Finances
Basic Financial Statements
The purpose of the Fiscal Audit is to provide an independent assessment that the Authority's financial statements (the basic financial statements including the management discussion and analysis and the Notes to the basic financial statements) accurately portray, based on generally accepted accounting principles, the financial activities of the Authority that occurred during the year. Our independent auditors have issued an unqualified report. In the opinion of the auditors, the financial statements present fairly, in all material respects, the financial position of the Authority. The audited Basic Financial Statements for the past three years are available for downloading. For any questions, please contact Randall Carlton at rcarlton@ccta.net.
- Basic Financial Statement Fiscal Year Ending 6/30/09
- Basic Financial Statement Fiscal Year Ending 6/30/08 [PDF-5.4 MB]
- Basic Financial Statement Fiscal Year Ending 6/30/07
Budget
The Authority adopts an annual budget each June, following a public hearing. The current budget period is the fiscal year from July 1, 2009 to June 30, 2010. The budget includes the annual operating costs for administrative functions, project oversight and management, as well as regional planning, congestion management, and transportation demand management activities. The budget also includes the program distributions - to local jurisdictions for local street maintenance, to transit providers for bus transit and paratransit services, and to various public agencies for carpool/vanpool programs. Annual capital project expenditures are included in the budget consistent with the adopted Strategic Plan. The budget also includes the annual debt service costs of the bonds used to advance Authority projects. Budget control is at the object level. The budget may be amended by Authority Board action during the year. The current FY 2009-10 Budget may be downloaded below. For any questions, please contact Randall Carlton at rcarlton@ccta.net.
- Fiscal Year 2009-10 Budget - Mid-Year Budget Revision [PDF-1.3 MB]
- Fiscal Year 2010-11 Budget [PDF-2.6 MB]
Other Finance Reports and Materials
Other Finance Reports are available on request. These include investment reports, compliance audits for jurisdictions and firms receiving Measure C funds, and other financial analysis presented to the Authority Board.
The quarterly investment transactions reports can be downloaded from the meetings section of the website (please see the Administration and Projects Committee (APC) agendas for the monthly reports, and the February, May, August, and November APC agendas for the quarterly reports).
Compliance audits are used to verify that recipients of Measure C funds have followed the standards of accountability associated with the use of Measure C funds. Each year, several recipients of Measure C funds are selected to perform compliance audits.
2009 Authority Bond Financing Program
At its meeting of August 26, 2009, the Authority unanimously approved revisions to the financial strategy adopted in November 2005, when it approved a $300 million forward interest rate swap. The Authority's revised strategy will (1) reduce the $300 million swap to $200 million, by "buying out" $100 million, (2) include the sale of $200 million in fixed rate, approximately one year Bond Anticipation Notes (BANs) rather than issuing Variable Rate Demand Bonds (VRDBs), and (3) continue to plan for the conversion to the $200 million swap in one year, while actively monitoring the financial markets. To view the credit rating reports related to the 2009 Bond Issue, follow this link:
Authority Credit Rating Information
For copies or questions on the reports referenced here, please contact Randall Carlton at rcarlton@ccta.net.