HomeMy WebLinkAbout2022 Annual Comprehensive FInancial Report.pdfU TA H T R A N S I T
AU T H O R I T Y
SM
a Component Unit of
the State of Utah
Annual Comprehensive
Financial Report
For Fiscal Year Ended December 31, 2022
1
Our Mission
We Move You
Our Vision
Leading Utah’s mobility solutions and improving quality of life
2
Annual
Comprehensive
Financial Report
For Fiscal Year Ended
December 31, 2022
Finance Department
William Greene / Viola Miller
Chief Financial Officers
Troy Bingham
Comptroller
UTAH TRANSIT AUTHORITY
A Component Unit of the State of Utah
3
UTAH TRANSIT AUTHORITY
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Years Ended December 31, 2022
INTRODUCTORY SECTION (Unaudited)
Letter of Transmittal ........................................................................................................................................................................... 8
Certificate of Achievement for Excellence in Financial Reporting .......................................................................................... 12
Organizational Chart .......................................................................................................................................................................... 13
Board of Trustees and Administration ......................................................................................................................................... 14
System Maps ....................................................................................................................................................................................... 17
FINANCIAL SECTION
Independent Auditor’s Report ........................................................................................................................................................ 22
Management Discussion and Analysis (Unaudited) ................................................................................................................ 25
Basic Financial Statements
Statement of Net Position ............................................................................................................................................. 34
Statement of Revenues, Expenses and Changes in Net Position ........................................................................ 36
Statement of Cash Flows ............................................................................................................................................... 37
Statement of Fiduciary Net Position ........................................................................................................................... 39
Statement of Changes in Fiduciary Net Position .................................................................................................... 40
Notes to the Financial Statements .............................................................................................................................. 41
REQUIRED SUPPLEMENTARY INFORMATION SECTION (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios .........................................................................................88
Schedule of Required Employer Contributions ...........................................................................................................................91
Schedule of Investment Returns .................................................................................................................................................... 92
SUPPLEMENTARY SCHEDULES
Schedule of Revenues, Expenses and Changes in Net Position Budget to Actual ........................................................... 94
Combining Statement of Fiduciary Net Position ........................................................................................................................ 95
Combining Statement of Changes in Fiduciary Net Position .................................................................................................. 96
STATISTICAL SECTION (Unaudited)
Financial Trends
These schedules contain trend information to help the reader understand how the Authority’s financial performance and
well-being have changed over time.
Net Position ....................................................................................................................................................................... 99
Change in Net Position ................................................................................................................................................... 99
Revenue History by Source ........................................................................................................................................ 100
Expense History by Function ..................................................................................................................................... 100
4
UTAH TRANSIT AUTHORITY
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Years Ended December 31, 2022
STATISTICAL SECTION (continued)
Revenue Capacity
These schedules contain information to help the reader assess the Authority’s most significant local revenue sources.
Local Contributions from Other Governments ....................................................................................................... 101
Local Transit Sales Taxes by County ......................................................................................................................... 101
Principle Contributors of Sales Tax ........................................................................................................................... 102
Fares .................................................................................................................................................................................. 102
Debt Capacity
These schedules present information to help the reader assess the affordability of the Authority’s current level of
outstanding debt and the Authority’s ability to issue additional debt in the future.
Debt Service Coverage ................................................................................................................................................. 103
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which
the Authority’s financial activities take place.
Demographic and Economic Statistics .................................................................................................................... 103
Operating Information
These schedules contain service and facilities statistics to help the reader understand how the Authority’s financial report
relates to its services and operating activities.
Full-Time Equivalent Employees ................................................................................................................................ 105
Trend Statistics .............................................................................................................................................................. 106
Operating Indicators and Capital Assets ................................................................................................................. 107
Performance Measures – Bus Service ....................................................................................................................... 110
Performance Measures – Commuter Bus Service ................................................................................................... 111
Performance Measures – Light Rail ........................................................................................................................... 112
Performance Measures – Commuter Rail ................................................................................................................ 113
Performance Measures – Demand Response ......................................................................................................... 114
Performance Measures – Vanpool ............................................................................................................................. 115
COMPLIANCE SECTION
Independent Auditor’s Report on Internal Control Over Financial Reporting and Compliance and Other Matters
Based on the Audit of Financial Statement Performed in Accordance with Government Auditing Standards ........ 117
Independent Auditor’s Report on Compliance for the Major Federal Program; Report on Internal Control Over
Compliance ........................................................................................................................................................................................ 119
Schedule of Expenditures of Federal Awards ........................................................................................................................... 122
Notes to Schedule of Expenditures of Federal Awards .......................................................................................................... 124
5
UTAH TRANSIT AUTHORITY
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Years Ended December 31, 2022
COMPLIANCE SECTION (continued)
Schedule of Findings and Questioned Costs............................................................................................................................. 125
OTHER SUPPLEMENTARY INFORMATION SECTION
Independent Auditor’s Report Compliance with the State Compliance Audit Guide and Report on Internal Control
Over Compliance ............................................................................................................................................................................. 128
6
SM
Introductory
7
June 9, 2023
To the Board of Trustees
Utah Transit Authority and
Citizens within the UTA Service Area
We are pleased to submit to you the Annual Comprehensive Financial Report (ACFR) of the Utah Transit
Authority (the Authority) for the fiscal year ended December 31, 2022. This document has been prepared by the
Authority’s Finance Department using the guidelines recommended by the Government Finance Officers
Association of the United States and Canada and conforms to accounting principles generally accepted in the
United States of America and promulgated by the Governmental Accounting Standards Board.
Management’s Assertions
Management assumes full responsibility for the completeness and reliability of the information contained in this
report. Management bases their assurance upon a comprehensive framework of internal control that has been
established for this purpose. To provide a reasonable basis for making these representations, management of the
Authority has established a comprehensive internal control framework that is designed both to protect the
government’s assets from loss, theft, or misuse and to compile sufficient statements in conformity with GAAP.
The concept of reasonable assurance recognizes that:
(1) the cost of a control should not exceed the benefit likely to be derived; and
(2) the valuation of the costs and benefits requires estimates and judgments by management.
As management, we assert that, to the best of our knowledge and belief, this financial report is complete and
reliable in all material respects.
The Annual Comprehensive Financial Report
This report contains financial statements and statistical data which provide full disclosure of all the material
financial operations of the Authority. The financial statements have been prepared on the accrual basis of
accounting in conformance with generally accepted accounting principles. This ACFR is indicative of the
Authority’s commitment to provide accurate, concise and high-quality financial information to the residents of its
service area and to all other interested parties.
The Authority is also required to conduct an annual single audit in conformity with the provisions of the Single
Audit Act of 1984 and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Information related to the
single audit, including the schedule of expenditures of federal awards, findings and recommendations, and
auditor’s reports on internal control structure and compliance with applicable laws and regulations are included
with this report.
669 West 200 South
Salt Lake City, Utah 84101
1-888-RIDE-UTA
www.rideuta.com
8
The accounting firm of Crowe LLP was selected to perform an annual independent audit of the Authority’s
financial statements. The goal of the independent audit is to provide reasonable assurance that the Authority’s
financial statements for the fiscal year ended December 31, 2022, are free of material misstatements. The
independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements; assessing the accounting principles used and significant estimates made by management
and evaluating the overall financial presentation. The independent auditor concluded that there was a reasonable
basis for rendering an unmodified opinion that the Authority’s financial statements are fairly presented in
conformity with accounting principles generally accepted in the United States of America. The audit also was
designed to meet the requirements of the Federal Single Audit Act of 1984 and related Uniform Guidance. The
auditor’s report on the basic financial statements and schedules, including reports specifically related to the
single audit, are included in this document.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic
financial statements in the form of a Management’s Discussion and Analysis (MD&A). This letter of transmittal is
designed to complement the MD&A and should be read in conjunction with it.
Background
The Utah Transit Authority was incorporated on March 3, 1970 under authority of the Utah Public Transit
District Act of 1969 for the purpose of providing a public mass transportation system for Utah communities.
The Authority is governed by a three-member full-time board of trustees. The Governor appoints nominees from
the three appointing districts within the UTA service territory to serve as trustees. The names of the nominees
are then forwarded to the Senate for confirmation. Once confirmed, an appointee is sworn in as a trustee.
Utah Transit Authority also has a nine-member local advisory council. The local advisory council representation
includes: three members appointed by the Salt Lake County council of governments; one member appointed by
the Mayor of Salt Lake City; two members appointed by the Utah County council of governments; one member
appointed by the Davis County council of governments; one member appointed by the Weber County council of
governments; and one member appointed by the councils of governments of Tooele and Box Elder counties.
Terms for local advisory council members are indefinite.
The responsibility for the operation of the Authority is held by the board of trustees that hires, sets the salaries,
and develops performance targets and evaluations for the Executive Director, Internal Auditor, and any chief
level officer. The Executive Director is charged with certain responsibilities, some of which require coordination
with, or providing advice to, the board of trustees. Legal counsel will be provided by the Utah Attorney General’s
Office. An organizational chart which illustrates the reporting relationships follows this letter of transmittal.
The executive staff meets weekly to coordinate management of the affairs of the organization. The executive
staff and various other department officials meet as needed in a policy forum to review management policies and
strategic direction and objectives for the organization.
The Authority serves the largest segment of population in the State of Utah known as the Wasatch Front. Its
service area includes Salt Lake, Davis, Utah, and Weber Counties, the cities of Tooele and Grantsville in Tooele
County and that part of Tooele County comprising the unincorporated areas of Erda, Lakepoint, Stansbury Park
and Lincoln, and the cities of Brigham City, Perry and Willard in Box Elder County.
The population of the Authority’s service area is approximately 2,695,629 and represents 80 percent of the
state’s total population.
9
Economy
Utah ends 2022 facing significant economic uncertainty as Utah continues to grapple with ever-changing
pockets of economic strength and weakness. The post-pandemic economy has altered many traditional
economic relationships. These economic transformations make accurate predictions challenging because it is
unclear if or when old patterns will return, or if new arrangements will chart a different economic course.
Current economic challenges amid an overheated economy include stubbornly high inflation, rapidly rising
interest rates, low consumer sentiment, and unmistakable construction and real estate slowdowns. At the same
time, many often underappreciated economic buffers exist. Extremely low unemployment coupled with
improving supply chains and very strong overall household, firm, and state and local government financial
reserves combine to provide a hedge against economic challenges that could spiral into a recession.
The Authority’s decision-makers will prepare to respond to any of the three scenarios by following the indicators,
making midcourse corrections, and applying vigilance and caution while still pursuing opportunities.
Scenario 1: Continuing Growth
Inflation recedes, interest rate hikes stabilize, historically high financial reserves and low debt
levels prop up consumer spending, employers work to retain employees in light of recent hiring
challenges, and international geopolitical and supply chain challenges stabilize, combining to
create 2023 real GDP growth in the 2% to 4% range (similar to 2022 Q3 and Q4).
Scenario 2: Shallow Recession
High inflation comes down slowly, continued rapid interest rate hikes drive down consumer and
firm demand for large capital acquisitions, sizable construction slowdowns and layoffs extend
broadly into other sectors, continued international challenges remain disruptive similar to 2022,
resulting in a relatively short and mild -1% to 1% change in 2023 real GDP.
Scenario 3: Decelerating Growth
Inflation moderates somewhat, interest rate hikes continue but slow down, household financial
buffers only partially offset broader economic challenges, including layoffs in interest-rate-
sensitive sectors such as construction, resulting in 2023 real GDP growth in the 0% to 2%
range.
The most pressing internal risks will be growth-driven challenges like a limited labor supply, increasing costs, and
housing affordability. Declining birthrate, air quality, and water challenges will also add pressure. COVID-19 and
inflation pose additional downside risks.
Utah's fundamental advantages—a youthful demographic profile, economic diversity, a stable fiscal and
regulatory environment, crossroads of the west location, global connections, and social cohesion—will continue
to influence the state's economic position in 2023 and beyond. As long as major risks to the national expansion
are not realized, Utah’s economy will once again be among the best in the nation.
10
Awards
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to The Authority for its Annual Comprehensive Financial
Report (ACFR) for the fiscal year ended December 31, 2021. This was the twenty-nineth consecutive year that
the Authority has received this prestigious award. This certificate of award is the highest form of recognition for
excellence in state and local government financial reporting. In order to receive this award, the Authority must
publish an easily readable and well organized comprehensive financial report whose content conforms to the
program standards. Such a report must satisfy both generally accepted accounting principles and applicable legal
requirements. The Certificate of Achievement for Excellence in Financial Reporting is valid for a one-year period
only. We believe that our current Annual Comprehensive Financial Report continues to meet the Certificate of
Achievement Program’s requirements and are submitting it to determine eligibility for continued recognition.
Acknowledgements
The preparation of this report would not have been possible without the efficient and dedicated service of the
entire finance team at the Authority. We wish to express our sincere appreciation for the hard work and long
hours that contributed to the preparation of this report. Appreciation is also extended to the Executive Board and
the various team members for their cooperation and dedicated service that made it possible to produce a report
of the highest standards.
William Greene
Chief Financial Officer
Utah Transit Authority
11
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Utah Transit Authority
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2021
Executive Director/CEO
12
UTA
Board of Trustees
Carlton Christensen, Beth Holbrook , Jeff Acerson
Executive Director
Jay Fox
Chief Financial Officer
William Greene / Viola
Miller
Chief Operating Officer
Cherryl Beveridge
Chief Planning &
Engagement Officer
Nichol Bourdeaux
Chief People Officer
Kim Shanklin
Internal Auditor
Mike Hurst
Mgr of Civil Rights
Compliance
Kenya Fail
Director Total Rewards
Ann Green-Barton
Director Talent Acq
Greg Gerber
Director Budget & Financial
Strategy
Brad Armstrong
Comptroller
Troy Bingham
Supply Chain Director
Todd Mills
Fares Director
Monica Morton
Claims & Insurance Mgr
Dave Pitcher
Mgr Customer Service
Cindy Medford
Acting Director of
Innovative
Mobility Solutions
Hal Johnson
Special Services GM
Ryan Taylor
Acting Commuter Rail
General Manager
Zach Thomas
Regional GM
Mt. Ogden BU
Camille Glen
Regional GM
Timpanogos BU
Mary DeLaMare-Schaefer
Chief of Police –
Public Safety Mgr
Dalan Taylor
Regional GM
Salt Lake BU
Andres Coleman
Planning Director
Russell Fox
Government
Relations Director
Shule Bishop
Utah Attorney General
Mike Bell
Tim Merrill
David Wilkins
Community Engagement
Director
Megan Waters
Acting Light Rail GM
Jaron Robertson
Director of Board
Governance
Annette Royle
Director Safety & Security
Sheldon Shaw
Director of Talent
Development
Linda Watts
Chief Enterprise
Strategy Officer
Alisha Garrett
IT Director
Kyle Brimley
Sr Mgr Ops Analysis
&Solutions
Tigran Melikyan
Chief Service Development
Officer
Mary DeLoretto
Director of Real Estate
& TOD
Paul Drake
Director of
Capital Development
Dave Hancock
Director of Capital
Construction
Jared Scarbrough
Director Capital
Assets&Proj Ctrls
Daniel Hofer
Director of Fleet
Engineering
Brian Sawyer
Director of Maint Support
Kevin Anderson
Grants Director
Tracy Young
Chief Communications
Officer
Steven Wright
Director Workforce Tech
Training
Stacey Palacios
Records Manager
Auty Dalquist
Special Projects Manager
Edison Pascascio
Digital Marketing Manager
Nickolas Mike Varanakis
Strategic Comms and
Content Manager
Katie Morrison
13
UTAH TRANSIT AUTHORITY
INTRODUCTORY SECTION
Year Ended December 31, 2022
UTA Board of Trustees
Beth Holbrook Jeff Acerson
Carlton Christensen
Board Chair
Davis, Weber and Box Elder Counties
Salt Lake County
Tooele and Utah Counties
14
UTAH TRANSIT AUTHORITY
INTRODUCTORY SECTION
Year Ended December 31, 2022
Administration
Board of Trustees
BOARD CHAIR ................................................................................................................ Carlton Christensen
BOARD TRUSTEE ...................................................................................................................... Beth Holbrook
BOARD TRUSTEE .......................................................................................................................... Jeff Acerson
Officers of the Authority
BOARD CHAIR ................................................................................................................ Carlton Christensen
EXECUTIVE DIRECTOR ......................................................................................................................... Jay Fox
TREASURER ..................................................................................................... William Greene/Viola Miller
COMPTROLLER .......................................................................................................................... Troy Bingham
SECRETARY ................................................................................................................................ Annette Royle
Administration of the Authority
EXECUTIVE DIRECTOR ......................................................................................................................... Jay Fox
CHIEF OF INTERNAL AUDIT ....................................................................................................... Mike Hurst
CHIEF PLANNING AND ENGAGEMENT OFFICER ................................................... Nichol Bourdeaux
CHIEF FINANCIAL OFFICER ...................................................................... William Greene/Viola Miller
CHIEF OPERATING OFFICER .......................................................................................... Cherryl Beveridge
CHIEF PEOPLE OFFICER ............................................................................................................. Kim Shanklin
CHIEF SERVICE DEVELOPMENT OFFICER .................................................................... Mary DeLoretto
CHIEF ENTERPRISE STRATEGY OFFICER ........................................................................... Alisha Garrett
CHIEF COMMUNICATION OFFICER .................................................................................... Steve Wright
15
UTAH TRANSIT AUTHORITY
INTRODUCTORY SECTION
Year Ended December 31, 2022
Local Advisory Council Members
Name Appointing Authority
CHAIR
Mark Johnson Utah County COG
VICE CHAIRS
Troy Walker Salt Lake County COG
Bob Stevenson Davis Area COG
MEMBERS
Erin Mendenhall Salt Lake City
Neal Berube Weber Area COG
Karen Cronin Box Elder COG/Tooele COG
Dan Peay Salt Lake County COG
Trent Staggs Salt Lake County COG
Julie Fullmer Utah County COG
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FRANCIS
PEAK
ADAMS
CANYON
FARMINGTON
CANYON
BOUNTIFUL
PEAK
PARRISH
CANYON
WEBER
CANYON
MUELLER
PARK
NORTH OGDEN
CANYON
OGDEN
CANYON
LagoonStation
Park
George S.
Eccles
Dinosaur
Park
Newgate
Mall
Ski service
Weber Canyon
Ski service typically operates
from mid-December to late
March. Find more information
at rideuta.com/ski.
Ski service
Ogden Canyon
Ski service typically operates
from mid-December to late
March. Find more information
at rideuta.com/ski.
Lagoon service
Farmington
Route 667 serves Lagoon
year-round Mon–Sat. On
Sundays when Lagoon is
open, route 470 serves the
Lagoon campground stop.
UTA On Demand
South Davis zone
On-demand service
operates in this area:
Mon–Fri 6 am – 9 pm
For more information, go to
rideuta.com/ondemand.
UTA On Demand
South Davis zone
On-demand service
operates in this area:
Mon–Fri 6 am – 9 pm
For more information, go to
rideuta.com/ondemand.
455 473
Oak Hills
470 626 627
628 640
Clearfield
455 667473
Farmington
455 473
Fruit Heights
677627628640472
Layton Hills Mall
604 F620
Roy
455 473 677
South Weber
627 640
WSU–Davis
470 627
Davis Tech470628677
Layton
455 470 473 603
604 613 F618 F620F618
601
630 674 675
Ogden
603 645
McKay–Dee
Hospital
674 675
Rainbow Gardens
472
Riverdale
674
Powder
Mountain
677675
Snowbasin
472
Kaysville
602 645
Dee Events Center
455 640603
645
625
Weber State University
via Edvalson St
625
Ogden–Weber
Technical College
645612
455 473 677
Antelope Dr
to Brigham City
to Salt Lake and Utah counties FrontRunner to
Salt Lake Central & Provo Central
N
Bus
OGX (under construction)
Bus rapid transit (BRT) service
opening August 2023
Frequent bus
Runs every 15 minutes
Regular bus
Runs every 30 or more minutes
Limited bus
Routes with limited service
Ski bus
Service to ski resorts
No service outside ski season—check
rideuta.com/ski for exact dates
Legend
Rail
FrontRunner
Intercity train service running
every 30–60 minutes
Monday–Saturday only
612
640
650
675
UTA On Demand
Microtransit service
Transit, UTA’s preferred
trip planning app
Find schedule info, see bus and train locations,
buy tickets and passes, and get notified about
detours and service disruptions in real time.
Plan your trip
EFFECTIVE 16 APRIL 2023
More information at
rideuta.com
Park-and-ride
Weber
& Davis
SYSTEM MAP
BRIG HAM
C ITY
PERRYRR
F638
630
630
630
630
630
F638
F638
F638
F638
FOREST ST
700 N
1100 S
MA
I
N
S
T
SR
-
3
8
SR-13
200 S
U S -8 9/91
US-
89
M EDICAL DR
50
0
W
Brigham City
Community Hospital
Brigham City
Community Hospital
Pioneer
Park
15
84
Brigham City
604
606
674613
612
F618
F618
613
470
470
455
455
612
473
F618
603
601
455
606
F620
675
F618
470
630
630
606 612
674
613
675
675
24TH
ST 25TH ST
22ND ST
23RD ST
21ST ST
20TH ST
17TH ST
12TH ST
WA
S
H
I
N
G
T
O
N
B
L
V
D
WA
L
L
A
V
E
WA
S
H
I
N
G
T
O
N
B
L
V
D
AD
A
M
S
A
V
E
WA
L
L
A
V
E
LI
N
C
O
L
N
26TH ST
28TH ST
30TH ST
Weber
County
Library
Weber
County
Library
Fort
Buenaventura
455 470 473 603
604 613 F618 F620F618
601
630 674 675
Ogden
OGX
Downtown Ogden
GORDON AVE
17
Downtown
SEE INSET
The University of Utah
SEE INSET
FREE FARE ZONEFR
F
r
o
n
t
R
u
n
n
e
r
Green Line
R
e
d
L
i
n
e
Red L
i
n
e
B
l
u
e
L
i
n
e
B
l
u
e
L
i
n
e
F
r
o
n
t
R
u
n
n
e
r
S-Line
Green Line
SALT
LAKE
DAVIS
TAYLORSVILLETAYLORSVILLE
MILLCREEKR
SOUTHO
SALTA
LAKEA
N O RTH
SALTSASA
KELAKE
W E ST
VALLEY
C ITY
KEARNS
MAG N A
SS AA LLTT
LLLAKEAKE
CICCTY
DRA PER
H OLLADAY
W ESTW
BOUNTIFULUU
MIDVALEAL
M U RRAY
B OUNTIFUL
COTTO NWOOD
HEIG HTS
H ERRIMAN
RIVERTON
SANDY
B LUFFDALE
W E ST
J ORDAN
S O UTH
J O RDAN
AYBREAKDAYDA
WOODSO
CROSSR
I NTERNATIO NAL
CENTER
470
470
470
470
455
455
455
455
871
871
451
451
551551
F453
551
217
1 205
451 F453
217
473
472
472
473
472
473
473
509
513
513
513
513
513
513
9
1
205
9
9
509
509
509
248
35
248
3535
35
47 47
47 47
54
47
47
240
240248
248
248
F232 227
F232 227
54
54
54
39
39
35
33
33
33
217
217
217
62
62
62
62
F556
F556
F556
240
240
240
200
200
200
205
4
473
455
209 213
220
205
209
209
209
213
220
220
220
45 45
45
F11
223
21
21
17
17
223
223
223
223
4
4
902
972
972
201
201
72 972
72
213
F590
F590
F590
218
218
201
218
F525
F202
F202
F202
F202
F94F94
F94
F94
994
F94 994
994
3939
200 205
220
213
220
213
2
1
209
4
F453
F570
F570
F570
F570
F578F578F578 F578 F578
F514
F514
472
902
451
F453
551
1730 S
1820 S
56
00
W
LAKE PARK BLVD
360
0 W
1700 S
N. FRONTAGE
ROAD
3500 S
3100 S
4100 S
4700 S
5400 S
4700 S
4000 W
4100 S
4100 S
4700 S
5400 S 5400 S
700 0 SGRIZ
Z
L
Y
WAY
6200 S
6200 S
2100 S
RED
W
O
OD
RD
NAV
A
J
O ST
9
00
W
3100 S
3650 S
PARKWAY BLVD
32
00
W
270
0 W
32
00
W
270
0 W
40
0
0
W
48
0
0 W
48
0
0 W
RE
DWO
O
D R
D
RE
DWO
OD
R
D
RE
DWO
OD
R
D
6200 S
7000 S
72 00 S
7000 S
WINCHESTE R ST
7800 S7800 S
4000
W
REDW
O
O
D
R
D
1140 0 S
4000
W
6000
W
RO
SE
CR
E
S
T
R
D
27
0
0
W
32
0
0
W
220
0
W
500
W
700
W
3900 S
3300 S
2100 S
3300 S
3900 S
45 00 S
6100 S
ST
AT
E ST
7800 S
9000 S
7800 S
90
0
E
90
0
E
1300
E
HI
GH
L
AN
D
DR
H
I
G
H
L
A
N
D
D
R
3900 S
4500 S
3300 S
900
E
500
E
STATE S
T
1700 N
NORTH TEMPLE
BEC
K
ST
SUNNYSIDE AVE
210
0 E
19
0
0
E
2700 S
200
0
E
WA
S
ATC
H BLV
D
W
A
S
A
T
C
H
B
LV
D
9400 S
10600 S
35 00 S
MAGNA MAIN ST
HAROLD GATTY DR
AMELIA EARHART DR
WR
I
GH
T
B
R
OT
HE
RS
DR
JI
MM
Y
DO
O
L
I
TT
LE
RD
WILEY POST WAY
MAIN ST
OR
CHA
R
D DR
O RC HAR
D
DR
OLD B
I
N
G HAM H
W
Y
9000 S 9000 S
12600 S
13400 S13400 S
10400 S 10400 S
130
0
W
11 400 S
BA
N
GE
R
T
E
R
HW
Y
CALIFORNIA AVE
RED
W
OO
D R
D
MO
UN
T
A
IN
V
IEW
BANGERTER HWY
14600 S
14400 S
270
0
W
36
00
W
RE
D
W
O
O
D
R
D
12600 S
9800 S
CREEK RD
E M IG RAT ION CA NYO N RD
B OUN
T IFUL
B
L VD
1800 S
2600 S
3100 S
500 S
1500 S
11
0
0
W
LEG
AC
Y
PKW
Y
200
W
50
0
W
500 S
400 N
EAGLEW
O
OD
D
R
CENTER ST
4100 S
84
00
W
915
0
W
64
00
W
700 S
RE
D
WO
OD
RD
1300 S
VINE ST
5400 S
S
R-
1
11
56
00
W
56
0
0
W
M
O
U
N
T
A
I
N
V
I
E
W
SO UT H JOR
DA N P KWY
M
O
U
N
T
A
I
N
VIE
W
11800 S
12300 S 12300 S
PIONEER RD
TRAVERSE R I D G E RD
S UN CRE ST DR
W 200 ST N
WASATCH BLVD
D IMPLE DELL RD
SEGO LILY DR
9800 S
EA
S
T
D
E
L
L
D
R
13
0
0
E
1
3
0
0
E
70
0
E
ST
A
T
E
S
T
WA SAT
C
H
BLV
D
CREEK R
D
8600 S
13
0
0
E
BENGAL BLVD
DA
N
I
S
H
R
D
NE W B I NG H AM H WY
48
00
W
48
00
W
B
A
N
G
E
R
T
E
R
H
W
Y
72
0
0
W
ROSECREST RD
64
0
0
W
HIGH
LAND
D
R
13800 S
30
0
E
17
00
E
11800 S
11400 S
SEG
O LILY
D
R
9800 S
130
0
W
70
0
E
900
W
70
0
W
13
0
0
E
4500 S
WA
S
A
T
C
H
B
L
V
D
H
O
L
LA
D
A
Y
B
L
V
D
23
0
0
E
23
0
0
E
23
0
0
E
17
0
0
E
MO
U
NT
A
I
N VIE
W
C
E
NT
E
R P
ARK DR
700 N
500 S
CALIFORNIA AVE
S. FRONTAGE
ROAD
PI
O
N
E
E
R
R
D
V
A
N
W
I
N
K
LE EX
PW
Y
22
0
0
W
WINCHESTER ST
400 S
CALIFORNIA AVE
F
O
O
T
H
I
L
L
D
R
PARL
E
YS W
AY
BAN
G
E
RT
E
R
H
WY
PARKWAY B LVD
FORT UNION BLV
D
7200 S
CO
P
PER CITY D
R
DI
X
I
E
D
R
DAYB
R
E AK PK
W
Y
HERRIMAN MAIN ST
MURRAY–HOLLADAY RD
300
0
E
WAS
ATCH BLVD
LAK E AV E
C
S
T
VI
R
G
I
N
I
A
S
T
M
S
T
L
S
T
E
S
T
15
0
0
E
13
0
0
E
11
0
0
E
90
0
E
30
0
W
900 S
1300 S
2300 N
400 S
500 S
200 S
800 S
900 S
100 S
1700 S
2100 S
70
0
E
50
0
E
LODESTONE
BALSA DR
CL
E
R
N
A
T
E
S
D
R
PI
E
P
E
R
B
L
V
D
3800 S
ATHERTON
DR
3500 S
WASATCH ST
MO
N
R
O
E
S
T
9400 S
30
0
W
MO
N
R
O
E
S
T
70
0
W
ST
A
T
E
S
T
13
0
0
W
CENTER ST
9000 S
70
0
E
RI
V
E
R
F
RONT P K WY
SAN
D
Y
PK
W
Y
VINE ST
5300 S
6200 S
10
0
0
E
620
0
S
U
N
I
O
N
P
A
R
K
SOUTH UNIONAVE
A
V
E
LITTLE COTTONWOOD RD
5600 S
JO
R
D
A
N
G
T
W
Y
L
O
N
E
PEA
K
P
K
W
Y
20
0
W
13490 S
VI
S
T
A
ST AT ION
B
L
V
D
56
0
0
W
INDIANA A V E
US-
8
9
11TH AVE
9TH AVE
3RD AVE
S. TEMPLE
1000 N
DUPONT AVE
600 N
90
0
W
12
0
0
W
30
0
W
NORTH TEMPLE
3100 S
80
80
215
80
215
215
215
201
201
215
15
15
15
15
80
15
Courthouse
900 South
600 South
Ballpark
River Trail
Decker Lake
Fairpark
Jackson/
Euclid
Trolley
900 East
Crescent View
Kimballs Lane
5600 West
Sandy Expo
Airport
Daybreak Parkway
South Jordan Parkway
Woods Cross
GREAT SALT LAKE
Oquirrh
Park
Jordan
River
Parkway
Liberty
Park
Jordan
Park
City
Cemetery
Murray
Park
Ensign
Peak
Dimple Dell
Regional
Park
Jordan
River
Parkway
Sugar House
Park
Hunter
Park
Riverside
Park
MOUNT OLYMPUS
LONE PEAK
TRAVERSE
MOUNTAINYELLOW
FORK
CANYON
GRANDEUR
PEAK
AVENUES
TWIN PEAKS
ROTARY PARK
ELEPHANT
ROCK
The Shops
at South Town
Alta View
Hospital
The District
Mountain View Village
Fashion Place
Hogle
Zoo
Westminster
College
This Is the Place
Park
State Capitol
Smith’s
Ballpark SLCC–
South City
Rio Tinto
Stadium
Maverik
Center
USANA
Amphitheatre
SLCC–
Jordan
SLCC–
Taylorsville
Jordan
Landing
Kearns
Olympic
Oval
LDS
Hospital
Shriners
Hospital
Salt Lake
Regional
Medical Center
Salt Lake City
International
Airport
Lakeview
Hospital
The Shops
at South Town
Alta View
Hospital
The District
Mountain View Village
Fashion Place
Hogle
Zoo
Westminster
College
This Is the Place
Park
State Capitol
Smith’s
Ballpark SLCC–
South City
Rio Tinto
Stadium
Maverik
Center
USANA
Amphitheatre
SLCC–
Jordan
SLCC–
Taylorsville
Jordan
Landing
Jordan Valley
Medical Center
Kearns
Olympic
Oval
LDS
Hospital
Shriners
Hospital
Salt Lake
Regional
Medical Center
Salt Lake City
International
Airport
Lakeview
Hospital
Jordan Valley
Medical Center
UTA On Demand
Westside zone
On-demand service
operates in this area:
Mon–Sat 4 am – 12:15 am
Sundays 6 am – 9 pm
For more information, go to
rideuta.com/ondemand.
