HomeMy WebLinkAbout2023 Annual Comprehensive Financial Report.pdfU TA H T R A N S I T
AU T H O R I T Y
SM
Annual Comprehensive
Financial Report
For Fiscal
Year Ended
December 31,
2023
a Component Unit of
the State of Utah
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Our Mission
We Move You
Our Vision
Leading Utah’s mobility solutions and improving quality of life
UTAH TRANSIT AUTHORITY
A Component Unit of the State of Utah
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Annual
Comprehensive
Financial Report
For Fiscal Year Ended
December 31, 2023
Finance Department
Viola Miller
Chief Financial Officer
Rob Lamph
Comptroller
UTAH TRANSIT AUTHORITY
A Component Unit of the State of Utah
UTAH TRANSIT AUTHORITY
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Year Ended December 31, 2023
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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 ................................................................................................................................ 35
Statement of Revenues, Expenses and Changes in Net Position .......................................................... 37
Statement of Cash Flows ................................................................................................................................. 38
Statement of Fiduciary Net Position ............................................................................................................. 40
Statement of Changes in Fiduciary Net Position........................................................................................ 41
Notes to the Financial Statements ................................................................................................................ 42
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 ....................................................................................................................................................... 100
Change in Net Position ................................................................................................................................... 100
Revenue History by Source ............................................................................................................................ 101
Expense History by Function .........................................................................................................................102
UTAH TRANSIT AUTHORITY
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Year Ended December 31, 2023
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Revenue Capacity
These schedules contain information to help the reader assess the Authority’s most significant local
revenue sources.
Local Contributions from Other Governments ......................................................................................... 103
Local Transit Sales Taxes by County .......................................................................................................... 104
Principle Contributors of Sales Tax ............................................................................................................. 104
Fares ..................................................................................................................................................................... 105
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.
Total Outstanding Debt Burden per Capita .............................................................................................. 106
Yearly Debt Service Coverage ...................................................................................................................... 106
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 ....................................................................................................... 107
Principal Employers .......................................................................................................................................... 107
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 .................................................................................................................. 108
Trend Statistics ................................................................................................................................................. 108
Operating Indictors and Capital Assets .................................................................................................... 109
Performance Measures – Bus Service .......................................................................................................... 112
Performance Measures – Commuter Bus Service .................................................................................... 113
Performance Measures – Light Rail ............................................................................................................. 114
Performance Measures – Commuter Rail ................................................................................................... 115
Performance Measures – Demand Response ............................................................................................ 116
Performance Measures – Vanpool ................................................................................................................ 117
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 .............................................................................................................................................................................. 119
Independent Auditor’s Report on Compliance for the Major Federal Program; Report on Internal Control
Over Compliance ................................................................................................................................................................ 121
UTAH TRANSIT AUTHORITY
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Year Ended December 31, 2023
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COMPLIANCE SECTION (Continued)
Schedule of Expenditures of Federal Awards ............................................................................................................ 124
Notes to Schedule of Expenditures of Federal Awards ........................................................................................... 126
Schedule of Findings and Questioned Costs ............................................................................................................. 127
OTHER SUPPLEMENTARY INFORMATION SECTION
Independent Auditor’s Report Compliance with the State Compliance Audit Guide and Report on Internal
Control Over Compliance................................................................................................................................................. 131
Introductory
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June 28, 2024
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, 2023. 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.
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, 2023, are free of material misstatements. The independent
669 West 200 South
Salt Lake City, Utah 84101
1-888-RIDE-UTA
www.rideuta.com
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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 2,736,179 and represents 80 percent of the state’s
total population.
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Economy
While Utah’s economy has experienced robust growth, it faces challenges typical of rapid expansion, such as
infrastructure demands and housing affordability issues in urban areas. However, proactive measures by state and
local governments, coupled with ongoing private sector investment, aim to address these challenges while
fostering continued economic growth.
Utah’s transportation needs are rapidly evolving alongside its population growth and economic development. As
one of the fastest-growing states in the U.S., Utah faces significant challenges in maintaining and expanding its
transportation infrastructure to support its residents and businesses effectively.
Utah’s population has been steadily increasing, driven by factors such as a robust economy, job opportunities, and
I high quality of life. This influx of residents places strain on existing transportation networks, leading to congestion,
longer commute times, and increased wear on road and highways.
The state’s urban areas, particularly along the Wasatch Front, are experiencing rapid urbanization and suburban
sprawl. This growth exacerbates traffic congestion as more people commute between residential areas and
employment centers. To alleviate congestion and provide alternative transportation options, there is a growing
need for expanded public transit systems. These systems require continued investment and expansion to meet
increasing demand and serve a broader geographic area.
Looking ahead, Utah must continue to innovate and adapt its transportation strategies to meet the evolving needs
of its residents and businesses. This includes integrating smart technology into transportation systems, expanding,
multimodal options, promoting transit-oriented development, and engaging in comprehensive long-term planning.
Utah’s transportation needs are complex and multifaceted, requiring a coordinated effort among government
agencies, private sectors, and community stakeholders. By investing in sustainable infrastructure, expanding public
transit, and planning for the future growth, Utah can address current challenges and build a transportation network
that supports its dynamin population and economy well into the future.
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, 2022. This was the thirtieth 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.
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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.
Viola Miller
Chief Financial Officer
Utah Transit Authority
UTAH TRANSIT AUTHORITY
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING
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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, 2022
Executive Director/CEO
UTAH TRANSIT AUTHORITY
ORGANIZATIONAL CHART
Year Ended December 31, 2023
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UTAH TRANSIT AUTHORITY
BOARD OF TRUSTEES AND ADMINISTRATION
Year Ended December 31, 2023
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UTAH TRANSIT AUTHORITY
BOARD OF TRUSTEES AND ADMINISTRATION
Year Ended December 31, 2023
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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 .................................................................................................................................................... Viola Miller
COMPTROLLER .............................................................................................................................................. Rob Lamph
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 ......................................................................................................................Viola Miller
CHIEF OPERATING OFFICER ............................................................................................................ Patrick Preusser
CHIEF PEOPLE OFFICER ............................................................................................................................ Kim Shanklin
CHIEF CAPITAL SERVICE OFFICER .................................................................................................... Dave Hancock
CHIEF ENTERPRISE STRATEGY OFFICER .......................................................................................... Alisha Garrett
CHIEF COMMUNICATION OFFICER ............................................................................................. Heather Barnum
UTAH TRANSIT AUTHORITY
BOARD OF TRUSTEES AND ADMINISTRATION
Year Ended December 31, 2023
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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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Financial
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Crowe LLP
Independent Member Crowe Global
(Continued)
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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, 2023, 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, 2023, 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, 2023, the entity adopted
new accounting guidance, GASB Statement No. 96, Subscription-Based Information Technology
Arrangements. 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.
(Continued)
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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.
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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 28, 2024
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 28, 2024
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2023
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Utah Transit Authority’s 2023 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, 2023. 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 $448,770,686
at December 31, 2023, which represents a
decrease of 56,317,042 or 11.1 percent over the
prior year.
•The total expenses of the Authority’s
increased 3 percent to $692,987,715 during
fiscal year 2023, while the Authority’s total
revenues decreased by 18 percent to
$704,349,121.
•At December 31, 2023, the Authority had
$2,292,814,385, of debt outstanding,
including $54,530,000 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, 2023 were
exceeded by its assets and deferred outflows
by $1,227,163,873.
•Revenues exceeded the budget by
$82,425,120; alternatively, expenses were
$71,064,415 over the budget. This helped to
provide additional available resources to fund
the Authority’s reserves available for future
appropriation.
•For 2023, ridership increased by 10.59
percent compared to the prior year, with
Other service growing the most in 2023, at
102.55 percent. Fare revenues contributed 5.0
percent to total revenues for the Authority.
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
As of December 31, 2023
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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 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
Statement of net position Statement of fiduciary net position
Required Financials
Statements Statement of revenues, expenses,
and change in net position
Statement of cash flows
Statement of changes in fiduciary
net position
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 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
Deferred All assets and liabilities, both
Outflow/Inflow, financial and capital, and short-
Asset Liability Information term and long-term
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
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
As of December 31, 2023
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Total assets increased by only $8.6 million dollars during the year.
Deferred outflows of resources decreased from 2022 by $65.6 million due in part to the pension gains that will be
amortized over the next five years.
Current liabilities increased from 2022 due primarily to debt service payments increasing.
Deferred inflows of resources decreased from 2022 by $680 thousand due to the decrease in pension investment
gains from previous periods that were amortized over five years.
Restricted net position increased from 2022 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 net position over time may serve as a useful indicator of a government entity’s financial position. As
of December 31, 2023, the Authority’s net position has increased $11.4 million from December 31, 2022. This
change can be attributed to the changes in current and other assets explained earlier in this section along with a
rebound in pension investments.
Percent
2023 2022 Difference Difference
Assets
Current and other assets 840,784,918$ 858,367,219$ $ (17,582,301)-2%
Capital assets, net 2,915,811,396 2,889,621,291 26,190,105 1%
Total assets 3,756,596,314 3,747,988,510 8,607,804 1%
Deferred outflows of resources 95,889,906 161,487,088 (65,597,182)-41%
Liabilities
Current liabilities 245,326,645 217,679,168 27,647,477 13%
Long-term liabilities 2,372,454,217 2,467,772,606 (95,318,389)4%
Total liabilities 2,617,780,862 2,685,451,774 (67,670,912) 3%
Deferred inflows of resources 7,541,485 8,221,357 (679,872)8%
Net position
Net investment in capital assets 718,712,320 666,552,866 52,159,454 8%
Restricted 59,680,867 44,161,873 15,518,994 35%
Unrestricted 448,770,686 505,087,728 (56,317,042)11%
Total net position 1,227,163,873$ 1,215,802,467$ 11,361,406$ 11%
CONDENSED STATEMENTS OF NET POSITION
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
As of December 31, 2023
28
CONDENSED STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
SUMMARY OF REVENUES FOR THE YEAR ENDED DECEMBER 31
Passenger revenue as a portion of total revenues increased to 5.0 percent from 3.9 percent during 2023 with
advertising also seeing an increase from 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. 68.5 percent of total revenues a re derived from sales taxes.
Sales tax revenues remained essentially the same as the prior year.
Percent
2023 2022 Difference Difference
Operating revenues 37,959,224$ 35,713,144$ $ 2,246,080 6%
Operating expenses 579,128,611 569,651,499 9,477,112 2%
Excess of operating expenses
over operating revenues (541,169,387) (533,938,355) (7,231,032)1%
Non-operating revenues 595,096,448 741,344,880 (146,248,432)-20%
Non-operating expenses 113,859,104 99,970,267 13,888,837 14%
Income (loss) before contributions (59,932,043) 107,436,258 (167,368,301) -156%
Capital contributions 71,293,449 81,642,804 (10,349,355)-13%
Change in net position 11,361,406$ 189,079,062$ (177,717,656)$ -94%
Total net position, January 1 $1,215,802,467 $1,026,723,405
Total net position, December 31 $1,227,163,873 $1,215,802,467
Percent
2023 2022 Difference Difference
Operating
Passenger revenue 35,418,224$ 33,499,144$ $ 1,919,080 6%
Advertising 2,541,000 2,214,000 327,000 15%
Total operating revenue 37,959,224 35,713,144 2,246,080 6%
Non-operating
Contributions from other gov'ts (sales tax)482,427,243 480,925,766 1,501,477 0%
Federal noncapital assistance 63,625,899 215,063,965 (151,438,066)-70%
Interest income 31,955,716 1,806,825 30,148,891 1669%
Reinvestment of proceeds
from development agreements -19,368,007 (19,368,007)-100%
Sale of assets (5,116,287) 3,228,640 (8,344,927)-258%
Build America Bond subsidy 9,426,300 9,259,376 166,924 2%
Other 12,777,577 11,692,301 1,085,276 9%
Total non-operating revenue 595,096,448 741,344,880 (146,248,432) -20%
Capital contributions 71,293,449 81,642,804 (10,349,355)-13%
Total revenues 704,349,121$ 858,700,828$ (154,351,707)$ -18%
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
As of December 31, 2023
29
In 2023, the authority saw a decrease in federal noncapital assistance of $151.4 million from 2022 due to having
received all of the one-time America Rescue Plan Act of 2021 (ARPA) funding in 2022. These allocations were
based on a formula that factored in 2019 operating expenses of the Authority to determine the award amount.
Interest income saw an increase of $30.1 million due to the high interest rate market conditions in 2023.
Capital contributions decreased by $10.3 million due to state and local partners contributing less on capital
projects in 2023. 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
Operating expenses for 2023 increased $15.8 million over 2022. The most significant change by mode was in
Demand Response service as that mode expanded. The bus and rail services continue to rebound to pre-
COVID-19 pandemic levels. However, due to the age of the equipment, maintenance expenses have increased
the overall cost to run the services.
Administration decreases are related to capital maintenance expenses. Capital maintenance expenses are
significant, yet infrequent expenses required to keep our equipment operational. The following chart shows the
amount allocated to each mode:
Percent
2023 2022 Difference Difference
Operating expenses
Bus service 151,499,433$ 135,508,533$ $ 15,990,900 12%
Rail service 123,526,228 121,262,026 2,264,202 2%
Demand response service 37,727,338 33,431,955 4,295,383 13%
Other services 3,691,915 3,509,781 182,134 5%
Operations support 64,509,732 62,562,572 1,947,160 3%
Administration 51,252,952 64,959,236 (13,706,284)-21%
Depreciation and amortization 146,921,013 142,059,366 4,861,647 3%
Total operating expenses 579,128,611 563,293,469 15,835,142 3%
Non-operating expenses
Interest expense 113,859,104 99,970,267 13,888,837 -14%
Impairment expense -6,358,030 (6,358,030)-100%
Total non-operating expenses 113,859,104 106,328,297 7,530,807 7%
Total expenses 692,987,715$ 669,621,766$ 23,365,949$ 3%
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
As of December 31, 2023
30
SUMMARY OF CAPITAL MAINTENCE EXPENSES FOR THE YEAR ENDED DECEMBER 31
Like most transit service agencies, personnel cost is the Authority’s largest expense. Personnel cost for the
Authority in 2023 was 66.1 percent of total operating expense less depreciation expense. Overall, personnel cost
increased $26.2 million in 2023 due to the Authority increasing the number of positions, salaries, and fringe
benefits.
