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Forcebuilding Roadways and Jobs DRIVING BUILDING ROADWAYS FORCE AND JOBS Orlando-Orange County Expressway Authority 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT An Independent Special District of the State of Florida Fiscal Year Ended June 30, 2011 DRIVING BUILDING ROADWAYS AND JOBS FORCE Prepared by the Orlando-Orange County Orlando-Orange County Expressway Authority Expressway Authority Financial Office 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT An Independent Special District of the State of Florida Fiscal Year Ended June 30, 2011 TABLE OF CONTENTS Introductory Section (A) A-2 Letter of Transmittal A-4 Highlights of Fiscal Year 2011 Activities and Accomplishments A-11 Certificate of Achievement for Excellence in Financial Reporting A-12 Expressway System Map A-13 Organizational Chart Financial Section (B) B-1 Independent Auditors’ Report B-2 Management’s Discussion and Analysis Basic Financial Statements B-8 Balance Sheets B-10 Statements of Revenues, Expenses and Changes in Net Assets B-11 Statements of Cash Flow B-13 Notes to Financial Statements B-37 Required Supplementary Information B-38 Calculation of the Composite Debt Service Ratio, as Defined by the Bond Resolutions and Related Documents Statistical Section (C) C-1 Revenues, Expenses and Changes in Net Assets C-2 Net Assets by Component C-3 Toll Revenue by Roadway C-4 Toll Transactions by Roadway C-5 Breakdown of Toll Revenue C-6 Breakdown of Toll Transactions C-7 Schedule of Toll Rates - July 1, 2001 through April 4, 2009 C-8 Schedule of Toll Rates - April 5, 2009 through June 30, 2011 C-9 Average Toll Rate C-10 Revenue Bond Coverage C-11 Ratio of Outstanding Debt by Type C-12 Orlando MSA Population (by Age Group) C-13 Orlando-Kissimmee MSA Employment by Industry Sector C-14 Orlando MSA Principal Employers C-14 Demographic and Economic Statistics C-15 Contribution to Capital Assets C-16 Roadway and Facility Statistics C-17 E-PASS®* Accounts and Transponders C-18 Distribution of E-PASS Accounts by County C-19 Number of Employees by Identifiable Activity Other Reports (D) D-1 Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards D-2 Independent Auditors’ Report on Compliance with Bond Covenants * E-PASS is a registered trademark of the Orlando-Orange County Expressway Authority. INTRODUCTORY SECTION (A) SETTING THEMAINTAINING THE STRIVE FOR E XCELLPENCE ANDA MEETING GOALSCE DAILY. The Orlando-Orange County Expressway Authority continues to set the pace for toll authorities in Florida. The Authority met or exceeded goals set by the Florida Transportation Commission on all 16 of the measures reported. This evaluation continues the trend of strong historical performance and clearly shows the Expressway Authority is one of the top performers in the state. ORLANDO - ORANGE COUNTY city, which is located in Lake Nona, just off of SR 417. Lake Nona’s In addition to the five-year work plan, the Authority also has an medical city consists of: Operations, Maintenance and Administration (OM&A) budget. 4974 ORL TOWER ROAD, ORLANDO, FLORIDA 32807 • University of central Florida college of medicine Budgets are prepared at departmental level and compiled by the Telephone (407) 690-5000 • FAX (407) 690-5011 • www.eXpresswAyAuThoriTy.com • Burnett school of Biomedical sciences Finance Department. After financial review at several levels, the • Sanford-Burnham medical research institute at lake nona entire budget is presented to the Board for approval. The fiscal year 2011 OM&A budget was $46.8 million. • M.D. Anderson – orlando cancer research institute • Nemours children’s hospital (opening in 2012) November 28, 2011 AWARDS AND ACKNOWLEDGEMENTS • Orlando VA medical center (opening in 2012) The Government Finance officers Association of the united states • University of Florida research Academic center and Canada (GFOA) awarded a Certificate Achievement for Authority Board Members basic financial statements and provides a brief analysis of the (Opening in 2012) Excellence in Financial Reporting to the Orlando-Orange County Orlando-Orange County Expressway Authority financial activities of the Authority. Expressway Authority for its CAFR for the fiscal year ended June Citing a Milken Institute Study, the Orlando Metro Economic 30, 2010. In order to be awarded a Certificate of Achievement, The Comprehensive Annual Financial Report (CAFR) for the AUTHORITY PROFILE Commission suggests this life science cluster could create over a government must publish an easily readable and efficiently Orlando-Orange County Expressway Authority (the Authority) The Authority is an agency of the state of Florida and was created 25,000 jobs with $6.4 billion in economic impact within the organized comprehensive annual financial report. This report must for the fiscal year ended June 30, 2011, is hereby submitted. in 1963 by Chapter 348 of the Florida Statutes for the purpose of next 10 years. satisfy both u.s. generally accepted accounting principles and construction and operation of an expressway road system in applicable legal