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MINUTES OF REGULAR BOARD MEETING OF

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY DECTEMBER 17, 2015

The Regular Meeting of the Board of the Southeastern Pennsylvania Transportation Authority was held on Thursday, December 17, 2015 at 3:06 PM, in the Board Room of the Authority, with the Chairman in the Chair.

Present

Attending the meeting were the following Board members:

Pasquale T. Deon, Sr., Chairman Thomas E. Babcock, Vice Chairman Honorable Stewart J. Greenleaf Kevin L. Johnson, P.E. John I. Kane Daniel J. Kubik Kenneth E. Lawrence, Jr. William J. Leonard, Esquire Honorable Charles H. Martin William M. Mcswain, Esquire Honorable Michael A. Vereb (via telephone)

Present from the staff:

Jeffrey D. Knueppel, General Manager Richard G. Burnfield, Deputy General Manager/Treasurer Gino J. Benedetti, Esquire, General Counsel Stephen A. Jobs, Controller Carol R. Looby, Secretary Kim Scott Heinle, AGM - Customer Service Ronald Hopkins, AGM - Operations Francis E. Kelly, AGM - Government & Public Affairs Susan VanBuren, AGM - Human Resources

Chairman Deon called the Regular Meeting of the Board to order. He stated that if there were speakers who wished to address agenda items they would be called before the Board voted on the i tern and asked that they limit their remarks to three minutes. He said speakers wishing to address i terns not on the agenda would be called after the regular business of the Board was completed.

Approval of Minutes

Chairman Deon entertained a Motion regarding the Minutes of the November 19th Regular Board meeting, which had been circulated. Mr. Kane moved, Mr. Lawrence seconded, and the Minutes were unanimously approved.

Minutes of Regular Board Meeting December 17, 2015

Financial Report

Mr. Burnfield stated that in November transit ridership was slightly above last year with regional rail ridership falling slightly below. He reported that for the month revenue was below budget by $900,000, and expenses were under budget by $600,000 for the month due to favorable labor and fringe benefit expenses.

Mr. Burnfield reported that for the month, there was a deficit of $393,000 and year-to-date there was a budget surplus of $112,000.

Chairman Deon entertained a Motion to adopt the Financial Report. Mr. Kane moved, Mr. Lawrence seconded and it was unanimously adopted.

The November Financial Report is received and filed and is attached to these Minutes as Exhibit "A."

Chairman agenda items.

Deon then called for speakers wishing to address There was no response.

Consent Calendar

Chairman Deon then presented the Consent Calendar, which consisted of:

"Termination of The Swarthmore Group, Inc. as Investment Manager;

"Approval of SEPTA's 2015 Title VI Program and Adoption of Both Disparate Impact and Low-Income Disproportionate Burden Policies Covering Fare and Major Service Changes;,,

"Purchase from AIG and XL/Catlin of Cyber Liability Insurance;"

"Purchase from AIG and C. V. Starr & Co., Inc. of Directors and Officers Liability Insurance;"

"Authorization to Enter Contract Amendment No. 2 to the Master Lease Agreement between SEPTA and MetroMarket Management, LLC for Property Management Services at Suburban Station Concourse;"

"Authorization to Enter into an Easement Agreement with Delaware County for a Portion of Property Along SEPTA' s Route 101/Media-Sharon Hill Line Right-of-Way for Use as a Pedestrian Walkway;"

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"Authorization to Enter into First Amendment to the Lease Agreement with Littlewood Real Estate Partners, LLC of a Parking Lot Located Near Malvern Passenger Station in Chester County, Pennsylvania;"

"Grant by SEPTA to the Trustees of the University of Pennsylvania of a Nominal Perpetual Easement for an Electrical Duct Bank Located Near the Southwest Corner of 33rct and Chestnut Streets in Philadelphia;"

"Authorization to Award Contracts for Various Procurements;"

"Award of Various Contracts for Sole Source Procurements;"

and

"Authorization to Execute Change Orders."

Chairman Deon noted that Item III.A.4., "Grant by SEPTA to the Trustees of the University of Pennsylvania of a Nominal Perpetual Easement for an Electrical Duct Bank Located Near the Southwest Corner of 33rct and Chestnut Streets in Philadelphia" had been revised, and that a copy of the revised Resolution had been provided to the Board. He stated that all of the remaining items on the Consent Calendar were reviewed by the appropriate Board Committees in public session.

Chairman Deon then entertained a Motion to adopt the Resolutions. Mr. Johnson moved, Mr. Leonard seconded and the following resolutions were unanimously adopted, with Mr. Kubik abstaining on Item III.D.2.

I.A. TERMINATION OF THE SWARTHMORE GROUP, INC. AS INVESTMENT MANAGER

"WHEREAS, on February 24, 2011 the Pension Committee of the Board revised the Statement of Investment Policy and Objectives and Operating Guidelines ("Policy Statement") which governs the investment of the funds of the pension plans of SEPTA; and

WHEREAS, the Policy Statement provides investment guidelines and investment return expectations for all investment managers; and

WHEREAS, the Policy Statement contains monitoring procedures for the Pension Committee to utilize in its review of the performance of each investment manager; and

WHEREAS, at the Pension Committee Meeting that was held on January 22, 2015, the Committee discussed the recently-announced resignation of the Chief Investment Officer of The Swarthmore Group, Inc. ("Swarthmore"), and voted to place Swarthmore on the

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Watch List pursuant to criteria outlined in the plan's Policy Statement; and

WHEREAS, throughout 2015 the Pension Committee has continued to monitor Swarthmore's performance which has lagged the S&P 500 index; and

WHEREAS, at the November 19, 2015 Pension Committee Meeting, PFM Advisors, SEPTA's Plan Consultant, updated the Pension Committee on the Swarthmore management team and fund performance; and

WHEREAS, based on the updated performance review and discussion, PFM Advisors recommended and the Pension Committee agreed to recommend termination of SEPTA's investment with Swarthmore for its Large Cap Equity fund.

NOW, THEREFORE, BE IT RESOLVED, that the Board hereby approves the termination of SEPTA' s investment with The Swarthmore Group, Inc., and authorizes the proper off ice rs of SEPTA (i) to execute and deliver all documents that will enable SEPTA to terminate its investment with The Swarthmore Group, Inc., (ii) take such action necessary to transfer the assets currently being managed by The Swarthmore Group, Inc. to fund other investments as approved by the Pension Committee; and (iii) to do any and all other things that may be necessary in order to effectuate this Resolution."

II.A. APPROVAL OF SEPTA'S 2015 TITLE VI PROGRAM AND ADOPTION OF BOTH DISPARATE IMPACT AND LOW-INCOME DISPROPORTIONATE BURDEN POLICIES COVERING FARE AND MAJOR SERVICE CHANGES

"WHEREAS, Title VI of the Civil Rights Act of 1964 ("Title VI"), inter alia, requires SEPTA to ensure that its transit services and related benefits are distributed to the public in a fair and equitable manner, and does not discriminate against any person (or group of persons) because of their race, color or national origin; and

WHEREAS, SEPTA prepares and submits its Title VI Program to the Federal Transit Administration ("FTA") every three (3) years, with the 2015 Title VI Program covering activities for calendar years 2012-2014; and

WHEREAS, in October 2012 the FTA issued a revised Title VI Circular (4702.lB) which requires Board consideration, awareness and approval of various regulatory components, as well as certain policies to establish thresholds determining the impact upon minority and low-income populations created by fare and major service changes; and

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WHEREAS, specifically included in the proposed 2015 Title VI Program would be the adoption of ( i) a Disparate Impact Policy and Low-Income Disproportionate Burden Policy developed to measure the adverse effects of proposed fare changes to be applied when SEPTA conducts it Fare Equity Analysis; and (ii) a Disparate Impact Policy and Low-Income Disproportionate Burden Policy developed to measure the adverse effects of proposed major service changes to be applied when SEPTA conducts its Service Equity Analysis; and

WHEREAS, staff requested that the General Manager recommend that the Board approve the proposed 2015 Title VI Program, along with adopting the Disparate Impact and Disproportionate Burden Policies with respect to fare and major service changes, as set forth above and more fully described in the pertinent staff summary; and

WHEREAS, the General Manager made the recommendation to the Board.

NOW, THEREFORE, BE IT RESOLVED, that the Board hereby approves and adopts SEPTA's 2015 Title VI Program to ensure compliance with the requirements of the FTA and other appropriate agencies as management has proposed, as well as adopt SEPTA' s proposed Disparate Impact and Low-Income Disproportionate Burden Policies for both fare and major service changes, as set forth in the pertinent staff summary; and

FURTHER RESOLVED, that the Board authorizes the General Manager or his designee, and other proper officers of SEPTA, to enter into and execute all documents and such agreements, in form approved by the Office of General Counsel, and to do any and all things as shall be necessary and proper, in order to effectuate the purpose of this Resolution."

