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OKLAHOMA TURNPIKE AUTHORITY 3500 Martin Luther King Ave. P.O. Box 11357 • Oklahoma City, OK 73136-0357 • 405/425-3600 • Fax:405/427-8246 • www.pikepass.com March 30,2010 The Honorable Brad Henry Oklahoma State Capitol 2300 N. Lincoln Blvd. Oklahoma City, OK 73105-4808 Dear Governor Henry, On behalf of the Oklahoma Turnpike Authority (OTA), we are pleased to transmit these basic financial statements for the calendar year ended December 31, 2009. The Controller Division prepared these financial statements in accordance with accounting principles generally accepted in the United States of America. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation rests solely with the OTA. We believe that the data, as presented, is accurate in all material respects and that it presents fairly the financial position and results of the OTA's operations. An audit of these financial statements has been performed in accordance with generally accepted auditing standards in compliance with the requirements of Section 711 of our Trust Agreement. These statements will be included in our Comprehensive Annual Financial Report (CA.FR) that will be distributed on April 30, 2010. Systemwide net toll revenues for the OTA during 2009 generated approximately $204.8 million, a 4.4% increase over 2008 revenues of $196.2 million. This is primarily the result of a Systemwide toll rate increase that became effective on August 4, 2009. As the national economic downturn that began in 2008 continued to negatively impact commercial toll revenue, the OTA retained traffic engineers Wilbur Smith Associates to conduct a Systemwide traffic and revenue study. As a result of their review, Wilbur Smith recommended a toll increase averaging 16% for both passenger and commercial traffic. The Authority approved the new rates on July 15. 2009 and the increase was then implemented. This was the first toll rate increase since January 1, 2001. This rate increase will generate the funds necessary to maintain the Authority's commitment to its capital improvement program. The System posted total toll transactions of 150.2 million and 146.0 million for the years ended December 31, 2009 and 2008, respectively. Commercial traffic represents 8.3% and 9.4% for 2009 and 2008, respectively. The OTA held operating expenses to $70.9 million in 2009, down from $75.3 million in 2008, a decrease of 5.8%. Year-end revenue fund operating expenses reported 6.9% below budgeted projections. The total change in net assets for 2009 was an increase of $8.9 million; total net assets at December 31, 2009 were $301.3 million. The Turnpike System contributes to economic development throughout the State without receiving any appropriations. In accordance with its efforts to preserve the quality of the System, the OTA has continued to focus on improving several bridges along the System and performing pavement and interchange rehabilitation. It is our sincere hope that these financial statements, with the CAFR, clearly demonstrate the OTA's commitment to fiscal responsibility, customer convenience and quality roadways. Respectfully submitted, THE OKLAHOMA TURNPIKE AUTHORITY Julie Porter Controller
|Okla State Agency||
Turnpike Authority, Oklahoma
|Okla Agency Code||
|Title||Basic financial statements, 2009|
|Authors||Oklahoma Turnpike Authority.|
|Publisher||Oklahoma Turnpike Authority|
Oklahoma Turnpike Authority--Accounting.
Oklahoma Turnpike Authority--Financial statements.
|Purpose||On behalf of the Oklahoma Turnpike Authority (OTA), we are pleased to transmit these basic financial statements for the calendar year ended December 31, 2009.|
|OkDocs Class#||T1700.3 F491 2009|
|For all issues click||T1700.3 F491|
|Digital Format||PDF, Adobe Reader required|
|ODL electronic copy||From Governor Henry's papers; digitized by Oklahoma Department of Libraries|
|Rights and Permissions||This Oklahoma state government publication is provided for educational purposes under U.S. coyright law. Other usage requires permission of copyright holders.|