|
REPORT DIGEST CHICAGO TRANSIT AUTHORITY FINANCIAL AUDIT AND SINGLE AUDIT (In Accordance With OMB Circular A-133) For the Year Ended: December 31, 2005 Summary of Findings: Total this audit 0 Total last audit 1 Repeated from last audit 0 Release Date: August 8, 2006
State of Illinois Office of the Auditor General WILLIAM G. HOLLAND AUDITOR GENERAL To obtain a copy of the
Report contact: Office of the Auditor
General Attn: Records Manager Iles Park Plaza 740 E. Ash Street Springfield, IL 62703 (217) 782-6046 or TTY (888)
261-2887 This Report Digest and the
Full Report are also available on the worldwide web at |
SYNOPSIS
In
our audit of the Chicago Transit Authority (CTA), we noted no matters
involving internal control over financial reporting and its operation that we
consider to be a material weakness.
Further, the results of our tests disclosed no instances of
noncompliance or other matters required to be reported under Government
Auditing Standards. However, we did
note certain other matters, which we have reported to the management of the
CTA in a separate letter.
This
report digest covers our financial audit and federal single audit for the
year ended December 31, 2005. Our
performance audit and compliance attestation examination, as directed by
House Resolution Number 479, will be issued separately at a later date.
AUDITORS’ OPINION
Our
auditors stated that the basic financial statements present fairly, in all
material respects, the financial position of the business-type and fiduciary
activities of the CTA as of December 31, 2005 and 2004, and the respective
changes in financial position and, where applicable, cash flows thereof for
the years then ended.
________________________________________________
WILLIAM G. HOLLAND,
Auditor General
WGH:KMC:dh
SPECIAL ASSISTANT AUDITORS
KPMG LLP
were our special assistant auditors for this engagement.
{Expenditures
and Activity Measures are summarized on the reverse page.}
|
CHICAGO TRANSIT AUTHORITY
FINANCIAL AUDIT
For The Years Ended December 31
(Expressed in Thousands)
|
FINANCIAL
OPERATIONS |
2005 |
2004 |
|
Operating
Revenues Fair box revenue ........................................................... Pass revenue................................................................ Advertising, concessions and other
revenue.................... Total
Operating Revenues....................................... Operating Expenses Labor and fringe benefits................................................ Materials and supplies..................................................... Fuel............................................................................... Electric power ............................................................... Purchase of security services.......................................... Purchase of paratransit................................................... Maintenance and repairs, utilities, rent,
and other.............. Provisions for injuries and damages.................................. Provisions for depreciation.............................................. Total Operating Expenses...................................... Operating
expenses in excess of operating revenues Non-Operating
Revenues (Expenses) Public funding from the RTA........................................... Reduced fare subsidies................................................... Operating grant revenue.................................................. Contributions from local government
agencies.................. Investment income ......................................................... Gain on sale of assets..................................................... Recognition of leasing transaction
proceeds...................... Interest expense on bonds............................................... Interest revenue on leasing transactions........................... Interest expense on leasing transactions........................... Total non-operating revenues,
net.......................... Capital
Contributions Change in net assets............................................. Net assets at beginning of year........................................ Net assets at end of year................................................ |
$ 303,868 113,566 30,987 448,411 914,034 71,366 45,788 22,909 31,221 53,069 51,069 26,573 360,559 1,576,776 (1,128,365) 495,885 31,961 26,823 5,000 19,705 8,177 4,262 (20,360) 117,247 (112,561) 576,139 398,654 (153,572) 2,000,654 $1,847,082 |
$ 308,221 94,547 29,851 432,619 867,829 61,387 30,093 21,640 27,555 48,999 46,577 21,854 349,162 1,475,096 (1,042,477) 441,630 31,302 24,530 5,000 3,288 389 4,262 (2,635) 121,272 (115,696) 513,342 490,402 (38,733) 2,039,387 $2,000,654 |
SELECTED BALANCE SHEET ITEMS |
2005 |
2004 |
|
Cash,
cash equivalents, and investments..........................
Capital assets (net)......................................................... Total
current liabilities..................................................... Total
long-term liabilities................................................. |
$ 73,907 $2,977,603 $ 429,054 $3,178,545 $1,847,082 |
$ 30,267 $2,977,017 $ 437,741 $2,987,970 $2,000,654 |
PRESIDENT |
||