UTA On Demand
South Valley zone
On-demand service
operates in this area:
Mon–Fri 4 am – 12:15 am
Saturday 6 am – 1:15 am
For more information, go to
rideuta.com/ondemand.
Ski service
Cottonwood canyons
Ski service typically operates
from late November to early
April. Find more information
at rideuta.com/ski.
UTA On Demand
South Valley zone
On-demand service
operates in this area:
Mon–Fri 4 am – 12:15 am
Saturday 6 am – 1:15 am
For more information, go to
rideuta.com/ondemand.
Canyon service
Parleys Canyon
Some trips to Kimball
Junction only operate during
ski season. Find more
information at rideuta.com.
UTA On Demand
South Davis zone
On-demand service
operates in this area:
Mon–Fri 6 am – 9 pm
For more information, go to
rideuta.com/ondemand.
Intermountain
Hospital
217 F453451
551
1940 West
248
4800 West
3935
248
47
509240
227 F232
513
West Valley Central
F232 240 F590
Jordan Valley
223 F453200
North Temple
2117
Central Pointe
39
Meadowbrook
3533
Millcreek
217
Redwood Junction
47 5445 200 201
Murray Central
205
Murray North
4739 217
SLCC–Taylorsville
62 209
Fashion Place West
F578
Historic Gardner227
2700 West
F570 F570F202
Bingham Junction
217 218
West Jordan
City Center
72 223
Cottonwood
Corporate Center
4
45 902
33 39
Olympus Cove
220
Highland Dr /
9400 S
994F94
972
Big Cottonwood
Canyon
871
Draper Town
Center
213 F525 F578
Midvale Center
F94 F590 994
Historic Sandy
201 F202 F514
Sandy Civic
Center
F514
Draper
F514201 F525218
South Jordan
21
223 473
17 2139
University
Medical Center
972
Wasatch Blvd /
6200 S
1 451205
F453 551
Power
72 F570 972
Midvale
Fort Union
2 209 509220 513
Salt Lake Central
to
T
o
o
e
l
e
to
K
i
m
b
a
l
l
J
u
n
c
t
i
o
n
to
B
r
i
g
h
t
o
n
v
i
a
S
o
l
i
t
u
d
e
no
s
e
r
v
i
c
e
o
u
t
s
i
d
e
s
k
i
s
e
a
s
o
n
to
A
l
t
a
v
i
a
S
n
o
w
b
i
r
d
no
s
e
r
v
i
c
e
o
u
t
s
i
d
e
s
k
i
s
e
a
s
o
n
to Weber & Davis counties
to Utah County FrontRunner to
Provo Central
FrontRunner to
Ogden
N
Frequent bus
Runs every 15 minutes
Regular bus
Runs every 30 or more minutes
Limited bus
Routes with limited service
Ski bus
Service to Big and Little
Cottonwood canyons
No service outside ski season—check
rideuta.com/ski for exact dates
Transit, UTA’s preferred
trip planning app
Find schedule info, see bus and train locations,
buy tickets and passes, and get notified about
detours and service disruptions in real time.
Plan your trip
Legend
EFFECTIVE 16 APRIL 2023
Rail
FrontRunner
Intercity train service running
every 30–60 minutes
Monday–Saturday only
TRAX Blue Line
TRAX Green Line
TRAX Red Line
Light rail service running
every 15–30 minutes
S-Line
Streetcar service running
every 15–30 minutes
2
6
451
Bus
• South Valley zone
• Westside zone
• South Davis zone
994
UTA On Demand
Microtransit service
Park-and-ride
More information at
rideuta.com
Salt Lake County
SYSTEM MAP
FORTOORFFTTFRRRTTORRTFOFTT
DOUGLASGUUGOUGLUDDGAAAAAADDDDSSAS
RESEARCHSESSESESERERRRESEESEEERRR
PARKPPPPAPAAAARAARARRRRARKKR
473
21
49
F11
473
1
2
220
223
4
17
223
223
213
220
455
4 455
473
F
O
O
T
H
IL
L
D
R
GU
ARDS
MAN
KO
M
AS
W A KARA
WA
Y
C
HIPET
A500 S
500 S
NORT H C A M P U S DR3RD AVE
SOUTH TEMPLE
100 S
200 S
CE
N
T
R
A
L
CA
M
P
U
S
D
R
SOUTH CAMPUS D R
UN
I
V
ST
M
A
RIO
C
A
PECC
H
I
D
R
Fort Douglas
Huntsman Center
VA Hospital
President’s
Circle
Rice-Eccles
Stadium
Huntsman Center
VA Hospital
President’s
Circle
Rice-Eccles
Stadium
2134 220
455 473
Stadium
17
213
219
Union Building
1 2 F11
University Hospital
21
223 473
17 2139
University
Medical Center
9 17 213
455 473
South Campus
F11 223
21
The University of Utah
DOWNTOWNWOODOWNTOWNWOWDOWNTOWN
NUESSUUAVEAVE
473
509513
513
205
220
205
205
223
223
223
209
200
209
1
1
1
200
209
209
2
F453
451
1
4
4
4 509
4554
205 2202
41
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200 S
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700 S
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20
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100 S100 S
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3RD AVE
B
S
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Courthouse
600 South
Gallivan
Plaza
City Center
Arena
North
Temple
Planetarium
Old
Greektown
Library Trolley
Temple Square
Salt Lake City
Public Library
Salt Lake City
Public Library
E ZONEEOZZZZZFREE FAREERFREE FARE ZONE
451
1 200 223 451
455 470 472 473
2 209 509220 513
Salt Lake Central
Downtown Salt Lake City
18
Downtown
Provo and
BYU
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871
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862
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1600 S
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400 S
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820 N
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2230 N
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9600 N
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UT
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23
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2100 N
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900 N
68
0
0
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12
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11800 N
2600 N
700 N
300 N
1100 N
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14600 S
14400 S
27
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SUNCREST DR
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400 N
80
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100 S
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800 N 800 N
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B
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800 N
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400 S
12
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W
1200 S
EAST BA
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B
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S
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SR-
5
1
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CENTER ST
MA
I
N
S
T
SR
-
1
9
8
SR-198
100 N
10
0
W
800 S
UNIVERSITY
PKWY1430 S
50
0
W
50
0
W
RIVER PARK
DR30
0
W
4800 NCENTER ST
A
S
H
T
O
N
ST
A
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E
S
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STAT
E
S
T
MAIN ST
N
O
R
TH
CO
UN
TY
BLVD
S
T
A
T
E
S
T
UNIVERSITY PKWY
CA
BELA’S BLVD
15
15
15
15
15
15
15
Lakeview
Main Street
2230 North
East Bay North
East Bay
South
Towne Centre Blvd
American Fork
Timpanogos
Regional
Hospital
American Fork
Hospital
Utah Valley
Hospital
Mountain
View
Hospital
Thanksgiving
Point
Utah Valley
University
University
Place
LaVell Edwards
Stadium
Timpanogos
Regional
Hospital
American Fork
Hospital
Utah Valley
Hospital
Mountain
View
Hospital
Thanksgiving
Point
Utah Valley
University
University
Place
LaVell Edwards
Stadium
Provo
Towne
Centre
Outlets at
Traverse Mountain
Mountain Point
Medical Center
Provo
Airport
UTAH LAKE
Salem
Lake
Grimes
Pond
Nolan
Park
LONE PEAK
TRAVERSE
MOUNTAIN
LONE
PINE
RIDGE
SPANISH
FORK
CANYON
BUCKLEY
MOUNTAIN
LAKE
MOUNTAINS
CASCADE
MOUNTAIN
MOUNT
TIMPANOGOS
BIG
BALDY
MAHOGANY
MOUNTAIN
AMERICAN FORK
CANYON
PROVO
CANYON
ROCK
CANYON
Y
MOUNTAIN
LOAFER
MOUNTAIN
DRY
MOUNTAIN
WEST
MOUNTAIN
Ski service
Provo Canyon
Ski service typically operates
from mid-December to late
March. Find more information
at rideuta.com/ski.
UTA On Demand
South Valley zone
On-demand service
operates in this area:
Mon–Fri 4 am – 12:15 am
Saturday 6 am – 1:15 am
For more information, go to
rideuta.com/ondemand.
880
Sundance
805 821 822822
South Payson
806
822807
805UVX
831
862
Utah Valley
University
UVX 822
831
BYU South
Campus
806
871
807
850
Lehi
862831UVX
Orem Central
805 805 821 831
833 834 850
UVX
Provo Central
850
880
UVX 862
University Place
834
Vineyard
FrontRunner to
Salt Lake Central & Ogden Central to Salt Lake, Davis, and Weber counties
N
Bus
UVX
Bus rapid transit (BRT) service
running every 6–15 minutes
Monday–Saturday only
Frequent bus
Runs every 15 minutes
Regular bus
Runs every 30 or more minutes
Limited bus
Routes with limited service
Ski bus
Service to Sundance
No service outside ski season—check
rideuta.com/ski for exact dates
Legend
Rail
FrontRunner
Intercity train service running
every 30–60 minutes
Monday–Saturday only
862
850
805
880
UTA On Demand
Microtransit service
Park-and-ride
Transit, UTA’s preferred
trip planning app
Find schedule info, see bus and train locations,
buy tickets and passes, and get notified about
detours and service disruptions in real time.
Plan your trip
EFFECTIVE 16 APRIL 2023
More information at
rideuta.com
Utah County
SYSTEM MAP
805 805 821 831
833 834 850
UVX
Provo Central
UVX 822
831
BYU South
Campus
Memorial
Park
Joaquin
Park
City
Cemetery
Maeser
Park
Harmon
Park
Kiwanis
Park
Brigham
Square
Cougar
Field
Wilkinson
Center
Provo City Library
Provo
Rec Center
Utah County Courthouse
Marriott
Center
LaVell Edwards
Stadium
Missionary
Training Center
Wilkinson
Center
Provo City Library
Provo
Rec Center
Utah County Courthouse
Marriott
Center
LaVell Edwards
Stadium
Missionary
Training Center
JOAQUINUO
MAESERREMAESER
DOWNTOWNNOWDDOWNTOWN
TREETERE
STREETSREET
BRIGHAMGBRI
YOUNGO
UNIVERSITYSITV
BYU Stadium
BYU North
Campus
JoaquinAcademy Square
300 North
Center Street
400 South
300 S
920 S
CENTER ST
100 N
700 N
COUGAR BLVD
700 N
800 N
900 N
UNIVERSITY PK W Y
UN
I
V
E
R
S
I
T
Y
A
V
E
90
0
E
FR
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D
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B
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UN
I
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S
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A
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70
0
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90
0
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90
0
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S
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831
831
850
822
822
831
822
822
834 831
834
850
833
805
821
831
Downtown Provo and BYU
19
INDUSTRIAL
DEPOT
TOOELE
GRANTSVILLET
S TANSBU R Y
PARK
ERD A
L AKE
P O INT
451
451
F453
451
451
F453
F453
SR-
3
6
MO
U
N
T
A
I
N
V
I
E
W
R
D
CANYON RD
SADDLEBACK BLVD
CEN
T
E
R
S
T
SR-138
SR-13
8
SR
-
3
6
S
T
A
NSBURYPK
WY
VILLAGE BLVD
CHURCH RD
ERDA WAY
2000 N
1000 N
S
R
-
1
1
2
SR-
1
1
2
400 N
7TH
S
T
SKYLINE DR
700 S MAIN
S
T
ERDA WAY
MAIN ST
S
R
-
1
3
8
QU
I
R
K
S
T
WE
S
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S
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SR
-
1
1
2
BU
R
M
E
S
T
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R
R
D
BURM
E
S
T
E
R
R
D
DURFEE ST
DEPOT BOUNDARY RD
SH
E
E
P
L
N
BATES CANYON RD
DR
O
U
B
A
Y
R
D
SR
-
3
6
MA
I
N
S
T
DR
O
U
B
A
Y
R
D
BR
O
A
D
W
A
Y
MA
I
N
S
T
CO
C
H
R
A
N
E
L
N
TO
O
EL
E BLVD
MID V A L L E Y H WY
MID
D
LE
C
A
N
Y
O
N
R
D
F RANK
S
D
R
20
0
W
VINE ST
UTAH AVE
400 S
CO
L
E
M
A
N
S
T
80
80
GREAT SALT LAKE
BATES
CANYON
MIDDLE
CANYON
Mountain West
Medical Center
Tooele
Technical
College
Deseret
Peak
Walmart
Distribution Center
USU–Tooele
Mountain West
Medical Center
Tooele
Technical
College
Deseret
Peak
Walmart
Distribution Center
USU–Tooele
UTA On Demand
Tooele County zone
On-demand service operates
in this area:
Mon–Fri 7 am – 7 pm
For more information, go to
rideuta.com/ondemand.
UTA On Demand
Tooele County zone
On-demand service operates
in this area:
Mon–Fri 7 am – 7 pm
For more information, go to
rideuta.com/ondemand.
UTA On Demand
Tooele County zone
On-demand service operates
in this area:
Mon–Fri 7 am – 7 pm
For more information, go to
rideuta.com/ondemand.
451 F453
2400 N
451 F453 F453
Benson Grist Mill
to Salt Lake County
N
Bus
Regular bus
Runs every 60 minutes
Limited bus
Routes with limited service
Legend
F453
451
UTA On Demand
Microtransit service
Park-and-ride
Transit, UTA’s preferred
trip planning app
Find schedule info, see bus and train locations,
buy tickets and passes, and get notified about
detours and service disruptions in real time.
Plan your trip
EFFECTIVE 16 APRIL 2023
More information at
rideuta.com
Tooele County
SYSTEM MAP
20
SM
Financial
21
(Continued)
Crowe LLP
Independent Member Crowe Global
INDEPENDENT AUDITOR'S REPORT
Board of Trustees
Utah Transit Authority
Salt Lake City, Utah
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the business-type activities and fiduciary activities of the Utah
Transit Authority (the Authority), a component unit of the State of Utah, as of and for the year ended
December 31, 2022, and the related notes to the financial statements, which collectively comprise the
Authority’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the business-type activities and fiduciary activities of the
Authority, as of December 31, 2022, and the respective changes in financial position and, where applicable,
cash flows thereof for the year then ended in accordance with accounting principles generally accepted in
the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards (Government Auditing Standards), issued by the Comptroller General of the United States. Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of
the Financial Statements section of our report. We are required to be independent of the Authority, and to
meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our
audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
Emphasis of Matter
As discussed in Note 2 to the financial statements, in the year ended December 31, 2022, the entity adopted
new accounting guidance, GASB Statement No. 87, Leases. Our opinion is not modified with respect to
this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error.
22
(Continued)
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Authority’s ability to continue as
a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing
Standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are
considered material if there is a substantial likelihood that, individually or in the aggregate, they would
influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Authority’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the Authority’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control-related matters
that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, schedule of changes in net pension liability and related ratios, schedule of required
employer contributions, and schedule of investment returns, as listed in the table of contents, be presented
to supplement the basic financial statements. Such information is the responsibility of management and,
although not a part of the basic financial statements, is required by the Governmental Accounting Standards
Board who considers it to be an essential part of financial reporting for placing the basic financial statements
in an appropriate operational, economic, or historical context. We have applied certain limited procedures
to the required supplementary information in accordance with auditing standards generally accepted in the
United States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management's responses to our inquiries,
the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
23
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Authority’s basic financial statements. The schedule of revenues, expenses and changes in
net position budget to actual, combining statement of fiduciary net position, combining statement of changes
in fiduciary net position, and the schedule of expenditures of federal awards as required by Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards are presented for purposes of additional analysis and are not a required
part of the basic financial statements. Such information is the responsibility of management and was derived
from and relates directly to the underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in accordance
with auditing standards generally accepted in the United States of America. In our opinion, the schedule of
revenues, expenses and changes in net position budget to actual, combining statement of fiduciary net
position, combining statement of changes in fiduciary net position, and the schedule of expenditures of
federal awards are fairly stated, in all material respects, in relation to the basic financial statements as a
whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical sections but does not include the basic financial statements and
our auditor's report thereon. Our opinions on the basic financial statements do not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If, based
on the work performed, we conclude that an uncorrected material misstatement of the other information
exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 9, 2023 on
our consideration of the Authority’s internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is solely to describe the scope of our testing of internal control over financial reporting
and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
Authority’s internal control over financial reporting or on compliance. That report is an integral part of an
audit performed in accordance with Government Auditing Standards in considering the Authority’s internal
control over financial reporting and compliance.
Crowe LLP
Indianapolis, Indiana
June 9, 2023
24
THE UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2022
Utah Transit Authority’s 2022 fiscal performance
continues to demonstrate the successful implementation
of its financial policies. This report provides
accountability to the Authority’s goals and objectives
defined with its residents and adopted by the Board of
Trustees. This section of the Annual Comprehensive
Financial Report presents our discussion and analysis of
the Authority’s financial performance during the fiscal
year that ended on December 31, 2022. Please read it in
conjunction with the transmittal letter at the front of this
report and the Authority’s financial statements, which
follow this section. Due to the material relationship
between the Authority and its component units (Joint
Insurance Trust and Pension), the Total Reporting Entity
information more accurately reflects the comprehensive
financial operations of Utah Transit Authority.
OVERVIEW OF THE FINANCIAL STATEMENTS
The financial section of this annual report consists of four
parts – Management’s Discussion and Analysis (MD&A),
the Basic Financial Statements, other Required
Supplementary Information, and a supplementary section
that presents budget and actual schedules for the authority
funds; and fiduciary fund schedules for the Joint Insurance
Trust and Pension Trust. The basic financial statements
present different views of the Authority:
The first three statements are government-wide
financial statements that provide both long-term and
short-term information about the Authority’s overall
financial status.
The remaining statements are fiduciary fund
statements which provide information about the
financial relationships in which the Authority acts
solely as a trustee or agent for the benefit of others,
to whom the resources belong, such as the
Authority’s pension and collective bargaining medical,
dental and life insurance funds.
FINANCIAL HIGHLIGHTS
The total reporting entity has positive
unrestricted net position of
$505,087,728 at December 31, 2022, which
represents an increase of $173,650,475 or
52.4 percent over the prior year.
The total expenses of the Authority’s
increased 15.5 percent to $669,621,766
during fiscal year 2022, while the
Authority’s total revenues increased by 25.6
percent to $858,700,828.
At December 31, 2022, the Authority had
$2,372,539,073 of debt outstanding,
including $56,125,000 related to Utah
County’s Bonds for Provo-Orem Bus Rapid
Transit Construction in 2019. Accordingly,
liabilities and deferred inflows of the
Authority at December 31, 2022 w e r e
exceeded by its assets and deferred
outflows by $1,215,802,467.
Revenues exceeded the budget by
$94,044,001; alternatively, expenses were
only $6,675,527 over the budget due to
unbudgeted pension related activities. This
helped to provide additional available
resources to fund the Authority’s reserves
available for future appropriation.
For 2022, ridership increased by 31.2
percent compared to the prior year, with
demand response growing the most in 2022,
at 87.5 percent. Fare revenues contributed
3.9 percent to total revenues for the
Authority.
25
THE UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2022
The financial statements also include note disclosures that explain some of the information in the financial statements
and provide more detailed data. The statements are followed by a section of required supplementary information that
further explains and supports the information in the financial statements. In addition to these required elements, the
financial statements include a supplementary section with combining statements that provide details about the
Authority’s fiduciary funds, each of which are combined and presented in single columns in the basic financial
statements.
The chart below summarizes the major features of the Authority’s financial statements, including the scope and the
types of financial information presented. The remainder of this overview section of management’s discussion and
analysis explains the structure and contents of each of the statements.
Major Features of Utah Transit Authority's Financial Statements
Government-Wide
Statements
Fund Statements
Fiduciary Funds
Scope
Entire Authority (except
fiduciary funds). The Authority
operates in a manner similar to
private businesses.
Instances in which the Authority is
the trustee or agent for someone
else's resources, such as the
retirement plan or medical plans of
employees
Required
Financials
Statements
Statement of net position Statement of fiduciary net position
Statement of revenues,
expenses, and change in net
position
Statement of changes in fiduciary net
position
Statement of cash flows
Basis of
Accounting and
Measurement
Focus
Accrual basis of accounting and
economic resources
measurement focus
Accrual basis of accounting and
economic resources measurement
focus
Type of
Deferred
Outflow/Inflow,
Asset Liability
Information
All assets and liabilities, both
financial and capital, and short-
term and long-term
All assets and liabilities, both
financial and capital, and short-term
and long-term; the Authority's
fiduciary funds do not currently
contain capital assets although they
could
Type of
Outflow/Inflow
Information
All revenues and expenses
during the year, regardless of
when cash is received or paid
All revenues and expenses during the
years, regardless of when cash is
received or paid
26
THE UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2022
CONDENSED STATEMENTS OF NET POSITION
2022 2021 (Restated) Difference Percent difference
Assets Current and other assets $ 858,367,219 $ 671,105,360 $ 187,261,859 28%
Capital assets, net 2,889,621,291 2,889,299,679 321,612 0%
Total assets 3,747,988,510 3,560,405,039 187,583,471 5%
Deferred outflows of resources 161,487,088 135,869,962 25,617,126 19%
Liabilities Current liabilities 217,679,168 192,370,099 25,309,069 13%
Long-term liabilities 2,467,772,606 2,445,749,954 22,022,652 1%
Total liabilities 2,685,451,774 2,638,120,053 47,331,721 2%
Deferred inflows of resources 8,221,357 31,431,543 (23,210,186) -74%
Net position Net investment in capital assets 666,552,866 668,271,091 (1,718,225) 0%
Restricted 44,161,873 27,015,061 17,146,812 63%
Unrestricted 505,087,728 331,437,253 173,650,475 52%
Total net position $ 1,215,802,467 $ 1,026,723,405 $ 189,079,062 18%
Current and other assets increased from 2021 due to the Authority’s continued and final receipt of federal stimulus
associated with America Rescue Plan Act of 2021 (ARPA) funding. These funds reimbursed the Authority for operating
expenses previously paid with local sales taxes prior to the COVID-19 pandemic. This allowed the Authority to
accumulate cash to offset losses in passenger fare and investment income affected by the downturn in the market due
to the inflation and higher interest rates. Additionally, the Authority, recognized $20.8 million for sale of an additional
phase of the Jordan Valley transit-oriented community in early 2022.
