REPORT DIGEST

 

COMMUTER RAIL DIVISION OF THE REGIONAL TRANSPORTATION AUTHORITY AND THE NORTHEAST ILLINOIS REGIONAL COMMUTER RAILROAD CORPORATION (A PUBLIC CORPORATION), (BOTH d/b/a Metra)

 

FINANCIAL AUDIT AND SINGLE AUDIT

 

For the Year Ended:

December 31, 2005

 

Summary of Findings:

Total this audit                          1

Total last audit                          0

Repeated from last audit           0

 

Release Date:

June 1, 2006

 

State of Illinois

Office of the Auditor General

WILLIAM G. HOLLAND

AUDITOR GENERAL

 

To obtain a copy of the Report contact:

Office of the Auditor General

Iles Park Plaza, 740 E. Ash Street

Springfield, IL 62703

(217) 782-6046 or TTY (888) 261-2887

 

This Report Digest is also available on

the worldwide web at

http://www.state.il.us/auditor

 

 

 

 

 

 

SYNOPSIS

 

 

¨      Metra did not have adequate procedures to ensure that the semi-annual Disadvantaged Business Enterprises Reports submitted to the Federal Transit Administration were accurate based on their record keeping system.

 

 

 

 

 

 

 


COMMUTER RAIL DIVISION OF THE REGIONAL TRANSPORTATION AUTHORITY
AND THE NORTHEAST ILLINOIS REGIONAL COMMUTER RAILROAD CORPORATION (A PUBLIC CORPORATION), (BOTH d/b/a METRA)

FINANCIAL AUDIT

For The Years Ended December 31, 2005 and 2004

 

FINANCIAL OPERATIONS

2005

2004

 

Operating Revenues

  Passenger Revenue..........................................................

    Passenger Operating......................................................

    Capital Farebox Financing...............................................

      Total Passenger Revenues............................................

  Other………………………………………………………...

      Total Operating Revenues………………………………...

Operating Expenses

  Transportation..................................................................

  Fuel and Motive Power.....................................................

  Maintenance of Way........................................................

  Maintenance of Equipment................................................

  Administration..................................................................

  Claims, Insurance & Risk Management.............................

  Regional Services……………………………………………

  Downtown Stations………………………………………….

  Depreciation…………………………………………………

      Total Operating Expenses.............................................

Operating Loss

Non-Operating Revenues (Expenses)

  Federal………………………………………………………

  Local………………………………………………………...

      Total Financial Assistance………………………………..

 

  Interest Income from Restricted Assets……………………...

  Interest Expense on Leasehold Transaction Obligations......

      Total Non-Operating Revenues (Expenses)……….........

 

      Change in Net Assets…………………………………….

      Net Assets at Beginning of Year………………………

      Net Assets at End of Year………………………………

 

 

$189,102,160

     9,391,752

198,493,912

    62,599,604

$261,093,516

 

$170,426,964

47,416,784

101,240,318

105,706,066

36,581,979

16,905,169

13,481,410

11,879,186

  176,558,123

$680,195,999 

 ($419,102,483)

$184,327,372

 386,847,639

$571,175,011

 

             $18,215,604 

(18,215,604)

$571,175,011

 

$152,072,528

  2,556,185,152

$2,708,257,680

 

 

$182,687,931

     9,075,310

191,763,241

    62,092,803

$253,856,044

 

$166,316,224

23,443,604

96,613,406

103,681,154

35,207,562

15,339,541

14,082,738

11,527,745

  172,669,701

$638,881,675

($385,025,631)

$175,566,350

 436,062,738

$611,629,088

 

             $18,191,420 

(18,191,420)

$611,629,088

 

$226,603,457

  2,329,581,695

$2,556,185,152

SIGNIFICANT ACCOUNT BALANCES

2005

2004

 

Cash and cash equivalents..................................................

Capital Assets (net)...........................................................

Accounts Payable..............................................................

Total Net Assets................................................................

$46,177,139

2,678,583,483

51,732,572

2,708,257,680

$58,195,936

2,506,262,196

64,308,070

2,556,185,152

EXECUTIVE DIRECTOR

During Audit Period and Currently: Mr. Philip A. Pagano

 

 

 

 

 

 

 

 

 

 

 

 

 

 


3 errors were noted resulting in a net understatement of Metra’s DBE participation

 

 

FINDINGS, CONCLUSIONS, AND RECOMMENDATIONS

 

 INACCURATE REPORTING OF DISADVANTAGED BUSINESS ENTERPRISES AWARDS

 

      Metra did not have adequate procedures to ensure that the semi-annual Disadvantaged Business Enterprises (“DBE”) Reports submitted to the Federal Transit Administration (“FTA”) were accurate based on their record keeping system. 

 

        We selected both reports filed during the fiscal year and noted three errors in total.  The errors resulted in a net understatement of Metra’s percentage of DBE participation. (Finding 1, Page 9)

 

        We recommended that additional procedures be implemented in the DBE reporting process to ensure that reports submitted to the FTA are mathematically accurate and accurately report the progress of the program.  These procedures should include management review of the completed report prior to submission.

 

        Metra officials stated that corrected reports have been submitted to the FTA and that in order to minimize the possibility of errors in the future, an additional control has been implemented that requires all work performed by DBE staff be reviewed by another DBE staff member.  In addition, the completed report will be reviewed by the Accounting Department before it is submitted to the FTA.

 

 

AUDITORS’ OPINION

 

      Our auditors state the basic financial statements of Metra as of and for the year ended December 31, 2005 are fairly presented in all material respects.

 

 

____________________________________

WILLIAM G. HOLLAND, Auditor General

WGH:TLK:pp

 

 

SPECIAL ASSISTANT AUDITORS

 

      Crowe Chizek and Company LLC were our special assistant auditors for this engagement.