. Investments 

maturing in less than one year are carried at amortized cost, which approximates fair value. Investments 

maturing in over one year are carried at fair value. Metro determines fair value to be the amount at which 

financial instruments could be exchanged in a current transaction between willing parties, at quoted market 

prices. 

Materials and Supplies 

Metro transit inventories of materials and supplies are recorded at cost, using the weighted average method 

and are expensed when inventories are consumed in operations. Business Enterprise inventory counts are 

completed midyear to accommodate seasonality and maritime regulations. Purchases made between the 

midyear inventory count and fiscal yearend are expensed as incurred. 

24




June 30, 2012 and 2011 

Capital Assets 

Capital assets, which include property, plant, equipment, and infrastructure assets, are recorded at cost, when 

acquired or constructed. Capital assets are defined by Metro as assets with an initial, individual cost of more 

than $5,000 and an estimated useful life of 3 years or more. Improvements to existing plant and equipment, 

which extend the useful lives of the related assets, are capitalized. Donated capital assets are recorded at 

their fair value at the time of donation. Expenditures for maintenance and repairs are charged to expense as 

incurred. When capital assets are retired or otherwise disposed of, the cost of the assets and the related 

accumulated depreciation are removed from the accounts and gains and losses on disposals are recorded. 

Prorated shares of the proceeds from the sale of property and equipment, which were acquired with federal or 

state funds, are returned to the United States Department of Transportation – Federal Transit Administration 

or the related state Department of Transportation, respectively. 

Depreciation and Amortization 

Depreciation of capital assets is calculated using the straight-line method over the estimated useful lives of the 

assets. The estimated useful lives are as follows: 

Years 

Airport runways and related facilities 15-25 

Buildings and improvements 15-25 

Gateway Arch tram facilities 

Riverboats and barges 

15-25 

15-20 

Light rail structures and improvements 12-30 

Autos and trucks 5-10 

Buses, vans, light rail and other revenue vehicles 

Furniture, fixtures, computers and other equipment 

3-25 

3-10 

25




June 30, 2012 and 2011 

Self-insurance Liability 

Liabilities for workers' compensation, employee medical and dental insurance claims, and public liability and 

property damage claims are recognized as incurred on the basis of the estimated cost to Metro upon 

resolution. 

Workers’ compensation benefits are awarded as appropriately determined by governmental authority in each 

state in which Metro operates. Estimated liabilities for injury and damage claims and medical and dental 

insurance claims are charged to operations in the year the claim events occur; estimated liabilities for 

outstanding claims are made by management. 

Self-insured liabilities are reported when it is probable that a loss has occurred and the amount of the loss can 

be reasonably estimated. Liabilities include an amount for claims that have been incurred, but not reported. 

Since self insured claims depend on such complex factors such as inflation, changes in legal doctrines, and 

damage awards, the process used in computing claims liability does not necessarily result in an exact amount. 

Claims liabilities are evaluated on a case-by-case basis and are re-evaluated periodically to take into 

consideration historical experience of recently settled claims, the frequency of claims, and other economic and 

social factors. 

Derivative Financial Instruments 

Metro also utilizes commodity hedging to reduce the volatility in fuel costs. Hedging techniques are 

traditionally used to limit exposure to price fluctuations. Management recognizes that fluctuations in fuel 

prices could have a negative impact on Metro’s financial affairs. Accordingly, Metro entered into futures 

contracts in order to hedge this exposure. 

Metro adopted GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments 

(GASB 53). GASB 53 requires the gain (loss) on the sale of fuel hedges to be recorded in the Statement of 

Revenues, Expenses, and Changes in Net Position. The change in fair value of the derivative is recorded as 

a deferred inflow/outflow in other current assets/liabilities, as appropriate. The investment in derivative 

instruments is recorded in the Statement of Net Position as part of current assets/liabilities and other non- 

26




June 30, 2012 and 2011 

current assets/liabilities, as appropriate. The deferred outflow and investment as of June 30, 2012 are valued 

at approximately $0.7 million. The deferred inflow and investment as of June 30, 2011 are valued at 

approximately $1.2 million. See note 15 to the financial statements. 

Operating Revenues and Expenses 

Operating revenues and expenses generally result from providing services in connection with Metro’s ongoing 

operations. Revenues are recorded as income in a manner consistent with the timing of the provided service. 

The principal operating revenues of the various funds of Metro are as follows: 

• General Agency Fund – interfund charges for management services; 

• Gateway Arch Tram System Fund – charges to tourists for admissions to attractions at the Jefferson 

National Expansion Memorial and rentals; 

• Gateway Arch Parking Facility Fund – charges to customers for parking fees; 

• Gateway Arch Riverfront Attractions Fund – charges to tourists for riverboat excursions along the 

Mississippi and memorabilia sales; 

• St. Louis Downtown Airport Fund – charges to customers for aviation and runway services provided, 

including hangar rentals and fuel; 

• Transit System Fund – fares charged to passengers for public transportation, advertising, and rentals. 

Operating expenses include the cost of services, administrative expenses and depreciation expenses on 

capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues 

and expenses. 

Capital Grants and Assistance 

All capital grants and assistance are recorded in the accounting period in which they become earned and 

measurable. Unrestricted, irrevocable operating assistance grants are recorded as non-operating income. 

Capital grants and assistance that are restricted to use for payments of debt service or acquisitions of capital 

assets are recorded as capital contributions in the Statement of Revenues, Expenses and Changes in Net 

Position. 

27




June 30, 2012 and 2011 

Reclassifications 

Certain reclassifications have been made to the prior year’s financial statements to conform to the current year 

presentation. 

2. Cash, Cash Equivalents and Investments 

Cash, cash equivalents and investments of Metro are presented on the combined statements of net position 

as restricted cash and cash equivalents and restricted investments, as discussed in Note 3 (Restricted 

Assets), and as unrestricted cash and cash equivalents and investments. Deposits and investments are 

segregated, in this footnote, based upon GASB Statement No. 3, Deposits with Financial Institutions, 

Investments (including Repurchase Agreements), and Reverse Repurchase Agreements, as amended by 

GASB Statement No. 40. 

Cash on Hand 

Cash on hand, which includes petty cash, working funds (including funds in ticket vending machines) and 

undeposited receipts, was $826,903 and $721,026 at June 30, 2012 and 2011, respectively. 

Cash Deposits 

At June 30, 2012 and 2011, the carrying amounts of Metro’s deposits were $12,099,066 and $16,428,309, 

respectively, and the bank balances were $15,427,947 and $18,587,484 respectively. 

Custodial Credit Risk. Custodial credit risk is the risk that in the event of a financial institution failure, Metro’s 

deposits may not be returned. Metro’s banking and investment policy authorizes the use of demand deposit, 

interest bearing bank accounts and certificates of deposit. The policy specifies that bank deposits exceeding 

FDIC insurance coverage be collateralized with U.S. government or agency securities, or be guaranteed by a 

surety carrying the highest rating of a nationally recognized credit rating organization. As of June 30, 2012, 

Metro’s total bank balance was $15,427,947. Of this total, $6,778,744 was guaranteed by FDIC insurance, 

including through provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Of 

the remaining balance of $8,649,203, $8,139,683, was collateralized with securities held in a joint custody 

28




June 30, 2012 and 2011 

account at the Federal Reserve Bank, and $509,520 was collateralized with securities held in a segregated 

account with a third party custodian. 

As of June 30, 2011, Metro’s total bank balance was $18,587,484. Of this total, $5,475,459 was guaranteed 

by FDIC insurance, including through provisions of the Dodd – Frank Wall Street Reform and Consumer 

Protection Act of 2010. Of the remaining balance of $13,112,025, $12,419,769 was collateralized with 

securities held in a joint custody account at the Federal Reserve Bank, and $692,256 was collateralized with 

securities held in a segregated account with a third party custodian. 

Investments 

As of June 30, 2012 and 2011, Metro had the following investments and maturities: 

29




June 30, 2012 and 2011 

June 30, 2012 

Investment Maturities 

Fair Value Overnight 2-90 days 90-365 days 1-5 years + 5 years 

Money Market Funds 

& Other Broker Accounts $ 47,277,318 $ 47,277,318 $ - $ - $ - $ - 

Repurchase Agreements 25,083,434 25,083,434 - - - - 

U.S. Treasury Bills 70,363,039 - 17,497,196 52,865,843 - - 

U.S. Treasury Notes 2,000,860 - 2,000,860 - - - 

U.S. Treasury STRIPS 2,400,847 - - - 2,400,847 - 

Government Agencies: 

FHLB Discount Notes 28,992,599 - 14,999,230 13,993,369 - - 

FHLB Bonds 12,406,637 - 5,003,450 - 7,403,187 - 

FCB Bonds 11,947,871 - - - 11,947,871 - 

Investment Contracts: 

AIG 12,194,210 - - - - 12,194,210 

FSA 68,603,764 - - - - 68,603,764 

Total $ 281,270,579 $ 72,360,752 $ 39,500,736 $ 66,859,212 $ 21,751,905 $ 80,797,974 

June 30, 2011 



Money Market Funds 

& Other Broker Accounts $ 50,686,419 $ 50,686,419 $ - $ - $ - $ - 

Repurchase Agreements 31,857,413 31,857,413 - - - - 

U.S. Treasury Bills 32,983,200 - 14,249,722 18,733,478 - - 

U.S. Treasury Notes 2,002,656 - - - 2,002,656 - 

U.S. Treasury STRIPS 2,404,747 - 2,404,747 - - - 

Government Agencies: 

FHLB Discount Notes 23,997,488 - 19,999,216 3,998,272 - - 

FHLB Bonds 15,529,217 - - 1,005,720 14,523,497 - 

FCB Bonds 4,502,065 - - - 4,502,065 - 

Investment Contracts: 

AIG 

FSA 

21,574,915 - - - - 21,574,915 

57,101,499 - - - - 57,101,499 

Total $ 242,639,619 $ 82,543,832 $ 36,653,685 $ 23,737,470 $ 21,028,218 $ 78,676,414 

30




June 30, 2012 and 2011 

All of the Investment Contracts shown above are related to Metro’s Finance Obligations Under Lease, as 

discussed in Note 9. 

At June 30, 2012 and 2011, Metro’s fiduciary activities had the following investments and maturities: 

June 30, 2012 



Money Market Funds $ 9,092,747 $ 9,092,747 $ - $ - $ - $ - 

June 30, 2011 



Money Market Funds $ 6,084,361 $ 6,084,361 $ - $ - $ - $ - 

Interest rate risk. Interest rate risk is the risk that the fair value of an investment will decline as interest rates 

increase, and if it is sold before its maturity a loss will result. Metro’s investment policy specifies that all funds 

may be invested in maturities that match anticipated obligations to a maximum of five years. The policy is not 

applicable to restricted investments or collateral securities related to lease finance obligations or bond 

indentures, for which investment maturities are generally matched to specific debt amortization requirements. 

Due to the short duration of the majority of Metro’s non-lease or bond related investments at June 30, 2012 

and 2011, interest rate risk is not significant to Metro. 

Credit risk. Credit risk is the risk that the financial counterparty will fail to meet its defined obligations. Metro’s 

investment policy authorizes the unlimited purchase of direct obligations of the U.S. Government or its 

agencies, obligations of the states of Missouri or Illinois which carry the highest rating issued by a nationally 

recognized credit rating organization, repurchase and reverse repurchase agreements, commercial paper, 

banker’s acceptances, and money market funds. Repurchase and reverse repurchase agreements are 

entered into only with pre-approved credit-worthy banks or dealers, and a written repurchase agreement is 

31




June 30, 2012 and 2011 

completed for each bank or dealer. Metro’s investment policy limits investments in commercial paper, 

negotiable (uncollateralized) certificates of deposit, and banker’s acceptances to the top two ratings issued by 

nationally recognized credit rating organizations, and further limits these instruments to five million per issuer. 

The policy also stipulates that money market funds used have over $500 million in assets and carry the 

highest rating issued by a nationally recognized credit rating organization. The policy is not applicable to 

restricted investments, or collateral securities related to lease finance obligations or bond indentures. 

Provisions of the lease agreements or bond indentures stipulate that financial counterparties have and 

maintain the highest rating issued by a nationally recognized credit rating organization. If the counterparty 

does not maintain the required rating it is required to collateralize the investment with securities which carry 

the highest rating issued by a nationally recognized credit rating organization. (In the case of the investment 

contracts listed above, the rating requirement is applicable to the senior debt rating of the issuer of the 

contract; the contracts themselves are not rated separately.) 

As of June 30, 2012, and June 30, 2011, Metro’s non-lease or other fiduciary related money market funds and 

other broker accounts were in the amounts of $47,277,318 and $50,686,419 respectively. Metro’s 

investments in government agencies all maintained ratings of Aaa from Moody’s and AA+ from S&P at June 

30, 2012 and 2011, respectively. The table below presents information on money market funds and other 

broker accounts: 

32




June 30, 2012 and 2011 

Money Market\Other Accounts: 

June 30, 2012 June 30, 2011 

Fund Manager Fund Type Rating * Amount ** Amount ** 

Black Rock Prime\First Tier AAA $19,557,056 $21,237,629 

Black Rock Government AAA 2,244,516 2,244,261 

Black Rock Treasury AAA 235,809 ‐ 

sub‐total Black Rock 22,037,381 23,481,890 

BOA‐ Merrill Lynch Prime\First Tier AAA 1,105,817 2,234,422 

BOA‐ Merrill Lynch Prime\First Tier AAA 3,146,313 4,143,794 

BOA‐ Merrill Lynch Government AAA 15,550 429,137 

BOA‐ Merrill Lynch Treasury AAA ‐ 1,744,593 

sub‐total BOA 4,267,680 8,551,946 

Federated Prime\First Tier AAA ‐ 5,307,229 

Federated Treasury AAA 2,525,850 1,147,451 

Federated Government AAA ‐ 774,472 

sub‐total Federated AAA 2,525,850 7,229,152 

UBS Prime\First Tier AAA 9,662,660 8,100,353 

Dreyfus Government AAA 2,082,012 2,082,010 

Goldman Sachs Prime\First Tier AAA 2,014,071 ‐ 

Fidelity Government AAA 2,005,162 ‐ 

J.P. Morgan Prime\First Tier AAA 467,031 ‐ 

sub‐total other MMFs 16,230,936 10,182,363 

Total Money Funds 45,061,847 49,445,351 

Illinois Funds State Inv. Pool AAA 456,561 196,004 

R.J. O'Brien Commodities Acct. N\A 1,758,910 1,045,064 

sub‐total other 2,215,471 1,241,068 

Total Money Funds and Other Accounts $47,277,318 $50,686,419 

*Rating: Standard & Poor's\Moody's money fund rating 

** Net asset value equals reported fair market value. 

33




June 30, 2012 and 2011 

Custodial Credit Risk. Custodial credit risk is the risk that, in the event of the failure of the counter-party, 

Metro will not be able to recover its investments or collateral securities that are in possession of an outside 

party. Metro’s investment policy specifies that all investments be delivered to Metro’s securities safekeeping 

agent and held in the name of Metro. The policy is not applicable to restricted investments or collateral 

securities related to lease finance obligations or bond indentures, which generally are held in trust according to 

specific provisions of the lease agreement or bond indenture. As of June 30, 2012 and 2011, Metro’s 

investment safekeeping agent held all of Metro’s non-lease or bond related investments in treasury securities 

or government agency securities in Metro’s name. As of June 30, 2012 and 2011, collateral for repurchase 

agreements was either being held by Metro’s agent or by the financial counterparty in a segregated customer 

account in the name of Metro. Metro’s investment policy specifies that collateral for repurchase agreements 

with a term of longer than 14 days be placed in joint custody with Metro at the Federal Reserve Bank or other 

third party custodian. No repurchase agreements in effect at June 30, 2012 or 2011 had a term of longer than 

14 days. 

3. 

Restricted Assets 

At June 30, 2012 and 2011 the following assets were restricted to the purposes for which the funds were 

created. 

2012 2011 


Restricted accounts receivable $ 51,901 $ 60,611 

Restricted under Cooperative Agreement 9,770,402 8,498,350 

Restricted under Revenue Bond Indenture 1,351,165 1,485,001 

Sales tax capital 10,732,307 13,758,415 

Capital lease obligations 88,474,317 87,397,590 

Mass transit sales tax bond indenture 60,106,015 27,320,364 

Other 58,532,269 53,856,233 

Total Restricted Assets $ 229,018,376 $ 192,376,564 

34




June 30, 2012 and 2011 

4. Fair Value of Financial Instruments 

The following table presents the carrying amounts and estimated fair values of Metro's financial instruments at 

June 30, 2012 and 2011. The fair value of a financial instrument is defined as the amount at which the 

instrument could be exchanged between willing parties in a current open market transaction. 

2012 2011 

Carrying Fair Carrying Fair 

Value Value Value Value 

(in millions) 

(in millions) 

Financial liabilities 

Total long-term debt $ 573.2 $ 599.5 $ 570.7 $ 577.2 

The carrying amount shown in the table is included in the Combined Statement of Net Position under the 

indicated caption. 

The following methods and assumptions were used to estimate the fair value of each class of financial 

instrument: 

Total debt: The fair value of Metro's total debt is estimated based on the quoted market prices for similar 

issues or by discounting expected cash flows at the rates currently offered to Metro for debt of the same 

remaining maturities, as advised by Metro's bankers. 

35




June 30, 2012 and 2011 

5. Capital Assets 

Capital asset activity for the year ended June 30, 2012 was as follows (in 000s): 

Totals Additions Deletions, Totals 

June 30, and Retirements, June 30, 

2011 Transfers & Transfers 2012 


Buildings and improvements $ 175,119 $ 2,689 $ (412) $ 177,396 

Airport runways 26,474 7,082 - 33,556 

Arch parking 9,947 - - 9,947 

Riverboats and barges 4,176 - - 4,176 

Light rail, right-of way, facility and improvements 1,234,037 17,576 (127) 1,251,486 

Revenue vehicles 310,736 28,045 (11,956) 326,825 

Autos & trucks 9,981 806 (428) 10,359 

Furniture, fixtures equipment & intangibles 114,646 2,486 (1,566) 115,566 

Total capital assets 1,885,116 58,684 (14,489) 1,929,311 

Accumulated Depreciation 

Buildings and improvements (126,787) (4,521) 211 (131,097) 

Airport runways (19,767) (1,017) - (20,784) 

Arch parking (9,413) (62) - (9,475) 

Riverboats and barges (1,938) (243) - (2,181) 

Light rail, right-of way, facility and improvements (444,350) (43,385) 118 (487,617) 

Revenue vehicles (169,901) (17,539) 11,690 (175,750) 

Autos & trucks (7,386) (868) 672 (7,582) 

Furniture, fixtures equipment & intangibles (100,474) (6,579) 1,595 (105,458) 

Total accumulated depreciation (880,016) (74,214) 14,286 (939,944) 

Net capital assets 1,005,100 (15,530) (203) 989,367 

Land 101,931 30 (37) 101,924 

Construction in progress 17,526 64,841 (54,473) 27,894 

Total net capital assets $ 1,124,557 $ 49,341 $ (54,713) $ 1,119,185 

36




June 30, 2012 and 2011 

Capital asset activity for the year ended June 30, 2011 was as follows (in 000s): 

Totals Additions Deletions, Totals 

June 30, and Retirements, June 30, 

2010 Transfers & Transfers 2011 


Buildings and improvements $ 170,117 $ 5,201 $ (199) $ 175,119 

Airport runways 24,745 1,729 - 26,474 

Arch parking 9,947 - - 9,947 

Riverboats and barges 4,176 - - 4,176 

Light rail, right-of way, facility and improvements 1,224,565 9,472 - 1,234,037 

Revenue vehicles 303,427 7,630 (321) 310,736 

Autos & trucks 9,350 646 (15) 9,981 

Furniture, fixtures equipment & intangibles 111,882 3,504 (740) 114,646 

Total capital assets 1,858,209 28,182 (1,275) 1,885,116 


Buildings and improvements (122,372) (4,612) 197 (126,787) 

Airport runways (18,990) (777) - (19,767) 

Arch parking (9,065) (348) - (9,413) 

Riverboats and barges (1,694) (244) - (1,938) 

Light rail, right-of way, facility and improvements (401,027) (43,448) 125 (444,350) 

Revenue vehicles (152,680) (17,412) 191 (169,901) 

Autos & trucks (6,740) (655) 9 (7,386) 

Furniture, fixtures equipment & intangibles (90,419) (10,795) 740 (100,474) 

Total accumulated depreciation (802,987) (78,291) 1,262 (880,016) 

Net capital assets 1,055,222 (50,109) (13) 1,005,100 

Land 101,799 132 - 101,931 

Construction in progress 10,977 8,103 (1,554) 17,526 

Total net capital assets $ 1,167,998 $ (41,874) $ (1,567) $ 1,124,557 

37




June 30, 2012 and 2011 

6. Liability, Claims and Litigation 

Metro is exposed to liability for bodily injury and property damage; liability for financial loss suffered by 

employees and others as a result of decisions and judgments made by Metro; and physical damage to and 

loss of its property. 

Metro self-insures and adjusts: 

• Third party bodily injury or property damage liability claims up to $5 million per occurrence 

• Employment practices liability claims up to $5 million per wrongful act 

• Workers compensation claims up to $1 million each accident or each employee for disease 

Under Missouri law, on August 8, 2005, Metro became entitled to Sovereign Immunity for torts except for 

negligent acts or omissions by Metro employees relating to the operation of motor vehicles while in the scope 

of their employment and injuries caused by dangerous conditions of Metro property. For the calendar year 

2012, Metro’s liability for these claims is limited to $392,734 any one person in a single accident or 

occurrence and $2,618,230 for all claims arising out of a single accident or occurrence. 

Metro purchases primary insurance for first party property or business interruption loss subject to a $100,000 

per occurrence deductible for direct damage and a $250,000 per occurrence deductible for transit vehicle 

collision, upset or derailment. 

Annually, Metro purchases Excess Liability insurance with an annual aggregate limit of $65 million for claims 

whose value exceeds the maximum of $5 million per occurrence covered by the self-insured retention. In 

fiscal year 2011, Metro added $65 million excess coverage in aggregate limits in the Excess Liability 

insurance program for Errors and Omissions Liability, Employment Practices Liability and Employee Benefit 

Liability. 

Claim settlements/judgments have not penetrated into the attachment point of Excess Liability or Excess 

Workers Compensation insurance during any of the past three fiscal years. 

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June 30, 2012 and 2011 

Loss occurrences are reported to the excess insurance carriers when it is determined that a loss is likely to 

exceed fifty (50) percent of the Self Insured Retention or if a bodily injury is categorized as severe (fatality, 

multiple persons injured in one occurrence, brain or spinal injury, major amputation). When a third party 

liability or workers compensation claim is either made against Metro or when there is sufficient reason to 

believe that Metro may be liable for the loss, a dollar amount is reserved for that claim (i.e. a case reserve is 

established). Case values are adjusted as the claims develop. Total case reserves are evaluated by an 

independent actuary who develops the total liability to be included in the financial statements. 

Changes in the balances of self-insured claims liabilities at June 30, 2012 and 2011 are as follows: 

Injury, Damage and Workers' Employee Medical Total Self-Insured 

Personal Liabilities Compensation and Dental Liabilities 

2012 2011 2012 2011 2012 2011 2012 2011 

Balance: 

At beginning 

of fiscal year $ 7,800,718 $ 6,239,726 $ 5,882,148 $ 5,389,807 $ 3,492,109 $ 3,464,000 $ 17,174,975 $ 15,093,533 

Add: 

Current year claims 

and changes 

in estimate 7,893,592 4,719,913 2,902,571 4,584,241 28,751,134 23,634,284 39,547,297 32,938,438 

Less: 

Claim payments (7,800,060) (3,158,921) (2,911,323) (4,091,900) (29,122,994) (23,606,175) (39,834,377) (30,856,996) 

Balance: 

At end 

of fiscal year $ 7,894,250 $ 7,800,718 $ 5,873,396 $ 5,882,148 $ 3,120,249 $ 3,492,109 $ 16,887,895 $ 17,174,975 

In the opinion of Metro’s management, the estimated liabilities for all unsettled injury claims, workers' 

compensation benefits, and employee medical and dental insurance claims at June 30, 2012 and 2011 are 

adequate to satisfy all claims for events that have occurred through those respective dates. At June 30, 2012 

and 2011, Metro held $12,762,461 and $16,537,890 respectively, in cash, cash equivalents, and investments 

designated for payment of these claims. 