Deferred outflows of resources increased from 2021 by $25.6 million due in part to the pension losses that will be
amortized over the next five years.
Current liabilities increased from 2021 due to two factors. First, the 2023 debt service principal payments increased by
$14.0 million based on payment schedules. Second, the State of Utah transferred additional cash funds, awarded in the
2021 legislative session, of $11.8 million to the Authority. These funds have not been spent on the projects, so unearned
revenue for the State of Utah increased to $60.1 million at year end.
Deferred inflows of resources decreased from 2021 by $23.2 million due to the decrease pension investment gains from
previous periods that were amortized over five years.
Restricted net position increased from 2021 due to two factors. The Authority’s higher debt service principal payments
in 2023 require $9.0 million more of reserve funds. Second, an interlocal agreement with Utah County for the fourth
quarter cent sales tax requires excess proceeds to be saved for future debt service payments on the 2016 debt issued by
Utah County.
A change in unrestricted net position over time may serve as a useful indicator of a government entity’s financial
position. As of December 31, 2022, the Authority’s unrestricted net position has increased $189.1 million from
27
THE UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2022
December 31, 2021. This change can be attributed to the changes in current and other assets explained earlier in this
section along with reductions in spending during the COVID-19 pandemic.
CONDENSED STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
2022 2021 Difference
Percent
difference
Operating revenues $ 35,713,144 $ 30,386,187 $ 5,326,957 18%
Operating expenses 569,651,499 472,933,325 96,718,174 20%
Excess of operating expenses
over operating revenues
(533,938,355) (442,547,138) (91,391,217) -21%
Non-operating revenues 741,344,880 584,816,562 156,528,318 27%
Non-operating expenses 99,970,267 101,286,173 (1,315,906) -1%
Income (loss) before contributions 107,436,258 40,983,251 66,453,007 -162%
Capital contributions 81,642,804 68,233,591 13,409,213 20%
Change in net position $ 189,079,062 $ 109,216,842 $ 79,862,220 -73%
Total net position, January 1 as restated $ 1,026,723,405 $ 917,203,741
Total net position, December 31 $ 1,215,802,467 $ 1,026,420,583
SUMMARY OF REVENUES FOR THE YEAR ENDED DECEMBER 31
2022 2021 Difference
Percent
difference
Operating
Passenger revenue $ 33,499,144 $ 28,510,458 $ 4,988,686 17%
Advertising 2,214,000 1,875,729 338,271 18%
Total operating revenue 35,713,144 30,386,187 5,326,957 18%
Non-operating
Contributions from other gov'ts (sales tax) 480,925,766 433,360,729 47,565,037 11%
Federal noncapital assistance 215,063,965 130,631,095 84,432,870 65%
Interest income 1,806,825 1,432,026 374,799 26%
Reinvestment of proceeds from development agreements 19,368,007 - 19,368,007 100%
Sale of assets 3,228,640 1,411,431 1,817,209 129%
Build America Bond subsidy 9,259,376 8,158,624 1,100,752 13%
Other 11,692,301 9,822,657 1,869,644 19%
Total non-operating revenue 741,344,880 584,816,562 156,528,318 27%
Capital contributions 81,642,804 68,233,591 13,409,213 20%
Total revenues $ 858,700,828 $ 683,436,340 $ 175,264,488 26%
Passenger revenue as a portion of total revenues declined to 3.9 percent from 4.2 percent during 2022. This decline
was caused by a decrease of $5.0 million in corporate fare contract revenues. These revenues continue to decline even
though overall ridership is slowly returning to pre-pandemic levels. Many of the Authority’s corporate supporters have
opted for contracts based on actual ridership of employees rather than general support of the system.
28
THE UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2022
Since the Authority does not have the ability to levy taxes, it relies on contributions dedicated by member
governments in the form of sales tax increments. 56 percent of total revenues are derived from sales taxes. Sales tax
revenues increased by $47.6 million driven mainly by the robust economy described in the letter of transmittal section.
In 2022, the federal government continued to contribute to the Authority for operating, maintenance, and
administration assistance. The Authority received $167,791,391 in America Rescue Plan Act of 2021 (ARPA) funding.
These allocations were based on a formula that factored in 2019 operating expenses of the Authority to determine the
award amount. This led to the increase of $84.4 million in 2022 federal noncapital assistance revenues.
Return on capital investment is an infrequent revenue, that occurred in 2022 due to a sale of interest at the Authority’s
transit-oriented community at Jordan Valley. Another phase of the Jordan Valley development was sold for a shared
profit with the developer. The Authority’s share of the profit was $19,368,007 which was reinvested in the project.
Capital contributions increased by $13.4 million due to state and local partners contributing more on capital projects in
2022. This can be expected, as local participation in new construction projects can vary from year to year.
SUMMARY OF EXPENSES FOR THE YEAR ENDED DECEMBER 31
2022 2021 Difference Percent difference
Operating expenses Bus service $ 135,508,533 $ 108,575,280 $ 26,933,253 25%
Rail service 121,262,026 94,943,238 26,318,788 28%
Demand response service 33,431,955 27,083,173 6,348,782 23%
Other services 3,509,781 3,587,718 (77,937) -2%
Operations support 62,562,572 50,621,841 11,940,731 24%
Administration 64,959,236 54,073,187 10,886,049 20%
Depreciation and amortization 142,059,366 134,048,888 8,010,478 6%
Total operating expenses 563,293,469 472,933,325 90,360,144 19%
Non-operating expenses Interest expense 99,970,267 101,286,173 (1,315,906) -1%
Impairment expense 6,358,030 - 6,358,030 100%
Total non-operating expenses 106,328,297 101,286,173 5,042,124 5%
Total expenses $ 669,621,766 $ 574,219,498 $ 95,402,268 17%
Operating expenses for 2022 increased $90.3 million over 2021. The four most significant changes by mode are in bus
and rail services along with operating support and administration. The bus and rail services continue to rebound to
pre-COVID-19 pandemic levels. However, due to the age of the equipment, maintenance expenses have increased the
overall cost to run the services.
Administration increases are related to capital maintenance expenses. Capital maintenance expenses are significant,
yet infrequent expenses required to keep our equipment operational. The following chart shows the amount allocated
to each mode:
29
THE UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2022
SUMMARY OF CAPITAL MAINTENCE EXPENSES FOR THE YEAR ENDED DECEMBER 31
2022 2021 Difference
Percent
difference
Capital Maintenance Expenses in Projects
Bus service $ 9,674,985 $ 1,050,751 $ 8,624,234 821%
Rail service 33,064,281 16,279,011 16,785,270 103%
Demand response service 115,961 162,543 (46,582) -29%
Other service 3,105 3,030 75 2%
Administration 17,618,396 13,558,929 4,059,467 30%
Total capital maintenance expenses $ 60,476,728 $ 31,054,264 $ 29,422,464 95%
Like most transit service agencies, personnel cost is the Authority’s largest expense. Personnel cost for the Authority
in 2022 was 61.6 percent of total operating expense less depreciation expense. Overall, personnel cost increased $32.3
million in 2022 due to the Authority increasing the number of positions, salaries, and fringe benefits.
SUMMARY OF OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31
2022 2021 Difference Percent difference
Operating expense less depreciation $ 421,234,103 $ 338,884,437 $ 82,349,666 24.3%
Wages 167,912,455 158,066,997 9,845,458 6.2%
Benefits 91,696,739 69,212,130 22,484,609 32.5%
Operations less wages/benefits 161,624,909 111,605,310 50,019,599 44.8%
Personnel cost $ 259,609,194 $ 227,279,127 $ 32,330,067 14.2%
% of operating expense 61.6% 67.1% -5.4%-8.1%
Operating expense less depreciation cost increased $82.3 million due to the rising cost for goods, mostly fuel, and
increased contractual services for information technology and human resources.
CAPITAL ASSET AND DEBT ADMINISTRATION
CAPITAL ASSET ACTIVITY
2022 2021 Difference
Percent
difference
Land $ 416,304,520 $ 411,342,949 $ 4,961,57 1%
Construction in process 242,275,503 203,927,118 38,348,385 19%
Infrastructure 2,529,910,034 2,508,863,889 21,046,14 1%
Building and building improvements 197,884,811 203,911,043 (6,026,232) -3%
Revenue vehicles 718,106,506 748,886,006 (30,779,500) -4%
Financed revenue vehicles 109,431,765 87,967,286 21,464,479 24%
Equipment 75,716,711 66,816,219 8,900,492 13%
Land improvements 202,372,874 178,487,488 23,885,386 13%
Leasehold improvements 94,263,206 94,273,476 (10,270) 0%
Intangibles 67,879,460 57,097,309 10,782,151 19%
Accumulated depreciation and
amortization (1,764,524,099) (1,673,614,615) (90,909,484) 5%
Total capital assets, net $ 2,889,621,291 $ 2,887,958,168 $ 1,663,123 0%
30
THE UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2022
Capital Assets
At the end of fiscal year 2022, the Authority had invested $4.6 billion in a broad range of capital assets, including land,
buildings, leasehold improvements, equipment, infrastructure, and construction in progress. Construction in progress is
higher than last year due to two large projects nearing completion in Summer of 2023, the new OGX Bus Rapid Transit
line in Ogden for $80.9 million and the new Depot District building being constructed in Salt Lake for $77.6 million. The
decrease in revenue vehicles is attributed to the disposal of older revenue vehicles and the “right-sizing” of the fleet to
the current service levels. These reductions are partially offset by the increase in financed revenue vehicles. Land
improvements increased due to the addition of the airport TRAX station in Salt Lake City and the Vineyard commuter
rail station in Utah County. Intangible assets increased for software implementations, easements, and right to use land
acquisitions associated with new lease accounting requirements.
Long-Term Debt and Other Obligations
At year-end the Authority had total debt obligations of $2.4 billion, of which, bonded debt outstanding represented $2.3
billion, all of which is backed by pledged sales tax increments from each county in the Authority’s service area. Of the
Authority’s debt, $105.9 million represents financing agreements secured solely by specified revenue vehicle that is
pledged as collateral on the lien.
The Authority’s total debt obligations decreased $38.8 million during the 2022 fiscal year. The key components of the
2022 activities were new financing agreements totaling $33.7 million, coupled with principal retirements of $72.5
million. More detailed information about the Authority’s long-term debt is presented in Footnote 10 to the financial
statements.
Bond Ratings
The Authority increased its rating with Standard & Poor’s to AA+ while maintaining its ratings of AA and Aa2 with
Fitch Ratings and Moody’s Investors Services, respectively.
DEBT ADMINISTRATION
Effective date: April 2023
Standard & Poor's
Fitch Moody's
Senior Lien Bonds Current rating AA+ AA Aa2
Outlook Positive Negative Stable
Subordinate Lien Fixed Rate Bonds Current rating AA AA Aa3
Outlook Positive Negative Stable
Limitations on Debt
The Authority has historically issued Sales Tax Revenue Bonds in lieu of any General Obligation Bonds. Revenue bonds do
not have issue limits based on assessed valuation of properties in the Authority’s district but are constrained by UTA’s
ability to repay the principal and interest amounts annually with pledged sales tax revenues. An important metric of the
Authority’s financial health is the amount of pledged sales taxes annually in relation to the debt service due in the given
year, or debt service coverage ratio.
31
THE UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2022
Debt Service Coverage Ratio
(DSCR)
Policy Minimum DSCR
Requirements
Minimum DSCR
Forecasted
Year of
Minimum
Senior Lien 2.0x 4.42x 2023
Subordinate Lien 1.5x 8.28x 2040
The Authority’s net coverage ratio would reach a minimum of 3.06 in 2023. Adherence to other minimum debt service
coverage ratios is detailed in the table below:
Year
Projected
Pledged Sales
Taxes
Senior Lien
Debt
Payments
Senior Lien
Projected
Debt Service
Coverage
Ratio
Subordinate
Lien Debt
Payments
Subordinate
Lien Projected
Debt Service
Coverage Ratio
Total Debt
Payments
Total
Projected
Debt Service
Coverage
Ratio
2023 459,839,154 104,039,742 4.42 46,453,711 9.90 150,493,453 3.06
2024 459,839,154 104,045,687 4.42 46,446,219 9.90 150,491,906 3.06
2025 479,658,222 105,978,989 4.53 46,447,174 10.33 152,426,163 3.15
2026 517,743,085 105,981,667 4.89 46,451,771 11.15 152,433,438 3.40
2027 558,851,886 101,946,084 5.48 56,198,041 9.94 158,144,125 3.53
2028 597,133,240 101,941,964 5.86 56,188,017 10.63 158,129,981 3.78
2029 635,051,201 104,906,327 6.05 62,439,403 10.17 167,345,730 3.79
2030 675,376,952 102,048,307 6.62 62,415,895 10.82 164,464,202 4.11
2031 718,263,388 102,055,492 7.04 62,439,893 11.50 164,495,385 4.37
2032 763,873,114 101,802,153 7.50 62,439,607 12.23 164,241,760 4.65
2033 812,379,056 124,060,994 6.55 40,077,991 20.27 164,138,985 4.95
2034 863,965,126 124,064,926 6.96 40,080,199 21.56 164,145,125 5.26
2035 918,826,912 124,062,891 7.41 40,078,514 22.93 164,141,405 5.60
2036 977,172,421 127,429,814 7.67 34,962,723 27.95 162,392,537 6.02
2037 1,039,222,870 125,833,888 8.26 36,563,777 28.42 162,397,665 6.40
2038 1,105,213,522 123,415,219 8.96 38,980,308 28.35 162,395,527 6.81
2039 1,175,394,580 99,960,375 11.76 62,436,883 18.83 162,397,258 7.24
2040 1,250,032,136 11,657,724 107.23 150,946,856 8.28 162,604,580 7.69
2041 1,329,409,177 79,316,687 16.76 66,369,476 20.03 145,686,163 9.13
2042 1,413,826,660 122,206,633 11.57 23,475,140 60.23 145,681,773 9.70
2043 1,503,604,652 4,445,000 338.27 4,445,000 338.27
2044 1,599,083,548 4,439,300 360.21 4,439,300 360.21
32
THE UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2022
ECONOMIC AND OPERATING FACTORS AND NEXT YEAR’S BUDGET
Key Economic Factors
In response to the COVID-19 global pandemic, the federal government has made funding available via the
America Rescue Plan Act of 2021 (ARPA). These funds are to aid localities in their response to the health
crisis. Expenditures of this federal funding is subject to audit by the grantor under the Uniform Guidance,
and the Authority is contingently liable to refund amounts received in excess of allowable expenditures. In
the opinion of the Authority’s management, no material refunds will be required as a result of expenditures
disallowed by the grantor. See the results of the Single Audit in the Authority’s Single Audit Report for further
information.
The fiscal year 2023 operating budget is $37.4 million higher than 2022, which is a 10.3 percent increase from
fiscal year 2022.
Operating Statistics
The following information provides an annual comparison of ridership by service for years 2022 and 2021.
RIDERSHIP COMPARISON
Source: National Transit Database
2022 2021 Difference Percent difference
Bus service $ 16,196,066 $ 12,616,872 $ 3,579,194 28.4%
Light rail service 10,734,065 8,403,862 2,330,203 27.7%
Commuter rail service 3,230,521 2,062,333 1,168,188 56.6%
Demand response service 565,368 301,505 263,863 87.5%
Other service 731,900 587,721 144,179 24.5%
Total ridership $ 31,457,920 $ 23,972,293 $ 7,485,627 31.2%
The Authority had a 31.2 percent increase in ridership in 2022 and continues to recover after the COVID-19 pandemic.
Pre-pandemic levels of commuter ridership into Salt Lake City and Salt Lake County has not returned as of the date of
this report as many businesses have encouraged telecommuting or working from home for their employees.
CONTACTING THE AUTHORITY’S FINANCIAL MANAGEMENT
The financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general
overview of the Authority’s finances and to demonstrate the Authority’s accountability for the money received.
Questions about this report or inquiries for additional information may be addressed to the Comptroller, 669 West 200
South, Salt Lake City, Utah 84101 or tbingham@rideuta.com.
33
UTAH TRANSIT AUTHORITY
FINANCIAL STATEMENTS
As of December 31, 2022
STATEMENT OF NET POSITION
ASSETS
Current Assets:
Cash and cash equivalents $340,511,281
Investments 195,865,777
Restricted cash and cash equivalents (bond funds)25,973,657
Receivables
Contributions from other governments (sales tax)86,119,433
Federal grants 15,916,587
Other 11,213,548
State of Utah 267,196
Parts and supplies inventories 39,450,941
Prepaid expenses 1,666,243
Total Current Assets 716,984,663
Noncurrent Assets:
Restricted cash equivalents and investments
Interlocal agreements
Escrow funds
Self-insurance deposits
Total restricted cash equivalents and investments 88,462,070
Long-term lease receivables 2,372,247
Non-depreciable capital assets
Land
Construction in progress
Total non-depreciable capital assets
Depreciable/Amortized Capital Assets:
Land improvements
Leasehold improvements
Building and building improvements
Infrastructure
Revenue vehicles
Financed revenue vehicles
Equipment
Intangibles
Total depreciable/amortized capital assets
Total capital assets
Less accumulated depreciation and amortization
Total capital assets, net depreciation and amortization 2,889,621,291
Amount recoverable - interlocal agreement 18,651,010
Other assets 31,897,229
Total Noncurrent Assets 3,031,003,847
TOTAL ASSETS $3,747,988,510
658,580,023
202,372,874
94,263,206
197,884,811
11,074,257
68,706,587
8,681,226
416,304,520
242,275,503
**Readers wanting additional information should refer to the notes to the financial statements**
2,529,910,034
718,106,506
109,431,765
75,716,711
67,879,460
3,995,565,367
4,654,145,390
(1,764,524,099)
34
UTAH TRANSIT AUTHORITY
FINANCIAL STATEMENTS
As of December 31, 2022
STATEMENT OF NET POSITION (continued)
DEFERRED OUTFLOWS OF RESOURCES
Advanced debt refunding - loss on refunding $93,512,404
Deferred outflows of resources related to pension 67,974,684
TOTAL DEFERRED OUTFLOWS OF RESOURCES 161,487,088
LIABILITIES
Current Liabilities:
Accounts payable:
Other 38,935,794
State of Utah 1,846,425
Lease 253,947
Accrued liabilities, primarily payroll-related 8,081,279
Current portion of compensated absences 10,629,671
Current portion of accrued interest 3,849,362
Current portion of interlocal loan 1,595,000
Current portion of long-term debt 78,980,238
Accrued self-insurance liability 1,567,267
Unearned revenues:
Other 11,858,318
State of Utah 60,081,867
Total Current Liabilities 217,679,168
Long-Term Liabilities:
Long-term compensated absences 4,748,411
Long-term deposits 49,007
Long-term lease payable 388,445
Long-term accrued interest 4,398,268
Interlocal loan 54,530,000
Long-term debt 2,237,433,835
Net pension liability 166,224,640
Total Long-term Liabilities 2,467,772,606
TOTAL LIABILITIES 2,685,451,774
DEFERRED INFLOWS OF RESOURCES
Advanced debt refunding - gain on refunding 5,169,498
Deferred inflows of resources for leases 2,529,265
Deferred inflows of resources related to pension 522,594
TOTAL DEFERRED INFLOWS OF RESOURCES 8,221,357
NET POSITION
Net investment in capital assets 666,552,866
Restricted for:
Debt service 25,973,657
Interlocal agreements 11,074,257
Self-insurance deposits 7,113,959
Unrestricted 505,087,728
TOTAL NET POSITION $1,215,802,467
**Readers wanting additional information should refer to the notes to the financial statements**
35
UTAH TRANSIT AUTHORITY
FINANCIAL STATEMENTS
Year ended December 31, 2022
STATEMENT OF REVENUES, EXPENSES AND CHANGE IN NET POSITION
OPERATING REVENUES
Passenger fares 33,499,144$
Advertising 2,214,000
Total operating revenues 35,713,144
OPERATING EXPENSES
Bus service 135,508,533
Rail service 121,262,026
Demand response service 33,431,955
Other service 3,509,781
Operations support 62,562,572
Administration 64,959,236
Impairment expense 6,358,030
Depreciation and amortization 142,059,366
Total operating expenses 569,651,499
EXCESS OPERATING EXPENSES OVER OPERATING REVENUES (533,938,355)
NON-OPERATING REVENUES (EXPENSES)
Contributions from other governments (sales tax)480,925,766
Federal operating grants 215,063,965
Investment income 1,806,825
Reinvestment of proceeds from development agreements 19,368,007
Net gain on sale of capital assets 3,228,640
Other 11,692,301
Interest expense (99,970,267)
Build America Bond subsidies 9,259,376
Net non-operating revenues 641,374,613
INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS 107,436,258
CAPITAL CONTRIBUTIONS
Federal grants 50,582,042
Local 30,992,114
Capital contribution 68,648
TOTAL CAPITAL CONTRIBUTIONS 81,642,804
CHANGE IN NET POSITION 189,079,062$
Total Net Position, January 1 as restated (see Note 2W)1,026,723,405$
Total Net Position, December 31 1,215,802,467$
**Readers wanting additional information should refer to the notes to the financial statements**
36
UTAH TRANSIT AUTHORITY
FINANCIAL STATEMENTS
Year Ended December 31, 2022
STATEMENT OF CASH FLOWS
Cash flows from operating activities:
Passenger receipts 34,850,574$
Advertising receipts 2,322,000
Other receipts 12,152,141
Payments to vendors (173,079,152)
Payments to employees (165,876,890)
Employee benefits paid (71,391,094)
Net cash used in operating activities (361,022,421)
Cash flows from noncapital financing activities:
Sales tax receipts 481,715,011
Federal operating/maintenance grants 216,144,328
Net cash provided by noncapital financing activities 697,859,339
Cash flows from capital and related financing activities:
Contributions for capital projects
Federal 65,945,015
Local 43,094,324
Payments of bonds (55,735,000)
Payments on interlocal loan (1,545,000)
Build America Bond subsidies received 9,259,376
Bond Interest payments (89,697,630)
Proceeds from financing agreements 33,735,811
Payment on financing agreements (9,294,772)
Proceeds from leases 642,392
Purchases of capital assets (160,977,054)
Proceeds from the sale of property 3,228,639
Net cash used in capital and related financing activities (161,343,899)
Cash flows from investing activities:
Interest on investments 1,806,825
Purchases of investments (63,948,761)
Net cash used in investing activities (62,141,936)
Net change in cash and cash equivalents 113,351,083
Cash and cash equivalents at beginning of year 321,840,442
Cash and cash equivalents at end of year 435,191,525$
**Readers wanting additional information should refer to the notes to the financial statements**
37
UTAH TRANSIT AUTHORITY
FINANCIAL STATEMENTS
Year Ended December 31, 2022
STATEMENT OF CASH FLOWS (continued)
Reconciliation of Cash to the Statement of Net Position
Cash and cash equivalents at year end from statement of cash flows 435,191,525$
Cash as reported on the Statement of Net Position
Cash and cash equivalents 340,511,281
Restricted cash and cash equivalents
Bonds funds 25,973,657
Escrow funds 68,706,587
Total cash and cash equivalents 435,191,525$
Reconciliation of operating loss to net cash used in operating activities:
Operating loss (533,938,355)$
Adjustments to reconcile operating loss to net cash used in operatiing activities:
Depreciation and amortization 142,059,366
Impairment 6,358,030
Other nonoperating revenues 11,692,301
Changes in deferred outflow/inflow of resources and net pension liability:
Deferred outflows of resources related to pension (43,539,526)
Deferred inflows of resources related to pension (22,266,766)
Net pension liability 75,582,154
Total changes in deferred outflow/inflow of resources and net pension liability 9,775,862
Changes in assets and liabilities:
Accounts receivable (2,632,100)
Parts and supplies inventories (5,275,714)
Prepaid expenses 579,171
Accounts payable - Other and State of Utah 6,107,653
Accrued liabilities 2,791,935
Unearned revenue 1,459,430
Total changes in assets and liabilities:3,030,375
Net cash used in operating activities (361,022,421)$
Information about noncash investing, capital, and financing activities:
Change in fair value of investments (6,969,726)$
Capital asset acquisitions in accounts payable and project retainage 7,578,816
Reinvestment of proceeds from development agreements 19,368,007
**Readers wanting additional information should refer to the notes to the financial statements**
38
UTAH TRANSIT AUTHORITY
FINANCIAL SECTION
As of December 31, 2022
STATEMENT OF FIDUCIARY NET POSITION
Pension and Other
Employment
Benefit Trust Funds
ASSETS
Cash in Bank 9,848,473$
Cash in Utah State Treasury 488,591
Total Cash 10,337,064
Global Equities 169,136,405
Fixed Income 66,188,689
Real Assets 14,928,117
Money Market 11,911,384
Total Investments 262,164,595
Prepaid Benefits 1,288,520
Deposits 104,795
Receivables
Dividends Receivable 27,927
Accounts Receivable - Benefits 2,476
Accounts Receivable - Contributions 561,104
Total Receivables 591,507
TOTAL ASSETS 274,486,481
LIABILITIES
Benefits Payable 22,190
Accounts Payable 4,534,614
TOTAL LIABILITIES 4,556,804
NET POSITION
Restricted for:
Pension 262,432,665
Benefits Other Than Pension 7,497,012
Total Net Position 269,929,677$
Investments
**Readers wanting additional information should refer to the notes to the financial statements and supplementary schedules**
39
UTAH TRANSIT AUTHORITY
FINANCIAL SECTION
Year Ended December 31, 2022
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
Pension and Other
Employment
Benefit Trust Funds
ADDITIONS
Employer Contributions 48,473,976$
Participant Voluntary Contributions 530,903
Total Contributions 49,004,879
Net Investment Income
(58,169,715)
Interest 188,815
Dividends 2,251,300
Total Investment Income (55,729,600)
Less: Investment Expense 811,913
Net Investment Income (56,541,513)
TOTAL ADDITIONS (7,536,634)
DEDUCTIONS
Monthly Benefits Paid 34,869,258
Lump Sum Distributions 8,033,740
Administrative Expense 694,889
TOTAL DEDUCTIONS 43,597,887
CHANGE IN NET POSITION (51,134,521)
Total Net Position, January 1 321,064,198
Total Net Position, December 31 269,929,677$
Net Decline in Fair Value of
Investments
**Readers wanting additional information should refer to the notes to the financial statements and supplementary schedules**
40
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
NOTE 1 – DESCRIPTION OF THE AUTHORITY OPERATIONS AND DEFINITION OF THE ENTITY
A. Organization
The Utah Transit Authority, the “Authority”, was incorporated on March 3, 1970 under authority of the Utah
Public Transit District Act of 1969 for the purpose of providing a public mass transportation system for
Utah communities.
The Authority’s service area lies in the region commonly referred to as the Wasatch Front. The service area
extends from the Wasatch Mountains on the east to the Great Salt Lake on the west, is approximately 100
miles long and 30 miles wide, and consists of an area of approximately 1,400 square miles that covers all or
portions of six (6) principal counties (Box Elder, Davis, Salt Lake, Tooele, Utah and Weber). The service
area also includes a small portion of Juab County.
The Authority’s operations include commuter rail service from Ogden to Provo, light rail service in Salt Lake
County, and bus service, paratransit service for the transit disabled, rideshare and vanpool programs
system wide.
The Authority is governed by a three-member full-time board of trustees. The Governor appoints nominees
from the three appointing districts within the UTA service territory to serve as trustees. The names of the
nominees are then forwarded to the Senate for confirmation. Once confirmed, an appointee is sworn in as a
trustee. The trustees serve for a term of four (4) years. There is no limit to the number of terms a trustee
may serve.
