HomeMy WebLinkAbout2024 Annual Comprehensive Fianacial Report.pdfU TA H T R A N S I T
AU T H O R I T Y
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Annual Comprehensive
Financial Report
For Fiscal
Year Ended
December
31, 2024
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, 2024
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, 2024
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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 ..................................................................................................................................... 99
Change in Net Position .................................................................................................................... 99
Revenue History by Source ........................................................................................................... 100
Expense History by Function ......................................................................................................... 101
UTAH TRANSIT AUTHORITY
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Year Ended December 31, 2024
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STATISTICAL SECTION (Unaudited)
Revenue Capacity
These schedules contain information to help the reader assess the Authority’s most significant local revenue
sources.
Local Contributions from Other Governments ............................................................................. 102
Local Transit Sales Taxes by County .............................................................................................. 103
Principle Contributors of Sales Tax ............................................................................................... 103
Fares .............................................................................................................................................. 104
Debt Capacity
These schedules present information to help the reader assess the affordability of the Authority’s current
level of outstanding debt and the Authority’s ability to issue additional debt in the future.
Debt Service Coverage .................................................................................................................. 105
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 .......................................................................................... 106
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 ................................................................................................... 107
Trend Statistics .............................................................................................................................. 107
Operating Indictors and Capital Assets ......................................................................................... 108
Performance Measures – Commuter Bus Service ....................................................................... 111
Performance Measures – Commuter Rail Service ........................................................................ 112
Performance Measures – Demand Response Service................................................................... 113
Performance Measures – Light Rail Service ................................................................................. .114
Performance Measures – Bus Service ........................................................................................... 115
Performance Measures – Vanpool Service ................................................................................... 116
UTAH TRANSIT AUTHORITY
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Year Ended December 31, 2024
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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..................................................................................................................................................... 118
Independent Auditor’s Report on Compliance for Each Major Federal Program; Report on Internal Control
Over Compliance ......................................................................................................................................... 120
Schedule of Expenditures of Federal Awards ............................................................................................. .123
Notes to Schedule of Expenditures of Federal Awards ............................................................................... 125
Schedule of Findings and Questioned Costs ............................................................................................... 126
Summary Schedule of Prior Year Findings ................................................................................................... 129
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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May 29, 2025
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, 2024. 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 to both protect the
government’s assets from loss, theft, or misuse and to compile sufficient statements in conformity with GAAP. The
concept of reasonable assurance recognizes that:
(1) the cost of a control should not exceed the benefit likely to be derived; and
(2) the valuation of the costs and benefits requires estimates and judgments by management.
As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable
in all material respects.
The Annual Comprehensive Financial Report
This report contains financial statements and statistical data which provide full disclosure of all the material financial
operations of the Authority. The financial statements have been prepared on the accrual basis of accounting in
conformance with generally accepted accounting principles. This ACFR is indicative of the Authority’s commitment
to provide accurate, concise and high-quality financial information to the residents of its service area and to all other
interested parties.
The Authority is also required to conduct an annual single audit in conformity with the provisions of the Single Audit
Act of 1984 and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Information related to the single audit,
including the schedule of expenditures of federal awards, findings and recommendations, and auditor’s reports on
internal control structure and compliance with applicable laws and regulations are included with this report.
669 West 200 South
Salt Lake City, Utah 84101
1-888-RIDE-UTA
www.rideuta.com
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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, 2024, are free of material misstatements. The independent audit
involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements;
assessing the accounting principles used and significant estimates made by management and evaluating the overall
financial presentation. The independent auditor concluded that there was a reasonable basis for rendering an
unmodified opinion that the Authority’s financial statements are fairly presented in conformity with accounting
principles generally accepted in the United States of America. The audit was also 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 2,777,222 and represents 80 percent of the state’s
total population.
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Economy
Utah’s economy in 2024 demonstrated resilience and continued growth, maintaining its position as one of the top-
performing states in the U.S.
Utah’s transportation landscape in 2024 was marked by significant infrastructure development, federal investments,
and a notable resurgence in public transit usage. As Utah progresses into 2025, the focus remains on expanding and
modernizing transportation infrastructure to accommodate the state’s growing population and environmental
considerations. Continued investment in public transit, infrastructure resilience, and technological advancements
will be pivotal in shaping the future of Utah’s transportation system.
Utah’s population growth in 2024 was driven by net migration and natural increase. Net migration accounted for
52% of the growth, while natural increase contributed to 48%. The growth rate of 1.5% increase is a slight
deceleration from the 1.6% in 2023. This continues a trend of moderating expansion.
In 2024, Utah’s urbanization continued to accelerate, with approximately 90% of the state’s residents living in urban
areas, which constitute just 1.1% of its total land area. This concentration is particularly evident along the Wasatch
Front, encompassing counties like Salt Lake, Utah, Davis and Weber. Utah’s population is projected to surpass 4
million by 2033, with urban areas continuing to absorb the majority of this growth.
Utah’s economy is expected to continue its growth trajectory in 2025, it faces challenges related to housing
affordability, transportation, and potential shifts in key industries. Strategic investments in infrastructure,
transportation, workforce development, and supportive policies will be crucial.
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, 2023. This was the thirty-first 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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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, 2023
Executive Director/CEO
UTAH TRANSIT AUTHORITY
ORGANIZATIONAL CHART
Year Ended December 31, 2024
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UTAH TRANSIT AUTHORITY
BOARD OF TRUSTEES AND ADMINISTRATION
Year Ended December 31, 2024
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UTAH TRANSIT AUTHORITY
BOARD OF TRUSTEES AND ADMINISTRATION
Year Ended December 31, 2024
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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 STAFF ........................................................................................................................................... Kim Shanklin
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 ...................................................................................................................... Ann Green-Barton
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, 2024
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LOCAL ADVISORY COUNCIL MEMBERS
Name Appointing Authority
CHAIR
Troy Walker .................................................................................................................................. Salt Lake County COG
VICE CHAIRS
Bob Stevenson ....................................................................................................................................... .Davis Area COG
Natalie Hall. .................................................................................................................................. Salt Lake County COG
MEMBERS
Karen Cronin ........................................................................................................................ Box Elder COG/Tooele COG
Erin Mendenhall ......................................................................................................................................... Salt Lake City
Dirk Burton ................................................................................................................................... Salt Lake County COG
Julie Fullmer ....................................................................................................................................... Utah County COG
Mark Johnson ..................................................................................................................................... Utah County COG
Neal Berube ......................................................................................................................................... Weber Area 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, 2024, 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, 2024, 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, issued by the Comptroller General of the United States (Government Auditing Standards). 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, 2024, the entity adopted
new accounting guidance, GASB Statement No. 101, Compensated Absences. 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 <>, 2025
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
May 29, 2025
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2024
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Utah Transit Authority’s 2024 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, 2024. 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
Financial Highlights
Total Liabilities decreased from
$2,619,006,986 to $2,555,219,065, a
decrease of $63,787,921.
Operating revenues saw an increase of
9%, going from $37,959,224 in 2023 to
$41,347,838 in 2024.
At December 31, 2024, the Authority
had $2,254,325,125 of debt outstanding,
including $52,885,000 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, 2024 w e r e exceeded by its assets
and deferred outflows by
$1,172,166,733.
Revenues trailed the budget by
$31,781,109; alternatively, expenses
were $68,625,737 over the budget.
For 2024, ridership increased by 15.90
percent compared to the prior year, with
light rail service growing the most in 2024,
at 25.23 percent. Fare revenues
contributed 6.0 percent to total revenues
for the Authority.
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2024
26
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
Required Financials
Statements
Statement of net position
Statement of revenues, expenses, and
change in net position
Statement of cash flows
Statement of fiduciary net position
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
Deferred
Outflow/Inflow,
Asset, Liability Information
All assets and liabilities, both financial
and capital, and short-term and long-
term
All assets and liabilities, both
financial and capital, and short-
term and long-term; the Authority's
fiduciary funds do not currently
contain capital assets although they
could
Type of Outflow/Inflow
Information
All revenues and expenses during
the year, regardless of when cash is
received or paid
All additions and deductions during
the years, regardless of when cash
is received or paid
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2024
27
CONDENSED STATEMENTS OF NET POSITION
Current liabilities decreased from 2024 due primarily to refunding debt.
Total assets decreased by $127.8 million dollars on the year.
Deferred outflows of resources increased from 2023 due in part to advance debt refunding.
Deferred inflows of resources decreased from 2023 due to the amortization of bond refunding costs.
Restricted net position increased in 2024 due to two factors. The Authority’s higher debt service principal payments
require more reserve funds. Second, an interlocal agreement with Utah County for the fourth quarter cent sales tax
requires excess proceeds to be saved for future debt service payments on the 2016 debt issued by Utah County.
2023 Percent
2024 as Restated Difference Difference
Assets
Current and other assets 725,067,661$ 840,784,918$ (115,717,257)$ -14%
Capital assets, net 2,903,732,533 2,915,811,396 (12,078,863) 0%
Total assets 3,628,800,194 3,756,596,314 (127,796,120) -3%
Deferred outflows of resources 124,344,640 115,816,562 8,528,078 7%
Liabilities
Current liabilities 221,131,885 246,048,471 (24,916,586) -10%
Long-term liabilities 2,334,087,180 2,372,958,515 (38,871,335) -2%
Total liabilities 2,555,219,065 2,619,006,986 (63,787,921) -2%
Deferred inflows of resources 25,759,036 27,468,141 (1,709,105) -6%
Net position
Net investment in capital assets 775,525,771 718,712,320 56,813,451 8%
Restricted 99,156,029 59,680,867 39,475,162 66%
Unrestricted 297,484,933 447,544,562 (150,059,629) -34%
Total net position 1,172,166,733$ 1,225,937,749$ (53,771,016)$ -4%
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2024
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CONDENSED STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
SUMMARY OF REVENUES FOR THE YEAR ENDED DECEMBER 31
Passenger revenue saw an increase of $3.8 million from 2023. This is attributed to continued ridership increases.
2023 Percent
2024 As Restated Difference Difference
Operating revenues 41,347,838$ 37,959,224$ 3,388,614$ 9%
Operating expenses 615,987,467 579,128,611 36,858,856 6%
Operating income (loss) (574,639,629) (541,169,387) (33,470,242) 6%
Non-operating revenues 576,687,194 595,096,448 (18,409,254) -3%
Non-operating expenses 95,730,232 113,859,104 (18,128,872) -16%
Income (loss) before contributions (93,682,667) (59,932,043) (33,750,624) 56%
Capital contributions 39,911,651 71,293,449 (31,381,798) -44%
Change in net position (53,771,016)$ 11,361,406$ (65,132,422)$ -573%
Cumulative effect of adoption of new
accounting princi ple -$ (1,226,124)$
Total net position, January 1 1,225,937,749$ $1,215,802,467
Total net position, December 31, as restated 1,172,166,733$ 1,225,937,749$
Percent
2024 2023 Difference Difference
Operating
Passenger revenue 39,255,838$ 35,418,224$ 3,837,614$ 11%
Advertising 2,092,000 2,541,000 (449,000) -18%
Total operating revenue 41,347,838 37,959,224 3,388,614 9%
Non-operating
Contributions from other gov'ts (sales tax) 492,426,212 482,427,243 9,998,969 2%
Federal noncapital assistance 32,688,759 63,625,899 (30,937,140) -49%
Interest income 25,294,865 31,955,716 (6,660,851) -21%
Sale of assets 605,141 (5,116,287) 5,721,428 -112%
Build America Bond subsidy - 9,426,300 (9,426,300) -100%
Other 25,672,217 12,777,577 12,894,640 101%
Total non-operating revenue 576,687,194 595,096,448 (18,409,254) -3%
Capital contributions 39,911,651 71,293,449 (31,381,798) -44%
Total revenues 657,946,683$ 704,349,121$ (46,402,438)$ -7%
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2024
29
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. 74.8 percent of total revenues are derived from sales taxes. Sales
tax revenues increased 2% from the prior year.
SUMMARY OF EXPENSES FOR THE YEAR ENDED DECEMBER 31
Operating expenses for 2024 increased $36.9 million from 2023, a 6% increase. Inflation costs and growth of UTA
as a whole have contributed to the increased operating expenses.
Percent
2024 2023 Difference Difference
Operating expenses
Bus service 159,124,939$ 151,499,433$ 7,625,506$ 5%
Rail service 120,182,858 123,526,228 (3,343,370) -3%
Demand response service 46,111,798 37,727,338 8,384,460 22%
Other services 5,043,420 3,691,915 1,351,505 37%
Operations support 65,780,906 64,509,732 1,271,174 2%
Administration 66,578,845 51,252,952 15,325,893 30%
Depreciation and amortization 153,164,701 146,921,013 6,243,688 4%
Total operating expenses 615,987,467 579,128,611 36,858,856 6%
Non-operating expenses
Interest expense 95,730,232 113,859,104 (18,128,872) -16%
Total non-operating expenses 95,730,232 113,859,104 (18,128,872) -16%
Total expenses 711,717,699$ 692,987,715$ 18,729,984$ 3%
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2024
30
Capital maintenance expenses are significant, yet infrequent expenses are required to keep our equipment
operational. The following chart shows the amount allocated to each mode:
SUMMARY OF CAPITAL MAINTENANCE EXPENSES FOR THE YEAR ENDED DECEMBER 31
SUMMARY OF OPERATING EXPENSES FOR THE YEAR ENDED DECEMBER 31
Personnel cost is the Authority’s largest expense at 67.7% percent of total operating expense less depreciation
expense. Overall, personnel cost increased $27.7 million in 2024 due to the Authority increasing the number of
positions, salaries, and fringe benefits
Percent
2024 2023 Difference Difference
Bus service 10,319,080$ 16,337,658$ (6,018,578)$ -37%
Rail service 19,700,180 28,195,489 (8,495,309) -30%
Demand response service 2,936,247 1,412,239 1,524,008 108%
Other service 1,527,805 271,260 1,256,545 463%
Total capital maintenance expenses 34,483,312$ 46,216,646$ (11,733,334)$ -25%
Capital Maintenance Expenses in Projects
Percent
2024 2023 Difference Difference
Operating expense less depreciation and amortization 462,822,766$ 432,207,598$ 30,615,168$ 7%
Wages 206,525,624 193,544,078 12,981,546 7%
Benefits 106,984,498 92,237,887 14,746,611 16%
Operations less wages/benefits 149,312,644 146,425,633 2,887,011 2%
Personnel cost 313,510,122$ 285,781,965$ 27,728,157$ 10%
% of operating expense 67.7% 66.1% 1.6%2%
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2024
31
CAPITAL ASSET AND DEBT ADMINISTRATION
CAPITAL ASSET ACTIVITY
Capital Assets
At the end of fiscal year 2024, the Authority had invested $4.9 billion in a broad range of capital assets, including
land, buildings, leasehold improvements, equipment, infrastructure, and construction in progress. Construction in
process saw the largest increases in 2024 as the authority focuses on improving and maintaining current land and
building assets.
Long-Term Debt and Other Obligations
At year-end the Authority had total debt obligations of $2.2 billion, of which, bonded debt outstanding represented
just under $2.1 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, $113.6 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 $49.6 million during the 2024 fiscal year. The key components of
the 2024 activities were refunding Build America bonds and a bond tendering. More detailed information about the
Authority’s long-term debt is presented in Footnote 10 to the financial statements.
