Comprehensive Annual Financial Report - Metro Transit

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Bi-State Development Agency of theMissouri-Illinois Metropolitan DistrictNotes to Financial StatementsJune 30, 2011 and 20106 1. Significant Accounting PoliciesThe accompanying combined financial statements of the Bi-State Development Agencyof the Missouri-Illinois Metropolitan District (“Metro”) are prepared in conformity withaccounting principles generally accepted in the United States of America applicable tostate and local governments as prescribed by the Governmental Accounting StandardsBoard (“GASB”). The following is a summary of the more significant policies.Financial Reporting EntityThe basic financial statements encompass all proprietary functions for which Metro isresponsible. These functions include: General Agency, Gateway Arch Tram System,Gateway Arch Parking Facility, Gateway Arch Riverfront Attractions, St. Louis DowntownAirport, and the Transit System.Additionally, Metro evaluated whether there were any potential component units whichshould be included in these financial statements based on the following criteria: financialaccountability, access to resources, responsibility for debts and deficits, and fiscalindependence. No potential component units were identified, nor is Metro a componentunit of any other entity or government. The City of St. Louis, Missouri, the Missouricounties 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 authorityover Metro and have limited responsibility for Metro's debts or deficits except as providedin the Memorandum of Agreement.Fund AccountingMetro maintains its accounting records on the basis of funds. A fund is a fiscal andaccounting entity with a self-balancing set of accounts. Cash and other financialresources, together with all related liabilities and residual equities balances and changestherein are segregated for the purpose of carrying on the specific activities or attainingcertain objectives in accordance with special regulations, restrictions or limitations.The fund financial statements provide information about Metro’s funds, including fiduciaryfunds. Separate statements for each fund category – proprietary and fiduciary – arepresented. The emphasis of fund financial statements is on the enterprise funds.All funds used in accounting for the financial operations of Metro are enterprise funds orfiduciary funds. For financial reporting purposes, Metro is considered a single enterprisefund in which all subsidiary enterprise funds are combined and interfund transactions areeliminated. Metro is required to adopt a balanced budget; however, it is not required toadopt legally enforceable budgets and does not adopt such budgets.17
Bi-State Development Agency of theMissouri-Illinois Metropolitan DistrictNotes to Financial StatementsJune 30, 2011 and 2010New Accounting Standards• GASB Statement No. 54, Fund Balance Reporting and Governmental Fund TypeDefinitions, was issued in March 2009 and is effective for periods beginning after June15, 2010. The objective of this Statement is to enhance the usefulness of fundbalance information by providing clearer fund balance classifications that can be moreconsistently applied and by clarifying the existing governmental fund type definitions.This Statement establishes fund balance classifications that comprise a hierarchybased primarily on the extent to which a government is bound to observe constraintsimposed upon the use of the resources reported in governmental funds.• GASB Statement No. 57, OPEB Measurements by Agent Employers and AgentMultiple-Employer Plans, was issued December 2009 and is effective for periodsbeginning after June 15, 2011. This Statement amends Statement No. 45,Accounting and Financial Reporting by Employers for Postemployment Benefits OtherThan Pensions, to permit an agent employer that has an individual-employer OPEBplan with fewer than 100 total plan members to use the alternative measurementmethod, at its option, regardless of the number of total plan members in the agentmultiple-employer OPEB plan in which it participates.• GASB Statement No. 59, Financial Statements Omnibus, was issued June 2010 andis effective for periods beginning after June 15, 2011. The objective of this Statementis to update and improve existing standards regarding financial reporting anddisclosure requirements of certain financial instruments and external investment poolsfor which significant issues have been identified in practice.• GASB Statement No. 60, Accounting and Financial Reporting for Service ConcessionArrangements, was issued November 2010 and is effective for periods beginning afterDecember 15, 2011. The objective of this Statement is to improve financial reportingby addressing issues related to service concession arrangements (SCAs), which are atype of public-private or public-public partnership.• GASB Statement No. 61, The Financial Reporting Entity: Omnibus—an amendment ofGASB Statements No. 14 and No. 34 was issued November 2010 and is effective forperiods beginning after June 15, 2012. The objective of this Statement is to improvefinancial reporting for a governmental financial reporting entity.• GASB Statement No. 62, Codification of Accounting and Financial ReportingGuidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements,was issued December 2010 and is effective for periods beginning after December 15,2011. The objective of this Statement is to incorporate into the GASB’s authoritativeliterature certain accounting and financial reporting guidance that is included in thefollowing pronouncements issued on or before November 30, 1989.• GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources,Deferred Inflows of Resources, and Net Position, which establishes guidance forreporting deferred outflows of resources, deferred inflows of resources, and net18
Page 1 and 2: 2011Comprehensive AnnualFinancial R
Page 3 and 4: Introduction SectionBi-State Develo
Page 5 and 6: October 26, 2011Vincent C. Schoemeh
Page 7 and 8: Sources of Local Match Funding for
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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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