Utah Transit Authority also has a nine-member local advisory board. The local advisory board
representation includes: three members appointed by the Salt Lake County council of governments; one
member appointed by the Mayor of Salt Lake City; two members appointed by the Utah County council of
governments; one member appointed by the Davis County council of governments; one member appointed
by the Weber County council of governments; and one member appointed by the councils of governments
of Tooele and Box Elder counties. Terms for local advisory board members are indefinite.
B. Reporting Entity
The accompanying financial statements include only the accounts and transactions of the Authority. Under
the criteria specified in Statements No. 14, No. 39 and No. 84 the Authority has two component units that
are fiduciary funds in the financial statements.
1. The Joint Insurance Trust is for current employee benefit premium to be held in trust until
premiums are paid for the union employees of the Authority. Financial statements are
included in the supplementary schedules. Separate financial statements are not created.
2. The Utah Transit Authority Employee Retirement Plan is a post-employment pension plan for
all employees of the Authority. Financial statements are included in the supplementary
schedules. Separate financial statements are not created.
41
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
The Authority is considered a component unit of State of Utah.
These conclusions regarding the financial reporting entity are based on the concept of financial
accountability. The Authority is accountable for a separate employee pension from the Utah State
Retirement System and jointly administers a joint insurance trust with the collective bargaining group that
represents active union employees. Additionally, the Authority has considered the provisions of GASB No.
39 which follows the concept of economic independence. The Authority does not raise or hold economic
resources for the direct benefit of another governmental units. Also, other governments do not have the
ability to access economic resources held by the Authority. This is evidenced by the fact that the Authority
is a legally and fiscally separate and distinct organization under the provision of the Utah State Code.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Basis of Accounting
The Authority reports as a single enterprise fund and two additional fiduciary funds for its employee
pension and joint insurance trust. These funds uses the accrual method of accounting and the economic
resources measurement focus. Under this method, revenues are recognized when they are earned and
expenses are recognized when they are incurred.
B. Standards for Reporting Purposes
The financial statements of the Authority have been prepared in conformity with accounting principles
generally accepted in the United States of America as prescribed by GASB.
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
reported amounts of assets, deferred outflows of resources, liabilities, deferred inflows of resources, and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts or revenues and expenses during the reporting period. Actual results could differ from those
estimates.
C. Federal Operating Grants
Federal planning assistance, operating and preventive maintenance grants are received from the Federal
Transit Administration (FTA) and are recognized as revenue and receivable during the period in which the
related expenses are incurred and eligibility requirements are met.
D. Federal Grants for Capital Expenditures
The U.S. Department of Transportation, through contracts between the Authority and the FTA, provides
federal funds of 3.6% to 100% of the cost of property, facilities and equipment acquired by the Authority
through federal grants. Grant funds for capital expenditures are earned and recorded as capital contribution
revenue when the capital expenditures are incurred, and eligibility requirements are met.
42
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
E. Classification of Revenues and Expenses
Operating revenues: Operating revenues include activities that have the characteristics of exchange
transactions such as passenger revenues and advertising revenues.
Operating expenses: Operating expenses include payments to suppliers, employees, and third
parties on behalf of employees and all payments that do not result from transactions defined as
capital and related financing, non-capital financing, or investing activities.
Non-operating revenues: Non-operating revenues include activities that have the characteristics of
non-exchange transactions and other revenue sources that are defined as non-operating revenues
by GASB Statement No. 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and
Governmental Entities That Use Proprietary Fund Accounting, and GASB Statement No. 34. Examples
of non-operating revenues would be the contributions from other governments (sales tax), federal
grants and investment income.
Non-operating expenses: Non-operating expenses include payments from transactions defined as
capital and related financing, non-capital financing or investing activities.
F. Contributions from Other Governments
The counties and municipalities who receive transit services from the Authority have agreed to contribute a
portion of sales tax to the Authority in exchange for service. These contributions are received by the
Authority approximately 60 days after the collection of the sales tax, and as such are recorded as an accrual
to revenue and receivable during that period.
43
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
The following percentage of sales have been authorized as Local Option Sales Tax and dedicated to support
transit:
Salt Lake County 0.7875%
Davis County 0.6500%
Weber County 0.6500%
Box Elder County 0.5500%
Utah County 0.6300%
Tooele County 0.6500%
G. Cash and Investments
Cash and investments include cash on hand, demand deposits, and amounts invested in a repurchase
agreement, a certificate of deposit and the Utah Public Treasurers’ Investments Fund, including restricted
cash equivalents. The Authority considers short-term investments with an original maturity of three (3)
months or less to be cash equivalents (Note 3).
H. Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents are defined as funds restricted by legal requirement(s) outside of the
Authority.
The Authority is required to place monthly deposits in trust for next year’s principal
and interest on the bonds and these funds are restricted per the bond covenants. $ 25,973,657
The Authority has entered interlocal agreements with Box Elder County and Utah
County to restrict a certain increment of sales taxes collected in their county for future
service expansion and bond repayment-.
11,074,257
The Authority has issued bonds and leases in 2018, 2019, 2020, and 2021 for projects
that are not complete to date and has entered into interlocal agreement to establish
escrow accounts for specific projects.
68,706,587
The Authority is required to maintain certain accounts in connection with being self-
insured in the State of Utah. 8,681,226
44
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
I. Designated Cash and Cash Equivalents
Designated cash and cash equivalents are considered designated through action by the Authority’s Board of
Trustees and have no outside legal restrictions. Designations include funds to stabilize operations and debt
service in the case of changing economic environments. The following amounts were considered designated
by the Board of Trustees as of December 31 of the respective years:
General reserve $ 72,100,000
Service sustainability reserve 12,017,000
Capital replacement reserve 46,541,454
Debt reduction reserve 30,000,000
Total designated cash and cash equivalents $ 160,658,454
Designated for general reserves – This component of cash including the risk reserve, funded at a level
equal to at least twelve percent (12%) of the Authority’s budgeted operating expense, excluding
non-operating expense, to be used as a working capital account throughout the year. The Board
has chosen to fund this reserve at eighteen percent (18%). The Treasurer will manage the use of
the funds in the general operating reserve. (Utah Transit Authority Board Policy No. 2.1 Financial
Management)
Designated for service sustainability reserves - This component of cash consists of three percent (3%)
of the Authority’s annual operating budget expenses for the purpose of preserving service levels
when the Authority is facing a revenue shortfall or cost overrun due to extraordinary
circumstances, such as an economic downturn or rapid rise in fuel prices or any combination of
such events. The Board of Trustees must give its prior approval before funds in the bond reserve
are used. (Utah Transit Authority Board Policy No. 2.1 Financial Management)
Designated for capital replacement reserves – This component of cash consists of one percent (1%) of
the property, facilities, and equipment cost as reported in the annual comprehensive financial
report to be used for capital repair or replacement costs due to extraordinary circumstances. The
Board of Trustees must give its prior approval before funds in the capital replacement reserve are
used. (Utah Transit Authority Board Policy No. 2.1 Financial Management)
Designated for debt reduction reserves – This component of cash consists of debt service savings
from refunded bond issues. In April 2020, in accordance with the Board’s Policy No. 2.1 – Financial
Management, the Board reaffirmed continuing the debt reduction reserve and the primary purpose
to be primarily early retirement of outstanding debt.
J. Investments
Cash in excess of operating requirements is invested by the Treasurer. The Authority’s investments comply
with the Utah Money Management Act.
45
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
K. Receivables
Receivables consist primarily of amounts due to the Authority from sales tax collections, federal grants, and
local government partners, pass sales and investment income. Accounting reviews all receivables that age
past 120 days and follows up on contract terms for payment. This minimizes credit risk exists related to
these receivables and allows for no current provision for bad debts.
The Authority’s lease receivables are measured at the present value of the lease payments expected to
be received during the lease term. They are discounted using a 5% interest rate. Deferred inflows of
resources are recorded for the leases at the initiation of each lease in an amount equal to the initial
recording of the lease receivable adjusted for lease payments received at or before the lease
commencement date. The deferred inflows of resources are amortized on a straight-line basis over the
individual lease terms.
L. Parts and Supplies Inventories
Parts and supplies inventories are stated at the lower of cost (using the moving average cost method) or
market. Inventories generally consist of fuel, lube oil, antifreeze and repair parts held for consumption.
Inventories are expensed as used.
M. Capital Assets
Capital assets include land and land improvements, right of way, buildings and building improvements,
infrastructure, vehicles, equipment, intangibles, as well as any leased capital assets in these categories.
Capital assets, other than infrastructure and intangible software, are defined by UTA policy as asset with an
initial, individual cost of $5,000 or more. Infrastructure capital assets are defined as assets with an initial,
individual cost of $50,000 or more. Intangible software capital assets are defined as assets with an initial,
individual software license cost of $10,000 or more, or $100,000 or more per software. Right to Use capital
assets are those with and initial lease payable value of at least $10,000. The costs of normal maintenance
and repairs that do not add to the value of the asset or materially extend the asset’s life, are not capitalized,
but are charged to operating expense as incurred. Upon disposal of capital assets, the accounts are relieved
of the related costs and accumulated depreciation, and the resulting gains or losses are reflected in the
statement of revenues, expenses, and changes in net position.
Depreciation of capital assets is recorded using the straight-line method over the estimated useful lives of
the assets. The exceptions to this are the intangible right to use leased assets which are amortized over the
life of the lease.
46
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Depreciable capital assets are assigned the following estimated useful lives:
Years
Land improvements 10 to 20
Leasehold improvements 50
Building and building improvements 20 to 50
Infrastructure 5 to 75
Revenue service vehicles 4 to 35
Financed revenue service vehicles 4 to 14
Equipment 4 to 20
Intangible assets
Software 5 to 10
Easements 20 to 50
Right to Use Leased Land 2 to 10
Right to Use Leased Buildings 2 to 6
N. Amount Recoverable – Interlocal Agreement
In 2008, the Authority entered into an agreement with the Utah Department of Transportation (UDOT)
which required the Authority to pay UDOT $15 million in 2008 and $15 million in 2009 for the rights to Salt
Lake County’s 2% of the 0.25% part 17 sales tax through the years 2045.
The Authority records such payments made to other entities for rights to future revenues as Amount
Recoverable – Interlocal Agreement. This amount is amortized over the life of the agreement.
O. Other Assets
The Authority has entered into development agreements:
Thackeray Garn at South Jordan FrontRunner Station
In a prior year, $1,500,000 of appraised land was transferred to the development for a percentage interest in
future profits at the site.
STACK Real Estate at Jordan Valley TRAX Station
In January 2022, the Authority took actions with the developer to sell another phase of the development for
an additional gain of $20,816,913, bringing the current investment to $5,259,958 in undeveloped land and
$23,556,995 of proceeds from completed phases of the development which were reinvested for a percentage
interest in future profits at the site.
HPUTA East Village 3 LLC at Sandy TRAX Station
In a prior year, $1,580,316 of land value was added to the development agreement for a percentage interest
in future profits at the site.
47
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
P. Lease Payable
The Authority has entered into right to use leases for buildings and land. The Authority recognizes a lease
liability and an intangible right-to-use lease asset. The Authority recognizes lease liabilities with an initial,
individual value of $10,000 or more. At the commencement of a lease, the Authority initially measures the
lease liability at the present value of payments expected to be made during the lease term. Subsequently,
the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially
measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease
commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a
straight-line basis over its useful life.
Key estimates and judgments related to leases include how the Authority determines (1) the discount rate it
uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments.
• The Authority uses the interest rate charged by the holder of the current year finance purchase
agreement that most closely matches the life of the lease.
• The lease term includes the noncancellable period of the lease.
• Lease payments included in the measurement of the lease liability are composed of fixed
payments and purchase option price that the Authority is reasonably certain to exercise.
The Authority monitors changes in circumstances that would require a remeasurement of its right to use
lease assets and will remeasure the lease asset and liability if certain changes occur that are expected to
significantly affect the amount of the lease liability.
Q. Compensated Absences
Vacation pay is accrued biweekly and charged to department’s compensated absence expense as earned by
employees.
Sick pay benefits are accrued biweekly by employees but are not considered compensable until an
employee meets the requirements to vest in the pension. This typically occurs when an employee has 5
years of service and is at least 55 years of age. Compensated absences have a maximum for administration
employees of 900 hours of sick, but there is no maximum number of hours for collectively bargained
employees. Employees that do not retire at the end of their tenure at the Authority forfeit all sick leave, so
compensated absences are reduced yearly to reflect those choices by employees.
48
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
R. Risk Management
The Authority is exposed to various risks of loss related to torts; theft, damage, and destruction of assets;
environmental matters; worker’s compensation self-insurance; damage to property; and injuries to
passengers and other individuals resulting from accidents, errors, and omissions.
Under the Governmental Immunity Act, the maximum statutory liability in any one accident is $3 million for
incidents occurring after May 1, 2019. The Authority carries an excess umbrella policy of $10 million over a
$7 million self-insurance reserve. The Authority has Railroad Liability Coverage of $100 million per annum
with $5 million of risk retention. The Authority is self- insured for worker’s compensation up to the amount
of $1 million per incident and has excess insurance for claims over this amount. The Authority has insurance
for errors and omissions and damage to property in excess of $100,000 per annum.
S. Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of
resources related to pensions, and pension expense, information about the fiduciary net position of the Utah
Transit Authority Employee Retirement Plan and Trust (“the Plan”) and additions to/deductions from the
Plan’s fiduciary net position have been determined on the same basis as they are reported by the Plan. For
this purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
T. Net Position
The Authority’s net position is classified as follows:
Net investment in capital assets: This component of net position consists of the Authority’s total
investment in capital assets, net of accumulated depreciation and amortization, reduced by the
outstanding debt obligations related to those assets. To the extent debt has been incurred, but not
yet expended for capital assets, such amounts are not included as a component of net investment in
capital assets.
Restricted for debt service: This component of net position consists of the amount restricted by bond
covenants for debt service.
Restricted for interlocal agreement: This component of net position consists of the amounts restricted
by interlocal agreements with Utah County and the municipalities of Willard, Perry and Brigham City
in Box Elder County.
Self-insurance deposits: This component of net position consists of the fund amount set aside for the
Authority’s self-insured programs.
Unrestricted: This component of net position consists of that portion of net position that does not meet the
definition of restricted or net investment in capital assets. When both restricted and unrestricted resources
are available for use, it is the Authority’s policy to use restricted resources first, then unrestricted resources
as they are needed.
49
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
U. Deferred Outflows of Resources
Deferred outflows of resources are reported in a separate section, immediately following assets in the
Statement of Net Position. Deferred outflows of resources represent a consumption of resources that benefit
future periods and will be recognized in future periods as an expense when they are used. The Authority has
the following deferred outflows of resources:
Deferred loss on refunding
Deferred outflows of resources related to pensions
V. Deferred Inflows of Resources
Deferred inflows of resources are reported in a separate section, immediately following liabilities in the
Statement of Net Position. Deferred inflows of resources represent an acquisition of resources that will be
used in future periods and will be recognized in future periods as a revenue. The Authority has the following
deferred inflows of resources:
Deferred gain on refunding
Deferred inflows for leases
Deferred inflows of resources related to pensions
W. Implemented Accounting Pronouncements
GASB Statement 99
Omnibus 2022
The requirements in paragraph 26-32 are effective upon issue.
No effect on the Authority’s financial statements as a result of adoption.
GASB Statement 87
Leases
Takes effect for reporting periods beginning after June 15, 2021.
This new accounting standard modified the definitions of what is considered a capital lease agreement,
introduced “right-to-use”, or leased assets, as a new capital asset category, and requires lessees to record a
lease liability and corresponding leased asset at the net present value of the future lease payments over the
term of the agreement, including any options for renewal that are reasonably certain will be exercised.
Similarly, lessors are required to recognize a lease receivable and deferred inflow of resources for applicable
lease agreements. Lease agreements where the title to the underlying asset transfers to the lessee at the
end of the contract are now reported as a financed purchase.
Implementation of the lessor requirements of this standard resulted in additions of beginning balance of
other current assets, long-term lease receivable and related deferred inflows of resources. See note 5.
Implementation of the lessee requirement of this standard resulted in additions of beginning balances for
right to use Land, right to use Buildings and Accumulated Depreciation/Amortization. See note 4.
50
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
The change in net position due to this statement is an increase of $302,822.
Beginning
Balance, as
previously
reported
12/31/22
Restatement due
to GASB 87
Implementation
Beginning
Balance, as
restated
01/01/22
Net Position $ 1,026,420,583 302,822 1,026,723,405
GASB Statement 91
Conduit Debt Obligations
Takes effect for reporting periods beginning after December 15, 2021.
No effect on the Authority’s financial statements.
GASB Implementation Guide No. 2019-3
Takes effect for reporting periods beginning after June 15, 2021.
No effect on the Authority’s financial statements.
GASB Statement 92
Omnibus 2020
Takes effect for reporting periods beginning after June 15, 2021.
No effect on the Authority’s financial statements.
GASB Statement 97
Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457
deferred Compensations Plans
Takes effect for reporting periods beginning after June 15, 2021
No effect on the Authority’s financial statements.
GASB Implementation Guide No. 2020-1
Takes effect for reporting periods beginning after June 15, 2021.
No effect on the Authority’s financial statements.
X. Future Accounting Pronouncements
GASB Statement 94
Public-Private and Public-Public Partnerships and Availability Payment Arrangements
Takes effect for reporting periods beginning after June 15, 2022.
The Authority has not yet determined the impact of this statement on the financial statements.
GASB Statement 96
Subscription-Based Information Technology Arrangements
Takes effect for reporting periods beginning after June 15, 2022
The Authority has not yet determined the impact of this statement on the financial statements.
51
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
GASB Statement 99
Omnibus 2022
The requirements in paragraph 11-25 are effective for fiscal years beginning after June 15, 2022. The
requirements in paragraph 4-10 are effective for fiscal years beginning after June 15, 2023.
The Authority has not yet determined the impact of this statement on the financial statements.
GASB Implementation Guide No. 2021-1
Takes effect for reporting periods beginning after June 15, 2022, except question 4.22 for fiscal years
beginning after June 15 2021 and Question 5.1 for reporting periods after June 15, 2023.
No effect or expected effect on the Authority’s financial statements.
GASB Statement 100
Accounting Changes and Error Corrections—an amendment of GASB Statement No. 62
Takes effect for reporting periods beginning after June 15, 2023
The Authority has not yet determined the impact of this statement on the financial statements.
GASB Statement 101
Compensated Absences
Takes effect for reporting periods beginning after December 15, 2023
The Authority has not yet determined the impact of this statement on the financial statements.
52
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
NOTE 3 – CASH AND CASH EQUIVALENTS
Unrestricted Cash and Investments
Consisting of the following as of December 31, 2022
Zions Bank 28,915,775$
Cash on Hand 254,051
Public Treasurers Investment Fund (PTIF) 311,341,455
Total Cash and Cash Equivalents 340,511,281
Chandler Investments 195,865,777
Total Unrestricted Cash and Investments 536,377,058$
Restricted Cash and Investments
Consisting of the following as of December 31, 2022
Bond Funds (Zions Bank) 25,973,657$
Escrow Funds
Chase Lease 8,068,259$
Bank of America Lease (PTIF)33,782,299
Bond Proceeds (Zions Bank)26,856,029 68,706,587
Interlocal Agreements
Box Elder (PTIF)2,923,424$
Utah County (Chandler Investment)8,150,833 11,074,257
Self Insurance Deposits
Zions Risk Account (288,858)$
Self Insurance (Chandler Investment)7,885,431
Catastrophic (Chandler Investment)1,084,653 8,681,226
Total Restricted Cash and Investments 114,435,727
Total Unrestricted and Restricted Cash and Investments 650,812,785$
Unrestricted Restricted Total
US Government Issues 167,341,880$ 14,178,362$ 181,520,242$
Money Market 14,688,030 1,111,198 15,799,228
Corporate Issues 13,835,867 1,831,357 15,667,224
Total Investments 195,865,777$ 17,120,917$ 212,986,694$
53
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Cash Deposits
All cash not on hand at the Authority is maintained in qualified public depositories.
Investments
Investments for the Authority are governed by the Utah Money Management Act (Utah Code Annotated, Title
51, Chapter 7, “the Act”) and by rules of the Utah Money Management Council (the Council). Following are
discussions of the Authority’s exposure to various risks related to its cash management activities.
Custodial Credit Risk - Custodial credit risk for deposits is the risk that in the event of a bank failure,
the Authority’s deposits may not be recovered. The Authority’s policy for managing custodial credit
risk is to adhere to the Act. The Act requires all deposits of the Authority to be in a qualified depository,
defined as any financial institution whose deposits are insured by an agency of the federal
government and which has been certified by the Commissioner of Financial Institutions as meeting
the requirements of the Act and adhering to the rules of the Council.
At December 31, 2022, the balance in the Authority’s bank demand deposit accounts and certificate
of deposit accounts according to the bank statements totaled $37,306,950 of which $250,000 was
covered by Federal depository insurance.
Credit Risk - Credit risk is the risk that the counterparty to an investment will not fulfill its obligations.
The Authority’s policy for limiting the credit risk of investments is to comply with the Act. The Act
requires investment transactions to be conducted only through qualified depositories, certified
dealers, or directly with issuers of investment securities. Permitted investments include deposits of
qualified depositories; repurchase agreements; commercial paper that is classified as “first-tier” by
two nationally recognized statistical rating organizations, one of which must be Moody’s investor
Service or Standard & Poor’s; bankers acceptances; obligations of the U.S. treasury and U.S.
government sponsored enterprise; bonds and notes of political subdivision of the state of Utah; fixed
rate corporate obligations and variable rated securities rated “A” or higher by two nationally
recognized statistical rating services as defined in the Act.
The Authority is authorized to invest in the Utah Public Treasurers’ Investment Fund (PTIF), an
external pooled investment fund managed by the Utah State Treasurer and subject to the Act and
Council requirements. The pooled investment fund is fixed-rate corporate obligations and variable
rate securities rated “A” or higher, or the equivalent of “A” or higher, by two nationally recognized
statistical rating organizations. The PTIF is not registered with the SEC as an investment company
and deposits in the PTIF are not insured or otherwise guaranteed by the State of Utah. The PTIF
operates and reports to the participants on an amortized cost basis. The income, gains and losses,
net of administration fees of the PTIF are allocated based upon the participants’ average daily
balances.
54
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Concentration of Credit Risk – To minimize credit risk, the Authority looks to diversify the investments
with any one issuer. All corporate investments are less than 1% of the total investment and do not
represent a concentration of credit risk to the portfolio as of December 31,2022. A concentration of
credit risk does exist with the FFCB and FHLB investments, in US Agencies, which represent 10.58%
and 10.89% of the total investment, respectively.
Interest Rate Risk - Interest rate risk is the risk that changes in the interest rates will adversely affect
the fair value of an investment. The Authority manages its exposure by strictly complying with its
Investment Policy which complies with the Act. The Authority’s policy relating to specific
investment-related risk is to adhere to the Act. The Act requires that the remaining term to maturity
of investments may not exceed the period of availability of the fund to be invested.
The following are the Authority’s investment as of December 31, 2022:
Investment
Moody/S&P/Fitch Credit
Quality (Rating) Amount
Credit Exposure as a %
of Total Investment
Corporate Bonds
American Honda Finance Corp Maturity A3/A-/A 1,760,071$ 0.83%
Apple Inc Maturity Aaa / A+ / NR 669,600 0.31%
Bank of America Corp Maturity A2/A-/AA-2,174,260 1.02%
Bank of New York Mellon Corp A1/A-/AA-118,169 0.06%
Canadian Imperial Bank A2/A-/AA-1,351,512 0.63%
Caterpillar Financial Svcs Mtns Maturity A2/BBB+/A 2,158,065 1.01%
Citigroup Inc Maturity A3 / BBB+ / A 699,447 0.33%
Goldman Sachs Group Inc Maturity A2/BBB+/A 1,400,700 0.66%
Jackson National Life Global Maturity A2/A/NR 750,023 0.35%
John Deere Capital Corp Maturity A2/BBB+/A 1,662,246 0.78%
Met Tower Global Funding Maturity Aa3/AA-/AA-500,010 0.23%
Morgan Stanley A1/A-/A+114,764 0.05%
National Rural Utilities Callable Note A1/A/AA-241,668 0.11%
Pfizer Inc A1-/A+/A 167,829 0.08%
Reality Income Corp A3/A-/NR 119,196 0.06%
Toyota Motor Credit Corp A1/A+/A+133,448 0.06%
Truist Bank Maturity A2/A-/AA-1,646,216 0.77%
US Agencies
F H L M C M T N Maturity > 1YR Aaa/AA+/AAA 1,313,451 0.62%
F N M A Maturity > 1YR Aaa/AA+/AAA 2,849,970 1.34%
Federal Farm Credit Banks Maturity Aaa/AA+/AAA 22,534,161 10.58%
Federal Home Loan Banks Maturity Aaa/AA+/AAA 23,203,806 10.89%
US Treasury Note Maturity < 1YR 16,828,757 7.90%
US Treasury Note Maturity > 1YR 114,790,097 53.90%
Total Corporate Bonds/US Agencies Investments 197,187,466$ 92.58%
55
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Investments Less than 1 year 1-5 years 6-10 years Total
U.S. Agencies/Taxable US Govt Bonds 25,127,557$ 154,117,919$ 2,274,766$ 181,520,242$
Corporate Bonds 15,667,224 - - 15,667,224
Money Market 15,799,228 - - 15,799,228
56,594,009$ 154,117,919$ 2,274,766$ 212,986,694$
Fair Value of Investments – The framework for measuring fair value provides a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the
highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level
1) and the lowest priority to unobservable inputs (Level 3).
The three levels of the fair value hierarchy under GASB Statement 72 are described as
follows:
Level 1: Inputs are quoted prices (unadjusted) for identical assets or liabilities in active
markets that a government can access at the measurement date. Examples of
markets in which inputs might be observable include exchange markets, dealer
markets, brokered markets and principal-to-principal markets.
Level 2: Inputs include:
Quoted prices for similar assets or liabilities in active markets;
Quoted prices for identical or similar assets or liabilities in markets that are
not active;
Inputs other than quoted prices that are observable for the asset or liability
such as:
o Interest rates and yield curves observable at commonly quoted
intervals
o Implied volatilities
o Credit spreads
Market-corroborated inputs.
If the asset or liability has a specified (contractual) term, the Level 2 input is required
to be observable for substantially the full term of the asset or liability.
Level 3: A government should develop Level 3 inputs using the best information
available under the circumstances, which might include the government’s own data.
In developing unobservable inputs, a government may begin with its own data, but it
should adjust those data if (a) reasonably available information indicates that other
market participants would use different data or (b) there is something particular to
the government that is not available to other market participants.
