STAFF REPORT. FY Financial Statements for AC Transit Financing Corporation for the Six Months Ended December 31, 2014 BRIEFING ITEM

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1 ~I T~IVS/T Alameda-Contra Costa Transit District Report No: Meeting Date: February 26, 2014 TO: FROM: SUBJECT: AC Transit Financing Corporation Board of Directors David J. Armijo, General Manager STAFF REPORT FY Financial Statements for AC Transit Financing Corporation for the Six Months Ended December 31, 2014 BRIEFING ITEM RECOMMENDED ACTION(S): Consider Receiving Second Quarter Financial Statements for the AC Transit Financing Corporation for the Six Months Ended December 31, EXECUTIVE SUMMARY: The Financing Corporation incurred less interest expense during the six months ending December 3t 2013 as a result of the refinancing of the Series 2001 Certificate of Participation (COP), to the 2013 COP in February BUDGETARY /FISCAL IMPACT: Interest expense on the Series 2013 COPs during the six months ending December 31, 2013 was $646,000 saving the financing Corporation $40,000 year over year. BACKGROUND/RATIONALE: The Financing Corporation was created to provide financing assistance to the Alameda-Contra Costa Transit District. The Board receives a quarterly and annual report on the Financing Corporations financial results. The financial statements reflect the three Certificates of Participations (COPs) financings, Series 2012 pertaining to the refinancing of the Series 2001 (Building), the Series 2009 pertaining to the purchase of 66th Avenue property and the Series 2007 pertaining to the purchase of our Financial/Human Resources Software respectively. ADVANTAGES/DISADVANTAGES: This report does not recommend a course of action with notable advantages or disadvantages. ALTERNATIVES ANALYSIS : An alternative analysis does not apply to this report. 7

2 Report No Page 2 of 2 PRIOR RELEVANT BOARD ACTIONS/POLICIES: Staff Report FY Year-End Financial Statements for the Six Months Ended December 31, ATTACHMENTS 1: AC Transit District Financing Corporation Internal Financial Statements for the Six Months Ended December 31, Department Head Approval: Prepared by: Lewis G. Clinton, Jr., Chief Financial Officer Claude Kramer, Senior Financial Analyst 8

3 SR ATT.l Alameda Contra Costa Transit District Financing Corporation Financial Statements For the Second Quarter Ending 12/31/2013 9

4 ALAMEDA CONTRA COSTA TRANSIT DISTRICT FINANCING CORPORATION (COPS) All Series STATEMENT OF NET ASSETS AVAILABLE TO CERTIFICATE HOLDERS At December 31, 2013 Series 2012 Series 2009 Series 2007 Total As of As of As of As of December 31,2013 December 31,2013 December 31, 2013 December 31, 2013 Assets: Cash, unrestricted Investments, unrestricted Note Receivable ACTO- Current Portion 1,645, ,000 1,395,000 3,430,000 Amortization of N/R Discount On N/R - Sff 377, ,334 Interest Receivable-ACTO 81, , , ,963 Intercompany-ACTO Total Current Assets $ 1,726,023 $ 1,082,694 $ 1,618,580 $ 4,427,297 Cash & Investments, restricted for debt seivice 1,137,500 1,350,000 2,487,500 Note Receivable, ACTO-long term portion 6,880,000 13,155,000 4,595,000 24,630,000 Unamortized Intercompany deferral 162, ,183 Fixed Asset- Work In Progress $ 6,880,000 $ 13,155,000 $ 4, $ 24, Unamortized Issuance Costs (1,000) 53,073 52,073 Total Assets $ $ $ 7,778,836 $ 31,759,053 Liabilities: Accounts Payable Interest Payable 55, , , ,595 Certificates of Participation-current portion 1,645, ,000 1,395,000 3,430,000 Amortization of Note Payable Total Current Liabilities $ 1,700,230 $ 700,984 $ 1, $ 4 018,595 Funds Held for ACTD 1,137,500 1,350,000 2,487,500 Certificates of Participation-Long term portion 6,880,000 13,155,000 4,595,000 24,630,000 Proceeds Payable - District Unamortized deferred amount from refunding 164, ,786 Total Liabilities $ $ $ 7,727,167 $ ,881 Net assets available for certificate holders $ $ $ $

5 ALAMEDA CONTRA COSTA TRANSIT DISTRICT FINANCING CORPORATION (COPS) All Series REPORT TO CERTIFICATE HOLDERS For the Six Months Ended December 31, 2013 Series 2012 Series 2009 Series 2007 Six Months Six Months Six Months The following is a summary of the Financing Corporation activity: Ending December 31 Ending December 31 Ending December 31 Total Six Months Ending December 31 AC Transit District Interest Contributions $ 99,291 $ 373,050 $ Amortization on Deferral Investment Income Total Income $ $ $ Interest Payments to Transfer Trustee 99, ,050 Interest Expense: amortization of net gain from defeasance Amortization of COPS Issuance Costs 9,135 Bank Charges Administrative Expenses Total Expenses $ $ $ 173, , $ 646,191 $ ,191 9,135 $ Net lncfease $ $ (9.135) $ $ (9.135) Net Assets at Beginning of Period $ $ $ Audit Adjustment 1 (153,039) (487,566) Net Assets at End of Period $ $ $ (126,039) $ 1 233,951 (766,644) $ Audit Adjustment 1 With the early implementation of GASB 65, Items Preveiously Reported as Assets and Uabi/ities, the District has restated the deferred bond issuance costs previously recongnized. 11