SUMMARY OF OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31
Operating expense less depreciation and amortization cost increased $11 million due to the rising cost for goods,
mostly fuel, and increased contractual services for information technology and human resources.
Percent
2023 2022 Difference Difference
Bus service 16,337,658$ 9,674,985$ $ 6,662,673 69%
Rail service 28,195,489 33,064,281 (4,868,792)-15%
Demand response service 1,412,239 115,961 1,296,278 1118%
Other service 271,260 3,105 268,155 8636%
Administration - 17,618,396 (17,618,396)-100%
Total capital maintenance expenses 46,216,646$ 60,476,728$ (14,260,082)$ -24%
Capital Maintenance Expenses in Projects
Percent
2023 2022 Difference Difference
Operating expense less depreciation and amortization 432,207,598$ 421,234,103$ 10,973,495$ 2.6%
Wages 193,544,078 167,912,455 25,631,623 15.3%
Benefits 92,237,887 91,696,739 541,148 0.6%
Operations less wages/benefits 146,425,633 161,624,909 (15,199,276)-9.4%
Personnel cost 285,781,965$ 259,609,194$ 26,172,771$ 10.1%
% of operating expense 66.1%61.6%7.3%11.9%
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
As of December 31, 2023
31
CAPITAL ASSET AND DEBT ADMINISTRATION
CAPITAL ASSET ACTIVITY
Capital Assets
At the end of fiscal year 2023, the Authority had invested $4.8 billion in a broad range of capital assets, including
land, buildings, leasehold improvements, equipment, infrastructure, and construction in progress. Land
improvements and Building improvements saw the largest increases in 2023 as the authority focuses on improving
and maintaining current land and building assets. The Authority saw a decrease in Construction in process due to
the completion of the OGX Ogden line in August.
For more detailed Information on Capital Assets please see Note 4 on Page 57.
Long-Term Debt and Other Obligations
At year-end the Authority had total debt obligations of $2.3 billion, of which, bonded debt outstanding represented
just under $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, $123.3 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 $79.7 million during the 2023 fiscal year. The key components of
the 2023 activities were new financing agreements totaling $28.6 million, coupled with principal retirements of
$95.5 million. More detailed information about the Authority’s long-term debt is presented in Footnote 10 to the
financial statements.
Percent
2023 2022 Difference Difference
Land 416,301,444$ 416,304,520$ $ (3,076)0%
Construction in process 188,838,231 242,275,503 (53,437,272)-22%
Infrastructure 2,515,895,369 2,529,910,034 (14,014,665)-1%
Building and building improvements 261,556,035 197,884,811 63,671,224 32%
Revenue vehicles 698,896,156 718,106,506 (19,210,350)-3%
Financed revenue vehicles 123,659,672 109,431,765 14,227,907 13%
Financed non-revenue vehicles 227,237 - 227,237 100%
Equipment 79,395,978 75,716,711 3,679,267 5%
Land improvements 313,608,077 202,372,874 111,235,203 55%
Leasehold improvements 94,263,206 94,263,206 - 0%
Intangibles 82,205,962 83,004,556 (798,594)-1%
Accumulated depreciation and
amortization (1,859,035,971) (1,764,524,099) (94,511,872)5%
Total capital assets, net 2,915,811,396$ 2,904,746,387$ 11,065,009$ 36%
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
As of December 31, 2023
32
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: September 2023
Standard & Poor's Fitch Moody's
Senior Lien Bonds
Current rating AA+ AA Aa2
Outlook Positive Stable Stable
Subordinate Lien Fixed Rate Bonds
Current rating AA AA Aa3
Outlook Stable Stable 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.
Debt Service Coverage Ratio
(DSCR)
Policy Minimum DSCR
Requirements
Minimum DSCR
Forecasted
Year of
Minimum
Senior Lien 2.0x 4.56x 2024
Subordinate Lien 1.5x 8.28x 2040
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
As of December 31, 2023
33
The Authority’s net coverage ratio would reach a minimum of 3.12 in 2024. 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
2024 459,839,154 100,748,921 4.56 46,446,219 9.90 147,195,140 3.12
2025 479,658,222 102,955,973 4.66 46,447,174 10.33 149,403,147 3.21
2026 517,743,085 106,679,401 4.85 46,451,771 11.15 153,131,172 3.38
2027 558,851,886 102,643,818 5.44 56,198,040 9.94 158,841,858 3.52
2028 597,133,240 102,639,698 5.82 56,188,016 10.63 158,827,714 3.76
2029 635,051,201 102,655,081 6.19 62,439,403 10.17 165,094,484 3.85
2030 675,376,952 102,746,042 6.57 62,415,895 10.82 165,161,937 4.09
2031 718,263,388 102,753,226 6.99 62,439,893 11.50 165,193,119 4.35
2032 763,873,114 102,499,888 7.45 62,439,607 12.23 164,939,495 4.63
2033 812,379,056 124,058,728 6.55 40,077,991 20.27 164,136,719 4.95
2034 863,965,126 124,772,196 6.96 40,080,199 21.56 164,852,395 5.24
2035 918,826,912 124,770,162 7.36 40,078,514 22.93 164,848,676 5.57
2036 977,172,421 128,137,085 7.63 34,962,723 27.95 163,099,808 5.99
2037 1,039,222,870 125,831,159 8.26 36,563,777 28.42 162,394,936 6.40
2038 1,105,213,522 123,414,270 8.96 38,980,308 28.35 162,394,578 6.81
2039 1,175,394,580 100,070,655 11.75 62,436,883 18.83 162,507,538 7.23
2040 1,250,032,136 11,763,841 106.26 150,946,856 8.28 162,710,697 7.68
2041 1,329,409,177 73,144,331 18.18 66,369,476 20.03 139,513,807 9.53
2042 1,413,826,660 116,034,878 12.18 23,475,138 60.23 139,510,016 10.13
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
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
As of December 31, 2023
34
ECONOMIC AND OPERATING FACTORS AND NEXT YEAR’S BUDGET
Key Economic Factors
•The fiscal year 2024 operating budget is $61.3 million lower than 2023, which is a 6.5 percent decrease
from fiscal year 2023. This is primary due to lowering the capital budget.
Operating Statistics
The following information provides an annual comparison of ridership by service for years 2023 and 2022.
RIDERSHIP COMPARISON
The Authority had a 10.59 percent increase in ridership in 2023 and continues to recover after the COVID-19
pandemic. Pre-pandemic levels of commuter ridership into Salt Lake City and Salt Lake County has not returned
as of the date of this report as many businesses have encouraged telecommuting or working from home for their
employees.
CONTACTING THE AUTHORITY’S FINANCIAL MANAGEMENT
The financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general
overview of the Authority’s finances and to demonstrate the Authority’s accountability for the money received.
Questions about this report or inquiries for additional information may be addressed to the Comptroller, 669 West
200 South, Salt Lake City, Utah 84101 or RLamph@rideuta.com.
Source: National Transit Database
Percent
2023 2022 Difference Difference
Bus service 17,895,648$ 16,196,066$ $ 1,699,582 10.49%
Light rail service 10,787,933 10,734,065 53,868 0.50%
Commuter rail service 3,741,800 3,230,521 511,279 15.83%
Demand response service 880,353 565,368 314,985 55.71%
Other service 1,482,496 731,900 750,596 102.55%
Total ridership 34,788,230$ 31,457,920$ 3,330,310$ 10.59%
UTAH TRANSIT AUTHORITY
STATEMENT OF NET POSITION
As of December 31, 2023
35
ASSETS
Current Assets:
Cash and cash equivalents 294,285,844$
Investments 204,789,883
Restricted cash and cash equivalents (bond funds)16,670,316
Receivables
Contributions from other governments (sales tax)87,793,794
Federal grants 3,107,823
Other 14,284,562
State of Utah 14,362,634
Parts and supplies inventories 44,517,296
Prepaid expenses 1,889,532
Total Current Assets 681,701,684
Noncurrent Assets:
Restricted cash equivalents and investments
Interlocal agreements 35,765,416
Escrow funds 62,473,436
Self-insurance deposits 8,916,870
Total noncurrent restricted cash equivalents and investments 107,155,722
Long-term lease receivables 2,190,187
Non-depreciable capital assets
Land 416,301,444
Construction in progress 188,838,231
Total non-depreciable capital assets 605,139,675
Depreciable/amortized capital assets
Land improvements 313,608,077
Leasehold improvements 94,263,206
Building and building improvements 261,556,035
Infrastructure 2,515,895,369
Revenue vehicles 698,896,156
Financed revenue vehicles 123,659,672
Financed non-revenue vehicles 227,237
Equipment 79,395,978
Intangibles 82,205,962
Total depreciable/amortized capital assets 4,169,707,692
Total capital assets 4,774,847,367
Less accumulated depreciation and amortization (1,859,035,971)
Total capital assets, net depreciation and amortization 2,915,811,396
Amount recoverable - interlocal agreement 17,840,096
Other assets 31,897,229
Total Noncurrent Assets 3,074,894,630
TOTAL ASSETS 3,756,596,314$
**Readers wanting additional information should refer to the notes to the financial statements**
UTAH TRANSIT AUTHORITY
STATEMENT OF NET POSITION (continued)
As of December 31, 2023
36
DEFERRED OUTFLOWS OF RESOURCES
Advanced debt refunding - loss on refunding 55,677,171$
Deferred outflows of resources related to pension 40,212,735
TOTAL DEFERRED OUTFLOWS OF RESOURCES 95,889,906$
LIABILITIES
Current Liabilities:
Accounts payable
Other 42,114,626$
State of Utah 5,000,000
Lease and subscription 4,568,023
Accrued liabilities, primarily payroll-related 9,408,835
Current portion of compensated absences 10,665,017
Current portion of accrued interest 2,974,444
Current portion of interlocal loan 1,645,000
Current portion of long-term debt 79,821,083
Accrued-self-insurance liability 1,671,735
Unearned revenues:
Other 10,106,140
State of Utah 77,351,742
Total Current Liabilities 245,326,645
Long-Term Liabilities
Long-term compensated absences 6,719,749
Long-term deposits 72,557
Long-term lease and subscription payable 6,858,848
Long-term accrued interest 5,171,092
Interlocal loan 52,885,000
Long-term debt 2,158,463,302
Net pension liability 142,283,669
Total Long-term Liabilities 2,372,454,217
TOTAL LIABILITIES 2,617,780,862$
DEFERRED INFLOWS OF RESOURCES
Advanced debt refunding - gain on refunding 4,800,248$
Deferred inflows of resources for leases 2,317,246
Deferred inflows of resources related to pension 423,991
TOTAL DEFERRED INFLOWS OF RESOURCES 7,541,485$
NET POSITION
Net investment in capital assets 718,712,320$
Restricted for:
Debt service 16,670,316
Interlocal agreements 35,765,416
Self-insurance deposits 7,245,135
Unrestricted 448,770,686
TOTAL NET POSITION 1,227,163,873$
**Readers wanting additional information should refer to the notes to the financial statements**
UTAH TRANSIT AUTHORITY
STATEMENT OF REVENUES, EXPENSES, AND CHANGE IN NET POSITION
Year Ended December 31, 2023
37
OPERATING REVENUES
Passenger fares 35,418,224$
Advertisting 2,541,000
Total operating revenues 37,959,224
OPERATING EXPENSES
Bus service 151,499,433
Rail service 123,526,228
Demand response service 37,727,338
Other service 3,691,915
Operations support 64,509,732
Administration 51,252,952
Depreciation and amortization 146,921,013
Total operating expenses 579,128,611
EXCESS OPERATING EXPENSES OVER OPERATING REVENUES (541,169,387)
NON-OPERATING REVENUES (EXPENSES)
Contributions from other governments (sales tax)482,427,243
Federal operating grants 63,625,899
Investment income 31,955,716
Net loss on sale of capital assets (5,116,287)
Other 12,777,577
Interest expense (113,859,104)
Build America Bond subsidies 9,426,300
Net non-operating revenues 481,237,344
INCOME (LOSS BEFORE CAPITAL CONTRIBUTIONS)(59,932,043)
CAPITAL CONTRIBUTIONS
Federal grants 45,176,230
Local 26,509,011
Capital contribution (391,792)
TOTAL CAPITAL CONTRIBUTIONS 71,293,449
CHANGE IN NET POSITION 11,361,406$
Total Net Position, January 1 1,215,802,467$
Total Net Position, December 31 1,227,163,873$
**Readers wanting additional information should refer to the notes to the financial statements**
UTAH TRANSIT AUTHORITY
STATEMENT OF CASH FLOWS
Year Ended December 31, 2023
38
Cash flows from operating activities:
Passenger receipts 35,270,511$
Advertising receipts 993,000
Other receipts 12,747,618
Payments to vendors (146,733,419)
Payments to employees (189,567,660)
Employee benefits paid (89,383,499)
Net cash used in operating activities (376,673,449)
Cash flows from noncapital financing activities:
Sales tax receipts 466,657,444
Federal operating/maintenance grants 64,706,262
Net cash provided by noncapital financing activities 531,363,706
Cash flows from capital and related financing activities:
Contributions for capital projects
Federal 56,904,631
Local 44,141,543
Payments of bonds (91,345,000)
Payments on interlocal loan (1,595,000)
Build America Bond subsidies received 9,426,300
Bond Interest payments (80,661,947)
Proceeds from financing agreements 28,582,868
Payment on financing agreements (11,200,824)
Payments on leases/subscriptions (4,340,617)
Purchases of capital assets (164,867,318)
Proceeds from the sale of property 398,371
Net cash used in capital and related financing activities (214,556,993)
Cash flows from investment activities:
Interest on investments 31,955,716
Purchases of investments (33,850,909)
Net cash used in investing activities (1,895,193)
Net change in cash and cash equivalents (61,761,929)
Cash and cash equivalents at beginning of year 435,191,525
Cash and cash equivalents at end of year 373,429,596$
UTAH TRANSIT AUTHORITY
STATEMENT OF CASH FLOWS (Continued)
Year Ended December 31, 2023
39
Reconcilation of Cash to the Statement of Net Position
Cash and cash equivalents at year end from statement of cash flows 373,429,596
Cash as reported on the Statement of Net Position
Cash and cash equivalents 294,285,844$
Restricted cash and cash equivalents
Bonds funds 16,670,316
Escrow funds 62,473,436
Total cash and cash equivalents 373,429,596$
Reconciliation of operating loss to net cash used in operating activities:
Operating loss (541,169,387)$
Adjustments to reconcile operating loss to net cash used in operating activities:
Depreciation and amortization 146,921,013
Other nonoperating revenues 12,777,577
Changes in deferred outflow/inflow of resources and net pension liability:
Deferred outflows of resources related to pension 27,761,949
Deferred inflows of resources relatd to pensioin (98,603)
Net pension liability (23,940,971)
Total changes in deferred outflow/inflow of resources and net pension liability 3,722,375
Changes in assets and liabilities:
Accounts and leases receivable (3,100,973)
Parts and supplies inventories (5,066,355)
Prepaid expenses (223,289)
Accounts payable - Other and State of Utah 7,699,045
Accrued liabilities 3,462,258
Unearned reveue (1,695,713)
Total changes in assets and liabilities 1,074,973
Net cash used in operating activities (376,673,449)$
Information about nonash investing, capital, and financing activities:
Change in fair value of investments (2,055,268)$
Capital asset acquisitions in accounts payable and project retainage 6,208,178
UTAH TRANSIT AUTHORITY
STATEMENT OF FIDUCIARY NET POSITION
As of December 31, 2023
40
Pension and Other
Employment Benefit
Trust Funds
ASSETS
Cash in bank 9,648,116$
Cash in Utah State Treasury 948,596
Total cash 10,596,712
Investments
Global equities 208,846,835
Fixed income 76,330,147
Private equity 108,527
Real assets 20,579,235
Money market 7,009,566
Total Investments 312,874,310
Prepaid benefits 2,083,871
Deposits 104,795
Receivables
Dividends receivable 25,267
Accounts receivable - benefits 2,721
Accounts receivable - contributions 714,462
Total receivables 742,450
TOTAL ASSETS 326,402,138
LIABILITIES
Benefits payable 55,905
Accounts payable 2,496,091
TOTAL LIABILITIES 2,551,996
NET POSITION
Restricted for:
Pension 314,576,911
Benefits other than pension 9,273,231
Total net position 323,850,142$
**Readers wanting additional information should refer to the notes to the financial statements**
UTAH TRANSIT AUTHORITY
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
Year Ended December 31, 2023
41
Pension and Other
Employment Benefit
Trust Funds
ADDITIONS
Employer contributions 52,586,415$
Participant voluntary contributions 807,986
Total contributions 53,394,401
Net investment income
Net appreciation in fair value of investments 42,389,098
Interest 478,601
Dividends 2,515,721
Total Investment Income 45,383,420
Less: investment expense 663,076
Net investment income 44,720,344
TOTAL ADDITIONS 98,114,745
DEDUCTIONS
Monthly benefits paid 36,357,389
Lump sum distributions 7,190,036
Administrative expense 646,855
TOTAL DEDUCTIONS 44,194,280
CHANGE IN NET POSITION 53,920,465$
Total Net Position, January 1 269,929,677$
Total Net Position, December 31 323,850,142$
**Readers wanting additional information should refer to the notes to the financial statements**
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
42
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
43
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
44
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
45
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 0.6260%
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 and Investments
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. $ 16,670,316
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. $ 35,765,416
The Authority has issued bonds and leases in 2019, 2022, and 2023
for projects that are not complete to date and has entered into
interlocal agreement to establish escrow accounts for specific projects. $ 62,473,436
The Authority is required to maintain certain accounts in connection
with being self-insured in the State of Utah. $ 8,916,870
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
46
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 $ 76,600,000
Service sustainability reserve 12,800,000
Capital replacement reserve 56,500,000
Debt reduction reserve 30,000,000
Total designated cash and cash equivalents $ 175,900,000
•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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
47
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. 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 lease assets which are amortized over
the life of the lease.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
48
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, land was transferred to the development in exchange for structured parking and
$1,500,000 in a capital account, with a corresponding percentage interest in future profits at the site.