Percent
2024 2023 Difference Difference
Land 418,464,657$ 416,301,444$ 2,163,213$ 1%
Construction in process 271,070,554 188,838,231 82,232,323 44%
Infrastructure 2,510,225,113 2,515,895,369 (5,670,256) 0%
Building and building improvements 270,542,878 261,556,035 8,986,843 3%
Revenue vehicles 690,657,075 698,896,156 (8,239,081) -1%
Financed revenue vehicles 139,927,793 123,659,672 16,268,121 13%
Financed non-revenue vehicles 5,945,563 227,237 5,718,326 2516%
Equipment 78,508,873 79,395,978 (887,105) -1%
Land improvements 311,275,245 313,608,077 (2,332,832) -1%
Leasehold improvements 94,263,206 94,263,206 - 0%
Intangibles 90,325,103 82,205,962 8,119,141 10%
Accumulated depreciation and
amortization (1,977,473,527) (1,859,035,971) (118,437,556) 6%
Total capital assets, net 2,903,732,533$ 2,915,811,396$ (12,078,863)$ 0%
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2024
32
Bond Ratings
The Authority held its ratings of AA+, AA, and Aa2 with Standard & Poor, 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
Year Ended December 31, 2024
33
The Authority’s net coverage ratio would reach a minimum of 3.18 in 2027. 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
2025 438,093,761 97,005,597 4.52 37,822,474 11.58 134,828,071 3.25
2026 455,091,799 110,973,900 4.10 31,869,821 14.28 142,843,721 3.19
2027 472,112,233 106,938,317 4.41 41,604,716 11.35 148,543,033 3.18
2028 489,108,273 106,934,197 4.57 41,594,692 11.76 148,528,889 3.29
2029 506,129,241 106,949,580 4.73 47,843,078 10.58 154,792,658 3.27
2030 523,742,538 105,533,109 4.96 50,221,445 10.43 155,754,554 3.36
2031 541,968,779 105,747,702 5.13 49,905,143 10.86 155,652,845 3.48
2032 560,829,292 103,146,284 5.44 52,582,608 10.67 155,728,892 3.60
2033 580,346,152 126,982,061 4.57 33,070,741 17.55 160,052,802 3.63
2034 600,542,198 128,168,959 4.69 33,072,949 18.16 161,241,908 3.72
2035 624,924,211 128,663,963 4.86 33,071,264 18.90 161,735,227 3.86
2036 650,296,134 132,562,678 4.91 17,955,473 36.22 160,518,151 4.05
2037 676,698,157 130,823,585 5.17 32,322,196 20.94 163,145,781 4.15
2038 704,172,102 128,859,745 5.46 35,009,794 20.11 163,869,539 4.30
2039 732,761,490 124,079,857 5.91 39,544,944 18.53 163,624,801 4.48
2040 762,511,606 117,018,569 6.52 46,297,726 16.47 163,316,295 4.67
2041 793,469,577 92,315,183 8.60 66,369,476 11.96 158,684,659 5.00
2042 825,684,442 127,258,855 6.49 23,475,140 35.17 150,733,995 5.48
2043 859,207,230 4,445,000 193.30 0 - 4,445,000 193.30
2044 894,091,044 4,439,300 201.40 0 - 4,439,300 201.40
UTAH TRANSIT AUTHORITY
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended December 31, 2024
34
ECONOMIC AND OPERATING FACTORS AND NEXT YEAR’S BUDGET
Key Economic Factors
The fiscal year 2025 operating budget of $638.5 million is $11 million lower than 2024. The capital budget of $330.2
million is $99.8 higher than 2024.
Operating Statistics
The following information provides an annual comparison of ridership by service for years 2023 and 2022.
RIDERSHIP COMPARISON
Source: National Transit Database
The Authority had a 15.9% increase in ridership in 2024 and continues to recover after the COVID-19 pandemic. Pre-
pandemic levels of commuter ridership into Salt Lake City and Salt Lake County continue to increase as business are
starting to encourage in office attendance.
CONTACTING THE AUTHORITY’S FINANCIAL MANAGEMENT
The financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general
overview of the Authority’s finances and to demonstrate the Authority’s accountability for the money received.
Questions about this report or inquiries for additional information may be addressed to the Comptroller, 669 West
200 South, Salt Lake City, Utah 84101 or RLamph@rideuta.com.
Percent
2024 2023 Difference Difference
Bus service 20,163,298 17,895,648 2,267,650 12.67%
Light rail service 13,509,954 10,787,933 2,722,021 25.23%
Commuter rail service 4,128,459 3,741,800 386,659 10.33%
Demand response service 934,004 880,353 53,651 6.09%
Other service 1,582,453 1,482,496 99,957 6.74%
Total ridership 40,318,168 34,788,230 5,529,938 15.90%
UTAH TRANSIT AUTHORITY
STATEMENT OF NET POSITION
As of December 31, 2024
35
ASSETS
Current Assets:
Cash and cash equivalents 123,809,397$
Investments 213,028,205
Restricted cash and cash equivalents (bond funds) 39,249,780
Receivables
Contributions from other governments (sales tax) 83,665,991
Federal grants 2,551,580
Other 8,574,070
State of Utah 20,653,936
Parts and supplies inventories 46,218,134
Prepaid expenses 7,961,674
Total Current Assets 545,712,767
Noncurrent Assets:
Restricted cash equivalents and investments
Interlocal agreements 52,860,589
Escrow funds 66,539,276
Self-insurance deposits 8,964,130
Total noncurrent restricted cash equivalents and investments 128,363,995
Long-term lease receivables 2,064,488
Non-depreciable capital assets
Land 418,464,657
Construction in progress 271,070,554
Total non-depreciable capital assets 689,535,211
Depreciable/amortized capital assets
Land improvements 311,275,245
Leasehold improvements 94,263,206
Building and building improvements 270,542,878
Infrastructure 2,510,225,113
Revenue vehicles 690,657,075
Financed revenue vehicles 139,927,793
Financed non-revenue vehicles 5,945,563
Equipment 78,508,873
Intangibles 90,325,103
Total depreciable/amortized capital assets 4,191,670,849
Total capital assets 4,881,206,060
Less accumulated depreciation and amortization (1,977,473,527)
Total capital assets, net depreciation and amortization 2,903,732,533
Amount recoverable - interlocal agreement 17,029,182
Other assets 31,897,229
Total Noncurrent Assets 3,083,087,427
TOTAL ASSETS 3,628,800,194$
DEFERRED OUTFLOWS OF RESOURCES
Advanced debt refunding - loss on refunding 97,138,307$
Deferred outflows of resources related to pension 27,206,333
TOTAL DEFERRED OUTFLOWS OF RESOURCES 124,344,640$
**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, 2024
36
LIABILITIES
Current Liabilities:
Accounts payable
Other 47,476,998$
Lease and subscription 3,791,085
Accrued liabilities, primarily payroll-related 22,407,708
Current portion of compensated absences 10,927,416
Current portion of accrued interest 7,215,064
Current portion of interlocal loan 1,700,000
Current portion of long-term debt 75,293,337
Accrued-self-insurance liability 1,918,471
Unearned revenues:
Other 5,989,801
State of Utah 44,412,005
Total Current Liabilities 221,131,885
Long-Term Liabilities
Long-term compensated absences 8,359,077
Long-term deposits 92,362
Long-term lease and subscription payable 8,982,449
Long-term accrued interest 5,943,917
Interlocal loan 51,185,000
Long-term debt 2,126,146,788
Net pension liability 133,377,587
Total Long-term Liabilities 2,334,087,180
TOTAL LIABILITIES 2,555,219,065$
DEFERRED INFLOWS OF RESOURCES
Advanced debt refunding - gain on refunding 23,299,602$
Deferred inflows of resources for leases 2,134,045
Deferred inflows of resources related to pension 325,389
TOTAL DEFERRED INFLOWS OF RESOURCES 25,759,036$
NET POSITION
Net investment in capital assets 775,525,771$
Restricted for:
Debt service 39,249,780
Interlocal agreements 52,860,589
Self-insurance deposits 7,045,660
Unrestricted 297,484,933
TOTAL NET POSITION 1,172,166,733$
**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, 2024
37
OPERATING REVENUES
Passenger fares 39,255,838$
Advertisting 2,092,000
Total operating revenues 41,347,838
OPERATING EXPENSES
Bus service 159,124,939
Rail service 120,182,858
Demand response service 46,111,798
Other service 5,043,420
Operations support 65,780,906
Administration 66,578,845
Depreciation and amortization 153,164,701
Total operating expenses 615,987,467
OPERATING INCOME (LOSS)(574,639,629)
NON-OPERATING REVENUES (EXPENSES)
Contributions from other governments (sales tax) 492,426,212
Federal operating grants 32,688,759
Investment income 25,294,865
Net gain on sale of capital assets 605,141
Other 25,672,217
Interest expense (95,730,232)
Net non-operating revenues 480,956,962
INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS (93,682,667)
CAPITAL CONTRIBUTIONS
Federal grants 29,526,049
Local 10,385,602
TOTAL CAPITAL CONTRIBUTIONS 39,911,651
CHANGE IN NET POSITION (53,771,016)$
Total Net Position, January 1, as previously stated 1,227,163,873$
Cumulative effect of adoption of new accounting principle (1,226,124)
Total Net Position, January 1, as restated 1,225,937,749$
Total Net Position, December 31 1,172,166,733$
**Readers wanting additional information should refer to the notes to the financial statements**
UTAH TRANSIT AUTHORITY
STATEMENT OF CASH FLOWS
Year Ended December 31, 2024
38
Cash flows from operating activities:
Passenger receipts 38,739,700$
Advertising receipts 2,629,500
Other receipts 25,614,715
Payments to vendors (145,084,229)
Payments to employees (194,358,039)
Employee benefits paid (102,415,785)
Net cash used in operating activities (374,874,138)
Cash flows from noncapital financing activities:
Sales tax receipts 490,262,713
Federal operating/maintenance grants 32,688,759
Net cash provided by noncapital financing activities 522,951,472
Cash flows from capital and related financing activities:
Contributions for capital projects
Federal 30,082,292
Local 27,308,164
Return of capital funds to UDOT (54,000,000)
Proceeds from bond issuance 540,340,000
Payments of bonds (637,830,000)
Payments on interlocal loan (1,645,000)
Bond Interest payments (43,331,870)
Proceeds from financing agreements 3,602,000
Payment on financing agreements (13,302,960)
Payments on leases/subscriptions (4,634,786)
Purchases of capital assets (139,221,341)
Net cash used in capital and related financing activities (292,633,501)
Cash flows from investment activities:
Interest on investments 25,294,865
Purchases of investments (24,569,841)
Net cash used in investing activities 725,024
Net change in cash and cash equivalents (143,831,143)
Cash and cash equivalents at beginning of year 373,429,596
Cash and cash equivalents at end of year 229,598,453$
UTAH TRANSIT AUTHORITY
STATEMENT OF CASH FLOWS (Continued)
Year Ended December 31, 2024
39
Reconciliation of Cash to the Statement of Net Position
Cash and cash equivalents at year end from statement of cash flows 229,598,453
Cash as reported on the Statement of Net Position
Cash and cash equivalents 123,809,397$
Restricted cash and cash equivalents
Bonds funds 39,249,780
Escrow funds 66,539,276
Total cash and cash equivalents 229,598,453$
Reconciliation of operating loss to net cash used in operating activities:
Operating loss (574,639,629)$
Adjustments to reconcile operating loss to net cash used in operating activities:
Depreciation and amortization 153,164,701
Other nonoperating revenues 25,672,217
Changes in deferred outflow/inflow of resources and net pension liability:
Deferred outflows of resources related to pension 13,006,402
Deferred inflows of resources related to pension (98,602)
Net pension liability (8,906,082)
Total changes in deferred outflow/inflow of resources and net pension liability 4,001,718
Changes in assets and liabilities:
Accounts and leases receivable 5,652,990
Parts and supplies inventories (1,700,838)
Prepaid expenses (6,072,142)
Accounts payable - Other and State of Utah 5,084,466
Accrued liabilities 13,941,017
Unearned reveue (516,138)
Advertisting unearned revenue 537,500
Total changes in assets and liabilities 16,926,855
Net cash used in operating activities (374,874,138)$
Information about noncash investing, capital, and financing activities:
Change in fair value of investments (8,238,322)$
Capital asset acquisitions in accounts payable and project retainage 1,486,084
Amortization of premiums and losses on refunding debt 17,238,202
Accretion of interest on capital appreciation bonds 772,825
UTAH TRANSIT AUTHORITY
STATEMENT OF FIDUCIARY NET POSITION
As of December 31, 2024
40
Pension and Other
Employment
Benefit Trust Funds
ASSETS
Cash in Bank 11,407,173$
Cash in Utah State Treasury 327,850
Total Cash 11,735,023
Investments
Global Equities 231,424,596
Fixed Income 88,542,029
Private Equity 2,903,063
Real Assets 24,575,576
Money Market 8,177,293
Total Investments 355,622,557
Prepaid Benefits 2,006,310
Deposits 104,795
Receivables
Dividends Receivable 21,755
Accounts Receivable - Benefits 2,556
Accounts Receivable - Contributions 945,031
Total Receivables 969,342
TOTAL ASSETS 370,438,027$
LIABILITIES
Benefits Payable 57,131$
Accounts Payable 2,957,970
TOTAL LIABILITIES 3,015,101
NET POSITION
Restricted for:
Pension 356,597,744
Benefits Other Than Pension 10,825,182
Total Net Position 367,422,926$
**Readers wanting additional information should refer to the notes to the financial statements
and supplementary schedules**
UTAH TRANSIT AUTHORITY
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
Year Ended December 31, 2024
41
Pension and Other
Employment
Benefit Trust Funds
ADDITIONS
Employer Contributions 58,522,427$
Participant Voluntary Contributions 6,897,100
Total Contributions 65,419,527
Net Investment Income
Net Appreciation in Fair Value of
Investments 31,999,663
Interest 544,429
Dividends 3,306,707
Total Investment Income 35,850,799
Less: Investment Expense 753,358
Net Investment Income 35,097,441
TOTAL ADDITIONS 100,516,968
DEDUCTIONS
Monthly Benefits Paid 47,030,411
Lump Sum Distributions 9,181,833
Administrative Expense 731,940
TOTAL DEDUCTIONS 56,944,184
CHANGE IN NET POSITION 43,572,784$
Total Net Position, January 1 323,850,142$
Total Net Position, December 31 367,422,926$
**Readers wanting additional information should refer to the notes to the financial statements
and supplementary schedules**
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
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.
The Authority is considered a component unit of State of Utah.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
43
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 the Governmental Accounting
Standards Board (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, 2024
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, 2024
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. $ 39,249,780
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. $ 52,860,589
The Authority has issued bonds and leases in 2019, 2020, 2021, 2022, 2023, and
2024 for projects that are not complete to date and has entered into interlocal
agreement to establish escrow accounts for specific projects. $ 66,539,276
The Authority is required to maintain certain accounts in connection with being
self-insured in the State of Utah. $ 8,964,130
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
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.
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
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
47
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. 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 lease 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. 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. Right to use and subscription assets are amortized over the shorter of the estimated useful lives
of the assets or the lease or subscription term. 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
Subscriptions - Software 5 to 10
Easements 20 to 50
Right to use lease land 2 to 10
Right to use lease buildings 2 to 6
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
48
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
The Authority invested $28,816,913 of land and proceeds from completed phases of the development for
capital account and 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.
