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 2010position in a statement of financial position. The provisions of this Statement areeffective for financial statements for periods beginning after December 15, 2011.GASB Statements Numbers 57 and 59 do impact Metro. Management has notdetermined the impact of the remaining statements on the combined financialstatements.Enterprise FundsMetro’s enterprise funds are used to account for operations that are financed andoperated 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 theadministrative head of Metro;• Gateway Arch Tram System Fund - operates and maintains the transportation systemwithin the Gateway Arch in accordance with a cooperative agreement with the UnitedStates Government as discussed in Note 13 (Operating Agreement);• Gateway Arch Parking Facility Fund - operates and maintains the parking garage atthe Jefferson National Expansion Memorial Park in acc ordance with a cooperativeagreement with the United States Government as discussed in Note 13;• Gateway Arch Riverfront Attractions – owns, operates and maintains both the TomSawyer and Becky Thatcher Riverboats docked along the Mississippi River just belowthe Gateway Arch;• St. Louis Downtown Airport Fund – owns, operates and maintains the St. LouisDowntown Airport and an adjacent business park located in Cahokia, Illinois; and• Transit System Fund – owns, operates and maintains the St. Louis metropolitan areamass transportation system which includes MetroBus, MetroLink and Metro Call-A-Ride services.Fiduciary FundThe fiduciary funds are used to account for assets held by Metro as a trustee or as anagent for others and which assets cannot be used to support its own programs. Metro’strust fund is the Bi-State Development Agency Other Post Employment Benefits Trust.Basis of AccountingMetro follows the accrual basis of accounting and uses the economic resourcesmeasurement focus for all of its enterprise funds and fiduciary funds. Revenues arerecognized when earned and expenses are recognized at the time liabilities are incurred19
Bi-State Development Agency of theMissouri-Illinois Metropolitan DistrictNotes to Financial StatementsJune 30, 2011 and 2010regardless of the timing of related cash flows. Under GASB Statement No. 20,Accounting and Financial Reporting for Proprietary Funds and Other GovernmentalEntities That Use Proprietary Fund Accounting, Metro applies all applicable GASBpronouncements and Financial Accounting Standards Board (“FASB”) Statements andinterpretations issued on or before November 30, 1989, unless these pronouncementsconflict with or contradict GASB pronouncements. Metro has also elected to apply allFASB statements and interpretations issued after November 30, 1989 except for thosethat conflict with or contradict GASB pronouncements.Estimates and AssumptionsThe preparation of the financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets and liabilities; thedisclosure of contingent assets and liabilities at the date of the financial statements; andthe reported amounts of revenues and expenses during the reporting period. Actualresults could differ from those estimates.Cash and Cash EquivalentsMetro pools all cash for investment purposes when most beneficial. Each fund hasequity in the pooled amount. Investment earnings are allocated to each individual fundon the basis of their investment or equity in the pooled amount. Metro considers allhighly liquid investments readily convertible into cash with original maturities of threemonths or less to be cash equivalents. Metro carries all cash equivalents at cost, whichapproximates fair value.InvestmentsWhen beneficial, Metro pools funds for investment purposes. For pooled investments,investment earnings are allocated proportionately according to each fund’s equity in theinvestment. Metro’s investments consist of collateralized repurchase agreements; TripleA rated money market funds, collateralized certificates of deposit, and U.S. Treasury andU.S. Government Agency securities. Investments maturing in less than one year arecarried at amortized cost, which approximates fair value. Investments maturing in overone year are carried at fair value. Metro determines fair value to be the amount at whichfinancial instruments could be exchanged in a current transaction between willingparties, at quoted market prices.Materials and SuppliesMetro transit inventories of materials and supplies are recorded at cost, using the movingweighted average method and are expensed when inventories are consumed inoperations. Business Enterprise inventory counts are completed midyear toaccommodate seasonality and maritime regulations. Purchases made between themidyear inventory count and fiscal yearend are expensed as incurred.20
Page 1 and 2: 2011Comprehensive AnnualFinancial R
Page 3 and 4: Introduction SectionBi-State Develo
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 $ 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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