The Authority invests with Chandler Investments, this organization meets the requirements of the
Utah Money Management Act. The following are the Authority’s investments as of December 31,
2022 by fair value measurement:
56
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
12/31/2022 Level 1 Level 2 Level 3
Chandler Investments
U.S. Government Issues 181,520,242$ -$ 181,520,242$ -$
Corporate Bonds 15,667,224 - 15,667,224 -
Money Market 15,799,228 15,799,228 - -
Total Investments by Fair Value Level 212,986,694$ 15,799,228$ 197,187,466$ -$
Fair Value Measurements
57
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
NOTE 4 – CAPITAL ASSETS
Balance
1/1/2022 Balance
as restated Increases Transfers Decreases 12/31/2022
Capital assets not being depreciated/amortized
Land 411,342,949$ 6,410,477$ -$ (1,448,906)$ 416,304,520$
Construction in Progress 203,927,118 147,509,708 - (109,161,323) 242,275,503
Total capital assets not being depreciated/amortized 615,270,067 153,920,185 - (110,610,229) 658,580,023
Capital assets being depreciated/amortized
Land Improvements 178,487,488 15,444,902 8,440,484 - 202,372,874
Leasehold Improvements 94,958,804 - (685,328) (10,270) 94,263,206
Buildings and Building Improvements 203,911,043 11,087,417 (17,103,301) (10,348) 197,884,811
Infrastructure 2,508,863,889 37,772,992 - (16,726,847) 2,529,910,034
Revenue Vehicles 748,886,006 10,288,168 3,001,917 (44,069,585) 718,106,506
Financed Revenue Vehicles 87,967,286 27,442,044 (3,312,567) (2,664,998) 109,431,765
Equipment 66,816,219 4,808,827 5,958,445 (1,866,780) 75,716,711
Intangibles
Software 41,873,848 3,291,833 685,327 - 45,851,008
Easements 10,801,351 - - - 10,801,351
Other Intangibles 3,736,782 4,570,000 3,015,023 (1,436,215) 9,885,590
Right to Use Leased Buildings* 473,030 - - - 473,030
Right to Use Leased Land* 868,481 - - - 868,481
Total capital assets being depreciated/amortized 3,947,644,227 114,706,183 - (66,785,043) 3,995,565,367
Less: Accumulated depreciation/amortization
Land Improvements (97,929,098) (14,524,097) 42,198 - (112,410,997)
Leasehold Improvements (7,479,207) (2,195,067) - - (9,674,274)
Buildings and Building Improvements (95,372,007) (383,535) 3,461,201 - (92,294,341)
Infrastructure (934,473,273) (76,847,703) - 15,732,538 (995,588,438)
Revenue Vehicles (434,407,134) (25,942,596) (2,511,855) 33,147,125 (429,714,460)
Financed Revenue Vehicles (22,919,861) (9,749,794) 2,802,758 101,423 (29,765,474)
Equipment (57,519,921) (3,987,549) (2,200,907) 732,581 (62,975,796)
Intangibles
Software (19,217,183) (7,561,219) - - (26,778,402)
Easements (861,903) - - - (861,903)
Other Intangibles (3,435,028) (475,136) (1,593,395) 1,436,215 (4,067,344)
Right to Use Leased Buildings*- (102,385) - - (102,385)
Right to Use Leased Land*- (290,285) - - (290,285)
Total accumulated depreciation/amortization (1,673,614,615) (142,059,366) - 51,149,882 (1,764,524,099)
Capital assets being depreciated/amortized, net 2,274,029,612 (27,353,183) - (15,635,161) 2,231,041,268
Total capital assets, net 2,889,299,679$ 126,567,002$ -$ (126,245,390)$ 2,889,621,291$
*Balances as of January 1, 2022 were restated upon implementation of GASB 87.
58
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Depreciation/Amortization expense by mode that mirrors the Statement of Revenues, Expenses, and Changes in
Net Position.
An impairment analysis was performed at the end of 2022 to identify any assets no longer being used for their
intended purpose, removed from service due to emission issues, or transit route changes. The impairment expense
is shown below:
During 2022, UTA evaluated its leases and capital assets related to GASB Statement 87. As a result, this evaluation
has led to a change in some of the asset categories and intangible assets for right to use leased buildings and land of
$473,030 and $868,481, respectively, were recorded for assets identified as right to use lease assets in accordance
with GASB 87.
NOTE 5 – LEASE ACTIVITIES
A.Lessee Activities
The Authority has entered into several lease agreements with third parties for the right to use buildings and
land. A lease liability is recorded at the inception of the lease.
The following is a summary of the Authority’s lease activity during the year ended 2022:
Balance as of
01/01/2022 as
restated Additions Deletions
Balance as of
12/31/2022
Due in less than a
year
Buildings 386,240$ -$ (77,194)$ 309,046$ 80,122$
Land 521,147 - (187,801) 333,346 173,825
Total Lease Payable 907,387$ -$ (264,995)$ 642,392$ 253,947$
Depreciation/Amortization Expense by mode
Bus service 21,019,639$
Rail service 111,483,233$
Demand response service 5,123,427$
Other service 4,433,067$
142,059,366$
Vehicles with Emission Issues 3,397,822$
Building Not in Use 373,918
Infrastruction Not In Use 2,21 8,772
Bus S helters Not In Use 367,51 8
Total 6,358,030$
Impairment Expense
59
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
The future principal and interest payments related to these leases are as follows:
Interest Principal Total
Buildings
2023 3,098$ 80,122$ 83,220$
2024 2,236 62,140 64,376
2025 1,4 6 0 64,386 65,846
2026 730 53,380 54,110
2027 115 41,519 41,634
2028 0 7,499 7,499
Total for Buildings 7,639$ 309,046$ 316,685$
Land
2023 2,780$ 173,825$ 176,605$
2024 1,2 6 0 79,452 80,712
2025 928 20,247 21,175
2026 699 20,571 21,270
2027 470 17,900 18,370
2028-2032 1,14 0 17,338 18,478
2033 19 4,013 4,032
Total for Land 7,296$ 333,346$ 340,642$
Total liability 14,935$ 642,392$ 657,327$
B. Lessor Activities
The Utah Transit Authority, the “Authority”, has entered into several lease agreements for third parties to
use Authority land and buildings. A lease receivable and a deferred inflow of resources is recognized at the
commencement of the lease.
Balance as of
01/01/2022 as
restated Additions Reductions
Balance as of
12 / 3 1/ 2 0 2 2
Due in less
than one year
Buildings 16 7,10 7$ -$ (108,398)$ 58,709$ 35,886$
Land 2,805,026 97,413 (364,762) 2,537,677 188,253
Total Lease Receivable 2,972,133$ 97,413$ (473,160)$ 2,596,386$ 224,139$
60
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
The future principal and interest proceeds related to leases are as follows:
Interest Principal Total
Buildings
2023 1,4 12$ 35,886$ 37,298$
2024 801 7,232 8,033
2025 410 7,600 8,010
2026 1 7,991 7,992
Total for Buildings 2,624$ 58,709$ 61,333$
Land
2023 12 0 ,8 4 7$ 188,253$ 309,100$
2024 114 ,10 7 162,219 276,326
2025 10 8 ,2 9 1 95,121 203,412
2026 10 4 ,2 2 0 79,478 183,698
2027 10 2 ,2 3 8 19,969 122,207
2028-2032 508,473 15,331 523,804
2033-2037 504,480 12,435 516,915
2038-2042 501,702 12,282 513,983
2043-2047 498,231 15,748 513,979
2048-2052 494,053 19,920 513,973
2053-2057 488,242 24,508 512,750
2058-2062 481,309 31,441 512,750
2063-2067 472,411 40,339 512,750
2068-2072 461,246 51,504 512,750
2073-2077 446,338 66,412 512,750
2078-2082 427,524 85,226 512,750
2083-2087 403,376 109,374 512,750
2088-2092 372,582 140,168 512,750
2093-2097 332,590 180,160 512,750
2098-2102 281,350 231,400 512,750
2103-2107 215,931 296,819 512,750
2108-2112 13 1,8 4 2 380,908 512,750
2 113 - 2 116 28,988 278,662 307,650
Total Land 7,600,371$ 2,537,677$ 10,138,047$
61
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
NOTE 6 – FEDERAL FINANCIAL ASSISTANCE
The Authority receives a portion of its funding from the through the U.S. Department of Transportation’s Federal
Transit Administration (FTA) in the form of federal preventative maintenance, federal operating assistance, and
federal capital assistance grants. The majority of these grants require the Authority to participate in the funding of the
service and/or capital project. The FTA retains ownership in assets purchased with federal funds.
Operating Assistance
Federal Preventive Maintenance Grants $ 47,248,035
Federal Operating Assistance – ARPA Grant 167,791,391
Federal Operating Assistance – CRRSAA Grant 24,539
215,063,965
Capital Projects
Federal Capital Projects 50,582,042
Total Federal Assistance $ 265,646,007
NOTE 7 – SELF-INSURANCE CLAIMS LIABILITY
Changes in the accrued claims liability in 2022, 2021 and 2020 were as follows:
Beginning
liability
Claims incurred
and changes
in estimates
Claim
payments
Ending
liability
2022 $ 1,061,173 $ 3,590,181 $ (3,084,087) $ 1,567,267
2021 1,017,333 4,032,321 (3,988,481) 1,061,173
2020 862,650 2,481,986 (2,327,303) 1,017,333
There were no significant reductions in coverage from prior years. As show in the table above there were no
instances in the past 3 years where settlements exceeded insurance coverage. Please refer to Note 2, Section Q for
liability limits.
The Authority’s Self-Insurance and Worker’s Compensation plans are fully funded. Losses are charged to operations
as incurred. The liability for unpaid losses for self-insurance is determined using case-basis evaluations. Claims
liabilities include allocated loss adjustment expenses and are reported net of estimated claims. Due to limited
historical experience of the Utah Transit Authority’s Self-Insurance and Worker’s Compensation, there exists a
significant range of variability around the best estimate of the ultimate cost of setting all unpaid claims. Accordingly,
the amount of the liability for unpaid losses and related liabilities and the related provisions included in financial
statements may be more or less than the actual cost of settling all unpaid claims. Adjustments to claim liabilities are
made annually, based on subsequent developments and experience, and are included in operations as made.
62
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
NOTE 8 – PENSION PLANS
A. General Information
Defined Compensation Plan
The 457 Deferred Compensation Plan is offered by the Authority to its employees. The plan was created in
accordance with Internal Revenue Code Section 457. The plan is available to all employees on a voluntary
basis and permits them to defer a portion of their salaries until future years. The Authority will match $2 for
every $3 the employee contributes up to 2% of the employee’s annual salary. In 2022 the Authority
contributed $2,377,240. The deferred compensation is not available to employees until termination,
retirement, death or unforeseeable emergency.
All assets and income of the plan are held in trust for the exclusive benefit of the participants and their
beneficiaries. As part of its fiduciary role, the Authority has an obligation of due care in selecting the third
party administrators. In the opinion of management, the Authority has acted in a prudent manner and is not
liable for losses that may arise from the administration of the plan. The Authority also has the right to change
the amount of the employer match. The deferred compensation assets are held by third party plan
administrators and are generally invested in money market funds, stock or bond mutual funds or guarantee
funds as selected by the employee.
Defined Contribution Plan
The 401a Defined Contribution Plan is offered by the Authority to provide reasonable retirement security for
select employees. The plan was created in accordance with Internal Revenue Code Section 401(a). The plan
is available to the Board of Directors, the Executive Director, and the Chief Officer positions as an alternative
to the Authority’s current pension plan. The Authority will contribute 15.5% of the annual salary of each
Trustee who has elected this option. In 2022 the Authority contributed $102,301. The Defined Contribution
plan is not available to employees until termination, retirement, death, or unforeseeable emergency.
All assets and income of the plan are held in trust for the exclusive benefit of the participants and their
beneficiaries. As part of its fiduciary role, the Authority has an obligation of due care in selecting the third
party administrators. In the opinion of management, the Authority has acted in a prudent manner and is not
liable for losses that may arise from the administration of the plan. The Authority also has the right to change
the amount of the employer match. The Defined Contribution Plan’s assets are held by third party plan
administrators and are generally invested in money market funds, stock or bond mutual funds or guarantee
funds as selected by the employee.
Retiree Medical Account
A Retiree Medical Account (RMA) is offered by the Authority to its employees. The plan was created in
accordance with Internal Revenue Code Section 401(h). The plan is available to all collective bargaining
employees at the start of employment and permits the Authority to contribute 1.33 hours of personal time
per pay period to a defer tax account until retirement years. The Authority also allows the remaining
employees at the end of their employment to create an account to defer taxes on their final pay out of unused
sick leave upon retirement into a retiree medical account. In 2022 the Authority contributed $657,688. The
deferred medical funds are not available to employees until termination, retirement, or death and can only be
used for medical expenses with tax penalty.
63
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
All assets and income of the plan are held in trust for the exclusive benefit of the participants and their
beneficiaries. As part of its fiduciary role, the Authority has an obligation of due care in selecting the third
party administrators. In the opinion of management, the Authority has acted in a prudent manner and is not
liable for losses that may arise from the administration of the plan. The Authority also has the right to change
the amount contributed in the collective bargaining agreement (CBA). The funds are held by third party plan
administrators and are generally invested in money market funds, stock or bond mutual funds or guarantee
funds as selected by the employee.
Defined Benefit Plan
The Utah Transit Authority Employee Retirement Plan is a single employer non-contributory defined benefit
pension plan which includes all employees of the Authority who are eligible and who have completed six
months of service. The Plan is a qualified government plan and is not subject to all of the provisions of ERISA.
As a defined benefit pension plan, the Authority contributes such amounts as are necessary, on an actuarially
determined basis, to provide assets sufficient to meet the benefits to be paid. Required employee
contributions were discontinued effective June 1, 1992. Participants may make voluntary contributions as
described below. Interest on existing account balances is credited at 5% per year.
Although the Authority has not expressed any intention to do so, the Authority has the right under the Plan
to discontinue its contributions at any time and to terminate the Plan. In the event the Plan terminates, the
trustee will liquidate all assets of the Plan and will determine the value of the trust fund as of the next business
day following the date of such termination. The trustee will allocate assets of the Plan among the participants
and beneficiaries as required by law.
As of February 2016, U.S. Bank began serving as the administrator and custodian of the Plan, with Cambridge
Associates, LLC (CA) serving as a third-party investment manager.
B. Reporting
The Plan is administered by the Pension Committee that consists of nine (9) members, seven (7) appointed
by the Authority and two (2) appointed by the Amalgamated Transit Union Local 382 in accordance with a
collective bargaining agreement. The members of the Pension Committee may (but need not) be participants
in the Plan. In the absence of a Pension Committee, the Plan Administrator assumes the powers, duties and
responsibilities of the Pension Committee with respect to the administration of the Plan.
C. Membership
The Plan’s membership consisted of the following:
Active Participants January 1, 2022
Fully Vested 1,623
Partially Vested -
Not Vested 848
Inactive Participants Not Receiving Benefits 479
Retirees and Beneficiaries Receiving Benefits 776
Total 3,726
64
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
D. Benefit Terms
Retirement Benefits
Employees with five or more years of service are entitled to annual pension benefits beginning at normal
retirement age 65, or any age with 37.5 years of service in the Plan.
For administration participants who began participating in the Plan prior to January 1, 1994, the annual benefit
is based on a retirement benefit formula equal to:
2.3% of average compensation multiplied by the participant’s years of service (not exceeding 20
years), plus
1.5% of the average compensation multiplied by the participant’s years of service in excess of 20
years (but such excess not to exceed 9 years of service), plus
0.5% for one year plus 2.0% for years in excess of 30 years not to exceed 75% of average
compensation.
For all other active participants, the annual benefit is based on a retirement benefit formula equal to:
2.0% of average compensation multiplied by the participant’s years of service (not to exceed 37.5
years or 75% of average compensation).
Upon termination of employment, members may leave their retirement account intact for future benefits
based on vesting qualification or withdraw the accumulated funds in their individual member account and
forfeit service credits and rights to future benefits upon which the contributions were based.
If employees terminate employment before rendering three years of service, they forfeit the right to receive
their non-vested accrued plan benefits.
Early Retirement Benefits
The Plan allows for early retirement benefits if the participant has not reached the age of 65 but is at least
age 55 with a vested benefit. Benefits under early retirement are equal to the value of the accrued pension,
if the participant had retired at the age of 65, reduced 5% per year if the payments begin before age 65.
Disability Benefits
The Plan allows for disability benefits. A member who becomes permanently disabled after 5 years of service
will immediately receive the greater of the actuarially-reduced monthly accrued benefit or $90 per month,
reduced by any Authority sponsored disability plans. Payment of the disability benefit ends at age 65.
Death Benefits
If a participant’s death occurs before age 55, but after 5 years of service, the present value of the participant’s
accrued vested benefit is payable to the participant’s beneficiary in the form of a single lump sum regardless
of the amount.
65
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
If a participant’s death occurs after age 55 and 5 years of service, the participant’s beneficiary can elect to
receive a benefit equal to the greater of:
1) A survivor’s pension as if the participant had retired on the date before the death with a 100%
joint and survivor annuity in effect, or
2) The present value of the survivor’s pension, or
3) If a spouse of 2 or more years or a minor child, the participant’s contribution with interest, plus
50% of the average compensation, payable in the form of a lump sum, or
4) A 10-year term certain.
A participant may elect a joint and survivor annuity with 100%, 75% or 50% to be continued to the
beneficiary upon the death of the participant.
Lump Sum Distributions
Payment in a lump sum, regardless of amount, may be made with the participant’s written consent. Effective
September 1, 2012, a participant who has not previously received benefits may elect a partial lump sum
payment with the remaining part to be paid in the same manner as the traditional annuity.
During 2022, 45 participants elected to receive their benefit in the form of lump sum distribution. Lump sum
distributions collectively totaled $8,033,740. Individuals are removed from the Plan’s membership if they
choose to take all of their benefit as a lump sum distribution.
E. Contributions
Employer Contribution Requirements
Contributions are received from the Authority in the amount determined by the Pension Committee and
approved by the Board of Trustees based on funding levels recommended by the Plan’s actuary. The
contribution rate for 2022 was 16.3% of employee salaries.
Participant Voluntary Contributions
A participant who is vested in the Plan may make voluntary contributions into the Plan, and transfer funds
from the Employee 457 Deferred Compensation Plan, for the purpose of purchasing “permissive service
credit” (as defined in Internal Revenue Code Section 415(N)(3)(A)), in the Plan. No more than 5 years of
“permissive service credit” may be purchased. Any purchase of “permissive service credit” must be made in
the final year of employment with the Authority.
F. Method of Accounting
The Plan prepares its financial statements on the accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America, under which benefits and expenses are
recognized when due and payable and revenues are recorded in the accounting period in which they are
earned and become measurable in accordance with the terms of the Plan. Accordingly, the valuation of
investments is shown at fair value and both realized and unrealized gains (losses) are included in net
appreciation and depreciation in fair value of investments.
The plan reports in accordance with the requirements of GASB 67.
66
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
G. Pension Assets, Liabilities, Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions
Net pension liability
At December 31, 2022, the Authority reported a net pension liability of $166,224,640. The net pension
liability was measured as of December 31, 2022 and was determined by an actuarial valuation as of January
1, 2022 and rolled-forward using updated procedures.
Date
Total Pension
Liability
Plan Fiduciary
Net Position
Employers Net
Pension
Liability/(Asset)
Plan Fiduciary
Net Position as
a Percentage
of
the Total Plan
Liability
Projected
Covered
Payroll
Net Position
Liability as a
Percentage
Of Covered
Payroll
12/31/2022 $ 428,657,305 $ 262,432,665 $ 166,224,640 61.22% $ 160,831,897 103.35%
Deferred outflows of resources and deferred inflows of resources
At December 31, 2022, the Authority reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Deferred Inflows Deferred Outflows
of Resources of Resources
Differences between expected and actual
experience $ (522,594) $ 11,884,308
Change of Assumptions - 11,651,814
Net difference between projected and actual
earnings - 44,438,562
Total $ (522,594) $ 67,974,684
67
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Pension expense
For the year ended December 31, 2022, the Authority recognized pension expense of $36,908,379. Other
amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions
will be recognized as pension expense as follows:
Year ending December 31, Amount
2023 $ 11,913,246
2024 15,879,307
2025 18,573,236
2026 19,041,501
2027 1,765,689
Thereafter 279,111
Total $ 67,452,090
Actuarial methods and assumptions
The total pension liability in the January 1, 2022 actuarial valuation was determined using the following
actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.50%
Salary Increases 7.00% per annum for the first five (5) years of employment; 4.00%
per annum thereafter
Investment rate of return 6.75%, net of investment expenses
Mortality RP-2014 Blue Collar Mortality Table, with MP-2014 Project Scale (Pre-
retirement; Employee Table; Post-retirement Annuitant Table)
Bond Buyer General Obligation 20-
Bond Municipal Bond Index
3.72%
The actuarial assumptions used in the January 1, 2022 valuation were based on the results of an actuarial
experience study for the five year period ending December 31, 2008.
Actuarial valuation of the Plan involves estimates of the reported amounts and assumptions about the
probability of occurrence of events into the future. Examples include assumptions about future mortality and
future salary increases. Amounts determined regarding the net pension liability are subject to continual
revision as actual results are compared with past expectations and new estimates are made about the future.
The last experience study was performed for the five consecutive calendar years ending December 31, 2008.
Actuarial Cost Method – Entry Age Normal
Employer Annual Payroll Growth Including Inflation – 4.00%
Retirement Age – Table of rates by age and eligibility
Cost of Living Adjustments – None
Percent of Future Retirements Electing Lump Sum – 20%
68
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Discount rate
The discount rate used to measure the total pension liability was 6.75%. The projection of cash flows used to
determine the discount rate assumed contribution rates as recommended by the Authority’s Pension
Committee and approved by the Board of Trustees. Based on these assumptions, the pension plan’s fiduciary
net position was projected to be available to make all projected future benefit payments of current active and
inactive participants. Therefore, the long-term expected rate of return on pension plan investments was
applied to all periods of projected benefit payments to determine the total pension liability.
In accordance with GASB 67 regarding the disclosure of the sensitivity of the net pension liability to changes
in the discount rate, the table below presents the net pension liability using the discount rate of 6.75%, as
well as what the net pension liability would be if it were calculated using a discount rate 1.00% lower (5.75%)
or 1.00% higher (7.75%) than the current rate.
The following sensitivity analysis assumes rate volatility of plus and minus one percent of the discount rate
of 6.75%.
1%
Decrease
5.75%
Current
Discount Rate
6.75%
1%
Increase
7.75%
Net pension liability $ 228,033,133 $ 166,224,640 $ 115,355,462
Schedule of changes in total pension liability, plan fiduciary net position, and net pension liability
69
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
The following table shows the change to the total pension liability, the plan fiduciary net position, and the
net pension liability during the year.
H. Investments
All Plan investments are stated at fair value. Most types of marketable or actively traded investments are
priced by nationally known vendors. In the event that an investment is not priced by the primary vendor, the
Custodian (US Bank) engages a secondary vendor or other source. See Note 4- Investments, Fair Value
Measurements.
Purchases and sales are recorded on a trade-date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
Investment Policy
The Pension Committee has adopted an Investment Policy Statement (IPS). The IPS is reviewed by the
Pension Committee once a year, and was amended effective October 2022 to revise the asset classes. A
normal weighting is now indicated for each asset class. The IPS was also amended to provide a list of
prohibited investments.
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
[a] [b] [a]-[b]
Balances as of January 1, 2021 $ 405,251,222 $ 314,608,736 $ 90,642,486
Charges for the year
Service cost 12,293,940 - 12,293,940
Interest on total pension liability 27,443,651 - 27,443,651
Differences between expected
and actual experience (621,195) - (621,195)
Changes of assumptions 6,482,520 - 6,482,520
Employer contributions - 27,132,518 (27,132,518)
Member voluntary contributions 116,525 116,525 -
Net investment income - (56,561,527) 56,561,527
Benefit payments (22,309,358) (22,309,358) -
Administrative expenses - (554,229) 554,229
Balance as of December 31, 2022 $ 428,657,305 $ 262,432,665 $ 166,224,640
70
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
In setting the long-term asset policy for the Plan, the Committee has opted to provide a minimum and
maximum allowable allocation to the major asset classes. The aggregate exposure to each of the asset classes
is to remain within the following ranges:
Policy Allocation
Target Allocation Target Range
Global Equity 56% 36% - 76%
Private Equity 10% 0% - 20%
Real Assets 7% 3% - 11%
Fixed Income 25% 15% - 35%
Cash & Equivalents 2% 0% - 5%
Rate of Return
The long-term rate of return is selected by the Plan’s Pension Committee after a review of the expected
inflation and long-term real returns, reflecting expected volatility and correlation. The assumption currently
selected is 6.75% per annum, net of investment expenses.
Target Allocations
The long-term rate of return is selected by the Plan’s Pension Committee after a review of expected
inflation and long-term real returns, reflecting expected volatility and correlation. Best estimates of the
compound nominal rates of return for each major asset class included in the Plan’s target asset allocations as
of December 31, 2022, is summarized in the table below.
Asset Class Target Asset
Allocation Long Term
Expected
Return
Global Equities 63% 7.2%
Fixed Income 22% 4.9%
Liquid Diversifiers 10% 0%
Real Assets 4% 5.3%
Cash & Equivalents 1% 4.4%
Total 100% 6.8%
The 6.75% assumed investment rate of return is comprised of an inflation rate of 2.40% and a real return
of 4.35% net of investment expense.
I. Payment of Benefits
Benefit payments to participants are recorded upon distribution.
J. Administrative Expenses
Expenses for the administration of the Plan are budgeted and approved by the Pension Committee.
Administrative expenses are paid from investment earnings. Plan expenses are paid from Plan assets. For the
year ended December 31, 2022 the Plan paid $554,229 of administrative expenses.
71
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
K. Tax Status
The Plan operates under an exemption from federal income taxes pursuant to Section 501(a) of the Internal
Revenue Code as a defined benefit plan.
L. Mutual Fund Asset Coverage
The Securities and Exchange Commission requires mutual fund companies to obtain fidelity bond coverage
for the assets under their control. The bond coverage varies in amounts depending on the mutual fund.
M. Cash Deposits
Custodial credit risk for cash deposits is the risk in the event of a bank failure, the Plan’s cash deposits may
not be returned. The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per depositor
per institution. Cash deposits and account balances in excess of $250,000 are uninsured and
uncollateralized.
The Plan considers short-term investments with an original maturity of 3 months or less to be cash
equivalents.
Cash held in banking institution(s) $ 390,674
N. Risks and Uncertainties
The Plan utilizes various investments which, in general are exposed to various risks such as interest rate risk,
credit risk and overall market volatility. Due to the level of risk associated with certain investment securities,
it is reasonably possible that changes in the values of investment securities will occur in the near term and
such changes could materially affect the amounts reported in the financial statements.
O. Credit Risk
Credit risk for investments is in the risk that the counterparty to an investment will not fulfill its obligations.
The Plan’s rated investments are show below.
Fixed Income: 2022 $ 66,188,689 AA/Aa Rated
P. Investment Interest Rate Risk
Investment interest rate risk is the risk that changes in interest rates of debt investments will adversely affect
the fair value of an investment. The table below shows the maturities of the Plan’s investments.
Fixed Inc funds: 2022 $ 66,188,689 Average effective duration: 5.3 years
Average effective maturity: 7.5 years
72
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Q. Concentration of Credit Risk
Concentration of credit risk is the risk of loss attributed to the magnitude of a government’s investment in a
single issuer. The following amounts represent 5% or more of the Plan’s fiduciary net position and
investments as of December 31, 2022 invested with any one organization.