P. Lease and Subscriptions 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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
49
The Authority classifies subscription-based information technology arrangements (SBITAs) as those
contracts which convey control of the right to use another party’s (a SBITA vendor’s) IT software, alone or
in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period
of time. At the commencement of the subscription term, the Authority recognizes a subscription liability
and an intangible right-to-use subscription asset. The subscription liability is measured at the present value
of subscription payments expected to be made during the subscription term. The subscription asset is
measured as the sum of the initial measurement of the subscription liability, any payments associated with
the SBITA contract made at the commencement of the subscription term, and any capitalizable initial
implementation costs.
Q. Compensated Absences
Vacation pay is accrued biweekly and charged to department’s compensated absence expense as earned
by employees. Vacation leave may be accumulated and carried forward each year. Employees that
terminate or retire from employment will be paid for all accrued, unused vacation time up to 360 hours. A
reconciliation of accrued vacation is completed periodically by multiplying employee balances by their pay
rates.
Sick pay benefits are earned 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. Vested employees may convert up to 900 hours of sick time into a
retiree medical account at the time of retirement. Employees that do not retire at the end of their tenure
at the Authority forfeit all sick leave.
The Authority records a compensated absences liability for earned leave that accumulates, carries forward,
and is more likely than not to be used or paid out upon separation of service.
R. Risk Management
The Authority is exposed to various risks of loss related to torts; theft, damage, and destruction of assets;
environmental matters; worker’s compensation self-insurance; damage to property; and injuries to
passengers and other individuals resulting from accidents, errors, and omissions.
Under the Governmental Immunity Act, the maximum statutory liability in any one accident is $3 million
for incidents occurring after May 1, 2019. The Authority carries an excess umbrella policy of $10 million
over a $7 million self-insurance reserve. The Authority has Railroad Liability Coverage of $100 million per
annum with $5 million of risk retention. The Authority is self- insured for worker’s compensation up to the
amount of $1 million per incident and has excess insurance for claims over this amount. The Authority has
insurance for errors and omissions and damage to property in excess of $100,000 per annum.
S. Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of
resources related to pensions, and pension expense, information about the fiduciary net position of the
Utah Transit Authority Employee Retirement Plan and Trust (“the Plan”) and additions to/deductions from
the Plan’s fiduciary net position have been determined on the same basis as they are reported by the Plan.
For this purpose, benefit payments (including refunds of employee contributions) are recognized when due
and payable in accordance with the benefit terms. Investments are reported at fair value.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
50
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, reduced by the outstanding debt
obligations related to those assets. To the extent debt has been incurred, but not yet expended for
capital assets, such amounts are not included as a component of net investment in capital assets.
Restricted for debt service: This component of net position consists of the amount restricted by bond
covenants for debt service.
Restricted for interlocal agreement: This component of net position consists of the amounts restricted
by interlocal agreements with 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
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
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
51
W. Implemented 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
No significant impact on the Authority’s financial statements as a result of adoption.
GASB Statement 101
Compensated Absences
Takes effect for reporting periods beginning after December 15, 2023
This Statement requires that liabilities for compensated absences be recognized for (1) leave that has not
been used and (2) leave that has been used but not yet paid in cash or settled through noncash means. A
liability should be recognized for leave that has not been used if (a) the leave is attributable to services
already rendered, (b) the leave accumulates, and (c) the leave is more likely than not to be used for time
off or otherwise paid in cash or settled through noncash means.
The Authority implemented this Statement for the year ended December 31, 2024. The cumulative effect
of adopting this Statement is reflected as an adjustment to beginning net position. The impact of the
adoption of the new standard as of January 1, 2024 is summarized below.
Net Position Impact
Net position, January 1, 2024, as previously stated $ 1,227,163,873
Cumulative effect of adoption of GASB 101 (1,226,124)
Net position, January 1, 2024, as restated $ 1,225,937,749
Compensated Absences Liability Impact
Compensated absences, January 1, 2024, as previously stated $ 17,384,766
Cumulative effect of adoption of GASB 101 1,226,124
Compensated absences, January 1, 2024, as restated $ 18,610,890
X. Future Accounting Pronouncements
GASB Statement 102
Certain Risk Disclosures
Takes effect for reporting periods beginning after June 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
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
52
GASB Statement 104
Disclosures of Certain Capital Assets
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, 2024
Zions Bank 21,304,455$
Cash on Hand 186,704
Public Treasurers Investment Fund (PTIF)102,318,238
Total Cash and Cash Equivalents 123,809,397
Chandler Investments
Money Market 46,540,590
US Government Issues 166,487,615
Total Unrestricted Investments 213,028,205
Total Unrestricted Cash and Investments 336,837,602$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
53
Restricted Cash and Investments
Consisting of the following as of December 31, 2024
Bond Funds (Zions Bank) 39,249,780$
Escrow Funds
Chase Lease 7,684,908$
Bank of America Lease (PTIF) 58,849,643
Bond Proceeds (Zions Bank)4,725 66,539,276
Interlocal Agreements
Box Elder 27,947,620$
Perry 267,832 28,215,452
Self Insurance Deposits
Zions Risk Account (371,185)
Total Restricted Cash and Cash Equivalents 133,633,323
Interlocal Agreements
Chandler Investment-Utah County
Money Market 192,615$
US Government Issues 24,452,522 24,645,137
Self Insurance Deposits
Chandler Investment-Self Insurance
Money Market 94,273$
US Government Issues 8,078,012 8,172,285
Chandler Investment-Catastophic
Money Market 16,935$
US Government Issues 1,146,095 1,163,030
Total Restricted Investments 33,980,452
Total Restricted Cash and Investments 167,613,775
Total Unrestricted and Restricted Cash and Investments 504,451,377$
Unrestricted Restricted Total
Money market 46,540,590$ 303,823$ 46,844,413$
U.S. Government issues 166,487,615 33,676,629 200,164,244
Total investments 213,028,205$ 33,980,452$ 247,008,657$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
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, 2024, the balance in the Authority’s bank demand deposit accounts and certificate of
deposit accounts according to the bank statements totaled $21,304,455 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. There are no corporate investments as of December 31, 2024. A concentration of
credit risk to the portfolio does exist with the FFCB and FHLB investments, which represent 9.10% and
12.08% of the total investment, respectively.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
55
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, 2024:
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).
Moody/S&P/Fitch Credit Exposure
Credit Quality as a % of Total
Investment (Rating)Amount Investment
U.S. Government Issues
FHLMCMTN Maturity > 1YR Aaa/AA+/AAA 1,254,911 0.51%
Federal Farm Credit Banks Maturity < 1YR Aaa/AA+/AAA 5,162,217 2.09%
Federal Farm Credit Banks Maturity > 1YR Aaa/AA+/AAA 17,326,621 7.01%
Federal Home Loan Banks Maturity < 1YR Aaa/AA+/AAA 1,893,167 0.77%
Federal Home Loan Banks Maturity > 1YR Aaa/AA+/AAA 27,929,341 11.31%
US Treasury Note Maturity < 1YR 40,480,657 16.39%
US Treasury Note Maturity > 1YR 106,117,330 42.96%
Total U.S. Government Issues 200,164,244$ 81.04%
Investments Less than 1 year 1-5 years 6-10 years Total
Money Market 46,844,413$ -$ -$ 46,844,413$
U.S. Government Issues 47,536,041 149,918,837 2,709,366 200,164,244
94,380,454$ 149,918,837$ 2,709,366$ 247,008,657$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
56
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, 2024 by fair value measurement:
12/31/2024 Level 1 Level 2 Level 3
Chandler Investments
U.S. Government Issues 200,164,244$ -$ 200,164,244$ -$
Money Market 46,844,413 46,844,413 - -
Total Investments by Fair Value Level 247,008,657$ 46,844,413$ 200,164,244$ -$
Fair Value Measurements
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
57
NOTE 4 – CAPITAL ASSETS
Depreciation/amortization expense by mode that mirrors the Statement of Revenues, Expenses, and Changes in Net
Position:
Balance Balance
1/1/2024 Increases Transfers Decreases 12/31/2024
Capital assets not being depreciated/amortized
Land 416,301,444$ 2,384,412$ -$ (221,199)$ 418,464,657$
Construction in Progress 188,838,231 130,737,341 - (48,505,018) 271,070,554
Total capital assets not being depreciated/amortized 605,139,675 133,121,753 - (48,726,217) 689,535,211
Capital assets being depreciated/amortized
Land Improvements 313,608,077 189,458 - (2,522,290) 311,275,245
Leasehold Improvements 94,263,206 - - - 94,263,206
Buildings and Building Improvements 261,556,035 12,755,295 - (3,768,452) 270,542,878
Infrastructure 2,515,895,369 2,618,500 - (8,288,756) 2,510,225,113
Revenue Vehicles 698,896,156 10,869,517 (299,001) (18,809,597) 690,657,075
Financed Revenue Vehicles 123,659,672 16,310,542 40,541 (82,962) 139,927,793
Financed Non-Revenue Vehicles 227,237 5,718,326 - - 5,945,563
Equipment 79,395,978 3,784,028 258,458 (4,929,591) 78,508,873
Intangibles
Software 45,562,473 - (6,044,468) - 39,518,005
Easements 10,794,115 10,500 - - 10,804,615
Other Intangibles 9,357,175 - (4,627,148) (132,223) 4,597,804
Right to Use Lease Buildings 498,622 3,664 5,599,332 (264,207) 5,837,411
Right to Use Lease Land 868,481 - 5,072,286 - 5,940,767
Right to Use Subscription 15,125,096 8,501,405 - - 23,626,501
Total capital assets being depreciated/amortized 4,169,707,692 60,761,235 - (38,798,078) 4,191,670,849
Less: Accumulated depreciation/amortization
Land Improvements (124,588,616) (13,817,451) - 20,871 (138,385,196)
Leasehold Improvements (12,109,570) (1,880,997) 1,200,588 - (12,789,979)
Buildings and Building Improvements (98,595,567) (7,784,539) - 3,678,954 (102,701,152)
Infrastructure (1,060,376,831) (71,805,248) - 7,517,343 (1,124,664,736)
Revenue Vehicles (415,644,335) (26,579,597) 262,401 18,809,594 (423,151,937)
Financed Revenue Vehicles (37,533,101) (11,846,907) (3,942) 42,420 (49,341,530)
Equipment (66,362,132) (5,310,864) (258,458) 4,261,533 (67,669,921)
Intangibles
Software (35,024,035) (7,226,215) 6,660,139 (35,590,111)
Easements (861,903) (294,567) (5,566,127) - (6,722,597)
Other Intangibles (3,323,992) (224,792) (1,680,880) 132,223 (5,097,441)
Right to Use Lease Buildings (110,699) (94,606) (68,895) 264,207 (9,993)
Right to Use Lease Land (313,949) (239,637) (544,826) - (1,098,412)
Right to Use Subscription (4,191,241) (6,059,281) - - (10,250,522)
Total accumulated depreciation/amortization (1,859,035,971) (153,164,701) - 34,727,145 (1,977,473,527)
Capital assets being depreciated/amortized, net 2,310,671,721 (92,403,466) - (4,070,933) 2,214,197,322
Total capital assets, net 2,915,811,396$ 40,718,287$ -$ (52,797,150)$ 2,903,732,533$
Depreciation/Amortization Expense by mode:
Bus service 35,744,882$
Rail service 108,543,123
Demand response service 5,192,488
Other service 3,684,208
153,164,701$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
58
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 2024:
The future principal and interest payments related to these leases are as follows:
Due in
Balance as of Balance as of Less than
1/1/2024 Additions Reductions 12/31/2024 a Year
Buildings 228,929$ 3,664$ (63,313)$ 169,280$ 23,373$
Land 172,641 - (86,923) 85,718 21,921
Total lease payable 401,570$ 3,664$ (150,236)$ 254,998$ 45,294$
Interest Principal Total
Buildings
2025 1,481$ 23,373$ 24,854$
2026 739 75,772 76,511
2027 115 62,636 62,751
2028 - 7,499 7,499
2029 - - -
Total for buildings 2,335 169,280 171,615
Land
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 295 3,291 3,586
2030-2034 507 16,341 16,848
Total for land 3,715 85,718 89,433
Total liability 6,050$ 254,998$ 261,048$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
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
1/1/2024 Additions Reductions 12/31/2024 a Year
Buildings 22,824$ -$ (7,232)$ 15,592$ 7,600$
Land 2,361,544 32,595 (208,565) 2,185,574 129,078
Total lease receivable 2,384,368$ 32,595$ (215,797)$ 2,201,166$ 136,678$
Interest Principal Total
Buildings
2025 410$ 7,600$ 8,010$
2026 1 7,992 7,993
Total for Buildings 411 15,592 16,003
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
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.
Interest Principal Total
Land
2025 108,375$ 129,078$ 237,453$
2026 104,271 77,031 181,302
2027 102,253 20,695 122,948
2028 102,169 2,602 104,771
2029 101,748 3,021 104,769
2030-2034 506,567 16,220 522,787
2035-2039 503,400 10,586 513,986
2040-2044 500,691 13,291 513,982
2045-2049 496,589 17,388 513,977
2050-2054 491,693 21,790 513,483
2055-2059 485,671 27,080 512,751
2060-2064 478,276 34,475 512,751
2065-2069 468,186 44,564 512,750
2070-2074 455,566 57,184 512,750
2075-2079 439,369 73,381 512,750
2080-2084 418,809 93,941 512,750
2085-2089 391,896 120,854 512,750
2090-2094 357,645 155,105 512,750
2095-2099 313,684 199,066 512,750
2100-2104 257,196 255,554 512,750
2105-2109 184,752 327,998 512,750
2110-2114 91,770 420,980 512,750
2115-2119 4,991 63,690 68,681
Total for Land 7,365,567 2,185,574 9,551,141
Total Receivable 7,365,978$ 2,201,166$ 9,567,144$
Balance Balance Due in
as of as of Less than
1/1/2024 Additions Reductions 12/31/2024 a Year
Subscription liabilities 11,025,301$ 5,912,224$ (4,418,989)$ 12,518,536$ 3,745,791$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
61
The future principal and interest payments related to these SBITAs 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 $ 32,570,217
Federal operating assistance 118,542
32,688,759
Capital projects
Federal capital projects 29,526,049
Total federal assistance $ 62,214,808
NOTE 7 – SELF-INSURANCE CLAIMS LIABILITY
Changes in the accrued claims liability in 2024, 2023 and 2022 were as follows:
Beginning
Liability
Claims Incurred and
Changes in Estimates
Claim
Payments
Ending
Liability
2024 1,671,735 2,267,086 (2,020,350) $ 1,918,471
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
Interest Principal Total
2025 356,238$ 3,745,791$ 4,102,029$
2026 288,748 2,772,863 3,061,611
2027 373,095 1,698,447 2,071,542
2028 182,150 1,492,899 1,675,049
2029 119,363 571,918 691,281
2030-2033 237,198 2,236,618 2,473,816
Total 1,556,792$ 12,518,536$ 14,075,328$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
62
There were no significant reductions in coverage from prior years. As shown in the table above there were no
instances in the past 3 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 2024 the Authority
contributed $3,052,758. 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 2024, the Authority contributed $107,048. 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, 2024
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 2024, the Authority contributed
$812,626 . 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, 2024
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, 2024
Fully Vested 1,649
Partially Vested -
Not Vested 997
Inactive Participants Not Receiving Benefits 563
Retirees and Beneficiaries Receiving Benefits 813
Total 4,022
D. Benefit Terms
Retirement Benefits
Employees with five or more years of service are entitled to annual pension benefits beginning at normal
retirement age 65, or any age with 37.5 years of service in the Plan.