II.B. PURCHASE FROM AIG AND XL/CATLIN OF CYBER LIABILITY INSURANCE

"WHEREAS, in today's hi-tech corporate environment, companies are constantly faced with the threat of "Cyber Liability" when conducting business online and receive, disseminate and/or store personal information on their computer database systems; and

WHEREAS, in the event personal information is publically disclosed by either unlawful act or mistake, the company could face legal exposure for breaching individual privacy rights, inf ringing upon or misappropriating intellectual property or violating other laws; and

WHEREAS, all SEPTA Divisions transport some form of personal or confidential proprietary information online; and

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Minutes of Regu1ar Board Meeting December 17, 2015

WHEREAS, with the upcoming implementation of SEPTA' s New Payment Technology Program to facilitate the purchase of boarding instruments over the internet, the system will intake and store customer names, home addresses, telephone numbers and bank/credit card account information; and

WHEREAS, while SEPTA currently maintains data protection and security protocols in order to protect against cyber-attacks and other unlawful access to personal information, occasionally it has been found that even the most stringent of IT protocols can sometimes be compromised and are insufficient to protect a company against such intrusions; and

WHEREAS, the purchase of Cyber Liability Insurance would provide SEPTA with an additional level of protection in the event SEPTA's existing protocols are somehow breached and personal information disclosed; and

WHEREAS, as part of the process to renew SEPTA's Directors and Officers liability insurance coverage, the Risk Management Advisory Committee (RMAC) recommended that the Authority explore options to mitigate the growing risk of Cyber Liability, and in conjunction with the Office of General Counsel, approached several carriers to review coverage options; and

WHEREAS, of the quotes received, American International Group (AIG) and XL/Catlin offered the most competition pricing, and covered against such risks as ( i) media content liability; (ii) network business interruption; (iii) network security and privacy liability; (iv) event management; (v) cyber extortion; and (vi) electronic data recovery; and

WHEREAS, in addition hereto, the primary and excess program would incorporate Payment Card Industry Data Security Standards (PCI-DSS) coverage in the amount of $500,000; and

WHEREAS, the total annual premium for the primary and excess coverages quoted by AIG and XL/Catlin is $148,453, and provides for $10 million in coverage less the self-insured retention (SIR) of $100,000, with both policies providing for defense and indemnity coverage for any legal liability claims alleging SEPTA's failure to safeguard its computer networks and/or personal identifiable information; and

WHEREAS, said policies will also provide Breach Response Expense coverage for costs incurred to respond and handle a breach of personal identifiable information claim, including the forensics investigation, legal costs, notification costs and offering of credit monitoring services, as well as regulatory coverage if the claim is brought on by either the Federal Trade Commission (FTC) or state agency; and

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WHEREAS, the RMAC and Office of General Counsel requested that the General Manager recommend that the Board authorize SEPTA to bind the primary layer of Cyber Liability Insurance in the amount of $5 million with AIG, and the $5 million excess layer with XL/Catlin, under such terms and conditions as set forth above and more fully described in the pertinent staff summary, at a combined total annual program cost not to exceed $148,453; and


NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes SEPTA to obtain and place Cyber Liability Insurance with (i) American International Group (AIG) for $5 million in primary coverage with a $100,000 per occurrence self-insured retention, at an annual premium not to exceed $86,973; and (ii) XL/Catlin for $5 million in coverage in excess of $5 million, at an annual premium not to exceed $60,880, with both policies being for one-year terms commencing December 31, 2015.

FURTHER RESOLVED, that the Board hereby authorizes the General Manager or his designee and other appropriate officers to execute all documents, in form approved by the Office of General Counsel, and to do any and all other things as shall be necessary and proper in order to effectuate the purpose of this Resolution."

II.C. PURCHASE FROM AIG AND C. V. STARR & CO., INC. OF DIRECTORS AND OFFICERS LIABILITY INSURANCE

"WHEREAS, SEPTA's current directors and officers ("D&O") liability insurance policies with AIG and C. V. Starr & Co., Inc. ("Starr") will expire on December 31, 2015, with expiring annual premiums of $207,078 and $72,500, respectively; and

WHEREAS, one of the insurance policies is a primary layer of $10 million which covers director and officers and the entity, SEPTA, with SEPTA entity coverage subject to $5 million sublimit; and

WHEREAS, the other insurance policy is an excess layer of $10 million which covers directors and officers; and

WHEREAS, the reason for the dual layer insurance program is to insure that the cover afforded to directors, officers and Board members remains undiluted by any claims brought against them individually and against SEPTA; and

WHEREAS, both layers provide coverage errors and omissions that could result from against directors, officers and Board members status or due to their official acts; and

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for wrongful acts, any matter claimed solely due to their


WHEREAS, during the September 2015 meeting of the Risk Management Advisory Committee ("RMAC") it was discussed to pursue a flat rate premium with the current D&O carriers if SEPTA were to market a Cyber Liability Insurance Program simultaneously.

WHEREAS, the RMAC decided to solicit insurance proposals for the same policy terms and conditions as those that are included in the expiring program, as well as separately market the Cyber Liability coverage; and

WHEREAS, AIG and Starr were the only carriers to quote coverages with the same terms and conditions as the expiring program, and AIG provided the most favorable quote on the primary Cyber Liability portion, as well as offering a 10% reduction of premium ($186,370) for the D&O layer if the Cyber Liability policy is purchased from them as well; and

WHEREAS, staff, with the concurrence of the RMAC, requested that the General Manager recommend that the Board authorize SEPTA to purchase D&O liability insurance (i) from AIG a primary layer of $10 million with a self-insured retention of $200,000 except for employment practices liability (which will have a $500, 000 self-insured retention); and (ii) from Starr an excess layer of $10 million, as set forth in the pertinent staff summary; and


NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes SEPTA to purchase ( i) from AIG a primary layer of directors and officers liability insurance in the amount of $10 million; and (ii) from C. V. Starr & Co., Inc. an excess layer of directors and officers liability insurance in the amount of $10 million, for one-year terms effective December 31, 2015, both of which will be under the terms and conditions set forth in the pertinent staff summary.

FURTHER RESOLVED, that the total annual prepaid premiums for the policies with AIG and C. V. Starr & Co., Inc. will not exceed $186,370 and $72,500, respectively, along with a $600 policy fee, for a total combined annual premium of $259,470.

FURTHER RESOLVED, that the Board hereby authorizes the General Manager or his designee and other proper off ice rs of SEPTA to execute all documents, in form approved by the Office of General Counsel, and to do any and all other things as shall be necessary and proper in order to effectuate the purpose of this Resolution."

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III.A.l. AUTHORIZATION TO ENTER CONTRACT AMENDMENT NO. 2 TO THE MASTER LEASE AGREEMENT BETWEEN SEPTA AND METROMARKET MANAGEMENT, LLC FOR PROPERTY MANAGEMENT SERVICES AT SUBURBAN STATION CONCOURSE

"WHEREAS, the Authority has been directed, pursuant to its enabling legislation, Act 26 of 1991, as amended by Act 3 of 1994 (the "Act"), to explore alternative means of raising revenue by, among other means, leasing and renting Authority real property not presently required for the Authority's own use; and

WHEREAS, Section 1741(a) (24) of the Act permits the negotiation of real estate-related contracts in cases where a "Finding of Special Opportunity", as defined in the Act, has been made by the Board and further states that the Board shall adopt by resolution a process under which SEPTA shall enter into contracts needed to implement a "Finding of Special Opportunity"; and

WHEREAS, pursuant to the provisions of Section 1741(a) (24) of the Act, the Board adopted by resolution a "Finding of Special Opportunity" Request for Proposal for solicitation of a private developer/manager to lease and manage the Suburban Station Concourse ("Concourse"); and

WHEREAS, pursuant to Board authority the General Manager solicited proposals for the lease of SEPTA retail areas in the Concourse; and

WHEREAS, a Request for Proposals was extended to prospective proposers and advertised in the newspapers, and two proposals were received and a SEPTA selection committee determined that the proposal submitted by MetroMarket Management LLC ("MetroMarket"), was superior to the other proposal and that MetroMarket complied with all the requirements of the Request for Proposal; and

WHEREAS, in August 1996 the Board approved an Interim Lease Agreement with MetroMarket for a maximum term of three (3) years; and

WHEREAS, the Interim Lease Agreement, which began May 1, 1997 and expired April 30, 2000, generated $1,300,000 of rental revenue and over $2,300,000 in tenant funded capital investment; and

WHEREAS, on July 22, 1999, the Board authorized the execution of the Master Lease Agreement with MetroMarket for a 10 year term, along with one 5-year option (which was exercised) from May 1, 2000 to April 30, 2015, during which MetroMarket generated over $17,400,000 of rental revenues and over $6,600,000 of tenant funded capital investment; and

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WHEREAS, on July 23, 2015, the execution of the Contract Amendment No. Agreement, which extended the lease for through December 31, 2015, with projected $1,071,000 during the extended eight-month

Board authorized the 1 to the Master Lease an eight-month period additional revenue of period; and

WHEREAS, the proposed Contract Amendment No. 2 would extend the lease for a six-month period through June 30, 2016, with projected non-guaranteed additional revenue of $725,639.02 during the extended six-month period; and

WHEREAS, MetroMarket has agreed to continue to pay SEPTA a base monthly fee of $39,789.54 for the months of January 2016 -April 2016, and a base monthly rate of $41,182.17 for the months of May 2016 and June 2016, which is consistent with the monthly fee provided for in the Master Lease Agreement; and

WHEREAS, MetroMarket leasing performance and penalties; and

will be revenue

responsible goals with

for satisfying corresponding

WHEREAS, SEPTA has prepared a Finding of Special Opportunity Request for Proposal for a new Property Management Company and the requested six-month extension will allow sufficient time for processing the Request for Proposal and provide for transitions to new management; and

WHEREAS, SEPTA staff has requested that the General Manger recommend that the Board authorize SEPTA to enter into the proposed Contract Amendment No. 2 with MetroMarket under the terms and conditions as set forth above and more fully described in the pertinent staff summary; and


NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes SEPTA to enter into Contract Amendment No. 2 to the Master Lease Agreement with MetroMarket Management LLC, which provides for a six-month time extension for the leasing, redevelopment and management of retail space at Suburban Station Concourse, under the terms and conditions as set forth in the pertinent staff summary.