39




June 30, 2012 and 2011 

The lag payout of medical and dental claims average approximately eight weeks; therefore, all of the June 30, 

2012 and 2011 balance of $3.1 million and $3.5 million, respectively for medical and dental liability is 

expected to be paid the following year. At June 30, 2012 and 2011, management estimates approximately 

$8.0 million and $8.1 million, respectively, of the workers’ compensation and casualty liabilities are payable 

within one year. Of the $8.0 million payable at June 30, 2012, $5.8 million relates to casualty and $2.2 million 

relates to workers’ compensation. Of the $8.1 million payable at June 30, 2011, $5.6 million relates to 

casualty and $2.5 million relates to workers’ compensation. 

Metro is also the defendant in several lawsuits arising from matters other than workers compensation and 

personal injury litigation. These matters principally relate to, environmental cleanup, breach of contract, and 

alleged violations of equal protection and credit protection requirements. In the opinion of management, 

including its General Counsel, the ultimate resolution of these matters is not likely to have a material effect of 

the Metro’s financial position. 

7. Compensated Absences 

Substantially all employees receive compensation for vacations, holidays, illness, and certain other qualifying 

absences. The number of days compensated in the various categories of absence is based generally on 

length of service. Compensated absences, which have been earned but not paid, have been accrued in the 

accompanying financial statements. 

8. Revenue Recognition 

Passenger Fares 

Farebox revenues are recognized at the time services are purchased and revenue passes through the bus 

farebox. Sales of monthly passes, ten two-hour passes, 30-day passes and other tickets types are also 

recorded as revenue at the time of purchase. 

Sales of University passes, Universal passes and Student Tickets, which are valid for a specific academic 

term, are recorded initially as deferred revenue. These deferred revenues are recognized as income monthly. 

The amount recognized in each month determined by calculating a daily weighted average proration factor. 

40




June 30, 2012 and 2011 

The weighted average proration factor is calculated by considering total number of students, employees, 

and days specified in the contract. 

Sales Taxes 

Missouri State and local sales taxes are imposed on the purchase price of tangible personal property and 

taxable services sold. These taxes are forwarded to the State of Missouri Department of Revenue either 

monthly or quarterly depending on the sales volume of the vendor. The Missouri Department of Revenue 

distributes the local sales tax collected back to the applicable city and county. The Missouri sales tax 

subsidies to Metro are generated from a portion of the local City of St. Louis and St. Louis County sales taxes 

collected. These funding jurisdictions distribute the sales tax subsidies via an appropriation process to Metro 

or the Bond Trustee, as applicable. 

9. Finance Obligations Under Lease 

On October 1, 1995, Metro entered into a transaction to lease thirty (30) Series 1000 light rail vehicles (LRVs) 

to investors and simultaneously sublease the LRVs back. Metro entered into similar transactions on August 

26, 1997, leasing four (4) of its Missouri facilities. Additionally, Metro entered into similar transactions on 

August 30, 2001, and November 29, 2001, leasing thirty-four (34) of its Series 2000 and Series 3000 LRVs. 

Due to credit quality issues related to certain counterparties in these transactions, in November 2010, Metro 

negotiated early termination of its 1995 LRV Lease. In December 2009, Metro negotiated early termination of 

its 1997 Facilities Lease and one (the “F1” tranche) of three tranches of its 2001 LRV Lease (see following 

section). Details of the terminated leases can be found in Metro’s prior years financial statements. 

2001 Lease/Leaseback of 34 LRVs 

With respect to the Series 2001 Lease/Leaseback of thirty-four (34) LRVs, Metro entered into three tranches: 

F1 and C1 dated August 30, 2001 and then C2 dated November 30, 2001. The F1, C1 and C2 tranches 

involved transactions for seven (7), twenty-three (23) and four (4) LRVs, respectively. With respect to the F1 

and C1 tranches dated August 30, 2001, the thirty LRVs at closing had a fair market value of $120.0 million. 

Metro received a prepayment equivalent to the net present value of the headlease obligations totaling 

41




June 30, 2012 and 2011 

approximately $120.0 million. Approximately $93.6 million was deposited with Premier International Funding, 

to partially meet Metro’s rent obligations under the sublease and to set aside funds to enable Metro to exercise 

its repurchase option. Financial Security Assurance Company, Inc. (FSA, now Assured Guaranty), rated Aa3 

by Moody’s, and AA+ by Standards and Poor’s, guarantees, through a surety policy, the payments under the 

agreement with Premier International Funding. Approximately $16.5 million was deposited with AIG (Equity 

Payment Undertaker) to meet Metro’s remaining payment obligations under the F1 and C1 subleases and to 

set aside funds to enable Metro to exercise its repurchase options. A credit downgrade of AIG in 2008 

triggered a provision in the lease requiring Metro to replace the payment undertaker or substitute acceptable 

collateral. Additionally, a downgrade of FSA in 2008 triggered a lease provision requiring Metro to replace the 

surety policy. 

On June 10, 2009, Metro terminated the agreement with AIG F1 payment obligation and deposited securities 

sufficient, to meet Metro’s obligations under the sublease. Upon early termination of the F1 Tranche in 

December 2009, the securities were sold and the proceeds used as part of the required termination payment. 

The St. Clair County Transit District (SCCTD, one of Metro’s funding partners), which participated in the lease, 

contributed approximately 70 percent of the termination payment of the F1 Tranche. 

With respect to the C2 Tranche, the four light rail vehicles at closing had a fair market value of $16.0 million. 

Metro received a prepayment equivalent to the net present value of the headlease obligations totaling 

approximately $16.0 million. Approximately $12.9 million was deposited with Premier International Funding to 

partially meet Metro’s rent obligations under the sublease and to set aside funds to enable Metro to exercise 

its repurchase option, if Metro chooses to do so. FSA provides a surety policy, to guarantee the payments 

under the agreement with Premier International Funding. Approximately $1.8 million was deposited with AIG- 

Matched Funding Corporation (“Equity Payment Undertaker”) to meet Metro’s remaining rent obligations under 

the sublease and to set aside funds to enable Metro to exercise its purchase option. 

Due to the credit rating downgrades of AIG and FSA, Metro was placed in technical default with regard to the 

C1 and C2 Tranches. Metro agreed to cure the default by pledging additional collateral to the investor, equal 

to a percentage of the investors’ future revenue from the transaction. The transaction closed in February 

2011, at which time Metro purchased U.S. Treasury securities, in the agreed upon amount of $8.7 million. The 

SCCTD paid for approximately 70 percent of the collateral. The collateral amount will be returned in entirety to 

Metro (and the SCCTD) at the end of the lease, or if AIG or FSA re-establish the required ratings. 

42




June 30, 2012 and 2011 

Additionally, the collateral will be marked to market annually, and any portion of the collateral amount 

exceeding the specified amount will be returned to Metro. Conversely, if the market value of the collateral falls 

below the specified amount, Metro will be required to deposit additional collateral. In January 2012, the new 

collateral amount was established in the approximate amount of $7.6 million. The difference between the 

previous amount of collateral and new amount ($1.1 million) was returned to Metro. Metro remitted 70 percent 

of this amount to the SCCTD. It is expected that as the lease termination date approaches, the collateral 

amount will be reduced. 

Under the various lease transactions still outstanding, Metro maintains the right to continued use and control 

of the assets through the end of the leases and is required to insure and maintain the assets. 

All of the leases discussed above have been recorded as capital leases for accounting purposes. The 

following table highlights pertinent information on the subleases for 2012: 

2001 

Transactions 

Sublease balances, 6/30/11 $ 78,661,441 

Interest accrued in 2012 5,071,195 

Lease payments and reductions (2,949,633) 

Total sublease balances, 6/30/12 $ 80,783,003 

Purchase option dates January 2025 

Sublease termination dates January 2025 

The following table highlights pertinent information on the subleases for 2011: 

43




June 30, 2012 and 2011 

1995 2001 

Transaction Transactions Total 

Sublease balances, 6/30/10 $ 70,801,721 $ 76,479,811 $ 147,281,532 

Interest accrued in 2011 2,196,622 4,956,210 7,152,832 

Lease payments and reductions (72,998,343) (2,774,580) (75,772,923) 

Total sublease balances, 6/30/11 $ - $ 78,661,441 $ 78,661,441 

Purchase option dates January 2025 

Sublease termination dates January 2025 

The following is a schedule by fiscal year of future lease payments and purchase option payments, to the 

extent they are exercised, and interest expense for the above transactions as of June 30, 2012: 

Payments 

2013 $ 1,927,505 

2014 3,472,844 

2015 - 

2016 - 

2017 - 

2018-2022 - 

2023-2025 217,541,618 

Total future lease payments 222,941,967 

Less amount representing interest (142,158,964) 

Net obligation at June 30, 2012 $ 80,783,003 

44




June 30, 2012 and 2011 

10. Long-Term Debt 

Debt and capital lease obligations at June 30, 2012, consisted of the following: 

2011 2012 

Amortization, 

Beginning Payments and Ending Due Within 

Balance Borrowin gs Other Adjustments Balance One Year 

Capital Lease Obligations $ 78,661,441 $ 5,071,195 $ (2,949,633) $ 80,783,003 $ 1,927,505 

Mass Transit Sales Tax Appropriation 

Bonds, Series 2002 A, B, C 311,366,761 - (10,120,000) 301,246,761 10,320,000 

Plus: Unamortized debt prem ium 2,065,405 - (974,490) 1,090,915 - 


Bonds, Series 2007 20,820,000 - - 20,820,000 - 

Plus: Unamortized debt premium 32,925 - (1,479) 31,446 - 


Bonds, Series 2009 97,220,000 - - 97,220,000 - 

Less: Unamortized debt discount (201,588) - 7,135 (194,453) - 

Less: Deferred amount on remarketing (781,244) - 36,479 (744,765) - 


Bonds, Series 2010 A 75,000,000 - - 75,000,000 - 

Less: Deferred amount on refunding (349,402) - 149,743 (199,659) - 

Bonds, Series 2010 B 70,290,000 - - 70,290,000 - 

Plus: Unamortized debt prem ium 3,537,936 - (1,570,981) 1,966,955 - 

Less: Deferred amount on refunding (349,402) - 149,743 (199,659) - 

Missouri Finance Transit Commission 

Debt Service Reserve Borrowing - 5,000,000 - 5,000,000 - 

Gateway Arch Parking Facility Revenue 

Refunding Bonds, Series 1997 1,400,000 - (680,000) 720,000 720,000 

Less: Unamortized debt discount (9,598) - 9,598 - - 

Debt and capital lease obligations $ 658,703,234 $ 10,071,195 $ (15,943,885) $ 652,830,544 $ 12,967,505 

45




June 30, 2012 and 2011 

Debt and capital lease obligations at June 30, 2011, consisted of the following: 

2010 2011 

Amortization, 

Beginning Payments and Ending Due Within 

Balance Borrowings Other Adjustments Balance One Year 

Capital Lease Obligations $ 147,281,532 $ 7,152,832 $ (75,772,923) $ 78,661,441 $ 2,949,633 

Subordinate Mass Transit Sales Tax 

Appropriation Bonds, Series 2005 A 150,000,000 - (150,000,000) - - 


Bonds, Series 2002 A, B, C 321,016,761 - (9,650,000) 311,366,761 10,120,000 

Plus: Unamortized debt premium 3,125,984 - (1,060,579) 2,065,405 - 


Bonds, Series 2007 20,820,000 - - 20,820,000 - 

Plus: Unamortized debt premium 34,405 - (1,480) 32,925 - 


Bonds, Series 2009 97,220,000 - - 97,220,000 - 


Less: Deferred amount on remarketing - - (781,244) (781,244) - 


Bonds, Series 2010 A - 75,000,000 75,000,000 - 

Less: Deferred amount on refunding - - (349,402) (349,402) - 

Bonds, Series 2010 B - 70,290,000 - 70,290,000 - 

Plus: Unamortized debt premium - 4,712,945 (1,175,009) 3,537,936 - 

Less: Deferred amount on refunding - - (349,402) (349,402) - 

Gateway Arch Parking Facility Revenue 

Refunding Bonds, Series 1997 2,045,000 - (645,000) 1,400,000 680,000 


Debt and capital lease obligations $ 741,312,463 $ 157,155,777 $ (239,765,006) $ 658,703,234 $ 13,749,633 

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June 30, 2012 and 2011 

Arch Parking Facility Revenue Refunding Bonds 

In November 1983, Metro financed the construction of the Arch Parking Facility by issuing $8,400,000 of 

Revenue Bonds. The bonds were to be repaid from garage revenues. These bonds were refinanced in 1986 

and 1997. In February 1997, Metro issued $8,110,000 of Revenue Refunding Bonds at 3.9 percent to 5.875 

percent. The proceeds of the bonds were used to redeem all the previous outstanding revenue bonds. The 

1997 Revenue Refunding bonds are not a general obligation of Metro, but rather are collateralized by future 

revenue of the garage, as well as by a Debt Service Reserve Fund (DSRF). According to the indenture under 

which the bonds were issued, the Gateway Arch Transportation Facilities Fund must maintain a DSRF at the 

required balance of $790,686. The indenture and resolutions under which the bonds were issued also specify 

certain restrictive covenants. The significant covenants include not taking action to make the bonds private 

activity bonds, as defined by the United States Tax Code, and having specified operating profits in excess of 

150 percent of the next year’s debt service requirement, and the DSRF. As of June 30, 2012, Metro was in 

compliance with these covenants. 

Long-term debt principal and interest maturities subject to mandatory redemption for the bonds are as follows: 

Fiscal 

Interest 

Year Principal Expense 

2013 $ 720,000 $ 17,626 

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June 30, 2012 and 2011 

Mass Transit Sales Tax Appropriation Bonds 

Series 2002 

In November 2002, Metro issued $414 million in Mass Transit Sales Tax Appropriation Bonds to finance the 

design, engineering, acquisition of equipment and construction of the 8.2 mile MetroLink Cross County 

Extension. The Series 2002 A, B and C Bonds are expected to be paid from the revenues received by St. 

Louis County and the City of St. Louis from a one-quarter cent mass transit sales tax (“Proposition M Sales 

Tax”) annually appropriated for such purpose. 

The $100 million Series 2002A Bonds were originally issued as weekly Variable Rate Demand Notes. The 

notes had a weekly put feature which provided the investor an opportunity to redeem the bonds. In the event 

the bonds were redeemed and another buyer could not be found for them, Metro entered into a stand-by bond 

purchase agreement with a large bank. In exchange for a fee, the bank agreed to buy any unsold bonds. Due 

to events related to the global credit crisis which began in summer 2007, approximately $75 million of the 

Series A Bonds were put back to the stand-by bond purchase provider, beginning in September 2008 through 

February 2010. Terms of the bond purchase agreement provided that Metro was required to make early 

amortization on any such bonds. Consequently, in March, 2009, Metro remarketed $25 million of the Series A 

as fixed rate bonds at rates between 4.5 percent and 5.2 percent, maturing in 2019 – 2023. The remaining 

$75 million of the Series A Bonds were refunded in November 2009 with the Series 2009 Bonds (see following 

section). 

The $313,305,000 Series 2002B bonds bear interest at rates of 3.05 percent to 5.25 percent, with maturities 

beginning fiscal year 2009 through fiscal year 2033. In December 2007, Metro refunded the first two principal 

payments of the Series 2002B Bonds (due 2009 and 2010) with the Series 2007 Refunding Bonds (see 

following section). 

The $816,760 Series 2002C Capital Appreciation Bonds accrete interest at 4.125 percent (maturing October 

2012) 4.75 percent (maturing 2017) and 5.25 percent (maturing 2022) with a value of $1,855,000 at maturity. 

48




June 30, 2012 and 2011 

The Mass Transit Sales Tax Appropriation Bonds were collectively issued at premium of $11,102,583, which is 

reported in long-term debt. The premium is being amortized as a reduction of interest expense under the 

effective interest rate method. At June 30, 2012, the unamortized premium was $1,090,915. Metro also 

incurred and deferred $5,534,030 of issuance costs related to the issuance of the bonds. At June 30, 2012, 

the remaining balance is $3,806,626. 

Series 2002 Debt Service Reserve Fund 

To provide further security to the bondholders, the 2002 Bond Trust Indenture specified that a Debt Service 

Reserve Fund (DSRF) be created in the amount of $27,975,665 ($28.0 million). Metro had the option of cash 

funding this requirement or purchasing an AAA rated surety. At bond issuance, a surety was purchased from 

Financial Security Assurance Corporation (FSA, now Assured Guaranty), which at the time was rated AAA by 

all three credit ratings agencies. Assured Guaranty lost its last AAA rating on October 25, 2010, triggering 

replacement of the policy or cash funding the DSRF by October 25, 2011. Metro funded the DSRF by using a 

combination of capital grant funding, a loan from the State of Missouri Transportation Finance Corporation 

(MTFC), and Metro funds. 

Series 2005 (Subordinate) 

In November 2005, Metro issued $150 million in Subordinate Mass Transit Sales Tax Appropriation Bonds 

(Series 2005A). The proceeds were used to complete the MetroLink Cross County Extension, pay certain 

costs of issuance, and provide funds for interest expense up to three years. The Series 2005A Bonds were 

expected to be paid from the revenues received by St. Louis County and the City of St. Louis from a onequarter 

cent mass transit sales tax annually appropriated for such purposes, but have a subordinate lien on 

the tax to the Series 2002 Bonds and subsequent bond issues refunding or remarketing the Series 2002 

Bonds. (see following section). The Series 2005 A Bonds were initially issued as weekly Variable Rate 

Demand Notes, with liquidity to the bondholders provided through a direct pay bank Letter of Credit (LOC) 

which expired on November 2, 2010. The initial rate on the Series 2005A Bonds at closing was 2.65 percent. 

On August 1, 2006, to mitigate interest rate risk, Metro converted $100 million of the Series 2005A Bonds to a 

rate of 3.95 percent for a 38-month period ending October 1, 2009. On October 1, 2009, the $100 million 

Series 2005 thus converted were remarketed as weekly Variable Rate Demand Notes. The Series 2005 

Bonds were refunded with the Series 2010 Bonds (see following section). 

49




June 30, 2012 and 2011 

Series 2007 

In December 2007, Metro issued $20.82 million in Mass Transit Sales Tax Appropriation Refunding Bonds 

(Series 2007) to advance refund the 2009 and 2010 principal payments of the Series 2002B Bonds, totaling 

$18.1 million. A Debt Service Reserve Fund in the amount of $2.08 million was established at the time of the 

bond sale. The net proceeds of $18.49 million were deposited in an irrevocable trust with an escrow agent to 

provide for the payment of principal and interest of the aforementioned Series 2002B bonds. The Series 2007 

Bonds are expected to be paid from the revenues received by St. Louis County and the City of St. Louis from 

a one-quarter cent mass transit sales tax annually appropriated for such purposes. The bonds bear interest at 

rates of 5.00 percent to 5.25 percent and mature in fiscal year 2034. 

As a result of the refunding, Metro increased its total debt service requirements by $29.31 million, which 

resulted in an economic loss of $3.21 million. As of June 30, 2011, all of the defeased debt had been retired. 

The bonds were collectively issued at a premium of $38,224 that is recorded in long-term debt. The premium 

is being amortized as a reduction of interest expense. At June 30, 2012 the unamortized premium was 

$31,446. Metro incurred and deferred $276,296 of costs related to the issuance of the bonds. At June 30, 

2012, the remaining balance is $227,302. 

Series 2009 

In October 2009, Metro issued $97.2 million in Mass Transit Sales Tax Appropriation Bonds. The transaction 

closed on November 9, 2009. A total of $97,220,000 in fixed rate serial and term bonds were issued at an 

average rate of 4.97 percent. The bonds were issued at a discount and mature in fiscal year 2040. The 

discount amount of $213,454 is being recognized over the 30 year term of the bonds. The amount 

unrecognized at June 30, 2012 was $194,453. The bond proceeds were used as follows: 

• Approximately $75 million was used to refund the remaining $75 million of the $100 million par Series 

2002A Variable Rate Bonds. 

• Approximately $9.9 million was used to terminate (net) two interest rate swaps Metro had in connection 

with the Series 2002A Variable Rate Bonds. 

50




June 30, 2012 and 2011 

• Approximately $9.1 million was used to create a Debt Service Reserve Fund for the bonds. 

• The balance of approximately $2.5 million was used to purchase a bond insurance policy ($1.6 million), for 

the underwriters discount ($.45 million), and for other costs of issuance ($.55 million). The total cost of 

issue of $2,486,000 is being deferred over the 30 year term of the bonds. At June 30, 2012 the remaining 

balance was $2,264,804. 

• The deferred amount of refunding was approximately $839,000. This amount is being deferred over the 

original remaining life of the Series 2002 A Bonds. As of June 30, 2012, the remaining balance was 

approximately $744,765. 

Series 2010 (Subordinate) 

In October 2010, Metro issued $145.2 million in Mass Transit Sales Tax Appropriation Bonds. The bonds 

were issued to refund the $150 million Series 2005 Bonds (see previous section). The Series 2010 Bonds are 

expected to be paid from the Prop M Sales Tax, but have a subordinate lien on the tax to the Series 2002 

Bonds, and subsequent bond issues refunding or remarketing the Series 2002 Bonds. 

The transaction closed on October 14, 2010. The 2010 bonds were issued in two series: 

• The $75,000,000 Series 2010A Variable Rate Bonds. The Series 2010A Bonds were initially issued as 

weekly Variable Rate Demand Notes, with liquidity to the bondholders provided through a direct pay 

Letter of Credit (LOC) issued by J.P. Morgan Chase Bank, whose senior unsecured debt is currently 

rated Aa3, A+, and A+ by Moody’s, S&P, and Fitch, respectively. The LOC expires in October 2013. The 

Series 2010A Bonds mature in fiscal year 2035. The bonds had an initial rate of .27 percent. The 

average weekly rate during fiscal year 2012 was .15 percent. 

• The $70,290,000 Series 2010B Fixed Rate Bonds. The Series 2010B Bonds were issued as 4 percent 

coupon bonds maturing on October 15, 2013. The bonds were issued at a price of $106.25 for a total 

premium of approximately $4.71 million, making the effective yield on the bonds 1.70 percent. The 

premium will be amortized over the three year term of the bonds. The unamortized premium at June 30, 

2012 was $1,966,955. 

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June 30, 2012 and 2011 

• The cost of issuance for the Series A and B Bonds was approximately $687,000. This cost was not 

funded with bond proceeds and is being deferred over three years. As of June 30, 2012, the remaining 

balance was $305,404. 

• The deferred amount of refunding was approximately $898,000. This amount was allocated equally to the 

Series A and B Bonds and is being deferred over the life of the Series 2010 A Bonds. As of June 30, 

2012, the remaining balance was approximately $399,318 for both the 2010 A Bonds and 2010 B Bonds. 

The Series 2002B Bonds are callable beginning in October 2013. Provided market conditions are favorable, 

Metro is anticipating an overall restructuring of the Series 2002B Bonds as well as the Series 2010 Bonds in 

2013. It is expected that such a restructuring will also address the 2002 DSRF requirement (see previous 

section). 

The following chart shows projected debt service for Metro’s Mass Transit Sales Bonds, based on mandatory 

principal maturities: 

Mass Transit Sales Tax Appropriation Bonds - Projected Debt Service by Fiscal Year 

Senior Bonds Subordinate Bonds 

Series 2002 A,B, C Series 2007 Series 2009 Series 2010 A,B 

Fiscal Year Principal Interest Principal Interest Principal Interest Principal Interest Total 

2013 $ 10,320,000 $ 14,829,326 $ - $ 1,074,425 $ - $ 4,767,975 $ - $ 2,961,600 $ 33,953,326 

2014 11,396,930 14,216,046 - 1,074,425 - 4,767,975 70,290,000 970,000 102,715,376 

2015 11,775,000 13,618,684 - 1,074,425 - 4,767,975 - 150,000 31,386,084 

2016 12,400,000 12,983,325 - 1,074,425 - 4,767,975 - 150,000 31,375,725 

2017 13,065,000 12,409,640 - 1,074,425 - 4,767,975 - 150,000 31,467,040 

2018-2022 75,831,114 50,939,520 - 5,372,125 - 23,839,875 - 750,000 156,732,634 

2023-2027 68,813,717 32,198,544 - 5,372,125 11,275,000 22,856,288 - 750,000 141,265,674 

2028-2032 79,280,000 13,904,251 - 5,372,125 8,175,000 20,206,944 - 750,000 127,688,320 

2033-2037 18,365,000 229,563 20,820,000 1,611,638 44,445,000 15,933,331 75,000,000 343,973 176,748,505 

2038-2040 - - - - 33,325,000 2,371,625 - - 35,696,625 

$ 301,246,761 $ 165,328,899 $ 20,820,000 $ 23,100,138 $ 97,220,000 $ 109,047,938 $ 145,290,000 $ 6,975,573 $ 869,029,309 

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June 30, 2012 and 2011 

Missouri Finance Transit Commission Debt Service Reserve Borrowing 

On October 3, 2011 Metro entered into a $5,000,000 direct loan with the Missouri Finance Transit 

Commission. The loan accrues interest of 1.83% payable annually on October 1 with the entire principal 

amount due on October 1, 2016. Loan proceeds were used to fund a portion of the 2002 debt service 

reserve fund. 

