REPORT DIGEST

REPORT DIGEST

PACE

THE SUBURBAN BUS DIVISION OF THE REGIONAL TRANSPORTATION 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 prior audit 0

Repeated from last audit 0

Release Date:

May 2, 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

Iles Park Plaza, 740 E. Ash Street

Springfield, IL 62703

(217) 782-6046 or TTY (888) 261-2887

This Report Digest and Full Report are available on

the worldwide web at

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

SYNOPSIS

There were no findings noted in the Financial and Single audits of PACE. In addition to this financial audit of PACE, House Resolution 650 also required compliance and performance audits of PACE. These reports will be issued at a later date.

AUDITORS’ OPINION

Our auditors state the basic financial statements of PACE as of and for the year ended December 31, 2005 are fairly presented in all material respects.

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:SES:pp

SPECIAL ASSISTANT AUDITORS

Crowe Chizek and Company LLC were our special assistant auditors for this engagement.

{Expenditures and Activity Measures are summarized on the reverse page.}

PACE

Financial Audit

For the Years ended 12/31 (expressed in thousands)

FINANCIAL OPERATIONS	2005	2004
OPERATING REVENUES Pace-owned service.................................................... CMAQ/JARC Services................................................ Fixed route carrier...................................................... Paratransit................................................................. Vanpool..................................................................... Reduced fare reimbursement from IDOT...................... Advertising................................................................ Miscellaneous............................................................ Total............................................................. OPERATING EXPENSES Pace-owned service.................................................... CMAQ/JARC Services................................................ Contract Payments: Fixed route carriers.............................................. Paratransit carriers............................................... Vanpool..................................................................... Centralized operations................................................. Administrative............................................................ Depreciation.............................................................. Total Operating Expenses................................ OPERATING (LOSS)...................................................... NON-OPERATING REVENUES Retailers’ occupation and use tax – RTA....................... RTA discretionary funding.......................................... Federal operating grants.............................................. ADA regional paratransit funding – RTA....................... Capital grants reimbursements..................................... Interest on investments............................................... Total Non-operating Revenues......................... NET CHANGE IN NET ASSETS.......................................	$27,606 245 4,636 11,093 2,694 3,236 4,084 1,223 $54,817 $70,702 933 11,585 26,157 2,531 32,362 15,354 31,568 $191,192 $(136,375) $76,399 2,653 24,502 1,000 34,113 965 $139,632 $3,257	$26,455 244 4,551 9,161 2,519 3,266 3,674 1,581 $51,451 $67,637 1,219 11,338 23,881 2,555 25,785 14,806 33,036 $180,257 $(128,806) $73,536 5,516 9,439 - 18,840 438 $107,769 $(21,037)
SELECTED BALANCE SHEET ACCOUNTS	2005	2004
CURRENT ASSETS Cash and investments Unrestricted......................................................... Restricted............................................................ Accounts receivable Regional Transportation Authority.......................... Other.................................................................. NONCURRENT ASSETS Assets restricted for Repayment of Leasing Commitments Capital Assets Land and Capital Projects in Progress....................... Equipment and Building and Improvements, net......... CURRENT LIABILITIES Accounts payable and accrued expenses....................... Current portion of insurance reserves........................... Current portion of capital lease obligation...................... NONCURRENT LIABILITIES Noncurrent portion of insurance reserves...................... Noncurrent portion of capital lease obligation................. UNRESTRICTED NET ASSETS.......................................	$9,442 $20,546 $23,308 $6,144 $93,672 $16,004 $171,768 $16,199 $11,490 $4,073 $11,411 $93,672 $18,561	$7,461 $17,701 $22,393 $5,588 $91,027 $17,613 $167,037 $14,593 $10,210 $12,444 $8,273 $91,027 $18,426
AGENCY EXECUTIVE DIRECTOR
During audit period and currently: Thomas J. Ross