ANNUAL REPORT 2008/09 - BC Transit

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BRITISH COLUMBIA TRANSITNotes to Financial StatementsYear ended March 31, 2009 ($000)10. Deferred contributions:Debt service contributions to fund sinking fund and interest payments are recovered frommunicipal partners over the estimated service life of the related assets. These contributions maydiffer from the annual amortization of the related assets. Such differences are deferred to berecognized as a recovery in future periods.2009 2008(restated– note 2(n)Balance, beginning of year $ (203) $ (811)Contributions from municipalities - Victoria 24,782 22,688Contributions from municipalities - other municipalities 31,142 25,526Contributions from municipalities expended (53,847) (47,606)Balance, end of year $ 1,874 $ (203)11. Deferred capital contributions:Federal and Provincial contributions subject to amortizationCapital assets:2009 2008(restated– note 2(n)Balance, beginning of year $ 100,120 $ 71,096Contributions 42,017 36,351Amortization (9,743) (7,327)Balance, end of year 132,394 100,120Capital assets under lease:Balance, beginning of year $ 753,165 $ 784,406Amortization (31,242) (31,242)Balance, end of year 721,921 753,165$ 854,315 $ 853,28550BC TRANSIT 2008/09 ANNUAL REPORT18
BRITISH COLUMBIA TRANSITNotes to Financial StatementsYear ended March 31, 2009 ($000)12. Victoria Regional Transit Fund:BC Transit holds funds in trust on behalf of the Victoria Regional Transit Commission. Thesefunds are not included in the financial statements. The fund balance and transactions during theyear are as follows:2009 2008Fund balance, beginning of year $ 987 $ 2,475Revenue:Fuel tax 11,145 8,085Property tax 14,663 12,888Interest earned 62 227Contributions (24,782) (22,688)Fund balance, end of year $ 2,075 $ 98713. Financial instruments:(a) Fair value:The carrying value of cash and cash equivalents, accounts receivable and accounts payableand accrued liabilities approximate their fair value due to the relatively short periods tomaturity of the instruments. The estimated fair value of obligations under capital leasesapproximates their carrying value as they bear interest at rates approximating current marketrates. Debt sinking funds are reflected on the balance sheet at fair value. The fair value oflong-term debt at March 31, 2009 is $144,480 (2008 - $126,528).In evaluating the fair value information, considerable judgment is required to interpret themarket data used to develop the estimates. The use of different market assumptions and/ordifferent valuation techniques may have a material effect on the estimated fair value amountsfor financial instruments. Accordingly, the estimates of fair value presented herein may notbe indicative of the amounts that could be realized in a current market exchange.(b) Risks associated with financial assets and liabilities:BC Transit is exposed to financial risks from its financial assets and liabilities. The financialrisks include market risk relating to commodity prices, interest rates and foreign exchangerisks as well as credit risk and liquidity risk.Market Risk:Market risk is the risk that the fair value or future cash flows of a financial instrument willfluctuate because of changes in market prices. Market risk is comprised of commodity pricerisk, interest rate risk and foreign exchange risk and is discussed below.1951BC TRANSIT 2008/09 ANNUAL REPORT
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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 and 38: REPORT OF MANAGEMENTYear ended Marc
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 53: 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
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ANNUAL REPORT 2008/09 - BC Transit

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