11. Pension Plans 

Metro sponsors four defined-benefit pension plans. It is the policy of Metro’s Board of Commissioners to see 

that each pension plan is funded to the fullest extent feasible through a combination of investments and 

contributions. Each plan is administered by an Administrative Pension Committee comprised of Trustees who 

are selected, at least in part, by the Board. Under Sections 70.050 A and B of its Collected Board Policies, 

the Board maintains authority over the appointment of the Trustees on the Salaried Employees Administrative 

Pension Committee, and over one-half of the Trustees on the three Pension Committees that administer the 

plans for the employees who are represented by the Amalgamated Transit Union (“ATU”) and the 

International Brotherhood of Electrical Workers (“IBEW”). The ATU and the IBEW select the other one-half of 

the Trustees on those three Committees. Required contributions and benefit provisions are established and 

amended by the Administrative Pension Committees. The Administrative Pension Committees are authorized 

to administer their respective plan’s assets, determine eligibility for benefits under the plan and to construe the 

plan’s terms. There are no separate audited GAAP-basis reports for the pension plans or the OPEB plan. 

The Pension Plan for Salaried Employees of Metro is a noncontributory single employer defined benefit 

pension plan for salaried employees (“Salaried Plan”). All Metro full-time salaried employees are eligible to 

participate in the Salaried Plan. Employees who retire after attaining the normal service retirement age as 

defined in the plan, provided the employees have five years of credited service, are entitled to normal 

retirement benefits, payable monthly for life, based upon final average monthly earnings and years of credited 

service. Final average monthly earnings are the employee’s average monthly earnings for the three 

consecutive Plan years preceding cessation of employment producing the highest average. Participants who 

have attained age 55 and completed ten years of credited service may retire and receive reduced benefits. 

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June 30, 2012 and 2011 

The Salaried Plan also provides death and disability benefits. The amortization periods for the plans are 

closed. 

All Metro full-time employees who are included in one of the collective bargaining units recognized by Metro 

are required to participate in the applicable Union Plan. The Union Plans are contributory single employer 

defined benefit pension plans. Participants must satisfy minimum age and service requirements for retirement 

and are eligible for a deferred vested pension if they leave the service of Metro with at least 10 years credited 

service. The Union Plans are as follows: 

• Bi-State Development Agency Missouri-Illinois Metropolitan District and Division 788 Amalgamated Transit 

Union, AFL-CIO Employees’ Pension Plan and Agreement (“788 O&M Plan”) 

• Bi-State Development Agency Missouri-Illinois Metropolitan District and Division 788, Clerical Unit, 

Amalgamated Transit Union, AFL-CIO Employees’ Pension Plan and Agreement (“788 Clerical Plan”) 

• Bi-State Development Agency Missouri-Illinois Metropolitan District and Locals No. 2 and No. 309 of the 

International Brotherhood of Electrical Workers Employees’ Pension Plan and Agreement (“IBEW Plan”) 

The 788 O&M Plan members are eligible for full retirement benefits at (a) age 65, (b) the completion of 25 

years of credited service or (c) age 55 with 20 years of credited service. Participants who have attained age 

55 with 15 years of credited service may retire and receive reduced benefits. 

Under the 788 Clerical Plan, members are eligible for retirement benefits at (a) age 65 with 10 years of 

credited service or (b) the completion of 25 years of credited service. Participants in the Clerical Unit Plan 

who have attained age 55 with 15 years credited service may retire and receive reduced benefits. 

The IBEW Plan members are eligible for retirement benefits at (a) age 65 with 12 years of credited service or 

(b) the completion of 25 years of credited service. 

All Union employees are required to make plan contributions by payroll deduction each week. If a union 

employee leaves the employment of Metro prior to being eligible to receive a monthly benefit, he or she is 

eligible for a refund of contributions. Upon retirement, employees are entitled to a monthly pension benefit, 

payable for life. The Union Plans also provide survivor and disability benefits. 

54




June 30, 2012 and 2011 

Each plan has an annual actuarial valuation that includes financial statements and required supplementary 

information for that plan. The actuarial valuation is publicly available. Those reports may be obtained from the 

Benefits Section, Bi-State Development Agency, 707 North First Street, Mail Stop #125, St. Louis, MO 63102, 

or by calling 314-982-1471. 

Below are the total employees and retirees covered under the Salaried Plan for plan years ending May 31, 

2012 and 2011 and for the Union Plans for plan years ending March 31, 2012 and 2011. 

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June 30, 2012 and 2011 

Union Plans 

Salaried Plan 788 O&M 788 Clerical IBEW Total 

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 

Retirees and 

Beneficiaries 264 273 996 987 66 61 7 6 1,333 1,327 

Vested Long-Term 

Disability Claimants 6 10 6 7 - - - - 12 17 

Terminated Vested 188 182 24 20 2 2 3 2 217 206 

Terminated Non-Vested 

(due refund) - - 35 21 1 - 1 1 37 22 

Fully Vested Active 311 283 662 620 33 33 17 14 1,023 950 

Non-Vested Active 179 178 653 581 16 19 40 40 888 818 

Total Participants 948 926 2,376 2,236 118 115 68 63 3,510 3,340 

Changes to prior year reports are based on the latest actuarial reports. 

Funding Policy, Annual Pension Cost and Actuarial Assumptions 

For the Salaried Plan, Metro contributes the actuarially recommended contribution (ARC). For the Union 

Plans, Metro has agreed within each collective bargaining agreement, to fund a portion of the ARC. For the 

788 O&M and IBEW plans, Metro funds 70 percent of the ARC. For the 788 Clerical plan, Metro funds 68 

percent of the ARC. The remaining percentages of each plan’s ARC are funded from the employee 

contributions. Following is Metro's annual pension cost for the current year and related information for each 

plan. 

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June 30, 2012 and 2011 

Union Plans 

Salaried Plan 788 O&M 788 Clerical IBEW 

Actuarial valuation date Jun 01, 2011 Apr 01, 2011 Apr 01, 2011 Apr 01, 2011 

Contributions 

Employee $ - $ 2,108,181 $ 105,595 $ 53,448 

Employer 2,339,603 5,393,748 241,797 138,227 

Total contributions made $ 2,339,603 $ 7,501,929 $ 347,392 $ 191,675 

Contribution rates (as percent 

of covered payroll) 

Employee 0.0% 3.9% 7.0% 1.8% 

Employer 8.8% 9.9% 15.9% 4.6% 

Employer Annual Pension Cost $ 2,339,603 $ 5,393,748 $ 241,797 $ 138,227 

Actuarial cost method Projected Unit Entry Age Entry Age Entry Age 

Credit Cost * 

Amortization method 30 years, * Level dollar, Level dollar, Level dollar, 

Level dollar, if fixed period fixed period fixed period 

greater than $0 

Closed Closed Closed Closed 

Remaining amortization period na 22 years 23 years 24 years 

Asset valuation method 

Expected 

Return Method 

w/o Phase-in 

Expected 

Return Method 

w/o Phase-in 

Expected 

Return Method 

w/o Phase-in 

Expected 

Return Method 

w/o Phase-in 

Actuarial assumptions: 

Investment rate of return 7.50% 7.25% 7.25% 7.25% 

Inflation rate of return 3.50% 3.50% 3.50% 3.50% 

Projected salary increases 4.50% 4.50% 4.50% 4.50% 

Post-retirement benefit increases 0.00% 0.00% 0.00% 0.00% 

* Effective Jun 01, 2004 

57




June 30, 2012 and 2011 

Three-Year Trend Information 

Trend information relating to the annual employer pension cost, percentage of annual employer pension cost 

contributed and the net pension obligation, for each plan, for the most recent years for which information is 

available is as follows: 

For the Annual Percentage Net 

Year Ending Pension of APC Pension 

June 30, * Cost (APC) Contributed Obligation 

Salaried Plan 2010 $ 2,803,934 

100% - 

2011 $ 1,924,940 

100% - 

2012 $ 3,129,976 

100% - 

788 O&M Plan 2010 $ 4,953,503 

100% - 

2011 $ 5,393,748 

100% - 

2012 $ 6,904,988 

100% - 

788 Clerical Plan 2010 $ 223,550 

100% - 

2011 $ 241,797 

100% - 

2012 $ 402,109 

100% - 

IBEW Plan 2010 $ 122,475 

100% - 

2011 $ 134,227 

100% - 

2012 $ 145,805 

100% - 

Note: 2012 APC to be made in the subsequent fiscal year. 

* The above pension costs are based upon annual actuarial valuations. 

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June 30, 2012 and 2011 

Funding Status and Funding Progress 

As of the latest actuarial valuation date for each plan funding progress is as follows: 

Salaried Plan 788 O&M Plan 788 Clerical Plan IBEW Plan 

Percent Funded 80.5% 53.5% 49.2% 71.4% 

Actuarial Accrued Liabitlity $ 58,573,502 $ 170,438,165 $ 11,202,257 $ 2,656,475 

Actuarial Value of Assets $ 47,127,952 $ 91,133,410 $ 5,513,772 $ 1,897,438 

Unfunded Actuarial Accrued 

Liability (UAAL) $ 11,445,550 $ 79,304,755 $ 5,688,485 $ 759,037 

Covered Payroll $ 26,578,943 $ 54,299,232 $ 1,516,008 $ 3,035,219 

Ratio of UAAL to Covered 

Payroll 43.1% 146.1% 375.2% 25.0% 

The schedule of funding progress, presented as required supplementary information (RSI) following the notes 

to the financial statements, presents multiyear trend information about whether the actuarial value of plan 

assets are increasing or decreasing over time relative to the actuarial accrued liability for benefits. 

Other Post-Employment Benefits 

In addition to the pension benefits described above, Metro provides other post-employment health care 

benefits to all employees who meet retirement requirements and provide an employee share of premiums. 

The benefits for union retirees are determined by contractual agreement and the benefits for salaried retirees 

represent a voluntary payment. As of June 30, 2012 and 2011, 1,187 and 1,120 union and salaried retirees, 

respectively, met those requirements. There is not a separate GAAP based audited set of financial 

statements for OPEB. 

Three plan options are offered, and retiree contributions are three-tiered based on retirement date. The retiree 

contributions range from $2 per month Tier 1 Economy Plan coverage to $304 per month for family Tier 3 

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June 30, 2012 and 2011 

Premium Plan coverage. Metro reimburses a minimum of eighty percent of the amount of validated claims for 

medical and hospitalization costs incurred by retirees and their dependents. 

For each retiree eligible for Medicare, Metro’s Plan coordinates benefits with Medicare. Expenditures for postemployment 

health care benefits are recognized as retirees report claims and include a provision for estimated 

claims incurred but not yet reported (IBNR) to Metro. In addition, some retirees are included in health 

maintenance organizations for which Metro pays fixed premiums. 

Plan Description 

Metro Self-Insured Comprehensive Medical Plan is a single-employer healthcare plan. Metro provides 

healthcare benefits to retirees, their spouses and their eligible dependents, and life insurance benefits to its 

retirees. 

Funding Policy 

Normal annual costs of the plan are funded by employer and retiree contributions that are pay-as-you-go 

financing requirements. Metro established a trust for future other post-employment benefits (OPEB) funding 

above the pay-as-you-go methodology. For fiscal years 2012 and 2011, Metro expenses under the pay-asyou-go 

methodology were $9.5 million and $7.0 million, respectively. Metro’s actual contributions under the 

pay-as-you-go methodology have been favorable as compared to the actuarial estimate for the past two years. 

The contribution requirements of plan members and Metro are established and may be amended by the Board 

of Commissioners. The required contribution is based upon projected pay-as-you-go financing requirements, 

with an additional amount to prefund benefits as determined annually by Metro. For the fiscal year 2012, 

Metro contributed $12.5 million to the plan, including $9.5 million for current annual costs and an additional 

$3.0 million to prefund benefits. For the fiscal year 2011, Metro contributed $10.0 million to the plan, including 

$7.0 for current annual costs and an additional $3.0 million to prefund benefits. 

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June 30, 2012 and 2011 

Annual OPEB Cost and Net OPEB Obligation. 

Metro’s annual OPEB cost (expense) is calculated based on the annual required contribution of the employer 

(ARC), an amount actuarially determined in accordance with the parameters of GASB No. 45. The ARC 

represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and 

amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The 

following table shows the actuarial assessment of Metro’s annual OPEB cost for the year and the changes in 

Metro’s net OPEB obligation. The following table is in thousands: 

2012 

2011 

Annual required contribution $ 18,141 $ 18,078 

Interest on net OPEB obligation 1,960 1,578 

Adjustment to annual required contribution (2,428) (1,986) 

Annual OPEB cost (expense) 17,673 17,670 

Contributions (12,464) (10,046) 

Increase in net OPEB obligation 5,209 7,624 

Net OPEB obligation—beginning of year 39,193 31,569 

Net OPEB obligation—end of year $ 44,402 $ 39,193 

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June 30, 2012 and 2011 

Metro’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB 

obligation for 2012 is as follows (dollar amounts in thousands): 

Fiscal Year 

Ended 

Annual 

OPEB Cost 

Percentage of Annual 

OPEB Cost Contributed 

Net OPEB 

Obligation 

06/30/10 $18,078 54.8% $31,569 

06/30/11 $18,078 55.5% $39,193 

06/30/12 $18,141 68.7% $44,402 

Funded Status and Funding Progress 

In the July 1, 2011, the most recent actuarial valuation date, the plan was 5 percent funded. The actuarial 

accrued liability for benefits was $180.9 million and the actuarial value of assets was $9.1 million, resulting in 

an unfunded actuarial accrued liability (UAAL) of $171.8 million. Covered payroll amounted to $85.4 million 

and the unfunded actuarial accrued liability as a percent of covered payroll is 201.2 percent. 

The schedule of funding progress, presented as required supplementary information (RSI) following the notes 

to the financial statements, presents multiyear trend information about whether the actuarial value of plan 

assets are increasing or decreasing over time relative to the actuarial accrued liability for benefits. 

Actuarial Methods and Assumptions 

Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions 

about the probability of occurrence of events far into the future. Examples include assumptions about future 

employment, mortality, and the healthcare cost trends. Amounts determined regarding the funded status of the 

plan and the annual required contributions of the employer are subject to continual revision. Actual results are 

compared with past expectations and new estimates are made about the future. 

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June 30, 2012 and 2011 

Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as 

understood by the employer and the plan members) and include the types of benefits provided at the time of 

each valuation and the historical pattern of sharing of benefit costs between the employer and plan members 

to that point. 

In the July 1, 2011, actuarial valuation, the projected unit credit cost method was used. The actuarial 

assumptions include a 5.0 percent discount rate of return (net of administrative expenses), and an annual 

healthcare cost trend rate of 7.40 percent in 2012 and grading down to 4.7 percent in the year 2085 and each 

year thereafter. The UAAL is being amortized as a level dollar amount over 30 years. The remaining 

amortization period at July 1, 2011, was 26 years. 

12. Grants and Assistance 

Federal Aviation Administration Capital Improvement Grants 

Capital improvement projects for airport engineering and construction costs at the St. Louis Downtown Airport 

are funded by capital improvement grants from the Federal Aviation Administration and the Illinois Department 

of Aeronautics. The St. Louis Downtown Airport provides additional funds from operational revenues. 

Capital and Operating Assistance Grants 

Metro receives federal and state capital assistance grants for undertaking of urban mass transportation capital 

improvement projects. Additionally, beginning in fiscal year 1999, a portion of the capital assistance grants 

may be used for fleet maintenance. The terms of the capital assistance grants require that a portion of the 

project costs be funded locally. The local share of the capital assistance grants has been funded by grants 

from the State of Illinois and by application of local Missouri sales tax appropriations. Metro receives the 

following type of assistance grants. 

Federal Transit Administration -- Metro is the recipient of several Federal Transit Administration 

Assistance Grants awarded by the United States Department of Transportation under the Federal 

Transit Act of 1964, as amended. 

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June 30, 2012 and 2011 

State of Missouri -- In 1996 the Governor of the State of Missouri approved temporary transit operating 

assistance grant funding through the Missouri Department of Transportation. Metro began receiving this 

assistance in July 1996. The grant was renewed for fiscal year 2012. 

Illinois Department of Transportation Grants -- The Illinois Department of Transportation is 

authorized under provisions of Illinois Revised Statutes, Chapter 127, Section 49 through 51 and Illinois 

Revised Statues, Chapter 127, Section 701 (“Illinois Acts”) to provide capital assistance to Metro. Metro 

uses a portion of the Illinois capital assistance grants to meet local share requirements on certain 

federal transit administration capital improvement projects. 

Sales Tax Appropriations 

There are three local Missouri sales taxes that fund Metro. The Missouri Legislature has authorized certain 

cities and counties to levy a ½ cent sales tax to be used for transportation purposes. Missouri law does not 

require that revenues from the ½ cent sales tax be paid directly to Metro, but authorizes the collecting 

agencies to appropriate such revenues for transportation purposes. A minimum of two percent of any 

appropriation for public mass transportation must be passed through to the St. Louis Office of Mentally 

Retarded/Developmentally Disabled Resources (“City Board”) and Productive Living Board for the 

Developmentally Disabled (“County Board”). Sales tax receipts that are passed through to the City and 

County Boards are recorded as operating assistance, and the corresponding expense is recorded as a 

contribution to outside entities in the combined statement of revenues, expenses and change in position of 

Metro. 

Secondly, a ¼ cent sales tax Prop M was established. This tax is restricted to mass transit use and is 

forwarded to Metro based upon annual appropriations from the City of St. Louis and St. Louis County. 

Finally, on April 6, 2010 St. Louis County passed an additional ½ cent sales tax known as Prop A. St. Louis 

City had passed a similar tax in 1997 contingent on reciprocal tax passage in St. Louis County; therefore, 

additional tax collections for public transportation occurred in St. Louis City as well. 

64




June 30, 2012 and 2011 

In 2012 and 2011, Metro had restricted investments of $10,743,915 and $13,758,415, respectively, which is 

recorded in the restricted Sales Tax Capital Account. These restricted funds will be used for the purchase or 

construction of new transportation equipment or facilities. 

Temporary advances for operating purposes are allowed from the restricted Sales Tax Capital fund, to be 

repaid when Federal, state or local operating assistance is received. Advances allowed for environmental 

clean-up activities for non-operating properties are to be repaid from the proceeds from the sale of the nonoperating 

assets. 

Illinois Counties 

Metro contracts with the St. Clair County Transit District to provide public mass transportation services for the 

Illinois Counties of St. Clair and Monroe. The contract specifies the amount of services to be provided, and 

the method of reimbursement for operating costs associated with the services provided in these counties. 

Operating Deficits 

Although Metro experienced a modest gain this fiscal year, it has previously experienced losses before 

depreciation and capital contributions since 2005. Metro’s ability to fund the costs of continued operations is 

dependent upon the cooperation and operating assistance from other governments. While resources exist to 

meet Metro’s present obligations, revenues from operations alone are not adequate to meet the expenses of 

continuing operations without such assistance. 

13. Operating Agreements 

According to a cooperative agreement (“Agreement”) dated May 14, 1962, as amended, with the United States 

Government acting through the National Park Service, Metro agreed to construct and operate a transportation 

system (“Tram”) in the Gateway Arch. According to the Agreement, Metro will operate the Tram until January 

1, 2013, and is to receive a monthly management fee. The monthly management fee is based upon the 

current month's estimate of operating results. The United States Government retains legal title to the Tram. 

Upon termination of the Agreement, Metro is required to transfer to the United States Government all 

remaining assets from the operations of the Tram after discharge of all liabilities. 

65




June 30, 2012 and 2011 

Through the Agreement, Metro constructed and operates a 1,143 space parking facility on the Jefferson 

National Expansion Memorial site. The United States Government retains legal title to the Gateway Arch 

Parking Facility. Metro is required to establish parking rates, fees and charges to operate and maintain the 

parking garage and to pay debt service on the Arch Parking Facility Revenue Refunding Bonds, Series 1997. 

Upon termination of the Agreement, Metro is required to transfer to the United States Government all assets 

remaining from the operations of the parking facility after the discharge of all liabilities. 

14. Meridian Garage 

On December 16, 2010, Metro purchased the remaining one-third interest in the Meridian Garage for $5.85 

million. Meridian is a 1,399 car parking facility (Meridian Garage) at the Brentwood I-64 MetroLink Station. 

Metro pays a management fee to a property manager to oversee the property and its day to day operations. 

Metro also pays for expenses related to the upkeep of the garage. 

15. Fuel Hedge 

Metro has adopted GASB 53 to account for their investment in oil future contracts to hedge against the 

volatility in diesel fuel prices. Because the fuel hedge is an effective hedge as defined by GASB 53, the 

unrealized gain (loss) on the fuel hedge is reported on the Statement of Net Position as an investment and a 

deferred inflow/outflow. The hedging instruments affected are weekly fuel hedge contracts with a notional 

amount of 42,000 gallons each with an index of New York Harbor Heating Oil #2 as listed on the NYMEX. 

There were 139 and 71 open contracts at June 30, 2012 and 2011, respectively. On average, it costs Metro 

$32 to acquire a fuel hedge contract. The aggregate fuel hedge contracts cover a rolling 18-month period. 

Basis risk. Metro is exposed to basis risk on its fuel hedge contracts because the future fuel purchases are 

based on a pricing point different from the pricing point at which the future contracts are expected to settle 

(New York Harbor Heating Oil #2). 

There is no termination or interest rate risk. 

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June 30, 2012 and 2011 

16. Commitments and Contingencies 

Expenditures financed by State and Federal grants are subject to audit by the granting agencies to verify 

compliance with conditions of the grants. Management believes that Metro is in compliance with the terms of 

such grants and that no significant liability will arise from audits previously performed or to be performed. 

In the ordinary course of business, a number of claims and lawsuits arise from individuals seeking 

compensation for personal injury, death, and/or property damage resulting from accidents occurring in the 

operation of the system. In addition, Metro has been named as a defendant in a number of lawsuits relating to 

personnel and contractual matters. Management does not believe that the outcome of these claims will have 

a material adverse effect on Metro’s financial position. However, in the event of an unfavorable outcome in 

one or more of these matters, the impact could be material to Metro’s financial position or results of 

operations. 

17. Conduit Debt Obligations 

From time to time, Metro has been associated with the issuance of Industrial Development Bonds and Special 

Facility Revenue Bonds to provide financial assistance for the acquisition and construction of facilities 

deemed to be in the public interest. 

Special Facility Revenue Bonds 

For the construction of the second phase of the MetroLink system, Metro utilized funds provided by the 

proceeds from three special revenue bond issuances. These bonds are not general obligations of Metro. The 

bonds are to be repaid by a party other than Metro. Accordingly, the bonds are not reported as liabilities in the 

accompanying financial statements. The following is a description of the three special facility revenue bond 

issuances: 

St. Clair County MetroLink Extension Project Refunding Revenue Bonds, Series 2004 – The $5,590,000 

Series 2004 Bonds, issued April 15, 2004 are special, limited obligations of Metro, payable solely from 

revenue and other sources provided in the indenture, and are not general obligations of Metro. These bonds 

67




June 30, 2012 and 2011 

mature serially in varying amounts through 2028. The Series 2004 bonds provide funds to refund a portion of 

the Series 1998 A bonds on July 1, 2004 through July 1, 2008. As of June 30, 2012, $5,275,000 remains 

outstanding. 