Equity funds: Two Sigma Active US All Cap & $ 27,490,084
Investments
Fixed income: IR+M Core Bond Fund II $ 25,217,357
iShares 7-10 Year Treasury Bond EFT $ 21,583,831
Investment Assets at
Fair Value
as of December 31,
2022
Level 1
Money Market Funds $ 10,122,630
Global Equity 66,636,883
Fixed Income 31,200,811
Total investments at Fair Value $ 107,960,324
R. Net Asset Value per Share
The following tables provide additional disclosures concerning the investments measured at fair value based
on NAV as of December 31, 2022.
2022
Redemption
Unfunded Redemption Notice
Fair Value Commitment Frequency Period
Global Equities $ 102,499,522 $ - Daily Daily
Real Assets 14,928,117 - Daily Daily
Fixed Income 34,987,878 - Daily Daily
Total $ 152,415,517 $ -
73
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Global Equity – intended to provide capital appreciation, current income, and growth of income mostly
through the ownership of public equities representing an ownership interest in a company. The objective for
investment managers in this category is to exceed the results represented by the annualized return of the
MSCI All Country World Index, net over annualized rolling three to five-year time periods.
Liquid Diversifiers – intend to provide the Fund with less directional equity exposure and less correlated
returns to traditional asset class (i.e. equities and fixed income). These strategies may utilize multiple asset
classes spanning across the capital structure of equity and det securities and they may also employ leverage,
commodities, and derivatives. These investments will be made in managers with more liquid investment
profiles through mutual funds or commingled vehicles.
Real Assets – intended to provide real return through investments which has inflation sensitive
characteristics. Investments could include REITs, natural resource equities, MLPs, inflation linked bonds and
commodities.
Fixed Income – intended to provide diversification and protection against downward moves in the equity
market and serves as a deflation hedge and a predictable source of income. Weighted average duration of
the allocation will be within 1 year of the Barclays Capital Aggregate Bond Index, as measured on a quarterly
basis.
S. Employer Contribution Requirements
The Authority’s contribution rate consists of (1) an amount for normal cost, the estimated amount necessary
to finance benefits earned by participants during the current year, and (2) an amount for amortization of the
unfunded or excess funded actuarial accrued liability over the service life of the vested participants in
preparation for the Authority’s adoption of GASB 68, Accounting and Financial Reporting for Pensions—an
amendment of GASB Statement No. 27. The rates are determined using the entry age actuarial cost method.
74
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
SCHEDULE OF FIDUCIARY NET POSITION
UTA
Employee
Retirement and
Trust
ASSETS
Cash in Bank $ 390,674
Investments
Global Equities 169,136,405
Fixed Income 66,188,689
Real Assets 14,928,117
Money Market 10,122,630
Total Investments 260,375,841
Prepaid Benefits 1,288,520
Receivables
Dividends Receivable 27,927
Accounts Receivable - Benefits 2,476
Accounts Receivable - Contributions 534,409
Total Receivables 564,812
TOTAL ASSETS 262,619,847
LIABILITIES
Benefits Payable 22,190
Accounts Payable 164,992
TOTAL LIABILITIES 187,182
NET POSITION
Restricted for Pension $ 262,432,665
75
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
UTA
Employee Retirement
Trust
ADDITIONS
Employer Contributions $ 27,132,518
Participant Voluntary Contributions 116,525
Total Contributions 27,249,043
Net Investment Income
Net Decline in Fair Value of Investments (58,161,231)
Interest 160,317
Dividends 2,251,300
Total Investment Income (55,749,614)
Less: Investment Expense 811,913
Net Investment Income (56,561,527)
TOTAL ADDITIONS (29,312,484)
DEDUCTIONS
Monthly Benefits Paid 14,275,618
Lump Sum Distributions 8,033,740
Administrative Expense 554,229
TOTAL DEDUCTIONS 22,863,587
CHANGE IN NET POSITION (52,176,071)
Total Net Position (Restricted), January 1 314,608,736
Total Net Position (Restricted), December 31 $ 262,432,665
76
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
NOTE 9 – JOINT INSURANCE TRUST
A. General Information
The Union and the Authority have agreed on February 1, 1989 that specific amounts of money paid for
insurance benefit purposes for the union members be controlled by a trust. The trust should also control any
additional amounts paid by the union member shall be deposited in same agreed upon trust account.
B. Reporting Entity
The trust is administered by the Joint Insurance Committee that consists of seven (7) members, one (1)
neutral member agreed upon by the Union and the Authority, three (3) appointed by the Amalgamated
Transit Union Local 382 in accordance with a collective bargaining agreement and three members of staff
appointed by the Authority. The members of the Joint Insurance Committee may (but need not) be
participants in the trust.
C. Membership
The Plan’s membership consisted of:
December 31, 2022
Active participants 1,358
Inactive participants not receiving benefits 192
Total 1,550
D. Benefit Terms
Insurance Benefits
The Amalgamated Transit Union (ATU) and the Authority have established, through various collectively
bargaining agreements, provisions for payment of medical, dental, vision, life, accident, and short-term
disability insurances.
E. Contributions
Employer Contribution Requirements
Contributions from the Authority are determined by based on the current collective bargaining
agreement.
Participant Matching Contributions
A participant is an employee of the Authority who is eligible for insurance benefits under the collective
bargaining agreement or is eligible for Consolidated Omnibus Budget Reconciliation Act (COBRA).
Certain insurance plans in the trust require participants to pay a portion of the premiums or all of the
premium to participate.
77
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
F. Method of Accounting
The Plan prepares its financial statements on the accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America, under which benefits and expenses are
recognized when due and payable and revenues are recorded in the accounting period in which they are
earned. Accordingly, the valuation of investments is shown at fair value and both realized and unrealized
gains (losses) are included in net appreciation and depreciation in fair value of investments.
SCHEDULE OF FIDUCIARY NET POSITION
Joint Insurance Trust
ASSETS
Cash in Bank $ 9,457,799
Cash in Utah State Treasury 488,591
Total Cash 9,946,390
Investments – Money Market 1,788,754
Deposits 104,795
Receivables - Contributions 26,695
TOTAL ASSETS 11,866,634
LIABILITIES
Accounts Payable 4,369,622
TOTAL LIABILITIES 4,369,622
NET POSITION
Restricted for Benefits Other than Pension $ 7,497,012
78
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
SCHEDULE OF CHANGES IN FIDUCIARY NET
POSITION
Joint Insurance Trust
ADDITIONS
Employer Contributions $ 21,341,458
Participant Voluntary Contributions 414,378
Total Contributions 21,755,836
Net Investment Income
Net Decline in Fair Value of Investments (8,484)
Interest 28,498
Total Investment Income 20,014
TOTAL ADDITIONS 21,775,850
DEDUCTIONS
Monthly Benefits Paid 20,593,640
Administrative Expense 140,660
TOTAL DEDUCTIONS 20,734,300
CHANGE IN NET POSITION $ 1,041,550
Total Net Position (Restricted), January 1 $ 6,455,462
Total Net Position (Restricted), December 31 $ 7,497,012
79
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
NOTE 10 – LIABILITIES
The Authority issues revenue, capital interest, and capital appreciation bonds along with financing leases in order
to provide funding for long-term capital improvements and acquisitions of capital assets. In some instances the
full faith and credit of the Authority are pledged to secure the debt, while some are limited to pledge revenues
stated in the bond. Leasehold interests in the vehicle being financed act as security for financing lease
agreements.
Related to bonds, the Authority’s interest payments are typically semiannual on June 15th and December 15th.
Interest expense is accrued for the 16 remaining days of December as part of accrued interest. In 2019, Utah County
and the Authority agreed a new 4th quarter cent sales tax in Utah County for transit would be exclusively used to
repay any obligation be accrued by the Authority related to the Utah Valley Express bus route.
In addition, the Authority has long term obligations related to compensated absences which represent obligations
to employees for unused vacation leave balances or guaranteed health saving account contributions at retirement
for unused sick leave balances. General revenues are used to liquidate compensated absence balances and other
long-term obligations.
In the event of default, the Trustee for the bonds may pursue any available remedy by suit at law on in equity to
enforce the payment of the principal of, premium, in any, and interest on the Bonds the Outstanding or to enforce
any obligations of the Authority. However, the Authority’s obligations with respect to the Bonds are limited to
Pledged Revenues. (Amended and Restated General Indenture of Trust, dated September 1, 2002)
For those debts for which collateral or a leasehold interest has been pledged, the most likely remedy in the event of
default would be though other possible remedies include acceleration of all unpaid payments on the debt,
possession of pledged property by the debtor, and any necessary legal actions against the Authority to cure the
default. (The Authority’s Current Standard Lease Purchase Agreement Language)
In prior years, the Authority has refunded certain bonds by placing the proceeds of new bonds in an irrevocable
trust to provide for all future debt service payments on the refunded bonds. Accordingly, the trust account assets
and the liability for the refunded bonds are not included in the Authority’s financial statements.
DIRECT BORROWINGS
Beginning in 2015, UTA has secured financing agreements annually for the purchase of buses, paratransit vehicles
and vanpool commuter vans. The financing agreements from 2015 through 2019 were secured from Banc of
America Public Capital Corporation and the financing agreements from 2020 through 2021 were secured through JP
Morgan Chase Bank. In December 2022, the Authority entered into a 5-year master financing agreement for 2022-
2026 that has an index rate guarantee for the term of the agreement. These finance agreements lien title of the
vehicles owned by the Authority and therefore these agreements are reported as financed purchases, rather than
leases, in the financial statements.
On December 22, 2016, Utah County issued a $65 million Subordinated Transportation Sales Tax Revenue Bond to
be used for the construction of the Utah Valley Express bus route. The Authority and Utah County have entered into
an inter-local agreement that requires the Authority to reimburse Utah County for all bond costs (principal, interest,
and cost of issuance) prior to December 31, 2028.
80
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Amount Amount Due Accured Amount of
Outstanding Within One Year Interest Collateral
Direct Borrowings:
Inter-local Loan:
$56,125,000 $1,595,000 $ 296,714 $-
Subtotal: Direct Borrowings - Inter-local loans: $56,125,000 $ 1,595,000 $ 296,714 $-
Financing Agreements:
$2,175,679 $457,089 $- $ 2,447,216
1,248,940 208,879 - 1,384,545
14,847,407 2,007,585 - 16,603,356
8,784,517 987,522 - 9,440,403
74,273 74,273 - 157,342
3,884,003 411,002 - 3,877,555
939,094 559,868 - 1,646,349
318,112 318,113 - 814,965
8,242,962 624,707 - 8,221,679
2,057,157 508,077 - 2,184,211
26,381,850 1,811,416 - 17,049,747
$5,190,000 12-Year Financing Agreement, Series 2019, issued August 8, 2019,
maturing monthly from September 8, 2019 through August 8, 2031, with interest
payable monthly at rate of 2.2200%. A leasehold interest in 10 buses and equipment
is pledged as security for the debt.
$28,160,000 14-Year Financing Agreement, Series 2021, issued December 28, 2021,
maturing monthly from January 28th, 2022 through December 28, 2035, with
interest payable monthly at rate of 1.855%. A leasehold interest in 50 buses and
equipment is pledged as security for the debt.
$3,060,000 6-Year Financing Agreement, Series 2020, issued December 5, 2020,
maturing monthly from January 3, 2021 through December 3, 2026, with interest
payable monthly at rate of .88%. A leasehold interest in 25 Flex/Paratransit vehicles
and 35 RideShare vans and equipment is pledged as security for the debt.
$12,496,000 12-Year Financing Agreement, Series 2018, issued November 28, 2018,
maturing monthly from December 28, 2018 through November 30, 2030, with
interest payable monthly at rate of 3.2950%. A leasehold interest in 24 buses, 2
trolleys, and their associated equipment is pledged as security for the debt.
$381,000 5-Year Financing Agreement, Series 2018, issued November 28, 2018,
maturing monthly from December 28, 2018 through November 30, 2023, with
interest payable monthly at rate of 3.0570%. A leasehold interest in 36
FLEX/Paratransit vehicles and equipment is pledged as security for the debt.
$9,530,000 14-Year Financing Agreement, Series 2020, issued December 5, 2020,
maturing monthly from January 3rd, 2021 through December 3, 2034, with interest
payable monthly at rate of 1.5050%. A leasehold interest in 20 buses and equipment
is pledged as security for the debt.
$1,960,000 4-Year Financing Agreement, Series 2019, issued August 8, 2019,
maturing monthly from September 8, 2019 through August 8, 2023, with interest
payable monthly at rate of 1.9100%. A leasehold interest in 52 RideShare vans is
pledged as security for the debt.
$2,730,000 5-Year Financing Agreement, Series 2019, issued August 8, 2019,
maturing monthly from September 8, 2019 through August 8, 2024, with interest
payable monthly at rate of 1.9100%. A leasehold interest in 30 FLEX/Paratransit
vehicles and equipment is pledged as security for the debt.
$5,283,500 12-Year Financing Agreement, Series 2015, issued July 17, 2015,
maturing monthly from August 17, 2015 through July 17, 2027, with interest payable
monthly at rate of 2.0908%. A leasehold interest in 10 CNG buses and equipment is
pledged as security for the debt.
$2,480,000 12-Year Financing Agreement, Series 2016, issued September 27, 2016,
maturing monthly from October 27, 2016 through September 27, 2028, with interest
payable monthly at rate of 1.6322%. A leasehold interest in 5 ski buses and
equipment is pledged as security for the debt.
$24,390,000 12-Year Financing Agreement, Series 2017, issued November 30, 2017,
maturing monthly from December 31, 2017 through November 30, 2029, with
interest payable monthly at rate of 2.2440%. A leasehold interest in 47 buses and
equipment is pledged as security for the debt.
On December 22, 2016, Utah County issued a $65 million Subordinated
Transportation Sales Tax Revenue Bond to be used for the construction of the Utah
Valley Express bus route. The Authority and Utah County have entered into an inter-
local agreement that requires the Authority to reimburse Utah County for all bond
costs (principal, interest, and cost of issuance) prior to December 31, 2028. In 2021,
the Authority will remit $2,649,245.50 to Utah County for repayment of prior design
cost incurred by Utah County, $3,460,616 of principal on variable rate loan for first
year operations of route, and $199,480.44 of interest on the variable rate loan per the
terms of Utah County 4th Quarter Cent Sales Tax Interlocal Agreement. As of
November 2021, UTA only owes the remaining bond principal and interest on the
2016 Utah County Subordinated Transportation Sales Tax Revenue Bond.
81
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Amount Amount Due Accured Amount of
Outstanding Within One Year Interest Collateral
3,237,751 630,195 - -
24,987,407 1,347,205 - -
1,223,154 132,261 - -
7,525,250 1,132,046 - -
Subtotal: Direct Borrowings - Financing Agreements: $ 105,927,556 $ 11,210,238 $ - $ 63,827,368
Total Direct Borrowings: $ 162,052,556 $ 12,805,238 $ 296,714 $ 63,827,368
Other Related Debt:
Revenue Bonds
84,560,000 6,605,000 184,975 -
24,840,000 24,840,000 105,897 -
78,855,000 8,030,000 159,163 -
35,160,000 6,750,000 73,250 -
126,780,000 - 191,763 -
82,265,000 - 147,390 -
106,405,000 3,565,000 198,307 -
61,830,000 - 104,579 -
188,810,000 - 270,864 -
59,070,000 - 87,851 -
203,150,000 4,170,000 192,887 -
$3,859,500 6-Year Financing Agreement, Series 2021, issued December 28, 2021,
maturing monthly from January 28, 2022 through December 28, 2027, with interest
payable monthly at rate of 1.35%. A leasehold interest in 27 Flex/Paratransit vehicles
and 35 RideShare vans and equipment is pledged as security for the debt.
$216,650,000 Taxable Senior Lien Sales Tax Revenue bonds, Series 2020, issued
March 19, 2020, maturing annually from June 15, 2020 through December 15, 2038,
with interest payable semiannually at rates from .937-2.774%.
$134,650,000 Senior Revenue bonds, Series 2006C, issued October 24, 2006,
maturing annually from June 15, 2007 through June 15, 2032, with interest payable
semiannually at rates from 5.00% - 5.25%
$59,070,000 Subordinate Revenue bonds, Series 2019B,
issued November 26, 2019, maturing annually from June 15, 2020 through December
15, 2042, with interest payable semiannually at rates from 3.393-3.643%.
$188,810,000 Senior Revenue bonds, Series 2019B,
issued November 26, 2019, maturing annually from June 15, 2020 through December
15, 2042, with interest payable semiannually at a rate of 3.443%.
$192,005,000 Subordinate Revenue bonds, Series 2015A,
issued February 25, 2015, maturing annually from June 15, 2015 through
June 15, 2026, with interest payable semiannually at rates of 5.00%.
$126,780,000 Subordinate Revenue bonds, Series 2016,
issued August 24,2016, maturing annually from December 15, 2016 through
December 15, 2031, with interest payable semiannually at rates from 3.00 - 4.00%.
$83,765,000 Senior Revenue bonds, Series 2018,
issued March 15, 2018, maturing annually from June 15, 2018 through
December 15, 2036, with interest payable semiannually at rates from 3.722 - 5.00%.
$115,540,000 Subordiate Revenue bonds, Series 2018,
issued March 15, 2018, maturing annually from June 15, 2018 through
December 15, 2041 with interest payable semiannually at rates from 3.125-5.00%.
$61,830,000 Senior Revenue bonds, Series 2019A,
issued November 26, 2019, maturing annually from June 15, 2020 through December
15, 2044, with interest payable semiannually at rates from 3.00-5.00%.
$700,000,000 Senior Revenue bonds, Series 2008A,
issued April 10, 2008, maturing annually from December 15, 2008 through June 15,
2038, with interest payable semiannually at rates from 4.75-5.25%
$668,655,000 Senior Revenue bonds, Series 2015A,
issued February 25, 2015, maturing annually from June 15, 2015 through
June 15, 2025, with interest payable semiannually at rates from 4.384-4.895%.
$24,987,407 14-Year Financing Agreement, Series 2022, issued December 16, 2022,
maturing monthly from January 16, 2023 through December 16, 2036, with interest
payable monthly at rate of 4.1233%. A leasehold interest in 36 buses and equipment
is pledged as security for the debt.
$1,223,154 8-Year Financing Agreement, Series 2022, issued December 16, 2022,
maturing monthly from January 16, 2023 through December 16, 2030, with interest
payable monthly at rate of 4.0278%. A leasehold interest in 31 nonrevenue vehicles
and equipment is pledged as security for the debt.
$7,525,250 6-Year Financing Agreement, Series 2022, issued December 16, 2022,
maturing monthly from January 16, 2023 through December 28, 2028, with interest
payable monthly at rate of 4.0192%. A leasehold interest in 53 Flex/Paratransit
vehicles and 86 RideShare vans and equipment is pledged as security for the debt.
82
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Amount Amount Due Accured Amount of
Outstanding Within One Year Interest Collateral
74,750,000 - 90,177 -
424,240,000 8,260,000 362,872 -
16,020,000 250,000 19,046 -
Subtotal: Other Related Debt - Revenue Bonds: $ 1,566,735,000 $ 62,470,000 $ 2,189,021 $ -
Current Interest Bonds
$115,895,000 $ 5,300,000 $ 241,448 $-
Subtotal: Other Related Debt - Current Interest Bonds: 115,895,000 5,300,000 241,448 -
Build America Bonds
261,450,000 - 646,762
200,000,000 - 475,417 -
Subtotal: Other Related Debt - Build America Bonds: 461,450,000 - 1,122,179 -
Captial Appreciation Bonds
18,911,498 - 4,398,268 -
Subtotal: Other Related Debt - Capital Appreciation Bond: 18,911,498 - 4,398,268 -
Total Other Related Debt: 2,162,991,498 67,770,000 7,950,916 -
Total of Direct Borrowings and Other Related Debt: $ 2,325,044,054 $ 80,575,238 $ 8,247,630 $ 63,827,368
$18,911,498 Capital Appreciation Subordiate Debt, Series 2016,
issued August 24, 2016, maturing December 15, 2032 at a rate of 3.32%
$431,625,000 Senior Revenue bonds, Series 2021A,
issued November 10, 2021, maturing annually from June 15, 2022 through December
15, 2036, with interest payable semiannually at a rate from .0347 to 2.589%.
$16,220,000 Subordinate Revenue bonds, Series 2021A,
issued November 10, 2021, maturing annually from June 15, 2022 through December
15, 2037, with interest payable semiannually at a rate from 0.547 to 2.989%.
$200,000,000 Subordinate Debt, Series 2010A, issued October 20, 2010, maturing
annually from June 15, 2011 through June 15, 2040, with interest payable
semiannually at a rate of 5.705%. The authority elected to treat the 2010A bonds as
"Build America Bonds" for the purpose of the American Recovery and Investment Act
of 2009 (the Recovery Act) and to receive a cash subsidy from the United States
Treasury in connection therewith. Pursuant to the Recovery Act, the Authority
anticipates cash subsidy payments from the United States Treasury equal to 35%
less sequestration ($3,822,065) of the interest payable on the 2010A bonds.
$261,450,000 Senior Debt, Series 2009B, issued May 21, 2009, maturing annually
from December 15, 2009 through June 15, 2029, with interest payable semiannually
at a rate of 5.937%. The authority elected to treat the 2009B bonds as "Build
America Bonds" for the purpose of the American Recovery and Investment Act of
2009 (the Recovery Act) and to receive a cash subsidy from the United States
Treasury in connection therewith. Pursuant to the Recovery Act, the Authority
anticipates cash subsidy payments from the United States Treasury equal to 35%
less sequestration ($5,199,578) of the interest payable on the 2009B bonds.
$128,795,000 Subordinate Current Interest Debt, Series 2007A,
issued June 19, 2007, maturing annually from December 15, 2007 through June 15,
2035, with interest payable semiannually at a rate of 5.00%.
$74,750,000 Subordinate Revenue bonds, Series 2020B,
issued November 12,2020, maturing annually from June 15, 2021 through December
15, 2039, with interest payable semiannually at rates from 2.375-2.97%.
83
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Annual repayment requirements on the Direct Borrowings are:
Inter-local Loan
Year ending December 31, Principal Interest Total
2023 $ 1,595,000 $ 1,780,285 $ 3,375,285
2024 1,645,000 1,729,692 3,374,692
2025 1,700,000 1,677,512 3,377,512
2026 1,750,000 1,623,588 3,373,588
2027 1,805,000 1,568,078 3,373,078
2028-2029 47,630,000 2,962,490 50,592,490
Total $ 56,125,000 $ 11,341,645 $ 67,466,645
Financing Agreements
Year ending December 31, Principal Interest Total
2023 $ 11,210,238 $ 2,744,810 $ 13,955,048
2024 10,903,981 2,464,284 13,368,265
2025 10,799,596 2,186,723 12,986,319
2026 11,080,535 1,905,784 12,986,319
2027 10,640,000 1,613,633 12,253,633
2028-2032 34,476,019 4,563,452 39,039,471
2033-2036 16,817,187 967,452 17,784,639
Total $ 105,927,556 $ 16,446,138 $ 122,373,694
OTHER RELATED DEBT
The Sales Tax Revenue Bonds are payable from and secured by UTA’s sales and use tax revenue. UTA is required to
maintain certain minimum deposits, as defined in the Indenture of Trust, to meet debt service requirements. Sales
Tax Revenue Bonds debt service requirements to maturity are as follows:
Year ending December 31, Principal Interest Total
2023 $ 67,770,000 $ 82,723,454 $ 150,493,454
2024 70,675,000 79,816,906 150,491,906
2025 75,675,000 76,751,163 152,426,163
2026 78,095,000 74,338,438 152,433,438
2027 85,750,000 72,394,125 158,144,125
2028-2032 483,496,498 332,231,581 815,728,079
2033-2037 595,965,000 221,250,715 817,215,715
2038-2042 697,065,000 81,700,300 778,765,300
2043-2044 8,500,000 384,300 8,884,300
Total $ 2,162,991,498 $ 1,021,590,982 $ 3,184,582,480
84
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
Changes in Debt Long-Term Liabilities
Long-term debt liability activity for the year ended December 31, 2022 was as follows:
Balance
1/1/2022 Additions Reductions Balance
12/31/2022
Due Within
One Year
Direct Borrowings
Financing
Agreements $ 81,468,517 $ 33,735,811 $ (9,276,772) $ 105,927,556 $ 11,210,238
Inter-local Loan 57,670,000 - (1,545,000) 56,125,000 1,595,000
Total Direct
Borrowings $ 139,138,517 33,735,811 $ (10,839,772) $ 162,052,556 $ 12,805,238
Balance 1/1/2022 Additions Reductions Balance
12/31/2022
Due Within
One Year
Other Related Debt
Sales Tax Revenue
Bonds $ 1,622,470,000 $ - $ (55,735,000) $ 1,566,735,000 $ 67,770,000
Current Interest
Bonds 115,895,000 - - 115,895,000 -
Build America
Bonds 461,450,000 - - 461,450,000 -
Capital
Appreciation Bonds 18,911,498 - - 18,911,498 -
Issuance
premiums/(discounts) 55,016,601 - (7,521,582) 47,495,019 -
Total Other Related
Debt 2,273,743,099 - (63,256,582) 2,210,486,517 67,770,000
Total Financing
Agreements and Other
Related Debt as
reported on Statement
of Net Position $ 2,355,211,616 $ 33,735,811 $ (72,533,354) $ 2,316,414,073 $ 78,980,238
Compensated
Absences
Balance
1/1/2022 Additions Reductions Balance
12/31/2022
Due Within
One Year
Total Vacation
Liability $ 9,229,901 $ 12,538,715 $ (12,154,372) $ 9,614,244 $ 9,326,401
Total Sick Liability 5,394,259 2,361,815 (1,992,236) 5,763,838 1,303,270
Total Compensated
Absences $ 14,624,160 $ 14,900,530 $ (14,146,608) $ 15,378,082 $ 10,629,671
85
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2022
NOTE 11 – COMMITMENTS AND CONTINGENCIES
The Authority is a defendant in various matters of litigation and has other claims pending as a result of activities in
the ordinary courses of business. Management and legal counsel believe that by reason of meritorious defense, by
insurance coverage or statutory limitations, these contingencies will not result in a significant liability to the Authority
in excess of the amounts provided as accrued self-insurance liability in the accompanying financial statements.