Boulder Ventures 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.
Hamilton Partners at Sandy TRAX Station
In a prior year, $1,580,316 of land value was conveyed to a joint venture entity for capital account and a
percentage interest in future profits at the site.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
49
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.
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
50
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 agreements: 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.
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
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
51
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 94
Public-Private and Public-Public Partnerships and Availability Program Arrangements
Takes effect for reporting period beginning after June 15, 2022.
No significant effect on the Authority’s financial statements as a result of adoption.
GASB Statement 96
Subscription-Based Information Technology Arrangements
Takes effect for reporting periods beginning after June 15, 2022.
This new accounting standard (1) defines a SBITA; (2) establishes that a SBITA results in a right-to-use
subscription asset – an intangible asset – and a corresponding subscription liability; (3) provides the
capitalization criteria for outlays other than the subscription payments, including implementation codes
of a SBITA; and (4) requires note disclosures regarding a SBITA.
As a result of implementation, the Authority reported a right-to-use SBITA asset and a corresponding
SBITA liability of $15,125,096 as of January 1, 2023. There was no impact on beginning net position as a
result of the implementation. See notes 4 and 5.
X.Future Accounting Pronouncements
GASB Statement 100
Accounting Changes and Error Corrections—an amendment of GASB Statement No. 62
Takes effect for reporting periods beginning after June 15, 2023
The Authority has not yet determined the impact of this statement on the financial statements.
GASB Statement 101
Compensated Absences
Takes effect for reporting periods beginning after December 15, 2023
The Authority has not yet determined the impact of this statement on the financial statements.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
52
GASB Statement 102
Certain Risk Disclosures
Takes effect for reporting periods beginning after July 15, 2024
The Authority has not yet determined the impact of this statement on the financial statements.
GASB Statement 103
Financial Reporting Model Improvements
Takes effect for reporting periods beginning after June 15, 2025
The Authority has not yet determined the impact of this statement on the financial statements.
NOTE 3 – CASH AND CASH EQUIVALENTS
Unrestricted Cash and Investments
Consisting of the following as of December 31, 2023
Zions Bank 24,615,170$
Cash on Hand 266,499
Public Treasurers Investment Fund (PTIF)269,404,175
Total Cash and Cash Equivalents 294,285,844
Chandler Investments
Money Market 13,795,051
US Government Issues 190,994,832
Total Unrestricted Investments 204,789,883
Total Unrestricted Cash and Investments 499,075,727$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
53
Restricted Cash and Investments
Consisting of the following as of December 31, 2023
Bond Funds (Zions Bank)16,670,316$
Escrow Funds
Chase Lease 8,068,259$
Bank of America Lease (PTIF)53,713,803
Bond Proceeds (Zions Bank)691,374 62,473,436
Interlocal Agreements
Box Elder 19,152,330$
Perry 253,932 19,406,262
Self Insurance Deposits
Zions Risk Account (366,482)
Total Restricted Cash and Cash Equivalents 98,183,532
Interlocal Agreements
Chandler Investment-Utah County
Money Market 2,106,379$
US Government Issues 13,706,941
Corporate Issues 545,834 16,359,154
Self Insurance Deposits
Chandler Investment-Self Insurance
Money Market 43,299$
US Government Issues 8,106,175 8,149,474
Chandler Investment-Catastophic
Money Market 4,433$
US Government Issues 1,114,450
Corporate Issues 14,995 1,133,878
Total Restricted Investments 25,642,506
Total Restricted Cash and Investments 123,826,038
Total Unrestricted and Restricted Cash and Investments 622,901,765$
Unrestricted Restricted Total
Money market 13,795,051$ 2,154,111$ 15,949,162$
U.S. Government issues 190,994,832 22,927,566 213,922,398
Corporate issues - 560,829 560,829
Total investments 204,789,883$ 25,642,506$ 230,432,389$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
54
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, 2023, the balance in the Authority’s bank demand deposit accounts and
certificate of deposit accounts according to the bank statements totaled $24,615,169 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.
•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
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
55
December 31, 2023. A concentration of credit risk does exist with the FFCB and FHLB
investments, in US Agencies, which represent 11.09% and 14.03% 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, 2023:
Moody/S&P/Fitch Credit Exposure
Credit Quality as a % of Total
Investment (Rating)Amount Investment
Corporate Bonds
Bank of New York Mellon Corp A1/A-/AA-119,750 0.05%
Federal Farm Credit Banks Aaa/AA+/AAA 306,255 0.13%
Reality Income Corp A3/A-/NR 119,829 0.05%
Toyota Motor Credit Corp A1/A+/A+14,995 0.01%
U.S. Government Issues
FHLMCMTN Maturity < 1YR Aaa/AA+/AAA 149,603 0.06%
FHLMCMTN Maturity > 1YR Aaa/AA+/AAA 1,212,532 0.53%
Federal Farm Credit Banks Maturity < 1YR Aaa/AA+/AAA 15,733,381 6.83%
Federal Farm Credit Banks Maturity > 1YR Aaa/AA+/AAA 9,813,592 4.26%
Federal Home Loan Banks Maturity < 1YR Aaa/AA+/AAA 18,453,501 8.01%
Federal Home Loan Banks Maturity > 1YR Aaa/AA+/AAA 13,883,998 6.03%
US Treasury Note Maturity < 1YR 33,459,666 14.52%
US Treasury Note Maturity > 1YR 121,216,125 52.60%
Total Corporate Bonds/U.S. Government Issues 214,483,227$ 93.08%
Investments Less than 1 year 1-5 years 6-10 years Total
Money Market 15,949,162$ -$ -$ 15,949,162$
U.S. Government Issues 61,876,362 149,124,843 2,921,193 213,922,398
Corporate Issues 560,829 - - 560,829
78,386,353$ 149,124,843$ 2,921,193$ 230,432,389$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
56
•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 Zions Capital Advisors, Chandler Investments, and the Utah Public Treasurers
Investment Fund. All three of these organizations meet the requirements of the Utah Money Management Act.
The following are the Authority’s investments as of December 31, 2023 by fair value measurement:
12/31/2023 Level 1 Level 2 Level 3
Chandler Investments
U.S. Government Issues 213,922,398$ -$ 213,922,398$ -$
Corporate Bonds 560,829 - 560,829 -
Money Market 15,949,162 15,949,162 - -
Total Investments by Fair Value Level 230,432,389$ 15,949,162$ 214,483,227$ -$
Fair Value Measurements
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
57
NOTE 4 – CAPITAL ASSETS
Depreciation/amortization expense by mode that mirrors the Statement of Revenues, Expenses, and Changes in
Net Position.
Balance
1/1/2023 Balance
As Restated Increases Transfers Decreases 12/31/23
Capital assets not being depreciated/amortized
Land 416,304,520$ -$ -$ (3,076)$ 416,301,444$
Construction in Progress 242,275,503 168,746,279 - (222,183,551) 188,838,231
Total capital assets not being depreciated/amortized 658,580,023 168,746,279 - (222,186,627) 605,139,675
Capital assets being depreciated/amortized
Land Improvements 202,372,874 110,015,255 1,219,948 - 313,608,077
Leasehold Improvements 94,263,206 - - - 94,263,206
Buildings and Building Improvements 197,884,811 64,530,487 (823,448) (35,815) 261,556,035
Infrastructure 2,529,910,034 181,593 - (14,196,258) 2,515,895,369
Revenue Vehicles 718,106,506 20,984,398 2,182,455 (42,377,203) 698,896,156
Financed Revenue Vehicles 109,431,765 16,822,137 (2,594,230) - 123,659,672
Financed Non-Revenue Vehicles - 227,237 - - 227,237
Equipment 75,716,711 4,068,901 15,275 (404,909) 79,395,978
Intangibles
Software 45,851,008 85,428 - (373,963) 45,562,473
Easements 10,801,351 - - (7,236) 10,794,115
Other Intangibles 9,885,590 - - (528,415) 9,357,175
Right to Use Leased Buildings 473,030 25,592 - - 498,622
Right to Use Leased Land 868,481 - - - 868,481
Right to Use Subscription*15,125,096 - - - 15,125,096
Total capital assets being depreciated/amortized 4,010,690,463 216,941,028 - (57,923,799) 4,169,707,692
Less: Accumulated depreciation/amortization
Land Improvements (112,410,997) (11,221,910) (955,709) - (124,588,616)
Leasehold Improvements (9,674,274) (2,435,296) - - (12,109,570)
Buildings and Building Improvements (92,294,341) (6,910,448) 566,308 42,914 (98,595,567)
Infrastructure (995,588,438) (72,873,580) - 8,085,187 (1,060,376,831)
Revenue Vehicles (429,714,460) (25,912,994) (2,167,867) 42,150,986 (415,644,335)
Financed Revenue Vehicles (29,765,474) (10,265,958) 2,498,331 - (37,533,101)
Equipment (62,975,796) (4,764,710) 144,365 1,234,009 (66,362,132)
Intangibles
Software (26,778,402) (8,160,205) (85,428) - (35,024,035)
Easements (861,903) - - - (861,903)
Other Intangibles (4,067,344) (152,693) - 896,045 (3,323,992)
Right to Use Leased Buildings (102,385) (8,314) - - (110,699)
Right to Use Leased Land (290,285) (23,664) - - (313,949)
Right to Use Subscription - (4,191,241) - - (4,191,241)
Total accumulated depreciation/amortization (1,764,524,099) (146,921,013) - 52,409,141 (1,859,035,971)
Capital assets being depreciated/amortized, net 2,246,166,364 70,020,015 - (5,514,658) 2,310,671,721
Total capital assets, net 2,904,746,387$ 238,766,294$ -$ (227,701,285)$ 2,915,811,396$
*Balances as of January 1, 2023 were restated upon implementation of GASB 96.
Depreciation/Amortization Expense by mode:
Bus service 31,075,832$
Rail service 101,615,205
Demand response service 7,286,951
Other service 6,943,025
146,921,013$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
58
During 2023, UTA evaluated its subscription-based technology arrangements related to GASB Statement 96. As
a result, intangible assets for right to use subscriptions of $15,125,096 were recorded for assets identified as right
to use subscription assets in accordance with GASB 96.
NOTE 5 – LEASE AND SOFTWARE SUBSCRIPTION ACTIVITIES
A.Lessee Activities
The Authority has entered into several lease agreements with third parties for the right to use buildings
and land. A lease liability is recorded at the inception of the lease.
