ANNUAL REPORT 2008/09 - BC Transit

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ABCDKPMG LLPChartered AccountantsSt. Andrew’s Square II Telephone (250) 480-3500800-730 View Street Telefax (250) 480-3539Victoria BC V8W 3Y7 Internet www.kpmg.caAUDITORS' REPORTTo the Members of the Board of Directors ofBritish Columbia TransitWe have audited the balance sheet of British Columbia Transit as at March 31, 2009 and thestatements of operations, changes in net assets and cash flows for the year then ended. Thesefinancial statements are the responsibility of the company’s management. Our responsibility is toexpress an opinion on these financial statements based on our audit.We conducted our audit in accordance with Canadian generally accepted auditing standards. Thosestandards require that we plan and perform an audit to obtain reasonable assurance whether thefinancial statements are free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, as well asevaluating the overall financial statement presentation.In our opinion, these financial statements present fairly, in all material respects, the financial positionof the company as at March 31, 2009 and the results of its operations and its cash flows for the yearthen ended in accordance with Canadian generally accepted accounting principles.Chartered AccountantsVictoria, CanadaMay 22, 200934BC TRANSIT 2008/09 ANNUAL REPORT
BRITISH COLUMBIA TRANSITBalance SheetMarch 31, 2009 ($000)Assets2009 2008(restated- note 2(n)Current assets:Cash and cash equivalents (note 3) $ 23,540 $ 21,666Accounts receivable:Federal Capital Grants 5,487 12,148Municipalities 10,219 9,675Trade and other 7,620 4,431Prepaid expenditures 1,336 1,284Derivative financial instruments (note 13) - 73748,202 49,941Deferred contributions (note 10) - 203Debt sinking funds (note 4) 39,193 32,553Capital assets (note 5) 224,566 176,674Capital assets under lease (note 6) 778,699 811,454Investment in Transportation Property and Casualty Company Inc. 20 20$ 1,090,680 $ 1,070,845LiabilitiesCurrent liabilities:Accounts payable and accrued liabilities $ 19,034 $ 17,220Deferred revenue (note 7) 11,318 9,825Current portion of long-term debt (note 8) 9,829 -Current portion of obligations under capital leases (note 9) 22 1740,203 27,062Long-term debt (note 8) 121,339 113,933Obligations under capital leases (note 9) 137 162Deferred contributions (note 10) 1,874 -Deferred capital contributions (note 11) 854,315 853,2851,017,868 994,442Net AssetsContributed surplus 66,048 67,561Accumulated net assets 6,764 8,84272,812 76,403Commitments and contingencies (note 15)$ 1,090,680 $ 1,070,845See accompanying notes to financial statements.Approved on behalf of the Board:DirectorDirector35BC TRANSIT 2008/09 ANNUAL REPORT3
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 and 36: government entities were considered
Page 37: REPORT OF MANAGEMENTYear ended Marc
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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