Comprehensive Annual Financial Report - Metro Transit

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Comprehensive AnnualFinancial ReportFiscal Year Ended June 30, 2011Bi-State Development Agencyof the Missouri-Illinois Metropolitan DistrictSt. Louis, MissouriVincent C. Schoemehl, Jr.ChairmanBoard of CommissionersJohn M. NationsPresident &Chief Executive OfficerFinance Division
Introduction SectionBi-State Development Agencyof the Missouri-Illinois Metropolitan DistrictDBA “Metro”Table of ContentsTable of Contents .................................................................................................................... iLetter of Transmittal………………………………………………………………………………... iiiCertificate of Achievement for Excellence in Financial Reporting ....................................... xiiiBoard of Commissioners ..................................................................................................... xivExecutive Officers/Financial Officers and Other Support Personnel……………………. ...... xvOrganizational Chart ........................................................................................................... xviFinancial SectionReport of Independent Auditors .........................................................................................1Management’s Discussion & Analysis ...............................................................................3Basic Financial StatementsCombined Statements of Net Assets ...............................................................................11Combined Statements of Revenues, Expenses andChanges in Net Assets .................................................................................................13Combined Statements of Cash Flows .............................................................................14Fiduciary Activities – Retirement Medical Plan ................................................................16Notes to Combined Financial Statements .......................................................................17Footnote 1: Significant Accounting Policies .............................................................17Footnote 2: Cash, Cash Equivalents and Investments ............................................23Footnote 3: Restricted Assets ..................................................................................26Footnote 4: Fair Value of Financial Instruments .......................................................27Footnote 5: Capital Assets .......................................................................................28Footnote 6: Liability, Claims, and Litigation ..............................................................29Footnote 7: Compensated Absences .......................................................................31Footnote 8: Revenue Recognition ............................................................................31Footnote 9: Finance Obligations Under Lease .........................................................32Footnote 10: Long-Term Debt ..................................................................................36Footnote 11: Pension Plans .....................................................................................44Footnote 12: Grants and Assistance ........................................................................53Footnote 13: Interfund Balances ..............................................................................55Footnote 14: Operating Agreement ..........................................................................55Footnote 15: Joint Venture Agreement ....................................................................56Footnote 16: Fuel Hedge ..........................................................................................56Footnote 17: Commitments and Contingencies .......................................................56Footnote 18: Conduit Debt Obligations ....................................................................57Footnote 19: Subsequent Events .............................................................................57Required Supplemental InformationSchedule of Funding Progress – OPEB Plan ..................................................................59Schedule of Funding Progress – Pension Plans .............................................................60
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Page 5 and 6: October 26, 2011Vincent C. Schoemeh
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Bi-State Development Agency of theM
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for) operating activities $ (343,73
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for) operating activities $ 142,907
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Ticket prices are: All: $62.00"Sund
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707 N. First StreetSt. Louis, MO 63
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Comprehensive Annual Financial Report - Metro Transit

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