INFORMATION ITEMS:
GROWTH AND THE CURRENT SYSTEM MAP
Notes: The two newest TCU stations are app only, meaning there are no credit card transactions that happen at the kiosk. This has been very successful and we are interested in implementing this on other select stations. Not only is this easier for the user, it is a more secure way to purchase a pass.
Next to be approved:
• Riverside Park
• Gateway Park 2
• Sycamore Park We have four concrete pads in place ready for these stations to be in placed mid-September:
• Fort Brewery
• Capps Park
• Rosemont Park
• Kellis Park
We have plans for these to be placed in October:
• Marine Creek Linear Park
• Lincoln Park
• Rodeo Park
• TexRail North Side Station
Notes: We also have a few new
downtown station locations picked out and are evaluating where we have
“holes” to fill in.
In June, we went through the RFP process to determine which GPS tracers would be best for our system. We were able to purchase GPS trackers for all of our Electric Assist Bikes and have been thrilled with the results.
We are able to track and locate bikes in a manner of minutes, not only avoiding theft but saving our team quite a bit of time chasing down wayward bikes.
The GPS is set to “wake on motion and stop” so we have a pin point each time the GPS tracker is moved and when it stops for a prolonged period of time (at a red light, for example).
We have already used this service a number of times to find wayward bikes. In addition to locating bikes, the data we pull can help determine where additional stations may be beneficial by showing us where riders stop during their trip and estimate more accurately how far a bike has traveled between battery swaps allowing us to be more efficient in this task.
Other BCycle cities are following what we are doing with our trackers and have expressed interest in learning how to implement these in their systems. We are very proud of our GPS trackers.
Here is an example of the data base home screen. We simply type in a BCycle number and are able to see the entire history of pings since installation.
BCycle has created a new Kiosk Client that upgrades the way a customer can interface with the kiosk and incorporates enhanced security. Major changes include:
• a light back ground with dark font, making it easier for customers to see the screen
• phone number validation, customers must enter a code sent to their phone number to continue the checkout process
• eliminates the need for a daily kiosk computer restart
• allows our team to control when we deploy updates
• offers a “phone number look up or app” option if we choose to eliminate kiosk purchases
• gives control of certain display screens to our team
There have been a few kinks and installing the new software has been lengthy and has consumed much more data than we anticipated but we have already seen benefit from the improvements.
We have installed the new client on 20 of our kiosks, including all newly placed stations.
INFORMATION ITEM
Item: Finance Update Meeting Date: September 20, 2021 Fred Crosley, Chief Financial Officer/ Vice President, will present an update on Finance.
As of July 31, 2021
(Unaudited) CURRENT ASSETS
Cash restricted for Operations $3,227,757
Cash restricted for Rail Vehicles 795,678
Unrestricted cash and cash equivalents 57,473,461
Investments 0
Receivables 26,006,492
Inventory 7,357,498
Prepaid 3,958,238
Total Current Assets 98,819,125
FIXED ASSETS
Work in Progress 22,665,302
Land 156,770,450
Buildings 152,273,956
Building Improvements 4,353,704
Machinery and Equipment 374,903,213
Improvements other than Buildings 764,632,378
Intangible Assets 18,897,291
1,494,496,294 Less: Accumulated Depreciation & Amortization (340,148,073)
Total Fixed Assets 1,154,348,221
TOTAL ASSETS $1,253,167,345
LIABILITIES AND NET ASSETS CURRENT LIABILITIES
Accounts Payable and Accrued Liabilities $16,103,854
Payroll Liabilities 3,130,894
Unearned Revenue 27,662,052
Unearned Grant Revenue 795,678
Current portion of LT Payable to State 1,033,536
Current portion of LT TEXRail Loan 60,000,000
Current portion of LT Due Grapevine 160,291
Total Current Liabilities 108,886,305
LONG TERM LIABILITIES
Long Term Payable to State 7,251,309
Long Term Payable to City of Grapevine 3,428,049
Total Long Term Liabilities 10,679,358
TOTAL LIABILITIES $119,565,663
NET POSITION
Net Investment in Capital Assets $1,073,975,692
Operating Reserve 3,227,757
Balance Sheet
Actual Budget Variance Operating Revenue
Fares
Multi Modal Fares (Note 1) $3,303,222 $5,038,438 ($1,735,216)