FURTHER RESOLVED, that the Board hereby authorizes the General Manager or his designee to execute all documents, in form approved by the Office of General Counsel, and to do any and all other things as shall be necessary and proper, in order to effectuate the purpose of this Resolution."

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III.A.2. AUTHORIZATION TO ENTER INTO AN EASEMENT AGREEMENT WITH DELAWARE COUNTY FOR A PORTION OF PROPERTY ALONG SEPTA'S ROUTE 101/MEDIA-SHARON HILL LINE RIGHT-OF-WAY FOR USE AS A PEDESTRIAN WALKWAY

"WHEREAS, since January 1970 SEPTA has owned the Route 101/Media-Sharon Hill Trolley Line ("Route 101") right-of-way located at Mile Post 6.86 in Delaware County, Pennsylvania; and

WHEREAS, in or about May 2008 SEPTA first discovered that the County of Delaware ("County") had constructed a pedestrian walkway ("Premises") on the subject Route 101 right-of-way without SEPTA's prior knowledge or permission; and

WHEREAS, the pedestrian walkway is approximately 5-feet wide and 146 feet long within the Route 101 right-of-way and will be used for ingress and egress to the area alongside and underneath the existing Route 101 trolley bridge, and connect the Smedley Park trails on either side of Crum Creek; and

WHEREAS, in order to address the encroachment, SEPTA has agreed to grant the County for nominal consideration, an easement agreement for the Premises for a term of 30 years; and

WHEREAS, the County will be responsible for obtaining all necessary permits and will submit plans and specifications for removal and replacement of the existing structure for SEPTA' s approval; and

WHEREAS, all costs for construction, maintenance, repairs, alterations, renewal and removal of the facilities will be made at the sole expense of the County; and

WHEREAS, SEPTA reserves the right to recapture the Premises for transportation purposes; and

WHEREAS, staff requested that the General Manager recommend that the Board authorize SEPTA to enter into the proposed Easement Agreement with the County under the terms and conditions as set for th above and more fully described in the pertinent staff summary; and

WHEREAS, the General Manager made the recommendation.

NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes SEPTA to enter into the proposed Easement Agreement with the County of Delaware for a portion of the Route 101/MediaSharon Hill Line right-of-way to be used for a pedestrian walkway that will connect the Smedley Park trails on either side of Crum Creek, under the terms set forth above and within the pertinent staff summary.

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FURTHER RESOLVED, that the Board hereby authorizes the General Manager or his designee to execute all documents, in form approved by the Office of General Counsel, and to do any and all other things as shall be deemed necessary and proper in order to effectuate the purpose of this Resolution."

III.A.3. AUTHORIZATION TO ENTER INTO FIRST AMENDMENT TO THE LEASE AGREEMENT WITH LITTLEWOOD REAL ESTATE PARTNERS, LLC OF A PARKING LOT LOCATED NEAR MALVERN PASSENGER STATION IN CHESTER COUNTY, PENNSYLVANIA

"WHEREAS, Littlewood Real Estate Partners, LLC ("Littlewood") owns a parcel of property ("Parcel") that is adjacent to a SEPTA parking lot which adjoins the outbound platform of Malvern Passenger Station ("Station") located in Malvern Borough, Chester County, Pennsylvania; and

WHEREAS, on November 18, 2010, the Board authorized SEPTA to enter into a lease agreement ("Lease") with Littlewood for approximately 41 parking spaces within the Parcel ("Demised Premises") for additional commuter parking at the Station, for a period of approximately five ( 5) years, which will expire on December 6, 2015; and

WHEREAS, under the proposed first amendment to the Lease ("First Amendment"), SEPTA' s tenancy of the Demised Premises would be extended for an additional 6-month period from December 6, 2015 through June 6, 2016, at a monthly rental rate of $79.6927 per commuter parking space (or $3,267.40); and

WHEREAS, it is anticipated that during the extended sixmonth term the parties will negotiate either a new lease or SEPTA will acquire all or a portion of the Demised Premises, which will thereupon be presented to the Board; and

WHEREAS, staff requested that the General Manager recommend that the Board authorize SEPTA to enter into the proposed First Amendment to the Lease under the terms and conditions set forth above and more fully described in the pertinent staff summary; and


NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes SEPTA to enter into the proposed First Amendment to the Lease with Littlewood Real Estate Partners, LLC consistent with the terms and conditions set forth above and within the pertinent staff summary.

FURTHER RESOLVED, that the Board hereby authorizes the General Manager or his designee to execute all documents, in form approved by the Office of General Counsel, and to do any and all

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other things as shall be deemed necessary and proper in order to effectuate the purpose of this Resolution."

III.A.4. GRANT BY SEP'l'A ~O THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA TO SEPTA OF A NOMINAL PERPETUAL EASEMENT FOR AN ELECTRICAL DUCT BANK LOCATED NEAR THE SOUTHWEST CORNER OF 33RD AND CHESTNUT STREETS IN PHILADELPHIA

"WHEREAS, pursuant to a right-of-way agreement dated July 6, 195 9, the Trustees of the University of Pennsylvania ("Penn") granted Philadelphia Transportation Company ("PTC"), SEPTA's predecessor-in-interest, permission to operate and maintain a duct* bank located near the southwest corner of 33rct and Chestnut Streets in Philadelphia; and

WHEREAS, in approximately May 2014, Penn undertook a project to construct a 350-bed student housing complex, during which time Penn's contractor damaged SEPTA's facilities, located within including the existing duct bank; and

WHEREAS, in or about September 2014, August July 2014, Penn constructed a new concrete encased duct bank four-feet square and approximately 450 feet long, consisting of 16 four-inch conduits and four feet of cover, to replace the existing duct bank located adjacent thereto, to the existing damaged duct bank, which will be abandoned in place; and

WHEREAS, as a result of said damage Penn spent approximately $150, 000 for the repair and replacement of the facilities in accordance with SEPTA's specifications; and

WHEREAS, staff requested that the General Manager recommend that the Board authorize SEPTA to enter into to grant to Penn a nominal perpetual grant of easement with Penn under the terms and conditions as set forth above and more fully described in the pertinent staff summary, to be made effective retroactive as of July 21, 2014; and


NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes SEPTA to enter into a nominal perpetual easement with to grant to the Trustees of the University of Pennsylvania granting SEPTA' s use and occupancy of the facilities located within the a nominal perpetual easement for a duct bank to be installed by Penn near the southwest corner of 33rct and Chestnut Streets in Philadelphia, to be made effective retroactive as of July 21, 2014, under the terms set forth in the pertinent staff summary.

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FURTHER RESOLVED, that the Board hereby authorizes the General Manager or his designee to execute all documents, in form approved by the Office of General Counsel, and to do any and all other things as shall be deemed necessary and proper in order to effectuate the purpose of this Resolution."

III.B. AUTHORIZATION TO AWARD CONTRACTS FOR VARIOUS PROCUREMENTS

"WHEREAS, SEPTA advertised and invited bids for the supplies identified below; and

WHEREAS, the firms listed below were the lowest responsive and responsible bidders to the invitation for bids; and

WHEREAS, staff requested that the General Manager recommend that the Board authorize SEPTA to award the contracts identified below; and


NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes SEPTA to award and for the General Manager or his designee to execute the contracts identified below in form approved by the Office of General Counsel, subject to and contingent upon the concurrence of the funding agencies, if required, and contingent upon and subject to the vendors satisfactorily meeting all requirements of the bid terms and specifications, including full compliance with any applicable Disadvantaged Business Enterprise requirements:

1. To Staples Contract and Commercial, Inc. d/b/a Staples Business Advantage, for the purchase of stockless stationery and toner cartridges to be used by designated Authority users, with delivery of material scheduled on an "as required" basis over a period of two years commencing on January 1, 2016, as described in the staff summary on this subject, for a total contract amount not to exceed $1,686,591, Sealed Bid No. 15-00161-APES Stockless Stationary and Toner.

2. To John J. Bee, Inc., for general construction services, to provide all labor, materials, tools and equipment for the removal and replacement of a vehicle wash system at the Allegheny Bus Garage, with services to be performed over a period of 420 calendar days after issuance of Notice-to-Proceed, as described in the staff summary on this subject, for a total contract amount not to exceed $1, 900, 000, Sealed Bid No. 15-00169-ADMM - Allegheny Garage Bus Washers Project.

3. To Allegheny Iron & Metal Company, Inc., for Items No. 1-4, for the sale of approximately 1,040 gross tons of used scrap rail; 150 gross tons of other track material; 50 gross tons of obsolete frogs, guards and switch points; and 560 gross tons of

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street rail from Midvale and Liberty Yards and various project locations, at unit prices of $155.26, $160.26, $114.74 and $120.24, respectively, with services to be provided on an "as required" basis over of period of two years commencing on December 22, 2015, as described in the staff summary on this subject, for a total estimated asset recovery value of $258,580.80, Sealed Bid No. 15-00170-APES - Sale of Scrap Rail, Frogs, Guards, Switch Points & Other Track Material.