As of December 31, 2022, the Authority also has purchasing commitments of $177.2 million for capital projects. The
largest of these commitments are as follows:
$29.4 million Traction Power Rehabilitation and Replacement
20.5 million Ogden-Weber State University Bus Rapid Transit
18.2 million Volkswagen Settlement Bus Replacements
17.2 million Light Rail Overhaul
11.1 million Point of the Mountain Project
9.6 million Depot District
8.3 million TIGER Grant Projects
7.5 million Rail Rehabilitation and Replacement
5.5 million Paratransit/FLEX Replacement Vehicles
5.3 million Commuter Rail Engine Overhaul
5.3 million FrontRunner Double Track
4.4 million Fiber Rehabilitation and Replacement
2.5 million Sandy Parking Structure
2.2 million Vanpool Replacement
1.8 million Stray Current Mitigation
1.7 million Train Control Rehabilitation and Replacement
1.5 million Techlink Corridor
1.5 million TRAX Operational Simulator
1.4 million Rail Switches and Trackwork Controls Replacement
1.4 million Capital Program Management and Support
1.3 million Tooele County Microtransit Vehicle Electrification
1.3 million Rail Communications On-Board Technology
1.3 million Bus Engine/ Transmission Rehabilitation and Replacement
1.2 million Light Rail Vehicle Accident Repair
1.1 million Gap Filler at FrontRunner Stations
14.7 million All Other Capital Projects
86
SM
Required
Supplementary
Information
87
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2022
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS – 10 YEARS
2022 2021 2020 2019
Total Pension Liability
Service cost $ 12,293,940 $ 12,597,159 $ 10,653,870 $ 10,244,115
Interest on total pension liability 27,443,651 25,639,471 24,263,256 22,947,802
Voluntary member contributions 116,525 334,301 83,988 298,803
Differences between expected and actual
experience (621,195) 9,188,520 4,292,503 3,347,505
Assumption changes or inputs 6,482,520 - 11,421,251 -
Benefits paid (22,309,358) (19,196,735) (19,648,551) (17,302,699)
Net change in total pension liability 23,406,083 28,562,716 31,066,317 19,535,526
Total pension liability - beginning 405,251,222 376,688,506 345,622,189 326,086,663
Total pension liability - ending (a) 428,657,305 405,251,222 376,688,506 345,622,189
Plan Fiduciary Net Position
Contributions - employer $ 27,132,518 $ 25,207,307 $ 24,273,996 $ 24,008,192
Contributions - members 116,525 334,301 83,988 298,803
Net investment income (56,561,527) 28,830,047 33,846,259 40,648,932
Benefits paid (22,309,358) (19,196,735) (19,648,551) (17,302,699)
Administrative expense (554,229) (471,288) (407,938) (434,427)
Net change in plan fiduciary net
position (52,176,071) 34,703,632 38,147,754 47,218,801
Plan fiduciary net position - beginning 314,608,736 279,905,104 241,757,350 194,538,549
Plan fiduciary net position - ending (b) 262,432,665 314,608,736 279,905,104 241,757,350
Net pension liability / (asset) - ending
(a-b) $ 166,224,640 $ 90,642,486 $ 96,783,402 $ 103,864,839
Plan fiduciary net position as a
percentage of the total pension liability 61.22% 77.63% 74.31% 69,95%
Projected covered payroll $ 160,831,897 $ 153,983,509 $ 152,297,365 $ 141,812,999
Net pension liability as a percentage
of covered payroll 103.35% 58.87% 63.55% 73.24%
Schedule is intended to show information for 10 years. Additional years will be displayed when available.
88
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2022
2018 2017 2016
Total Pension Liability
Service cost $ 9,550,863 $ 8,368,262 $ 7,711,706
Interest on total pension liability 21,512,781 20,368,031 19,604,345
Voluntary member contributions 223,572 697,576 437,923
Differences between expected and actual
experience 4,893,150 4,915,564 (927,077)
Assumption changes or inputs - 5,079,447 (3,955,702)
Benefits paid (15,474,819) (13,008,142) (12,980,615)
Net change in total pension liability 20,705,547 26,420,738 9,890,580
Total pension liability - beginning 305,381,116 278,960,378 269,069,798
Total pension liability - ending (a) 326,086,663 305,381,116 278,960,378
Plan Fiduciary Net Position
Contributions - employer $ 22,355,434 $ 20,506,163 $ 19,603,952
Contributions - members 223,572 697,576 437,923
Net investment income (16,629,921) 30,598,620 7,591,211
Benefits paid (15,474,819) (13,008,142) (12,980,615)
Administrative expense (440,279) (324,912) (249,141)
Net change in plan fiduciary net position (9,966,013) 38,469,305 14,403,330
Plan fiduciary net position - beginning 204,504,562 166,035,257 151,631,927
Plan fiduciary net position - ending (b) 194,538,549 204,504,562 166,035,257
Net pension liability / (asset) - ending (a-b) $ 131,548,114 $ 100,876,554 $ 112,925,121
Plan fiduciary net position as a 59.66% 66.97% 59.50%
percentage of the total pension liability
Projected covered employee payroll $ 132,521,079 $ 126,690,540 $ 115,430,618
Net pension liability as a percentage
of covered payroll 99.27% 79.62% 97.83%
Schedule is intended to show information for 10 years. Additional years will be displayed when available.
89
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2022
2015 2014
Total Pension Liability
Service cost $ 7,545,807 $ 7,284,379
Interest on total pension liability 18,717,411 17,623,248
Voluntary member contributions 916,567 275,663
Differences between expected and actual
experience (1,973,177)
-
Assumption changes or inputs 7,725,363 -
Benefits paid (11,554,824) (10,181,732)
Net change in total pension liability 21,377,147 15,001,558
Total pension liability - beginning 247,692,651 232,691,093
Total pension liability - ending (a) 269,069,798 247,692,651
Plan Fiduciary Net Position
Contributions - employer $ 16,745,254 $ 15,366,694
Contributions - members 916,567 275,663
Net investment income (1,085,458) 5,946,916
Benefits paid (11,554,824) (10,181,732)
Administrative expense (244,011) (219,504)
Net change in plan fiduciary net position 4,777,528 11,188,037
Plan fiduciary net position - beginning 146,854,399 135,666,362
Plan fiduciary net position - ending (b) 151,631,927 146,854,399
Net pension liability / (asset) - ending (a-b) $ 117,437,871 $ 100,838,252
Plan fiduciary net position as a 56.40% 59.29%
percentage of the total pension liability
Projected covered employee payroll $ 110,727,134 $ 106,004,057
Net pension liability as a percentage
of covered payroll 106.06% 95.13%
Schedule is intended to show information for 10 years. Additional years will be displayed when available.
90
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2022
SCHEDULE OF REQUIRED EMPLOYER CONTRIBUTIONS – 10 YEARS
Year
Actuarial
Determined
Contribution
Actual Employer
Contribution
Contribution
Deficiency (Excess)
Covered
Payroll
Contribution as
Percentage of
Covered Payroll
2022 $ 25,967,318 $ 27,132,518 $ (1,165,200) $ 160,831,897 16.87%
2021 24,743,369 25,207,307 (463,938) 153,983,509 16.37%
2020 25,167,517 24,273,996 893,521 152,297,365 15.94%
2019 22,240,718 24,008,192 (1,767,474) 141,812,999 16.93%
2018 21,600,936 22,355,434 (754,498) 132,521,079 16.87%
2017 20,270,486 20,506,163 (235,677) 126,690,540 16.19%
2016 17,147,568 19,603,952 (2,456,384) 115,430,618 16.98%
2015 16,609,070 16,745,254 (136,184) 110,727,134 15.12%
2014 14,757,446 15,366,694 (609,248) 106,004,057 14.50%
2013 14,352,279 13,338,052 1,014,227 102,099,985 13.06%
NOTE 1 – METHODS AND ASSUMPTIONS USED TO DETERMINE CONTRIBUTION RATES AS OF
DECEMBER 31, 2022
Actuarial cost method Entry age normal
Amortization method Level percentage of payroll, closed
Remaining amortization period 18 years
Asset valuation method 5-year smoothed market less unrealized
Cost of Living Adjustments None
Inflation 2.5%
Salary increases 7.00% per annum for the first five years of employment;
4.00% per annum thereafter
Investment rate of return 6.75%, net of investment expenses
Retirement age Table of Rates by Age and Eligibility
Mortality RP-2014 Blue Collar Mortality Table, with MP-2014 projection scale
91
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2022
SCHEDULE OF INVESTMENT RETURNS
The money-weighted rate of return considers the changing amounts actually invested during a period and weights
the amount of pension plan investments by the proportion of time they are available to return during that period.
External cash flows are determined on a monthly basis and are assumed to occur at the middle of each month.
External cash inflows are netted with external cash outflows, resulting in a net external cash flow each month. The
money-weighted rate of return is calculated net of investment expenses.
Fiscal Year Ending
December 31
Net Money-Weighted
Rate of Return
2022 -17.85%
2021 10.19%
2020 13.88%
2019 20.56%
2018 -8.00%
2017 18.01%
2016 4.90%
2015 -0.72%
2014 4.31%
Schedule is intended to show information for 10 years. Additional years will be displayed when available.
92
SM
Supplementary
Schedules
93
UTAH TRANSIT AUTHORITY
Supplementary Schedule
Year Ended December 31, 2022
SCHEDULE OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
BUDGET TO ACTUAL
Budget
Budget
Amendments
Amended
Budget Actual
Favorable
(Unfavorable)
Revenues
Contributions from other gov'ts, sales tax 435,700,000$ -$ 435,700,000$ 480,925,766$ 45,225,766$
Federal operating grants 1 59,600,000 - $1 59,600,000 21 5,063,965 55,463,965
Passenger revenues 34,200,000 - $34,200,000 33,499,1 44 (700,856)
Advertising 1 ,377,000 - $1 ,377,000 2,21 4,000 837,000
Investment income 5,1 60,000 - $5,1 60,000 1 ,806,825 (3,353,175)
Other income 15,121,000 - $15,121,000 1 1 ,692,301 (3,428,699)
Total revenues 651 ,1 58,000 - 651 ,1 58,000 745,202,001 94,044,001
Operating Expenses
Bus services 1 20,064,000 9,674,985 1 29,738,985 135,508,533 (5,769,548)
Rail services 89,822,000 33,064,281 1 22,886,281 121,262,026 1,624,255
Demand response services 26,21 7,000 6,846,938 33,063,938 33,431,955 (368,01 7)
Other services 3,795,000 3,1 05 3,798,105 3,509,781 288,324
Operations support 61 ,736,000 61 ,736,000 62,562,572 (826,572)
Administration (less non-operating)51 ,030,000 1 0,887,41 9 61,917,419 60,128,711 1 ,788,708
Total operating expenses 352,664,000 60,476,728 41 3,1 40,728 41 6,403,578 (3,262,850)
Non-Operating Expenses (Revenues)
Interest expense 90,244,000 - 90,244,000 99,970,267 (9,726,267)
Build America Bond subsidies (8,889,000) - (8,889,000) (9,259,376) 370,376
Principal 66,856,000 - 66,856,000 66,575,261 280,739
Non-operating 1 0,493,000 - 1 0,493,000 4,830,525 5,662,475
Total non-operating expenses 1 58,704,000 - 1 58,704,000 1 62,1 1 6,677 (3,412,677)
Total Operating and Non-Operating Expenses 51 1 ,368,000$ 60,476,728$ 571 ,844,728$ 578,520,255$ (6,675,527)$
Capital Expenses (Revenues)
Federal and local grants (44,290,925)$ 80,000$ (44,21 0,925)$ (50,582,042)$ 6,371,117$
State and local contributions (44,048,972)320,000 (43,728,972)(30,992,1 1 4)(1 2,736,858)
Capital lease (1 5,832,000)- (1 5,832,000)- (1 5,832,000)
Bonds (35,000,000) - (35,000,000)- (35,000,000)
Project Expenses 228,057,748 42,307,272 270,365,020 205,226,455 65,1 38,565
Total capital expenses (revenues)88,885,851$ 42,707,272$ 131,593,123$ 123,652,299$ 7,940,824$
Project Expenses-less transfers to Capital Assets in 2022 (1 46,088,807)
Operations Capital Outlay Expenses 1,339,080
Capital Project Expenses Not Capitalized 60,476,728$
Reconcilaition:
Total Revenues (Operating and Capital)826,776,1 57$
(638,996,983)
- Less Depreciation and Impairment Expenses (1 48,41 7,396)
+ Plus Sale of Assets 3,228,640
+ Plus Return on Capital Investment 1 9,368,007
+ Plus Capital Project Expenses Not Capitalized (Added into modes)
Bus 9,674,985
Rail 33,064,281
Demand Response 1 1 5,961
Other Service 3,1 05
Administration 1 7,61 8,396
+ Plus Principal Payments on Long-term Debt 66,575,261
+ Plus Capital Contributions to Assets 68,648
1 89,079,062$
- Less Total Expenses (Operating, Non-Operating, and Capital (after Capitalization)
Change in Net Position (Statement of Revenues, Expenses, and Changes in Net Position)
94
UTAH TRANSIT AUTHORITY
Supplementary Schedule
As of December 31, 2022
COMBINING STATEMENT OF FIDUCIARY NET POSITION
UTA
Employee Retirement
Trust
Joint Insurance
Trust
Total
ASSETS
Cash in Bank 390,674$ 9,457,799$ 9,848,473$
Cash in Utah State Treasury - 488,591 488,591
Total Cash 390,674 9,946,390 10,337,064
Investments
Global Equities 169,136,405 - 169,136,405
Fixed Income 66,188,689 - 66,188,689
Real Assets 14,928,117 - 14,928,117
Money Market 10,122,630 1,788,754 11,911,384
Investments 260,375,841 1,788,754 262,164,595
Prepaid Benefits 1,288,520 - 1,288,520
Deposits - 104,795 104,795
Receivables
Dividends Receivable 27,927 - 27,927
Accounts Receivable - Benefits 2,476 - 2,476
Accounts Receivable - Contributions 534,409 26,695 561,104
Total Receivables 564,812 26,695 591,507
TOTAL ASSETS 262,619,847 11,866,634 274,486,481
LIABILITIES
Benefits Payable 22,190 - 22,190
Accounts Payable 164,992 4,369,622 4,534,614
TOTAL LIABILITIES 187,182 4,369,622 4,556,804
NET POSITION
Restricted for:
Pension 262,432,665 - 262,432,665
Benefits Other than Pension - 7,497,012$ 7,497,012
Total Net Position 262,432,665$ 7,497,012$ 269,929,677$
95
UTAH TRANSIT AUTHORITY
Supplementary Schedule
Year Ended December 31, 2022
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
UTA
Employee Retirement
Trust
Joint Insurance
Trust Total
ADDITIONS
Employer Contributions 27,132,518$ 21,341,458$ 48,473,976$
Participant Voluntary Contributions 116,525 414,378 530,903
Total Contributions 27,249,043 21,755,836 49,004,879
Net Investment Income
Net Decline in Fair Value of Investments (58,161,231)(8,484)(58,169,715)
Interest 160,317 28,498 188,815
Dividends 2,251,300 - 2,251,300
Total Investment Income (55,749,614)20,014 (55,729,600)
Less: Investment Expense 811,913 - 811,913
Net Investment Income (56,561,527)20,014 (56,541,513)
TOTAL ADDITIONS (29,312,484)21,775,850 (7,536,634)
DEDUCTIONS
Monthly Benefits Paid 14,275,618 20,593,640 34,869,258
Lump Sum Distributions 8,033,740 - 8,033,740
Administrative Expense 554,229 140,660 694,889
TOTAL DEDUCTIONS 22,863,587 20,734,300 43,597,887
CHANGE IN NET POSITION (52,176,071)$ 1,041,550$ (51,134,521)$
Total Net Position (Restricted), January 1 314,608,736$ 6,455,462$ 321,064,198$
Total Net Position (Restricted), December 31 262,432,665$ 7,497,012$ 269,929,677$
96
SM
Statistical
97
UTAH TRANSIT AUTHORITY
Statistical Section
Year Ended December 31, 2022
The Statistical Section provides additional historical context and detail to aid in using the information in Utah
Transit Authority’s financial statements and in understanding and assessing the Authority’s overall financial
health.
Financial Trends Information
These schedules present trend information to help the reader understand how the Authority’s financial
performance and fiscal health have changed.
Net Position and Changes in Net Position
Revenue History by Source
Expense History by Function
Revenue Capacity Information
These schedules contain information to help the reader assess the Authority’s capacity to raise revenue from the
Authority’s most significant revenue source, local transit sales tax.
Local Contributions from Other Governments
Local Transit Sales Taxes by County
Principle Contributors of Sales Tax and Fares
Debt Capacity Information
This Schedule presents information to help the reader understand and assess the Authority’s level of outstanding
debt and the Authority’s ability to issue additional debt in the future.
Debt Service Coverage
Demographic and Economic Information
These schedules present demographic and economic indicators to help the reader understand the environment
within which the Authority’s financial activities take place.
Principal Employers
Full Time Equivalent Authority Employees
Trend Statistics by Type of Service
Operating Information
These schedules offer operating data to help the reader understand how the information in the Authority’s
financial report relates to the services it provides and the activities it performs.
Operating Indicators by Function/Program
Capital Asset Statistics by Function/Program
Performance Measures – Bus Service
Performance Measures – Light Rail
Performance Measures – Commuter Rail
Performance Measures – Demand Response
Performance Measures – Vanpool
Sources: Unless otherwise noted, the information in the following schedules is derived from Utah Transit Authority’s Annual Comprehensive
Financial Reports for the years indicated.
98
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION - FINANCIAL TRENDS
Year Ended December 31, 2022
*NET POSITION AS OF December 31 - 10 Years
2022 2021 1 2020 2019 2018 2017 2016 2015 2014 2013
Net Position as of December 31
Net investment in capital assets $666,552,866 $667,968,269 $648,605,411 $692,675,681 $827,646,243 $894,275,843 $924,260,135 $1,040,640,236 $1,230,633,230 $1,327,585,097
Restricted 44,161,873 27,015,061 40,516,406 66,948,773 66,559,450 60,399,717 67,381,132 77,983,022 62,779,798 7,172,060
Unrestricted 505,087,728 331,437,253 228,081,924 113,143,840 85,088,927 39,001,859 71,502,447 76,548,154 137,991,170 242,347,746
Total net position 1,215,802,467 1,026,420,583 917,203,741 872,768,294 979,294,620 993,677,419 1,063,143,714 1,195,171,412 1,431,404,198 1,577,104,903
Restatement - 302,822 - - - - - (9,497,521) (115,047,267) 4,931,557
Total restated net position $1,215,802,467 $1,026,723,405 $917,203,741 $872,768,294 $979,294,620 $993,677,419 $1,063,143,714 $1,185,673,891 $1,316,356,931 $1,582,036,460
*CHANGE IN NET POSITION - 10 YEARS
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Operating revenues $35,713,144 $30,386,187 $34,880,272 $55,111,554 $54,464,392 $54,525,870 $52,891,021 $54,346,242 $53,761,223 $52,044,200
Operating expenses 569,651,499 472,933,325 459,473,189 457,897,920 401,161,541 427,777,940 422,543,342 394,062,733 398,626,029 378,224,993
Operating loss (533,938,355) (442,547,138) (424,592,917) (402,786,366) (346,697,149) (373,252,070) (369,652,321) (339,716,491) (344,864,806) (326,180,793)
Non-operating revenues 641,374,613 483,530,389 444,739,466 261,451,197 268,435,411 246,722,487 226,957,532 209,462,264 182,843,232 173,520,664
Income (loss) before capital contributions 107,436,258 40,983,251 20,146,549 (141,335,169) (78,261,738) (126,529,583) (142,694,789) (130,254,227) (162,021,574) (152,660,129)
Capital contributions 81,642,804 68,233,591 24,288,898 34,808,843 63,878,939 57,063,288 20,164,612 9,068,708 11,389,311 56,255,200
Change in net position $189,079,062 $109,216,842 $44,435,447 (106,526,326)$ (14,382,799)$ (69,466,295)$ (122,530,177)$ (121,185,519)$ (150,632,263)$ (96,404,929)$
*Source: Utah Transit Authority 2022 Annual Comprehensive Financial Report
1. 2021 Net position restated due to GASB 87 Implementation in 2022.
99
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION - FINANCIAL TRENDS
Year Ended December 31, 2022
REVENUE HISTORY BY SOURCE
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Operating 35,713,144$ 30,386,187$ 34,880,272$ 55,111,554$ 54,464,392$ 54,525,870$ 52,891,021$ 54,346,242$ 53,761,223$ 52,044,200$
Sales taxes - 433,360,729 361,590,707 317,797,604 282,933,591 265,770,775 245,008,417 227,703,023 214,683,276 203,806,329
Investment 215,063,965 1,432,026 3,525,448 6,821,490 6,525,872 2,873,787 1,732,939 2,831,406 5,803,226 1,455,039
Reinvestment of proceeds from
development agreements 1,806,825 - - - - - - - - -
Net gain on sale of capital assets 19,368,007 1,411,431 927,566 - - - - - - -
Build America Bond Subsidies 9,259,376 8,158,624 8,893,288 - - - - - - -
Other 11,692,301 9,822,657 9,442,644 (45,372,222) 8,155,668 3,954,893 3,108,191 8,314,065 3,724,610 4,347,724
292,903,618 484,571,654 419,259,925 334,358,426 352,079,523 327,125,325 302,740,568 293,194,736 277,972,335 261,653,292
Federal grants
Federal preventive maintenance grants - - - - 61,820,668 62,313,994 59,772,235 49,452,677 47,760,737 47,986,240
Federal operating grants 480,925,766 130,631,095 160,258,318 69,746,231 - - 3,562,534 2,547,335 2,994,139 3,868,252
Federal capital grants 50,582,042 48,642,468 20,898,309 16,395,068 31,585,004 53,960,024 17,054,298 7,819,096 8,025,628 48,669,408
531,507,808 179,273,563 181,156,627 86,141,299 93,405,672 116,274,018 80,389,067 59,819,108 58,780,504 100,523,900
Other capital contributions 31,060,762 19,591,123 3,390,589 18,413,775 32,293,935 3,103,264 3,110,314 1,249,612 3,363,683 7,585,792
$855,472,188 $683,436,340 $603,807,141 $438,913,500 $477,779,130 $446,502,607 $386,239,949 $354,263,456 $340,116,522 $369,762,984
EXPENSE HISTORY BY FUNCTION
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Bus service 135,508,533$ 108,575,280$ 107,390,047$ 104,570,413$ 96,719,747$ 88,928,063$ 85,841,973$ 77,092,676$ 79,060,631$ 78,894,435$
Rail service 121,262,026 94,943,238 96,041,283 77,972,467 75,157,087 72,895,607 84,165,069 67,254,632 70,365,953 61,086,101
Paratransit service 33,431,955 27,083,173 22,646,903 23,121,527 21,857,632 19,572,367 19,341,116 18,511,580 18,748,699 18,202,211
Other service 3,509,781 3,587,718 3,296,275 3,247,699 3,056,191 2,982,176 2,949,643 2,918,871 3,183,892 701,656
Operations support 62,562,572 50,621,841 46,463,776 47,056,444 45,557,749 41,932,571 37,831,682 32,051,926 28,380,563 28,439,826
Administration 1 64,148,322 53,262,273 43,734,772 35,927,831 38,783,033 30,612,930 38,840,643 35,189,725 35,409,918 28,533,912
Capital Maintenance Projects - - - 19,078,502 38,654,111 20,602,425 - - - -
Depreciation 6,358,030 134,048,888 139,089,219 146,112,123 80,565,077 149,440,887 153,573,216 161,043,323 163,476,373 162,366,852
Impairment Expense (3,228,640) - - - - - - - - -
Interest 2 99,970,267 101,286,173 99,898,505 87,541,906 91,000,388 88,190,962 85,415,870 80,575,328 91,311,842 87,132,004
Recoverable sales tax, interlocal 3 810,914 810,914 810,914 810,914 810,914 810,914 810,914 810,914 810,914 810,914
524,333,760$ 574,219,498$ 560,182,608$ 546,250,740$ 492,161,929$ 515,968,902$ 508,770,126$ 475,448,975$ 490,748,785$ 466,167,911$
1 Includes major investment studies
2 Reported as non-capitalized interest
3 See Notes to the Financial Statement, Note 2.K
100
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION - REVENUE CAPACITY
Year Ended December 31, 2022
LOCAL CONTRIBUTIONS IN THE FORM OF SALES TAX BY COUNTY - 10 YEARS
2022 2021 2020 2019 2018
Box Elder 1 3,083,631$ 2,690,712$ 2,404,175$ 2,019,035$ 1,898,308$
Davis 48,085,992 44,689,405 37,364,965 33,674,864 31,883,835
Salt Lake 291,511,290 260,485,953 217,849,215 196,744,294 174,704,191
Tooele 2 4,174,538 4,040,910 3,347,286 2,250,563 2,815,189
Utah 94,740,945 84,632,418 69,278,480 55,708,400 45,665,232
Weber 39,329,370 36,821,329 31,346,586 27,400,447 25,966,836
480,925,766$ 433,360,729$ 361,590,707$ 317,797,604$ 282,933,591$
2017 2016 2015 2014 2013
Box Elder 1 1,957,740$ 1,790,352$ 1,552,291$ 1,418,268$ 1,300,577$
Davis 30,633,547 27,606,440 23,178,724 21,459,683 20,023,042
Salt Lake 163,407,564 153,201,907 146,866,479 139,199,088 132,741,112
Tooele 2 2,302,492 1,798,971 1,521,097 1,384,631 1,349,366
Utah 43,023,303 38,601,427 36,221,930 33,752,513 31,905,764
Weber 24,446,129 22,009,320 18,362,502 17,469,093 16,486,468
265,770,775$ 245,008,417$ 227,703,023$ 214,683,276$ 203,806,329$
1 Includes Brigham City, Perry and Willard cities only
LOCAL TRANSIT SALES TAX RATES BY COUNTY - 10 YEARS
2022 2021 2020 2019 2018
Box Elder 0.5500% 0.5500% 0.5500% 0.5500% 0.5500%
Davis 0.6500% 0.6500% 0.6500% 0.6500% 0.6500%
Salt Lake 0.7875% 0.8500% 0.8500% 0.8500% 0.6875%
Tooele 0.4000% 0.4000% 0.4000% 0.4000% 0.4000%
Utah 0.6260% 0.6260% 0.6300% 0.6300% 0.5260%
Weber 0.6500% 0.6500% 0.6500% 0.6500% 0.6500%
2017 2016 2015 2014 2013
Box Elder 0.5500%0.5500% 0.5500% 0.5500% 0.5500%
Davis 0.6500% 0.6500% 0.5500% 0.5500% 0.5500%
Salt Lake 0.6875% 0.6875% 0.6875% 0.6875% 0.6875%
Tooele 0.4000% 0.4000% 0.3000% 0.3000% 0.3000%
Utah 0.5260% 0.5260% 0.5260% 0.5260% 0.5260%
Weber 0.6500% 0.6500% 0.5500% 0.5500% 0.5500%
Source: UTA Finance Department
2 Includes the cities of Tooele and Grantsville; and the unincorporated areas of Erda, Lakepoint, Stansbury Park and
Lincoln
101
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION - REVENUE CAPACITY
Year Ended December 31, 2022
PRINCIPAL CONTRIBUTORS OF SALES TAX BY COUNTY - 2022 AND 2013
Rank
Percentage of
contributions Amount Rank
Percentage of
contributions Amount
Salt Lake County 1 60.61% 291,511,290$ 1 65.13% 132,741,111$
Utah County 2 19.70% 94,740,945 2 15.65% 31,905,764
Davis County 3 10.00% 48,085,992 3 9.82% 20,023,042
Weber County 4 8.18% 39,329,370 4 8.09% 16,486,468
Tooele County 5 0.87% 4,174,538 5 0.66% 1,349,366
Box Elder County 6 0.64% 3,083,631 6 0.64% 1,300,577
480,925,766$ 203,806,328$
FARES - 10 YEARS
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Cash Fares
Base Fare 2.50$ 2.50$ 2.50$ 2.50$ 2.50$ 2.50$ 2.50$ 2.50$ 2.50$ 2.50$
Senior Citizen/Disabled 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25
Ski Bus 5.00 5.00 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50
Paratransit (Flextrans)4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
Commuter Rail Base Rate 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50
Commuter Rail Additional Station 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.60 0.60
Commuter Rail Maximum Rate 9.70 9.70 10.30 10.30 10.30 10.30 10.30 10.30 10.30 10.30
Express 5.00 5.00 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50
Streetcar 2.50 2.50 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Monthly Passes
Adult 85.00$ 85.00$ 83.75$ 83.75$ 83.75$ 83.75$ 83.75$ 83.75$ 83.75$ 83.75$
Minor 42.50 42.50 62.75 62.75 62.75 62.75 62.75 62.75 62.75 62.75
College Student 42.50 42.50 62.75 62.75 62.75 62.75 62.75 62.75 62.75 62.75
Senior Citizen/Disabled 42.50 42.50 41.75 41.75 41.75 41.75 41.75 41.75 41.75 41.75
Express 170.00 170.00 198.00 198.00 198.00 198.00 198.00 198.00 198.00 198.00
Other Fares
Day Pass 5.00$ 5.00$ 6.25$ 6.25$ 6.25$ 6.25$ 6.25$ 6.25$ 6.25$ 6.25$
Group Pass 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00 15.00
Summer Youth 49.00 49.00 49.00 49.00 99.00 99.00 99.00 99.00 99.00 —
Token - 10-Pack 1 — 22.50 22.50 22.50 22.50 22.50 22.50 22.50 22.50 22.50
Paratransit - 10-Ride Ticket 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00 40.00
1 UTA discontinued the use of tokens on January 1, 2022
Source: UTA Fares Department
2022 2013
102
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION - DEBT CAPACITY
Year Ended December 31, 2022
TOTAL OUTSTANDING DEBT BURDEN PER CAPITA
Sales Taxes Collected Personal Income of Percentage of Per
Financing (less Proposition 1 UTA Service Area Personal Income Capita
Fiscal Year Bonds Inter-Local Agreements and 4th quarter cent)
2013 2,132,224,961$ -$ -$ 203,806,329$ 85,699,968,000$ 2.49% 926.12$
2014 2,124,111,208 - - 214,683,276 91,063,808,000 2.33% 910.75
2015 2,291,439,672 - 11,272,688 227,703,023 98,213,376,000 2.34% 972.89
2016 2,259,166,529 - 19,605,173 238,584,981 104,042,124,000 2.19% 943.16
2017 2,300,193,307 65,000,000 46,394,866 256,742,750 110,124,169,000 2.19% 979.06
2018 2,377,228,054 65,960,616 56,038,716 273,007,256 118,270,822,000 2.11% 998.93
2019 2,329,663,958 67,050,616 52,187,203 288,548,490 125,338,146,000 1.95% 963.88
2020 2,324,362,741 65,665,597 57,263,279 311,520,915 135,585,673,000 1.80% 938.78
2021 2,273,743,099 57,670,000 81,486,033 373,271,998 149,994,848,000 1.61% 904.76
2022 2,162,991,498 56,125,000 105,927,556 414,301,168 —— 862.52
Source: Note 9
2022 personal income numbers are not available at the preparation of this statement
DEMOGRAPHIC AND ECONOMIC STATISTICS
Estimated Personal Income Per Capita Unemployment
Fiscal Year Population in UTA Service Area Personal Income Rate
2013 2,302,315 85,699,968,000$ 37,223$ 4.6%
2014 2,332,262 91,063,808,000 39,045 3.8%
2015 2,366,874 98,213,376,000 41,495 3.6%
2016 2,416,115 104,042,124,000 43,062 3.4%
2017 2,463,158 110,124,169,000 44,709 3.3%
2018 2,501,905 118,270,822,000 47,272 3.0%
2019 2,540,671 125,338,146,000 49,333 2.6%
2020 2,606,888 135,585,673,000 52,011 3.3%
2021 2,666,898 149,994,848,000 56,243 2.3%
2022 2,695,629 ——2.4%
Source: US Dept of Commerce, Bureau of Economic Analysis, Regional Data (www.bea.gov)
Unemployment rate- Utah Department of Workforce Services https://jobs.utah.gov/wi/update/une/
YEARLY DEBT SERVICE COVERAGE
Sales Taxes Collected
(less Proposition 1 Coveraqge Ratio
Fiscal Year Principal Interest and 4th quarter cent) of Sales Taxes
2013 7,450,000$ 84,319,531$ 203,806,329$ 2.22
2014 7,810,000 91,382,184 214,683,276 2.16
2015 11,445,000 84,785,200 227,703,023 2.37
2016 13,570,000 94,893,898 238,584,981 2.20
2017 8,750,000 77,765,121 256,742,750 2.97
2018 10,845,000 91,000,388 273,007,256 2.68
2019 17,500,000 87,541,906 288,548,490 2.75
2020 25,920,000 91,005,217 311,520,915 2.66
2021 46,860,000 100,245,573 373,271,998 2.54
2022 55,735,000 86,212,420 414,301,168 2.92
Source: Statement of Expenses and Change in Net Position, and Note 10, Sales Tax Revenue Bonds
Bonds Payments
Total Debt
103
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION - DEMOGRAPHIC AND ECONOMIC INFORMATION
Year Ended December 31, 2022
PRINCIPAL EMPLOYER - 2021 AND 2012
Employer Industry Employees Rank
% Total
Employment Employees Rank
% Total
Employment
Intermountain Healthcare Health Care 20,000 + 1 1.2% 20,000+ 1 2.6%
University of Utah Higher Education 20,000 + 2 1.2% 20,000+ 2 1.8%
Wal-Mart Associates Warehouse Clubs/Supercenters 20,000 + 3 1.2% 15,000-19,999 5 1.5%
State of Utah State Government 20,000 + 4 1.2% 20,000+ 3 1.7%
Brigham Young University Higher Education 15,000-19,999 5 0.9% 15,000-19,999 4 1.6%
Hill Air Force Base Federal Government 10,000-14,999 6 0.6% 10,000-14,999 6 1.0%
Davis County School District Public Education 7,000-9,999 7 0.4% 7,000-9,999 9 0.7%
Smith's Food and Drug Centers Grocery Stores 7,000-9,999 8 0.4% 5,000-6,999 10 0.6%
Utah State University Higher Education 7,000-9,999 9 0.4% 7,000-9,999 8 0.8%
Alpine School District Public Education 7,000-9,999 10 0.4% — — —
Granite School District Public Education — — — 7,000-9,999 7 0.8%
Totals 133,000-154,994+ 8.1% 126,000-152,000+ 12.3%
Total Employment 1,636,150 1,259,337
Source: Department of Workforce Service https://jobs.utah.gov/wi/data/library/firm/majoremployers.html
https://jobs.utah.gov/jsp/utalmis/#/laborforce
Note: 2022 data was not availible when this report was issued.
