Benefit payments for the Contract Plan are determined as the sum of the following:
1. 1.23% of the first $500 of adjusted monthly earnings multiplied by the years of credited service (maximum credit of 40 years).
2. 1.70% of adjusted final monthly earnings greater than $500 multiplied by the years of credited service (maximum credit of 40 years).
Contract employees who are at least 54 years of age with ten years of service or more, will have their pension benefits calculated as the sum of items 1 and 2 above, increased by 15%.
Adjusted final monthly earnings under the Contract Plan are the employee’s highest average monthly wage for 60 consecutive months of earnings during the last 10 calendar years of employment, prior to normal retirement date, which provide the highest value.
Retirees for both Plans, if married, are eligible to receive a joint annuity with a reduced annuity to the surviving spouse or domestic partner, and if unmarried, a straight-life annuity. These benefits are actuarially equivalent at the normal retirement date. Plan members are entitled, upon leaving service, to a vested termination of employment benefit if they have completed five years of credited service on their termination date. The vested termination of employment benefit is equal to the normal retirement benefit earned to the termination date.
Death and Disability Benefits
In the event a Plan member dies after reaching retirement age, while still actively employed, a retirement benefit will be paid to the spouse in the amount of 50% of the amount the Plan member would have received under the joint and 50% survivor spouse annuity, assuming retirement occurred the day immediately prior to death.
If a Salaried Plan participant becomes occupationally disabled, he or she is entitled to a monthly benefit equal to 1.7% of the participant’s average monthly final earnings for each year of service earned. The minimum monthly disability benefit is 17% of the participant’s average earnings, regardless of the length of service or vesting status.
If a Contract Plan participant is totally and permanently disabled with 10 or more years of credited service, the participant is entitled to receive the full normal retirement benefit earned to the date of disability, without actuarial reduction, commencing six months after the date of disablement. A reduced occupational disability benefit is available for the Plan members unable to perform their usual work duties who leave service after 10 or more years of credited service.
36 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
Termination
The Plans may be amended, altered, or modified, or successor plans may be adopted at any time with the consent of the employer and its Board of Directors or its successor in interest. In the event of termination, the net assets will be allocated based on the order of priority prescribed in the Plans.
Funding Policy and Annual Pension Contributions
The Agency is required to contribute to the Plans at an actuarially determined rate. Salaried Plan members are required to contribute 5% of their annual salaries toward the Plan. Contract Plan members contribute a percentage of their annual salary toward the Plan as decided by the Board of Arbitration on June 15, 2012 whereas the Agency pays the first 10% of the amount the actuary states, Contract employees pay the next 5% and the Agency and the employees equally split any funding amounts over 15%. The contribution rates for 2021 were 22.45% and 24.73% for the Contract and Salaried Plans, respectively. For 2021, the Agency’s annual contributions were $4,341,170 and $1,826,321 for the Contract and Salaried Plans, respectively. For 2020, the Agency’s annual contributions were $4,357,936 and $1,596,044 for the Contract and Salaried Plans, respectively.
Net Pension Liability – Salaried Plan
The Salaried Plan’s net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.
Actuarial Assumptions. The total pension liability in the June 30, 2021 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:
Investment Rate of Return 6.00% compounded annually
Salary Increases 3.00% per year
Mortality PRI-2012 White Collar Mortality Table Projected with Scale MP-2019; PRI-2012 Disabled Mortality Table Projected with Scale MP-2019 for disabled participants.
Employee Contribution
Interest Credit 5.00% compounded annually
Lump Sums 4.50% interest; IRS applicable mortality
Administrative Expenses $213,196 per year payable at the beginning of the year Termination Before Retirement:
Age Turnover Rate
20 7.86%
25 7.57%
30 8.64%
35 8.00%
40 5.64%
45 4.04%
50 2.78%
55 1.67%
60 1.10%
37 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
Retirement: For participants who are eligible for 70/80 Retirement, the following rates apply:
Age Retirement
Rate
50-53 5%
54-55 10%
56-57 20%
58-59 40%
60+ 100%
All other active participants, inactive vested participants, and future inactive vested participants are assumed to retire at age 64 after completion of 10 years of service.
Marital Status: 80% of non-retired participants are married. Female spouse is assumed to be three years younger than the male spouse.
Form of Payment: 80% of active participants are assumed to elect the lump-sum option. The remaining 20% of active participants are assumed to elect a single-life annuity. Vested terminated participants are assumed to elect a single-life annuity.
Unknown Data: Participants with unreported data, such as missing birthdates, are assumed to have the same characteristics as similar participants.
The long-term expected rate of return on pension plan investments has been based upon the assumption that future real returns will approximate the long-term rates of return projected for each asset class in the Investment Policy Statement. The relative benchmarks for the investment options are monitored on an ongoing basis by the Pension Committee. The Committee has discretion to take corrective action by replacing a manager. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:
Asset Class Strategic
Allocation
Long-Term
Expected Real Rate
of Return
US Large Agency Stocks 30% 7.0%
US Small Agency Stocks 5 7.0
Real Estate Securities 6 7.0
International Equity 20 7.7
Multi-strategy 5 6.0
Fixed Income 33 3.1
Cash Equivalent 1 2.9
38 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
Discount Rate. The discount rate used to measure the total pension liability was 6 percent. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the employee rate. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current and inactive employees. 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.