4. To GMI LLC, for the purchase of 100 gear sets to be used in the maintenance of the B-IV car fleet, at a unit price of $2,186, with delivery of material scheduled over a period of one year commencing in May 2016, as described in the staff summary on this subject, for a total contract amount not to exceed $218,600, Sealed Bid No. 15-00186-AMGA - Gear Sets for BIV Cars.

5. To Koehlke Components, Inc., for the purchase of an estimated 54,480 Panasonic batteries to be used for the FY 2017 and FY 2018 VOH Program to overhaul New Flyer hybrid buses, at a unit price of $99, with delivery of material on an "as required" basis over a period of 24 months commencing in July 2016, as described in the staff summary on this subject, for a total contract amount not to exceed $5, 393, 520, Sealed Bid No. 15-00217-AJJV - ESS Battery Packs."

III.C. AWARD OF VARIOUS CONTRACTS FOR SOLE SOURCE PROCUREMENTS

"WHEREAS, SEPTA has need for the described below and those supplies and only from the firms listed below; and

supplies and services services are available

WHEREAS, staff reviewed the cost of the supplies and services and the General Manager recommended that the Board authorize SEPTA to award the contracts.

NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes SEPTA to award and the General Manager or his designee to execute the contracts identified below, all in form approved by the Office of General Counsel, subject to the concurrence of the funding agencies, if required, and contingent upon and subject to each vendor I contractor satisfactorily providing any required bonds, insurance certificates and/or other documents, and complying with any applicable Disadvantaged Business Enterprise requirements:

1. To West code, Inc., for Items Nos. 1 and 2, for the purchase of 20 interior emergency release handle assemblies and 10 L2 emergency release handle assemblies, to be used in the maintenance of SEPTA's M-4 car fleet, at unit prices of $1,383.25 and $1,363.73, respectively, with delivery of material scheduled in May 2016, as described in the staff summary on this subject, for a total contract amount not to exceed $41,502.30.

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2. To Xerox Transport Solutions, Inc., for the purchase of 4 00 Zeomas WLAN cards to be used for orbital AMDT repairs at Woodland Electronics Shop, at a unit price of $221.11, with delivery of material scheduled within three weeks of issuance of Notice-to-Proceed, as described in the staff summary on this subject, for a total contract amount not to exceed $88,444.

3. To PS Technology, Inc., for the renewal of the software maintenance and support agreement for the Crew Management System, with services to be provided over a period of 12 months commencing on January 1, 2016 until December 31, 2016, as described in the staff summary on this subject, for a total contract amount not to exceed $192,000.

4. To Balfour Beatty Rail, Inc., a Di vision of Balfour Beatty Infrastructure Group, Inc., for the provision of maintenance and support for the Wayne Junction Static Frequency Converter units, with services to be provided over a period of two years commencing in January 2016, as described in the staff summary on this subject, for a total contract amount not to exceed $140,000."

III.D. AUTHORIZATION TO EXECUTE CHANGE ORDERS

"WHEREAS, additional work is required to complete the projects identified below; and

WHEREAS, staff reviewed the cost of the additional work and the General Manager recommended that the Board authorize SEPTA to order the additional work.

NOW, THEREFORE, BE IT RESOLVED, that the Board hereby authorizes SEPTA to award and the General Manager or his designee to execute the change orders identified below in form approved by the Office of General Counsel, subject to the concurrence of the funding agencies, if required, and to any applicable Disadvantaged Business Enterprise requirements:

1. To Santa Paul Corporation t/a Lima Company, for Change Order No. 2, which provides for a credit for reduced construction-related work on the Callowhill Bus Garage Roof Replacement Project, at a decrease in cost not to exceed $81,000, bringing the total contract price, including all change orders to date, to an amount not to exceed $1,109,111.

2. To Foundation Structures, Inc., for Change Order No. 1, which provides for additional construction-related work and a credit on the Installation of Catenary Foundations on the MediaSharon Hill Trolley Line Project, at a net increase in cost not to exceed $200,945, bringing the total contract price, including this change order, to an amount not to exceed $908,015."

16


Report of Genera1 Manager

Mr. Knueppel stated that 2015 would be remembered as a busy and productive year for SEPTA and that everyone should feel great pride as we look back at our efforts - capital improvement work, important safety initiatives, service enhancements, volunteer programs, the Papal visit, and a very special honor - being named one of the nation's Best (#33) Employers in the nation by Forbes Magazine.

Mr. Knueppel commented that all of the credit for these achievements goes to our employees - the men and women at SEPTA who were helping to build a strong future for our customers and our business.

Mr. Knueppel said that with the on-going support of our Board Chair, members of the SEPTA Board, Elected Officials, and Transit stakeholders we look forward to next year and continuing to serve our customers and our region in 2016.

Mr. Knueppel and Chairman Deon both wished everyone a very happy and safe holiday season.

Adjournment

There being no further business to come before the Board at this Regular Meeting, it was moved by Mr. Babcock seconded by Mr. Kubik, and unanimously adopted that the meeting be adjourned at 3:11 PM.

A transcript of this meeting was made by an official court reporter and is made a part of the original Minutes.

Carol R. Looby Secretary

17

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY

FINANCIAL REPORT

NOVEMBER 2015

For Period Ended November 28, 2015

December 10, 2015

trj

@ H td H >-3

~

FINANCIAL REPORT- NOVEMBER 2015

COMMENTARY

Summary of Financial Results and Commentary

GROUP 1 -CONSOLIDATED OPERATIONS

(1.1) Consolidating Statement of Income - (YTD) (1.2) Consolidating Statement of Revenue and Expense - (YTD) (1.3) Consolidating Statement of Income - (One Month) (1.4) Consolidating Statement of Revenue and Expense - (One Month)

GROUP 2 - CITY TRANSIT DIVISION

(2.1) Comparative Statement of Income (2.2) Detail Income Statement - (One Month) (2.3) Detail Income Statement - (YTD)

GROUP 3 - VICTORY DIVISION


GROUP 4 - FRONTIER DIVISION


GROUP 5 - REGIONAL RAIL DIVISION


FINANCIAL REPORT - NOVEMBER 2015

COMMENTARY

Summary of Financial Results and Commentary

SUMMARY

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY NOVEMBER AND YEAR-TO-DATE RESULTS OF OPERATIONS

The following is a summary of Divisional operating results (i.e. deficit before operating subsidies) and consolidated

results after subsidies for November 2015 and the five-month period then ended. The results are compared to the Fiscal

Year 2016 budget and to the prior year results in the accompanying financial statements.

(IN THOUSANDS) DIVISION MONTH OF NOVEMBER FIVE MONTHS ENDED NOVEMBER

2015 2014 2015 2014

City Transit $ (49,204) $ (48, 157) $ (227,931) $ (225,426) Victory (6,481) (6,299) (29,031) (27,979) Frontier (2,287) (2,219) (10,404) (10,516) Regional Rail (15,103} {13,485) (61,885) (56,856) Total Deficit Before Subsidies (73,075) (70, 160) (329,251) (320,777) Operating Subsidies 72,682 70,320 329,363 321, 132 Surplus/(Deficit) After Subsidies {393} 160 112 355 Unrealized Investment Gain/(Loss) (19} 185 225 320 Surplus/(Deficit) after Investment Gain/(Loss) $ (412) $ 345 $ 337 $ 675

The deficit after subsidies for the month of November was $393 thousand and the cumulative surplus for the five

months was $112 thousand. Passenger revenue for the month was $1.3 million (or 2.8%) worse than budget. Passenger

revenue for the five months of Fiscal 2016 was $4.6 million (or 2.3%) worse than budget. Shared Ride Program revenue

was $43 thousand worse than budget for the month of November and was $56 thousand (or 0.7%) worse than budget for

November year-to-date. Operating expenses for the month of November were $606 thousand better than budget. For the

five-month period, operating expenses were $4.3 million (or 0.8%) better than budget.

- 1 -


DIVISIONAL COMMENTARY ON NOVEMBER AND YEAR-TO-DATE RESULTS

CITY TRANSIT DIVISION

The Division's operations for November 2015 resulted in a deficit before subsidies of $49.2 million for the month and

a year-to-date deficit before subsidies of $227.9 million, which is 1.7% worse than budget.

Passenger revenue for the month of November was $795 thousand (or 2.8%) worse than budget. For the five

months of Fiscal 2016 total passenger revenue was $4.4 million (or 3.6%) worse than budget. Shared Ride Program

revenue for November year-to-date was $56 thousand (or 0.7%) worse than budget. Operating expenses for the five

month period were worse than budget.

For the first five months of the fiscal year, the operating surplus after subsidies was $82 thousand.

VICTORY DIVISION

The Division's operations for November resulted in a deficit before subsidies of $6.5 million bringing the cumulative

deficit before subsidies for the five months of the fiscal year to $29.0 million, which is 4.3% better than budget.

Passenger revenue for November was $62 thousand (or 2.8%) worse than budget and for the five months of Fiscal

2016 was $424 thousand (or 4.3%) worse than budget. Operating expenses for the five-month period were better than

budget.


- 2 -

FRONTIER DIVISION


Operations for the month of November resulted in a deficit before subsidies of $2.3 million bringing the cumulative

deficit before subsidies for the five months of the fiscal year to $10.4 million, which is 4.9% better than budget.

Passenger revenue for November was $1 thousand (or 0.2%) worse than budget and for the five months of Fiscal

2016 was $7 thousand (or 0.2%) worse than budget. Operating expenses for the five-month period were better than

budget.