ACCESS Fares 650,624 716,279 (65,655)
Easy Ride & Corporate (Note 2) 183,221 369,246 (186,025)
Other Revenue
Sales Tax (Note 3) 67,635,290 47,674,544 19,960,746
Fort Worth Bike Share 226,026 347,795 (121,769)
Advertising 450,059 416,667 33,392
Rental Income 472,590 556,089 (83,499)
Other 1,158,530 950,300 208,230
Total Operating Revenue: 74,079,562 56,069,357 18,010,205
Federal/State/Local Income:
Operating Assistance Grants (Note 4) 11,178,692 15,964,321 (4,785,629)
Grapevine Contribution (Note 5) 6,719,170 5,217,653 1,501,518
Contributions from Partners 1,471,866 2,017,994 (546,128)
Total Assistance Income 19,369,728 23,199,968 (3,830,239)
Total Revenue $93,449,290 $79,269,325 $14,179,966
Operating Expenses Fixed Route Operations
Salaries & Fringe Benefits $21,983,566 $22,967,289 ($983,723)
Services 769,489 515,078 254,412
Purchased Transportation (Note 6) 1,477,684 2,937,738 ($1,460,054)
Other 3,354,154 2,825,598 $528,556
Total Fixed Route Operations 27,584,893 29,245,702 (1,660,810) ACCESS Operations
Salaries & Fringe Benefits 4,444,284 4,691,280 (246,997)
Services 3,740,347 3,402,259 338,088
Other 692,752 662,333 30,419
Total ACCESS Operations 8,877,382 8,755,872 121,510
TRE Operations
Salaries & Fringe Benefits 97,661 86,827 10,834
Services (Note 7) 11,822,868 13,311,484 (1,488,616)
Other 13,781 1,750 12,031
Total TRE Operations 11,934,310 13,400,061 (1,465,751)
TEXRail Operations
Salaries & Fringe Benefits 325,392 350,376 (24,984)
Services (Note 8) 14,051,389 15,851,734 (1,800,345)
Other (Note 9) 7,905,606 8,785,795 (880,189)
Total TEXRail Operations 22,282,388 24,987,905 (2,705,517)
Bike Share Operations
Salaries & Fringe Benefits 224,282 345,120 (120,838)
Services 123,940 76,733 47,207
Other 63,249 153,672 (90,424)
Total Bike Share Operations 411,471 575,525 (164,055)
General & Administrative
Salaries, Wages & Fringe Benefits (Note 10) 10,517,935 11,749,287 (1,231,352) Other Professional Services (Note 11) 3,338,891 7,237,914 (3,899,023) Vehicle & Facilities Maintenance 1,848,779 1,535,963 312,816
Software/Systems Maintenance 2,338,792 1,854,406 484,386
Other General & Administrative 2,955,231 3,651,454 (696,223) Total General & Administrative 20,999,628 26,029,024 (5,029,396) Total Operating Expenses: $92,090,071 $102,994,088 ($10,904,018)
Operating Income / (Deficit) $1,359,219 ($23,724,763) $25,083,984
Capital Grants (Note 12) 29,828,326 38,766,989 (8,938,663)
Investment Income 68,122 66,667 1,455
Depreciation (40,485,956) (44,563,655) 4,077,699
Interest expense (65,259) 56,335 (121,593)
Statement of Revenues and Expenses Fiscal Year to Date July 31, 2021
(Unaudited)
($ 000's)
Note 1 Multi Modal Fares
33% less ridership to budget and a $.02 reduction in average price to budget.
Note 2 Easy Ride & Corporate 85
$ Unfavorable variance between annual passes anticipated compared to actually purchased 102
$ Unfavorable subscription variances, including from Visit FW, Sundance Square, Downtown FW
Note 3 Sales Tax 66,951
$ Actual collectons from October through June 6,400
$ Accrual for July (5,716)
$ PV of the Overpayment from the state 17.7% June collection variance
9.7% YTD collections variance
Note 4 Operating Assistance Grants
The variance is substantially due to the recognition of revenue from the CARES Act in FY20 over that anticipated in the budgeting process.
Note 5 Grapevine Contribution 5,328
$ Actual Collections from October through February 1,391
$ Accrual for June and July 58.1% May collections variance -7.3% YTD collections variance
Note 6 Fixed Route Operations - Purchased Transportation
The variance is substantially due to the activities of all ZIPZONES.
Note 7 TRE Operations - Services
Lower than budgeted PTC costs and less costs paid to Herzog amounted to 55% and 25% of the variance with budget to date.
Note 8 TEXRail Rail Operations - Services
Savings in Positive Train Control operations and lower fuel costs
Note 9 TEXRail Rail Operations - Other
Insurance costs related to the contract with FW&W have not been incurred which accounted for a majority of the variance withbudget to date.
Note 10 General & Administrative - Salaries, Wages & Fringe Benefits
Budget salary increases were not awarded for FY21 which substantially accounted for the variance when coupled with open positions.
Note 11 General & Administrative - Other Professional Services Savings due to less use in various services due to COVID-19.
Note 12 Capital Grants
Notes to Financial Presentations
Comparisons of Actual Results to FY21 Budgeted Amounts