For administration participants who began participating in the Plan prior to January 1, 1994, the annual
benefit is based on a retirement benefit formula equal to:
2.3% of average compensation multiplied by the participant’s years of service (not exceeding 20 years),
plus
1.5% of the average compensation multiplied by the participant’s years of service in excess of 20 years
(but such excess not to exceed 9 years of service), plus
0.5% for one year plus 2.0% for years in excess of 30 years not to exceed 75% of average compensation.
For all other active participants, the annual benefit is based on a retirement benefit formula equal to:
2.0% of average compensation multiplied by the participant’s years of service (not to exceed 37.5 years
or 75% of average compensation)
Upon termination of employment, members may leave their retirement account intact for future benefits
based on vesting qualification or withdraw the accumulated funds in their individual member account and
forfeit service credits and rights to future benefits upon which the contributions were based.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
65
If employees terminate employment before rendering three years of service, they forfeit the right to receive
their non-vested accrued plan benefits.
Early Retirement Benefits
The Plan allows for early retirement benefits if the participant has not reached the age of 65 but is at least
age 55 with a vested benefit. Benefits under early retirement are equal to the value of the accrued pension,
if the participant had retired at the age of 65, reduced 5% per year if the payments begin before age 65.
Disability Benefits
The Plan allows for disability benefits. A member who becomes permanently disabled after 5 years of
service will immediately receive the greater of the actuarially-reduced monthly accrued benefit or $90 per
month, reduced by any Authority sponsored disability plans. Payment of the disability benefit ends at age
65.
Death Benefits
If a participant’s death occurs before age 55, but after 5 years of service, the present value of the
participant’s accrued vested benefit is payable to the participant’s beneficiary in the form of a single lump
sum regardless of the amount.
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) Life annuity with 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 2024, 47 participants elected to receive their benefit in the form of lump sum distribution. Lump
sum distributions collectively totaled $9,181,833. Individuals are removed from the Plan’s membership if
they choose to take all of their benefit as a lump sum distribution.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
66
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 2024 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.
F. Method of Accounting
The Plan prepares its financial statements on the accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America, under which benefits and expenses are
recognized when due and payable and revenues are recorded in the accounting period in which they are
earned and become measurable in accordance with the terms of the Plan. Accordingly, the valuation of
investments is shown at fair value and both realized and unrealized gains (losses) are included in net
appreciation and depreciation in fair value of investments.
The plan reports in accordance with the requirements of GASB 67.
G. Pension Assets, Liabilities, Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
Net Pension Liability
At December 31, 2024, the Authority reported a net pension liability of $133,377,587. The net pension
liability was measured as of December 31, 2024 and was determined by an actuarial valuation as of
January 1, 2024 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
12/31/2024 $489,975,331 $356,597,744 $133,377,587 72.78% $195,272,130 68.30%
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
67
Deferred Outflows of Resources and Deferred Inflows of Resources
At December 31, 2024, the Authority reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
Deferred Inflows of
Resources
Deferred Outflows of
Resources
Differences between expected and
actual experience $ (325,389) $ 18,733,702
Change of Assumptions 0 6,021,209
Net difference between projected and
actual earnings 0 2,451,422
Total $ (325,389) $ 27,206,333
Pension Expense
For the year ended December 31, 2024, the Authority recognized pension expense of $36,764,302. 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
2025 $ 13,469,622
2026 13,937,886
2027 (3,337,925)
2028 503,854
2029 1,941,101
Thereafter 366,406
Total $ 26,880,944
Actuarial Methods and Assumptions
The total pension liability in the January 1, 2024 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
4.08%
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
68
The actuarial assumptions used in the January 1, 2024 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 – 30%
Discount rate
The discount rate used to measure the total pension liability was 6.75%. The projection of cash flows used
to determine the discount rate assumed contribution rates as recommended by the Authority’s Pension
Committee and approved by the Board of Trustees. Based on these assumptions, the pension plan’s
fiduciary net position was projected to be available to make all projected future benefit payments of current
active and inactive participants. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total pension
liability.
In accordance with GASB 67 regarding the disclosure of the sensitivity of the net pension liability to changes
in the discount rate, the table below presents the net pension liability using the discount rate of 6.75%, as
well as what the net pension liability would be if it were calculated using a discount rate 1.00% lower
(5.75%) or 1.00% higher (7.75%) than the current rate.
The following sensitivity analysis assumes rate volatility of plus and minus one percent of the discount rate
of 6.75%.
1% Decrease
5.75%
Current Discount
Rate 6.75%
1% Increase
7.75%
Total pension liability $ 561,411,034 $ 489,975,331 $ 431,276,232
Fiduciary net position 356,597,744 356,597,744 356,597,744
Net pension liability $ 204,813,290 $ 133,377,587 $ 74,678,488
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
69
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
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability
(a) – (b)
Balances as of January 1, 2024 $ 456,860,580 $ 314,576,911 $ 142,283,669
Charges for the year
Service cost 15,704,877 - 15,704,877
Interest on total pension liability 31,065,694 - 31,065,694
Differences between expected and
actual experience 11,089,872 - 11,089,872
Changes of assumptions 268,636 - 268,636
Employer contributions - 32,762,584 (32,762,584)
Member voluntary contributions 61,008 61,008 -
Net investment income - 34,959,003 (34,959,003)
Benefit payments (25,075,336) (25,075,336) -
Administrative expenses - (686,426) 686,426
Balance as of December 31, 2024 $ 489,975,331 $ 356,597,744 $ 133,377,587
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
70
In setting the long-term asset policy for the Plan, the Committee has opted to provide a minimum and
maximum allowable allocation to the major asset classes. The aggregate exposure to each of the asset
classes is to remain within the following ranges:
Policy Allocation
Target
Allocation
Long Term
Expected Return
Global Equity 56% 36% - 76%
Private Equity 10% 0% - 20%
Real Assets 7% 3% - 11%
Alternatives 25% 15% - 35%
Cash & Equivalents 2% 0% - 5%
Rate of Return
The long-term rate of return is selected by the Plan’s Pension Committee after a review of the expected
inflation and long term real returns, reflecting expected volatility and correlation. The assumption currently
selected is 6.75% per annum, net of investment expenses.
Target Allocations
The long-term rate of return is selected by the Plan’s Pension Committee after a review of expected inflation
and long-term real returns, reflecting expected volatility and correlation. Best estimates of the compound
nominal rates of return for each major asset class included in the Plan’s target asset allocations as of
December 31, 2024, is summarized in the table below.
Asset Class
Target Asset
Allocation
Long Term
Expected Return
Global Equities 65% 6.8%
Fixed Income 25% 5.3%
Private Equities 1% 0.0%
Real Assets 7% 6.4%
Cash & Equivalents 2% 5.5%
Total 100% 6.75%
The 6.75% assumed investment rate of return is comprised of an inflation rate of 2.50% and a real return
of 4.35% net of investment expense.
I. Payment of Benefits
Benefit payments to participants are recorded upon distribution.
J. Administrative Expenses
Expenses for the administration of the Plan are budgeted and approved by the Pension Committee.
Administrative expenses are paid from investment earnings. Plan expenses are paid from Plan assets. For
the year ended December 31, 2024 the Plan paid $686,426 of administrative expenses.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
71
K. Tax Status
The Plan operates under an exemption from federal income taxes pursuant to Section 501(a) of the Internal
Revenue Code as a defined benefit plan.
L. Mutual Fund Asset Coverage
The Securities and Exchange Commission requires mutual fund companies to obtain fidelity bond coverage
for the assets under their control. The bond coverage varies in amounts depending on the mutual fund.
M. Cash Deposits
Custodial credit risk for cash deposits is the risk in the event of a bank failure, the Plan’s cash deposits may
not be returned. The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per depositor
per institution. Cash deposits and account balances in excess of $250,000 are uninsured and
uncollateralized.
The Plan considers short-term investments with an original maturity of 3 months or less to be cash
equivalents.
Cash held in banking institution(s) $ 590,392
N. Risks and Uncertainties
The Plan utilizes various investments which, in general are exposed to various risks such as interest rate
risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment
securities, it is reasonably possible that changes in the values of investment securities will occur in the near
term and such changes could materially affect the amounts reported in the financial statements.
O. Credit Risk
Credit risk for investments is in the risk that the counterparty to an investment will not fulfill its obligations.
The Plan’s rated investments are show below.
Fixed Income:
2024 $ 88,542,029 AA/Aa Rated
P. Investment Interest Rate Risk
Investment interest rate risk is the risk that changes in interest rates of debt investments will adversely
affect the fair value of an investment. The table below shows the maturities of the Plan’s investments.
Fixed Inc. Income:
2024 $ 88,542,029 Average effective duration: 5.3 years
Average effective maturity: 7.5 years
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
72
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, 2024 invested with any one organization.
Equity funds:
Two Sigma Active US All Cap $ 40,764,649
JP Morgan Chase Bank $ 21,526,227
Investments
Fixed Income:
IR+M Core Bond Fund II $ 31,816,197
Investment Assets at Fair Value
as of December 31, 2024
Level 1
Money Market Funds $ 5,979,898
Global Equity 231,424,596
Private Equity 2,903,063
Real Assets 24,575,576
Fixed Income 88,542,029
Total investments at Fair Value $ 353,425,162
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, 2024.
2024
Fair Value
Unfunded
Commitment
Redemption
Frequency
Redemption
Notice Period
Global Equities $ 231,424,596 $ - Daily Daily
Private Equity 2,903,063 - Daily Daily
Real Assets 24,575,576 - Daily Daily
Fixed Income 88,542,029 - Daily Daily
Total $ 347,445,264 $ -
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
73
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
commitments 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, 2024
74
SCHEDULE OF FIDUCIARY NET POSITION
UTA Employee
Retirement and
Trust
ASSETS
Cash in Bank 590,392$
Investments:
Global Equities 231,424,596
Fixed Income 88,542,029
Private Equity 2,903,063
Real Assets 24,575,576
Money Market 5,979,898
Total Investments 353,425,162
Prepaid Benefits 2,006,310
Receivables:
Dividends Receivable 21,755
Accounts Receivable - Benefits 2,556
Accounts Receivable - Contributions 898,058
Total Receivables 922,369
TOTAL ASSETS 356,944,233
LIABILITIES
Benefits Payable 57,131
Accounts Payable 289,358
TOTAL LIABILITIES 346,489
NET POSITION
Restricted for pension 356,597,744$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
75
SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
UTA Employee
Retirement and
Trust
ADDITIONS
Employer Contributions 32,762,584$
Participant Voluntary Contributions 61,008
Total Contributions 32,823,592
Net Investment Income
Net Appreciation in Fair Value of Investments 31,994,063
Interest 411,590
Dividends 3,306,707
Total Investment Income 35,712,360
Less: Investment Expense 753,358
Net Investment Income 34,959,002
TOTAL ADDITIONS 67,782,594
DEDUCTIONS
Monthly Benefits Paid 15,893,502
Lump Sum Distributions 9,181,833
Administrative Expense 686,426
TOTAL DEDUCTIONS 25,761,761
CHANGE IN NET POSITION 42,020,833$
Total Net Position, January 1 314,576,911$
Total Net Position, December 31 356,597,744$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
76
NOTE 9 – JOINT INSURANCE TRUST
A. General Information
The Union and the Authority have agreed on February 1, 1989 that specific amounts of money paid for
insurance benefit purposes for the union members be controlled by a trust. The trust should also control
any additional amounts paid by the union member shall be deposited in same agreed upon trust account.
B. Reporting Entity
The trust is administered by the Joint Insurance Committee that consists of seven (7) members, one (1)
neutral member agreed upon by the Union and the Authority, three (3) appointed by the Amalgamated
Transit Union Local 382 in accordance with a collective bargaining agreement and three members of staff
appointed by the Authority. The members of the Joint Insurance Committee may (but need not) be
participants in the trust.
C. Membership
The Plan’s membership consisted of:
December 31, 2024
Active participants 1,584
Inactive participants not receiving benefits 257
Total 1,841
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.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
77
F. Method of Accounting
The Plan prepares its financial statements on the accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America, under which benefits and expenses are
recognized when due and payable and revenues are recorded in the accounting period in which they are
earned. Accordingly, the valuation of investments is shown at fair value and both realized and unrealized
gains (losses) are included in net appreciation and depreciation in fair value of investments.
SCHEDULE OF FIDUCIARY NET POSITION
Joint Insurance
Trust
ASSETS
Cash in Bank 10,816,781$
Cash in Utah State Treasury 327,850
Total Cash 11,144,631
Investments - money markets 2,197,395
Deposits 104,795
Receivables:46,973
TOTAL ASSETS 13,493,794
LIABILITIES
Accounts Payable 2,668,612
TOTAL LIABILITIES 2,668,612
NET POSITION
Restricted for benefits other than pension 10,825,182$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
78
SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
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.
Joint Insurance
Trust
ADDITIONS
Employer Contributions 25,759,843$
Participant Voluntary Contributions 6,836,092
Total Contributions 32,595,935
Net Investment Income
Net Appreciation in Fair Value of Investments 5,600
Interest 132,839
Total Investment Income 138,439
TOTAL ADDITIONS 32,734,374
DEDUCTIONS
Monthly Benefits Paid 31,136,909
Administrative Expense 45,514
TOTAL DEDUCTIONS 31,182,423
CHANGE IN NET POSITION 1,551,951$
Total Net Position, January 1 9,273,231$
Total Net Position, December 31 10,825,182$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
79
In the event of default, the Trustee for the bonds may pursue any available remedy by suit at law on in
equity to enforce the payment of the principal of, premium, in any, and interest on the Bonds the
Outstanding or to enforce any obligations of the Authority. However, the Authority’s obligations with
respect to the Bonds are limited to Pledged Revenues. (Amended and Restated General Indenture of Trust,
dated September 1, 2002)
For those debts for which collateral or a leasehold interest has been pledged, the most likely remedy in the
event of default would be though other possible remedies include acceleration of all unpaid payments on
the debt, possession of pledged property by the debtor, and any necessary legal actions against the
Authority to cure the default. (The Authority’s Current Standard Lease Purchase Agreement Language)
In prior years, the Authority has refunded certain bonds by placing the proceeds of new bonds in an
irrevocable trust to provide for all future debt service payments on the refunded bonds. Accordingly, the
trust account assets and the liability for the refunded bonds are not included in the Authority’s financial
statements.
DIRECT BORROWINGS
Beginning in 2015, UTA has secured financing agreements annually for the purchase of buses, paratransit
vehicles and vanpool commuter vans. The financing agreements from 2015 through 2019 were secured
from Banc of America Public Capital Corporation and the financing agreements from 2020 through 2021
were secured through JP Morgan Chase Bank. In December 2022, the Authority entered into a 5-year
master financing agreement for 2022-2026 that has an index rate guarantee for the term of the agreement.