REGIONAL RAIL DIVISION

Operations for the month of November resulted in a deficit before subsidies of $15.1 million bringing the cumulative

deficit before subsidies for the five-month period to $61.9 million, which is 3.4% better than budget.

November passenger revenue was $412 thousand (or 2.9%) worse than budget and year-to-date passenger

revenue was $212 thousand (or 0.3%) better than budget. Operating expenses for the five-month period were better than

budget.


- 3 -

FINANCIAL REPORT-NOVEMBER 2015

GROUP 1 - CONSOLIDATED OPERATIONS

(1.1) Consolidating Statement of Income - (YTD) (1.2) Consolidating Statement of Revenue and Expense - (YTD) (1.3) Consolidating Statement of Income - (One Month) (1.4) Consolidating Statement of Revenue and Expense - (One Month)

OPERATING REVENUES

Passenger Revenue

Other Operating Revenue

Sub-Total - Operating Revenue

Shared Ride Program

TOTAL REVENUE AVAILABLE FOR OPERATIONS

OPERATING EXPENSES

DEFICIT BEFORE SUBSIDIES

OPERATING SUBSIDIES

SURPLUS AFTER SUBSIDIES

Unrealized Investment Gain/(Loss)

SURPLUS AFTER INVESTMENT GAINJ(LOSS}

Page 1.1 12/10/15

$

$

$

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY CONSOLIDATING STATEMENT OF INCOME FIVE MONTHS ENDED NOVEMBER 28, 2015

(THOUSANDS)

CITY REGIONAL TRANSIT VICTORY FRONTIER RAIL

DIVISION DIVISION DIVISION DIVISION

117, 173 $ 9,435 $ 2,855 $ 63,965 $ 8,838 899 312 5,044

126,011 10,334 3,167 69,009 7,977 - - -

133,988 10,334 3,167 69,009

361,919 39,365 13,571 130,894

(227,931) (29,031) (10,404) (61,885)

228,013 29,042 10,408 61,900

82 $ 11 $ 4 $ 15 $ 124 9 2 90

206 $ 20 $ 6 $ 105 $

BUDGET VARIANCE TOTAL BUDGET SEPTA AMOUNT AMOUNT PERCENT

193,428 $ 198,032 $ (4,604) (2.32) 15,093 14,636 457 3.12

208,521 212,668 (4, 147) (1.95) 7,977 8,033 (56) (0.70)

216,498 220,701 (4,203) (1.90)

545,749 550,083 4,334 0.79

(329,251) (329,382) 131 0.04

329,363 329,382 ill) (0.01)

112 $ - $ 112

225 - 225

337 $ - $ 337

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY CONSOLIDATING STATEMENT OF REVENUES AND EXPENSES

FIVE MONTHS ENDED NOVEMBER 28, 2015

(THOUSANDS)

CITY TRANSIT VICTORY FRONTIER REGIONAL RAIL DIVISION DIVISION DIVISION DIVISION TOTAL SEPTA

OPERATING REVENUES BUDGET ACTUAL BUDGET ACTUAL BUDGET ACTUAL BUDGET ACTUAL BUDGET ACTUAL -

Passenger Revenue s 121,558 s 117,173 s 9,859 s 9,435 s 2,862 s 2,855 s 63,753 s 63,965 s 198,032 s 193,428 Shared Ride Program 8,033 7,977 - - - - - - 8,033 7,977 Investment Income 323 290 11 13 5 4 189 200 528 507 Other Income 7,763 8,548 809 886 285 308 5,251 4,844 ~108 14,586

TOTAL OPERATING REVENUE 137,677 133,988 10,679 10,334 3,152 3,167 69,193 69,009 ~701 216,498

OPERATING EXPENSES

Labor, including Paid Absences 167,065 164,356 18,501 18,254 7,374 7,293 52,941 53,864 245,881 243,767 Fringe Benefits 105,839 104,581 11, 183 10,043 3,888 3,519 32,300 28,872 153,210 147,015 Material & Services 54,041 58,858 8,091 7,619 1,227 1,249 36,635 37,029 99,994 104,755 Injuries & Damages 10,899 10,899 927 927 257 257 1, 121 1, 121 13,204 13,204 Propulsion Power 5,663 5,221 480 405 - 7,450 7,202 13,593 12,828 Fixed Rent 1,072 1,197 60 57 20 20 291 345 1,443 1,619 Fuel 11,890 11,503 1,673 1,978 1,304 1,214 301 217 15, 168 14,912 Depreciation 5,257 5,304 85 82 19 19 2,229 2,244 7,590 7,649

TOTAL OPERATING EXPENSES 361,726 361,919 41,000 39,365 14,089 13,571 133,268 130,894 ~083 545,749

DEFICIT BEFORE SUBSIDIES (224,049) (227,931) (30,321) (29,031) (10,937) (10,404) (64,075) (61,885) (329,382) (329,251)

OPERATING SUBSIDIES

Federal 10,627 10,822 1,484 1,422 523 497 1,976 1,869 14,610 14,610 State 175,066 178,359 25,024 23,966 8,816 8,379 33,314 31,516 242,220 242,220 Local 26,260 26,754 3,754 3,595 1,322 1,257 4,997 4,727 36,333 36,333 Lease Cost/Debt Service 11,546 11,546 59 59 17 17 23,268 23,268 34,890 34,890 Other-Route Guarantees 550 532 - - 259 258 520 520 1,329 1,310

TOTAL SUBSIDIES 224,049 228,013 30,321 29,042 10,937 10,408 64,075 __!1.900 329,382 329,363

SURPLUS AFTER SUBSIDIES s - s 82 s - s 11 s - s 4 s - s 15 - s 112 Unrealized Investment Gain/Closs) - 124 - 9 - 2 - 90 - 225

SURPLUS AFTER INVESTMENT GAIN/CLOSS) s - s 206 s - s 20 s - s 6 ~ - s 105 s - s 337

Page 1.2 12/10/15

OPERATING REVENUES

Passenger Revenue

Other Operating Revenue

Sub-Total - Operating Revenue

Shared Ride Program

TOTAL REVENUE AVAILABLE FOR OPERATIONS

OPERATING EXPENSES

DEFICIT BEFORE SUBSIDIES

OPERATING SUBSIDIES

DEFICIT AFTER SUBSIDIES

Unrealized Investment Gain/(Loss}

DEFICIT AFTER INVESTMENT GAIN/LOSS

Page 1.3 12/10/15

$

$

$

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY CONSOLIDATING STATEMENT OF INCOME ONE MONTH ENDED NOVEMBER 28, 2015

(THOUSANDS}

CITY REGIONAL TRANSIT VICTORY FRONTIER RAIL

DIVISION DIVISION DIVISION DIVISION

28, 146 $ 2,175 $ 640 $ 13,653 $ 1,900 183 65 1,122

30,046 2,358 705 14,775 1,740 . . .

31,786 2,358 705 14,775

80,990 8,839 2,992 29,878

(49,204) (6,481} (2,287) (15,103)

48,911 6,442 2,273 15,056

{293) $ {39) $ {14) $ {47) $ 3 . . {22)

(290} $ (39} $ (14} $ (69) $

BUDGET VARIANCE TOTAL BUDGET SEPTA AMOUNT AMOUNT PERCENT

44,614 $ 45,884 $ (1,270) (2.77) 3,270 2,953 317 10.73

47,884 48,837 (953) (1. 95} 1,740 1,783 (43) (2.41}

49,624 50,620 (996} (1.97}

122,699 123,305 606 0.49

(73,075) (72,685} (390) (0.54}

72,682 72,685 (3) (0.00}

~393) $ . $ {393)

{19) . {19)

(412} $ . $ (412}

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY CONSOLIDATING STATEMENT OF REVENUES AND EXPENSES

ONE MONTH ENDED NOVEMBER 28, 2015

(THOUSANDS)

CITY TRANSIT VICTORY FRONTIER REGIONAL RAIL DIVISION DIVISION DIVISION DIVISION TOTAL SEPTA

OPERATING REVENUES BUDGET ACTUAL BUDGET ACTUAL BUDGET ACTUAL BUDGET ACTUAL BUDGET ACTUAL -

Passenger Revenue $ 28,941 $ 28,146 $ 2,237 2,175 641 $ 640 $ 14,065 $ 13,653 $ 45,884 $ 44,614 Shared Ride Program 1,783 1,740 - - - - - 1,783 1,740 Investment Income 72 69 2 3 1 1 42 42 117 115 Other Income 1,562 1,831 162 180 57 64 1,055 1,080 2,836 3,155

TOTAL OPERATING REVENUE 32,358 31,786 2.401 2,358 699 705 15, 162 14,775 50,620 49,624

OPERATING EXPENSES

Labor, including Paid Absences 39,188 38,045 4,374 4,283 1,715 1,653 12,469 12,603 57,746 56,584 Fringe Benefits 22,146 22,341 2,334 2,112 805 700 6,796 5,634 32,081 30,787 Material & Services 12, 139 13, 159 1,783 1,687 280 304 8,311 9,268 22,513 24.418 Injuries & Damages 2.475 2.475 210 210 58 58 250 250 2,993 2,993 Propulsion Power 1,097 1,009 97 96 - - 1.445 1.493 2,639 2,598 Fixed Rent 213 265 12 12 4 5 58 96 287 378 Fuel 2,780 2,632 377 423 300 269 68 64 3,525 3,388 Depreciation 1,053 1,064 17 16 4 3 447 470 1,521 1,553 TOTAL OPERATING EXPENSES 81,091 80,990 9,204 8,839 3,166 2,992 29,844 29,878 123,305 122,699