St. Clair County MetroLink Extension Project Refunding Revenue Bonds, Series 2006 – The $39,155,000 

Series 2006 Bonds, issued December 20, 2006 are special, limited obligations of Metro, payable solely from 

revenue and other sources provided in the indenture, and are not general obligations of Metro. These bonds 

mature serially in varying amounts through 2028. The Series 2006 bonds provide funds to refund a portion of 

the Series 1998 A bonds on July 1, 2009 through July 1, 2028. As of June 30, 2012, the entire amount was 

outstanding. 

68



Required Supplementary Information



Required Supplementary Information 

June 30, 2012 

Schedule of Funding Progress - OPEB Plan 

Actuarial Actuarial Actuarial Unfunded UAAL as a 

Valuation Value of Accrued AAL Funded Covered Percentage of 

Date Asset Liability (AAL) (UAAL) Ratio Payroll Covered Payroll 

7/1/2007 $ - $ 168,631,000 $ 168,631,000 0.0% $ 89,419,835 

-188.6% 

7/1/2009 $ 3,079,196 $ 191,323,000 $ 188,244,000 2.0% $ 83,700,315 

-224.9% 

7/1/2011 $ 9,092,700 $ 180,938,000 $ 171,845,300 5.0% $ 85,429,402 

-201.2% 

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Required Supplementary Information 

June 30, 2012 

Schedules of Funding Progress - Pension Plans 

Actuarial Actuarial Accrued Unfunded UAAL as a 

Actuarial Value of Liability ( AAL) AAL Funded Covered Percentage of 

Valuation Asset =-Entry A ge 

( UA AL) Ratio Payroll Covered Payroll 

Date (a) (b) (b – a) (a / b) (c) ((b – a) / c) 

Salaried Plan 

6/1/2007 $ 44,751,281 $ 43,192,896 $ (1,558,385) 103.6% $ 25,417,682 -6.1% 

6/1/2008 $ 47,677,929 $ 46,380,318 $ (1,297,611) 102.8% $ 25,645,092 -5.1% 

6/1/2009 $ 48,126,959 $ 47,280,017 $ (846,942) 101.8% $ 25,465,982 -3.3% 

6/1/2010 $ 47,226,544 $ 56,933,387 $ 9,706,843 83.0% $ 25,286,621 38.4% 

6/1/2011 $ 47,127,952 $ 58,573,502 $ 11,445,550 80.5% $ 26,578,943 43.1% 

788 O&M Plan 

4/1/2007 $ 97,050,487 $ 151,535,366 $ 54,484,879 64.0% $ 49,474,125 110.1% 

4/1/2008 $ 99,123,171 $ 149,889,177 $ 50,766,006 66.1% $ 54,380,281 93.4% 

4/1/2009 $ 95,099,820 $ 154,636,364 $ 59,536,544 61.5% $ 52,442,843 113.5% 

4/1/2010 $ 93,422,609 $ 168,931,028 $ 75,508508,419 55.3% $ 

51,185,202 147.5% 

4/1/2011 $ 91,133,410 $ 170,438,165 $ 79,304,755 53.5% $ 54,299,232 146.1% 

788 Clerical Plan 

4/1/2007 $ 6,652,726 $ 9,714,392 $ 3,061,666 68.5% $ 1,652,019 185.3% 

4/1/2008 $ 6,603,485 $ 9,995,819 $ 3,392,334 66.1% $ 1,702,916 199.2% 

4/1/2009 $ 6,117,313 $ 10,137,473 $ 4,020,160 60.3% $ 1,671,299 240.5% 

4/1/2010 $ 5,887,209 $ 10,601,527 $ 4,714,318 55.5% $ 1,632,280 288.8% 

4/1/2011 $ 5,513,772 $ 11,202,257 $ 5,688,485 49.2% $ 1,516,008 375.2% 

IBEW Plan 

4/1/2007 $ 1,126,783 $ 1,787,944 $ 661,161 63.0% $ 2,512,973 26.3% 

4/1/2008 $ 1,407,149 $ 1,722,667 $ 315,518 81.7% $ 2,804,130 11.3% 

4/1/2009 $ 1,521,939 $ 2,151,016 $ 629,077 70.8% $ 2,939,269 21.4% 

4/1/2010 $ 1,649,706 $ 2,319,562 $ 669,856 71.1% $ 2,887,747 23.2% 

4/1/2011 $ 1,897,438 $ 2,656,475 $ 759,037 71.4% $ 3,035,219 25.0% 

Changes to prior year reports are based on the latest actuarial reports. 

71



Supplementary Information



Supplementary Information 

Combining Schedule of Net Position 

June 30, 2012 

Gateway Gateway Gateway 

Arch Arch Arch St. Louis Total 

General Tram Parking Riverfront Downtown Transit Interfund After 

Agency System Facility Attractions Airport System Totals Eliminations Eliminations 

Assets 


Cash and cash equivalents $ 1,387,016 $ 4,239,181 $ 1,208,759 $ 444,903 $ 435,000 $ 22,953,094 $ 30,667,953 $ - $ 30,667,953 

Restricted cash and cash equivalents - 499,998 1,351,165 - - 45,428,734 47,279,897 - 47,279,897 

Investments - - - - - 35,177,740 35,177,740 - 35,177,740 

Restricted investments - 9,270,403 - - - 91,618,200 100,888,603 - 100,888,603 

Accounts receivable 272,172 180,935 - 6,537 73,176 2,008,217 2,541,037 - 2,541,037 

Restricted accounts receivable 92 7,159 483 - - 44,167 51,901 - 51,901 

Interfund accounts receivable 713,533 - 76,643 275,569 5,110 99,757 1,170,612 (1,170,612) - 


assistance receivable - - - - - 23,011,355 23,011,355 - 23,011,355 

Materials and supplies - - - 26,295 66,506 7,090,403 7,183,204 - 7,183,204 


other current assets - 200 100 133 11,750 79,124 91,307 - 91,307 

Total current assets 2,372,813 14,197,876 2,637,150 753,437 591,542 227,510,791 248,063,609 (1,170,612) 246,892,997 



capital lease / leaseback liabilities - - - - - 80,797,975 80,797,975 - 80,797,975 


of accumulated depreciation 11,890 1,218,888 653,881 2,010,488 21,700,169 963,771,314 989,366,630 - 989,366,630 

Land - - - - 4,542,564 97,381,768 101,924,332 - 101,924,332 

Construction in progress - - - - 173,011 27,720,507 27,893,518 - 27,893,518 

Other non-current assets, net of 

accumulated amortization - - - - 28,548 6,727,164 6,755,712 - 6,755,712 

Total non-current assets 11,890 1,218,888 653,881 2,010,488 26,444,292 1,176,398,728 1,206,738,167 - 1,206,738,167 

Deferred Outflows of Resources 

Deferred Loss - - - - - 654,738 654,738 - 654,738 

73





June 30, 2012 


Arch Arch Ar ch St . Louis 

Totals 



Liabilities 


Accounts payable $ 130,696 $ 794,225 $ 258, 046 $ 52,034 $ 15,120 $ 8,995,285 $ 10,245,406 $ - 10,245,406 

Accrued expenses 138,376 49,955 2,815 108,965 72,011 16,643,067 17,015,189 - 17,015,189 

Other current liabilities - 32,792 7,356 262,122 4,809 2,932,998 3,240,077 - 3,240,077 

Interfund accounts payable 10,095 282,206 - 691,119 27,781 159,411 1,170,612 (1,170,612) - 


unrestricted assets 279,167 1,159,178 268,217 1,114,240 119,721 28,730,761 31,671,284 (1,170,612) 30,500,672 

Current liabilities payable from restricted assets 

Accounts payable and retainage payable - - - - - 5,487,551 5,487,551 - 5,487,551 

Accrued interest - - 6,141 - - 6,513,488 6,519,629 - 6,519,629 

Self-insurance liability - - - - - 11,166,488 11,166,488 - 11,166,488 

Current portion of long-term debt - - 720,000 - - 10,320,000 11,040,000 - 11,040,000 


leaseback obligations - - - - - 1,927,505 1,927,505 - 1,927,505 


restricted assets - - 726,141 - - 35,415,032 36,141,173 - 36,141,173 

Total current liabilities 279,167 1,159,178 994,358 1,114,240 119,721 64,145,793 67,812,457 (1,170,612) 66,641,845 


Other post employment benefits 547,712 250,625 100,538 268,920 250,339 42,983,867 44,402,001 - 44,402,001 

Long-term self-insurance liability 300 5,613 16,240 43,589 29,622 5,626,043 5,721,407 - 5,721,407 

Long-term debt - - - - - 561,007,541 561,007,541 - 561,007,541 

Capital lease / leaseback obligations - - - - - 78,855,498 78,855,498 - 78,855,498 

Other non-curent liabilities - - - - - 24,065,120 24,065,120 - 24,065,120 

Total non-current liabilities 548,012 256,238 116,778 312,509 279,961 712,538,069 714,051,567 - 714,051,567 

Total liabilities 827,179 1,415,416 1,111,136 1,426,749 399,682 776,683,862 781,864,024 (1,170,612) 780,693,412 

Deferred Inflows of Resources 

Deferred Inflows of Resources - - - - - - - - - 

Net Position 

Invested in capital assets, net of related debt 11,890 1,218,888 (746,119) 2,010,488 26,415,744 524,316,828 553,227,719 - 553,227,719 

Restricted 

Accounts receivable 92 7,159 483 - - 44,167 51,901 51,901 

Cooperative agreement - 9,770,402 - - - - 9,770,402 - 9,770,402 

Revenue bond indenture - - 1,345,025 - - - 1,345,025 - 1,345,025 

Mass transit sales tax bond indenture - - - - - 48,200,198 48,200,198 - 48,200,198 

Capital lease obligations - - - - - 7,691,014 7,691,014 - 7,691,014 

Other - - - - - 45,683 45,683 45,683 

Unrestricted 1,545,542 3,004,899 1,580,506 (673,312) 220,408 47,582,505 53,260,548 - 53,260,548 

Total net position $ 1,557,524 $ 14,001,348 $ 2,179, 895 $ 1,337,176 $ 26,636,152 $ 627,880,395 $ 673,592,490 $ - 673,592,490 

74




Combining Schedule of Revenues, Expenses and Changes in Net Position 

For the Year Ended June 30, 2012 


Arch Arch Arch St. Louis Totals 

General Tram Parking Riverfront Downtown 

Transit Interfund After 



Passenger and service revenues $ - $ 5,844,419 $ 1,595,752 $ 2,474,040 $ 1, 195,479 $ 50,296,567 $ 61,406,257 $ (139,673) $ 61,266,584 

Interfund administrative fees 2,668,316 - - - - - 2,668,316 (2,668,316) - 

Other 455,684 (26,172) 47,169 (6,267) 221,797 3,976,026 4,668,237 - 4,668,237 

Total operating revenues 3,124,000 5,818,247 1,642,921 2,467,773 1,417,276 54,272,593 68,742,810 (2,807,989) 65,934,821 


Wages and benefits 2,014,234 1,411,262 367,010 1,154,711 823,294 152,964,104 158,734,615 - 158,734,615 

Services 575,451 778,561 515,080 248,398 27,913 27,694,579 29,839,982 - 29,839,982 

Materials and supplies 16,090 145,891 39,334 550,116 124,341 35,813,904 36,689,676 - 36,689,676 

Casualty and liability costs - 36,656 29,824 146,813 9,413 3,504,566 3,727,272 - 3,727,272 

Interfund administrative charges - 650,529 146,910 - 70,877 1,800,000 2,668,316 (2,668,316) - 

Electricity, telephone, leases, & other general exp 225,436 562,660 74,681 272,364 169,704 8,435,755 9,740,600 (139,673) 9,600,927 

Depreciation and amortization 2,831 403,798 85,441 256,972 1,790,902 71,680,383 74,220,327 - 74,220,327 

Total operating expenses 2,834,042 3,989,357 1,258,280 2,629,374 3,016,444 301,893,291 315,620,788 (2,807,989) 312,812,799 

Operating income (loss) 289,958 1,828,890 384,641 (161,601) (1,599,168) (247,620,698) (246,877,978) - (246,877,978) 



State and local assistance - - - - 750 180,280,794 180,281,544 - 180,281,544 

Federal assistance - - - - - 21,543,864 21,543,864 - 21,543,864 

Interest income 1,650 16,295 1,166 115 284 5,399,495 5,419,005 - 5,419,005 

Interest expense - - (65,119) - - (27,584,666) (27,649,785) - (27,649,785) 

Contributions to outside entities - (690,804) - - - (1,071,389) (1,762,193) - (1,762,193) 

Gain or (loss) on disposition of assets - - - - - (25,918) (25,918) - (25,918) 

Other non-operating revenue (expense) - - - - - 77,296 77,296 - 77,296 

Total non-operating revenues (expenses) 1,650 (674,509) (63,953) 115 1,034 178,619,476 177,883,813 - 177,883,813 

Income (loss) before 

contributions 291,608 1,154,381 320,688 (161,486) (1,598,134) (69,001,222) (68,994,165) - (68,994,165) 

Capital contributions - - - - 6,378,651 77,577,116 83,955,767 - 83,955,767 

Change in net position 291,608 1,154,381 320,688 (161,486) 4,780,517 8,575,894 14,961,602 - 14,961,602 

Total net position, July 1, 2011 1,265,916 12,846,967 1,859,207 1,498,662 21,855,635 619,304,501 658,630,888 - 658,630,888 

Total net position, June 30, 2012 $ 1,557,524 $ 14,001,348 $ 2,179,895 $ 1,337,176 $ 26, 636,152 $ 627,880,395 $ 673,592,490 $ - $ 673,592,490 

75




Combining Schedule of Cash Flows 







Receipts from customers $ 334,240 $ 5,721,762 $ 1,643,441 $ 2, 466,235 $ 1,409,494 $ 54,230,363 $ 65,805,535 $ (139,673) $ 65,665,862 

Payments to employees (1,874,355) (1,359,071) (355,173) (1,105,474) (773,715) (148,929,728) (154,397,516) - (154,397,516) 

Payments to vendors (833,284) (1,050,941) (431,417) (864,478) (243,795) (70,610,917) (74,034,832) 139,673 (73,895,159) 

Payments for self-insurance - (32,423) (29,824) (151,745) (50,844) (3,751,301) (4,016,137) - (4,016,137) 

Receipts (payments) from inter-fund activity 3,086,081 (730,796) (318,015) 81,322 30,794 (2,149,386) - - - 

Net cash provided by (used in) 

operating activities 712,682 2,548,531 509,012 425,860 371,934 (171,210,969) (166,642,950) - (166,642,950) 

Cash flows from noncapital financing activities 

Operating assistance received - - - - 9,509 195,818,997 195,828,506 - 195,828,506 

Contributions (to) from outside entities - (690,804) - - - (1,071,389) (1,762,193) - (1,762,193) 

Non-operating contributions - - - - - 77,296 77,296 - 77,296 


noncapital financing activities - (690,804) - - 9,509 194,824,904 194,143,609 - 194,143,609 

Net increase (decrease) in 

cash and cash equivalents, 

operating and non-operating 

financing activities $ 712,682 $ 1,857,727 $ 509,012 $ 425,860 $ 381,443 $ 23,613,935 $ 27,500,659 $ - $ 27,500,659 

(continued) 

76













financing activities $ 712,682 $ 1,857,727 $ 509,012 $ 425,860 $ 381,443 $ 23,613,935 $ 27,500,659 $ - $ 27,500,659 


Acquisitions of capital assets - (284,085) (65,529) - (6,561,754) (58,801,184) (65,712,552) - (65,712,552) 

Payments of long-term debt - - (680,000) - - (10,120,000) (10,800,000) - (10,800,000) 

Proceeds from debt 

Receipt of FTA Section 5309 funds 

Funds used to fund DSRF 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

5,000,000 

18,000,000 

(18,000,000) 

5,000,000 

18,000,000 

(18,000,000) 

- 

- 

- 

5,000,000 

18,000,000 

(18,000,000) 

Funds paid as part of capital lease obligations - - - - - (1,099,434) (1,099,434) - (1,099,434) 

Interest paid - - (62,275) - - (21,648,535) (21,710,810) - (21,710,810) 

Contributed capital - - - - 6,378,651 77,577,116 83,955,767 - 83,955,767 


capital and related financing activities - (284,085) (807,804) - (183,103) (9,092,037) (10,367,029) - (10,367,029) 


Purchases of investments 

Proceeds from sale of investments 

Interest received 

- 

- 

1,649 

(10,988,323) 

11,719,613 

16,295 

(1,250,029) 

1,250,000 

1,166 

- 

- 

115 

- 

- 

284 

(144,131,387) 

99,482,017 

5,399,495 

(156,369,739) 

112,451,630 

5,419,004 

- 

- 

- 

(156,369,739) 

112,451,630 

5,419,004 


investing activities 1,649 747,585 1,137 115 284 (39,249,875) (38,499,105) - (38,499,105) 

Net increase (decrease) in cash 

and cash equivalents 714,331 2,321,227 (297,655) 425,975 198,624 (24,727,977) (21,365,475) - (21,365,475) 

Cash and cash equivalents, beginning of year 672,685 2,417,952 2,857,579 18,928 236,376 93,109,805 99,313,325 - 99,313,325 

Cash and cash equivalents, end of year $ 1,387,016 $ 4,739,179 $ 2,559,924 $ 444,903 $ 435,000 $ 68,381,828 $ 77,947,850 $ - $ 77,947,850 

77











Operating income (loss) $ 289,958 $ 1,828,890 $ 384,641 $ (161,601) $ (1,599,168) $ (247,620,698) $ (246,877,978) $ - $ (246,877,978) 


income (loss) to net cash provided by 

(used for) operating activities 


Change in assets and liabilities 

Accounts and notes receivables (121,444) (96,485) 520 (1,537) (7,782) (42,230) (268,958) - (268,958) 

Interfund accounts receivable 408,657 - (64,468) (238,673) 73,890 324,686 504,092 (504,092) - 

Materials and supplies - - - 16,025 14 202,327 218,366 - 218,366 


other current assets 18,445 200 100 133 76,860 1,419,148 1,514,886 - 1,514,886 

Accounts payable (34,752) 453,524524 202,738 41,715 (310) 1,180,977180 1,843,892 892 - 1,843,892 

892 

Other current liabilities - (17,554) (5,160) 148,526 1,599 (1,469,131) (1,341,720) - (1,341,720) 

Interfund accounts payable 9,108 (80,267) (106,637) 319,995 27,781 (674,072) (504,092) 504,092 - 

Accrued expenses 17,445 3,813 (1,288) 11,581 6,268 (909,720) (871,901) - (871,901) 

Other post employment benefits liability 122,434 48,378 13,125 37,655 43,310 4,944,097 5,208,999 - 5,208,999 

Self-insurance liability - 4,234 - (4,931) (41,430) (246,736) (288,863) - (288,863) 

Total adjustments 422,724 719,641 124,371 587,461 1,971,102 76,409,729 80,235,028 - 80,235,028 

Net cash provided by (used 

for) operating activities $ 712,682 $ 2,548,531 $ 509,012 $ 425,860 $ 371,934 $ (171,210,969) $ (166,642,950) $ - $ (166,642,950) 

78





June 30, 2011 


Arch Arch Arch St. Louis 

Total 

General Tram Parking Riverfront Downtown 

Transit Interfund After 


Assets 


Cash and cash equivalents $ 247,407 $ 1,715,706 $ 1,372,578 $ 18,928 $ 81,718 $ 55,313,186 $ 58,749,523 $ - $ 58,749,523 

Restricted cash and cash equivalents 425,278 702,246 1,485,001 - 154,658 37,796,619 40,563,802 - 40,563,802 

Investments - 2,003,342 - - - 5,999,110 8,002,452 - 8,002,452 

Restricted investments - 7,998,350 - - - 65,077,388 73,075,738 - 73,075,738 

Accounts receivable 150,820 91,609 975 5,000 65,394 1,961,595 2,275,393 - 2,275,393 

Restricted accounts receivable - - - - - 60,611 60,611 - 60,611 

Interfund accounts receivable 1,122,191 - 12,174 36,896 79,001 424,443 1,674,705 (1,674,705) - 

Federal operating assistance receivable - - - - - - - - - 


assistance receivable - - - - 8,759 16,993,643 17,002,402 - 17,002,402 

Materials and supplies - - - 42,320 66,520 7,292,730 7,401,570 - 7,401,570 


other current assets 18,446 400 200 267 11,844 1,535,791 1,566,948 - 1,566,948 

Total current assets 1,964,142 12,511,653 2,870,928 103,411 467,894 192,455,116 210,373,144 (1,674,705) 208,698,439 



capital lease / leaseback liabilities - - - - - 78,676,413 78,676,413 - 78,676,413 


of accumulated depreciation 14,721 1,566,112 636,351 2,267,460 16,353,707 984,261,985 1,005,100,336 - 1,005,100,336 

Land - - - - 4,542,564 97,388,888 101,931,452 - 101,931,452 

Construction in progress - - 32,730 - 748,621 16,744,276 17,525,627 - 17,525,627 

Other non-current assets, net of 

accumulated amortization - - 4,712 - 105,315 7,185,429 7,295,456 - 7,295,456 

Total non-current assets 14,721 1,566,112 673,793 2,267,460 21,750,207 1,184,256,991 1,210,529,284 - 1,210,529,284 

Total 1,978,863 14,077,765 3,544,721 2,370,871 22,218,101 1,376,712,107 1,420,902,428 (1,674,705) 1,419,227,723 

(continued) 

79





June 30, 2011 


Arch Arch Ar ch St . Louis 

Totals 



Liabilities 


Accounts payable $ 165,450 $ 340,698 $ 55,307 $ 10,320 $ 15,431 $ 7,811,781 $ 8,398,987 $ - $ 8,398,987 

Accrued expenses 120,931 46,143 4,105 97,384 65,743 17,557,104 17,891,410 - 17,891,410 

Other current liabilities - 50,346 12,516 113,596 3,210 1,868,089 2,047,757 - 2,047,757 

Interfund accounts payable 988 362,473 106,637 371,124 - 833,483 1,674,705 (1,674,705) - 


unrestricted assets 287,369 799,660 178,565 592,424 84,384 28,070,457 30,012,859 (1,674,705) 28,338,154 

Current liabilities payable from restricted assets 

Accounts payable and retainage payable - 227,511 - - - 2,475,855 2,703,366 - 2,703,366 

Accrued interest - - 12,894 - - 6,508,710 6,521,604 - 6,521,604 

Self-insurance liability - - - - - 11,546,420 11,546,420 - 11,546,420 

Current portion of long-term debt - - 680,000 - - 10,120,000 10,800,000 - 10,800,000 


leaseback obligations - - - - - 2,949,633 2,949,633 - 2,949,633 


restricted assets - 227,511 692,894 - - 33,600,618 34,521,023 - 34,521,023 

Total current liabilities 287,369 1,027,171 871,459 592,424 84,384 61,671,075 64,533,882 (1,674,705) 62,859,177 


Other post employment benefits 425,278 202,246 87,413 231,264 207,029 38,039,770 39,193,000 - 39,193,000 

Long-term self-insurance liability 300 1,381 16,240 48,521 71,053 5,491,060 5,628,555 - 5,628,555 

Long-term debt - - 710,402 - - 568,531,391 569,241,793 - 569,241,793 

Capital lease / leaseback obligations - - - - - 75,711,808 75,711,808 - 75,711,808 

Other non-curent liabilities - - - - - 6,725,762 6,725,762 - 6,725,762 

Total non-current liabilities 425,578 203,627 814,055 279,785 278,082 694,499,791 696,500,918 - 696,500,918 

Total liabilities 712,947 1,230,798 1,685,514 872,209 362,466 756,170,866 761,034,800 (1,674,705) 759,360,095 

Deferred Inflows of Resources 

Deferred Inflows of Resources - - - - - 1,236,740 1,236,740 - 1,236,740 

Net Position 

Invested in capital assets, net of related debt 14,720 1,566,113 (730,919) 2,267,460 21,644,892 523,718,388 548,480,654 - 548,480,654 

Restricted 

Cooperative agreement - 8,498,350 - - - - 8,498,350 - 8,498,350 

Revenue bond indenture - - 1,384,696 - - - 1,384,696 - 1,384,696 

Mass transit sales tax bond indenture - - - - - 20,811,654 20,811,654 - 20,811,654 

Capital lease obligations - - - - - 8,736,150 8,736,150 - 8,736,150 

Unrestricted 1,251,196 2,782,504 1,205,430 (768,798) 210,743 66,038,309 70,719,384 - 70,719,384 