These finance agreements transfer title of the vehicles to 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 $65 million Subordinated Transportation Sales Tax Revenue
Bond to be used for the construction of the Utah Valley Express bus route. The Authority and Utah County
have entered into an inter-local agreement that requires the Authority to reimburse Utah County for all
bond costs (principal, interest, and cost of issuance) prior to December 31, 2028.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
80
Amount
Outstanding
Amount Due
Within One Year
Accrued
Interest
Amount of
Collateral
Direct Borrowings:
Inter-local Loan:
52,885,000$ 1,700,000$ 347,307$ -$
Subtotal: Direct Borrowings - Inter-local loans: 52,885,000$ 1,700,000$ 347,307$ -$
Financing Agreements:
1,251,852$ 476,591$ -$ 2,447,216$
827,746 215,806 - 1,384,545
10,786,721 2,099,650 - 16,603,356
6,776,438 1,054,697 - 9,440,403
3,052,782 429,644 - 3,877,555
6,982,870 646,245 - 9,466,942
1,039,720 517,355 - 9,048,227
22,725,129 1,879,828 - 27,108,075
1,968,800 647,432 - 2,341,269
22,236,388 1,462,805 - 14,893,625
953,208 143,336 - 1,176,789
$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. As of
November 2024, 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.
$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.
$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.
$1,223,154 8-Year Financing Agreement, Series 2022, issued December 16, 2022,
maturing monthly from January 16, 2023 through December 16, 2030, with interest
payable monthly at rate of 4.0278%. A leasehold interest in 31 nonrevenue vehicles
and equipment is pledged as security for the debt.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
81
Amount
Outstanding
Amount Due
Within One Year
Accrued
Interest
Amount of
Collateral
5,214,890 1,226,468 - 7,632,875
14,850,722 870,858 - 15,656,327
9,171,783 862,355 - -
2,585,249 325,754 - 2,890,024
472,790 42,268 - -
2,881,766 342,245 - 853,434
Subtotal: Direct Borrowings - Financing Agreements: 113,778,854$ 13,243,337$ -$ 124,820,662$
Total Direct Borrowings: 166,663,854$ 14,943,337$ 347,307$ 124,820,662$
$3,102,000 8-Year Financing Agreement, Series 2024, issued April 24, 2024, maturing
monthly from May 24, 2024 through April 24, 2032, with interest payable monthly at
rate of 4.2470%. A leasehold interest in Various non-revenue service vehicles 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 inteerest 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.
$500,000 10-year Financing Agreement, Series 2024, issued April 24, 2024, maturing
monthly from May 24, 2024 through April 24, 2034, with interest payable monthly at
rate of 4.2010%. A leasehold interest in Various non-revenue vehicles and equipment
is pledged as security for the debt.
Other Related Debt:
Revenue Bonds
70,985,000 7,335,000 355,577 -
22,660,000 22,660,000 339,037 -
21,310,000 13,315,000 250 -
95,175,000 - 402,463 -
74,155,000 - 147,390 -
85,535,000 3,930,000 198,310 -
54,485,000 1,935,000 104,579 -
$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%
$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%.
$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%.
$61,830,000 Senior Revenue bonds, Series 2019A,
issued November 26, 2019, maturing annually from June 15, 2020 through December
15, 2044, with interest payable semiannually at rates from 3.00-5.00%.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
82
Amount
Outstanding
Amount Due
Within One Year
Accrued
Interest
Amount of
Collateral
94,725,000 - 3,589,196 -
59,070,000 - 87,851 -
194,770,000 4,260,000 192,887 -
62,625,000 - 220,273 -
407,680,000 8,365,000 362,872 -
15,520,000 250,000 19,046 -
77,600,000 - - -
419,365,000 - - -
120,975,000 - - -
Subtotal: Other Related Debt - Revenue Bonds: 1,876,635,000$ 62,050,000$ 6,019,731$ -$
$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%.
$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%.
$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%.
$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%.
$419,365,000 Senior Revenue Bonds, Series 2024,
Issued August 30, 2024, Maturing annually from June 15, 2025 through June 15,
2042, with interest payable semiannually at a rate of 5.0%.
$120,975,000 Subordinate Revenue Bonds, Series 2024,
Issued August 30, 2024, Maturing annually from June 15, 2025 through June 15,
2040, with interest payable semiannually at a rate of 5.0%.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
83
Amount
Outstanding
Amount Due
Within One Year
Accrued
Interest
Amount of
Collateral
Current Interest Bonds
78,610,000$ -$ 108,948$ -$
Subtotal: Other Related Debt - Current Interest Bonds: 78,610,000 - 108,948 -
Build America Bonds
- - - -
- - - -
Subtotal: Other Related Debt - Build America Bonds: - - - -
Captial Appreciation Bonds
18,911,498$ -$ 5,943,917$ -$
Subtotal: Other Related Debt - Capital Appreciation Bond: 18,911,498$ -$ 5,943,917$ -$
Total Other Related Debt: 1,974,156,498$ 62,050,000$ 12,072,596$ -$
Total of Direct Borrowings and Other Related Debt: 2,140,820,352$ 76,993,337$ 12,419,903$ 124,820,662$
$200,000,000 Subordinate Debt, Series 2010A, issued October 20, 2010, maturing
annually from June 15, 2011 through June 15, 2040, with interest payable
semiannually at a rate of 5.705%. The authority elected to treat the 2010A bonds as
"Build America Bonds" for the purpose of the American Recovery and Investment Act
of 2009 (the Recovery Act) and to receive a cash subsidy from the United States
Treasury in connection therewith. Pursuant to the Recovery Act, the Authority
anticipates cash subsidy payments from the United States Treasury equal to 35% less
sequestration ($3,822,065) of the interest payable on the 2010A bonds.These bonds
were fully refunded by the 2024 Bonds.
$18,911,498 Capital Appreciation Subordiate Debt, Series 2016,
issued August 24, 2016, maturing December 15, 2032 at a rate of 3.32%
$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%.
$261,450,000 Senior Debt, Series 2009B, issued May 21, 2009, maturing annually
from December 15, 2009 through June 15, 2029, with interest payable semiannually
at a rate of 5.937%. The authority elected to treat the 2009B bonds as "Build
America Bonds" for the purpose of the American Recovery and Investment Act of 2009
(the Recovery Act) and to receive a cash subsidy from the United States Treasury in
connection therewith. Pursuant to the Recovery Act, the Authority anticipates cash
subsidy payments from the United States Treasury equal to 35% less sequestration
($5,199,578) of the interest payable on the 2009B bonds. These bonds were fully
refunded by the 2024 Bonds.
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
84
Annual repayment requirements on the Direct Borrowings are:
OTHER RELATED DEBT
The Sales Tax Revenue Bonds are payable from and secured by UTA’s sales and use tax revenue. UTA is required to
maintain certain minimum deposits, as defined in the Indenture of Trust, to meet debt service requirements. Sales
Tax Revenue Bonds debt service requirements to maturity are as follows:
Principal Interest Total
Year ending December 31,
2025 1,700,000$ 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 52,885,000$ 7,831,668$ 60,716,668$
Financing Agreements
Principal Interest Total
Year ending December 31,
2025 13,243,337$ 3,399,634$ 16,642,971$
2026 13,630,973 3,011,963 16,642,936
2027 13,296,010 2,614,275 15,910,285
2028 12,674,913 2,217,805 14,892,718
2029 11,266,810 1,843,339 13,110,149
2030-2034 38,697,312 4,975,137 43,672,449
2035-2037 10,969,499 504,111 11,473,610
Total 113,778,854$ 18,566,264$ 132,345,118$
Principal Interest Total
Year ending December 31,
2025 62,050,000$ 72,778,071$ 134,828,071$
2026 71,985,000 70,858,721 142,843,721
2027 79,315,000 69,228,033 148,543,033
2028 81,400,000 67,128,889 148,528,889
2029 89,880,000 64,912,658 154,792,658
2030-2034 500,001,498 288,429,505 788,431,003
2035-2039 642,070,000 170,823,501 812,893,501
2040-2044 447,455,000 34,164,248 481,619,248
Total 1,974,156,498$ 838,323,626$ 2,812,480,124$
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
85
Changes in Debt Long-Term Liabilities
Long-term debt liability activity for the year ended December 31, 2024 was as follows:
Balance Balance Due Within
1/1/2024 Additions Reductions 12/31/2024 One Year
Direct Borrowings
Financing Lease
Agreements 123,309,600$ 3,602,000$ (13,132,746)$ 113,778,854$ 13,243,337$
Inter-local Loan 54,530,000 - (1,645,000) 52,885,000 1,700,000
Total Direct Borrowings 177,839,600 3,602,000 (14,777,746) 166,663,854 14,943,337
Other Related Debt
Sales Tax Revenue Bonds 1,480,690,000 540,340,000 (144,395,000) 1,876,635,000 62,050,000
Current Interest Bonds 110,595,000 - (31,985,000) 78,610,000 -
Build America Bonds 461,450,000 - (461,450,000) - -
Capital Appreciation Bonds 18,911,498 - - 18,911,498 -
Insurance premiums/
(discounts)43,328,287 78,071,397 (7,894,911) 113,504,773 -
Total Other Related Debt 2,114,974,785 618,411,397 (645,724,911) 2,087,661,271 62,050,000
Total Direct Borrowings and
Other Related Debt 2,292,814,385$ 622,013,397$ (660,502,657)$ 2,254,325,125$ 76,993,337$
Compensated Absences Balance Prior Period Adjusted Balance Balance Due Within
1/1/2024 Adjustment (1)1/1/2024 Additions Reductions 12/31/2024 One Year
Total Vacation Liability 10,967,458$ 839,011$ 11,806,469$ 12,606,182$ (11,931,131)$ 12,481,520$ 9,643,594$
Total Sick Liability 6,417,308 387,113 6,804,421 1,883,230 (1,882,678) 6,804,973 1,283,822
Total Compensated Absences 17,384,766$ 1,226,124$ 18,610,890$ 14,489,412$ (13,813,809)$ 19,286,493$ 10,927,416$
(1) Adjustment to prior period balance is due to the implementation of GASB 101
UTAH TRANSIT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2024
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, 2024, the Authority also has purchasing commitments of $257.2 million for capital
projects. The largest of these commitments are as follows:
• 123.24 million SD100/SD160 Light Rail Vehicle Replacement
• 27.92 million Mid-Valley Connector
• 21.12 million Fares Systems Replacement Program
• 21.10 million 5600 W/Mountain View Corridor Project
• 9.03 million Maintenance System & OWATS Replacement
• 5.37 million Ogden/Weber State University BRT
• 5.08 million OK Building Repairs
• 4.61 million Non-Rev Service Vehicle Replacement
• 4.51 million South Valley Transit
• 3.01 million MOW Training Yard
• 2.51 million 900 East UVX Station
• 2.35 million Van pool Van replacement
• 2.20 million Init APC Upgrade
• 2.02 million Rail Passenger Info
• 1.97 million SLCentral HQ Office
• 1.97 million Frontrunner Double Tracking
• 1.89 million Light Rail Vehicle Rehab
• 1.77 million Program Management Support
• 1.77 million CPO New HRIS system app
• 1.65 million Train Control Rehab and Replacement
• 1.61 million TPSS Component Replacement/Traction Power Rehab and Replacement
• 1.58 million Prime Mover Engine Rebuild
• 1.49 million System Restrooms
• 1.46 million Clearfield FR Station Trail
• 1.35 million Bridge Rehabilitation & Maintenance
• 1.31 million S-Line Expansion
• 1.24 million Stray Current Mitigation
• 1.10 million Vehicle Replacement/Expansion
• 1.03 million Point of the Mountain
Required
Supplementary
Information
SM
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2024
88
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS – 10 YEARS
2024 2023 2022 2021
Total Pension Liability
Service cost $ 15,704,877 $ 14,308,127 $ 12,293,940 $ 12,597,159
Interest on total pension liability 31,065,694 29,160,956 27,443,651 25,639,471
Voluntary member contributions 61,008 346,127 116,525 334,301
Differences between expected and actual
experience 11,089,872 6,654,184 (621,195) 9,188,520
Assumption changes or inputs 268,636 - 6,482,520 -
Benefits paid (25,075,336) (22,266,119) (22,309,358) (19,196,735)
Net change in total pension liability 33,114,751 28,203,275 23,406,083 28,562,716
Total pension liability - beginning 456,860,580 428,657,305 405,251,222 376,688,506
Total pension liability - ending (a) 489,975,331 456,860,580 428,657,305 405,251,222
Plan Fiduciary Net Position
Contributions - employer $ 32,762,584 $ 30,041,866 $ 27,132,518 $ 25,207,307
Contributions - members 61,008 346,127 116,525 334,301
Net investment income 34,959,003 44,606,252 (56,561,527)28,830,047
Benefits paid (25,075,336)(22,266,119) (22,309,358)(19,196,735)
Administrative expense (686,426) (583,880) (554,229) (471,288)
Net change in plan fiduciary net position 42,020,833 52,144,246 (52,176,071)34,703,632
Plan fiduciary net position - beginning 314,576,911 262,432,665 314,608,736 279,905,104
Plan fiduciary net position - ending (b) 356,597,744 314,576,911 262,432,665 314,608,736
Net pension liability / (asset) - ending (a-b) $ 133,377,587 $ 142,283,669 $ 166,224,640 $ 90,642,486
Plan fiduciary net position as a percentage of the
total pension liability 72.78%68.86% 61.22%77.63%
Projected covered employee payroll $ 195,272,130 $ 173,115,453 $ 160,831,897 $ 153,983,509
Net pension liability as a percentage of covered
payroll 68.30%82.19% 103.35%58.87%
Schedule is intended to show information for 10 years.
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2024
89
2020 2019 2018 2017
Total Pension Liability
Service cost $ 10,653,870 $ 10,244,115 $ 9,550,863 $ 8,368,262
Interest on total pension liability 24,263,256 22,947,802 21,512,781 20,368,031
Voluntary member contributions 83,988 298,803 223,572 697,576
Differences between expected and actual
experience 4,292,503 3,347,505 4,893,150 4,915,564
Assumption changes or inputs 11,421,251 - - 5,079,447
Benefits paid (19,648,551) (17,302,699) (15,474,819) (13,008,142)
Net change in total pension liability 31,066,317 19,535,526 20,705,547 26,420,738
Total pension liability - beginning 345,622,189 326,086,663 305,381,116 278,960,378
Total pension liability - ending (a) 376,688,506 345,622,189 326,086,663 305,381,116
Plan Fiduciary Net Position
Contributions - employer $ 24,273,996 $ 24,008,192 $ 22,355,434 $ 20,506,163
Contributions - members 83,988 298,803 223,572 697,576
Net investment income 33,846,259 40,648,932 (16,629,921) 30,598,620
Benefits paid (19,648,551) (17,302,699) (15,474,819) (13,008,142)
Administrative expense (407,938) (434,427) (440,279) (324,912)
Net change in plan fiduciary net position 38,147,754 47,218,801 (9,966,013) 38,469,305
Plan fiduciary net position - beginning 241,757,350 194,538,549 204,504,562 166,035,257
Plan fiduciary net position - ending (b) 279,905,104 241,757,350 194,538,549 204,504,562
Net pension liability / (asset) - ending (a-b) $ 96,783,402 $ 103,864,839 $ 131,548,114 $ 100,876,554
Plan fiduciary net position as a percentage of the
total pension liability 74.31%69.95%59.66%66.97%
Projected covered employee payroll $ 152,297,365 $ 141,812,999 $ 132,521,079 $ 126,690,540
Net pension liability as a percentage of covered
payroll 63.55%73.24%99.27%79.62%
Schedule is intended to show information for 10 years.
