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comprehensiveannual financialreport
Los Angeles CountyMetropolitan Transportation AuthorityCalifornia
for the fiscal year ended june 30, 2008
 
 
Los Angeles CountyMetropolitan Transportation Authority
California
COMPREHENSIVE ANNUAL FINANCIAL REPORTFor the Fiscal Year Ended June 30, 2008
Submitted by the Accounting DepartmentJosephine V. Nicasio, ControllerTerry Matsumoto, Chief Financial ServicesOfficer and Treasurer
 
 
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LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
 
COMPREHENSIVE ANNUAL FINANCIAL REPORTFor the Fiscal Year Ended June 30, 2008TABLE OF CONTENTS
Page
INTRODUCTORY SECTION
 Letter of Transmittal.................................................................................................................................1Certificate of Achievement for Excellence in Financial Reporting.......................................................6Management Organization Chart...........................................................................................................7Board of Directors....................................................................................................................................8Board Appointed Officials........................................................................................................................9
FINANCIAL SECTIONIndependent Auditors’ Report
..............................................................................................................11
Management’s Discussion and Analysis
.............................................................................................13
Basic Financial Statements:
Government-wide Financial Statements:Statement of Net Assets.................................................................................................................27Statement of Activities...................................................................................................................28Fund Financial Statements:Balance Sheet – Governmental Funds..........................................................................................30Reconciliation of the Balance Sheet to the Statement of Net Assets –Governmental Activities............................................................................................................33Statement of Revenues, Expenditures, and Changes in Fund Balances –Governmental Funds.................................................................................................................34Reconciliation of the Statement of Revenues, Expenditures, and Changes inFund Balances of Governmental Funds to the Statement of Activities.................................36Statement of Net Assets – Proprietary Fund – Enterprise Fund.................................................37Statement of Revenues, Expenses, and Changes in Fund Net Assets –Proprietary Fund – Enterprise Fund.........................................................................................38Statement of Cash Flows – Proprietary Fund – Enterprise Fund...............................................39Statement of Net Assets – Fiduciary Funds.................................................................................40Statement of Changes in Net Assets – Fiduciary Funds.............................................................41Notes to the Financial Statements ....................................................................................................43
Required Supplementary Information:
Schedule of Funding Progress – Pension Plans..............................................................................99Schedule of Funding Progress – OPEB..........................................................................................100Schedule of Revenues, Expenditures, and Changes in Fund Balances –Budget and Actual:General Fund...........................................................................................................................101Proposition A Fund..................................................................................................................102Proposition C Fund..................................................................................................................103PTMISEA Fund........................................................................................................................104Transportation Development Act Fund..................................................................................105State Transit Assistance Fund ................................................................................................106
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