NY: RGRTA Releases 2013-2014 Fiscal Year Financial Statements

On July 10, the Rochester Genesee Regional Transit Authority’s Board of Commissioners accepted the Financial Statements, including the auditor’s report, of the 2013-2014 fiscal year. The Financial Statements, which were audited by Bonadio & Co., Certified Public Accountants, confirm that the Authority is on solid financial footing.

According to the report, the 2014 fiscal year for RGRTA “…ended with an increase to net position of approximately $35.7 million compared to $19.6 million in 2013 and $9.7 million in 2012.”  The report cites as the primary cause of this increase the investment in infrastructure projects to serve the public well into the future.  These infrastructure projects include the RTS Transit Center in downtown Rochester, the Main Campus at 1372 East Main Street in Rochester and RGRTA’s rolling stock across all Regional Operations, as well as RTS.

“As this report indicates, RGRTA is a responsible steward of taxpayer funds and is efficiently implementing a budget that deals with the reality of financial challenges presented by public transportation funding, while investing in smart projects that will enhance the services we provide into the future,” said RGRTA Board Chairman Jim Redmond. “The Board thanks CEO Bill Carpenter and his leadership team for their hard work and diligence, and for positioning RGRTA for continued success.”

The Financial Statements provide the following highlights for this past fiscal year:

  • The 2014 fiscal year ended with an increase to net position of approximately $35.7 million compared to $19.6 million in 2013 and $9.7 million in 2012. The primary cause of the increase in each of these fiscal years was due to the additional federal and state capital contributions received by the Authority primarily due to the construction of the new downtown transit center, scheduled to open on November 28, 2014, and the campus wide improvement project.
  • The 2014 fiscal year showed continued growth in RGRTA’s customer and special transit fare revenue categories.  The combined totals for these revenue categories were $27.6 million, $27.1 million, and $27.0 million for the fiscal years ended March 31, 2014, 2013, and 2012, respectively.
  • The Authority’s single most significant liability classification is Other Postemployment Benefits (OPEB). The Authority’s Net OPEB obligation was $33.9 million, $29.3 million and $24.8 million for the fiscal years ended 2014, 2013 and 2012, respectively. The Authority, in compliance with GASB Statement No. 45, is using the allowed, 30 year amortization period for accruing the unfunded actuarial accrued liability.

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