The following is a summary of the Authority’s lease activity during the year ended 2023:
The future principal and interest payments related to these leases are as follows:
Due in
Balance as of Balance as of Less than
1/1/2023 Additions Reductions 12/31/2023 a Year
Buildings 309,046$ -$ (80,117)$ 228,929$ 62,565$
Land 333,346 - (160,705) 172,641 86,469
Total lease payable 642,392$ -$ (240,822)$ 401,570$ 149,034$
Interest Principal Total
Buildings
2024 2,236$ 62,565$ 64,801$
2025 1,460 64,386 65,846
2026 730 53,380 54,110
2027 115 41,519 41,634
2028 - 7,079 7,079
Total for buildings 4,541 228,929 233,470
Land
2024 1,685 86,469 88,154
2025 1,216 21,921 23,137
2026 847 22,383 23,230
2027 493 18,656 19,149
2028 357 3,126 3,483
2029 - 2033 802 20,086 20,888
Total for land 5,400 172,641 178,041
Total liability 9,941$ 401,570$ 411,511$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
59
B.Lessor Activities
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.
The future principal and interest proceeds related to leases are as follows:
Balance Balance Due in
as of as of Less than
1/1/2023 Additions Reductions 12/31/2023 a Year
Buildings 58,709$ (35,885)$ 22,824$ 7,232$
Land 2,537,677 22,815 (198,948) 2,361,544 186,948
Total lease receivable 2,596,386$ 22,815$ (234,833)$ 2,384,368$ 194,180$
Interest Principal Total
Buildings
2024 801$ 7,232$ 8,033$
2025 410 7,600 8,010
2026 1 7,992 7,993
Total for Buildings 1,212 22,824 24,036
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
60
C.Software Subscription Activities
The Authority has entered into several software as a service agreements. Agreements are recorded at the
net present value of the future payment and amortized over the life of the agreement.
The following is a summary of the Authority’s software subscription activity during the year ended 2023:
Interest Principal Total
Land
2024 114,820$ 186,948$ 301,768$
2025 108,375 95,748 204,123
2026 104,271 80,153 184,424
2027 102,253 20,695 122,948
2028 102,169 2,602 104,771
2029-2033 507,392 16,391 523,783
2034-2038 503,916 11,046 514,962
2039-2043 501,073 12,910 513,983
2044-2048 497,702 16,275 513,977
2049-2053 492,761 20,967 513,728
2054-2058 486,988 25,762 512,750
2059-2063 479,700 33,050 512,750
2064-2068 470,608 42,142 512,750
2069-2073 458,349 54,401 512,750
2074-2078 442,941 69,810 512,751
2079-2083 423,163 89,587 512,750
2084-2088 397,996 114,754 512,750
2089-2093 365,194 147,556 512,750
2094-2098 323,373 189,377 512,750
2099-2103 269,511 243,239 512,750
2104-2108 200,840 311,910 512,750
2109-2113 112,259 400,491 512,750
2114-2118 14,731 175,730 190,461
Total for Land 7,480,385 2,361,544 9,841,929
Total Receivable 7,481,597$ 2,384,368$ 9,865,965$
Balance as of Balance Due in
1/1/2023 as of Less than
as Restated Additions Reductions 12/31/2023 a Year
Subscription liabilities 15,125,096$ -$ (4,099,795)$ 11,025,301$ 4,418,989$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
61
The future principal and interest payments related to these subscription liabilities are as follows:
NOTE 6 – FEDERAL FINANCIAL ASSISTANCE
The Authority receives a portion of its funding 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 $ 62,979,534
Federal operating assistance – ARPA grant 248,517
Federal operating assistance – CRRSAA grant 223,493
Federal operating assistance 174,355
63,625,899
Capital projects
Federal capital projects 45,176,230
Total federal assistance $ 108,802,129
NOTE 7 – SELF-INSURANCE CLAIMS LIABILITY
Changes in the accrued claims liability in 2023, 2022 and 2021 were as follows:
Beginning
Liability
Claims Incurred
and Changes
in Estimates
Claim
Payments
Ending
Liability 2023 $ 1,567,267 $ 3,473,209 $ (3,368,741) $ 1,671,735
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
Interest Principal Total
2024 184,604$ 4,418,989$ 4,603,593$
2025 116,033 2,777,567 2,893,600
2026 78,628 1,882,179 1,960,807
2027 43,255 1,035,414 1,078,669
2028 38,064 911,152 949,216
Total 460,584$ 11,025,301$ 11,485,885$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
62
There were no significant reductions in coverage from prior years. As show in the table above there were no
instances in the past three years where settlements exceeded insurance coverage. Please refer to Note 2, Section
R 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.
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 2023, the
Authority contributed $2,696,239. 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 2023, the Authority contributed $117,844. The Defined
Contribution plan is not available to employees until termination, retirement, death, or unforeseeable
emergency.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
63
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 2023, the Authority contributed
$718,371. 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.
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
64
B. Reporting
The Plan is administered by the Pension Committee that consists of five (5) members, three (3) 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, 2023
Fully Vested 1,623
Partially Vested -
Not Vested 848
Inactive Participants Not Receiving Benefits 535
Retirees and Beneficiaries Receiving Benefits 799
Total 3,805
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 nine 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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
65
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.
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 2023, 47 participants elected to receive their benefit in the form of lump sum distribution. Lump
sum distributions collectively totaled $7,190,036. 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 2023 was 16.0% 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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
66
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 measureable 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.
G.Pension Assets, Liabilities, Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
Net Pension Liability
At December 31, 2023, the Authority reported a net pension liability of $142,283,669. The net pension
liability was measured as of December 31, 2023 and was determined by an actuarial valuation as of
January 1, 2023 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
12/31/2023 $ 456,860,580 $ 314,576,911 $ 142,283,669 68.86% $ 173,115,453 82.19%
Deferred Outflows of Resources and Deferred Inflows of Resources
At December 31, 2023, the Authority reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Deferred Deferred
Inflows Outflows
of Resources of Resources
Differences between expected and actual experience $ (423,991) $ 13,586,806
Change of assumptions -8,425,068
Net difference between projected and actual earnings -18,200,861
Total $ (423,991) $ 40,212,735
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
67
Pension Expense
For the year ended December 31, 2023, the Authority recognized pension expense of $33,764,242. 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
2024 $ 11,641,798
2025 14,335,728
2026 14,803,992
2027 (2,471,819)
2028 1,369,961
Thereafter 109,084
Total $ 39,788,744
Actuarial Methods and Assumptions
The total pension liability in the January 1, 2023 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, 2023 valuation were based on the results of an actuarial
experience study.
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%
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS Year Ended December 31, 2023
68
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% Current 1%
Decrease Discount Rate Increase
5.75% 6.75% 7.75%
Net pension liability $ 208,156,349 $ 142,283,669 $ 88,095,612
Schedule of changes in total pension liability, plan fiduciary net position, and net pension liability
The following table shows the change to the total pension liability, the plan fiduciary net position, and the
net pension liability during the year.
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
[a][b][a]-[b]
Balances as of January 1, 2022 $ 428,657,305 $ 262,432,665 $ 166,224,640
Charges for the year
Service cost 14,308,127 -14,308,127
Interest on total pension liability 29,160,956 -29,160,956
Differences between expected
and actual experience 6,654,184 -6,654,184
Changes of assumptions - - -
Employer contributions -30,041,866 (30,041,866)
Member voluntary contributions 346,127 346,127 -
Net investment income -44,606,252 (44,606,252)
Benefit payments (22,266,119) (22,266,119)-
Administrative expenses -(583,880) 583,880
Balance as of December 31, 2023 $ 456,860,580 $ 314,576,911 $ 142,283,669
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
69
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 3 - 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.
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 Target
Allocation Range
Global equity 56% 36% - 76%
Private equity 10% 0% - 20%
Real assets 7% 3% - 11%
Fixed income 25% 15% - 35%
Cash and 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, 2023, is summarized in the table below.
Target Asset Expected
Allocation Range
Global equities 66% 6.8%
Fixed income 25% 5.3%
Liquid diversifiers 0% 0.0%
Real assets 7% 6.4%
Cash and equivalents 2% 5.5%
Total 100% 6.7%
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
70
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, 2023 the Plan paid $583,880 of administrative expenses.
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 three months or less to be cash
equivalents.
Cash held in banking institution(s) $ 483,881
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
71
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:
2023 $ 76,330,147 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 income:
2023 $ 76,330,147 Average effective duration: 5.3 years
Average effective maturity: 7.5 years
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, 2023 invested with any one organization.
Equity funds:
Two Sigma Active US All Cap & $ 31,933,155
Vanguard 500 Index Fund $ 23,317,694
Investments
Fixed income:
IR+M Core Bond Fund II $ 29,843,329
iShares 7-10 Year Treasury Bond EFT $ 21,721,294
Investment
Assets at Fair
Value
as of December
31, 2023
Level 1
Money Market Funds $ 5,569,231
Global Equity 95,011,605
Fixed Income 32,543,424
Total investments at Fair Value $ 133,124,260
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
72
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, 2023.
Redemption
Unfunded Redemption Notice
Fair Value Commitment Frequency Period
Global equities $ 113,835,230 $ -Daily Daily
Private equity 108,527 -Daily Daily
Real assets 20,579,235 -Daily Daily
Fixed income 43,786,723 -Daily Daily
Total $ 178,309,715 $ -
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.
Private Equity – the object of private equity investments, including buyouts, venture capital, secondaries,
private credits, and distressed assets, is to provide the Plan with a return in excess of public markets over
longer periods of time. These investments are illiquid and require capital to be locked up for 7-12 years on
average. Due to the higher risk nature of these strategies, a program of private equity investments will be
diversified by vintage year, strategy, geography, and manager. A private equity program requires multi-
year commitment and is built over several years. The Investment Advisor will monitor the funded and
unfunded commitment levels relative to asset allocation and Fund cash levels to ensure adequate liquidity
to meet capital calls as well as spending needs.
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
73
SCHEDULE OF FIDUCIARY NET POSITION
UTA
Employee
Retirement and
Trust
ASSETS
Cash in Bank $ 483,881
Investments
Global equities 208,846,835
Fixed income 76,330,147
Private equity 108,527
Real assets 20,579,235
Money market 5,569,231
Total investments 311,433,975
Prepaid benefits 2,083,871
Receivables
Dividends receivable 25,267
Accounts receivable - benefits 2,721
Accounts rceivable - contributions 662,409
Total receivables 690,397
TOTAL ASSETS 314,692,124
LIABILITIES
Benefits payable 55,905
Accounts payable 59,308
TOTAL LIABILITIES 115,213
NET POSITION
Restricted for pension $ 314,576,911
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
74
SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
UTA
Employee
Retirement
Trust
ADDITIONS
Employer contributions $ 30,041,866
Participant voluntary contributions 346,127
Total contributions 30,387,993
Net investment income
Net appreciation in fair value of investments 42,376,481
Interest 377,126
Dividends 2,515,721
Total investment income 45,269,328
Less: investment expense 663,076
Net investment income 44,606,252
TOTAL ADDITIONS 74,994,245
DEDUCTIONS
Monthly benefits paid 15,076,083
Lump sum distributions 7,190,036
Administrative expense 583,880
TOTAL DEDUCTIONS 22,849,999
CHANGE IN NET POSITION $ 52,144,246
Total net position (restricted), January 1 $ 262,432,665
Total net position (restricted), December 31 $ 314,576,911
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
75
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, 2023
Active participants 1,452
Inactive participants not receiving benefits 241
Total 1,693
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.
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
76
SCHEDULE OF FIDUCIARY NET POSITION
Joint Insurance
Trust
ASSETS
Cash in Bank $ 9,164,235
Cash in Utah State Treasury 948,596
Total cash 10,112,831
Investments - money market 1,440,335
Deposits 104,795
Receivables 52,053
TOTAL ASSETS 11,710,014
LIABILITIES
Accounts payable 2,436,783
TOTAL LIABILITIES 2,436,783
NET POSITION
Restricted for benefits other than pension $ 9,273,231
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
77
SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
Joint Insurance
Trust
ADDITIONS
Employer contributions $ 22,544,549
Participant voluntary contributions 461,859
Total contributions 23,006,408
Net investment income
Net appreciation in fair value of investments 12,617
Interest 101,475
Total investment income 114,092
TOTAL ADDITIONS 23,120,500
DEDUCTIONS
Monthly benefits paid 21,281,306
Administrative expense 62,975
TOTAL DEDUCTIONS 21,344,281
CHANGE IN NET POSITION $ 1,776,219
Total net position (restricted), January 1 $ 7,497,012
Total net position (restricted), December 31 $ 9,273,231
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
78
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 five-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 $65 million Subordinated Transportation Sales Tax Revenue Bond
to be used for the construction of the Utah Valley Express bus route. The Authority and Utah County have entered
into an inter-local agreement that requires the Authority to reimburse Utah County for all bond costs (principal,
interest, and cost of issuance) prior to December 31, 2028.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
79
Amount Amount Due Accrued Amount of
Outstanding Within One Year Interest Collateral
Direct Borrowings:
Inter-local Loan:
54,530,000$ 1,645,000$ 296,714$ -$
Subtotal: Direct Borrowings - Inter-local loans: 54,530,000$ 1,645,000$ 296,714$ -$
Financing Agreements:
1,718,657$ $466,738$ $-$ $2,447,216$
1,040,084 212,314 - 1,384,545
12,840,482 2,053,101 - 16,603,356
7,797,222 1,020,557 - 9,440,403
3,473,065 420,219 - 3,877,555
387,241 366,385 - 1,646,349
7,617,372 635,385 - 9,466,942
1,549,269 512,394 - 9,048,227
24,570,434 1,845,305 - 27,108,075
$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.
$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.
$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.
$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.
$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.
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.
$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.
