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Briefing MEMO AC TRANSIT DISTRICT Board of Directors Executive Summary GM Memo No. 05-276 Meeting Date: December 7, 20...

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Briefing MEMO

AC TRANSIT DISTRICT Board of Directors Executive Summary

GM Memo No. 05-276 Meeting Date: December 7, 2005

Committees: Planning Committee External Affairs Committee

Finance Committee Operations Committee

Board of Directors

Financing Corporation

SUBJECT: FY 2005-06 First Quarter Financial Statements for the Three Months Ended September 30, 2005.

RECOMMENDED ACTION: Information Only

Briefing Item

Recommended Motion

Receive AC Transit District Financing Corporation FY 2005-06 First Quarter Financial Statements for the Three Months Ended September 30, 2005.

Fiscal Impact: None

Background/Discussion: The Board is requested to receive the FY 2005-06 First Quarter Internal Financial Statements for the period ended September 30, 2005.

The above order was passed on 2005. Rose Martinez, District Secretary By

GM Memo No. 05-276 Subject: FY 2005-06 First Quarter Financial Statements for the Three Months Ended September 30, 2005 Date: December 7, 2005 Page 2 of 2

Prior Relevant Board Actions/Policies: May 11, 1988, Resolution 88-1, A Resolution Adopting Bylaws of the AC Transit Financing Corporation.

Attachment: AC Transit District Financing Corporation First Quarter Internal Financial Statements for the Three Months Ended September 30, 2005.

Approved by:

Rick Fernandez, General Manager

Prepared by:

Deborah McClain, Chief Financial Officer Frank Haywood, Jr., Controller

Date Prepared:

November 28, 2005

cll Memo 05-275 Attachment A

AlamedaContra CostaTransitDistrict FinancingCorporation FinancialStatements For the ThreeMonthsEnding 30, 2005 September

IssuedOctober18,2005

I I J

ALAMEDACONTRACOSTATRANSITDISTRICT (COPS) F|NANCTNG CORPORATTON STATEMENT HOLDERS OF NETASSETSAVAILABLETO CERTIFICATE At September30, 2005 As of September 30,2005 Assets: 132,941 5,770 1,175,000 (114,'t49) 94,208

Cash,unrestricted unrestricted lnvestments, ACTD-CunentPortion NoteReceivable Amortizationof N/R InterestReceivable-ACTD Intercompany-ACTD TotalCunenlAssets

1,293,770

restricted for debtservice Cash& lnvestrnents,

1,974,538

ACTD-Long termportion NoteReceivable, deferral UnamortizedIntercompany net NoteReceivable,

$

18,070,000 (1,350,762) 16,719.238

UnamortizedlssuanceCosts TotalAssets Liabilities: AccountsPayable lnterestPayable portion Certificatesof Participation-curent Amorlizationof NotePayable TotalCurrentLiabilities FundsHeldforACTD termportjon Certificatesof Participation-Long Unamortizeddefenedamountfromrefunding

0 132,865 1,175,000

1,974,538 18,070,000 (446,638)

TotalLiabilities Net asseisavailablefor certificateholders

418.138

ALAMEDACONTRACOSTATRANSITDISTRIGT (COPS) FTNANCTNG CORPORATTON STATEMENT OF CHANGESIN NETASSETS

OneMonth EndingSeptember 30 to: Additionsto net assetsattributed InterestFromACTDto FinCorp Amortization on Deferral lnvestmentlncome

66,432 o {1,

317 76,281

TotalAdditions Deductionsfromnetassetsaftributedto:

66,432 3,145 3,002

Holders lnterestto Certificate of netgainfromdefeasence InterestExpense:amortization Amortization of COPSissuancecosts TotalDeduciions Netincrease(decrease) Holders: Netassetsavailablefor Certificate Beginning of period Holders: Netassetsavailablefor Certificate period Endof

$

(418,138)

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I\LAMEDACONTRACOSTATRANSITDISTRIGT (COPS) FTNANC|NG CORPOR.ATTON STATEMENT OF CHANGESIN NETASSETS Forthe ThreeMonthEndedSeptember 30,2005

ThreeMonth EndingSeptember 30 Additionsto net assetsatlributedtoi InterestFromACTDto Fin Corp Amortization on Deferral Investment Income

$

202,146 28,537 13,179

TotalAdditions Deductionsfromnetassetsattributedto: lnterestto Certiflcate Holders InterestExpense:amortization of net gainfromdefeasence Amortization of COPSissuancecosts

202,146 9,435 9,007

TotalDeductions

+

zzu,coo

Net increase(decrease)

$

23,274

$

(418,138)

Net assetsavailablefor Certificate Holders: period Beginningof Net assetsavailablefor Certificate Holders: Endof period

rA\5tr

J

1 ALAMEDACONTRACOSTATRANSITDISTRICT (COPS) FTNANCTNG CORPORATTON REPORTTO CERTIFICATE HOLDERS Forthe ThreeMonthEndedSeptember 30,2005

is a summaryof theFinancing Corporation activity: Thefollowing AC TransitDistrictInterestContributions Amortization on Deferral Income lnvestment

ThreeMonth EndingSeptember 30

o

TotalIncome

243,862

InterestPaymentsto TransferTrustee InterestExpense:amortization of net gainfromdefeasence Amortization of COPSlssuanceCosts Expenses Administrative TotalExpenses Net lncrease of Period NetAssetsat Beginning

202,146 28,537 13,179

202,146 9,435 9,007 $ 220.5 23,2 4414 1

NetAssetsat Endof Period

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ALAMEDA.CONTRACOSTA TRANSITDISTRICT SummaryGomparativeFinancialStatements As of September30,2005

As of Septsmber30,2004

Assets: Currentassets Capitalandotherassets Totalassets Liabilities: Cuffentliabilities Non-cuffentliabilities Totalliabilities Netassets(deficit): Restricted for debt service Unrestricted Total net assets (deficit)

1 ,)oa 7'7fl

18,693,776

1,175,016 20177497.26

1,270,121

1,278,564

132,941 (551,079)

35,016 (697,134)

(418,138)

(662,118)

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I I

ALAMEDA. CONTRACOSTA TRANSITDISTRICT SummaryGomparativeFinancialStatements YTD September30, 2005 FinancialCorporation: 09/30/04

09/30/05 OperatingRevenue: LeasingRevenuefromAC Transit

$

202,146

$

167,318

OperatingExpenses: Amortizationof COPSlssuanceCosts

$

9,007

$

9,007

$

193,139

$

1 5 8 , 311

OperatingIncome Non-operatingrevenue(expenses) Income lnvestment tnteresron uurn

$ $

Increase(Decrease)in NetAssets

$

13,179 $ (183,044) $ 23,274

$

32,62? (191,506) (573)

NOTES: 1) The decreasein operatingrevenueand interestexpenseresultsprimarily from the amortizedpaymentschedulethat decreasesovertime 2) Variancein investmentincomrereflectsthe changein marketyieldsrates.

30,2OO5 MONTHLYFINANGIALSTATUSREPORTAS OF SEPTEMBER CORPORATION AC TRANSITDISTRICTFINANCING

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