Total net position $ 1,265,916 $ 12,846,967 $ 1,859,207 $ 1,498,662 $ 21,855,635 $ 619,304,501 $ 658,630,888 $ - $ 658,630,888 

80




Combining Schedule of Revenues, Expenses and Changes in Net Position 




General Tram Parking Riverfront Downtown Transit 

Interfund After 

Agency System Facility Attractions Airport 

System Totals Eliminations Eliminations 


Passenger and service revenues $ - $ 5,426,927 $ 1,722,005 $ 1,719,556 $ 1,162,864 $ 47,496,596 $ 57,527,948 $ (125,544) $ 57,402,404 

Interfund administrative fees 2,300,344 - - - - - 2,300,344 (2,300,344) - 

Other 437,028 (27,373) 59,962 66,410 211,400 3,690,847 4,438,274 - 4,438,274 

Total operating revenues 2,737,372 5,399,554 1,781,967 1,785,966 1,374,264 51,187,443 64,266,566 (2,425,888) 61,840,678 


Wages and benefits 1,590,581 1,315,997 370,402 1,050,819 826,773 148,633,265 153,787,837 - 153,787,837 

Services 1,014,601 701,739 422,812 288,802 79,173 24,168,313 26,675,440 - 26,675,440 

Materials and supplies 19,384 144,231 29,590 401,843 125,385 31,488,670 32,209,103 - 32,209,103 

Casualty and liability costs 

Interfund administrative charges 

- 

- 

30,372 

589,057 

28,403 

142,557 

151,209 

- 

49,529 

68,730 

5,933,642 

1,500,000 

6,193,155 

2,300,344 

- 

(2,300,344) 

6,193,155 

- 

Electricity, telephone, leases, & other general exp 180,596 918,469 81,674 272,122 174,511 8,835,787 10,463,159 (125,544) 10,337,615 


Total operating expenses 2,812,371 4,450,717 1,440,720 2,429,641 2,742,105 296,050,218 309,925,772 (2,425,888) 307,499,884 

Operating income (loss) 


(74,999) 948,837 341,247 (643,675) 675) 

(1,367,841) (244,862,775) (245,659,206) 206) - (245,659,206) 

206) 


State and local assistance - - - - - 170,832,333 170,832,333 - 170,832,333 

Federal assistance - - - - - 26,352,771 26,352,771 - 26,352,771 

Interest income 

Interest expense 

1,145 

- 

14,003 

- 

2,244 

(114,093) 

243 

- 

328 

- 

7,068,791 

(29,271,211) 

7,086,754 

(29,385,304) 

- 

- 

7,086,754 

(29,385,304) 

Contributions to outside entities - (1,237,084) 97,214 - 1,018 (971,418) (2,110,270) - (2,110,270) 

Gain or (loss) on disposition of assets - (30) - - - 1,800 1,770 - 1,770 

Loss on capital lease termination 

Other non-operating revenue (expense) 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

(6,488,743) 

1,161,748 

(6,488,743) 

1,161,748 

- 

- 

(6,488,743) 

1,161,748 

Total non-operating revenues (expenses) 1,145 (1,223,111) (14,635) 243 1,346 168,686,071 167,451,059 - 167,451,059 

Income (loss) before 

contributions (73,854) (274,274) 326,612 (643,432) (1,366,495) (76,176,704) (78,208,147) - (78,208,147) 

Capital contributions - - - - 2,770,537 41,501,773 44,272,310 - 44,272,310 

Change in net assets (73,854) (274,274) 326,612 (643,432) 1,404,042 (34,674,931) (33,935,837) - (33,935,837) 

Total net assets, July 1, 2010 1,339,770 13,121,241 1,532,595 2,142,094 20,451,593 653,979,432 692,566,725 - 692,566,725 

Total net assets, June 30, 2011 $ 1,265,916 $ 12,846,967 $ 1,859,207 $ 1,498,662 $ 21,855,635 $ 619,304,501 $ 658,630,888 $ - $ 658,630,888 

81











Receipts from customers $ 551,627 $ 5,362,369 $ 1,781,034 $ 1,785,966 $ 1,383,022 $ 51,405,523 $ 62,269,541 $ (125,544) $ 62,143,997 

Payments to employees (1,451,151) (1,251,702) (364,904) (1,007,981) (766,863) (141,652,365) (146,494,966) - (146,494,966) 

Payments to vendors 

Payments for self-insurance 

(1,176,866) 

- 

(2,259,521) 

(35,372) 

(700,741) 

(24,163) 

(946,205) 

(143,767) 

(432,762) 

(145,105) 

(56,231,361) 

(3,758,990) 

(61,747,456) 

(4,107,397) 

125,544 

- 

(61,621,912) 

(4,107,397) 

Receipts (payments) from inter-fund activity 


1,732,660 (376,234) 6,158 312,053 130,825 (1,805,462) - - - 

operating activities (343,730) 1,439,540 697,384 66 169,117 (152,042,655) (150,080,278) - (150,080,278) 

Cash flows from noncapital financing activities 

Operating assistance received - - - - 1,368,587 188,794,072 190,162,659 - 190,162,659 

Contributions (to) from outside entities - (1,072,453) 97,214 - 1,018 (971,418) (1,945,639) - (1,945,639) 

Non-operating contributions 


- - - - - 1,161,748 1,161,748 - 1,161,748 

noncapital financing activities - (1,072,453) 97,214 - 1,369,605 188,984,402 189,378,768 - 189,378,768 




financing activities $ (343,730) $ 367,087 

$ 794, 598 $ 66 $ 1,538,722 $ 36,941,747 $ 39,298,490 $ - $ 39,298,490 

82













financing activities $ (343,730) $ 367,087 $ 794,598 $ 66 $ 1,538,722 $ 36,941,747 $ 39,298,490 $ - $ 39,298,490 


Acquisitions of capital assets - (97,784) (120,439) - (4,444,684) (29,648,464) (34,311,371) - (34,311,371) 

Payments of long-term debt - - (645,000) - - (14,360,000) (15,005,000) - (15,005,000) 

Funds paid as part of capital lease termination - - - - - (2,104,426) (2,104,426) - (2,104,426) 

Interest paid - - (101,197) - - (21,192,393) (21,293,590) - (21,293,590) 

Contributed capital - - - - 2,770,537 41,501,773 44,272,310 - 44,272,310 


capital and related financing activities - (97,784) (866,636) - (1,674,147) (25,803,510) (28,442,077) - (28,442,077) 


Purchases of investments - (14,783,042) (1,240,588) - - (97,810,250) (113,833,880) - (113,833,880) 

Proceeds from sale of investments - 14,549,700 2,339,451 - - 60,857,515 515 77,746,666746 666 - 77,746,666746 666 

Interest received 1,145 14,003 2,244 243 328 580,048 598,011 - 598,011 


investing activities 1,145 (219,339) 1,101,107 243 328 (36,372,687) (35,489,203) - (35,489,203) 

Net increase (decrease) in cash 

and cash equivalents (342,585) 49,964 1,029,069 309 (135,097) (25,234,450) (24,632,790) - (24,632,790) 

Cash and cash equivalents, beginning of year 1,015,270 2,367,988 1,828,510 18,619 371,473 118,344,255 123,946,115 - 123,946,115 

Cash and cash equivalents, end of year $ 672,685 $ 2,417,952 $ 2,857,579 $ 18,928 $ 236,376 $ 93,109,805 $ 99,313,325 $ - $ 99,313,325 

83











Operating income (loss) $ (74,999) $ 948,837 $ 341,247 $ (643,675) $ (1,367,841) $ (244,862,775) $ (245,659,206) $ - $ (245,659,206) 


income (loss) to net cash provided by 

(used for) operating activities 


Change in assets and liabilities 

Accounts and notes receivables 114,600 (37,182) (934) - 8,759 218,080 303,323 - 303,323 

Interfund accounts receivable (567,510) 7,696 42,078 51,797 370,837 (424,443) (519,545) 519,545 - 

Materials and supplies - - - 2,859 835 (1,419,782) (1,416,088) - (1,416,088) 


other current assets (2,440) (403) (198) (268) (57,733) (1,154,923) (1,215,965) - (1,215,965) 

Accounts payable 40,155 (488,002) (165,882) (5,452) 2,385 3,246,801 2,630,005 005 - 2,630,005 

005 

Other current liabilities - (6,680) (584) 19,422 820 7,589,313 7,602,291 - 7,602,291 

Interfund accounts payable (174) 205,127 106,637 260,257 (171,283) 118,981 519,545 (519,545) - 

Accrued expenses 24,059 13,349 (12,710) 3,588 9,504 (368,919) (331,129) - (331,129) 

Other post employment benefits liability 115,370 50,946 18,208 39,250 50,406 7,349,819 7,623,999 - 7,623,999 

Self-insurance liability - (5,000) 4,240 7,442 (95,576) 2,174,652 2,085,758 - 2,085,758 

Total adjustments (268,731) 490,703 356,137 643,741 1,536,958 92,820,120 95,578,928 - 95,578,928 

Net cash provided by (used 

for) operating activities $ (343,730) $ 1,439,540 $ 697,384 $ 66 $ 169,117 $ (152,042,655) $ (150,080,278) $ - $ (150,080,278) 

84



Statistics



This part of the Bi-State Development Agency’s comprehensive annual financial report presents detailed information as a context for 

understanding what the information in the financial statements, note disclosures, and required supplementary information says about Metro 

and the region’s overall financial health. 

The Bi-State Development Agency is made up of the General Agency, Transit System, Gateway Arch Tram System, Gateway Arch Parking 

Facility, Gateway Arch Riverfront Attractions, and St. Louis Downtown Airport. Financial trends, revenue capacity and operating information 

are summarized by company. That information can be found between pages 86 - 95. Sales tax history, statistical data and fares are 

included on pages 97 - 106. These pages help the reader assess trends, capacity and operating information for enterprises within the Bi- 

State umbrella. Debt capacity information can be found on page 95. This information helps the reader assess affordability of the Agency’s 

current levels of outstanding debt and the ability to issue additional debt in the future. Demographic and economic information are covered 

from pages 107 - 111. These schedules help the reader understand how the information in the financial report relates to the services Metro 

and other enterprises provides and the activities it performs. 


Combined Schedules ............................................................................................................. 88 

General Agency ...................................................................................................................... 89 

Gateway Arch Tram System ................................................................................................... 90 

Gateway Arch Parking Facility ................................................................................................ 91 

Gateway Arch Riverfront Attractions ...................................................................................... 92 

St. Louis Downtown Airport .................................................................................................... 93 

Transit ..................................................................................................................................... 94 

Capital Assets ......................................................................................................................... 95 

Capital Assets Statistics by Function ...................................................................................... 96 

Net Assets by Operating Organization ................................................................................... 97 


Gateway Arch Parking Facility ................................................................................................ 98 

Bi-State Transit System 

Historical Operating Funds and Expenses ....................................................................... 99 

Historical Sources and Uses ........................................................................................... 100 

Transportation Sales Tax Collections and Receipts ....................................................... 101 

Use of Prop M Sales Tax ................................................................................................ 102 

Ridership and Farebox Recovery ................................................................................... 103 

86

Mileage Trends ............................................................................................................... 104 

Personnel Data ............................................................................................................... 105 

Transit Fares................................................................................................................... 106 

Gateway Arch Activities and Ticket Prices ......................................................................... 107 

Regional Statistics 

Regional Population ............................................................................................................. 110 

Regional Per Capita Personal Income ................................................................................. 111 

Regional Unemployment Rate .............................................................................................. 112 

Regional Top Businesses as of Jan 1, 2012 ........................................................................ 113 

Regional Top Businesses History ......................................................................................... 114 

87



Combined * 


Last Ten Fiscal Years 

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

Operating revenue: 

Transit passenger revenue $ 50,296,567 $ 47,496,596 $ 46,229,397 $ 48,932,760 $ 47,216,455 $ 44,750,654 $ 40,213,116 $ 37,798,724 $ 33,505,243 $ 33,195,981 

Executive Services management fees * 3,124,000 2,737,372 2,657,486 2,829,264 2,886,803 2,543,157 2,665,928 2,414,464 2,337,621 1,996,362 

Gateway Arch ticket sales 5,844,419 5,375,834 5,380,849 5,430,891 4,621,266 5,437,935 5,572,833 4,685,166 4,142,515 4,135,457 

Parking Facility parking revenue 1,641,921 1,780,168 1,788,078 1,678,992 1,866,028 1,885,903 1,804,907 2,050,996 2,025,621 1,728,327 

Cruise, bike rental, and heliport revenue 2,300,425 1,658,140 2,351,621 2,079,111 2,406,254 2,804,710 3,131,717 2,947,802 2,757,516 2,419,946 

Aircraft parking 135,440 130,612 127,418 130,844 132,472 130,052 130,135 130,683 128,194 113,989 

Airport leased acreage 441,346 426,783 427,835 434,320 408,045 395,619 330,578 293,743 279,625 272,941 

Hangar rental 457,013 456,486 456,834 535,629 532,771 471,625 429,940 369,940 278,220 254,161 

Aviation sale flowage fee 161,680 148,984 177,989 185,278 186,349 197,946 181,521 202,784 178,948 165,908 

Airport concessions 132,082 126,215 102,671 124,606 112,591 101,705 97,658 106,675 108,062 93,757 

Other operating revenue 4,207,917 3,929,376 3,160,920 2,673,258 3,195,771 2,543,344 2,452,890 1,609,944 1,904,384 3,194,470 

Total operating revenues 68,742,810 64,266,566 62,861,099 65,034,953 63,564,805 61,262,650 57,011,223 52,610,920 47,645,950 47,571,299 

Operating expense: 

Wages and benefits 158,734,615 153,786,139 146,355,106 149,602,180 146,197,846 122,443,279 122,258,991 121,015,217 122,132,878 115,532,077 

Services 29,839,982 26,675,438 23,278,755 25,094,383 27,952,571 23,025,041 19,286,447 19,331,594 18,127,516 17,919,187 

Materials and supplies 36,689,676 32,210,801 28,952,947 30,058,572 29,800,949 26,352,537 23,125,139 20,966,013 18,849,899 18,199,117 

Casualty and liability 3,727,272 6,193,155 5,094,733 3,914,378 5,607,543 6,445,794 7,136,533 7,627,112 5,637,741 6,243,328 

Other operating expense * 12,408,916 12,763,504 12,048,946 14,795,509 13,720,777 14,580,816 13,100,304 11,231,456 11,917,781 11,403,903 

Total operating expenses 241,400,461 231,629,038 215,730,487 223,465,022 223,279,686 192,847,467 184,907,414 180,171,392 176,665,815 169,297,612 

Subtotal (172,657,651) (167,362,472) (152,869,388) (158,430,069) (159,714,881) (131,584,817) (127,896,191) (127,560,472) (129,019,865) (121,726,313) 

Depreciation and amortization 74,220 ,327 

78,296 ,734 

77,216 

,621 78,7727 ,634 

80,511 , 757 

7 79,482 ,148 

75,827 ,253 

60,154,410 410 59,262,404 57,565,408565 Operating income (loss) (246,877,978) (245,659,206) (230,086,009) (237,202,703) (240,226,638) (211,066,965) (203,723,444) (187,714,882) (188,282,269) (179,291,721) 

Non-operating revenue (expense): 

Grants & assistance 201,825,408 197,185,104 172,080,295 174,819,397 172,714,565 159,832,063 127,302,728 150,248,263 130,529,463 125,158,591 

Interest revenue 5,419,005 7,086,755 16,388,286 27,759,349 28,011,591 28,662,900 28,881,589 26,219,305 26,441,756 5,594,231 

Interest expense (27,649,785) (35,874,047) (43,246,576) (53,616,096) (52,432,088) (39,265,070) (20,175,291) (33,721,664) (17,869,656) (11,551,712) 

Misc other non-operating revenue (expense) (1,710,815) (946,753) (3,278,897) 273,267 (14,705,589) (29,201,801) (55,268,858) (68,353,734) (3,684,578) (8,289,376) 

Total non-operating revenue (expense) 177,883,813 167,451,059 141,943,108 149,235,917 133,588,479 120,028,092 80,740,168 74,392,170 135,416,985 110,911,734 

Net income (loss) $ (68,994,165) $ (78,208,147) $ (88,142,901) $ (87,966,786) $ (106,638,159) $ (91,038,873) $ (122,983,276) $ (113,322,712) $ (52,865,284) $ (68,379,987) 

Total Assets ** $ 1,454,801,776 $ 1,420,902,428 $ 1,515,812,366 $ 1,742,467,017 $ 1,799,061,177 $ 1,851,291,747 $ 1,928,553,566 $ 1,899,368,842 $ 1,987,435,846 $ 1,943,148,636 

Capital Assets $ 1,119,184,480 $ 1,124,557,415 $ 1,167,998,408 $ 1,221,481,994 $ 1,262,784,721 $ 1,205,360,863 $ 736,699,794 $ 775,118,793 $ 799,636,685 $ 824,505,270 

Capital Assets as Percent of Total Assets 76.9% 79.1% 77.1% 70.1% 70.2% 65.1% 38.2% 40.8% 40.2% 42.4% 

Restricted Assets $ 229,276,872 $ 192,376,564 $ 278,324,532 $ 455,063,217 $ 448,778,272 $ 456,181,014 $ 497,357,948 $ 524,144,564 $ 724,337,298 $ 853,424,513 

Restricted Assets as Percent of Total Assets 15.8% 13.5% 18.4% 26.1% 24.9% 24.6% 25.8% 27.6% 36.4% 43.9% 

Total Debt $ 572,047,541 $ 580,041,793 $ 594,030,931 $ 585,337,771 $ 583,341,343 $ 577,986,844 $ 580,768,139 $ 442,857,251 $ 436,830,480 $ 446,601,498 

Population St. Louis Metro Not yet available 2,473,416 2,469,761 2,488,718 2,476,450 2,477,945 2,467,633 2,456,263 2,442,410 2,430,288 

Debt per capita Not yet available $ 235 $ 241 $ 235 $ 236 $ 233 $ 235 $ 180 $ 179 $ 184 

* Management Fees included in Operating Revenue and Operating Expense are eliminated from the Combined Statements of Revenues, Expenses and Changes in Net Assets presented on pages 17. 

** Interdepartmental Due From's are eliminated from the Combined Statement of Net Assets presented on pages 15. 

Source of data: Audited Financial Statements 

88



General Agency 



2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 


Management fees $ 3,124,000 $ 2,737,372 $ 2,657, 486 $ 2, 829,264 $ 2, 886,803 $ 2,543,157 $ 2,665,928 $ 2,414,464 $ 2,337,621 $ 1,996,362 

Other operating revenue - - - - - 2,500 5,240 - - - 



Wages and benefits 2,014,234 1,590,581 1,330,690 1,224,202 1,938,862 1,462,186 1,450,864 1,067,720 970,381 911,812 

Services 575,451 1,014,601 599,322 949,060 764,959 757,097 743,122 813,606 844,632 427,904 

Materials and supplies 16,090 19,384 16,543 13,962 10,284 19,041 121,421 6,684 12,225 11,727 

Casualty and liability - - - - 300 - - - - - 

Other operating expense 225,436 180,596 162,233 167,574 167,434 205,974 260,378 157,724 167,494 175,549 


Subtotal 292,789 (67,790) 548,698 474,466 4,964 101,359 95,383 368,730 342,889 469,370 

Depreciation and amortization 2,831 7,209 7,320 5,238 6,478 7,783 4,348 4,664 4,664 2,962 

Operating income (loss) 289,958 (74,999) 541,378 469,228 (1,514) 93,576 91,035 364,066 338,225 466,408 


Interest est revenue 

e 1,650 1,145 7,081 

9,074 15,987 18,609 13,324 21,981 10,097 10,416 

Interest expense - - - - - - - - (25,000) (25,000) 

Misc other non-operating revenue (expense) - - 30,100 (9,690) - - - (30,000) (7,588) (222,291) 

Total non-operating revenue (expense) 1,650 1,145 37,181 (616) 15,987 18,609 13,324 (8,019) (22,491) (236,875) 

Net income (loss) $ 291,608 $ (73, 854) $ 578, 559 $ 468,612 $ 14,473 $ 112,185 $ 104,359 $ 356,047 $ 315,734 $ 229,533 

Total Assets $ 2,384,703 $ 1,978,863 $ 1,873, 305 $ 1, 248,486 $ 831,316 $ 552,924 $ 479,501 $ 770,164 $ 1,567,004 $ 1,254,118 

Capital Assets $ 11,890 $ 14,721 $ 21,930 $ 29,249 $ 14,728 $ 21,207 $ 5,106 $ 9,455 $ 14,119 $ 18,783 

Capital Assets as 

Percent of Total Assets 0.5% 0.7% 1.2% 2.3% 1.8% 3.8% 1.1% 1.2% 0.9% 1.5% 

Restricted Assets $ 92 $ 425,278 $ 309, 907 $ - $ - $ - $ - $ - $ - $ 

- 

Restricted Assets as 


Source of data: Audited Financial Statements 

89



Gateway Arch Tram System 



2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 


Ticket sales $ 5,844,419 $ 5,375,834 $ 5,380,849 $ 5,430,891 $ 4,621,266 $ 5,437,935 $ 5,572,833 $ 4,685,166 $ 4,142,515 $ 4,135,457 

Other operating revenue (26,172) 23,720 8,732 3,756 (5,151) 18,120 264 16,468 51,058 229,419 




Services 778,561 701,739 868,298 755,385 850,269 767,584 733,762 721,154 755,512 675,916 


Casualty and liability 36,656 30,372 37,991 37,374 47,852 44,809 38,138 41,031 42,734 35,801 

Other operating expense $ 1,213,189 1,507,526 1,384,217 1,348,492 1,423,206 1,175,116 1,256,290 1,020,716 1,043,902 982,234 


Subtotal 2,232,688 1,699,689 1,627,006 1,832,341 1,027,678 2,228,765 2,285,712 1,359,266 930,662 1,293,819 


Operating income (loss) 1,828,890 948,837 1,234,818 1,338,499 592,297 1,777,120 1,773,329 856,417 404,668 861,709 


Interest revenue 16,295 14,003 13,975 54,747 317,549 380,063 224,014 72,866 23,124 26,608 

Misc other non-operating revenue (ex 

pense) 

(690,804) 

(1,237,114 

, ) (502,4 

60) 276,536 (1,662,487) 

, (676,501) 

- (24,198) (49,018) (3,948,481) 

, Total non-operating revenue (expense) (674,509) (1,223,111) (488,485) 331,283 (1,344,938) (296,438) 224,014 48,668 (25,894) (3,921,873) 

Net income (loss) $ 1,154,381 $ (274,274) $ 746,333 $ 1,669,782 $ (752,641) $ 1,480,682 $ 1,997,343 $ 905,085 $ 378,774 $ (3,060,164) 

Total Assets $ 15,416,764 $ 14,077,765 $ 14,190,158 $ 13,119,509 $ 11,500,373 $ 12,298,141 $ 10,925,276 $ 8,977,518 $ 8,236,659 $ 7,366,754 

Capital Assets $ 1,218,888 $ 1,566,112 $ 2,219,210 $ 2,815,408 $ 3,304,483 $ 3,611,923 $ 3,951,292 $ 4,368,491 $ 4,404,933 $ 4,787,436 



Restricted Assets $ 9,777,560 $ 8,700,596 $ 5,940,449 $ 1,341,834 $ 1,284,807 $ 1,242,764 $ 1,048,000 $ 1,048,000 $ 1,048,000 $ 616,325 



Adult Tickets 663,400 612,796 618,332 662,259 597,854 706,312 719,212 697,289 713,108 712,614 

Children Tickets 243,747 229,270 221,964 199,263 150,163 176,681 192,503 192,123 193,840 194,033 

Total Tickets for Year 907,147 842,066 840,296 861,522 748,017 882,993 911,715 889,412 906,948 906,647 

Ticket increase/decrease 

Prior Year 65,081 1,770 (21,226) 113,505 (134,976) (28,722) 22,303 (17,536) 301 (4,546) 

Passengers to Date 40,133,407 39,226,260 38,384,194 37,543,898 36,682,376 35,934,359 35,051,366 34,139,651 33,250,239 32,343,291 

Source of data: Monthly ticket sales reports, daily passenger reports and audited financial statements 

90



Gateway Arch Parking Facility 



2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 


Parking revenue $ 1,641,921 $ 1,780,168 $ 1,788, 078 $ 1,678,992 $ 1,866,028 $ 1,885,903 $ 1,804,907 $ 2,050,996 $ 2,025,621 $ 1,728,327 