$12,496,000 12-Year Financing Agreement, Series 2018, issued November 28,
2018, maturing monthly from December 28, 2018 through November 30, 2030,
with interest payable monthly at rate of 3.2950%. A leasehold interest in 24
buses, 2 trolleys, and their associated equipment is pledged as security for the
debt.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
80
Amount Amount Due Accrued Amount of
Outstanding Within One Year Interest Collateral
2,607,556$ 638,756$ -$ 2,341,269$
23,640,591 1,403,815 - 10,122,323
1,090,931 137,687 - 1,155,921
6,393,829 1,178,313 - -
15,684,868 834,146 - -
10,000,000 828,217 - -
2,898,000 312,751 - -
Subtotal: Direct Borrowings - Financing Agreements: 123,309,600$ 12,866,083$ -$ 94,642,181$
Total Direct Borrowings: 177,839,600$ 14,511,083$ 296,714$ 94,642,181$
Other Related Debt:
Revenue Bonds
77,955,000$ 6,970,000$ 355,577$ -$
63,475,000 30,820,000 339,037 -
28,410,000 7,100,000 (3,240,000) -
126,780,000 - 191,763 -
$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%.
$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%.
$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%
$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.
$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.
$15,684,868 14-Year Financing Agreement, Series 2023, issued December 29,
2023, maturing monthly from January 29, 2024 through December 29, 2037,
with interest payable monthly at rate of 4.3148%. A leasehold interest in various
buses and equipment is pledged as security for the debt.
$10,000,000 10-Year Financing Agreement, Series 2023, issued December 29,
2023, maturing monthly from January 29, 2024 through December 29, 2033,
with interest payable monthly at rate of 4.0278%. A leasehold interest in
Commuter Rail vehicles and equipment is pledged as security for the debt.
$2,898,000 8-Year Financing Agreement, Series 2023, issued December 29,
2023, maturing monthly from January 29, 2023 through December 29, 2031,
with interest payable monthly at rate of 4.0805%. A leasehold interest in Various
non-revenue vehicles and equipment is pledged as security for the debt.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
81
Amount Amount Due Accrued Amount of
Outstanding Within One Year Interest Collateral
82,265,000$ -$ 1 47,390$ -$
1 02,840,000 3,745,000 198,310 -
61 ,830,000 - 1 04,579 -
1 03,940,000 - 2,467,018 -
59,070,000 - 87,851 -
1 98,980,000 4,21 0,000 1 92,887 -
65,795,000 - 220,273 -
41 5,980,000 8,300,000 362,872 -
1 5,770,000 250,000 1 9,046 -
77,600,000 - - -
Subtotal: Other Related Debt - Revenue Bonds: 1 ,480,690,000$ 61 ,395,000$ 1 ,446,603$ -$
Current Interest Bonds
1 1 0,595,000$ 5,560,000$ 1 08,948$ -$
S ubtotal: Other Related Debt - Current Interest Bonds:
1 1 0,595,000$ 5,560,000$ 1 08,948$ -$
$77,600,000 Senior Revenue bonds, Series 2023,
issued October 3, 2023, maturing annually from June 15, 2024 through
December 15, 2042, with interest payable semiannually at of 5.0%.
$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%.
$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%.
$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%.
$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%.
$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%.
$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%.
$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%.
$431,625,000 Senior Revenue bonds, Series 2021A,
issued November 10, 2021, maturing annually from June 15, 2022 through
December 15, 2036, with interest payable semiannually at a rate from .0347
to 2.589%.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
82
Amount Amount Due Accrued Amount of
Outstanding Within One Year Interest Collateral
Build America Bonds
261 ,450,000$ -$ 646,762$ -$
200,000,000 - 475,41 7 -
Subtotal: Other Related Debt - Build America Bonds: 461 ,450,000$ -$ 1,122,179$ -$
Captial Appreciation Bonds
18,911,498$ -$ 5,171,092$ -$
S ubtotal: Other Related Debt - Capital Appreciation Bond:
18,911,498$ -$ 5,171,092$ -$
Total Other Related Debt: 2,071 ,646,498$ 66,955,000$ 7,848,822$ -$
Total of Direct Borrowings and Other Related Debt: 2,249,486,098$ 81 ,466,083$ 8,145,536$ 94,642,1 81$
$18,911,498 Capital Appreciation Subordiate Debt, Series 2016,
issued August 24, 2016, maturing December 15, 2032 at a rate of 3.32%
$200,000,000 S ubordinate Debt, S eries 201 0A, issued October 20, 201 0,
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 S enior Debt, S eries 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
($5,199,578) of the interest payable on the 2009B bonds.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
83
Annual repayment requirements on the Direct Borrowings are:
Inter-local Loan
Principal Interest Total
Year ending December 31,
2024 1,645,000$ 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 1,865,000 1,510,824 3,375,824
2029 45,765,000 1,451,666 47,216,666
Total 54,530,000$ 9,561,360$ 64,091,360$
Financing Agreements
Principal Interest Total
Year ending December 31,
2024 12,866,083$ 3,626,557$ 16,492,640$
2025 12,858,824 3,264,802 16,123,626
2026 13,229,828 2,893,763 16,123,591
2027 12,877,514 2,513,426 15,390,940
2028 12,238,316 2,135,058 14,373,374
2029-2033 41,874,554 6,162,347 48,036,901
2034-2037 17,364,481 1,020,251 18,384,732
Total 123,309,600$ 21,616,204$ 144,925,804$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
84
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:
Other Related Debt
Principal In terest Total
Year ending December 31,
2024 66,955,000$ 80,240,139$ 147,195,139$
2025 72,045,000 77,358,147 149,403,147
2026 78,095,000 75,036,172 153,131,172
2027 85,750,000 73,091,858 158,841,858
2028 88,165,000 70,662,714 158,827,714
2029-2033 505,276,498 319,249,256 824,525,754
2034-2038 616,950,000 200,640,393 817,590,393
2039-2043 554,100,000 54,587,058 608,687,058
2044 4,310,000 129,300 4,439,300
Total 2,071,646,498$ 950,995,037$ 3,022,641,535$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
85
CHANGES IN DEBT LONG-TERM LIABILITIES
Long-term debt liability activity for the year ended December 31, 2023 was as follows:
Balance Balance Due Within
1/1/23 Additions Reductions 12/31/23 One Year
Direct Borrowings
Financing Lease
Agreements 105,927,556$ 28,582,868$ (11,200,824)$ 123,309,600$ 12,866,083$
Inter-local Loan 56,125,000 - (1,595,000) 54,530,000 1,645,000
Total Direct Borrowings 162,052,556 28,582,868 (12,795,824) 177,839,600 14,511,083
Other Related Debt
Sales Tax Revenue Bonds 1,566,735,000 77,600,000 (163,645,000) 1,480,690,000 61,395,000
Current Interest Bonds 115,895,000 - (5,300,000) 110,595,000 5,560,000
Build America Bonds 461,450,000 - -461,450,000 -
Capital Appreciation Bonds 18,911,498 - -18,911,498 -
Insurance premiums/
(discounts)47,495,019 3,154,898 (7,321,630) 43,328,287 -
Total Other Related Debt 2,210,486,517 80,754,898 (176,266,630) 2,114,974,785 66,955,000
Total Direct Borrowings and
Other Related Debt 2,372,539,073$ 109,337,766$ (189,062,454)$ 2,292,814,385$ 81,466,083$
Compensated Absences Balance Balance Due Within
1/1/2023 Additions Reductions 12/31/23 One Year
Total Vacation Liability 9,614,244$ 11,881,203$ (10,527,989)$ 10,967,458$ 9,435,637$
Total Sick Liability 5,763,838 1,143,959 (490,489) 6,417,308 1,229,380
Total Compensated Absences 15,378,082$ 13,025,162$ (11,018,478)$ 17,384,766$ 10,665,017$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2023
86
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, 2023, the Authority also has purchasing commitments of $145.8 million for capital projects.
The largest of these commitments are as follows:
•$25.5 million Fares Systems Replacement Program
•10.6 million Maintenance System & OWATS Replacement
•10.3 million Traction Power Rehabilitation and Replacement
•9.2 million Ogden-Weber State University Bus Rapid Transit
•7.4 million South Valley Transit
•5.7 million Rail Rehab and Replacement
•5.2 million Light Rail Vehicle Overhaul
•5.1 million Mid-Valley Connector
•4.2 million Light Rail Red Signal Enforcement
•3.3 million Commuter Rail Engine Overhaul
•3.1 million Maintenance of Way Training Yard
•2.9 million Volkswagen Settlement Bus Replacements
•2.7 million Bus Stop Enhancements
•2.6 million Train Control Rehabilitation and Replacement
•2.6 million Vanpool Replacement
•2.2 million FrontRunner Double Tracking
•1.9 million Chief People Office HRIS system app
•1.9 million Program Management and Support
•1.8 million Operator Restrooms Systemwide
•1.2 million Point of the Mountain Project
•1.2 million South Davis BRT
•1.1 million Rail Switches and Trackwork Controls Replacement
•1.1 million Mt. Ogden Admin Building Expansion
•1.1 million Salt Lake Central HQ Office
Required
Supplementary
Information
SM
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2023
88
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS – 10 YEARS
2023 2022 2021 2020
Total Pension Liability
Service cost $ 14,308,127 $ 12,293,940 $ 12,597,159 $ 10,653,870
Interest on total pension liability 29,160,956 27,443,651 25,639,471 24,263,256
Voluntary member contributions 346,127 116,525 334,301 83,988
Differences between expected and actual
experience 6,654,184 (621,195) 9,188,520 4,292,503
Assumption changes or inputs - 6,482,520 - 11,421,251
Benefits paid (22,266,119) (22,309,358) (19,196,735) (19,648,551)
Net change in total pension liability 28,203,275 23,406,083 28,562,716 31,066,317
Total pension liability - beginning 428,657,305 405,251,222 376,688,506 345,622,189
Total pension liability - ending (a) 456,860,580 428,657,305 405,251,222 376,688,506
Plan Fiduciary Net Position
Contributions - employer $ 30,041,866 $ 27,132,518 $ 25,207,307 $ 24,273,996
Contributions - members 346,127 116,525 334,301 83,988
Net investment income 44,606,252 (56,561,527) 28,830,047 33,846,259
Benefits paid (22,266,119) (22,309,358) (19,196,735) (19,648,551)
Administrative expense (583,880) (554,229) (471,288) (407,938)
Net change in plan fiduciary net position 52,144,246 (52,176,071) 34,703,632 38,147,754
Plan fiduciary net position - beginning 262,432,665 314,608,736 279,905,104 241,757,350
Plan fiduciary net position - ending (b) 314,576,911 262,432,665 314,608,736 279,905,104
Net pension liability / (asset) - ending (a-
b) $ 142,283,669 $ 166,224,640 $ 90,642,486 $ 96,783,402
Plan fiduciary net position as a 68.86% 61.22% 77.63% 74.31%
percentage of the total pension liability
Projected covered payroll $ 173,115,453 $160,831,897 $153,983,509 $152,297,365
Net pension liability as a percentage 82.19% 103.35% 58.87% 63.55%
of covered payroll
Schedule is intended to show information for 10 years.
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2023
89
2019 2018 2017 2016
Total Pension Liability
Service cost $ 10,244,115 $ 9,550,863 $ 8,368,262 $ 7,711,706
Interest on total pension liability 22,947,802 21,512,781 20,368,031 19,604,345
Voluntary member contributions 298,803 223,572 697,576 437,923
Differences between expected and actual
experience 3,347,505 4,893,150 4,915,564 (927,077)
Assumption changes or inputs - - 5,079,447 (3,955,702)
Benefits paid (17,302,699) (15,474,819) (13,008,142) (12,980,615)
Net change in total pension liability 19,535,526 20,705,547 26,420,738 9,890,580
Total pension liability - beginning 326,086,663 305,381,116 278,960,378 269,069,798
Total pension liability - ending (a) 345,622,189 326,086,663 305,381,116 278,960,378
Plan Fiduciary Net Position
Contributions - employer $ 24,008,192 $ 22,355,434 $ 20,506,163 $
19,603,952
Contributions - members 298,803 223,572 697,576 437,923
Net investment income 40,648,932 (16,629,921) 30,598,620 7,591,211
Benefits paid (17,302,699) (15,474,819) (13,008,142) (12,980,615)
Administrative expense (434,427) (440,279) (324,912) (249,141)
Net change in plan fiduciary net position 47,218,801 (9,966,013) 38,469,305 14,403,330
Plan fiduciary net position - beginning 194,538,549 204,504,562 166,035,257 151,631,927
Plan fiduciary net position - ending (b) 241,757,350 194,538,549 204,504,562 166,035,257
Net pension liability / (asset) - ending (a-b) $103,864,839 $131,548,114 $100,876,554 $112,925,121
Plan fiduciary net position as a 69,95% 59.66% 66.97% 59.50%
percentage of the total pension liability
Projected covered employee payroll $141,812,999 $132,521,079 $126,690,540 $115,430,618
Net pension liability as a percentage 73.24% 99.27% 79.62% 97.83%
of covered payroll
Schedule is intended to show information for 10 years.
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2023
90
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 106.06% 95.13%
of covered payroll
Schedule is intended to show information for 10 years.
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2023
91
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
2023 $ 29,290,819 $ 30,041,866 $ (751,047) $ 173,115,453 17.35%
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%
NOTE 1 – METHODS AND ASSUMPTIONS USED TO DETERMINE CONTRIBUTION RATES AS OF
DECEMBER 31, 2023
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
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2023
92
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
2023 16.76%
2022 -17.85%
2021 10.19%
2020 13.88%
2019 20.56%
2018 -8.00%
2017
2016
18.01%
4.90%
2015 -0.72%
2014 4.31%
Schedule is intended to show information for 10 years.