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2024
90
2016 2015
Total Pension Liability
Service cost $ 7,711,706 $ 7,545,807
Interest on total pension liability 19,604,345 18,717,411
Voluntary member contributions 437,923 916,567
Differences between expected and actual
experience (927,077) (1,973,177)
Assumption changes or inputs (3,955,702) 7,725,363
Benefits paid (12,980,615) (11,554,824)
Net change in total pension liability 9,890,580 21,377,147
Total pension liability - beginning 269,069,798 247,692,651
Total pension liability - ending (a) 278,960,378 269,069,798
Plan Fiduciary Net Position
Contributions - employer $ 19,603,952 $ 16,745,254
Contributions - members 437,923 916,567
Net investment income 7,591,211 (1,085,458)
Benefits paid (12,980,615) (11,554,824)
Administrative expense (249,141) (244,011)
Net change in plan fiduciary net position 14,403,330 4,777,528
Plan fiduciary net position - beginning 151,631,927 146,854,399
Plan fiduciary net position - ending (b) 166,035,257 151,631,927
Net pension liability / (asset) - ending (a-b) $ 112,925,121 $ 117,437,871
Plan fiduciary net position as a percentage of the
total pension liability 59.50%56.40%
Projected covered employee payroll $ 115,430,618 $ 110,727,134
Net pension liability as a percentage of covered
payroll 97.83%106.06%
Schedule is intended to show information for 10 years.
UTAH TRANSIT AUTHORITY
REQUIRED SUPPLEMENTARY INFORMATION
Year Ended December 31, 2024
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
2024 $ 29,895,858 $ 32,762,584 (2,866,726) $ 195,272,130 16.78%
2023 29,290,819 30,041,866 (7581,057) 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%
NOTE 1 – METHODS AND ASSUMPTIONS USED TO DETERMINE CONTRIBUTION RATES AS
OF DECEMBER 31, 2024
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, 2024
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
2024 10.99%
2023 16.76%
2022 -17.85%
2021 10.19%
2020 13.88%
2019 20.56%
2018 -8.00%
2017 18.01%
2016 4.90%
2015 -0.72%
Schedule is intended to show information for 10 years.
Supplementary
Schedules
SM
UTAH TRANSIT AUTHORITY
SUPPLEMENTARY INFORMATION
December 31, 2024
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$ 13,670,000$ 493,670,000$ 492,426,212$ (1,243,788)$
Federal operating grants 84,903,000 12,057,000 96,960,000 32,688,759 (64,271,241)
Passenger revenues 35,850,000 2,131,000 37,981,000 39,255,838 1,274,838
Advertising 2,322,000 6,000 2,328,000 2,092,000 (236,000)
Investment income 7,215,000 (1,590,000) 5,625,000 25,294,865 19,669,865
Other income 11,634,000 1,013,000 12,647,000 25,672,217 13,025,217
Total revenues 621,924,000 27,287,000 649,211,000 617,429,891 (31,781,109)
Operating Expenses
Bus services 143,835,000 - 143,835,000 159,124,939 (15,289,939)
Rail services 102,604,000 - 102,604,000 120,182,858 (17,578,858)
Demand response services 42,102,000 40,000 42,142,000 46,111,798 (3,969,798)
Other services 4,015,000 (3,000) 4,012,000 5,043,420 (1,031,420)
Operations support 64,674,000 (137,000) 64,537,000 65,780,906 (1,243,906)
Administration (less non-operating)68,244,000 137,000 68,381,000 66,578,845 1,802,155
Total operating expenses 425,474,000 37,000 425,511,000 462,822,766 (37,311,766)
Non-Operating Expenses
Interest expense 79,145,000 - 79,145,000 95,730,232 (16,585,232)
Build America Bond subsidies (9,259,000) - (9,259,000) - (9,259,000)
Principal 66,575,261 - 66,575,261 72,045,000 (5,469,739)
Total non-operating expenses 136,461,261 - 136,461,261 167,775,232 (31,313,971)
Total Operating and Non-Operating Expenses 561,935,261$ 37,000$ 561,972,261$ 630,597,998$ (68,625,737)$
Capital Expenses (Revenues)
Federal and local grants (142,568,000)$ -$ (142,568,000)$ (29,526,049)$ (113,041,951)$
State and local contributions (30,596,000) - (30,596,000) (10,385,602) (20,210,398)
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 - 230,433,000 173,691,847 56,741,153
Total capital expenses (revenues)4,370,000$ -$ 4,370,000$ 133,780,196$ (129,410,196)$
Project expenses - less transfers to capital assets in 2024 (139,208,535)
Capital project expenses not capitalized 34,483,312$
Reconciliation:
Total revenues (operating and capital)657,341,542$
- Less total expenses (operating, non-operating, and capital (after capitalization) (665,081,310)
- Less depreciation expense (153,164,701)
+ Plus gain on sale of assets 605,141
+ Plus capital project expenses not capitalized (added into modes)
Bus 10,319,080
Rail 19,700,180
Demand response 2,936,247
Other service 1,527,805
+ Plus principal payments on long-term debt 72,045,000
Change in Net Position (Statement of Revenues, Expenses, and Changes in Net Position)(53,771,016)$
UTAH TRANSIT AUTHORITY
SUPPLEMENTARY INFORMATION
December 31, 2024
95
COMBINING STATEMENT OF FIDUCIARY NET POSITION
UTA Employee
Retirement Trust
Joint
Insurance Trust Total
ASSETS
Cash in Bank 590,392$ 10,816,781$ 11,407,173$
Cash in Utah State Treasury - 327,850 327,850
Total Cash 590,392 11,144,631 11,735,023
Investments:
Global Equities 231,424,596 - 231,424,596
Fixed Income 88,542,029 - 88,542,029
Private Equity 2,903,063 - 2,903,063
Real Assets 24,575,576 - 24,575,576
Money Market 5,979,898 2,197,395 8,177,293
Total Investments 353,425,162 2,197,395 355,622,557
Prepaid Benefits 2,006,310 - 2,006,310
Deposits - 104,795 104,795
Receivables:
Dividends Receivable 21,755 - 21,755
Accounts Receivable - Benefits 2,556 - 2,556
Accounts Receivable - Contributions 898,058 46,973 945,031
Total Receivables 922,369 46,973 969,342
TOTAL ASSETS 356,944,233 13,493,794 370,438,027
LIABILITIES
Benefits Payable 57,131 - 57,131
Accounts Payable 289,358 2,668,612 2,957,970
TOTAL LIABILITIES 346,489 2,668,612 3,015,101
NET POSITION
Restricted for:
Pension 356,597,744 - 356,597,744
Benefits Other Than Pension - 10,825,182 10,825,182
Total Net Position 356,597,744$ 10,825,182$ 367,422,926$
UTAH TRANSIT AUTHORITY
SUPPLEMENTARY INFORMATION
Year Ended December 31, 2024
96
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
UTA Employee
Retirement Trust
Joint Insurance
Trust Total
ADDITIONS
Employer Contributions 32,762,584$ 25,759,843$ 58,522,427$
Participant Voluntary Contributions 61,008 6,836,092 6,897,100
Total Contributions 32,823,592 32,595,935 65,419,527
Net Investment Income
Net Appreciation in Fair Value of 31,994,063 5,600 31,999,663
Interest 411,590 132,839 544,429
Dividends 3,306,707 - 3,306,707
Total Investment Income 35,712,360 138,439 35,850,799
Less: Investment Expense 753,358 - 753,358
Net Investment Income 34,959,002 138,439 35,097,441
TOTAL ADDITIONS 67,782,594 32,734,374 100,516,968
DEDUCTIONS
Monthly Benefits Paid 15,893,502 31,136,909 47,030,411
Lump Sum Distributions 9,181,833 - 9,181,833
Administrative Expense 686,426 45,514 731,940
TOTAL DEDUCTIONS 25,761,761 31,182,423 56,944,184
CHANGE IN NET POSITION 42,020,833$ 1,551,951$ 43,572,784$
Total Net Position, January 1 314,576,911$ 9,273,231$ 323,850,142$
Total Net Position, December 31 356,597,744$ 10,825,182$ 367,422,926$
Statistical
SM
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION
Year Ended December 31, 2024
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
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, 2024
99
NET POSITIONS AS OF DECEMBER 31 – 10 YEARS
CHANGE IN NET POSITION – 10 YEARS
2024 2023 2 2022 2021 1 2020
Net Position as of December 31
Capital investment in capital assets $775,525,771 $718,712,321 $666,552,866 $667,968,269 $648,605,411
Restricted 99,156,029 59,680,867 44,161,873 27,015,061 40,516,406
Unrestricted 297,484,933 448,770,685 505,087,728 331,437,253 228,081,924
Total net position 1,172,166,733 1,227,163,873 1,215,802,467 1,026,420,583 917,203,741
Restatement - (1,226,124) - 302,822 -
Total restated net position $1,172,166,733 $1,225,937,749 $1,215,802,467 $1,026,723,405 $917,203,741
2019 2018 2017 2016 2015
Net Position as of December 31
Capital investment in capital assets $692,675,681 $827,646,243 $894,275,843 $924,260,135 $1,040,640,236
Restricted 66,948,773 66,559,450 60,399,717 67,381,132 77,983,022
Unrestricted 113,143,840 85,088,927 39,001,859 71,502,447 76,548,154
Total net position 872,768,294 979,294,620 993,677,419 1,063,143,714 1,195,171,412
Restatement - - - - (9,497,521)
Total restated net position $872,768,294 $979,294,620 $993,677,419 $1,063,143,714 $1,185,673,891
2024 2023 2022 2021 2020
Operating revenues $41,347,838 $37,959,224 $35,713,144 $30,386,187 $34,880,272
Operating expenses 615,987,467 579,128,611 569,651,499 472,933,325 459,473,189
Operating loss (574,639,629) (541,169,387) (533,938,355) (442,547,138) (424,592,917)
Non-operating revenues 480,956,962 481,237,344 641,374,613 483,530,389 444,739,466
Income (loss) before capital contributions (93,682,667) (59,932,043) 107,436,258 40,983,251 20,146,549
Capital contributions 39,911,651 71,293,449 81,642,804 68,233,591 24,288,898
Change in net position (53,771,016)$ $11,361,406 $189,079,062 $109,216,842 $44,435,447
2019 2018 2017 2016 2015
Operating revenues $55,111,554 $54,464,392 $54,525,870 $52,891,021 $54,346,242
Operating expenses 457,897,920 401,161,541 427,777,940 422,543,342 394,062,733
Operating loss (402,786,366) (346,697,149) (373,252,070) (369,652,321) (339,716,491)
Non-operating revenues 261,451,197 268,435,411 246,722,487 226,957,532 209,462,264
Income (loss) before capital contributions (141,335,169) (78,261,738) (126,529,583) (142,694,789) (130,254,227)
Capital contributions 34,808,843 63,878,939 57,063,288 20,164,612 9,068,708
Change in net position (106,526,326)$ (14,382,799)$ (69,466,295)$ (122,530,177)$ (121,185,519)$
*Source: Utah Transit Authority 2024 Annual Comprehensive Financial Report
1. 2021 Net position restated due to GASB 87 Implementation in 2022.
2. 2023 Net position restated due to GASB 101 Implementation in 2024.
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – FINANCIAL TRENDS
Year Ended December 31, 2024
100
REVENUE HISTORY BY SOURCE
2024 2023 2022 2021 2020
Operating 41,347,838$ 37,959,223$ 35,713,144$ 30,386,187$ 34,880,272$
Sales taxes 492,426,212 482,427,243 480,925,766 433,360,729 361,590,707
Investment 25,294,865 31,955,716 1,806,825 1,432,026 3,525,448
Reinvestment of proceeds from
development agreements - - 19,368,007 - -
Net gain on sale of capital assets 605,141 (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 25,672,217 12,777,577 11,692,301 9,822,657 9,442,644
585,346,273 569,429,773 561,994,059 484,571,654 419,259,925
Federal grants
Federal preventive maintenance grants 32,570,217 62,979,264 47,286,518 - -
Federal operating grants 118,542 646,635 167,777,447 130,631,095 160,258,318
Federal capital grants 29,526,049 45,176,230 50,582,042 48,642,468 20,898,309
62,214,808 108,802,129 265,646,007 179,273,563 181,156,627
Other capital contributions 10,385,602 26,117,219 31,060,762 19,591,123 3,390,589
$657,946,683 $704,349,121 $858,700,828 $683,436,340 $603,807,141
2019 2018 2017 2016 2015
Operating 55,111,554$ 54,464,392$ 54,525,870$ 52,891,021$ 54,346,242$
Sales taxes 317,797,604 282,933,591 265,770,775 245,008,417 227,703,023
Investment 6,821,490 6,525,872 2,873,787 1,732,939 2,831,406
Reinvestment of proceeds from
development agreements - - - - -
Net gain on sale of capital assets - - - - -
Build America Bond Subsidies - - - - -
Other (45,372,222) 8,155,668 3,954,893 3,108,191 8,314,065
334,358,426 352,079,523 327,125,325 302,740,568 293,194,736
Federal grants
Federal preventive maintenance grants - 61,820,668 62,313,994 59,772,235 49,452,677
Federal operating grants 69,746,231 - - 3,562,534 2,547,335
Federal capital grants 16,395,068 31,585,004 53,960,024 17,054,298 7,819,096
86,141,299 93,405,672 116,274,018 80,389,067 59,819,108
Other capital contributions 18,413,775 32,293,935 3,103,264 3,110,314 1,249,612
$438,913,500 $477,779,130 $446,502,607 $386,239,949 $354,263,456
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – FINANCIAL TRENDS
Year Ended December 31, 2024
101
EXPENSE HISTORY BY FUNCTION
2024 2023 2022 2021 2020
Bus service 159,124,939$ 151,499,433$ 135,508,533$ 108,575,280$ 107,390,047$
Rail service 120,182,858 123,526,228 121,262,026 94,943,238 96,041,283
Paratransit service 46,111,798 37,727,338 33,431,955 27,083,173 22,646,903
Other service 5,043,420 3,691,915 3,509,781 3,587,718 3,296,275
Operations support 65,780,906 64,509,732 62,562,572 50,621,841 46,463,776
Administration ¹ 66,578,845 50,442,038 64,148,322 53,262,273 43,734,772
Capital Maintenance Projects - - - - -
Depreciation 153,164,701 146,921,013 142,059,366 134,048,888 139,089,219
Impairment Expense - - 6,358,030 - -
Interest ² 95,730,232 113,859,104 99,970,267 101,286,173 99,898,505
Recoverable sales tax, interlocal ³ 810,914 810,914 810,914 810,914 810,914
712,528,613$ 692,987,715$ 669,621,766$ 574,219,498$ 559,371,694$
2019 2018 2017 2016 2015
Bus service 104,570,413$ 96,719,747$ 88,928,063$ 85,841,973$ 77,092,676$
Rail service 77,972,467 75,157,087 72,895,607 84,165,069 67,254,632
Paratransit service 23,121,527 21,857,632 19,572,367 19,341,116 18,511,580
Other service 3,247,699 3,056,191 2,982,176 2,949,643 2,918,871
Operations support 47,056,444 45,557,749 41,932,571 37,831,682 32,051,926
Administration ¹ 35,927,831 38,783,033 30,612,930 38,840,643 35,189,725
Capital Maintenance Projects 19,078,502 38,654,111 20,602,425 - -
Depreciation 146,112,123 80,565,077 149,440,887 153,573,216 161,043,323
Impairment Expense - - - - -
Interest ² 87,541,906 91,000,388 88,190,962 85,415,870 80,575,328
Recoverable sales tax, interlocal ³ 810,914 810,914 810,914 810,914 810,914
545,439,826$ 492,161,929$ 515,968,902$ 508,770,126$ 475,448,975$
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, 2024
102
LOCAL CONTRIBUTIONS IN THE FORM OF SALES TAX BY COUNTY – 10 YEARS
2024 2023 2022 2021 2020
