Briefing MEMO
AC TRANSIT DISTRICT Board of Directors Executive Summary
GM Memo No. 05-276 Meeting Date: December 7, 2005
Committees: Planning Committee External Affairs Committee
Finance Committee Operations Committee
Board of Directors
Financing Corporation
SUBJECT: FY 2005-06 First Quarter Financial Statements for the Three Months Ended September 30, 2005.
RECOMMENDED ACTION: Information Only
Briefing Item
Recommended Motion
Receive AC Transit District Financing Corporation FY 2005-06 First Quarter Financial Statements for the Three Months Ended September 30, 2005.
Fiscal Impact: None
Background/Discussion: The Board is requested to receive the FY 2005-06 First Quarter Internal Financial Statements for the period ended September 30, 2005.
The above order was passed on 2005. Rose Martinez, District Secretary By
GM Memo No. 05-276 Subject: FY 2005-06 First Quarter Financial Statements for the Three Months Ended September 30, 2005 Date: December 7, 2005 Page 2 of 2
Prior Relevant Board Actions/Policies: May 11, 1988, Resolution 88-1, A Resolution Adopting Bylaws of the AC Transit Financing Corporation.
Attachment: AC Transit District Financing Corporation First Quarter Internal Financial Statements for the Three Months Ended September 30, 2005.
Approved by:
Rick Fernandez, General Manager
Prepared by:
Deborah McClain, Chief Financial Officer Frank Haywood, Jr., Controller
Date Prepared:
November 28, 2005
cll Memo 05-275 Attachment A
AlamedaContra CostaTransitDistrict FinancingCorporation FinancialStatements For the ThreeMonthsEnding 30, 2005 September
IssuedOctober18,2005
I I J
ALAMEDACONTRACOSTATRANSITDISTRICT (COPS) F|NANCTNG CORPORATTON STATEMENT HOLDERS OF NETASSETSAVAILABLETO CERTIFICATE At September30, 2005 As of September 30,2005 Assets: 132,941 5,770 1,175,000 (114,'t49) 94,208
Cash,unrestricted unrestricted lnvestments, ACTD-CunentPortion NoteReceivable Amortizationof N/R InterestReceivable-ACTD Intercompany-ACTD TotalCunenlAssets
1,293,770
restricted for debtservice Cash& lnvestrnents,
1,974,538
ACTD-Long termportion NoteReceivable, deferral UnamortizedIntercompany net NoteReceivable,
$
18,070,000 (1,350,762) 16,719.238
UnamortizedlssuanceCosts TotalAssets Liabilities: AccountsPayable lnterestPayable portion Certificatesof Participation-curent Amorlizationof NotePayable TotalCurrentLiabilities FundsHeldforACTD termportjon Certificatesof Participation-Long Unamortizeddefenedamountfromrefunding
0 132,865 1,175,000
1,974,538 18,070,000 (446,638)
TotalLiabilities Net asseisavailablefor certificateholders
418.138
ALAMEDACONTRACOSTATRANSITDISTRIGT (COPS) FTNANCTNG CORPORATTON STATEMENT OF CHANGESIN NETASSETS
OneMonth EndingSeptember 30 to: Additionsto net assetsattributed InterestFromACTDto FinCorp Amortization on Deferral lnvestmentlncome
66,432 o {1,
317 76,281
TotalAdditions Deductionsfromnetassetsaftributedto:
66,432 3,145 3,002
Holders lnterestto Certificate of netgainfromdefeasence InterestExpense:amortization Amortization of COPSissuancecosts TotalDeduciions Netincrease(decrease) Holders: Netassetsavailablefor Certificate Beginning of period Holders: Netassetsavailablefor Certificate period Endof
$
(418,138)
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I\LAMEDACONTRACOSTATRANSITDISTRIGT (COPS) FTNANC|NG CORPOR.ATTON STATEMENT OF CHANGESIN NETASSETS Forthe ThreeMonthEndedSeptember 30,2005
ThreeMonth EndingSeptember 30 Additionsto net assetsatlributedtoi InterestFromACTDto Fin Corp Amortization on Deferral Investment Income
$
202,146 28,537 13,179
TotalAdditions Deductionsfromnetassetsattributedto: lnterestto Certiflcate Holders InterestExpense:amortization of net gainfromdefeasence Amortization of COPSissuancecosts
202,146 9,435 9,007
TotalDeductions
+
zzu,coo
Net increase(decrease)
$
23,274
$
(418,138)
Net assetsavailablefor Certificate Holders: period Beginningof Net assetsavailablefor Certificate Holders: Endof period
rA\5tr
J
1 ALAMEDACONTRACOSTATRANSITDISTRICT (COPS) FTNANCTNG CORPORATTON REPORTTO CERTIFICATE HOLDERS Forthe ThreeMonthEndedSeptember 30,2005
is a summaryof theFinancing Corporation activity: Thefollowing AC TransitDistrictInterestContributions Amortization on Deferral Income lnvestment
ThreeMonth EndingSeptember 30
o
TotalIncome
243,862
InterestPaymentsto TransferTrustee InterestExpense:amortization of net gainfromdefeasence Amortization of COPSlssuanceCosts Expenses Administrative TotalExpenses Net lncrease of Period NetAssetsat Beginning
202,146 28,537 13,179
202,146 9,435 9,007 $ 220.5 23,2 4414 1
NetAssetsat Endof Period
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ALAMEDA.CONTRACOSTA TRANSITDISTRICT SummaryGomparativeFinancialStatements As of September30,2005
As of Septsmber30,2004
Assets: Currentassets Capitalandotherassets Totalassets Liabilities: Cuffentliabilities Non-cuffentliabilities Totalliabilities Netassets(deficit): Restricted for debt service Unrestricted Total net assets (deficit)
1 ,)oa 7'7fl
18,693,776
1,175,016 20177497.26
1,270,121
1,278,564
132,941 (551,079)
35,016 (697,134)
(418,138)
(662,118)
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I I
ALAMEDA. CONTRACOSTA TRANSITDISTRICT SummaryGomparativeFinancialStatements YTD September30, 2005 FinancialCorporation: 09/30/04
09/30/05 OperatingRevenue: LeasingRevenuefromAC Transit
$
202,146
$
167,318
OperatingExpenses: Amortizationof COPSlssuanceCosts
$
9,007
$
9,007
$
193,139
$
1 5 8 , 311
OperatingIncome Non-operatingrevenue(expenses) Income lnvestment tnteresron uurn
$ $
Increase(Decrease)in NetAssets
$
13,179 $ (183,044) $ 23,274
$
32,62? (191,506) (573)
NOTES: 1) The decreasein operatingrevenueand interestexpenseresultsprimarily from the amortizedpaymentschedulethat decreasesovertime 2) Variancein investmentincomrereflectsthe changein marketyieldsrates.
30,2OO5 MONTHLYFINANGIALSTATUSREPORTAS OF SEPTEMBER CORPORATION AC TRANSITDISTRICTFINANCING
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