Supplementary
Schedules
SM
UTAH TRANSIT AUTHORITY
SUPPLEMENTARY INFORMATION
Year Ended December 31, 2023
94
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 480,000,000$ -$ 480,000,000$ 482,427,243$ 2,427,243$
Federal operating grants 84,903,000 - 84,903,000 63,625,899 (21,277,101)
Passenger revenues 35,850,000 - 35,850,000 35,418,224 (431,776)
Advertising 2,322,000 - 2,322,000 2,541,000 219,000
Investment income 7,215,000 - 7,215,000 31,955,716 24,740,716
Other income 11,634,000 - 11,634,000 12,777,577 1,143,577
Total revenues 621,924,000 - 621,924,000 628,745,659 6,821,659
Operating Expenses
Bus services 133,746,000 5,521,000 139,267,000 151,499,433 (12,232,433)
Rail services 97,184,000 2,357,000 99,541,000 123,526,228 (23,985,228)
Demand response services 36,450,000 962,000 37,412,000 37,727,338 (315,338)
Other services 3,995,000 20,000 4,015,000 3,691,915 323,085
Operations support 61,869,000 919,000 62,788,000 64,509,732 (1,721,732)
Administration (less non-operating)67,313,000 (1,039,000) 66,274,000 51,252,952 15,021,048
Total operating expenses 400,557,000 8,740,000 409,297,000 432,207,598 (22,910,598)
Non-Operating Expenses
Interest expense 79,145,000 - 79,145,000 113,859,104 (34,714,104)
Build America Bond subsidies (9,259,000) - (9,259,000) (9,426,300) 167,300
Principal 66,575,261 - 66,575,261 66,575,261 -
Total non-operating expenses 136,461,261 - 136,461,261 171,008,065 (34,546,804)
Total Operating and Non-Operating Expenses 537,018,261$ 8,740,000$ 545,758,261$ 603,215,663$ (57,457,402)$
Capital Expenses (Revenues)
Federal and local grants (142,568,000)$ -$ (142,568,000)$ (45,176,230)$ (97,391,770)$
State and local contributions (43,236,000) - (43,236,000) (26,509,011) (16,726,989)
Capital lease (46,569,000) - (46,569,000) - (46,569,000)
Bonds (6,330,000) - (6,330,000) - (6,330,000)
Project expenses 230,433,000 - 230,433,000 214,889,842 15,543,158
Total capital expenses (revenues)(8,270,000)$ -$ (8,270,000)$ 143,204,601$ (151,474,601)$
Project expenses - less transfers to capital assets in 2023 (168,673,196)
Capital project expenses not capitalized 46,216,646$
Reconciliation:
Total revenues (operating and capital)709,857,200$
- Less total expenses (operating, non-operating, and capital (after capitalization)(658,858,609)
- Less depreciation expense (146,921,013)
- Less loss on sale of assets (5,116,287)
+ Plus capital project expenses not capitalized (added into modes)
Bus 16,337,658
Rail 28,195,489
Demand response 1,412,239
Other service 271,260
+ Plus principal payments on long-term debt 66,575,261
+ Plus capital contributions to assets (391,792)
Change in Net Position (Statement of Revenues, Expenses, and Changes in Net Position)11,361,406$
UTAH TRANSIT AUTHORITY
SUPPLEMENTARY INFORMATION
Year Ended December 31, 2023
95
COMBINING STATEMENT OF FIDUCIARY NET POSITION
UTA Employee
Retirement Trust
Joint Insurance
Trust Total
ASSETS
Cash in Bank 483,881$ 9,164,235$ 9,648,116$
Cash in Utah State Treasury - 948,596 948,596
Total Cash 483,881 10,112,831 10,596,712
Investments:
Global Equities 208,846,835 - 208,846,835
Fixed Income 76,330,147 - 76,330,147
Private Equity 108,527 - 108,527
Real Assets 20,579,235 - 20,579,235
Money Market 5,569,231 1,440,335 7,009,566
Total Investments 311,433,975 1,440,335 312,874,310
Prepaid Benefits 2,083,871 - 2,083,871
Deposits - 104,795 104,795
Receivables:
Dividends Receivable 25,267 - 25,267
Accounts Receivable - Benefits 2,721 - 2,721
Accounts Receivable - Contributions 662,409 52,053 714,462
Total Receivables 690,397 52,053 742,450
TOTAL ASSETS 314,692,124 11,710,014 326,402,138
LIABILITIES
Benefits Payable 55,905 - 55,905
Accounts Payable 59,308 2,436,783 2,496,091
TOTAL LIABILITIES 115,213 2,436,783 2,551,996
NET POSITION
Restricted for:
Pension 314,576,911 - 314,576,911
Benefits Other Than Pension - 9,273,231 9,273,231
Total Net Position 314,576,911$ 9,273,231$ 323,850,142$
UTAH TRANSIT AUTHORITY
SUPPLEMENTARY INFORMATION
Year Ended December 31, 2023
96
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
UTA Employee
Retirement Trust
Joint Insurance
Trust Total
ADDITIONS
Employer Contributions 30,041 ,866$ 22,544,549$ 52,586,415$
Participant Voluntary Contributions 346,1 27 461 ,859 807,986
Total Contributions 30,387,993 23,006,408 53,394,401
Net Investment Income
42,376,481 12,617 42,389,098
Interest 377,126 101,475 478,601
Dividends 2,515,721 - 2,515,721
Total Investment Income 45,269,328 114,092 45,383,420
Less: Investment Expense 663,076 - 663,076
Net Investment Income 44,606,252 114,092 44,720,344
TOTAL ADDITIONS 74,994,245 23,1 20,500 98,1 1 4,745
DEDUCTIONS
Monthly Benefits Paid 1 5,076,083 21,281,306 36,357,389
Lump Sum Distributions 7,1 90,036 - 7,1 90,036
Administrative Expense 583,880 62,975 646,855
TOTAL DEDUCTIONS 22,849,999 21 ,344,281 44,1 94,280
CHANGE IN NET POSITION 52,1 44,246$ 1,776,219$ 53,920,465$
Total Net Position, January 1 262,432,665$ 7,497,012$ 269,929,677$
Total Net Position, December 31 31 4,576,91 1$ 9,273,231$ 323,850,142$
Net Appreciation in Fair Value of Investments
Statistical
SM
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION
Year Ended December 31, 2023
98
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.
Total Outstanding Debt Burden per Capita
Yearly 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.
Demographic and Economic Statistics
Principal Employers
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION
Year Ended December 31, 2023
99
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.
Full Time Equivalent Authority Employees
Trend Statistics by Type of Service
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.
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – FINANCIAL TRENDS
Year Ended December 31, 2023
100
NET POSITIONS AS OF DECEMBER 31 – 10 YEARS
CHANGE IN NET POSITION – 10 YEARS
2023 2022 2021 2020 201 9
Net Position as of December 31
Capital investment in capital assets 718,712,320$ 666,552,866$ 667,968,269$ 648,605,41 1$ 692,675,681$
Restricted 59,680,867 44,1 61 ,873 27,01 5,061 40,51 6,406 66,948,773
Unrestricted 448,770,686 505,087,728 331,437,253 228,081,924 113,143,840
Total net position 1,227,163,873 1,215,802,467 1,026,420,583 917,203,741 872,768,294
Restatement - - 302,822 - -
Total restated net position 1,227,163,873$ 1,215,802,467$ 1,026,723,405$ 917,203,741$ 872,768,294$
201 8 201 7 201 6 201 5 201 4
Net Position as of December 31
Capital investment in capital assets 827,646,243$ 894,275,843$ 924,260,1 35$ 1 ,040,640,236$ 1,230,633,230$
Restricted 66,559,450 60,399,71 7 67,381,132 77,983,022 62,779,798
Unrestricted 85,088,927 39,001 ,859 71 ,502,447 76,548,154 137,991,170
Total net position 979,294,620 993,677,41 9 1,063,143,714 1,195,171,412 1 ,431 ,404,1 98
Restatement - - - (9,497,521 ) (115,047,267)
Total restated net position 979,294,620$ 993,677,41 9$ 1,063,143,714$ 1,185,673,891$ 1 ,31 6,356,931$
2023 2022 2021 2020 201 9
Operating revenues 37,959,224$ 35,713,144$ 30,386,1 87$ 34,880,272$ 55,111,554$
Operating expenses 579,1 28,61 1 569,651 ,499 472,933,325 459,473,1 89 457,897,920
Operating loss (541 ,1 69,387) (533,938,355) (442,547,1 38) (424,592,91 7) (402,786,366)
Non-operating revenues 481 ,237,344 641 ,374,61 3 483,530,389 444,739,466 261,451,197
Income (loss) before capital contributions (59,932,043) 107,436,258 40,983,251 20,1 46,549 (141,335,169)
Capital contributions 71 ,293,449 81 ,642,804 68,233,591 24,288,898 34,808,843
Change in net position 11,361,406$ 1 89,079,062$ 1 09,21 6,842$ 44,435,447$ (1 06,526,326)$
201 8 201 7 201 6 201 5 201 4
Operating revenues 54,464,392$ 54,525,870$ 52,891,021$ 54,346,242$ 53,761,223$
Operating expenses 401,161,541 427,777,940 422,543,342 394,062,733 398,626,029
Operating loss (346,697,1 49) (373,252,070) (369,652,321 ) (339,71 6,491 ) (344,864,806)
Non-operating revenues 268,435,41 1 246,722,487 226,957,532 209,462,264 1 82,843,232
Income (loss) before capital contributions (78,261 ,738) (1 26,529,583) (1 42,694,789) (130,254,227) (162,021,574)
Capital contributions 63,878,939 57,063,288 20,1 64,61 2 9,068,708 11,389,311
Change in net position (1 4,382,799)$ (69,466,295)$ (122,530,177)$ (121,185,519)$ (1 50,632,263)$
*Source: Utah Transit Authority 2023 Annual Comprehensive Financial Report
1. 2021 Net position restated due to GASB 87 Implementation in 2022.
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – FINANCIAL TRENDS
Year Ended December 31, 2023
101
REVENUE HISTORY BY SOURCE
2023 2022 2021 2020 2019
Operating 37,959,223$ 35,713,144$ 30,386,187$ 34,880,272$ 55,111,554$
Sales taxes 482,427,243 480,925,766 433,360,729 361,590,707 317,797,604
Investment 31,955,716 1,806,825 1,432,026 3,525,448 6,821,490
Reinvestment of proceeds from - 19,368,007 - - -
Net gain (loss) on sale of capital assets (5,116,287) 3,228,640 1,411,431 927,566 -
Build America Bond Subsidies 9,426,300 9,259,376 8,158,624 8,893,288 -
Other 12,777,577 11,692,301 9,822,657 9,442,644 (45,372,222)
569,429,773 561,994,059 484,571,654 419,259,925 334,358,426
Federal grants
Federal preventive maintenance grants 62,979,264 47,286,518 - - -
Federal operating grants 646,635 167,777,447 130,631,095 160,258,318 69,746,231
Federal capital grants 45,176,230 50,582,042 48,642,468 20,898,309 16,395,068
108,802,129 265,646,007 179,273,563 181,156,627 86,141,299
Other capital contributions 26,117,219 31,060,762 19,591,123 3,390,589 18,413,775
704,349,121$ 858,700,828$ 683,436,340$ 603,807,141$ 438,913,500$
2018 2017 2016 2015 2014
Operating 54,464,392$ 54,525,870$ 52,891,021$ 54,346,242$ 53,761,223$
Sales taxes 282,933,591 265,770,775 245,008,417 227,703,023 214,683,276
Investment 6,525,872 2,873,787 1,732,939 2,831,406 5,803,226
Reinvestment of proceeds from - - - - -
Net gain on sale of capital assets - - - - -
Build America Bond Subsidies - - - - -
Other 8,155,668 3,954,893 3,108,191 8,314,065 3,724,610
352,079,523 327,125,325 302,740,568 293,194,736 277,972,335
Federal grants
Federal preventive maintenance grants 61,820,668 62,313,994 59,772,235 49,452,677 47,760,737
Federal operating grants - - 3,562,534 2,547,335 2,994,139
Federal capital grants 31,585,004 53,960,024 17,054,298 7,819,096 8,025,628
93,405,672 116,274,018 80,389,067 59,819,108 58,780,504
Other capital contributions 32,293,935 3,103,264 3,110,314 1,249,612 3,363,683
477,779,130$ 446,502,607$ 386,239,949$ 354,263,456$ 340,116,522$
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – FINANCIAL TRENDS
Year Ended December 31, 2023
102
EXPENSE HISTORY BY FUNCTION
2023 2022 2021 2020 2019
Bus service 151,499,433$ 135,508,533$ 108,575,280$ 107,390,047$ 104,570,413$
Rail service 123,526,228 121,262,026 94,943,238 96,041,283 77,972,467
Paratransit service 37,727,338 33,431,955 27,083,173 22,646,903 23,121,527
Other service 3,691,915 3,509,781 3,587,718 3,296,275 3,247,699
Operations support 64,509,732 62,562,572 50,621,841 46,463,776 47,056,444
Administration 1 50,442,038 64,148,322 53,262,273 43,734,772 35,927,831
Capital Maintenance Projects - - - - 19,078,502
Depreciation 146,921,013 142,059,366 134,048,888 139,089,219 146,112,123
Impairment Expense - 6,358,030 - - -
Interest 2 113,859,104 99,970,267 101,286,173 99,898,505 87,541,906
Recoverable sales tax, interlocal 3 810,914 810,914 810,914 810,914 810,914
692,987,715$ 669,621,766$ 574,219,498$ 560,182,608$ 546,250,740$
2018 2017 2016 2015 2014
Bus service 96,719,747$ 88,928,063$ 85,841,973$ 77,092,676$ 79,060,631$
Rail service 75,157,087 72,895,607 84,165,069 67,254,632 70,365,953
Paratransit service 21,857,632 19,572,367 19,341,116 18,511,580 18,748,699
Other service 3,056,191 2,982,176 2,949,643 2,918,871 3,183,892
Operations support 45,557,749 41,932,571 37,831,682 32,051,926 28,380,563
Administration 1 38,783,033 30,612,930 38,840,643 35,189,725 35,409,918
Capital Maintenance Projects 38,654,111 20,602,425 - - -
Depreciation 80,565,077 149,440,887 153,573,216 161,043,323 163,476,373
Impairment Expense - - - - -
Interest 2 91,000,388 88,190,962 85,415,870 80,575,328 91,311,842
Recoverable sales tax, interlocal 3 810,914 810,914 810,914 810,914 810,914
492,161,929$ 515,968,902$ 508,770,126$ 475,448,975$ 490,748,785$
1 Includes major investment studies
2 Reported as non-capitalized interest
3 See Notes to the Financial Statement, Note 2.K
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – REVENUE CAPACITY
Year Ended December 31, 2023
103
LOCAL CONTRIBUTIONS IN THE FORM OF SALES TAX BY COUNTY – 10 YEARS
2023 2022 2021 2020 2019
Box Elder 1 3,154,228$ 3,083,631$ 2,690,712$ 2,404,175$ 2,019,035$
Davis 48,505,397 4 8,085,992 44,689,405 37,364,965 33,674,864
Salt Lake 291,603,977 291,511,290 260,485,953 217,849,215 196,744,294
Tooele 2 4,367,638 4,174,538 4,040,910 3,347,286 2,250,563
Utah 95,655,237 94,740,945 84,632,418 69,278,480 55,708,400
Weber 39,140,766 39,329,370 36,821,329 31,346,586 27,400,447