DEFICIT BEFORE SUBSIDIES (48,733) (49,204) (6,803) (6.481) (2.467) (2,287) (14,682) (15, 103) (72,685) (73,075)

OPERATING SUBSIDIE~

Federal 2,309 2,318 334 316 118 109 463 481 3,224 3,224 State 38,056 38,206 5,614 5,316 1,994 1,833 7,809 8, 118 53.473 53,473 Local 5,709 5,731 842 797 299 275 1, 171 1,218 8,021 8,021 Lease Cost/Debt Service 2,549 2,549 13 13 4 4 5,135 5,135 7,701 7,701 Other-Route Guarantees 110 107 - - 52 52 104 104 266 263

TOTAL SUBSIDIES 48,733 48,911 6,803 6.442 2.467 2,273 14,682 15,056 72,685 72,682 -

DEFICIT AFTER SUBSIDIES $ - $ (293) $ . $ {39) $ . $ {14) $ . $ (47) $ - $ (393)

Unrealized Investment Gain/(Loss) . 3 . . . - (22) - (19)

DEFICIT AFTER INVESTMENT GAIN/LOSS $ . $ (290) $ $ (39) $ $ (14) $ . $ (69) $ . $ (412)

Page 1.4 12/l 0/15


GROUP 2 - CITY TRANSIT DIVISION


BUDGET

AMOUNT

$ 28,941

$

1,634

30,575

1,783

--32,358

81,091

(48,733)

48,733

6,284

629

18,691

75

Page 2.1 12/10/2015

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY CITY TRANSIT DIVISION

COMPARATIVE STATEMENT OF INCOME PERIOD ENDED NOVEMBER 28. 2015

(THOUSANDS)


THIS YEAR LAST YEAR ---

ACTUAL

BETTER/

ACTUAL (WORSE) ACTUAL

AMOUNT BUDGET% AMOUNT

$ 28, 146 (2.75) $ 28,721

1,900 16.28 1,754

30,046 (1.73) 30,475

1,740 (2.41) 1,945

31,786 (1.77) 32,420

80,990 0.12 80,577

(49,204) (0.97) (48,157)

48,911 0.37 48,275 -

(293) 118

3 110

$ (290) $ 228

6,102 (2.90) 6,153

609 (3.18) 580

18,684 (0.04) 18,657

67 (10.67) 80

ACTUAL

BETTER/

(WORSE)

LAST YEAR%

OPERATING REVENUES

(2.00) Passenger Revenue

8.32 Other Operating Revenue

(1.41) Sub-Total - Operating Revenue

(10.54) Shared Ride Program

(1.96) TOTAL REVENUE AVAILABLE FOR OPERATIONS

(0.51) OPERATING EXPENSES

(2.17) DEFICIT BEFORE SUBSIDIES

1.32 OPERATING SUBSIDIES

SURPLUS/(DEFICIT) AFTER SUBSIDIES


SURPLUS/(DEFICIT) AFTER INVESTMENT GAIN/(LOSS)

(0.83) TOTAL VEHICLE MILES

5.00 SHARED RIDE PROGRAM IN ABOVE

0.14 REVENUE PASSENGER JOURNEYS

(16.25) SHARED RIDE PROGRAM IN ABOVE

BUDGET

AMOUNT

$ 121,558

8,086

129,644

8,033

137,677

361,726

(224,049)

$

224,049

26,923

2,665

77,905

333


THIS YEAR

ACTUAL

AMOUNT

$ 117,173

8,838

126,011

7,977

133,988

361,919

(227,931)

$

228,013

82

124

206

26,337

2,286

75,698

309

ACTUAL

BETTER/

(WORSE)

BUDGET% --(3.61)

9.30

(2.80)

(0.70)

(2.68)

(0.05)

(1.73)

1.77

(2.18)

(14.22)

(2.83)

(7.21)

LAST YEAR

ACTUAL

AMOUNT

$ 120,932

8,132

129,064

8,458

137,522

362,948

(225,426)

$

225,690

264

167

431

26,525

2,424

77,870

345

ACTUAL

BETTER/

(WORSE)

LAST YEAR%

(3 11)

8.68

(2.37)

(5.69)

(2.57)

0.28

(111)

1.03

(0.71)

(5.69)

(2.79)

(10.43)

$

$

LAST YEAR AMOUNT

28,721 92

~ 30,475

~ 32,420

58,914 13,175

2,991 959 183

3,307 1,048

80,577

(48,157)

2,340 37,598

5,639 2,566

132 48,275

118

110

228

Page 2.2 12/10/2015

$

$

THIS YEAR ACTUAL BETIER (WORSE) LAST YEAR

AMOUNT %

(575) (2.00) (23) (25.00) 169 10.17

(429) (1.41) (205) (10.54) (634) (1.96)

(1,472) (2.50) 16 0.12

516 17.25 (50) (5.21) (82) (44.81)

675 20.41 (16) (1.53)

(413) (0.51)

(1,047) (2.17)

(22) (0.94) 608 1.62

92 1.63 (17) (0.66) (25) (18.94) 636 1.32

(411)

(107)

(518)


DETAIL INCOME STATEMENT ONE MONTH ENDED NOVEMBER 28, 2015

(THOUSANDS)

THIS YEAR THIS YEAR ACTUAL

BUDGET ACTUAL BETIER (WORSE) BUDGET

AMOUNT AMOUNT AMOUNT %

OPERATING REVENUES Passenger Revenue $ 28,941 $ 28,146 $ (795) (2.75)

Investment Income 72 69 (3) (4.17)

Other Income 1,562 1,831 269 17.22 SUB-TOTAL 30,575 30,046 (529) (1.73)

Shared Ride Program 1,783 1,740 (43) (2.41) TOTAL REVENUE AVAILABLE FOR OPERATIONS 32,358 31,786 (572) (1.77)

OPERATING EXPENSES Labor & Fringe Benefits 61,334 60,386 948 1.55

Material & Services 12,139 13,159 (1,020) (8.40)

Injuries & Damages 2,475 2,475 Propulsion Power 1,097 1,009 88 8.02

Fixed Rent 213 265 (52) (24.41)

Fuel 2,780 2,632 148 5.32 Depreciation 1,053 1,064 (11) (1.04)

TOTAL OPERATING EXPENSES 81,091 80,990 101 0.12

DEFICIT BEFORE SUBSIDIES _(48,733) (49,204) (471) (0.97)

OPERATING SUBSIDIES Federal 2,309 2,318 9 0.39

State 38,056 38,206 150 0.39

Local 5,709 5,731 22 0.39 Lease CosUDebt Service 2,549 2,549

Other - Route Guarantees 110 107 (3) (2.73) TOTAL OPERATING SUBSIDIES 48,733 48,911 178 0.37

SURPLUS/(DEFICIT) AFTER SUBSIDIES (293) (293)

Unrealized Investment Gain/(Loss) 0 3 3

SURPLUS/(DEFICIT) After Investment Gain/(Loss) $ $ (290) $ (290)

$

$

LAST YEAR AMOUNT

120,932 371

~ 129,064

8,458 137,522

265,601 58,054 13,163 5,040

846 15,023 5,221

362,948

(225,426)

10,959 176,009 26,401 11.720

601 225,690

264

167

431

Page 2.3 12/10/2015

$

$

THIS YEAR ACTUAL BETTER (WORSE) LAST YEAR

AMOUNT %

(3,759) (3.11) (81) (21.83) 787 10.14

(3,053) (2.37) (481) (5.69)

(3,5342_ (2.57)

(3,336) (1.26) (804) (1.38)

2,264 17.20 (181) (3.59) (351) (41.49)

3,520 23.43 (83) (1.59)

1,029 0.28

(2,505) (1.11)

(137) (1.25) 2,350 1.34

353 1.34 (174) (1.48)

(69) (11.48) 2,323 1.03

(182) 68.94

(43)

(225)


DETAIL INCOME STATEMENT FIVE MONTHS ENDED NOVEMBER 28. 2015

(THOUSANDS)

THIS YEAR THIS YEAR ACTUAL BUDGET ACTUAL BETTER (WORSE) BUDGET AMOUNT AMOUNT AMOUNT %

OPERATING REVENUES Passenger Revenue $ 121,558 $ 117, 173 $ (4,385) (3.61) Investment Income 323 290 (33) (10.22) Other Income 7,763 8,548 785 10.11

SUB-TOTAL 129,644 126,011 (3,633) (2.80) Shared Ride Program 8,033 7,977 (56) (0.70)

TOTAL REVENUE AVAILABLE FOR OPERATIONS 137,677 133,988 (3,689) (2.68)

OPERATING EXPENSES Labor & Fringe Benefits 272,904 268,937 3,967 1.45 Material & Services 54,041 58,858 (4,817) (8.91) Injuries & Damages 10,899 10,899 Propulsion Power 5,663 5,221 442 7.81 Fixed Rent 1,072 1,197 (125) (11.66) Fuel 11,890 11,503 387 3.25 Depreciation 5,257 5,304 (47) (0.89)

TOTAL OPERATING EXPENSES 361.726 361,919 (193) (0.05)

DEFICIT BEFORE SUBSIDIES (224,049) (227,931) (3,882) (1.73)