2021 2012
104
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION - DEMOGRAPHIC AND ECONOMIC INFORMATION
Year Ended December 31, 2022
FULL-TIME EQUIVALENT AUTHORITY EMPLOYEES - 10 YEARS
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Bus operations 1,073 1,069 1,104 1,138 1,089 1,030 1,028 951 945 911
Rail operations 600 595 625 631 611 580 563 527 542 526
Paratransit operations 193 190 200 204 196 191 192 188 183 176
Other services 10 10 10 10 8 9 9 12 10 10
Support services 452 453 417 433 413 365 366 349 323 335
Administration 228 190 187 184 180 243 212 210 207 195
Total 2,555 2,506 2,543 2,599 2,496 2,417 2,368 2,237 2,210 2,153
Source: UTA Budget Office
Headcount Report 01/01/2023
105
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION - DEMOGRAPHIC AND ECONOMIC INFORMATION
Year Ended December 31, 2022
TREND STATISTICS - 10 YEARS
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Passengers
Bus service 15,502,241 12,616,872 12,441,304 20,799,642 19,624,935 19,749,855 20,033,242 20,560,068 20,165,174 19,695,711
Rail service 13,964,586 10,466,195 10,271,888 22,321,887 22,981,884 23,677,677 23,765,873 24,349,674 24,337,451 22,814,274
Paratransit service 201,822 301,505 187,112 388,265 394,816 386,977 389,019 388,169 372,499 383,453
Vanpool service 731,900 587,721 658,990 1,068,364 1,174,696 1,264,410 1,333,780 1,423,675 1,404,285 1,387,816
Total passengers 30,400,549 23,972,293 23,559,294 44,578,158 44,176,331 45,078,919 45,521,914 46,721,586 46,279,409 44,281,254
Revenue Miles
Bus service 15,613,708 15,534,571 15,607,429 18,158,463 17,911,404 17,454,404 15,462,834 15,367,510 15,660,520 15,706,028
Rail service 10,529,287 10,904,101 10,153,689 11,977,751 12,084,767 12,082,292 12,070,277 11,988,005 11,784,146 11,681,251
Paratransit service 1,591,587 1,252,967 1,709,396 2,881,355 2,798,928 2,727,127 2,505,343 2,293,887 2,513,535 2,932,842
Vanpool service 6,182,824 5,633,164 5,705,170 6,451,812 6,354,828 6,449,439 6,518,150 6,734,487 6,859,802 7,053,191
Total Revenue Miles 33,917,406 33,324,803 33,175,684 39,469,381 39,149,927 38,713,262 36,556,604 36,383,889 36,818,003 37,373,312
Total Miles
Bus service 17,406,085 17,262,587 17,692,313 20,854,420 20,247,617 19,899,364 17,511,624 17,662,486 17,864,847 17,191,018
Rail service 10,650,381 11,010,634 10,256,421 12,098,162 12,285,634 12,202,976 12,189,876 12,368,934 11,814,332 11,773,929
Paratransit service 1,937,209 1,571,443 2,223,889 3,566,711 3,376,772 3,263,607 3,254,559 3,192,367 2,844,468 3,493,247
Vanpool service 6,182,824 5,633,164 5,705,170 6,451,812 6,354,828 6,449,439 6,518,150 6,734,487 6,859,802 7,053,191
Total miles 36,176,499 35,477,828 35,877,793 42,971,105 42,264,851 41,815,386 39,474,209 39,958,274 39,383,449 39,511,385
Passengers per Mile
Bus service 0.99 0.81 0.80 1.15 1.10 1.13 1.30 1.34 1.29 1.25
Rail service 2.47 0.96 1.01 1.86 1.90 1.96 1.97 2.03 2.07 1.95
Paratransit service 0.13 0.24 0.11 0.13 0.14 0.14 0.16 0.17 0.15 0.13
Vanpool service 0.12 0.10 0.12 0.17 0.18 0.20 0.20 0.21 0.20 0.20
Total passengers per mile 3.71 0.72 0.71 1.13 1.13 1.16 1.25 1.28 1.26 1.18
Revenue Hours
Bus service 1,242,349 1,228,731 1,169,292 1,326,660 1,284,186 1,258,448 1,087,055 1,070,139 1,108,894 933,662
Rail service 493,398 511,973 480,016 532,353 527,187 513,389 511,082 506,233 487,435 641,914
Paratransit service 94,758 79,710 116,174 181,749 180,342 162,198 162,734 160,383 164,527 191,016
Total revenue hours 1,830,505 1,820,414 1,765,482 2,040,762 1,991,715 1,934,035 1,760,871 1,736,755 1,760,856 1,766,592
Passengers per Revenue Hour
Bus service 12.48 10.27 10.64 15.68 15.28 15.69 18.43 19.21 18.18 21.10
Rail service 52.80 20.44 21.40 41.93 43.59 46.12 46.50 48.10 49.93 35.54
Paratransit service 2.13 3.78 1.61 2.14 2.19 2.39 2.39 2.42 2.26 2.01
Total passengers per mile 67.41 12.85 12.97 21.32 21.59 22.65 25.09 26.08 25.48 24.28
Total System
Fare revenue $33,499,144 $28,510,458 $32,845,272 $52,649,054 $52,051,892 $52,159,203 $50,624,354 $52,112,909 $51,461,223 $49,977,533
Operating expense $401,021,779 $346,672,552 $320,383,970 $311,785,797 $320,596,464 $257,734,612 $268,970,126 $242,516,933 $235,149,656 $215,858,141
Cost per revenue mile 11.82 10.40 9.66 7.90 8.19 6.66 7.36 6.67 6.39 5.78
Cost per passenger 13.19 14.46 13.60 6.99 7.26 5.72 5.91 5.19 5.08 4.87
Fare revenue per passenger 1.10 1.19 1.39 1.18 1.18 1.16 1.11 1.12 1.11 1.13
Source: NTD
Note: Does not include commuter bus or contract transportation.
106
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION - OPERATING INFORMATION
Year Ended December 31, 2022
OPERATING INDICATORS AND CAPITAL ASSETS - 10 YEARS
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Number of bus routes * 83 95 104 117 114 119 125 126 121 119
Number of rail routes
Light rail 4 4 4 4 4 4 4 4 4 4
Commuter rail 1 1 1 1 1 1 1 1 1 1
Bus service miles (weekday)59,196 62,948 63,025 62,742 57,378 56,162 53,612 49,625 51,629 55,733
Rail service miles (weekday)
Light rail 8,789 8,342 6,797 8,832 8,853 8,814 8,815 8,828 8,547 8,216
Commuter rail 4,504 3,727 3,628 4,660 4,664 4,623 4,627 4,651 4,638 4,488
Average passengers (weekday)99,494 79,916 78,972 152,940 151,901 156,288 155,873 161,862 161,339 162,644
Buses 520 648 539 570 561 582 567 555 535 493
Paratransit vehicles (buses/vans)187 188 207 198 182 148 129 — 84 113
Rail vehicles
Light rail 114 117 117 117 146 146 146 146 146 146
Commuter rail 87 81 81 70 81 81 81 81 81 81
Vanpool vehicles 491 461 471 512 453 453 503 495 479 470
Park and ride lots1 ——————46 41 — —
Rail park and ride 41 42 42 42 42 42 ————
Non-Rail park and ride 25 12 12 12 12 12 ————
Bus stops 5,369 5,199 6,120 6,247 6,100 6,100 6,196 6,250 6,250 6,273
Rail stations
Light rail 57 57 57 57 57 57 57 57 51 51
Commuter rail 17 17 17 17 16 16 16 16 16 16
Source: NTD
UTA capital asset record
UTA Change-Day Roster
https://data-rideuta.opendata.arcgis.com/
* including flex
1 As of 2017, UTA started distinguishing between rail and non-rail park and ride lots.
107
108
109
BUS SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most
recent year available (2021) and compares the Authority's performance with other similar cities.
110
COMMUTER BUS SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most
recent year available (2021) and compares the Authority's performance with other similar cities.
111
LIGHT RAIL SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most
recent year available (2021) and compares the Authority's performance with other similar cities.
112
COMMUTER RAIL SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most
recent year available (2021) and compares the Authority's performance with other similar cities.
113
DEMAND RESPONSE SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most
recent year available (2021) and compares the Authority's performance with other similar cities.
114
VAN POOL SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most
recent year available (2021) and compares the Authority's performance with other similar cities.
115
SM
Compliance
116
(Continued)
Crowe LLP
Independent Member Crowe Global
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND
ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Board of Trustees
Utah Transit Authority
Salt Lake City, Utah
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the business-type
activities and the fiduciary activities of Utah Transit Authority (the Authority), a component unit of the State
of Utah, as of and for the year ended December 31, 2022, and the related notes to the financial statements,
which collectively comprise the Authority’s basic financial statements, and have issued our report thereon
dated June 9, 2023.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Authority’s internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control.
Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control such that there is a reasonable possibility that a material misstatement of the entity’s
financial statements will not be prevented, or detected and corrected on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
or significant deficiencies may exist that have not been identified.
117
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Authority’s financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial statements. However, providing an opinion on compliance with those provisions was not an
objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed
no instances of noncompliance or other matters that are required to be reported under Government Auditing
Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Crowe LLP
Indianapolis, Indiana
June 9, 2023
118
(Continued)
Crowe LLP
Independent Member Crowe Global
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR THE MAJOR FEDERAL PROGRAM;
REPORT ON INTERNAL CONTROL OVER COMPLIANCE
Board of Trustees
Utah Transit Authority
Salt Lake City, Utah
Report on Compliance for Major Federal Program
Opinion on Major Federal Program
We have audited Utah Transit Authority’s (the Authority), a component unit of the State of Utah, compliance
with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement
that could have a direct and material effect on the Authority’s major federal program for the year ended
December 31, 2022. The Authority’s major federal program is identified in the summary of auditor’s results
section of the accompanying schedule of findings and questioned costs.
In our opinion, the Authority complied, in all material respects, with the compliance requirements referred
to above that could have a direct and material effect on its major federal program for the year ended
December 31, 2022.
Basis for Opinion on the Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing
Standards); and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in
the Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the Authority and to meet our other ethical responsibilities, in
accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for the major
federal program. Our audit does not provide a legal determination of the Authority’s compliance with the
compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the
Authority’s federal programs.
119
(Continued)
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion
on the Authority’s compliance based on our audit. Reasonable assurance is a high level of assurance but
is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with
GAAS, Government Auditing Standards, and the Uniform Guidance will always detect material
noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is
higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Noncompliance with the compliance requirements
referred to above is considered material, if there is a substantial likelihood that, individually or in the
aggregate, it would influence the judgment made by a reasonable user of the report on compliance about
the Authority’s compliance with the requirements of the major federal program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform
Guidance, we
exercise professional judgment and maintain professional skepticism throughout the audit.
identify and assess the risks of material noncompliance, whether due to fraud or error, and design
and perform audit procedures responsive to those risks. Such procedures include examining, on a
test basis, evidence regarding the Authority’s compliance with the compliance requirements
referred to above and performing such other procedures as we considered necessary in the
circumstances.
obtain an understanding of the Authority’s internal control over compliance relevant to the audit in
order to design audit procedures that are appropriate in the circumstances and to test and report
on internal control over compliance in accordance with the Uniform Guidance, but not for the
purpose of expressing an opinion on the effectiveness of the Authority’s internal control over
compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal program on a timely basis. A material weakness in internal control over compliance is a deficiency,
or a combination of deficiencies, in internal control over compliance, such that there is a reasonable
possibility that material noncompliance with a type of compliance requirement of a federal program will not
be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type
of compliance requirement of a federal program that is less severe than a material weakness in internal
control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined above. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
120
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing
of internal control over compliance and the results of that testing based on the requirements of the Uniform
Guidance. Accordingly, this report is not suitable for any other purpose.
Crowe LLP
Indianapolis, Indiana
June 9, 2023
121
THE UTAH TRANSIT AUTHORITY
Schedule of Expenditures of Federal Awards
Year Ended December 31, 2022
Federal Grantor/Pass-Through Grantor/Program or
Cluster Title
Federal
ALN
Number
Grant
Number
Pass-Through
Entity
Identifying
Number
Passed Through to
Subrecipients
Total Federal
Expenditures
U.S. DEPARTMENT OF TRANSPORTATION
Federal Transit Cluster - Federal Transit Administration Programs
Federal Transit - Capital Investment Grants 20.500 UT-2021-021 -$ 42,300,777$
COVID-19 Grant - (ARPA) Formula Grant 20.507 UT-2022-001-00 - 167,777,447
Federal Transit -Preventive Maintenance Formula Grant 20.507 UT-2022-006-00
- 49,644,460
FHWA Transfer to 5307 Ubanized Area Formula Grant 20.507 UT-2020-010 - 497,691
- 217,919,598
Bus and Bus Facilities Formula Program 20.526 UT-2018-010-00 - 2,099,923
- 2,099,923
- 262,320,298
Transit Services Programs Cluster - Federal Transit Administration Programs
COVID-19 Grant - (CRRSSA) Formula Grant 20.513 UT-2022-002 24,539 24,539
COVID-19 Grant - (ARPA) Formula Grant 20.513 UT-2022-003 13,944 13,944
COVID-19 Transit Services Grants Total 38,483 38,483
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2017-015 21,523 20,815
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2017-016 49,990 49,990
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2017-017 - 3,114
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2019-001 99,048 108,461
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2019-002 161,970 201,040
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2019-003 184,327 209,887
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2021-005 182,000 182,000
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2021-007 88,005 88,005
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2021-009 60,438 68,648
Federal Transit - Enahanced Mobility Pilot Program 20.513 UT-2020-003 - 416,025
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2021-006 90,928 90,928
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2021-010 115,334 115,334
Federal Transit - Enahanced Mobility for Seniors and
Individuals with Disabilities 20.513 UT-2021-011 36,370 109,365
1,128,416 1,702,095
1,128,416 264,022,393
Federal Transit Cluster - Federal Transit Administration Programs total
Transit Services Programs Cluster - Federal Transit Administration Programs
Federal Transit Administration Programs total
122
THE UTAH TRANSIT AUTHORITY
Schedule of Expenditures of Federal Awards
Year Ended December 31, 2022
Federal Grantor/Pass-Through Grantor/Program or
Cluster Title
Federal
ALN
Number
Grant
Number
Pass-Through
Entity
Identifying
Number
Passed Through to
Subrecipients
Total Federal
Expenditures
Public Transportation Innovation 20.530 UT-2021-004-00 -$ 5,033$
Public Transportation Research, Technical Assistance,
and Training 20.514 UT-2021-020-00 - 31,745
National Infrastructure Investment - Federal Transit Administration Programs
Federal Transit Administration - National Infrastructure 20.933 UT-2018-002
Investment (TIGER)- 4,022,702
TOTAL U.S. DEPARTMENT OF TRANSPORTATION 1,128,416 268,081,873
TOTAL FEDERAL AWARDS EXPENDED 1,128,416$ 268,081,873$
RECONCILIATION OF FEDERAL EXPENDITURES TO FEDERAL REVENUES ON THE STATEMENT OF REVENUES, EXPENSES,
AND CHANGE IN NET POSITION
Federal Preventative Maintenance grants 215,063,965$
Capital Contributions: Federal grants 50,582,042
Total per Statement of Revenues, Expneses and Change in Net Position (2022) 265,646,007
Total per Schedule of Expenditures of Federal Awards for the year ending December 31, 2022 268,081,873
Difference 2,435,866
Previous Over/(Under)stated Revenues reflected in 2022 Statement of Revenues, Expenses and Change in Net Position
Transit Services Program Cluster ALN Grant # Amount
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2017-015 (2)$
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2017-016 1
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2019-001 (2)
(3)
Federal Transit Cluster - Federal Transit Administration Programs ALN Grant # Amount
Bus and Bus Facilities Formula Program 20.526 UT-2018-010 (1)
(1)
Adjusting entry UT-2016-006 (12,403.00)
Adjusting entry 20-CMAQ-19.43210 2,497,250
Adjusting entry 20-CMAQ.43210 (48,977.77)
2,435,870
Total Adjustment 2,435,866$
123
UTAH TRANSIT AUTHORITY
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended December 31, 2022
A. Basis of Accounting
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of
the Authority, it is not intended to and does not present the financial position, changes in net position or cash
flows of the Authority. Expenditures are recognized on the accrual basis of accounting, following the cost
principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
B. Pass-Through Awards
The Authority receives certain expenditures of federal awards, which is passed through to sub-recipients. The
total amount of such pass-through awards is included in the schedule of expenditures of federal awards.
C. Non-Cash Federal Assistance
No non-cash federal assistance was received during the year ended December 31, 2022.
D. Indirect Cost Rate
The Authority did not use the 10 percent de minimis indirect cost rate.
124
UTAH TRANSIT AUTHORITY
Schedule of Findings and Questioned Costs
For the year ended December 31, 2022
X
X
X
X
X
X
X
SECTION I – SUMMARY OF AUDITOR’S RESULTS
Financial Statements
Type of report the auditor issued on whether
the financial statements audited were prepared
in accordance with GAAP: Unmodified
Internal control over financial reporting:
Material weakness(es) identified? ____ Yes ____ No
Significant Deficiency(ies) identified? ____ Yes ____ None reported
Noncompliance material to financial statements noted? ____ Yes ____ No
Federal Awards
Internal control over major federal programs:
Material weakness(es) identified? ____ Yes ____ No
Significant Deficiencies identified not
considered to be material weaknesses? ____ Yes ____ None reported
Type of auditor’s report issued on compliance for
major federal programs: Unmodified
Any audit findings disclosed that are required to be
reported in accordance with 2 CFR 200.516(a)? ____ Yes ____ No
Identification of major federal programs:
Assistance Listing Number(s). Program/Cluster Title
20.500, 20.507, 20.526 Federal Transit Cluster
Dollar threshold used to distinguish between
Type A and Type B Programs $3,000,000
Auditee qualified as low-risk auditee? ____ Yes ____ No
125
UTAH TRANSIT AUTHORITY
Schedule of Findings and Questioned Costs
For the year ended December 31, 2022
SECTION II – FINDINGS RELATING TO THE FINANCIAL STATEMENTS, WHICH ARE REQUIRED TO BE
REPORTED IN ACCORDANCE WITH GAGAS
None reported.
SECTION III – FINDINGS AND QUESTIONED COSTS FOR FEDERAL AWARDS INCLUDING AUDIT FINDINGS
AS DEFINED IN Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards
None reported.
126
SM
Other
Supplementary
Schedules
127
(Continued)
Crowe LLP
Independent Member Crowe Global
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE AND REPORT ON INTERNAL CONTROL
OVER COMPLIANCE AS REQUIRED BY THE STATE COMPLIANCE AUDIT GUIDE
Board of Trustees
Utah Transit Authority
Salt Lake City, Utah
Report On Compliance
Opinion on State Compliance
We have audited the Utah Transit Authority’s (the Authority), a component unit of the State of Utah,
compliance with the applicable state compliance requirements described in the State Compliance Audit
Guide, issued by the Office of the State Auditor, for the year ended December 31, 2022.
State compliance requirements were tested for the year ended December 31, 2022 in the following areas:
Budgetary Compliance
Restricted Taxes and Related Revenues
Fraud Risk Assessment
Government Fees
Cash Management
Public Treasurer's Bond
In our opinion, the Authority complied, in all material respects, with the compliance requirements referred
to above for the year ended December 31, 2022.
Basis for Opinion on State Compliance
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); and the audit requirements of the State Compliance Audit Guide, issued
by the Office of the State Auditor. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the Authority and to meet our other ethical responsibilities, in
accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion on compliance. Our audit does
not provide a legal determination of the Authority’s compliance with the compliance requirements referred
to above.
128
(Continued)
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the
Authority’s state programs.
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion
on the Authority’s compliance based on our audit. Reasonable assurance is a high level of assurance but
is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with
GAAS and the State Compliance Audit Guide will always detect material noncompliance when it exists. The
risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control. Noncompliance with the compliance requirements referred to above is considered material, if there
is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a
reasonable user of the report on compliance about the Authority’s compliance with the requirements as a
whole.
In performing an audit in accordance with GAAS and the State Compliance Audit Guide, we
exercise professional judgment and maintain professional skepticism throughout the audit.
identify and assess the risks of material noncompliance, whether due to fraud or error, and design
and perform audit procedures responsive to those risks. Such procedures include examining, on a
test basis, evidence regarding the Authority’s compliance with the compliance requirements
referred to above and performing such other procedures as we considered necessary in the
circumstances.
obtain an understanding of the Authority’s internal control over compliance relevant to the audit in
order to design audit procedures that are appropriate in the circumstances and to test and report
on internal control over compliance in accordance with the State Compliance Audit Guide, but not
for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control over
compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
Report on Internal Control over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal program on a timely basis. A material weakness in internal control over compliance is a deficiency,
or a combination of deficiencies, in internal control over compliance, such that there is a reasonable
possibility that material noncompliance with a type of compliance requirement of a federal program will not
be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type
of compliance requirement of a federal program that is less severe than a material weakness in internal
control over compliance, yet important enough to merit attention by those charged with governance.
129
Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined above. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing
of internal control over compliance and the results of that testing based on the requirements of the State
Compliance Audit Guide. Accordingly, this report is not suitable for any other purpose.
Crowe LLP
Indianapolis, Indiana
June 9, 2023
130