482,427,243$ 480,925,766$ 433,360,729$ 361,590,707$ 317,797,604$
2018 2017 2016 2015 2014
Box Elder 1 1,898,308$ 1,957,740$ 1,790,352$ 1,552,291$ 1,418,268$
Davis 31,883,835 30,633,547 27,606,440 23,178,724 21,459,683
Salt Lake 174,704,191 163,407,564 153,201,907 146,866,479 139,199,088
Tooele 2 2,815,189 2,302,492 1,798,971 1,521,097 1,384,631
Utah 45,665,232 43,023,303 38,601,427 36,221,930 33,752,513
Weber 25,966,836 24,446,129 22,009,320 18,362,502 17,469,093
282,933,591$ 265,770,775$ 245,008,417$ 227,703,023$ 214,683,276$
1 Includes Brigham City, Perry and Willard cities only
2 Includes the cities of Tooele and Grantsville; and the unincorporated areas of Erda, Lakepoint, Stansbury Park and
Lincoln
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – REVENUE CAPACITY
Year Ended December 31, 2023
104
LOCAL TRANSIT SALES TAX RATES BY COUNTY – 10 YEARS
PRINCIPAL CONTRIBUTORS OF SALES TAX BY COUNTY – 2023 AND 2014
2023 2022 2021 2020 201 9
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% 0.7875%0.8500% 0.8500% 0.8500%
Tooele 0.6500% 0.4000% 0.4000% 0.4000% 0.4000%
Utah 0.6260% 0.6260% 0.6260% 0.6300% 0.6300%
Weber 0.6500% 0.6500% 0.6500% 0.6500% 0.6500%
201 8 201 7 201 6 201 5 201 4
Box Elder 0.5500% 0.5500% 0.5500% 0.5500% 0.5500%
Davis 0.6500% 0.6500% 0.6500% 0.5500% 0.5500%
Salt Lake 0.6875% 0.6875% 0.6875% 0.6875% 0.6875%
Tooele 0.4000% 0.4000% 0.4000% 0.3000% 0.3000%
Utah 0.5260% 0.5260% 0.5260% 0.5260% 0.5260%
Weber 0.6500% 0.6500% 0.6500% 0.5500% 0.5500%
Source: UTA Finance Department
Rank
Percentage of
Contributions Amount Rank
Percentage of
Contributions Amount
Salt Lake County 1 60.45% 291,603,977$ 1 64.84%139,199,088$
Utah County 2 19.83%95,655,237 2 15.72%33,752,513
Davis County 3 10.05%48,505,397 3 10.00%21,459,683
Weber County 4 8.11%39,140,766 4 8.14%17,469,093
Tooele County 5 0.91%4,367,638 6 0.64%1,384,631
Box Elder County 6 0.65%3,154,228 5 0.66%1,418,268
482,427,243$ 214,683,276$
2023 2014
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – REVENUE CAPACITY
Year Ended December 31, 2023
105
FARES - 10 YEARS
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
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 5.00 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 9.70 10.30 10.30 10.30 10.30 10.30 10.30 10.30
Express 5.00 5.00 5.00 5.50 5.50 5.50 5.50 5.50 5.50 5.50
Streetcar 2.50 2.50 2.50 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Monthly Passes
Adult 85.00$ 85.00$ 85.00$ 83.75$ 83.75$ 83.75$ 83.75$ 83.75$ 83.75$ 83.75$
Minor 42.50 42.50 42.50 62.75 62.75 62.75 62.75 62.75 62.75 62.75
College Student 42.50 42.50 42.50 62.75 62.75 62.75 62.75 62.75 62.75 62.75
Senior Citizen/Disabled 42.50 42.50 42.50 41.75 41.75 41.75 41.75 41.75 41.75 41.75
Express 170.00 170.00 170.00 198.00 198.00 198.00 198.00 198.00 198.00 198.00
Other Fares
Day Pass 5.00$ 5.00$ 5.00$ 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 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
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
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – DEBT CAPACITY
Year Ended December 31, 2023
106
TOTAL OUTSTANDING DEBT BURDEN PER CAPITA
YEARLY DEBT SERVICE COVERAGE
Sales Taxes
Collected (less Personal
Financing Proposition 1 and Income of Percentage of Per
Fiscal Year Bonds Inter-Local Agreements 4th quarter cent)UTA Service Area Personal Income Capita
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 81,486,033 262,251,079 149,994,848,000 1.61%904.76
2022 2,162,991,498 56,125,000 105,927,556 414,301,168 158,360,471,000 1.47%862.52
2023 2,071,646,498 54,530,000 123,309,600 415,168,658 - - -
Source:Note 10
2023 personal income numbers are not available at the preparation of this statement
Please refer to note 5 pg 58 for lease asset payable.
Total Debt
Sales Taxes Collected
(less Proposition 1 Coverage 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 46,860,000 100,245,573 262,251,079 1.78
2022 55,735,000 86,212,420 414,301,168 2.92
2023 168,945,000 81,573,682 415,638,335 1.66
Source: Statement of Expenses and Change in Net Position, and Note 10, Sales Tax Revenue Bonds
Bonds Payments
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – DEMOGRAPHIC AND ECONOMIC INFORMATION
Year Ended December 31, 2023
107
DEMOGRAPHIC AND ECONOMIC STATISTICS
PRINCIPAL EMPLOYERS – 2022 and 2013
Estimated Personal Income Per Capita Unemployment
Fiscal Year Population in UTA Service Area Personal Income Rate
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 2,695,629 158,360,471,000 58,747 2.4%
2023 2,736,179 ——2.8%
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/
Employer Industry Employees Rank
% Total
Employment Employees Rank
% Total
Employment
Intermountain Healthcare Health Care 20,000 +1 1.2%20,000+1 1.5%
University of Utah Higher Education 20,000 +2 1.2%20,000+3 1.5%
Wal-Mart Associates Warehouse Clubs/Supercenters 20,000 +3 1.2%15,000-19,999 5 1.1%
State of Utah State Government 20,000 +4 1.2%20,000+2 1.5%
Brigham Young University Higher Education 15,000-19,999 5 0.9%15,000-19,999 4 1.1%
Hill Air Force Base Federal Government 10,000-14,999 6 0.6%10,000-14,999 6 0.7%
Davis County School District Public Education 7,000-9,999 7 0.4%7,000-9,999 7 0.5%
Smith's Food and Drug Centers Grocery Stores 7,000-9,999 8 0.4%— — —
Utah State University Higher Education 7,000-9,999 9 0.4%7,000-9,999 9 0.5%
Alpine School District Public Education 7,000-9,999 10 0.4%— — —
Granite School District Public Education — — —7,000-9,999 8 0.5%
US Department of the Treasury Federal Government — — —5,000-6,999 10 0.3%
Totals 133,000-154,994+8.1%126,000-152,000+8.4%
Total Employment 1,696,513 1,327,560
Source: Department of Workforce Services https://jobs.utah.gov/wi/data/library/firm/majoremployers.html
https://jobs.utah.gov/jsp/utalmis/#/laborforce
Note: 2023 data was not available when this report was issued.
2022 2013
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – OPERATING INFORMATION
Year Ended December 31, 2023
108
FULL-TIME EQUIVALENT AUTHORITY EMPLOYEES – 10 YEARS
TREND STATISTICS - 10 YEARS
2023 2022 2021 2020 201 9 201 8 201 7 201 6 201 5 201 4
Bus operations 1,180 1 ,073 1 ,069 1,104 1,138 1 ,089 1 ,030 1 ,028 951 945
Rail operations 641 600 595 625 631 61 1 580 563 527 542
Paratransit operations 1 96 1 93 1 90 200 204 1 96 1 91 1 92 1 88 1 83
Other services 11 10 10 10 10 8 9 9 12 10
S upport services 508 452 453 41 7 433 41 3 365 366 349 323
Administration 259 228 1 90 1 87 1 84 1 80 243 212 210 207
Total 2,795 2,555 2,506 2,543 2,599 2,496 2,41 7 2,368 2,237 2,210
Source: UTA Budget Office
Headcount Report 01/01/2024
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Passengers
Bus service 17,797,238 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
Rail service 14,780,350 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
Paratransit service 212,688 201,822 301,505 187,112 388,265 394,816 386,977 389,019 388,169 372,499
Vanpool service 1,033,123 731,900 587,721 658,990 1,068,364 1,174,696 1,264,410 1,333,780 1,423,675 1,404,285
Total passengers 33,823,399 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
Revenue Miles
Bus service 15,786,087 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
Rail service 10,111,329 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
Paratransit service 1,586,321 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
Vanpool service 7,454,630 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
Total Revenue Miles 34,938,367 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
Total Miles
Bus service 17,530,329 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
Rail service 10,343,613 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
Paratransit service 1,927,124 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
Vanpool service 7,454,630 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
Total miles 37,255,696 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
Passengers per Mile
Bus service 1.13 0.99 0.81 0.80 1.15 1.10 1.13 1.30 1.34 1.29
Rail service 1.46 2.47 0.96 1.01 1.86 1.90 1.96 1.97 2.03 2.07
Paratransit service 0.13 0.13 0.24 0.11 0.13 0.14 0.14 0.16 0.17 0.15
Vanpool service 0.14 0.12 0.10 0.12 0.17 0.18 0.20 0.20 0.21 0.20
Total passengers per mile 2.86 3.71 0.72 0.71 1.13 1.13 1.16 1.25 1.28 1.26
Revenue Hours
Bus service 1,284,650 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
Rail service 593,970 493,398 511,973 480,016 532,353 527,187 513,389 511,082 506,233 487,435
Paratransit service 101,821 94,758 79,710 116,174 181,749 180,342 162,198 162,734 160,383 164,527
Total revenue hours 1,980,441 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
Passengers per Revenue Hour
Bus service 13.85 12.48 10.27 10.64 15.68 15.28 15.69 18.43 19.21 18.18
Rail service 24.88 52.80 20.44 21.40 41.93 43.59 46.12 46.50 48.10 49.93
Paratransit service 2.09 2.13 3.78 1.61 2.14 2.19 2.39 2.39 2.42 2.26
Total passengers per mile 40.83 67.41 12.85 12.97 21.32 21.59 22.65 25.09 26.08 25.48
Total System
Fare revenue 35,414,276$ 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$
Operating expense 384,913,352$ 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$
Cost per revenue mile 11.02 11.82 10.40 9.66 7.90 8.19 6.66 7.36 6.67 6.39
Cost per passenger 11.38 13.19 14.46 13.60 6.99 7.26 5.72 5.91 5.19 5.08
Fare revenue per passenger 1.05 1.10 1.19 1.39 1.18 1.18 1.16 1.11 1.12 1.11
Source:NTD
Note: Does not include commuter bus or contract transportation.
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – OPERATING INFORMATION
Year Ended December 31, 2023
109
OPERATING INDICATORS AND CAPITAL ASSETS - 10 YEARS
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Number of bus routes *120 83 95 104 117 114 119 125 126 121
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)52,350 59,196 62,948 63,025 62,742 57,378 56,162 53,612 49,625 51,629
Rail service miles (weekday)
Light rail 20,301 8,789 8,342 6,797 8,832 8,853 8,814 8,815 8,828 8,547
Commuter rail 13,399 4,504 3,727 3,628 4,660 4,664 4,623 4,627 4,651 4,638
Average passengers (weekday)111,401 99,494 79,916 78,972 152,940 151,901 156,288 155,873 161,862 161,339
Buses 447 520 648 539 570 561 582 567 555 535
Paratransit vehicles (buses/vans)80 187 188 207 198 182 148 129 —84
Rail vehicles
Light rail 114 114 117 117 117 146 146 146 146 146
Commuter rail 56 87 81 81 70 81 81 81 81 81
Vanpool vehicles 519 491 461 471 512 453 453 503 495 479
Park and ride lots1 — — — — — — —46 41 —
Rail park and ride 41 41 42 42 42 42 42 — — —
Non-Rail park and ride 25 25 12 12 12 12 12 — — —
Bus stops 5,071 5,369 5,199 6,120 6,247 6,100 6,100 6,196 6,250 6,250
Rail stations
Light rail 57 57 57 57 57 57 57 57 57 51
Commuter rail 17 17 17 17 17 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.
110
UTA Benchmarking Group
In addition to internal performance measures, UTA strives to improve through use of peer comparisons in a
benchmarking group. The following measures were generated using publicly available National Transit Database
(NTD) data for the most recent year available (2022) aggregated by region.
Transportation needs are as unique as the landscapes they inhabit. These needs are often met by a collection of
agencies specializing in different modes of transit over one region. Comparisons at the agency level, therefore,
often produce results that are difficult to interpret. However, much of this variation can be mitigated by grouping
transit agencies that serve the same city, metropolitan area, or geographic region.
After aggregating agency data by city, UTA established a benchmarking group of ten cities. Although perfectly
equivalent comparisons are not always attainable, this group of peer cities were selected to ensure appropriate
data consistency. Top-level metrics used to establish this peer group, in approximate order of importance, include:
•Types of transportation (Transit Modes)
•Budget required for transit operations (Operating Expenses)
•Ridership (Unlinked Passenger Trips)
•Operating time and distance (Vehicle Revenue Hours and Vehicle Revenue Miles)
•Funding level (Farebox Return1 1)
These metrics were evaluated together to determine effective comparisons with UTA (listed as Salt Lake City).
For example, although Seattle has the highest operating budget in the benchmarking group, it also has
comparatively high ridership levels. This differs from cities like San Jose, which has a higher budget than UTA but
lower ridership levels, indicating relatively costly service.
1 Farebox return is calculated from NTD data by dividing “Fare Revenues Earned” by “Operating Expenses”.
111
The below chart illustrates similarity of top-level metrics across the benchmarking groups, with gray indicating
lower than UTA levels, white indicating similar levels, and blue indicating higher levels.
