ANNUAL REPORT 2008/09 - BC Transit

BRITISH COLUMBIA TRANSITNotes to Financial StatementsYear ended March 31, 2009 ($000)6. Capital assets under lease:These capital assets under lease consist of land, land improvements, stations, guideways andother assets related to the SkyTrain system and West Coast Express. These assets are madeavailable to the South Coast British Columbia Transportation Authority (“SCBCTA”) for their usepursuant to an Order in Council and operating lease and represent one of the Province’scontributions toward public transportation in the Metro Vancouver service area.The operating lease arrangements with SCBCTA are for one dollar per year under an initial 15-year term to 2014, with additional five-year renewal periods upon the agreement of BC Transitand the SCBCTA.Carrying Accumulated Net bookMarch 31, 2009 value amortization valueSkyTrain $ 1,204,098 $ 496,629 $ 707,469West Coast Express 128,848 57,618 71,230$ 1,332,946 $ 554,247 $ 778,699Carrying Accumulated Net bookMarch 31, 2008 (restated – note 2(n)) value amortization valueSkyTrain $ 1,204,199 $ 468,270 $ 735,929West Coast Express 128,848 53,323 75,525$ 1,333,047 $ 521,593 $ 811,4547. Deferred revenue:2009 2008Unexpended contributions:Provincial funding $ 3,717 $ 3,390Fuel Cells Canada 1,045 1,045Public Transit Agreement 6,556 5,390$ 11,318 $ 9,8251547BC TRANSIT 2008/09 ANNUAL REPORT