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Fy 2017-2018 LANE TRANSIT DISTRICT EUGENE, OREGON COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Years Ended June 30, 2018 and 2017 (including Audit Comments and Disclosures Required by State Regulations) 2017-2018 Comprehensive Annual Financial Report Lane Transit District Eugene, Oregon For Fiscal Years Ended June 30, 2018 and 2017 Prepared by the Finance Department Christina Shew, Director of Finance LANE TRANSIT DISTRICT Comprehensive Annual Financial Report June 30, 2018 and 2017 Table of Contents Page INTRODUCTORY SECTION Letter of Transmittal ........................................................................................................ i - i v Board of Directors ......................................................................................................................... v Organizational Chart .................................................................................................................... vi Certificate of Achievement for Excellence Award ................................................................... vii FINANCIAL SECTION Independent Auditor’s Report ...................................................................................................1-3 Management’s Discussion and Analysis ............................................................................. 4-11 Basic Financial Statements Financial Statements: Statements of Net Position ...................................................................................... 12-13 Statements of Revenues, Expenses, and Changes in Net Position ........................ 14 Statements of Cash Flows ............................................................................................. 15 Statements of Fiduciary Net Position… ....................................................................... 16 Statements of Changes in Fiduciary Net Position ...................................................... 16 Notes to Basic Financial Statements ........................................................................... 17-47 Required Supplementary Information Schedule of Changes in the Net Pension Liability and Related Ratios - LTD Salaried Employees' Retirement Plan ................................................................ 48 Schedule of Employer Contributions – LTD Salaried Employees' Retirement Plan .............................................................................................................. 49 Schedule of Changes in the Net Pension Liability and Related Ratios - LTD and ATU Pension Trust......................................................................................... 50 Schedule of Employer Contributions – LTD and ATU Pension Trust ........................... 51 Schedule of Total OPEB Liability ....................................................................................... 52 Schedule of Changes in Total OPEB Liability .................................................................. 53 Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual on a Non-GAAP Budget Basis: General Fund ............................................................................................................. 54 Point2point Fund ....................................................................................................... 55 Accessible Services Fund ........................................................................................ 56 Table of Contents, Continued Page Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual on a Non-GAAP Budget Basis (continued): Medicaid Fund ................................................................................................ 57 Capital Projects Fund ...................................................................................... 58 Reconciliation of Excess (Deficiency) of Revenues Over Expenditures on a Budgetary Basis to Changes in Net Position on a GAAP Basis ................................................................................... 59 Statements of Fiduciary Net Position ......................................................................... 60 Statements of Changes in Fiduciary Net Position ..................................................... 61 STATISTICAL SECTION Financial Trend Information Comparative Statements of Net Position ................................................................... 63 Changes in Net Position ............................................................................................. 64 Demographic and Economic Information Principal Employers of Lane County .......................................................................... 65 Demographic and Economic Statistics ....................................................................... 66 Lane County Covered Payroll .................................................................................... 67 Inflation Adjusted Annual Average Wages ................................................................. 68 Eugene-Springfield Metropolitan Statistical Area Economic Data Sheet ................... 69 Operating Information Expenditures and FTEs by Organizational Units ........................................................ 70 Capital Asset Statistics ............................................................................................... 71 Operating Revenue and Cost Maintenance ............................................................... 72 Ridership, Service, and Productivity ........................................................................... 73 Ridership, Fare, Service, and Productivity ................................................................. 74 Ridership, Service, and Service Area Population ....................................................... 75 Ridership Trends by Month ........................................................................................ 76 Passenger Boardings and Passenger Revenues ...................................................... 77 Passenger Revenues and Operating Costs .............................................................. 78 Transportation Revenues by Category ..................................................................... 79 Annual Monthly Pass Sales ...................................................................................... 80 Passenger Revenues ................................................................................................ 81 Fare Structure ........................................................................................................... 82 Comparative Payroll Tax Information ........................................................................ 83 Table of Contents, Continued Page DISCLOSURES AND COMMENTS REQUIRED BY STATE MINIMUM STANDARDS Report of Independent Auditors on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Oregon Municipal Audit Standards .......................... 84-85 FEDERAL GRANT PROGRAMS Report of Independent Auditors on Compliance and on Internal Control Over Financial Reporting and on Compliance with Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ...................................................... 86-87 Report of Independent Auditors on Compliance and for Each Major Over Financial Reporting and on Compliance with Other Matters Federal Program and Report on Internal Control over Compliance Required by Uniform Guidance ...................................................................................... 88-89 Schedule of Expenditures of Federal Awards .......................................................................... 90 Notes to Schedule of Expenditures of Federal Awards .......................................................... 91 Schedule of Findings and Questioned Costs ........................................................................... 92 Summary Schedule of Prior Audit Findings ............................................................................. 93 December 20, 2018 Board of Directors Lane Transit District 3500 East 17th Avenue Eugene, OR 97403 It is our pleasure to submit to you the “Comprehensive Annual Financial Report” (CAFR) of the Lane Transit District for the fiscal year ended June 30, 2018. Oregon Statutes require that Lane Transit District publish, within six months of the close of each fiscal year, a complete set of financial statements presented in conformance with generally accepted accounting principles (GAAP) in the United States of America and audited in accordance with auditing standards generally accepted in the United States of America by a firm of licensed, certified public accountants. The accuracy of the District’s financial statements and the completeness and fairness of their presentation is the responsibility of District management. The District maintains a system of internal accounting controls designed to provide a reasonable assurance that assets are safeguarded against loss or unauthorized use and that financial records can be relied upon to produce financial statements in accordance with GAAP. The concept of reasonable assurance recognizes that the cost of maintaining the system of internal accounting controls should not exceed benefits likely to be derived. The District’s financial statements were audited by Moss Adams, LLP, a firm of licensed, certified public accountants. The goal of this independent audit
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