Ridership Op Budget VR Hours VR Miles Farebox Return
Cleveland 16 mm $258 mm 1.5 mm 20 mm 8%
Dallas 36 mm $560 mm 2.9 mm 43 mm 6%
Denver 49 mm $570 mm 3.1 mm 47 mm 25%
Phoenix 52 mm $373 mm 3.4 mm 46 mm 12%
Pittsburgh 23 mm $447 mm 2.1 mm 27 mm 12%
Portland 44 mm $576 mm 3.0 mm 36 mm 6%
Salt Lake City 24 mm $339 mm 2.1 mm 36 mm 6%
San Diego 40 mm $296 mm 2.8 mm 43 mm 31%
San Jose 12 mm $399 mm 1.4 mm 17 mm 3%
Seattle 71 mm $1140 mm 4.8 mm 61 mm 14%
Key criteria used in the selection process include current-state similarity in the above metrics and future-state
similarity - or “stretch” comparisons (cities that reflect the growth in size or efficiency of transit that UTA envisions
for itself in the coming years). Careful consideration was given to determine stretch comparison cities, like Denver
and Seattle, that are at a later stage in population and transit development.
Cities that closely align with UTA in the above metrics, but without strong overlap in relevant transit modes were
eliminated from the benchmarking group. The following benchmarking performance measures are presented by
mode, where only cities that participate in each mode will appear in the charts. A summary of modes available in
each city appears below.
Transit Mode: Bus Commuter Bus Rail Commuter Rail Demand Response Van Pool
Cleveland x x x
Dallas x x x x x
Denver x x x x x
Phoenix x x x x
Pittsburgh x x x x
Portland x x x x
Salt Lake City x x x x x x
San Diego x x x x x
San Jose x x x
Seattle x x x x x x
112
Performance Measures
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 (2022) and compares the Authority’s performance with other similar cities.
Operating Expense per Vehicle Revenue Mile
$16.00
$14.00
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$-
San Diego UTA Seattle
Operating Expense per Vehicle Revenue Mile National Avg
Operating Expense per Revenue Hour
$280.00
$270.00
$260.00
$250.00
$240.00
$230.00
$220.00
$210.00
$200.00
San Diego UTA Seattle
Operating Expense per Revenue Hour National Avg
Operating Expense per Passenger Mile
$1.80
$1.60
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$-
San Diego UTA Seattle
Operating Expense per Passenger Mile National Avg
Operating Expense per Passenger Trip
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$-
UTA Seattle San Diego
Operating Expense per Passenger Trip National Avg
Unlinked Trips per Vehicle Revenue Mile
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
-
San Diego UTA Seattle
Unlinked Trips per Vehicle Revenue Mile National Avg
Unlinked Trips per Vehicle Revenue Hour
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
San Diego UTA Seattle
Unlinked Trips per Vehicle Revenue Hour National Avg
City State Agency
San Diego CA MTS
Seattle WA ST
113
COMMUTER BUS SERVICE (DIRECTLY OPERATED & PURCHASED)
The following chars contain information from the Federal Transit Administration’s National Database (NTD) for the most recent year
available (2022) and compares the Authority’s performance with other similar cities.
Operating Expense per Vehicle Revenue Mile
$25.00
$20.00
$15.00
$10.00
$5.00
$-
Operating Expense per Vehicle Revenue Mile National Avg
Operating Expense per Revenue Hour
$250.00
$200.00
$150.00
$100.00
$50.00
$-
Operating Expense per Revenue Hour National Avg
Operating Expense per Passenger Mile
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$-
Operating Expense per Passenger Mile National Avg
Operating Expense per Passenger Trip
$20.00
$15.00
$10.00
$5.00
$-
Operating Expense per Passenger Trip National Avg
Unlinked Trips per Vehicle Revenue Mile
2.0
1.5
1.0
0.5
-
Unlinked Trips per Vehicle Revenue Mile National Avg
Unlinked Trips per Vehicle Revenue Hour
25.0
20.0
15.0
10.0
5.0
-
Unlinked Trips per Vehicle Revenue Hour National Avg
City State Agency City State Agency
Cleveland OH GCRTA Portland OR TriMet RC SMS
Dallas TX DART San Diego CA MTS
Denver CO RTD San Jose CA VTA
Phoenix AZ VM VMR Seattle WA KCM
Pittsburgh PA PRT
114
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 (2022) and compares the Authority’s performance with other similar cities.
Operating Expense per Vehicle Revenue Mile
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$-
Operating Expense per Vehicle Revenue Mile National Avg
Operating Expense per Revenue Hour
$160.00
$140.00
$120.00
$100.00
$80.00
$60.00
$40.00
$20.00
$-
Operating Expense per Revenue Hour National Avg
Operating Expense per Passenger Mile
$14.00
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$-
Operating Expense per Passenger Mile National Avg
Operating Expense per Passenger Trip
$120.00
$100.00
$80.00
$60.00
$40.00
$20.00
$-
Operating Expense per Passenger Trip National Avg
Unlinked Trips per Vehicle Revenue Mile
0.16
0.14
0.12
0.10
0.08
0.06
0.04
0.02
-
Unlinked Trips per Vehicle Revenue Mile National Avg
Unlinked Trips per Vehicle Revenue Hour
3.0
2.5
2.0
1.5
1.0
0.5
-
Unlinked Trips per Vehicle Revenue Hour National Avg
City State Agency City State Agency
Cleveland OH GCRTA Portland OR RC SMS
Dallas TX DART San Diego CA MTS
Denver CO RTD San Jose CA VTA
Phoenix AZ VM Seattle WA KCM
Pittsburgh PA ACTA
115
COMMUTER RAIL SERVICE (DIRECTLY OPERATED & PURCHASED)
The following chars contain information from the Federal Transit Administration’s National Database (NTD) for the most recent year
available (2022) and compares the Authority’s performance with other similar cities.
Operating Expense per Vehicle Revenue Mile
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$-
UTA Denver Dallas Seattle
Operating Expense per Vehicle Revenue Mile National Avg
Operating Expense per Revenue Hour
$1,200.00
$1,000.00
$800.00
$600.00
$400.00
$200.00
$-
Denver UTA Dallas Seattle
Operating Expense per Revenue Hour National Avg
Operating Expense per Passenger Mile
$2.50
$2.00
$1.50
$1.00
$0.50
$-
UTA Denver Seattle Dallas
Operating Expense per Passenger Mile National Avg
Operating Expense per Passenger Trip
$60.00
$50.00
$40.00
$30.00
$20.00
$10.00
$-
Denver UTA Dallas Seattle
Operating Expense per Passenger Trip National Avg
Unlinked Trips per Vehicle Revenue Mile
1.4
1.2
1.0
0.8
0.6
0.4
0.2
-
Seattle UTA Dallas Denver
Unlinked Trips per Vehicle Revenue Mile National Avg
Unlinked Trips per Vehicle Revenue Hour
30.0
25.0
20.0
15.0
10.0
5.0
-
Dallas UTA Seattle Denver
Unlinked Trips per Vehicle Revenue Hour National Avg
City State Agency
Dallas TX DART
Denver CO RTD
Seattle WA ST
116
DEMAND RESPONSE SERVICE (DIRECTLY OPERATED & PURCHASED)
The following chars contain information from the Federal Transit Administration’s National Database (NTD) for the most recent year
available (2022) and compares the Authority’s performance with other similar cities.
Operating Expense per Vehicle Revenue Mile
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$-
Operating Expense per Vehicle Revenue Mile National Avg
Operating Expense per Revenue Hour
$160.00
$140.00
$120.00
$100.00
$80.00
$60.00
$40.00
$20.00
$-
Operating Expense per Revenue Hour National Avg
Operating Expense per Passenger Mile
$14.00
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$-
Operating Expense per Passenger Mile National Avg
Operating Expense per Passenger Trip
$120.00
$100.00
$80.00
$60.00
$40.00
$20.00
$-
Operating Expense per Passenger Trip National Avg
Unlinked Trips per Vehicle Revenue Mile
0.16
0.14
0.12
0.10
0.08
0.06
0.04
0.02
-
Unlinked Trips per Vehicle Revenue Mile National Avg
Unlinked Trips per Vehicle Revenue Hour
3.0
2.5
2.0
1.5
1.0
0.5
-
Unlinked Trips per Vehicle Revenue Hour National Avg
City State Agency City State Agency
Cleveland OH GCRTA Portland OR RC SMS
Dallas TX DART San Diego CA MTS
Denver CO RTD San Jose CA VTA
Phoenix AZ VM Seattle WA KCM
Pittsburgh PA ACTA
117
VAN POOL SERVICE (DIRECTLY OPERATED & PURCHASED)
The following chars contain information from the Federal Transit Administration’s National Database (NTD) for the most recent
year available (2022) and compares the Authority’s performance with other similar cities.
Operating Expense per Vehicle Revenue Mile
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$-
Denver San Diego Phoenix Seattle Dallas UTA Pittsburgh
Operating Expense per Vehicle Revenue Mile National Avg
Operating Expense per Revenue Hour
$180.00
$160.00
$140.00
$120.00
$100.00
$80.00
$60.00
$40.00
$20.00
$-
Denver San Diego Phoenix Seattle Dallas UTA Pittsburgh
Operating Expense per Revenue Hour National Avg
Operating Expense per Passenger Mile
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$-
San Diego Denver Phoenix Dallas Seattle UTA Pittsburgh
Operating Expense per Passenger Mile National Avg
Operating Expense per Passenger Trip
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
$5.00
$-
Denver San Diego Phoenix Seattle Dallas UTA Pittsburgh
Operating Expense per Passenger Trip National Avg
Unlinked Trips per Vehicle Revenue Mile
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.0
0.0
-
Pittsburgh San Diego Denver Phoenix UTA Seattle Dallas
Unlinked Trips per Vehicle Revenue Mile National Avg
Unlinked Trips per Vehicle Revenue Hour
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
-
Pittsburgh San Diego Seattle UTA Denver Phoenix Dallas
Unlinked Trips per Vehicle Revenue Hour National Avg
City State Agency City State Agency
Dallas TX DART Seattle WA KCM
Denver CO DRCOG
Phoenix AZ VM
Pittsburgh PA SPC
San Diego CA SANDAG
Compliance
SM
Crowe LLP
Independent Member Crowe Global
119
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, 2023, 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 28, 2024.
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 and therefore, material weaknesses or significant deficiencies may
exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies
in internal control that we consider to be material weaknesses. We did identify a certain deficiency in
internal control, described as finding 2023-001 in the accompanying schedule of findings and questioned
costs, that we consider to be a significant deficiency.
120
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.
The Authority’s Response to the Finding
Government Auditing Standards requires the auditor to perform limited procedures on the Authority’s
response to the finding identified in our audit and described in the accompanying schedule of findings and
questioned costs. The Authority’s response was not subjected to the other auditing procedures applied in
the audit of the financial statements and, accordingly, we express no opinion on the response.
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 28, 2024
Crowe LLP
Independent Member Crowe Global
(Continued)
121
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR 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, 2023. 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, 2023.
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.
(Continued)
122
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.
123
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 28, 2024
UTAH TRANSIT AUTHORITY
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended December 31, 2023
124
UTAH TRANSIT AUTHORITY
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended December 31, 2023
125
UTAH TRANSIT AUTHORITY
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended December 31, 2023
126
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, 2023.
D.Indirect Cost Rate
The Authority did not use the 10 percent de minimis indirect cost rate.
UTAH TRANSIT AUTHORITY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
Year Ended December 31, 2023
127
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, 20.525, 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
UTAH TRANSIT AUTHORITY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
Year Ended December 31, 2023
128
SECTION II – FINDINGS RELATING TO THE FINANCIAL STATEMENTS, WHICH ARE REQUIRED TO BE
REPORTED IN ACCORDANCE WITH GAGAS
Finding 2023-001 – Controls Over the Preparation of the Schedule of Expenditures of Federal Awards
(Significant Deficiency)
Criteria: 2 CFR 200.508 states in part: "The auditee must: . . . (b) Prepare appropriate financial statements,
including the schedule of expenditures of Federal Awards in accordance with § 200.510 Financial statements. . ."
2 CFR 200.510(b) states: "Schedule of expenditures of Federal awards. The auditee must also prepare a schedule
of expenditures of Federal awards for the period covered by the auditee's financial statements which must include
the total Federal awards expended as determined in accordance with § 200.502 Basis for determining Federal
awards expended. While not required, the auditee may choose to provide information requested by Federal
awarding agencies and pass-through entities to make the schedule easier to use. For example, when a Federal
program has multiple Federal award years, the auditee may list the amount of Federal awards expended for each
Federal award year separately. At a minimum, the schedule must:
(1) List individual Federal programs by Federal agency. For a cluster of programs, provide the cluster name, list
individual Federal programs within a cluster of programs, and provide the applicable Federal agency name. For
R&D, total Federal awards expended must be shown either by individual Federal award or by Federal agency and
major subdivision within the Federal agency.
(2) For Federal awards received as a subrecipient, the name of the pass-through entity and identifying number
assigned by the pass-through entity must be included.
(3) Provide total Federal awards expended for each individual Federal program and the Assistance Listing
Number (ALN) or other identifying number when the ALN information is not available. For a cluster of programs
also provide the total for the cluster.
Condition: The Authority did not have a proper system of internal control in place to prevent, or detect and correct,
errors on the Schedule of Expenditures of Federal Awards (SEFA).
Context: The original SEFA provided by management included $4,382,231 related to Grant UT-2018-002, TIGER
grant. During our SEFA reconciliation, we determined that the full federal award amount had been recognized or
reported on the SEFA in prior years between 2018-2022, therefore no federal expenditures should have been
included on the 2023 SEFA. An adjustment was made to properly report the 2023 Federal expenditures on the
SEFA.
Effect: Without a proper level of review and understanding of the Federal reporting requirements, material or
significant misstatements of the SEFA could go undetected.
Cause: Management had mistakenly included the TIGER expenses on the 2023 SEFA and the system of internal
controls did not detect the error.
Recommendation: We recommend that the Authority carefully review the SEFA to ensure amounts reported are
accurate and on an accrual basis.
Views of Responsible Officials and Planned Corrective Actions: Management accepts the findings and is in the
process of creating better internal controls that will result in a more complete review of the SEFA.
UTAH TRANSIT AUTHORITY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
Year Ended December 31, 2023
129
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.
Other
Supplementary
Schedules
SM
Crowe LLP
Independent Member Crowe Global
(Continued)
131
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, 2023.
State compliance requirements were tested for the year ended December 31, 2023 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, 2023.
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.
(Continued)
132
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.
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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 28, 2024