Box Elder ¹ 2,012,920$ 3,154,228$ 3,083,631$ 2,690,712$ 2,404,175$
Davis 49,871,101 48,505,397 48,085,992 44,689,405 37,364,965
Salt Lake 296,350,313 291,603,977 291,511,290 260,485,953 217,849,215
Tooele ² 4,477,128 4,367,638 4,174,538 4,040,910 3,347,286
Utah 99,040,456 95,655,237 94,740,945 84,632,418 69,278,480
Weber 40,674,294 39,140,766 39,329,370 36,821,329 31,346,586
492,426,212$ 482,427,243$ 480,925,766$ 433,360,727$ 361,590,707$
2019 2018 2017 2016 2015
Box Elder ¹ 2,019,036$ 1,898,308$ 1,957,740$ 1,790,352$ 1,552,291$
Davis 33,674,864 31,883,835 30,633,547 27,606,440 23,178,724
Salt Lake 196,744,294 174,704,191 163,407,564 153,201,907 146,866,479
Tooele ² 2,250,563 2,815,189 2,302,492 1,798,971 1,521,097
Utah 55,708,400 45,665,232 43,023,303 38,601,427 36,221,930
Weber 27,400,447 25,966,836 24,446,129 22,009,320 18,362,502
317,797,604$ 282,933,591$ 265,770,775$ 245,008,417$ 227,703,023$
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, 2024
103
LOCAL TRANSIT SALES TAX RATES BY COUNTY – 10 YEARS
PRINCIPAL CONTRIBUTORS OF SALES TAX BY COUNTY – 2024 AND 2015
2024 2023 2022 2021 2020
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% 0.7875% 0.8500% 0.8500%
Tooele 0.6500% 0.6500% 0.4000% 0.4000% 0.4000%
Utah 0.6260% 0.6260% 0.6260% 0.6260% 0.6300%
Weber 0.6500% 0.6500% 0.6500% 0.6500% 0.6500%
2019 2018 2017 2016 2015
Box Elder 0.5500% 0.5500% 0.5500% 0.5500% 0.5500%
Davis 0.6500% 0.6500% 0.6500% 0.6500% 0.5500%
Salt Lake 0.8500% 0.6875% 0.6875% 0.6875% 0.6875%
Tooele 0.4000% 0.4000% 0.4000% 0.4000% 0.3000%
Utah 0.6300% 0.5260% 0.5260% 0.5260% 0.5260%
Weber 0.6500% 0.6500% 0.6500% 0.6500% 0.5500%
Source: UTA Finance Department
Rank
Percentage of
contributions Amount Rank
Percentage of
contributions Amount
Salt Lake County 1 60.18% 296,350,313$ 1 64.50% 146,866,479$
Utah County 2 20.11% 99,040,456 2 15.91% 36,221,930
Davis County 3 10.13% 49,871,101 3 10.18% 23,178,724
Weber County 4 8.26% 40,674,294 4 8.06% 18,362,502
Tooele County 5 0.91% 4,477,128 6 0.67% 1,521,097
Box Elder County 6 0.41% 2,012,920 5 0.68% 1,552,291
492,426,212$ 227,703,023$
2024 2015
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – REVENUE CAPACITY
Year Ended December 31, 2024
104
FARES - 10 YEARS
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
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 5.00 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 9.70 10.30 10.30 10.30 10.30 10.30 10.30
Express 5.00 5.00 5.00 5.00 5.50 5.50 5.50 5.50 5.50 5.50
Streetcar 2.50 2.50 2.50 2.50 1.00 1.00 1.00 1.00 1.00 1.00
Monthly Passes
Adult 85.00$ 85.00$ 85.00$ 85.00$ 83.75$ 83.75$ 83.75$ 83.75$ 83.75$ 83.75$
Minor 42.50 42.50 42.50 42.50 62.75 62.75 62.75 62.75 62.75 62.75
College Student 42.50 42.50 42.50 42.50 62.75 62.75 62.75 62.75 62.75 62.75
Senior Citizen/Disabled 42.50 42.50 42.50 42.50 41.75 41.75 41.75 41.75 41.75 41.75
Express 170.00 170.00 170.00 170.00 198.00 198.00 198.00 198.00 198.00 198.00
Other Fares
Day Pass 5.00$ 5.00$ 5.00$ 5.00$ 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 49.00 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
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, 2024
105
TOTAL OUTSTANDING DEBT BURDEN PER CAPITA
YEARLY DEBT SERVICE COVERAGE
Sales Taxes Collected Personal Income of Percentage of Per
Financing (less Proposition 1 UTA Service Area Personal Income Capita
Fiscal Year Bonds Inter-Local Agreements and 4th quarter cent)
2015 2,291,439,672$ - 11,272,688.00$ 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 65,000,000.00 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 54,530,000 123,290,344 415,168,658 173,991,581,000 1.29% 822.12
2024 1,974,156,498 52,885,000 113,778,852 424,156,518 — —
Source: Note 10
2024 personal income numbers are not available at the preparation of this statement
Total Debt
Sales Taxes Collected
(less Proposition 1 Coverage Ratio
Fiscal Year Principal Interest and 4th quarter cent) of Sales Taxes
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
2024 637,830,000 74,335,998 424,156,518 0.60
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, 2024
106
DEMOGRAPHIC AND ECONOMIC STATISTICS
PRINCIPAL EMPLOYERS – 2023 AND 2014
Estimated Personal Income Per Capita Unemployment
Fiscal Year Population in UTA Service Area Personal Income Rate
2015 2,366,874 98,213,376,000$ 39,045$ 3.6%
2016 2,416,115 104,042,124,000 41,495 3.4%
2017 2,463,158 110,124,169,000 43,062 3.3%
2018 2,501,905 118,270,822,000 44,709 3.0%
2019 2,540,671 125,338,146,000 47,272 2.6%
2020 2,606,888 135,585,673,000 49,333 3.3%
2021 2,666,898 149,994,848,000 52,011 2.3%
2022 2,695,629 158,360,471,000 58,747 2.4%
2023 2,736,179 173,991,581,000 63,589 2.8%
2024 2,720,878 — — 3.3%
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 1.1% 20,000+ 1 1.4%
University of Utah Higher Education 20,000 + 2 1.1% 20,000+ 3 1.4%
Wal-Mart Associates Warehouse Clubs/Supercenters 20,000 + 3 1.1% 15,000-19,999 5 1.2%
State of Utah State Government 20,000 + 4 1.1% 20,000+ 2 1.4%
Brigham Young University Higher Education 15,000-19,999 5 0.9% 15,000-19,999 4 1.3%
Hill Air Force Base Federal Government 10,000-14,999 6 0.6% 10,000-14,999 6 0.9%
Davis County School District Public Education 7,000-9,999 7 0.4% 7,000-9,999 7 0.6%
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%
Northrop Grumman Corp Aerospace Manufacturing 7,000-9,999 10 0.4% — — —
Granite School District Public Education — — — 7,000-9,999 8 0.6%
US Department of the Treasury Federal Government — — — 5,000-6,999 10 0.3%
Totals 133,000-154,994+ 7.6% 126,000-152,000+ 8.7%
Total Employment 1,749,249 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: 2024 data was not availible when this report was issued.
2023 2014
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – OPERATING INFORMATION
Year Ended December 31, 2024
107
FULL-TIME EQUIVALENT AUTHORITY EMPLOYEES – 10 YEARS
TREND STATISTICS - 10 YEARS
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Bus operations 1,300 1,180 1,073 1,069 1,104 1,138 1,089 1,030 1,028 951
Rail operations 639 641 600 594 625 631 611 580 563 527
Paratransit operations 203 196 193 190 200 203 196 191 192 188
Other services 11 11 10 10 10 10 8 9 9 12
Support services 476 508 452 453 417 433 413 365 366 349
Administration 286 259 227 190 187 184 180 243 212 210
Total 2,915 2,795 2,555 2,506 2,543 2,599 2,496 2,417 2,368 2,237
Source: UTA Budget Office
Headcount Report 01/01/2025
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Passengers
Bus service 19,644,929 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
Rail service 18,093,299 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
Paratransit service 223,788 212,688 201,822 301,505 187,112 388,265 394,816 386,977 389,019 388,169
Vanpool service 1,151,649 1,033,123 731,900 587,721 658,990 1,068,364 1,174,696 1,264,410 1,333,780 1,423,675
Total passengers 39,113,665 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
Revenue Miles
Bus service 15,995,893 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
Rail service 10,892,311 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
Paratransit service 1,519,997 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
Vanpool service 7,925,575 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
Total Revenue Miles 36,333,776 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
Total Miles
Bus service 17,772,172 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
Rail service 11,004,901 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
Paratransit service 1,835,553 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
Vanpool service 7,925,575 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
Total miles 38,538,201 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
Passengers per Mile
Bus service 1.23 1.13 0.99 0.81 0.80 1.15 1.10 1.13 1.30 1.34
Rail service 1.66 1.46 2.47 0.96 1.01 1.86 1.90 1.96 1.97 2.03
Paratransit service 0.15 0.13 0.13 0.24 0.11 0.13 0.14 0.14 0.16 0.17
Vanpool service 0.15 0.14 0.12 0.10 0.12 0.17 0.18 0.20 0.20 0.21
Total passengers per mile 3.19 2.86 3.71 2.11 2.04 3.31 3.32 3.43 3.63 3.75
Revenue Hours
Bus service 1,323,990 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
Rail service 515,372 593,970 493,398 511,973 480,016 532,353 527,187 513,389 511,082 506,233
Paratransit service 107,346 101,821 94,758 79,710 116,174 181,749 180,342 162,198 162,734 160,383
Total revenue hours 1,946,708 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
Passengers per Revenue Hour
Bus service 14.84 13.85 12.48 10.27 10.64 15.68 15.28 15.69 18.43 19.21
Rail service 35.11 24.88 52.80 20.44 21.40 41.93 43.59 46.12 46.50 48.10
Paratransit service 2.08 2.09 2.13 3.78 1.61 2.14 2.19 2.39 2.39 2.42
Total passengers per revenue hour 52.03 40.82 67.41 34.49 33.65 59.75 61.06 64.20 67.32 69.73
Total System
Fare revenue $39,255,838 $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
Operating expense $348,532,560 $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
Cost per revenue mile 9.59 11.02 11.82 10.40 9.66 7.90 8.19 6.66 7.36 6.67
Cost per passenger 8.91 11.38 13.19 14.46 13.60 6.99 7.26 5.72 5.91 5.19
Fare revenue per passenger 1.00 1.05 1.10 1.19 1.39 1.18 1.18 1.16 1.11 1.12
Source: NTD
Note: Does not include commuter bus or contract transportation.
UTAH TRANSIT AUTHORITY
STATISTICAL SECTION – OPERATING INFORMATION
Year Ended December 31, 2024
108
OPERATING INDICATORS AND CAPITAL ASSETS - 10 YEARS
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Number of bus routes * 80 120 83 95 104 117 114 119 125 126 121 119
Number of rail routes
Light rail 4 4 4 4 4 4 4 4 4 4 4 4
Commuter rail 1 1 1 1 1 1 1 1 1 1 1 1
Bus service miles (weekday) 52,931 52,350 59,196 62,948 63,025 62,742 57,378 56,162 53,612 49,625 51,629 55,733
Rail service miles (weekday)
Light rail 21,405 20,301 8,789 8,342 6,797 8,832 8,853 8,814 8,815 8,828 8,547 8,216
Commuter rail 13,727 13,399 4,504 3,727 3,628 4,660 4,664 4,623 4,627 4,651 4,638 4,488
Average passengers (weekday) 128,971 111,401 99,494 79,916 78,972 152,940 151,901 156,288 155,873 161,862 161,339 162,644
Buses 444 447 520 648 539 570 561 582 567 555 535 493
Paratransit vehicles (buses/vans) 80 80 187 188 207 198 182 148 129 — 84 113
Rail vehicles
Light rail 114 114 114 117 117 117 146 146 146 146 146 146
Commuter rail 56 56 87 81 81 70 81 81 81 81 81 81
Vanpool vehicles 535 519 491 461 471 512 453 453 503 495 479 470
Park and ride lots1 ————————46 41 — —
Rail park and ride 41 41 41 42 42 42 42 42 — — — —
Non-Rail park and ride 25 25 25 12 12 12 12 12 — — — —
Bus stops 5,530 5,071 5,369 5,199 6,120 6,247 6,100 6,100 6,196 6,250 6,250 6,273
Rail stations
Light rail 60 57 57 57 57 57 57 57 57 57 51 51
Commuter rail 17 17 17 17 17 17 16 16 16 16 16 16
Source: NTD
UTA capital asset record
UTA Change-Day Roster
https://maps.rideuta.com/portal/apps/sites/#/uta-open-data
* including flex
1 As of 2017, UTA started distinguishing between rail and non-rail park and ride lots.
109
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 (2023) 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 Return11)
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”.
110
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
111
Performance Measures
COMMUTER BUS SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most recent year available (2023), and
compares the Authority's performance with other similar cities.
$16.00
Operating Expense per Vehicle Revenue Mile
San Diego UTA Seattle
Operating Expense per Vehicle Revenue Mile National Avg
$280.00
Operating Expense per Revenue Hour
San Diego UTA Seattle
Operating Expense per Revenue Hour National Avg
$14.00
$12.00 $275.00
$10.00 $270.00
$8.00
$6.00 $265.00
$4.00
$2.00
$260.00
$- $255.00
$1.40
Operating Expense per Passenger Mile
San Diego Seattle UTA
Operating Expense per Passenger Mile National Avg
$25.00
Operating Expense per Passenger Trip
UTA Seattle San Diego
Operating Expense per Passenger Trip National Avg
$1.20
$20.00
$1.00
$0.80 $15.00
$0.60 $10.00
$0.40
$0.20 $5.00
$- $-
1.0
Unlinked Trips per Vehicle Revenue Mile
San Diego UTA Seattle
Unlinked Trips per Vehicle Revenue Mile National Avg
18.0
Unlinked Trips per Vehicle Revenue Hour
San Diego UTA Seattle
Unlinked Trips per Vehicle Revenue Hour National Avg
16.0
0.8 14.0
0.6
12.0
10.0
0.4 8.0
6.0
0.2 4.0
2.0
- -
City State Agency
San Diego CA MTS
Seattle WA ST
112
COMMUTER RAIL SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most recent year available (2023), and
compares the Authority's performance with other similar cities.
$50.00
Operating Expense per Vehicle Revenue Mile
UTA Denver Dallas Seattle
Operating Expense per Vehicle Revenue Mile National Avg
$1,600.00
Operating Expense per Revenue Hour
Denver UTA Dallas Seattle
Operating Expense per Revenue Hour National Avg
$1,400.00
$40.00 $1,200.00
$30.00 $1,000.00
$800.00
$20.00 $600.00
$10.00 $400.00
$200.00
$- $-
$2.50
Operating Expense per Passenger Mile
UTA Denver Seattle Dallas
Operating Expense per Passenger Mile National Avg
$50.00
Operating Expense per Passenger Trip
Denver UTA Dallas Seattle
Operating Expense per Passenger Trip National Avg
$2.00 $40.00
$1.50 $30.00
$1.00 $20.00
$0.50 $10.00
$- $-
1.6
Unlinked Trips per Vehicle Revenue Mile
Dallas UTA Seattle Denver
Unlinked Trips per Vehicle Revenue Mile National Avg
35.0
Unlinked Trips per Vehicle Revenue Hour
Dallas UTA Denver Seattle
Unlinked Trips per Vehicle Revenue Hour National Avg
1.4 30.0
1.2 25.0
1.0
0.8 20.0
0.6 15.0
0.4 10.0
0.2 5.0
- -
City State Agency
Dallas TX DART
Denver CO RTD
Seattle WA ST
113
DEMAND RESPONSE SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most recent year available (2023), and
compares the Authority's performance with other similar cities.