requirements. In preparing this report, responsibility for accuracy of the Orange County and to lease such system to the Florida LONG-TERM FINANCIAL PLANNING data and the completeness and fairness of the presentation, Department of Transportation (FDOT). The Authority Board is The Authority’s capital projects are budgeted and planned for in its A Certificate of Achievement is valid for a period of one year only. including all disclosures, rests with the management of the composed of five members, three of whom are appointed by the five-year work plan. Renewal and replacement projects, intelligent We believe that our current CAFR continues to meet the Certificate Orlando-Orange County Expressway Authority. Internal controls Governor, and two ex-officio members, the Mayor of the Board of transportation systems projects and projects from the 2030 Master of Achievement Program’s requirements and we are submitting it are designed to provide reasonable assurance regarding the County Commissioners of Orange County, Florida and the District Plan are prioritized according to critical need. The cost of the to the GFOA to determine its eligibility for another certificate. safeguard of assets and the reliability of the financial records Five Secretary of the FDOT. projects is then compared to revenue projections compiled by for preparing financial statements. Management believes it the Authority’s Traffic and Revenue consultant. Once the Finance The preparation of the CAFR was made possible by the hard work has established and maintained an internal control system The Authority currently owns and operates 105 miles of Department deems the plan fundable, it is brought before the and dedicated service of the Finance Department. Sincere thanks that provides reasonable, but not complete, assurance that roadway in Orange County. The roadways include 22 miles Board for approval. A $1.4 billion work plan was approved are expressed to the Marketing Department and to our external the enclosed data is accurate in all material respects and is on the SR 408 (Spessard L. Holland East-West Expressway), in September 2010 for the period of fiscal year 2011 through auditors, Cherry, Bekaert & Holland, L.L.P., for their special effort reported in a manner designed to present fairly the financial 23 miles on the SR 528 (Martin Andersen Beachline fiscal year 2015. Projects in the plan include, but are not limited in compiling this report. Finally, we extend our appreciation to position and results of operations of the Authority, which is Expressway), 33 miles on the SR 417 (Central Florida to, improvements to the SR 408/SR417 interchange, further all the employees and Board Members of the Orlando-Orange reported as an independent special district of the State of GreeneWay), 22 miles on the SR 429 (Daniel Webster widening of the SR 408, and completion of the John Land Apopka County Expressway Authority for their cooperation and assistance Florida, consisting of a single enterprise fund. Western Beltway) and five miles on the SR 414 (John Land Expressway. The Authority’s total investment in capital assets since in matters pertaining to the finances of the Authority. Apopka Expressway). its creation is approximately $3.2 billion. The Authority established an audit committee whose primary function is to assist the Authority Board in fulfilling its oversight ECONOMIC CONDITIONS The Authority is currently updating its 25-year Master Plan. Once Respectfully submitted, responsibilities by reviewing the financial information, systems The population in the Orlando metropolitan statistical area that plan is completed and approved by the Board, it will serve as of internal controls and the audit process. The committee is (MSA), which includes Lake, Orange, Osceola and Seminole the basis for the next five-year work plan. Of significance to the comprised of five voting members: two members of the Board, counties, grew 215 percent during the 30-year period from 1970 Master Plan, are the discussions between OOCEA and the FDOT a representative from the City of Orlando, a representative to 2000 for a 3.9 percent compounded annual growth rate currently underway regarding the funding of the long-planned from Orange County and a member of the community that is (CAGR). At approximately 2.1 million in 2010, the population is Wekiva Parkway. The two agencies expect to soon finalize a joint recommended by the Authority Board Chairman and approved expected to increase by another 8 percent by 2015. funding plan to enable both agencies to devote resources to this Michael Snyder, P.E. Nita E. Crowder, CPA, by a majority vote of the Authority Board. project of critical environmental and transportation import. CIA, Executive Director CPFO, CGFO One factor of economic strength is jobs creation. The number of Chief Financial Officer The financial operations of the Authority are independently jobs in the Orlando MSA rose 9 percent, from 915,900 in 2001 The Authority utilizes the modified approach for infrastructure audited on an annual basis.
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