Other operating revenue 1,000 1,799 1,923 700 504 156 686 1,646 2,750 762 



Wages and benefits 367,010 370,403 385,910 371,262 403,512 361,024 370,347 371,632 354,880 312,072 

Services 515,080 422,812 465,255 464,761 446,236 423,410 410,187 380,609 350,121 418,663 





Subtotal 470,082 706,529 670,477 596,384 743,416 843,568 716,039 973,367 999,458 703,399 


Operating income (loss) 384,641 341,247 259,066 179,231 312,719 392,615 251,517 514,456 539,708 251,062 


Interest revenue 

e 1, 166 

2, 244 

711 24, 552 

116, 625 

143, 287 

107,951 46, 396 19, 405 26, 

534 

Debt expense (65,119) (114,093) (155,948) (192,163) (231,370) (260,443) (295,446) (325,757) (353,875) (380,289) 

Misc other non-operating revenue (expense) - 97,214 - (205,000) 25,000 (25,000) (682) - 16,278 (7,314) 

Total non-operating revenue (expense) (63,953) (14,635) (155,237) (372,611) (89,745) (142,156) (188,177) (279,361) (318,192) (361,069) 

Net income (loss) $ 320,688 $ 326,612 $ 103, 829 $ (193,380) $ 222,974 $ 250,459 $ 63,340 $ 235,095 $ 221,516 $ (110,007) 

Total Assets $ 3,291,031 $ 3,544,721 $ 3,900, 301 $ 4,213,154 $ 4,951,024 $ 5,272,709 $ 5,475,903 $ 5,945,412 $ 6,475,924 $ 6,725,670 

Capital Assets $ 653,881 $ 669,081 $ 908, 402 $ 1,301,561 $ 1,708,861 $ 2,127,747 $ 2,545,448 $ 2,995,308 $ 3,437,261 $ 3,864,634 



Restricted Assets $ 1,351,648 $ 1,485,001 $ 1,446, 823 $ 1,412,310 $ 1,380,231 $ 1,363,296 $ 1,346,509 $ 1,318,141 $ 1,298,469 $ 1,291,865 



Long Term Debt 1,2 $ 720,000 $ 710,402 $ 1,377, 505 $ 2,003,997 $ 2,595,282 $ 3,151,681 $ 3,668,537 $ 4,161,114 $ 4,624,662 $ 5,064,409 

Vehicle Transactions 239,801 271,589 272,258 258,567 295,957 287,803 266,214 295,427 295,534 297,635 

1 Revenue bonds were refunded April 1, 1986 for the amount of $10,170,000. Amount includes discount on bonds. 

2 Revenue bonds were refunded February 19, 1997 for the amount of $8,110,000. Amount includes discount on bonds. 

Source of data: Audited financial statements 

91



Gateway Arch Riverfront Attractions 



2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 


Cruise, bike rental, and heliport revenue $ 2,300,425 $ 1,658,140 $ 2,351, 621 $ 2,079,111 $ 2,406,254 $ 2,804,710 $ 3,131,717 $ 2,947,802 $ 2,757,516 $ 2,419,946 

Other operating revenue 167,348 127,826 151,236 117,682 110,769 153,297 105,531 52,943 53,443 46,523 




Services 248,398 288,802 415,636 263,460 312,389 261,295 263,002 407,718 390,278 299,916 





Subtotal 95,371 (378,829) (116,959) (301,930) (314,570) 161,045 177,391 121,400 63,497 315,000 


Operating income (loss) (161,601) (643,675) (411,326) (600,569) (616,782) (130,445) (89,875) (64,290) (82,812) 181,709 


Interest revenue 115 243 278 1,200 15,978 13,890 3,681 459 346 1,455 

Misc other non-operating revenue (expense) - - (4,363) 190,000 - - (4,051) - (17,164) 6,318 

Total non-operating revenue (expense) 115 243 (4,085) 191,200 15,978 13,890 (370) 459 (16,818) 7,772 

Net income (loss) $ (161,486) $ (643,432) $ (415,411) $ (409,369) $ (600,804) $ (116,555) $ (90,245) $ (63,831) $ (99,631) $ 189,481 

Total Assets $ 2,763,925 $ 2,370,871 $ 2,689, 797 $ 3,027,423 $ 3,397,494 $ 3,966,849 $ 4,175,293 $ 4,173,799 $ 2,294,348 $ 2,229,341 

Capital Assets $ 2,010,488 $ 2,267,460 $ 2,532, 306 $ 2,830,934 $ 3,131,135 $ 3,375,387 $ 3,588,094 $ 3,582,453 $ 1,761,661 $ 1,737,517 



Restricted Assets $ - $ - $ - $ - $ 77,363 $ - $ - $ - $ - $ 

- 



Number of Passengers 113,503 76,230 105,887 95,834 107,588 140,290 168,738 163,752 170,064 156,950 

Number of Cruises 1,114 816 1,022 1,009 1,087 1,384 1,460 1,463 1,470 1,462 

Days of Operation 263 224 234 244 248 278 286 273 284 277 


92



St. Louis Downtown Airport 



2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 


Aircraft parking $ 135,440 $ 130,612 $ 127,418 $ 130,844 $ 132,472 $ 130,052 $ 130,135 $ 130,683 $ 128,194 $ 113,989 

Leased acreage 441,346 426,783 427,835 434,320 408,045 395,619 330,578 293,743 279,625 272,941 

Hangar rental 457,013 456,486 456,834 535,629 532,771 471,625 429,940 369,940 278,220 254,161 

Aviation sale flowage fee 161,680 148,984 177,989 185,278 186,349 197,946 181,521 202,784 178,948 165,908 

Airport concessions 132,082 126,215 102,671 124,606 112,591 101,705 97,658 106,675 108,062 93,757 

Other operating revenue 89,715 85,185 87,927 96,946 123,010 103,789 102,690 115,158 96,348 102,531 



Wages and benefits 823,294 826,773 818,470 931,271 556,397 457,996 480,696 438,418 455,017 409,087 

Services 27,913 79,173 8,298 129,386 107,907 82,371 88,506 80,340 99,546 95,805 




Total operating expenses 1,225,542 1,324,101 1,259,830 1,547,503 1,173,577 997,097 974,270 904,505 901,373 836,273 

Subtotal 191,734 50,163 120,844 (39,880) 321,660 403,639 298,252 314,478 168,025 167,014 

Depreciation and amortization 1,790,902 1,418,004 1,297,391 922,647 1,041,392 783,273 1,141,183 992,987 1,049,744 968,123 

Operating income (loss) (1,599,168) (1,367,841) (1,176,547) (962,527) (719,732) (379,634) (842,931) (678,509) (881,719) (801,109) 


Grants & assistance 750 - 52,900 52,250 - - - - - - 

Interest revenue 284 328 415 9,178 33,467 37,769 18,805 4,581 367 1,069 

Interest expense - - - - - - - (65) (1,207) (2,643) 

Misc other non-operating revenue (expense) - 1,018 40,720 (312,921) - - 2,246 3,398 (12,872) 26,117 

Total non-operating revenue (expense) 1,034 1,346 94,035 (251,493) 33,467 37,769 21,051 7,914 (13,712) 24,543 

Net income (loss) $ (1,598,134) $ (1,366,495) $ (1,082,512) $ (1,214,020) $ (686,265) $ (341,865) $ (821,880) $ (670,595) $ (895,431) $ (776,566) 

Total Assets $ 27,035,834 $ 22,218,101 $ 21,908,196 $ 16, 439,975 $ 14,728,367 $ 13,508,462 $ 13,849,228 $ 14,212,035 $ 14,305,383 $ 15,242,829 

Capital Assets $ 26,415,744 $ 21,644,892 $ 19,508,606 $ 15, 653,501 $ 13,554,538 $ 12,513,295 $ 13,028,692 $ 13,672,726 $ 13,942,238 $ 14,977,334 



Restricted Assets $ 258,496 $ 154,658 $ 156,623 $ 156,623 $ 43,443 $ - $ - $ - $ - $ 

- 



Avg. monthly-based aircraft (1) 328 305 297 300 269 253 260 263 253 250 

Total Operations (2) 84,040 93,443 116,267 116,316 110,987 128,530 156,866 166,959 171,858 165,882 

Fuel Sales (gals.) (3) 1,655,296 1,729,770 2,029,738 2,061,238 2,150,071 2,233,119 2,207,545 2,367,233 2,101,253 1,676,342 

(1) 

(2) 

(3) 

Number of aircraft stored in owned or leased hangars or outside ramp 

Takeoff or landing recorded by the tower; movements when the tower is closed are not included 

Number of gallons of aviation fuel purchased from Airport during the year 

Source of data: Audited financial statements, Monthly Activity Report 

93






2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 


Passenger revenue $ 50,296,567 $ 47,496,596 $ 46,229,397 $ 48,932,760 $ 47,216,455 $ 44,750,654 $ 40,213,116 $ 37,798,724 $ 33,505,243 $ 33,195,981 

Service revenue - - - - - - - - - 

Other operating revenue 3,976,026 3,690,847 2,911,101 2,454,174 2,966,639 2,265,482 2,238,479 1,423,729 1,700,784 2,815,236 




Services 27,694,579 24,168,313 20,921,946 22,532,332 25,470,811 20,733,284 17,047,869 16,928,167 15,687,427 16,000,982 

Materials and supplies 35,813,904 31,490,368 28,041,172 29,010,846 28,870,479 25,346,229 21,912,157 19,841,157 17,903,766 17,438,320 

Casualty and liability 3,504,566 5,933,642 4,832,084 3,664,032 5,339,265 6,136,126 6,804,223 7,358,131 5,364,630 5,933,236 

Other operating expense 10,235,755 10,335,787 9,743,927 12,505,092 11,158,486 12,290,958 10,646,974 9,258,126 9,930,617 9,669,790 


Subtotal (175,940,315) (169,372,234) (155,719,454) (160,991,450) (161,498,029) (135,323,193) (131,468,968) (130,697,713) (131,524,396) (124,674,915) 

Depreciation and amortization 71,680,383 75,490,541 74,813,944 76,635,115 78,295,597 77,497,004 73,437,551 58,009,309 57,075,943 55,576,585 

Operating income (loss) (247,620,698) (244,862,775) (230,533,398) (237,626,565) (239,793,626) (212,820,197) (204,906,519) (188,707,022) (188,600,339) (180,251,500) 


Grants & assistance 201,824,658 197,185,104 172,027,397 174,767,147 172,714,565 159,832,062 127,302,727 150,248,264 130,529,464 125,158,591 

Interest revenue 5,399,495 7,068,791 16,365,826 27,660,598 27,511,987 28,069,284 28,513,815 26,073,022 26,388,417 5,528,149 

Interest expense (27,584,666) (35,759,954) (43,090,628) (53,423,933) (52,200,718) (39,004,628) (19,879,845) (33,395,842) (17,489,575) (11,143,780) 

Misc other non-operating revenue (expense) (1,020,011) 192,130 (2,842,895) 334,341 (13,068,103) (28,500,300) (55,266,371) (68,302,934) (3,614,214) (4,143,725) 

Total non-operating revenue (expense) 178,619,476 168,686,071 142,459,699 149,338,154 134,957,730 120,396,418 80,670,326 74,622,509 135,814,091 115,399,236 

Net income (loss) $ (69,001,222) $ (76,176,704) $ (88,073,699) $ (88,288,412) $ (104,835,896) $ (92,423,779) $ (124,236,193) $ (114,084,514) $ (52,786,248) $ (64,852,264) 

Total Assets $ 1,403,909,519 $ 1,376,712,107 $ 1,471,250,609 $ 1,704,418,470 $ 1,763,652,603 $ 1,815,692,662 $ 1,893,648,365 $ 1,865,289,914 $ 1,954,556,528 $ 1,910,329,924 

Capital Assets $ 1,088,873,589 $ 1,098,395,149 $ 1,142,807,954 $ 1,198,851,341 $ 1,241,070,976 $ 1,183,711,304 $ 713,581,162 $ 750,490,360 $ 776,076,473 $ 799,119,566 



Restricted Assets $ 217,889,076 $ 181,611,031 $ 270,470,730 $ 452,152,450 $ 445,992,428 $ 453,574,954 $ 494,963,439 $ 521,778,423 $ 721,990,829 $ 851,516,323 



Total Debt $ 571,327,541 $ 579,331,391 $ 592,653,426 $ 583,333,774 $ 580,746,061 $ 574,835,163 $ 577,099,602 $ 438,696,137 $ 432,205,818 $ 441,537,089 


94




2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 


Buildings and Improvements $ 177,396 $ 175,119 $ 170,117 $ 168,047 $ 160,956 $ 160,511 $ 157,273 $ 156,949 $ 155,024 $ 147,691 

Airport Runways 33,556 26,474 24,745 23,528 23,691 21,852 21,807 22,296 22,297 21,612 

Arch Parking 9,947 9,947 9,947 9,947 9,947 9,947 9,947 9,950 9,950 9,950 

Riverboat and barges 4,176 4,176 4,176 4,189 4,189 4,103 4,103 3,600 1,990 1,892 

Light rail, right of way, facility and improvements 1,251,486 1,234,037 1,224,565 1,218,529 1,200,218 1,194,818 680,692 683,682 681,182 671,984 

Revenue Vehicles 326,825 310,736 303,427 312,650 306,907 310,202 303,590 280,986 271,337 264,931 

Autos and trucks 10,359 9,981 9,350 7,588 7,588 7,387 6,715 6,339 5,574 5,825 

Furniture, fixtures equipment, and intangibles 115,566 114,647 111,882 107,793 98,026 92,224 71,586 83,105 70,367 62,050 

Total Capital Assets 1,929,311 1,885,117 1,858,209 1,852,271 1,811,522 1,801,044 1,255,713 1,246,907 1,217,721 1,185,935 


Buildings and Improvements 131,097 126,787 122,372 117,907 112,093 104,604 99,821 94,748 89,647 83,650 

Airport Runways 20,784 19,767 18,990 18,185 17,547 16,874 16,313 15,972 15,210 14,461 

Arch Parking 9,475 9,413 9,065 8,667 8,269 7,871 7,473 7,078 6,680 6,282 

Riverboat and barges 2,181 1,938 1,694 1,459 1,214 965 727 514 347 185 

Light rail, right of way, facility and improvements 487,617 444,350 401,027 358,805 316,024 273,987 231,002 193,794 169,077 149,089 

Revenue Vehicles 175,750 169,901 152,680 151,142 141,666 130,736 115,404 105,618 93,288 75,861 

Autos and trucks 7,582 7,386 6,740 5,149 5,214 5,892 4,526 3,672 3,089 2,937 

Furniture, fixtures equipment, and intangibles 105,458 100,475 90,419 81,433 69,541 61,191 49,929 56,406 45,573 34,407 

Total Accumulated Depreciation 939,944 880,017 802,987 742,747 671,568 602,120 525,195 477,802 422,911 366,872 

Net Capital Assets 989,367 1,005,100 1,055,222 1,109,524 1,139,954 1,198,924 730,518 769,105 794,810 819,063 

Land 101,924 101,931 101,799 104,859 103,613 100,360 90,373 90,438 75,415 74,646 

Construction in progress 27,894 17,526 10,977 7,099 19,218 31,828 549,730 443,762 340,404 140,511 

Total Net Capital Assets $ 1,119,185 $ 1,124,557 $ 1,167,998 $ 1,221,482 $ 1,262,785 $ 1,331,112 $ 1,370,621 $ 1,303,305 $ 1,210,629 $ 1,034,220 

Source of data: Audited Financial Statement 

95



Capital Asset Statistics by Function and Program 

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

Revenue Vehicles 

MetroBus 386 376 358 438 418 399 432 439 463 477 

MetroLink (cars) 87 87 87 87 87 87 83 71 65 65 

Demand Response Call-A-Ride vans 117 116 116 126 114 118 119 119 120 101 

590 579 561 651 619 604 634 629 648 643 

Passenger Stations 


MetroLink 37 37 37 37 37 37 28 28 28 28 

44 44 44 44 44 44 34 33 33 31 

Escalators 

MetroBus 2 2 2 2 2 2 1 1 1 - 

MetroLink 8 8 8 8 8 8 8 8 8 8 

10 10 10 10 10 10 9 9 9 8 

Elevators 

MetroBus 1 1 1 1 1 1 - - 1 - 

MetroLink 17^ 18 18 18 18 18 12 12 12 12 

18 19 19 19 19 19 12 12 13 12 

Maintenance Facilities 

MetroBus 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 

MetroLink 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 

Demand Response 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 

6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 

MetroLink Light Rail 

Track (miles) 96.3 96.3 96.3 96.3 96.3 96.3 81.0 81.0 81.0 81.0 

Crossings 25 25 25 25 25 25 24 24 24 24 

Park and Ride Lots 19 19 19 19 19 19 16 16 16 16 

Riverfront Attractions 

Riverboats 2 2 2 2 2 2 2 2 2 2 

Heliport Barge 1 1 1 1 1 1 1 (Acquired in 2006) 

Bicycles 30 36 32 24 31 33 33 (Acquired in 2006) 

Source of data: Audited Financial Statements, annual NTD report and annual operating budget 

^ MetroLink Grand Station elevator out of service during the construction of the Grand Bridge and the Scott Transit Plaza 

96



Net Position by Operating Organization 

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

General Agency 

Net Position 

Invested in capital assets $ 11,890 $ 14,720 $ 21,931 $ 29,251 $ 14,728 $ 21,207 $ 5,106 $ 9,456 $ 14,120 $ 18,783 

Restricted 92 - - - - - - - - - 

Unrestricted 1,545,542 1,251,196 1,317,839 731,960 277,871 256,920 160,836 411,741 1,312,806 992,409 

Total General Agency Net Position $ 1,557,524 $ 1,265,916 $ 1,339,770 $ 761,211 $ 292,599 $ 278,127 $ 165,942 $ 421,197 $ 1,326,926 $ 1,011,192 

Gateway Arch Tram System 

Net Position 

Invested in capital assets $ 1,218,888 $ 1,566,113 $ 2,219,209 $ 2,815,408 $ 3,304,483 $ 3,611,923 $ 3,951,292 $ 3,902,085 $ 4,404,934 $ 4,787,436 

Restricted 

Accounts receivable 7,159 - - - - - - - - - 

Cooperative agreement 9,770,402 8,498,350 6,440,449 1,242,764 1,242,764 1,242,764 1,242,764 1,048,000 1,048,000 500,000 

Unrestricted 3,004,899 2,782,504 4,461,583 8,316,736 6,157,879 6,603,080 4,783,030 3,223,555 1,815,621 1,602,345 

Total Arch Tram Net Position $ 14,001,348 $ 12,846,967 $ 13,121,241 $ 12,374,908 $ 10,705,126 $ 11,457,767 $ 9,977,086 $ 8,173,640 $ 7,268,555 $ 6,889,781 

Gateway Arch Parking Facility 

Net Position 

Invested in capital assets $ (746,119) $ (730,919) $ (1,136,598) $ (175,847) $ (179,823) $ (303,957) $ 96,958 $ (2,551,058) $ (2,092,147) $ (1,664,775) 

Restricted 

Accounts receivable 483 - - - - - - - - - 

Revenue bond indenture 1,345,025 1,384,696 1,364,725 1,349,697 1,340,678 1,347,659 1,325,967 1,295,368 1,273,574 1,264,994 

Unrestricted 1,580,506 1,205,430 1,304,468 254,916 461,291 355,470 (274,211) 2,417,284 2,105,073 1,464,765 

Total Arch Parking Facility Net Position $ 2,179,895 $ 1,859,207 $ 1,532,595 $ 1,428,766 $ 1,622,146 $ 1,399,172 $ 1,148,714 $ 1,161,594 $ 1,286,500 $ 1,064,984 

Gateway Arch Riverboats 

Net Position 


Restricted - - - - - - - - - - 

Unrestricted (673,312) (768,798) (390,212) (273,429) (164,261) 192,289 96,139 1,528,543 144,909 268,682 

Total Arch Riverboats Net Position $ 1,337,176 $ 1,498,662 $ 2,142,094 $ 2,557,505 $ 2,966,874 $ 3,567,677 $ 3,684,232 $ 3,464,514 $ 1,919,450 $ 2,006,199 

St Louis Downtown Airport 

Net P 

osition 


Restricted - - - - - - - - - - 

Unrestricted 220,408 210,743 942,987 407,924 922,939 853,983 662,486 (1,427,651) (1,750,043) 103,721 

Total St Louis Downtown Airport Net Position $ 26,636,152 $ 21,855,635 $ 20,451,593 $ 16,061,425 $ 14,477,476 $ 13,367,278 $ 13,691,180 $ 14,103,111 $ 14,172,330 $ 15,054,502 

Transit System 

Net Position 


Restricted 


Mass transit sales tax bond indenture 48,200,198 20,811,654 21,058,862 4,127,698 3,421,333 (265,806) (331,831) (89,542) (46,124) 19,246 

Capital lease obligations 7,691,014 8,736,150 4,399,289 4,463,601 - - - - - - 

Other 45,683 - - - - - - - - - 

SIB Loan Collateral - - - 1,546,000 1,546,000 1,546,000 1,546,500 1,546,500 1,543,360 1,543,360 

Unrestricted 47,582,505 66,038,309 74,750,088 80,895,000 112,181,112 134,096,255 105,325,740 80,625,275 136,660,202 220,010,993 

Total Transit System Net Position $ 627,880,395 $ 619,304,501 $ 653,979,432 $ 720,740,802 $ 783,273,974 $ 872,997,502 $ 930,364,316 $ 1,014,866,846 $ 1,115,343,360 $ 1,104,631,330 

Total 

Net Position 


Restricted 


Cooperative agreement 9,770,402 8,498,350 6,440,449 1,242,764 1,242,764 1,242,764 1,242,764 1,048,000 1,048,000 500,000 

Revenue bond indenture 1,345,025 1,384,696 1,364,725 1,349,697 1,340,678 1,347,659 1,325,967 1,295,368 1,273,574 1,264,994 

Mass transit sales tax bond indenture 48,200,198 20,811,654 21,058,862 4,127,698 3,421,333 (265,806) (331,831) (89,542) (46,124) 19,246 

Capital lease obligations 7,691,014 8,736,150 4,399,289 4,463,601 - - - - - - 

Other 45,683 - - - - - - - - - 

SIB Loan Collateral - - - 1,546,000 1,546,000 1,546,000 1,546,500 1,546,500 1,543,360 1,543,360 

Unrestricted 53,260,548 70,719,384 82,386,753 90,333,107 119,836,831 142,357,997 110,754,020 86,778,746 140,288,568 224,442,915 

Total Net Position $ 673,592,490 $ 658,630,888 $ 692,566,725 $ 753,924,617 $ 813,338,195 $ 903,067,523 $ 959,031,470 $ 1,042,190,902 $ 1,141,317,121 $ 1,130,657,988 

Source of data: Audited Financial Statement 

97




Gateway Arch Parking Facility Debt Service 

Series 1997, Dated February 1, 1997 

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

Debt Service Coverage Calculation 

Tram Passenger & Interest Revenue 

$ 5,860,714 $ 5,440,928 $ 5,435,476 $ 5,492,757 $ 4,929,387 $ 5,806,998 $ 5,771,658 $ 4,721,207 $ 4,165,639 $ 4,391,484 

Parking Facility Service & Interest 

Total Revenue 

xRevenue 1,596,918 1,724,249 1,755,818 1,700,257 1,979,563 2,026,642 1,908,645 2,092,525 2,061,304 2,060,610 

7,457,632 7,165,177 7,191,294 7,193,014 6,908,950 7,833,640 7,680,303 6,813,732 6,226,943 6,452,094 

Arch Tram Expenses 

before depreciation 

3,585,559 3,699,865 3,762,575 3,602,306 3,588,437 3,227,290 3,287,386 3,342,369 3,261,378 3,071,057 

Parking Facility Expenses 

before depreciation 

1,172,839 1,075,438 1,119,525 1,083,308 1,123,117 1,042,491 1,089,554 1,079,276 1,028,913 1,025,690 

Total Operating Expenses 

before Depreciation 4,758,398 4,775,303 4,882,100 4,685,614 4,711,554 4,269,781 4,376,940 4,421,645 4,290,291 4,096,747 

Required Deposits to Debt Service Reserve 

Fund and Renewal & Replacement Fund 

- - - - - - - - - - 

Available for Debt Service 2,699,234 2,389,874 2,309,194 2,507,400 2,197,396 3,563,859 3,303,363 2,392,087 1,936,652 2,355,347 