OPERATING SUBSIDIES Federal 10,627 10,822 195 1.83 State 175,066 178,359 3,293 1.88 Local 26,260 26,754 494 1.88 Lease Cost/Debt Service 11,546 11,546 Other - Route Guarantees 550 532 (18) (3.27)

TOTAL OPERATING SUBSIDIES 224,049 228,013 __ 3,964 1.77

SURPLUS/(DEFICIT) AFTER SUBSIDIES 82 82

Unrealized Investment Gain/(Loss) 124 124

SURPLUS/(DEFICIT) After Investment Gain/(Loss) $ $ 206 $ 206


GROUP 3 - VICTORY DIVISION


BUDGET

AMOUNT

$

$

---2,237

164

2,401

9,204

(6,803)

6,803

1,136

1,331

Page 3.1 12/10/2015

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY VICTORY DIVISION


(THOUSANDS)


THIS YEAR LAST YEAR

ACTUAL ACTUAL

BETTER/ BETTER/

ACTUAL (WORSE) ACTUAL (WORSE) BUDGET

AMOUNT BUDGET% AMOUNT LAST YEAR% AMOUNT

OPERATING REVENUES

$ 2,175 (2.77) $ 2,281 (4.65) Passenger Revenue $ 9,859

183 11.59 197 (7.11) Other Operating Revenue 820

2,358 (1.79) 2,478 (4.84) TOTAL REVENUE AVAILABLE FOR OPERATIONS 10,679

8,839 3.97 8,777 (0.71) OPERATING EXPENSES 41,000

(6,481) 4.73 (6,299) (2.89) DEFICIT BEFORE SUBSIDIES (30,321)

6,442 (5.31) 6,315 2.01 OPERATING SUBSIDIES 30,321

(39) 16 SURPLUS/(DEFICIT) AFTER SUBSIDIES

23 Unrealized Investment Gain/(Loss)

$ (39) $ 39 SURPLUS/(DEFICIT) AFTER INVESTMENT GAIN/(LOSS) $

1,124 (1.06) 1,071 4.95 TOTAL VEHICLE MILES 4,859

1,341 0.75 1,377 (2.61) REVENUE PASSENGER JOURNEYS 5,721


THIS YEAR LAST YEAR

ACTUAL ACTUAL

BETTER/ BETTER/

ACTUAL (WORSE) ACTUAL (WORSE)

AMOUNT BUDGET% AMOUNT LAST YEAR%

$ 9,435 (4.30) $ 9,935 (5.03)

899 9.63 886 1.47

10,334 (323) 10,821 (4.50)

39,365 3.99 38,800 (1.46)

(29,031) 4.25 (27,979) (3.76)

29,042 (4.22) 28,014 3.67

11 35

9 34

$ 20 $ 69

4,614 (5.04) 4,670 (1.20)

5,663 (1.01) 5,889 (3.84)

$

$

LAST YEAR AMOUNT

2,281 4

193 2,478

6,222 1,709

258 82

9 481

16 8,777

(6,299)

324 5,198

780 13

6.3~

16

23

39

Page 3.2 12/10/2015

$

$

THIS YEAR ACTUAL BETIER (WORSE) LAST YEAR AMOUNT %

(106) (4.65) (1) (25.00)

(13) (6.74) (120) (4.84)

(173) (2.78) 22 1.29 48 18.60

(14) (17.07) (3) (33.33) 58 12.06

(62) (0.71)

(182) (2.89)

(8) (2.47) 118 2.27

17 2.18

127 2.01

(55)

(23)

(78)


DETAIL INCOME STATEMENT ONE MONTH ENDED NOVEMBER 28, 2015

(THOUSANDS)

THIS YEAR THIS YEAR ACTUAL BUDGET ACTUAL BETIER (WORSE) BUDGET AMOUNT AMOUNT AMOUNT %

OPERATING REVENUES Passenger Revenue $ 2,237 $ 2,175 $ (62) (2.77) Investment Income 2 3 1 50.00 Other Income 162 180 18 11.11

TOTAL REVENUE AVAILABLE FOR OPERATIONS 2,401 2,358 (43) (1.79)

OPERATING EXPENSES Labor & Fringe Benefits 6,708 6,395 313 4.67 Material & Services 1,783 1,687 96 5.38 Injuries & Damages 210 210 Propulsion Power 97 96 1 1.03 Fixed Rent 12 12 Fuel 377 423 (46) (12.20) Depreciation 17 16 1 5.88


DEFICIT BEFORE SUBSIDIES (6,803) (6,481) 322 4.73

OPERATING SUBSIDIES Federal 334 316 (18) (5.39) State 5,614 5,316 (298) (5.31) Local 842 797 (45) (5.34) Lease Cost/Debt Service 13 13 Other - Route Guarantees

TOTAL OPERATING SUBSIDIES 6,803 6,442 (361) (5.31)



SURPLUS/(DEFICIT) AFTER INVESTMENT GAIN/(LOSS) $ $ (39) $ (39)

$

$

LAST YEAR AMOUNT

9,935 15

871 10,821

27,564 7,364 1,136

427 45

2,184 80

38,800

(27,979)

1,436 23,059

3,459 60

28,014

35

34

69

Page 3.3 12/10/2015

$

$

THIS YEAR ACTUAL BETIER (WORSE) LAST YEAR AMOUNT %

(500) (5.03) (2) (13.33) 15 1.72

(487) (4.50)

(733) (2.66) (255) (3.46) 209 18.40

22 5.15 (12) (26.67) 206 9.43

(2) (2.50) (565) (1.46)

(1,052) (3.76)

(14) (0.97) 907 3.93 136 3.93

(1) (1.67)

1,028 3.67

(24) 68.57

(25)

(49)


DETAIL INCOME STATEMENT FIVE MONTHS ENDED NOVEMBER 28, 2015

(THOUSANDS)

THIS YEAR THIS YEAR ACTUAL BUDGET ACTUAL BETIER (WORSE) BUDGET AMOUNT AMOUNT AMOUNT %

OPERATING REVENUES Passenger Revenue $ 9,859 $ 9,435 $ (424) (4.30) Investment Income 11 13 2 18.18 Other Income 809 886 77 9.52


OPERATING EXPENSES Labor & Fringe Benefits 29,684 28,297 1,387 4.67 Material & Services 8,091 7,619 472 5.83 Injuries & Damages 927 927 Propulsion Power 480 405 75 15.63 Fixed Rent 60 57 3 5.00 Fuel 1,673 1,978 (305) (18.23) Depreciation 85 82 3 3.53

TOTAL OPERATING EXPENSES 41,000 39,365 1,635 3.99

DEFICIT BEFORE SUBSIDIES (30,321) (29,031) 1,290 4.25

OPERATING SUBSIDIES Federal 1,484 1,422 (62) (4.18) State 25,024 23,966 (1,058) (4.23) Local 3,754 3,595 (159) (4.24) Lease Cost/Debt Service 59 59 Other - Route Guarantees

TOTAL OPERATING SUBSIDIES 30,321 29,042 (1,279) (4.22)



SURPLUS/(DEFICIT) AFTER INVESTMENT GAIN/(LOSS) $ $ .. __ Z_Q_ $ 20


GROUP 4 - FRONTIER DIVISION


BUDGET

AMOUNT

$

$

641

58

699

3,166

(2,467)

2,467

506

339

Page 4.1 12/10/2015

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY FRONTIER DIVISION

COMPARATIVE STATEMENT OF INCOME PERIOD ENDED NOVEMBER 28, 2015

(THOUSANDS)


THIS YEAR LAST YEAR

ACTUAL ACTUAL

BETTER/ BETTER/



OPERATING REVENUES

$ 640 (0.16) $ 675 (5.19) Passenger Revenue $ 2,862

65 12.07 71 (8.45) Other Operating Revenue 290

705 0.86 746 (5 50) TOTAL REVENUE AVAILABLE FOR OPERATIONS 3,152

2,992 5.50 2,965 (0.91) OPERATING EXPENSES 14,089

(2,287) 7.30 (2,219) (3.06) DEFICIT BEFORE SUBSIDIES (10,937)

2,273 (7.86) 2,225 2.16 OPERATING SUBSIDIES 10,937

~ 6 SURPLUS/(DEFICIT) AFTER SUBSIDIES

7 Unrealized Investment Gain/(Loss)

$ (14) $ 13 SURPLUS/(DEFICIT) AFTER INVESTMENT GAIN/(LOSS) $

506 510 (0.78) TOTAL VEHICLE MILES 2,203

348 2.65 361 (3.60) REVENUE PASSENGER JOURNEYS 1,510


THIS YEAR LAST YEAR

ACTUAL ACTUAL

BETTER/ BETTER/


AMOUNT BUDGET% AMOUNT LAST YEAR% --$ 2,855 (0.24) $ 2,900 (1.55)

312 7.59 310 0.65

3,167 0.48 3,210 (1.34)

13,571 3.68 13,726 1.13

(10,404) 4.87 (10,516) 1.07

10,408 (4.84) 10,529 (1.15)

4 13

2 10 --

$ 6 $ 23

2,214 0.50 2,224 (0.45)

1,518 0.53 1,540 (1.43)

$

$

LAST YEAR AMOUNT

675 1

70 746

2,306 252

73 3

327 4

2,965

(2,219)

111 1,793

269 3

49 2,225

6

7

13

Page 4.2 12/10/2015

$

$

THIS YEAR ACTUAL BETTER (WORSE) LAST YEAR AMOUNT %

(35) (5.19)

(6) (8.57)