Operating Expense per Vehicle Revenue Mile
Operating Expense per Revenue Hour
$14.00 $180.00
$12.00
$10.00
$160.00
$140.00
$120.00
$8.00 $100.00
$6.00 $80.00
$4.00
$2.00
$60.00
$40.00
$20.00
$- $-
Operating Expense per Vehicle Revenue Mile National Avg Operating Expense per Revenue Hour National Avg
Operating Expense per Passenger Mile
$100.00
$80.00
$60.00
$40.00
$20.00
$-
Operating Expense per Passenger Trip
Operating Expense per Passenger Trip National Avg
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$-
Operating Expense per Passenger Mile National Avg
Unlinked Trips per Vehicle Revenue Mile
Unlinked Trips per Vehicle Revenue Hour
0.18 3.0
0.16
0.14
2.5
0.12 2.0
0.10
0.08
1.5
0.06 1.0
0.04
0.02
0.5
- -
Unlinked Trips per Vehicle Revenue Mile National Avg 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
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 (2023), and
compares the Authority's performance with other similar cities.
Operating Expense per Vehicle Revenue Mile
Operating Expense per Revenue Hour
$70.00 $800.00
$60.00 $700.00
$50.00 $600.00
$40.00
$30.00
$500.00
$400.00
$300.00
$20.00 $200.00
$10.00 $100.00
$- $-
Operating Expense per Vehicle Revenue Mile National Avg Operating Expense per Revenue Hour National Avg
Operating Expense per Passenger Mile
Operating Expense per Passenger Trip
$7.00 $35.00
$6.00 $30.00
$5.00 $25.00
$4.00 $20.00
$3.00 $15.00
$2.00 $10.00
$1.00 $5.00
$- $-
Operating Expense per Passenger Mile National Avg Operating Expense per Passenger Trip National Avg
Unlinked Trips per Vehicle Revenue Mile
Unlinked Trips per Vehicle Revenue Hour
3.5 70.0
3.0 60.0
2.5 50.0
2.0 40.0
1.5 30.0
1.0 20.0
0.5 10.0
- -
Unlinked Trips per Vehicle Revenue Mile National Avg Unlinked Trips per Vehicle Revenue Hour National Avg
City State Agency City State Agency
Cleveland OH GCRTA Portland OR TriMet
Dallas TX DART San Diego CA MTS
Denver CO RTD San Jose CA VTA
Phoenix AZ VMR Seattle WA ST
Pittsburgh PA PRT
115
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 (2023), and
compares the Authority's performance with other similar cities.
$25.00
$20.00
$15.00
$10.00
$5.00
$-
Operating Expense per Vehicle Revenue Mile
Operating Expense per Vehicle Revenue Mile National Avg
Operating Expense per Revenue Hour
$300.00
$250.00
$200.00
$150.00
$100.00
$50.00
$-
Operating Expense per Revenue Hour National Avg
Operating Expense per Passenger Mile
Operating Expense per Passenger Trip
$4.00 $18.00
$3.50 $16.00
$3.00 $14.00
$2.50
$2.00
$1.50
$1.00
$12.00
$10.00
$8.00
$6.00
$4.00
$0.50 $2.00
$- $-
Operating Expense per Passenger Mile National Avg Operating Expense per Passenger Trip National Avg
2.5
2.0
1.5
1.0
0.5
-
Unlinked Trips per Vehicle Revenue Mile
Unlinked Trips per Vehicle Revenue Mile National Avg
25.0
20.0
15.0
10.0
5.0
-
Unlinked Trips per Vehicle Revenue Hour
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
116
VAN POOL SERVICE (DIRECTLY OPERATED & PURCHASED)
The following charts contain information from the Federal Transit Administration's National Database (NTD) for the most recent year available (2023), and
compares the Authority's performance with other similar cities.
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$-
Operating Expense per Vehicle Revenue Mile
Denver San Diego Phoenix Seattle Pittsburgh UTA
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
$-
San Diego Denver Phoenix Seattle Pittsburgh UTA
Operating Expense per Revenue Hour National Avg
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
$-
Operating Expense per Passenger Mile
San Diego Phoenix Denver Seattle Pittsburgh UTA
Operating Expense per Passenger Mile National Avg
Operating Expense per Passenger Trip
$25.00
$20.00
$15.00
$10.00
$5.00
$-
Cleveland Denver San Diego Phoenix Seattle Pittsburgh UTA
Operating Expense per Passenger Trip National Avg
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.0
0.0
-
Unlinked Trips per Vehicle Revenue Mile
Denver San Diego Pittsburgh Phoenix UTA Seattle
Unlinked Trips per Vehicle Revenue Mile National Avg
Unlinked Trips per Vehicle Revenue Hour
7.0
6.0
5.0
4.0
3.0
2.0
1.0
-
San Diego Denver Seattle Pittsburgh UTA Phoenix
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
(Continued)
118
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, 2024, and the related notes to the financial statements,
which collectively comprise the Authority’s basic financial statements, and have issued our report thereon
dated May 29, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Authority’s internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control.
Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control such that there is a reasonable possibility that a material misstatement of the entity’s
financial statements will not be prevented, or detected and corrected on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. We did identify a certain
deficiency in internal control, described as finding 2024-001 in the accompanying schedule of findings and
questioned costs, that we consider to be a significant deficiency.
119
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
May 29, 2025
Crowe LLP
Independent Member Crowe Global
(Continued)
120
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM;
REPORT ON INTERNAL CONTROL OVER COMPLIANCE
Board of Trustees
Utah Transit Authority
Salt Lake City, Utah
Report on Compliance for Each Major Federal Program
Opinion on Each 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 each of the Authority’s major federal programs for the year
ended December 31, 2024. The Authority’s major federal programs are 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 each of its major federal program for the year ended
December 31, 2024.
Basis for Opinion on Each 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)
121
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.
122
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
May 29, 2025
UTAH TRANSIT AUTHORITY
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended December 31, 2024
123
Federal Grantor/Pass-Through Grantor/Program or Cluster Title
Federal
ALN
Number
Grant
Number
Pass-Through Entity
Identifying Number
Passed Through to
Subrecipients
Total Federal
Expenditures
U.S. DEPARTMENT OF TRANSPORTATION
Federal Transit Cluster - Federal Transit Administration Programs
Federal Transit - Capital Investment Grants 20.500 UT-2021-021-01 -$ (319,125)$
COVID-19 - Capital Investment Grants 20.500 UT-2022-012-00 - 67,350
Federal Transit - Capital Investment Grants 20.500 UT-2023-008-00 - 127,097
Federal Transit - Capital Investment Grants 20.500 UT-2024-016-00 - 2,151,153
Federal Transit - Capital Investment Grants 20.500 UT-2025-006-00 - 1,401,720
- 3,428,195
Federal Transit Formula Grants 20.507 UT-2020-010-00 - 43,073
Federal Transit Formula Grants 20.507 UT-2023-002-01 - 636,157
COVID-19 - Federal Transit Formula Grants 20.507 UT-2023-025-00 - 277,000
Federal Transit Formula Grants 20.507 UT-2024-003-00 - 1,000,000
Federal Transit Formula Grants 20.507 UT-2024-009-00 - 4,898,959
Federal Transit Formula Grants 20.507 UT-2024-017-00 - 26,446,493
- 33,301,682
State of Good Repair 20.525 UT-2023-004-00 - 1,958,097
State of Good Repair 20.525 UT-2025-002-00 - 16,698,802
- 18,656,899
Bus and Bus Facilities Formula Program 20.526 UT-2023-038-00 - 1,607,484
Bus and Bus Facilities Formula Program 20.526 UT-2024-007-00 - 1,290,467
- 2,897,951
Federal Transit Cluster - Federal Transit Administration Programs total - 58,284,727
Transit Services Programs Cluster - Federal Transit Administration Programs
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2021-009-01 102,025 102,025.00
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2021-010-01 149,661 168,534.00
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2021-011-01 226,266 226,266.00
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2023-013-00 228,939 271,483.00
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2023-014-00 433,168 508,332.00
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2023-023-00 191,584 220,458.00
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2023-024-00 217,006 217,006.00
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2023-026-00 101,905 130,443.00
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2023-027-00 626,742 638,055.00
Transit Services Programs Cluster - Federal Transit Administration Programs 2,277,296 2,482,602
Federal Transit Administration Programs total 2,277,296 60,767,329
Public Transportation Innovation 20.514 UT-2021-020-00 - 118,542
Public Transportation Innovation 20.530 UT-2022-014-00 - 469,553
Public Transportation Innovation Total - 588,095
National Infrastructure Investment - Federal Transit Administration Programs
Areas of Persistent Poverty Planning Study 20.505 UT-2023-009-00 - 205,489
Discretionary RAISE Grant 20.933 UT-2023-031-00 - 694,526
National Infrastructure Investment - Federal Transit Administration Programs total - 900,015
TOTAL U.S. DEPARTMENT OF TRANSPORTATION 2,277,296 62,255,439
TOTAL FEDERAL AWARDS EXPENDED 2,277,296$ 62,255,439$
UTAH TRANSIT AUTHORITY
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended December 31, 2024
124
RECONCILIATION OF FEDERAL EXPENDITURES TO FEDERAL REVENUES ON THE STATEMENT OF REVENUES, EXPENSES,
AND CHANGE IN NET POSITION
Federal Preventative Maintenance grants 32,688,759$
Capital Contributions: Federal grants 29,526,049
Total per Statement of Revenues, Expenses and Change in Net Position (2024)62,214,808
Total per Schedule of Expenditures of Federal Awards for the year ending December 31, 2024 62,255,439
Difference (40,631)
Previous Over/(Under)stated Revenues reflected in 2024 Statement of Revenues, Expenses and Change in Net Position
Federal Transit Cluster ALN Grant # Amount
Federal Transit - Capital Investment Grants 20.500 UT-2023-008-00 1$
1
State of Good Repair 20.525 UT-2023-004 (1)
(1)
Bus and Bus Facilities Formula Program 20.526 UT-2038-038-00 360
360
Transit Services Program Cluster ALN Grant #
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2021-009-00 (1)
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2021-010-00 (1)
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2021-011-00 (37,970)
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2023-026-00 76,634
Enhanced Mobility for Seniors and Individuals with Disabilities 20.513 UT-2023-027-00 815
39,477
National Infrastructure Investment ALN Grant #
Areas of Persistent Poverty Planning Study 20.505 UT-2023-009 793
Discretionary RAISE Grant 20.933 UT-2023-031-00 1
794
Total Adjustment 40,631$
UTAH TRANSIT AUTHORITY
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended December 31, 2024
125
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, 2024.
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, 2024
126
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 X No
Significant deficiency(ies) identified? X Yes None reported
Noncompliance material to financial statements noted? Yes X No
Federal Awards
Internal control over major federal programs:
Material weakness(es) identified? Yes X No
Significant deficiencies identified not
considered to be material weaknesses? Yes X 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 X No
Identification of major federal programs:
Assistance Listing Number(s). Program/Cluster Title
20.500, 20.507, 20.525, 20.526 Federal Transit Cluster
20.513 Transit Services Programs Cluster
Dollar threshold used to distinguish between
Type A and Type B Programs $1,867,663
Auditee qualified as low-risk auditee? X Yes No
UTAH TRANSIT AUTHORITY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
Year Ended December 31, 2024
127
SECTION II – FINDINGS RELATING TO THE FINANCIAL STATEMENTS, WHICH ARE REQUIRED TO BE
REPORTED IN ACCORDANCE WITH GAGAS
Finding 2024-001 – Accounting for Capital and Subscription Assets (Significant Deficiency)
Criteria: Accounting processes and systems should be in place to accurately track capital asset balances and activities,
including the cost basis, accumulated depreciation and amortization, current period depreciation and amortization,
and net book value for each asset.
Condition/Context: The following conditions were identified in our testing of capital assets:
1. Capital project expenses are not being capitalized timely. There was one project included in Construction
in Progress (CIP) as of December 31, 2024 that had been placed into service before December 31, 2023. The
project had not yet been transferred into the appropriate capital asset account as the team had not yet
gathered the information required to accurately assign the assets within the project to the correct accounts
due to staff shortages. Because the project had not yet been transferred to the appropriate capital asset
account, the assets have also not yet begun depreciating.
Additionally, there was a separate ongoing project with costs incurred during the year that remained in
expense and were allocated to modes as of December 31, 2024. The costs were subsequently determined
to be capitalizable and added to Construction in Progress in 2025.
2. The Authority entered into several new subscription agreements during the year ended December 31, 2024,
however management did not properly record the additions to subscription assets or liabilities.
Effect: Capital project expenses are not being capitalized from expense or transferred from construction in progress
to the appropriate capital asset account timely. Two audit adjustments were waived that resulted in CIP being
overstated by $3.2 million, depreciable capital assets were understated by $8.9 million, and expenses were
overstated by $5.7 million.
Additionally, the balances of subscription assets, subscription liabilities, and the related accounts are misstated. An
audit adjustment was posted that increased assets by $14.3 million, increased liabilities by $4.8 million, and
decreased 2024 expenses by $9.5 million.
Cause:
1. Management had not gathered the information required to accurately record capital project expenses to
the correct capital asset account.
2. Management did not properly evaluate new subscription agreements entered into during the year.
Identification as a Repeat Finding: N/A
UTAH TRANSIT AUTHORITY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
Year Ended December 31, 2024
128
Recommendations:
1. We recommend that the Authority implement policies and procedures to evaluate capital project expenses
timely.
2. We recommend that the Authority evaluate all information technology agreements for applicability under
the provisions of GASB Statement 96. Management should distinguish between subscription costs, costs
associated with initial implementation before the commencement of the term, and maintenance costs to
record them appropriately. Additionally, management should record a subscription asset and liability upon
commencement of the subscription term.
3. Management should implement an annual closing checklist to ensure that all required transactions and
activities have been recorded or adjusted on an annual basis. Since some of these tasks are only performed
annually, creating a checklist will ensure that nothing is missed during closing.
Management’s Response: Management accepts the finding and is in the process of developing improved Standard
Operating Procedures (SOPs), policies, and employee training. These efforts will result in more thorough project
close-outs and the timely recording of assets.
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.
UTAH TRANSIT AUTHORITY
SUMMARY SCHEDULE OF PRIOR YEAR FINDINGS
Year Ended December 31, 2024
129
Finding 2023-001 – Controls Over the Preparation of the Schedule of Expenditures of Federal Awards
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). As a result, an adjustment of $4.4 million was
made to properly report the 2023 Federal expenditures on the SEFA.
Status: Partially resolved. Management updated the procedures and internal controls around the preparation of the
SEFA, however, through our testing we noted that SEFA expenditures were overstated by $0.9 million, related to
expenditures that were not eligible to be claimed until a budget revision was executed on grant award 2021-021.
This resulted in an audit adjustment to properly report the SEFA and an internal control deficiency reported in the
management letter.
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, 2024.
State compliance requirements were tested for the year ended December 31, 2024 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, 2024.
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.
133
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
May 29, 2025