Principal Payment 

Interest 

Total Debt Service Requirement 

680,000 645,000 615,000 585,000 550,000 530,000 505,000 485,000 465,000 435,000 

55,521 101,197 137,441 168,448 202,769 229,819 259,896 273,280 308,623 322,456 

$ 735,521 $ 746,197 $ 752,441 $ 753,448 $ 752,769 $ 759,819 $ 764,896 $ 758,280 $ 773,623 $ 757,456 

Debt Service Coverage Percentage 367% 320% 307% 333% 292% 469% 432% 315% 250% 311% 

Required Debt Service Coverage 

xPercentage 150% 150% 150% 150% 150% 150% 150% 150% 150% 150% 

Parking Rates & Fees 

Half-hour User Fee 

Daily Maximum 

Lost Ticket Fee (Per Day) 

Early Bird Rate (6:00-8:30 am) 

Monthly Rate 

$ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 $ 0.75 

$ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 

$ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 

$ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 4.00 $ 3.00 

$ 60.00 $ 60.00 $ 60.00 $ 60.00 $ 60.00 $ 60.00 $ 60.00 $ 60.00 $ 60.00 $ 50.00 

98




MetroLink Cross County Extension Project 


Series 2002 A B C 

Historical Sources of Operating Funds & Operating Expenses of the Agency's Transit System for 10 Year Period 

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 


Passenger revenue 

Other operating revenue 

Total operating revenues 


Wages and benefits 

Services 

Materials and supplies 

Casualty and liability 

Other operating expense 

Total operating expenses 

Operating income (loss) 

Depreciation and amortization 

Operating income (loss) after depreciation 

$ 50,296,567 $ 47,496,596 $ 46,229,397 $ 48,932,760 $ 47,216,455 $ 44,750,654 $ 40,213,116 $ 37,798,724 $ 33,505,243 $ 33,195,981 

3,976,026 3,690,847 2,911,101 2,454,174 2,966,639 2,265,482 2,238,479 1,423,729 1,700,784 2,815,236 

54,272,593 51,187,443 49,140,499 51,386,934 50,183,094 47,016,136 42,451,595 39,222,452 35,206,027 36,011,217 

152,964,104 148,631,567 141,320,824 144,666,083 140,842,082 117,832,732 117,509,340 116,534,584 117,843,983 111,643,804 

27,694,579 24,168,313 20,921,946 22,532,332 25,470,811 20,733,284 17,047,869 16,928,167 15,687,427 16,000,982 

35,813,904 31,490,368 28,041,172 29,010,846 28,870,479 25,346,229 21,912,157 19,841,157 17,903,766 17,438,320 

3,504,566 5,933,642 4,832,084 3,664,032 5,339,265 6,136,126 6,804,223 7,358,131 5,364,630 5,933,236 

10,235,755 10,335,787 9,743,927 12,505,092 11,158,486 12,290,958 10,646,974 9,258,126 9,930,617 9,669,790 

230,212,908 220,559,677 204,859,953 212,378,384 211,681,123 182,339,329 173,920,563 169,920,165 166,730,423 160,686,132 

(175,940,315) (169,372,234) (155,719,454) (160,991,450) (161,498,029) (135,323,193) (131,468,968) (130,697,713) (131,524,396) (124,674,915) 

71,680,383 75,490,541 74,813,944 76,635,115 78,295,597 77,497,004 73,437,551 58,009,309 57,075,943 55,576,585 

(247,620,698) (244,862,775) (230,533,398) (237,626,565) (239,793,626) (212,820,197) (204,906,519) (188,707,022) (188,600,339) (180,251,500) 


Grants & assistance 

201,824,658 197,185,104 172,027,397 174,767,147 172,714,565 159,832,062 127,302,727 150,248,264 130,529,464 125,158,591 

Interest revenue 5, 399 , 495 

7, 068 , 791 

16, 365 

, 826 27, 660 , 598 

27, 511 , 987 

28, 069 , 284 

28, 513 

, 815 26, 073 , 022 26, 388 , 417 5, 528 , 149 

Interest expense 

Misc other non-operating revenue (expense) 

Total non-operating revenue (expense) 

(27,584,666) (35,759,954) (43,090,628) (53,423,933) (52,200,718) (39,004,628) (19,879,845) (33,395,842) (17,489,575) (11,143,780) 

(1,020,011) 192,130 (2,842,895) 334,341 (13,068,103) (28,500,300) (55,266,371) (68,302,934) (3,614,214) (4,143,725) 

178,619,476 168,686,071 142,459,699 149,338,154 134,957,730 120,396,418 80,670,326 74,622,509 135,814,091 115,399,236 

Net income (loss) 

$ (69,001,222) $ (76,176,704) $ (88,073,699) $ (88,288,411) $ (104,835,896) $ (92,423,779) $ (124,236,193) $ (114,084,514) $ (52,786,248) $ (64,852,264) 

Total Assets 



Percent of Total Assets 



Percent of Total Assets 

$ 1,403,909,519 $ 1,376,712,107 $ 1,471,250,609 $ 1,704,418,470 $ 1,763,652,603 $ 1,815,692,662 $ 1,893,648,365 $ 1,865,289,914 $ 1,954,556,528 $ 1,910,329,924 

$ 1,088,873,589 $ 1,098,395,149 $ 1,142,807,954 $ 1,198,851,341 $ 1,241,070,976 $ 1,183,711,304 $ 713,581,162 $ 750,490,360 $ 776,076,473 $ 799,119,566 

77.6% 79.8% 77.7% 70.3% 70.4% 65.2% 37.7% 40.2% 39.7% 41.8% 

$ 217,889,076 $ 198,198,922 $ 270,470,730 $ 452,152,450 $ 445,992,428 $ 453,574,954 $ 494,963,439 $ 521,778,423 $ 721,990,829 $ 851,516,323 

15.5% 14.4% 18.4% 26.5% 25.3% 25.0% 26.1% 28.0% 36.9% 44.6% 

*Includes Interest Income and Interest Expense 


99






Series 2002 A B C 

Historical Sources and Uses of Agency Funding for Transit System Operations 

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

Operating Revenue 

Passenger/TMA Revenue $ 50,296,567 $ 47,496,596 $ 46,229,397 $ 48,932,760 $ 47,216,455 $ 44,750,654 $ 40,213,116 $ 37,798,724 $ 33,505,243 $ 33,195,981 

Auxiliary Operating Revenue 3,976,026 3,690,847 2,911,101 2,454,174 2,692,944 1,962,782 2,238,479 1,423,729 1,700,784 2,815,236 

Total Operating Revenue 54,272,593 51,187,442 49,140,499 51,386,934 49,909,399 46,713,436 42,451,595 39,222,452 35,206,027 36,011,217 

Subsidized Revenue 

1/2 Cent Sales Tax (incl Prop A) 93,115,423 86,462,163 50,273,831 56,952,344 66,217,859 60,379,237 52,685,665 60,939,124 59,123,335 55,435,252 

Prop M Sales Tax (incl Prop M2) 40,910,892 38,802,043 36,905,547 47,980,937 42,162,375 46,141,227 28,540,616 44,275,090 26,448,984 24,714,198 

St. Clair County Transit District 40,503,721 39,992,390 33,680,825 32,300,858 27,140,081 22,958,426 23,779,109 21,315,331 25,503,484 24,945,209 

Madison County Service Agreement - 10,978 11,009 10,321 - 11,800 - (891) 128,166 163,617 

Illinois State and local 963,637 613,547 80,803 62,111 117 16,478 - - - - 

Missouri State and local 838,254 1,038,117 9,644,028 3,180,822 3,842,371 1,365,830 1,365,830 1,365,832 1,365,832 1,365,833 

Paratransit Contracts 3,788,866 3,753,095 3,765,177 3,692,723 3,709,164 3,604,360 3,117,357 2,812,244 2,623,270 2,771,040 

Planning and Demonstration 160,000 160,000 160,000 160,000 100,000 108,800 100,000 159,996 160,008 160,000 

Other Miscellaneous Grants/Assistance - - - - - - 68,798 65,000 144,198 69,268 

Total State and Local Assistance 180,280,794 170,832,333 134,521,219 144,340,116 143,171,968 134,586,158 109,657,375 130,931,727 115,497,277 109,624,417 

Federal Assistance 21,543,864 26,352,771 37,506,178 30,374,783 29,542,597 25,101,696 17,682,863 19,381,538 15,176,385 15,603,441 

Total Subsidized Revenue 201,824,658 197,185,104 172,027,397 174,714,898 172,714,565 159,687,853 127,340,238 150,313,264 130,673,662 125,227,858 

Non-operating Revenue 

Investment Income 328,304 311,439 242,228 1,672,321 5,267,468 7,464,643 8,111,012 4,897,417 26,388,547 26,849,943 

Miscellaneous Non-Operating Revenue 77,296 1,161,748 184,321 188,765 1,435,910 2,756,372 1,313,537 157,484 (2,656,483) (2,683,663) 

Gain (Loss) Disposition of Assets (25,918) 1,800 (2,070,019) 1,319,571 (9,809,306) 218,640 (55,043,324) (52,394,180) (41,903) (412,826) 

Non-Cash items 5,071,191 268,609 16,123,598 22,646,998 31,066,170 20,604,642 20,372,802 22,788,649 88,679 - 

Total Non-operating Revenue 5,450,872 1,743,596 14,480,127 25,827,656 27,960,241 31,044,297 (25,245,973) (24,550,631) 23,778,840 23,753,454 

Total Operating, Subsidized, and 

Non-operating Revenue 261,548,123 250,116,142 235,648,023 251,929,488 250,584,205 237,445,586 144,545,860 164,985,085 189,658,529 184,992,529 

Operating Expense 

MetroBus 146,286,660 139,636,148 128,366,640 131,195,362 131,815,407 113,040,488 112,113,151 110,356,165 109,957,908 106,784,414 

MetroLink 64,218,732 61,823,507 56,806,893 61,183,935 59,423,467 50,942,099 43,706,844 42,294,842 39,359,562 38,863,916 

Metro Paratransit 20,867,516 18,846,522 19,480,473 19,897,072 20,302,600 18,191,971 18,166,701 17,276,583 17,412,952 15,037,803 

Cross County Capital Costs - 253,499 205,947 102,019 139,649 160,770 (66,133) (7,425) - - 

Total Operating Expense 231,372,908 220,559,676 204,859,954 212,378,388 211,681,123 182,335,329 173,920,563 169,920,165 166,730,422 160,686,133 

Non-operating Expense 

Contributions to Outside Entities 1,071,389 971,418 957,197 1,121,745 13,242,664 31,032,404 1,544,095 17,744,282 1,148,706 1,177,533 

Interest Expense 22,513,475 22,513,859 26,391,830 23,253,309 24,524,973 17,224,315 9,019,857 2,991,231 4,753,799 24,978,424 

Total Non-Operating Expense 23,584,864 23,485,277 27,349,027 24,375,054 37,767,637 48,256,719 10,563,952 20,735,513 5,902,505 26,155,957 

Total Expense before Non-Cash Items 254,957,772 244,044,953 232,208,980 236,753,442 249,448,760 230,592,048 184,484,515 190,655,678 172,632,927 186,842,090 

Non-Cash Items 76,751,574 82,247,893 91,512,742 103,464,456 105,971,342 99,277,316 84,297,539 88,413,921 69,811,849 63,002,703 

Total Operating and Non-operating Expense 331,709,346 326,292,846 323,721,722 340,217,898 355,420,102 329,869,364 268,782,053 279,069,599 242,444,776 249,844,793 

Income (Loss) before Capital Contributions $ (70,161,223) $ (76,176,704) $ (88,073,699) $ (88,288,411) $ (104,835,896) $ (92,423,779) $ (124,236,193) $ (114,084,514) $ (52,786,247) $ (64,852,264) 

100

Bi-State Development Agency MO-IL District 

Transportation Sales Tax Collections and Receipts: Last Ten Years 

1/2 Cent Sales Tax (est. 1974) FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 FY 2005 FY 2004 FY 2003 

St. Louis County Collections $ 78,723,951 $ 75,585,123 $ 73,196,044 $ 77,299,636 $ 83,009,748 $ 82,298,340 $ 80,970,303 $ 79,256,020 $ 77,917,153 $ 76,147,583 

Funds Withheld (1) (3,976,046) (3,952,134) (3,639,635) (3,510,933) (3,813,434) (5,046,641) (4,224,990) (4,678,520) (4,076,535) (3,295,584) 

Net Collections $ 74,747,905 $ 71,632,989 $ 69,556,409 $ 73,788,703 $ 79,196,314 $ 77,251,699 $ 76,745,313 $ 74,577,500 $ 73,840,618 $ 72,851,999 

Annnualized Growth Rate (%) 4.2% 3.3% -5.3% -6.9% 0.9% 1.6% 2.2% 1.7% 2.3% -0.6% 

Amount Distributed to Metro $ 37,373,952 $ 33,921,222 $ 34,778,192 $ 39,500,000 $ 48,480,000 $ 47,400,000 $ 45,300,000 $ 44,100,000 $ 42,800,000 $ 41,900,000 

% Collections to Metro 47.5% 44.9% 47.5% 51.1% 58.4% 57.6% 55.9% 55.6% 54.9% 55.0% 

City of St. Louis Collections $ 19,103,235 $ 17,442,567 $ 17,204,164 $ 18,069,678 $ 18,569,330 $ 18,388,355 $ 17,576,780 $ 17,335,410 $ 16,790,862 $ 17,255,114 

Funds Withheld (1) (778,883) (667,311) (682,528) (617,333) (831,469) (619,118) (391,115) (496,585) (467,527) (278,383) 

Net Collections $ 18,324,352 $ 16,775,256 $ 16,521,636 $ 17,452,345 $ 17,737,861 $ 17,769,237 $ 17,185,665 $ 16,838,825 $ 16,323,335 $ 16,976,731 

Annnualized Growth Rate (%) 9.5% 1.4% -4.8% -2.7% 1.0% 4.6% 1.4% 3.2% -2.7% -2.3% 

Amount Distributed to Metro $ 18,324,352 $ 16,775,256 $ 16,521,636 $ 17,452,345 $ 17,737,861 $ 17,769,237 $ 17,185,665 $ 16,839,325 $ 16,322,615 $ 16,976,731 


Total to Metro $ 55,698,304 $ 50,696,478 $ 51,299,828 $ 56,952,345 $ 66,217,861 $ 65,169,237 $ 62,485,665 $ 60,939,325 $ 59,122,615 $ 58,876,731 

1/4 Cent Sales Tax "Prop M" (est. 1994) 

St. Louis County Collections $ 38,965,350 $ 37,411,985 $ 36,281,970 $ 38,968,769 $ 41,263,334 $ 41,111,836 $ 40,420,713 $ 39,608,364 $ 38,919,979 $ 38,086,584 

Annualized Growth Rate (%) 4.2% 3.1% -6.9% -5.6% 0.4% 1.7% 2.1% 1.8% 2.2% -0.8% 

Amount Distrib. to Metro Trustee (2) $ 38,965,350 $ 37,411,985 $ 36,281,970 $ 38,968,769 $ 41,263,334 $ 41,111,836 $ 40,420,713 $ 39,608,364 $ 38,919,979 $ 38,086,584 


City of St. Louis Collections $ 9,513,707 $ 8,508,373 $ 8,614,250 $ 9,012,168 $ 9,269,702 $ 9,183,525 $ 8,900,484 $ 8,661,930 $ 8,463,271 $ 8,620,106 

Annnualized Growth Rate (%) 

11.8% -1.2% -4.4% -2.8% 0.9% 3.2% 2.8% 2.3% -1.8% -2.4% 

Amount Distrib. to Metro Trustee (2) $ 9,513,707 $ 8,508,373 $ 8,614,250 $ 9,012,168 $ 9,269,702 $ 9,183,525 $ 8,900,484 $ 8,661,930 $ 8,463,271 $ 8,620,106 


Total to Metro Trustee $ 48,479,057 $ 45,920,358 $ 44,896,220 $ 47,980,937 $ 50,533,036 $ 50,295,361 $ 49,321,197 $ 48,270,294 $ 47,383,250 $ 46,706,690 

1/2 Cent Sales Tax "Prop A" (est. 2010) 

St. Louis County Collections $ 77,816,456 $ 60,055,011 

Annualized Growth Rate (%) 29.6% n/a 

Amount Distributed to Metro $ 44,000,000 $ 39,500,000 

% Collections to Metro 56.5% 65.8% 

1/4 Cent Sales Tax (est. 2010) 

City of St. Louis Collections $ 9,513,707 $ 7,209,896 

Annualized Growth Rate (%) 32.0% n/a 

Amount Distributed to Metro $ 9,513,707 $ 7,209,896 

% Collections to Metro 100.0% 100.0% 

Total to Metro $ 53,513,707 $ 46,709,896 

Grand Total to Metro $ 157,691,068 $ 143,326,732 $ 96,196,048 $ 104,933,282 $ 116,750,897 $ 115,464,598 $ 111,806,862 $ 109,209,619 $ 106,505,865 $ 105,583,421 

Retail Taxpayers 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

St. Louis County Unavailable 22,237 22,313 22,394 22,644 23,093 23,279 22,960 23,116 22,252 

City of St. Louis Unavailable 8,612 8,610 8,647 8,746 8,948 9,008 8,614 8,594 8,235 

Notes: 

(1) Funds withheld for Tax Incentive Financing (TIF) 

(2) 1/4 cent Prop M receipts pledged to debt service on Cross-County Bonds and sent directly to 

bond trustee. Trustee remits balance after debt service to Metro. 

101






Senior Lien : Series 2002 A, B, C; Series 2007; Series 2009 

Subordinate Lien: Series 2005; Series 2010 A, B 

Use of 1/4 cent Proposition M Sales Tax (Prop M) by the Agency 

Fiscal Year Ending June 30 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

Beginning Balance $ 53,028,096 $ 55,872,902 $ 64,774,613 $ 65,729,424 $ 57,128,337 $ 56,291,987 $ 53,883,268 $ 60,678,021 $ 63,731,940 $ 127,784,886 

Prop M Receipts (1) $ 48,479,057 $ 45,920,357 $ 44,900,879 $ 47,980,937 $ 50,533,036 $ 50,295,361 $ 49,321,197 $ 48,270,294 $ 47,383,250 $ 46,706,690 

Prop M2 Receipts (2) 9,513,707 $ 7,209,896 

Debt Service- Cross County Bonds (below) (34,480,845) (34,181,621) (29,956,542) (27,764,584) (27,892,427) (26,429,699) (22,326,272) (19,855,670) (19,512,877) (10,887,319) 

Net Receipts to Metro (3) 23,511,919 18,948,632 14,944,337 20,216,353 22,640,609 23,865,662 26,994,925 28,414,624 27,870,373 35,819,371 

Operating Expenditures $ (16,065,084) $ (16,153,788) $ (22,832,179) $ (20,240,698) $ (19,667,621) $ (29,287,786) $ (26,994,925) $ (28,414,624) $ (26,448,984) $ (24,714,198) 

Capital Expenditures / Interest Earned (net) (1,988,344) (12,769,295) (1,013,869) (930,466) 5,628,099 6,258,474 2,408,719 (6,794,753) (4,475,308) (75,158,119) 

Interfund Transfer $ - $ 7,129,645 $ - $ - $ - $ - $ - $ - $ - $ - 

Net Expenditures $ (18,053,428) $ (21,793,438) $ (23,846,048) $ (21,171,164) $ (14,039,522) $ (23,029,312) $ (24,586,206) $ (35,209,377) $ (30,924,292) $ (99,872,317) 

Cumulative Balance $ 58,486,587 $ 53,028,096 $ 55,872,902 $ 64,774,613 $ 65,729,424 $ 57,128,337 $ 56,291,987 $ 53,883,268 $ 60,678,021 $ 63,731,940 

Debt Service: Cross County Bonds 

Senior Bonds 

Series 2002 A, B, C $ 25,627,633 $ 25,981,217 $ 24,463,109 $ 22,043,136 $ 22,228,147 $ 20,209,609 $ 19,552,690 $ 19,855,670 $ 19,512,877 $ 10,887,319 

Series 2007 1,074,421 

, 1,074,425 

, 1,074,420 , 1, 

074,420 

268,606 - - - - - 

Series 2009 4,767,972 4,767,975 3,072,695 - - - - - - - 

Total Senior Lien $ 31,470,026 $ 31,823,617 $ 28,610,224 $ 23,117,556 $ 22,496,753 $ 20,209,609 $ 19,552,690 $ 19,855,670 $ 19,512,877 $ 10,887,319 

Subordinate Bonds 

Series 2005 $ - $ 100,793 $ 1,346,318 $ 4,647,028 $ 5,395,674 $ 6,220,090 $ 2,773,582 $ - $ - $ 

- 

Series 2010 A 199,219 140,699 - - - - - - - - 

Series 2010 B 2,811,600 2,116,512 - - - - - - - - 

Total Subordinate Lien $ 3,010,819 $ 2,358,004 $ 1,346,318 $ 4,647,028 $ 5,395,674 $ 6,220,090 $ 2,773,582 $ - $ - $ 

- 

Total Debt Service $ 34,480,845 $ 34,181,621 $ 29,956,542 $ 27,764,584 $ 27,892,427 $ 26,429,699 $ 22,326,272 $ 19,855,670 $ 19,512,877 $ 10,887,319 

Debt Service Coverage Ratio (4) 

Senior Debt 154% 146% 157% 208% 225% 249% 252% 243% 243% 429% 

Senior and Subordinate 141% 139% 150% 173% 181% 190% 221% 243% 243% 429% 

Required Debt Coverage (5) 120% 120% 120% 120% 120% 120% 120% 120% 120% 120% 

Notes 

(1) Under the Series 2002 Bonds Trust Indenture, all 1/4 cent Prop M Sales Tax (est. 1994) receipts appropriated by the sponsors, St. Louis City and St. Louis County, are paid, monthly, directly to the Bond Trustee. 

(2) St. Louis City also remits the 1/4 cent Prop M2 (est. 2010) directly to the Bond Trustee. 

(3) The Bond Trustee intercepts, from the monthly City and County receipts received, estimated amounts necessary to satisfy debt service on the senior and subordinate bonds. The trustee remits all remaining funds to Metro. 

(4) Prop M, not including Prop M2, as a % over debt service. 

(5) Per Trust Indenture. 

Source: Bi-State Development Agency Finance Department 

102






Series 2002 A B C (Cross County Extension Bonds) 

Series 1998 A (St. Clair County Extension Bonds) 

Transit System Ridership Statistics 

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

System-Total 46,704,766 42,992,656 40,630,713 52,768,856 53,766,733 50,943,196 48,585,648 46,505,507 45,644,096 46,025,179 


MetroLink 17,000,005 16,209,098 15,828,981 19,423,931 19,696,094 18,717,725 15,391,319 15,648,233 14,509,522 14,843,969 

Call-A-Ride 584,291 568,419 545,606 665,137 699,792 663,869 668,122 676,011 682,097 575,344 

System/Avg Weekday 148,207 137,379 129,591 167,952 173,156 165,228 154,336 148,548 146,457 147,660 

MetroBus 93,470 85,108 78,596 107,370 109,182 104,245 108,034 99,796 100,366 101,172 

MetroLink 52,723 50,282 49,083 58,272 61,573 58,663 43,997 46,417 43,728 44,539 

Call-A-Ride 2,014 1,989 1,912 2,310 2,401 2,320 2,305 2,335 2,363 1,949 

St. Clair Phase II * 2,411,683 2,238,408 2,210,993 3,757,791 3,632,160 3,801,244 3,013,314 2,798,659 2,592,743 2,407,334 

Cross County ** 2,350,808 2,165,338 1,954,519 2,476,391 2,551,421 2,092,688 Service as of August 28, 2006 

35% 

Farebox Recovery by Mode 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

MetroBus 

MetroLink 

Call-A-Ride 

System 

MetroLink ridership for 2010 was revised to correct software issues. 

*Includes Emerson Park Station through Shiloh-Scott Station in Illinois. 

