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 Reportare also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

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.

 

 

AUDITORSí 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.................................................

Total net assets..............................................................

$†††† 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

During Audit Period and Currently:Frank Kruesi