ANNUAL REPORT 2008/09 - BC Transit

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Growing DemandThroughout the province, BC Transit services are experiencingunprecedented demand. Ridership increased by six percent during 2008/09. The ridership growth indicates thesuccess of improved transit service. Transit ridership has alsobeen influenced by growing concern with respect to theenvironment and the costs of driving. However, in severalcommunities ridership growth exceeds the capacity of thetransit system to respond. The continued rapid growthchallenges the financial capacity of funding partners tosupply additional service, expanded bus fleets and associatedinfrastructure.Labour Force ChallengesTransit service is a labour intensive business. To implementthe services anticipated over the next three years will requireover 100 additional staff at BC Transit to operate the VictoriaRegional Transit System and provide the professional andadministrative services supporting the remainder of theprovincial network. Additional new jobs will be requiredby contract operators delivering BC Transit service in theremainder of the province.OUTLOOKBC Transit’s 2009-2012 Service Plan describes the transitimprovement program to be undertaken in the next threeyears in response to Shareholder’s direction. The plan can befound on BC Transit’s website at http://www.bctransit.com/corporate/general_info/annual_reports.cfm#service_plan.Included in the Service Plan is an outlook for the three yearservice plan period.2009/10 will also include several challenges. The currenteconomic downturn will place stress on funding partnersand volatility of commodity and foreign currency pricescould create cost and funding pressures. Management isimplementing plans to help mitigate these risks to the extentpossible. The future will challenge BC Transit but will alsoprovide significant opportunities.Vancouver 2010BC Transit is engaged with VANOC to support the 2010Olympic and Paralympic Winter Games in Whistler. BC Transithas developed plans for community transportation andpublic transit services for visitors and spectators during thegames to meet the demand anticipated by VANOC. BC Transitreached an agreement with VANOC to ensure that the fullincremental cost of additional services required by the gamesare provided by the Olympic organization.32BC TRANSIT 2008/09 ANNUAL REPORT
REPORT OF MANAGEMENTYear ended March 31, 2009The financial statements of British Columbia Transit (“BC Transit”) are the responsibility of management andhave been prepared in accordance with Canadian generally accepted accounting principles and include someamounts based on management’s best estimates and careful judgment. A precise determination of many assetsand liabilities is dependent upon future events and, consequently, the preparation of periodic financial statementsnecessarily involves the use of management’s judgment in establishing the estimates and approximations used.The financial statements have, in management’s opinion, been properly prepared within the framework of theaccounting policies summarized in the notes to the financial statements and incorporate, within reasonable limitsof materiality, all information available as at May 22, 2009.BC Transit’s system of internal controls is designed to provide reasonable assurance that assets aresafeguarded, transactions are properly recorded and executed in accordance with management’s authorization,financial information is reliable and ethics codes are observed. Inherent to the concept of reasonable assuranceis the recognition that there are limits in all internal control systems and that system costs should not exceed theexpected benefits. The system includes the selection, training and development of qualified personnel,organizational division of responsibilities, appropriate delegation of authority and formal written company policiesand procedures including the conflict of interest policy of all BC Transit officers and employees.The financial statements have been examined by KPMG LLP, BC Transit’s independent external auditors. Theirresponsibility is to express their opinion whether the financial statements in all material respects, present fairlythe financial position, results of operations and cash flows in accordance with Canadian generally acceptedaccounting principles. Their report follows. The Board of Directors meets regularly with management and theexternal auditors to satisfy itself that the company’s system of internal control is adequate, to ensure thatresponsibilities for financial reporting are being met, and to provide an opportunity for full and open access to theBoard of Directors in respect to financial reporting matters.Management is responsible for all of the information in this Annual Report. Financial information presentedelsewhere in this Annual Report is consistent with that in the financial statements.Manuel AchadinhaPresident and Chief Executive OfficerMay 22, 2009Tony Sharp, CAVice President, Finance and Chief Financial Officer133BC TRANSIT 2008/09 ANNUAL REPORT
Page 1 and 2: BC TransitANNUAL REPORT 2008/091BC
Page 3 and 4: His HonourThe Honourable Steven L.
Page 5: Message from the Chairto the Minist
Page 8 and 9: Organizational OverviewBC Transit i
Page 10 and 11: THE YEAR’SACCOMPLISHMENTS6BC TRAN
Page 12 and 13: BC Transit introduced new programs
Page 15 and 16: PERFORMANCEREPORT11BC TRANSIT 2008/
Page 17 and 18: Goals, Targets and ResultsGOAL 1Sup
Page 19 and 20: Result:Canadian Consumer Price Inde
Page 21 and 22: Progress Against Shareholder’s Le
Page 23 and 24: Performance SummaryNon-GAAP Financi
Page 25 and 26: Management Discussion and AnalysisD
Page 27 and 28: GOVERNMENT FUNDINGContribution from
Page 29 and 30: Further, the challenge in recruitin
Page 31 and 32: BC Transit - Owned and Leased Facil
Page 33 and 34: Capital ExpendituresActual 2008/09
Page 35: government entities were considered
Page 39 and 40: BRITISH COLUMBIA TRANSITBalance She
Page 41 and 42: BRITISH COLUMBIA TRANSITStatement o
Page 43 and 44: BRITISH COLUMBIA TRANSITNotes to Fi
Page 59 and 60: APPENDICES
Page 61 and 62: Appendix A2 - Performance SummaryMu
Page 63 and 64: Victoria BC(2007/08)CUTA Population
Page 65 and 66: Paratransit - Serves small town and
Page 67: Appendix A6 -Map of BC Transit Syst

ANNUAL REPORT 2008/09 - BC Transit

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