2003 Annual Report

Comprehensive Annual Financial Report 2003 for the Year Ended 2003 We Keep the Region Moving! ® Delaware River Port Authority • 2003 Annual Report On the Cover and Above: The Benjamin Franklin Bridge has carried people, cars, and commerce across the Delaware River since 1926. Opposite: Officer Joseph Hinkle is among the many officers who patrol the Authority’s facilities keeping safety and security at the forefront of our operations. 2 Delaware River Port Authority • 2003 Annual Report SafetySafety && Security Security We Keep the Region Moving! ® In 2003, the Delaware River Port Authority saw 104 million vehicles cross four bridges, almost 8.9 million riders on the PATCO High Speed Line, 323,659 passengers on the RiverLink Ferry and saw more than 49,000 passengers pass through the Philadelphia Cruise Terminal at Pier 1. And it’s our #1 priority to assist and protect them 24 hours a day, 7 days a week. The challenge of serving and protecting a region on the move is one that we have proudly met since the opening of the Benjamin Franklin Bridge in 1926. Today, more than ever, we are committed to protecting our customers, our employees, our facilities and our community. At the Delaware River Port Authority, we take pride in keeping the region moving safely. 3 Delaware River Port Authority • 2003 Annual Report Certificate of Achievement for Excellence in Financial Reporting Presented to Delaware River Port Authority For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 2002 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. President Executive Director For the eleventh consecutive year the Delaware River Port Authority was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada for its 2002 Comprehensive Annual Financial Report. Zena and her handler Officer Steve Coates keep a careful eye on the PATCO High Speed Line. The 34-year-old system carries more than 32,000 riders daily between Philadelphia and Southern New Jersey. 4 Delaware River Port Authority • 2003 Annual Report Table of Contents Introductory Section Report to the Governors........................................................................7 Commissioners & Officers ......................................................................8 Organizational Chart............................................................................8 Report of the Chief Executive Officer.........................................................11 Letter of Transmittal........................................................................... 29 Financial Section Independent Auditor’s Report.................................................................35 Management’s Discussion and Analysis......................................................36 Basic Financial Statements: Combined Statements of Net Assets ......................................................44 Combined Statements of Revenues, Expenses and Changes in Fund Net Assets..........................................................................46 Combined Statements of Cash Flows.....................................................47 Notes to Combined Financial Statements ................................................48 Combined, Individual Fund and Account Group Schedules: Supplemental Schedule of Net Asset Information by Fund..............................66 Supplemental Schedule of Changes in Fund Net Assets Information by Fund.........68 Supplemental Schedule of Net Asset Information for Combined Bond and Project Funds.....................................................69 Supplemental Schedule of Changes in Net Asset Information for Combined Bond and Project Funds.....................................................70 Statistical Section General Expenses By Function............................................................73 Revenues By Source..........................................................................73 PATCO Transit System Operating Revenues............................................73 PATCO Transit System Ridership..........................................................73 Debt Service Coverage......................................................................74 Funded Debt...................................................................................74 Bridge Operating Revenues................................................................74 Bridge Traffic By Vehicle Classification..................................................75 Toll Revenue By Bridge.....................................................................75 Bridge Traffic By Bridge....................................................................75 Bridge and PATCO Operations ............................................................76 Prepared by the Office of the Treasurer and Chief Financial Officer 5 Delaware River Port Authority • 2003 Annual Report OUR GOVERNORS Edward G. Rendell Governor Commonwealth of Pennsylvania James E. McGreevey Governor State of New Jersey Growing from one cruise in 2002 to 17 cruises and nine port calls in 2003, the Philadelphia Cruise Terminal at Pier 1 experienced its busiest season since 2000. MISSION We Keep the Region Moving! Emphasizing safety and customer service, the STATEMENT Delaware River Port Authority provides quality transportation services across the river, and invests in the economic growth of Southeastern Pennsylvania and Southern New Jersey. 6 Introductory Section Chairman’s Letter To Our Governors: At the Delaware River Port Authority, 2003 when it was time to prepare for 2004. The Board and was an eventful year in which we advanced many staff should be commended for their hard work as the projects at our facilities and around our region. year came to a close. From the outset, we pledged The Year 2003 was also one in which we witnessed our commitment to balancing the budget for 2004 a change in leadership at both the Board and and announced that cuts would come first from staff level. within before they would affect our customers. It was a year when the makeup of our Board We are proud that we did not operate in a vacuum. of Commissioners was changed to reflect a new Instead, we opened up our budget planning process direction for the Authority. Early in the year, and invited the public to tell us what they expected the Hon. Edward G. Rendell joined the Board from the Authority. Thanks in large part to the of Commissioners and was quickly elected support of our Governors, we set a new course and Chairman. I was honored to be named the redirected our efforts to a leaner and more efficient Chairman’s designee later in the year. In addition to operation for the future. the Governor, our Board also saw the appointment The successes in 2003 were most notable for of the Rev. James Allen, attorney Thomas A. Decker the path they laid for 2004. In 2004, we look forward and insurance executive G. Fred DiBona on the to a full season of summer cruising at the Pennsylvania delegation. Philadelphia Cruise Terminal at Pier 1, the 35th It was a year when we saw the appointment anniversary of the PATCO High Speed Line, of a new Chief Executive Officer who has led the completion of a decade-long renovation project at the organization through a difficult fiscal cycle the Walt Whitman Bridge, and a $3.2 million in an open and forthcoming manner. CEO John J. roadway rehabilitation project for the Benjamin Matheussen has helped us renew our focus on our Franklin Bridge. Under our Governors’ leadership, core transportation services. we will continue to build on our core transportation It was a year when our commitment to security services and look forward to another successful year received national attention with an extremely of service to Southeastern Pennsylvania and Southern successful mock disaster drill on the Benjamin New Jersey. Franklin Bridge. On a Sunday morning in early September, staff from DRPA and PATCO, with Sincerely, assistance from local, state and federal agencies, staged a mock disaster drill simulating a hijacking on a PATCO train at the summit of the bridge. It was a year when fiscal responsibility became John H. Estey critical. Never in the history of the DRPA had we Chairman Designee faced a budget shortfall as challenging as $15 million 7 Delaware River Port Authority • 2003 Annual Report OUR ORGANIZATION Board Appointed BOARD Corporate Secretary Treasurer STAFF Director, Office of Corporate Strategy & Planning Deputy CEO Chief Executive Director, Office of Business Development & Equal Opportunity Officer Director, Office of Government Relations Director, Office of Corporate Communications & Marketing Edward G. Rendell Director, Office of Management Consulting & Audit Support Services Chairman Chief Operating Governor, Commonwealth Chief Administrative Chief Financial General Counsel PATCO Acting Chief of Pennsylvania Officer Officer/Treasurer Officer General Manager Information Officer – Labor/Employment/Benefits – Transit Services – Contracts/Compliance – Way & Power Systems Production – Litigation – Equipment Development Systems – Corporate Secretary’s Office The Port of Traffic Management Bridges Public Safety Engineering

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