1i!2_ (5.50)

(47) (2.04) (52) (20.63) 15 20.55 (2) (66.67) 58 17.74

1 25.00 (27) (0.91)

(68) (3.06)

(2) (1.80) 40 2.23

6 2.23 1 33.33 3 6.12

48 2.16

(20)

Q)_

(27)


DETAIL INCOME STATEMENT ONE MONTH ENDED NOVEMBER 28. 2015

(THOUSANDS)


BUDGET ACTUAL BETTER (WORSE) BUDGET

AMOUNT AMOUNT AMOUNT %

OPERATING REVENUES Passenger Revenue $ 641 $ 640 $ (1) (0.16)

Investment Income 1 1 Other Income 57 64 7 12.28

TOTAL REVENUE AVAILABLE FOR OPERATIONS 699 705 6 0.86

OPERATING EXPENSES Labor & Fringe Benefits 2,520 2,353 167 6.63 Material & Services 280 304 (24) (8.57)

Injuries & Damages 58 58 Fixed Rent 4 5 (1) (25.00)

Fuel 300 269 31 10.33 Depreciation 4 3 1 25.00



OPERATING SUBSIDIES Federal 118 109 (9) (7.63)

State 1,994 1,833 (161) (8.07)

Local 299 275 (24) (8.03)

Lease CosUDebt Service 4 4 Other - Route Guarantees 52 52





$

$

LAST YEAR AMOUNT

2,900 4

306 3,210

10,548 1,316

322 16

1,504 20

13,726

(10,516)

527 8,470 1,271

16 245

10,5~

13

10

23

Page 4.3 12/10/2015

$

$


(45) (1.55)

2 0.65 (43) (1.34)

(264) (2.50) 67 5.09 65 20.19 (4) (25.00)

290 19.28 1 5.00

155 1.13

112 1.07

(30) (5.69) (91) (1.07) (14) (1.10)

1 6.25 13 5.31

(121) (1.15)

(9) 69.23

(8)

(17)



(THOUSANDS)


BUDGET ACTUAL BETTER (WORSE) BUDGET AMOUNT AMOUNT AMOUNT %

OPERATING REVENUES Passenger Revenue $ 2,862 $ 2,855 $ (7) (0.24) Investment Income 5 4 (1) (20.00) Other Income 285 308 23 8.07

TOTAL REVENUE AVAILABLE FOR OPERATIONS 3,152 3,167 15 0.48

OPERATING EXPENSES Labor & Fringe Benefits 11,262 10,812 450 4.00 Material & Services 1,227 1,249 (22) (1.79) Injuries & Damages 257 257 Fixed Rent 20 20 Fuel 1,304 1,214 90 6.90 Depreciation 19 19

TOTAL OPERATING EXPENSES 14,089 ~571 518 3.68


OPERATING SUBSIDIES Federal 523 497 (26) (4.97) State 8,816 8,379 (437) (4.96) Local 1,322 1,257 (65) (4.92) Lease CosUDebt Service 17 17 Other - Route Guarantees 259 258 (1) (0.39)




SURPLUS/(DEFICIT) AFTER INVESTMENT GAIN/(LOSS) $ $ 6 $ 6


GROUP 5 - REGIONAL RAIL DIVISION


BUDGET

AMOUNT

$

$

14,065

1,097

15,162

29,844

(14,682)

14,682

1,973

3,686

Page 5.1 12/10/2015

SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY REGIONAL RAIL DIVISION


(THOUSANDS)


THIS YEAR LAST YEAR

ACTUAL ACTUAL

BETIER/ BETIER/



OPERATING REVENUES

$ 13,653 (2.93) $ 13,931 (2.00) Passenger Revenue $ 63,753

1,122 2.28 1,126 (0.36) Other Operating Revenue 5,440

14,775 (2.55) 15,057 (1.87) TOTAL REVENUE AVAILABLE FOR OPERATIONS 69,193

29,878 (0.11) 28,542 (4.68) OPERATING EXPENSES 133,268

(15,103) (2.87) (13,485) (12.00) DEFICIT BEFORE SUBSIDIES (64,075)

15,056 2.55 13,505 11.48 OPERATING SUBSIDIES 64,075

(47) 20 SURPLUS/(DEFICIT) AFTER SUBSIDIES

(22) 45 Unrealized Investment Gain/(Loss)

-$ (69) $ 65 SURPLUS/(DEFICIT) AFTER INVESTMENT GAIN/(LOSS) $

1,946 (1.37) 1,938 0.41 TOTAL VEHICLE MILES 8,625

3,568 (320) 3,646 (2.14) REVENUE PASSENGER JOURNEYS 15,839


THIS YEAR LAST YEAR

ACTUAL ACTUAL

BETIER/ BETIER/


AMOUNT BUDGET% AMOUNT LAST YEAR%

$ 63,965 0.33 $ 63,409 0.88

5,044 (7.28) 5,404 (6.66)

69,009 (0.27) 68,813 0.28

130,894 1.78 125,669 (4.16)

(61,885) 3.42 (56,856) (8.85)

61,900 (3.39) 56,899 8.79

15 43

90 109

$ 105 $ 152

8,438 (2.17) 8,512 (0.87)

15,721 (0.74) 15,713 0.05

$

$

LAST YEAR AMOUNT

13,931 51

~ 15,057

19,140 7, 113

355 1,380

43 75

436 28,542

(13,4852_

458 7,331 1, 100 4,537

79 13,505

20

45

65

Page 5.2 12/10/2015

$

$

THIS YEAR ACTUAL BETTER (WORSE) LAST YEAR

AMOUNT %

(278) (2.00) (9) (17.65) 5 0.47

(282) (1.87)

903 4.72 (2,155) (30.30)

105 29.58 (113) (8.19)

(53) 11 14.67

(34) (7.80) (1,336) (4.68)

(1,618) (12.00)

23 5.02 787 10.74 118 10.73 598 13.18

25 31.65 1,551 11.48

(67)

(67)

(134)


DETAIL INCOME STATEMENT ONE MONTH ENDED NOVEMBER 28. 2015

(THOUSANDS)


BUDGET ACTUAL BETTER (WORSE) BUDGET AMOUNT AMOUNT AMOUNT %

OPERATING REVENUES Passenger Revenue $ 14,065 $ 13,653 $ (412) (2.93) Investment Income 42 42 Other Income 1,055 1,080 25 2.37


OPERATING EXPENSES Labor & Fringe Benefits 19,265 18,237 1,028 5.34 Material & Services 8,311 9,268 (957) (11.51) Injuries & Damages 250 250 Propulsion Power 1,445 1,493 (48) (3.32) Fixed Rent 58 96 (38) (65.52) Fuel 68 64 4 5.88 Depreciation 447 470 (23) (5.15)

TOTAL OPERATING EXPENSES 29,844 29,878 (34) (0.11)

DEFICIT BEFORE SUBSIDIES (14,682) (15,103) (421) (2.87)

OPERATING SUBSIDIES Federal 463 481 18 3.89 State 7,809 8,118 309 3.96 Local 1,171 1,218 47 4.01 Lease Cost/Debt Service 5,135 5,135 Other - Route Guarantees 104 104

TOTAL OPERATING SUBSIDIES 14,682 15,056 374 2.55


Unrealized Investment Gain/(Loss) (22) (22)


$

$

LAST YEAR AMOUNT

63,409 211

~ 68,813

80,597 33,690

1,580 7,100

214 303

2,185 125,669

(56,856)

1,838 29,518

4,428 20,720

395 56,89~

43

109 - -- ----·---·-----

152

Page 5.3 12/10/2015

$

$


556 0.88 (11) (5.21)

(349) (6.72) 196 0.28

(2,139) (2.65) (3,339) (9.91)

459 29.05 (102) (1.44) (131) (61.21)

86 28.38 (59) (2.70)

(5,225) (4.16)

(5,029) (8.85)

31 1.69 1,998 6.77

299 6.75 2,548 12.30

125 31.65 5,001 8.79

(28) 65.12

(19)

(47)



(THOUSANDS)

THIS YEAR THIS YEAR ACTUAL BUDGET ACTUAL BETTER (WORSE) BUDGET AMOUNT AMOUNT AMOUNT %

OPERATING REVENUES Passenger Revenue $ 63,753 $ 63,965 $ 212 0.33 Investment Income 189 200 11 5.82 Other Income 5,251 4,844 (407) (7.75)


OPERATING EXPENSES Labor & Fringe Benefits 85,241 82,736 2,505 2.94 Material & Services 36,635 37,029 (394) (1.08) Injuries & Damages 1, 121 1, 121 Propulsion Power 7,450 7,202 248 3.33 Fixed Rent 291 345 (54) (18.56) Fuel 301 217 84 27.91 Depreciation 2,229 2,244 (15) (0.67)

TOTAL OPERATING EXPENSES 133,268 130,894 2,374 1.78

DEFICIT BEFORE SUBSIDIES (64,075) (61,885) 2,190 3.42

OPERATING SUBSIDIES Federal 1,976 1,869 (107) (5.41) State 33,314 31,516 (1,798) (5.40) Local 4,997 4,727 (270) (5.40) Lease Cost/Debt Service 23,268 23,268 Other - Route Guarantees 520 520

TOTAL OPERATING SUBSIDIES 64,075 61,900 (2,175) (3.39)



SURPLUS/(DEFICIT) AFTER INVESTMENT GAIN/(LOSS) $ $ 105 $ 105

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