**Includes Skinker Station through Shrewsbury Station in Missouri. 

103






Series 2002 A B C (Cross County Extension Bonds) 

Series 1998 A (St. Clair County Extension Bonds) 

Transit System Mileage Statistics 

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 

Passenger Miles Traveled 

MetroBus 

MetroLink (train) 

Call-A-Ride 

System 

151,355,394 131,169,730 108,371,786 125,838,680 136,173,327 122,820,571 123,459,339 129,193,853 120,504,037 122,165,676 

125,915,654 142,647,265 136,857,181 156,712,446 143,815,869 137,439,468 119,769,526 117,724,578 127,210,168 124,972,634 

5,889,244 5,346,265 5,052,421 6,510,904 6,847,815 6,743,382 6,425,864 6,486,403 6,152,308 5,166,356 

283,160,292 279,163,260 250,281,388 289,062,030 286,837,011 267,003,421 249,654,729 253,404,834 253,866,513 252,304,666 

Vehicle Revenue Miles 


MetroLink (train) 3,166,500 3,147,571 2,913,199 3,398,923 3,393,520 3,230,926 2,375,807 2,392,183 2,610,259 2,644,861 

Call-A-Ride 5,127,068 4,766,990 4,616,903 4,903,975 4,908,341 5,015,158 5,151,109 5,176,795 5,128,572 4,485,452 

System 26,936,651 26,113,310 23,612,377 25,240,951 25,831,213 25,258,719 23,972,673 24,003,161 24,440,461 24,141,773 

Vehicle Revenue Hours 


MetroLink (train) 132,942 131,404 116,975 137,754 141,951 135,134 92,050 86,321 86,695 90,064 

Call-A-Ride 306,134 297,494 290,620 322,410 307,362 295,618 299,838 303,706 307,132 269,957 

System 1,798,544 1,757,174 1,576,280 1,707,288 1,749,582 1,683,219 1,619,402 1,541,814 1,466,236 1,439,068 

Number of Vehicles (active fleet at end of each fiscal year) 


MetroLink (cars) 

Call-A-Ride 

87 

117 

87 

116 

87 

116 

87 

126 

87 

114 

87 

118 

83 

119 

71 

119 

65 

120 

65 

101 

System 590 579 561 651 619 604 634 

629 648 643 

Passenger Miles Traveled (PMT) is a measure of service consumed by transit users. This measure tracks the distance traveled by each passenger. For example, the distance from the time a passenger boards 

until the passenger gets off the vehicle. PMT is the cumulative sum of the distances ridden by each passenger. Source: National Transit Database. 

Vehicle Revenue Miles are the miles traveled when the vehicle is in revenue service. Source: Metro Performance Indicators, Fiscal Year Ended June 30, 2012. 

Vehicle Revenue Hours are the hours traveled when the vehicle is in revenue service. Source: Metro Performance Indicators, Fiscal Year Ended June 30, 2012. 

104



Budgeted Positions 

(Using Current Organization) 

Weighted Average* 

FY12 FY11 FY10 FY09 FY09 FY08 FY07 FY06 FY05 FY04 FY03 

Transit by Function : 

Transit Operations 

ADA 7 7 6 8 8 7 6 5 6 4 4 

Bus Operators 860 826 728 610 852 846 833 844 875 874 836 

Bus Operations Support 73 71 66 109 75 75 70 71 71 71 76 

Facility Maintenance 32 31 31 31 32 28 29 18 19 17 17 

Light Rail Operators 95 95 89 90 109 102 101 70 70 71 75 

Light Rail Operations Support 39 39 32 50 39 39 39 30 30 30 30 

Maintenance of Way 128 123 118 122 124 127 126 111 103 102 105 

Paratransit Operators 202 202 202 204 228 223 234 239 240 223 206 

Paratransit Operations Support 49 49 49 66 51 46 45 46 47 47 47 

Research and Development 39 38 38 40 41 41 46 45 46 49 47 

Security 34 33 33 35 35 31 31 20 15 6 5 

Vehicle Maintenance 336 336 295 312 335 334 336 335 348 360 360 

Transit Operations Administration 2 2 2 2 2 1 1 1 2 1 2 

Total Transit Operations 1,896 1,852 1,689 1,679 1,931 1,900 1,897 1,835 1,872 1,855 1,810 

Finance 87 87 83 88 90 88 85 86 86 90 94 

Engineering and New Development 18 20 20 26 26 22 22 13 9 11 - 

Human Resources 18 18 17 20 21 21 19 20 21 20 18 

Marketing 6 6 7 7 7 6 6 5 5 4 5 

Procurement e 54 53 53 57 60 58 60 49 48 51 51 

Information Technology 44 44 43 42 42 36 37 34 35 36 36 

Communications 6 5 6 5 4 4 4 4 4 4 4 

Capital Positions 12 12 8 8 8 6 8 87 64 62 50 

Total Transit by Function 2,141 2,097 1,926 1,932 2,189 2,141 2,138 2,133 2,144 2,133 2,068 

Executive Services 19 16 14 16 16 19 19 19 14 13 16 

Gateway Arch 11 11 11 11 11 6 6 7 10 10 10 

St. Louis Downtown Airport 11 11 11 11 11 8 8 8 9 9 5 

Gateway Arch Parking Facility 6 6 6 6 6 6 6 6 6 6 6 

Riverfront Attractions 12 14 14 15 15 19 19 19 18 16 16 

Total All Companies 2,200 2,155 1,982 1,991 2,248 2,199 2,196 2,192 2,201 2,187 2,121 

During 2006, the Cross County corridor was opened for revenue service. Employees from capital programs moved to the operating positions in transit service support and security. Overall, 87 more operating 

positions were required for the Cross County extension. Utilizing cost efficiencies in other areas, the Agency was able to absorb most of the additional positions for Cross County. In FY 2007 and 2008, minimal 

position increases were needed to cover the operational needs of the Cross County extension. In the FY 2009 Board Approved Budget, an increase in service required additional vehicle operators, security, and 

operational support. However, due to funding issues in March 2009, Metro experienced a major service reduction. Even though this did not go through a formal budget amendment, Metro feels that the 

budgeted personnel for 2009 demonstrates an incorrect position count. To clarify Metro's personnel for FY 2009, we are adding a weighted personnel count to represent the first nine months of 2009 as the 

budgeted amounts and the last three months of 2009 as the 2009 service reduction personnel amounts. The funding issue continued with the FY 2010 budget, but by August 2009, Metro received temporary 

funding that enabled a partial service restoration. With this one-time funding, Metro took an amended budget to the Board of Commissioners. FY 2011 reflects a complete restoration of revenue service, 

phased in to allow time to hire and train new operators and other personnel for maintenance of the restored service. In FY 2012, Metro reinstated a part-time bus operator staff, which is included in the FY 2012 

bus operator count in the above schedule. 

Source of data: 

Bi-State Development Agency, Financial Planning and Budgeting, May 2012 

105



Transit Fares 

Fare Type as of July 1, 2012 

Adults 

Seniors, Children, & 

Customers with 

Disabilities* 

MetroBus Fare $ 2.00 $ 1.00 

MetroLink One-Ride Ticket $ 2.25 $ 1.10 

Metro Two-Hour Pass $ 3.00 $ 1.50 

Metro Two-Hour Pass from Lambert Airport w/transfer $ 4.00 

Metro One-Day Pass (may not be used for Call-A-Ride or special services) $ 7.50 

Metro Two-Hour Pass (Book of 10) $ 30.00 

Metro Weekly Pass $ 25.00 

Metro Monthly Pass $ 72.00 $ 36.00 

Metro Combo Pass (sold only at MetroRide Downtown and MetroRide Clayton Cente rs) 

$ 92.00 

Metro College Semester Pass $ 150.00 

Call-A-Ride (ADA Eligible Trips) $ 4.00 

*Seniors, Children and Customers with Disabilities 

Seniors (age 65+) with proper ID (Metro's Reduced Fare Card - Elderly). 

Customers with Disabilities must present either a Metro Reduced Fare Permit or Metro ADA Paratransit Permit to ride for the reduced fares. 

Children are those aged 5-12, and proof of age may be requested (younger than age 5 ride free). 

Historical Base Passenger Fare 

MetroBus MetroLink 

FY99 – 00 $0.75 $0.75 

FY 01 $1.00 $1.00 

FY02 – 04 $1.25 $1.25 

FY05 $1.50 $1.50 

FY06 $1.65 $1.75 

FY07 – 08 $1.75 $2.00 

FY09 - Present $2.00 $2.25 

106



Gateway Arch Riverfront 

Activities and Ticket Prices 

Gateway Arch 

Arch Tram Ride 

The largest national monument in the United States and highest point in downtown St. Louis City is at the top of the Gateway Arch at 630 feet, where on 

a clear day, you can see a distance of up to 30 miles. Looking West, you’ll have a breathtaking view of downtown St. Louis. Looking East, you can see 

the Mississippi River and Illinois. 

The entrance to the south leg of the Gateway Arch features life in St. Louis as it was during the 1800s, returning to a time when the St. Louis Riverfront 

was bustling with steamboats, fur traders and merchants. 

The entrance to the north leg of the Gateway Arch takes you back to the year 1965 showing what it was like for the construction workers fitting into place 

the final piece of the Arch. 

Ticket prices are: 

Adults: $10.00 Youth (ages 3 to 15): $5.00 

"Monument to the Dream" Documentary Film 

This award-winning film documents the construction of the Gateway Arch, right up to when the last piece was put into place. 



Giant-Screen Movies 

"Lewis and Clark: Great Journey West" is narrated by Jeff Bridges and follows Lewis and Clark as they explore the uncharted lands of the Louisiana 

Purchase and beyond. 



Museum of Westward Expansion 

The National Park Service preserves the experience of the expansion into the West with glimpses of Indian and pioneer life of the Old West. 

Admission: Free 

107






Sightseeing Cruise 

"One-hour Cruises": Paddle wheelers Tom Sawyer and Becky Thatcher view the St. Louis skyline, historic Eads Bridge and the Gateway Arch while 

the Captain provides a lively narrative about the history of the river and St. Louis. 

Reservations required. Adults: $14.00 

Children (ages 3 to 15): $8.00 

"Lock and Dam Cruise": Travel through the Mississippi River Lock and Dam system, includes a buffet and music. ( 5.5 hour cruise.) 

Ticket prices are: All: $46.00 

"Kimmswick Cruise": Cruise to or from the riverside town of Kimmswick, which is known for its shopping, antiques, and the famous Blue Owl 

Restaurant. Passengers are allowed time to browse the town and enjoy lunch at the Blue Owl (included), with return to the Arch by motorcoach. 

Ticket prices are: All: $62.00 

"Sunday Brunch Cruise": Cruise the St. Louis skyline while enjoying a festive Sunday brunch and Dixieland music. 



Dinner Cruises 

"Skyline Dinner Cruise": Enjoy this two and a half hour night cruise listening to riverboat style jazz and enjoying fine dining 

Mississippi River viewing the St. Louis skyline, historic Eads Bridge and the Gateway Arch. 



"Oktoberfest Cruise": Authentic German buffet and music enjoyed on Sundays in October 



Entertainment Cruises 

as the riverboat travels the 

"The "Blues Cruise" is a 3-hour evening cruise during the summer, presenting the area's most popular Blues bands, concessions, and a cash bar. 

Reservations required. Per Person: $18.00 

Select Thursdays, June through October 

108






Entertainment Cruises (continued) 

"Majic 104.9 Cruises": Dance and dine (light hors d'oeuvres) while cruising the St. Louis skyline and enjoying music by a live disk jockey from radio 

Majic 104.9. 

Reservations required. Per Person: $21.00 

Fridays, May through October 

Gateway Arch Riverboats are available for special events. 

Corporate/convention functions Weddings Reunions More 

Gateway Arch Riverfront Bike Rentals 

The Bike Rental site is found on the riverfront below the Grand Staircase of the Gateway Arch. Helmets and trail maps are 

biking accessories and snacks being available for purchase. Ride leisurely along the Bike St. Louis Trails, the newly restored 

the sights and sounds of St. Louis, including the City Museum, Union Station and the Gateway Arch. 

Bike rental prices vary dependent on the rental, starting at $15.00 for 2 hours. 

Gateway Arch Riverfront Helicopter Tours 

included with every rental with 

Riverfront Trail, or experience 

These helicopter tours accommodate 2-3 passengers with the tour office located on the St. Louis riverfront directly below 

Staircase. Flown by certified pilots and FAA regulated. 

Tours pricing starts at $35.00 per person. 

the Gateway Arch Grand 

109



Bi-State Service Area Population 

2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 

Illinois 

St. Clair County 

Madison County 

270,259 

268,459 

270,056 

269,282 

263,617 

268,457 

262,291 

268,078 

261,708 

266,483 

260, 

919 

265, 

303 

260,067 

264,309 

259,123 

263,443 

258,486 

263,224 

257,440 

260,926 

Monroe County 33,306 32,957 33,236 32,804 31,591 31,876 31,040 30,491 29,742 29,051 

Illinois total 572,024 572,295 565,310 563,173 559,782 558,098 555,416 553,057 551,452 547,417 

Missouri 

St. Louis City 

St. Louis County 

St. Charles County 

Jefferson County 

318,069 

998,692 

365,151 

219,480 

319,294 

998,954 

360,485 

218,733 

356,587 

992,408 

355,367 

219,046 

354,361 

991,830 

349,407 

217,679 

344,764 

1,004,048 

348,844 

220,507 

353, 

837 

1,000, 

510 

338, 

719 

216, 

469 

352,572 

1,004,666 

329,940 

213,669 

350,705 

1,007,723 

320,459 

210,466 

348,039 

1,011,781 

311,961 

207,055 

347,252 

1,014,896 

303,525 

203,985 

Missouri total 1,901,392 1,897,466 1,923,408 1,913,277 1,918,163 1,909,535 1,900,847 1,889,353 1,878,836 1,869,658 

Total Bi-State Service Area 2,473,416 2,469,761 2,488,718 2,476,450 2,477,945 2,467,633 2,456,263 2,442,410 2,430,288 2,417,075 

Sources of data: 

2001 through 2007 data: St. Louis Regional Chamber & Growth Association (RCGA), July 2008 

2008 through 2009 data: U.S. Census Bureau, July 2010 

2010 - 2011 data: U.S. Census Bureau, Population Division, April 2012 

110



Per Capita Personal Income by Region 

2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 

Missouri 

St. Louis City $ 35,861 $ 32,026 $ 32,214 $ 30,494 $ 29,588 $ 27,903 $ 27,311 $ 27,052 $ 26,831 $ 26,450 

St. Louis County 51,512 52,214 54,343 52,576 50,845 46,968 45,680 44,034 42,454 40,415 

St. Charles County 39,441 38,494 39,383 37,885 36,585 34,786 33,525 32,741 31,397 30,701 

Jefferson County 33,917 32,617 33,408 31,843 30,684 29,261 27,925 27,493 26,628 25,983 

Illinois 

St. Clair County $ 35,646 $ 35,112 $ 35,437 $ 34,095 $ 32,298 $ 30,663 $ 29,723 $ 28,784 $ 27,874 $ 26,654 

Madison County 36,781 35,811 36,218 34,724 32,998 31,542 30,514 30,149 28,984 27,881 

Monroe County 41,909 39,521 40,355 38,955 36,536 34,411 34,183 32,496 31,734 32,023 

St. Louis, MO-IL (MSA) $ 41,528 $ 40,728 $ 41,823 $ 40,247 $ 38,805 $ 36,449 $ 35,434 $ 34,461 

United States average $ 39,937 $ 39,635 $ 40,166 $ 39,392 $ 37,698 $ 35,424 $ 33,881 $ 32,271 

$ 33,356 $ 32,195 

$ 31,462 $ 31,145 

The Bi-State region experiences an ongoing increase in per capita income by county/city until in 2009, when per capita income decreased in our region and in the 

United States as an average. In 2010, the region and nation's per capita personal income saw improvement. However, only St. Louis County has consistently been 

above the St. Louis, MO-IL MSA and the United States average per capita income. 

Per capita personal income was computed using Census Bureau midyear population estimates. 

Debt per capita * $ 241 $ 235 $ 236 $ 233 $ 235 $ 180 $ 179 $ 184 

Debt as a percentage 

of total income 0.58% 0.58% 0.56% 0.58% 0.61% 0.49% 0.50% 0.53% 


U.S. Department of Commerce, Bureau of Economic Analysis, April 2012 (2011 statistics unavailable) 

111



Annual Average Unemployment Percentage Rate in Bi-State Service Area 

Missouri 

Illinois 

2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 

St. Louis City 10.5 11.7 11.7 7.8 7.0 6.9 8.1 9.0 8.6 7.9 

St. Louis County 7.3 8.9 9.0 5.9 4.9 4.6 5.2 5.5 5.2 4.7 

St. Charles County 6.6 8.1 8.6 5.4 4.1 3.9 4.0 4.2 4.2 3.9 

Jefferson County 8.5 9.9 10.6 6.8 5.1 4.8 5.3 5.6 5.2 5.0 

St. Clair County 10.3 10.9 10.9 7.9 6.3 5.8 6.2 6.7 6.9 6.4 

Madison County 9.0 9.8 10.2 6.8 5.6 4.9 5.4 5.9 6.1 5.7 

Monroe County 7.4 7.8 7.8 5.4 4.4 3.9 4.2 4.2 4.6 4.2 

Bi-State region average 8.6 9.6 9.8 6.6 5.3 5.0 5.5 5.9 5.8 5.4 

United States 

8.5 9.6 9.3 5.7 4.8 4.6 5.1 5.5 6.0 5.8 

Since 2004, the Bi-State region has shown a higher unemployment rate than the United States average. St. Louis City has consistently held the highest 

rate in the region with the exception of St. Clair County being higher than St. Louis City in 2008, while St. Charles County in Missouri has had the lowest 

until in 2009 and 2010 when Monroe County in Illinois was lowest. In the Bi-State region in 2011, 3,902 jobs have been lost due to mass layoffs. 

Companies such as Western Union, ARAMARK, RehabCare Group, SSM Cardinal Glennon Children's Hospital, Dilliards and many more have either 

closed or laid off employees. The area saw a monthly average of 119,572 unemployed people, giving the region an average unemployment rate of 8.6% in 

2011. 

The states of Missouri and Illinois have many programs to help combat high unemployment rates in the Bi-State region. One Illinois program is EDGE 

(Economic Development for a Growing Economy) . This is a tax credit program intended to help level the playing field when competing for new job creating 

projects. The EDGE program tax credits allows firms relocating or creating new jobs in Illinois to reduce labor related costs. In Missouri, the Quality Job 

Act is a tax incentive program that targets the creation of high quality jobs for new business projects. Both states create a favorable business climate in 

the Bi-State region by also off ering loan programs, grants, and other tax assistance for new and expanding businesses. 


Missouri Department of Economic Development, Missouri Economic Research and Information Center, May, 2012 

Illinois Department of Employment Security, Local Area Unemployment Statistics: LAUS, May, 2012 

Missouri Rapid Response : WAR N, Mass Layoffs, May, 2012 

Illinois Department of Employment Security, MLS, Mass Layoff Statistics, May, 2012 

St. Louis Regional Chamber & Growth Association (RCGA), May, 2012 

112



Bi-State Region Top Businesses by Employee Count 

As of January 1, 2012 

Employer* 

Employees % of Region Workforce by Bi-State Service Area**: 

1 BJC Healthcare 24,882 2.0% Missouri 

2 Boeing Defense, Space & Security 15,600 1.2% St. Louis City 143,785 

3 SSM Healthcare 13,500 1.1% St. Louis County 522,675 

4 Washington University in St. Louis 13,483 1.1% St. Charles County 199,975 

5 Scott Air Force Base 12,344 1.0% Jefferson County 117,478 

6 Schnuck Markets, Inc. 10,951 0.9% Total Missouri 983,913 

7 Wal-Mart Stores Inc. 10,800 0.9% 

8 Mercy Health 8,926 0.7% Illinois 

9 United States Postal Service 7,872 0.6% St. Clair County 127,085 

10 St. Louis University 7,495 0.6% Madison County 138,131 

Total 125,853 9.9% Monroe County 18,315 

Total Illinois 283,531 

Total Bi-State Region 1,267,444 

TheBi-Stateregion is home to 21 Fortune 1000 companies, 10 of which are in the Fortune 500. Express Scripts, Emerson Electric, Monsanto Company, 

Peabody Energy, and Ameren Corporation are only a few. It is also home to many of the nation's largest privately held companies such as Edward Jones, 

Schnuck Markets Inc, and Enterprise Rent-A-Car. During 2011, St. Louis has been recognized as being one of the best cities to do business by 

MarketWatch. This region was ranked as the 6th most cost-competitive location among 22 U.S. metros with populations exceeding two million in a March 

2010 study by KPMG LLP (which factored in cost of labor, energy, taxes, and office space). 


* St. Louis Regional Chamber & Growth Association (RCGA), May 2012 

** Illinois Department of Employment Security, Local Area Unemployment Statistics: LAUS, May, 2012 

Illinois Department of Employment Security, MLS, Mass Layoff Statistics, May, 2012 

113



Bi-State Region Historical Top Businesses by Employee Count 

As of January, 2011 As of January, 2010 

Employer Employees % of Region Employer Employees % of Region 

1 BJC Healthcare 24,882 2.0% 1 BJC Healthcare 26,531 2.0% 

2 Boeing Defense, Space & Security 15,600 1.2% 2 The Boeing Co. Integrated Defense Systems 16,000 1.2% 

3 Washington University in St. Louis 13,483 1.1% 3 Scott Air Force Base 14,150 1.1% 

4 SSM Healthcare 12,548 1.0% 4 United States Postal Service 12,700 1.0% 

5 Scott Air Force Base 12,344 1.0% 5 Washington University in St. Louis 12,390 0.9% 

6 Schnuck Markets, Inc. 10,951 0.9% 6 SSM Healthcare 12,102 0.9% 

7 Wal-Mart Stores Inc. 10,800 0.9% 7 Schnuck Markets, Inc. 10,500 0.8% 

8 St. John's Mercy Health Care 8,926 0.7% 8 Archdiocese of St. Louis 9,912 0.8% 

9 AT&T Communications Inc. 8,900 0.7% 9 SBC 9,250 0.7% 

10 United States Postal Service 7,872 0.6% 10 AT&T Communications Inc. 8,990 0.7% 

Total 126,306 10.1% Total 132,525 10.1% 

Workforce by Bi-State Service Area 1,256,388 Workforce by Bi-State Service Area 1,308,714 

As of January, 2009 As of January, 2008 

Employer Employees % of Region Employer Employees % of Region 

1 BJC Healthcare 26,531 2.0% 1 BJC HealthCare 23,378 1.7% 

2 The Boeing Co. Integrated Defense Systems 16,000 1.2% 2 Boeing Integrated Defense Systems 16,000 1.2% 

3 Scott Air Force Base 14,150 1.1% 3 Scott Air Force Base 14,150 1.0% 

4 United States Postal Service 12,700 1.0% 4 Wal-Mart Stores Inc. 13,400 1.0% 

5 Washington University in St. Louis 12,390 10% 1.0% 5 United States Postal Service 12,700 09% 0.9% 

6 SSM Healthcare 12,102 0.9% 6 Washington University in St. Louis 12,390 0.9% 

7 Schnuck Markets, Inc. 10,500 0.8% 7 SSM Health Care 12,102 0.9% 

8 Archdiocese of St. Louis 9,912 0.8% 8 Schnuck Markets Inc 10,500 0.8% 

9 SBC 9,250 0.7% 9 AT&T Communications Inc. 8,990 0.7% 

10 AT&T communications Inc. 8,990 0.7% 10 St. John's Mercy Health Care 8,876 0.7% 

Total 132,525 10.2% Total 132,486 9.8% 

Workforce by Bi-State Service Area 1,297,234 Workforce by Bi-State Service Area 1,354,487 

As of January, 2007 

Employer Employees % of Region 

1 BJC HealthCare 23,001 1.8% 

2 Boeing Integrated Defense Systems 16,000 1.2% 

3 United States Postal Service 13,340 1.0% 

4 Scott Air Force Base 13,331 1.0% 

5 Wal-Mart Stores Inc. 13,005 1.0% 

6 SSM Health Care 12,582 1.0% 

7 Washington University in St. Louis 12,423 1.0% 

8 Schnuck Markets Inc 10,700 0.8% 

9 AT&T Communications Inc. 9,442 0.7% 

10 St. John's Mercy Health Care 8,642 0.7% 

Total 132,466 10.2% 

Workforce by Bi-State Service Area 1,298,593 

Source: St. Louis Regional Chamber & Growth Association (RCGA), 2007 - 2011 

114

Comprehensive Annual Financial Report Fiscal Year ... - Metro Transit

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