Santa Clara Valley Transportation Authority
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ed ne 30, 2020 anta Clara Val ey Y. Transportation Authority Solutions that move you VTA, BART and elected officialscelebrate the start of First VTA Bus to pull out of the Cerone Division on New BART service to Silicon Valley Transit Service Day: December 28, 2019 . -- - > - •" ·---" :.,.:. .1 · ·· ,,. , . , ,, ,, ( " - ' - --- ·.· VTA's Berryessa/North San Jose Transit Center VTA bus serving the new Milpitas BART Station VTA staff and project partners celebrate the opening of FTA announced the allocation of $125 million to VTA for the State Route 237 Express Lanes Phase II, December 2019 Bay Area Rapid Transit (BARTI Silicon Valley Phase II project VTA performing Rail Rehab to keep our light rail VTA is the first agency to submit the expedited federal system in shape funding request for BART Phase II SANTA CLARA VALLEY TRANSPORTATION AUTHORITY SAN JOSE, CALIFORNIA Comprehensive Annual Financial Report (CAFR) For Fiscal Year Ended June 30, 2020 Prepared by: Finance and Administration THIS PAGE IS INTENTIONALLY LEFT BLANK SANTA CLARA VALLEY TRANSPORTATION AUTHORITY Comprehensive Annual Financial Report For the Year Ended June 30, 2020 Table of Contents Page INTRODUCTORY SECTION: Letter of Transmittal ....................................................................................................................................... 1-1 Board of Directors .......................................................................................................................................... 1-10 Organizational Chart....................................................................................................................................... 1-13 Principal Officials........................................................................................................................................... 1-13 Service Area Map ........................................................................................................................................... 1-14 FINANCIAL SECTION: Independent Auditor’s Report........................................................................................................................... 2-1 Management’s Discussion and Analysis (Required Supplementary Information) ........................................... 2-4 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position............................................................................................................................. 2-18 Statement of Activities ................................................................................................................................. 2-19 Fund Financial Statements: Proprietary Funds: Statement of Fund Net Position ................................................................................................................. 2-20 Statement of Revenues, Expenses, and Changes in Fund Net Position..................................................... 2-22 Statement of Cash Flows ........................................................................................................................... 2-23 Governmental Funds: Balance Sheet ............................................................................................................................................... 2-25 Statement of Revenues, Expenditures, and Changes in Fund Balances....................................................... 2-26 Fiduciary Funds: Statement of Fiduciary Net Position ............................................................................................................ 2-27 Statement of Changes in Fiduciary Net Position ......................................................................................... 2-28 Notes to the Basic Financial Statements ........................................................................................................... 2-29 i SANTA CLARA VALLEY TRANSPORTATION AUTHORITY Comprehensive Annual Financial Report For the Year Ended June 30, 2020 Table of Contents (continued) Page Required Supplementary Information (other than MD&A): Schedule of Changes in Net Pension Liability and Related Ratios – ATU Pension Plan............................... 2-89 Schedule of Employer Contributions - ATU Pension Plan............................................................................. 2-90 Schedule of Changes in Net Pension Liability and Related Ratios – CalPERS Plan..................................... 2-91 Schedule of Employer Contributions – CalPERS Plan .................................................................................. 2-92 Schedule of Changes in the Plan's Net OPEB Asset and Related Ratios – OPEB Trust................................ 2-93 Schedule of Employer Contributions - OPEB Trust....................................................................................... 2-94 Budgetary Comparison Schedule – 2000 Measure A Program Special Revenue Fund ................................. 2-95 Budgetary Comparison Schedule – 2016 Measure B Program Special Revenue Fund ................................. 2-96 Budgetary Comparison Schedule – Congestion Management Program Special Revenue Fund.................... 2-97 Budgetary Comparison Schedule – Congestion Management & Highway Program Special Revenue Fund 2-98 Note to Required Supplementary Information ............................................................................................... 2-99 Supplementary Information - Combining and Individual Fund Statements and Schedules: Enterprise Funds: Comparative Schedule of Fund Net Position ............................................................................................... 2-100 Comparative Schedule of Revenues, Expenses, and Changes in Fund Net Position................................... 2-102 Comparative Schedule of Cash Flows ......................................................................................................... 2-103 Budgetary Comparison Schedule – VTA Transit Fund................................................................................ 2-105 Comparative Schedule of Revenues, Expenditures, & Changes in Fund Balance – Special Revenue Fund . 2-107 Fiduciary Funds: Combining Statement of Fiduciary Net Position – ATU Pension, OPEB and Medical Funds.................... 2-108 Combining Statement of Changes in Fiduciary Net Position – ATU Pension, OPEB and Medical Funds . 2-109 Combining Statement of Fiduciary Assets and Liabilities – Agency Funds................................................ 2-110 Combining Statement of Changes in Assets and Liabilities – Agency Funds ............................................. 2-111 STATISTICAL SECTION: Financial Trends: Changes in Net Position ............................................................................................................................... 3-1 Net Position by Component ......................................................................................................................... 3-3 Fund Balances and Changes in Fund Balances, Governmental Funds ........................................................ 3-4 Current Ratio ................................................................................................................................................ 3-5 Operating Revenues and Operating Expenses ............................................................................................. 3-6 Non-Operating Assistance............................................................................................................................ 3-7 Targeted Operating Reserves........................................................................................................................ 3-8 ii SANTA CLARA VALLEY TRANSPORTATION AUTHORITY Comprehensive Annual Financial Report For the Year Ended June 30, 2020 Table of Contents (continued) Page Revenue Capacity: Revenue Base and Revenue Rates ............................................................................................................... 3-9 Sales Tax Rates............................................................................................................................................. 3-10 Principal Sales Tax Payers in Santa Clara County by Segments ................................................................. 3-11 Debt Capacity: Total Outstanding Debt by Type................................................................................................................... 3-12 Ratios of Outstanding Debt.......................................................................................................................... 3-13 Direct and Overlapping Debt and Debt Limitation...................................................................................... 3-14 Pledged Revenue Coverage - 1976 Half-Cent Sales Tax Revenue Bonds................................................... 3-15 Pledged Revenue Coverage - 2000 Measure A Half-Cent Sales Tax Revenue Bonds................................. 3-16 Projected Pledged Revenue Coverage.......................................................................................................... 3-17 Demographic and Economic Information: Population Trends......................................................................................................................................... 3-18 Income and Unemployment Rates ............................................................................................................... 3-19 Wage