Increase (Decrease)
Salaried Plan
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability (Asset)
Balances at 6/30/2020
$ 33,942,216 $ 31,438,641 $ 2,503,575
Changes for the year:
Service cost 702,231 - 702,231
Interest 1,844,293 - 1,844,293
Expected investment income - 1,857,326 (1,857,326)
Difference between expected
and actual experience 2,251,272 5,475,554 (3,224,282) Contributions - employer - 1,826,321 (1,826,321)
Contributions - employee - 308,205 (308,205)
Benefit payments, including refunds (2,902,046) (2,902,046) - Administrative expense - (213,196) 213,196
Other changes (assumptions) 387,300 - 387,300
Net changes 2,283,050 6,352,164 (4,069,114)
Balances at 6/30/2021 $ 36,225,266 $ 37,790,805 $ (1,565,539) Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Salaried Plan Liability Net Position Liability
Balances at 6/30/2019 $ 33,336,432 $ 30,938,951 $ 2,397,481 Changes for the year:
Service Cost 753,733 - 753,733
Interest 1,779,258 - 1,779,258
Expected investment income - 1,868,608 (1,868,608)
Difference between expected and
actual experience (624,271) (1,783,984) 1,159,713
Contributions - employer - 1,596,044 (1,596,044)
Contributions - employee - 319,542 (319,542)
Benefit payments, including refunds (1,302,936) (1,302,936) - Administrative expense - (197,584) 197,584
Net Changes
605,784 499,690 106,094
Balances at 6/30/2020 $ 33,942,216 $ 31,438,641 $ 2,503,575 39 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
Net Pension Liability – Contract Plan
The Contract Plan’s net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.
Actuarial Assumptions. The total pension liability in the June 30, 2021 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement:
Investment Rate of Return 6.50% compounded annually
Salary Increases 3.00% per year
Mortality PRI-2012 Blue Collar Mortality Table Projected with Scale MP-2019; PRI-2012 Disabled Mortality Table Projected
with Scale MP-2019 for disabled participants
Employee Contribution
Interest Credit 5.00% compounded annually
Lump Sums 4.50% interest; IRS applicable mortality
Administrative Expenses $418,494 per year payable at the beginning of the year Termination Before Retirement:
Age Turnover Rate
20 8.00%
25 7.80%
30 7.30%
35 6.30%
40 5.40%
45 4.40%
50 3.70%
55 3.50%
60 3.50%
Retirement: All active participants, inactive vested participants and future inactive vested participants are assumed to retire at age 64 after completion of 10 years of service.
Marital Status: 80% of non-retired participants are married. Female spouse is assumed to be three years younger than the male spouse.
Form of Payment: 80% of active participants hired prior to July 1, 2012 are assumed to elect the lump-sum option. The remaining 20% of active participants hired prior to July 1, 2012, all actives hired on or after July 1, 2012, and all Vested Terminated
participants are assumed to elect the single-life annuity.
Unknown Data: Participants with unreported data, such as missing birthdates, are assumed to have the same characteristics as similar participants.
40 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
The long-term expected rate of return on pension plan investments has been based upon the assumption that future real returns will approximate the long-term rates of return projected for each asset class in the Investment Policy Statement. The relative benchmarks for the investment options are monitored on an ongoing basis by the Pension Committee. The Committee has discretion to take corrective action by replacing a manager. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:
Asset Class Strategic
Allocation
Long-Term
Expected Real Rate
of Return
US Large Agency Stocks 20% 6.9%
US Small Agency Stocks 5 6.9
Real Estate Securities 6 6.9
International Equity 23 7.3
Multi-strategy 15 6.9; 5.0 Commodities
Fixed Income 30 5.5
Cash Equivalent 1 2.9
Discount Rate. The discount rate used to measure the total pension liability was 6.5 percent. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the employee rate. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current and inactive employees. 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.
Increase (Decrease)
Contract Plan
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
Balances at 6/30/2020
$ 95,973,712 $ 63,776,866 $ 32,196,846
Changes for the year:
Service cost 3,955,144 - 3,955,144
Interest 6,020,256 - 6,020,256
Expected investment income - 4,205,500 (4,205,500)
Difference between expected
and actual experience (5,289,301) 11,948,917 (17,238,218) Contributions - employer - 4,341,170 (4,341,170)
Contributions - employee - 2,716,208 (2,716,208)
Benefit payments, including refunds (4,763,085) (4,763,085) - Administrative expense - (418,494) 418,494
Other changes (assumptions) 1,341,613 - 1,341,613
Net changes 1,264,627 18,030,216 (16,765,589)
Balances at 6/30/2021 $ 97,238,339 $ 81,807,082 $ 15,431,257 41 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Contract Plan Liability Net Position Liability
Balances at 6/30/2019 $ 91,295,118 $ 60,679,049 $ 30,616,069 Changes for the year
Service cost 3,749,883 - 3,749,883
Interest 5,661,960 - 5,661,960
Expected investment income - 4,036,600 (4,036,600)
Difference between expected and
actual experience (820,357) (3,829,250)
3,008,893
Contributions - employer - 4,357,936 (4,357,936)
Contributions - employee - 2,810,418 (2,810,418)
Benefit payments, including refunds (3,912,892) (3,912,892) - Administrative expense - (364,995) 364,995
Net changes 4,678,594 3,097,817 1,580,777
Balances at 6/30/2020 $ 95,973,712 $ 63,776,866 $ 32,196,846 Net Pension Liability - Combined Plans
Increase (Decrease)
Combined Plans
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
Balances at 6/30/2020 $ 129,915,928 $ 95,215,507 $ 34,700,421 Changes for the year:
Service cost 4,657,375 - 4,657,375
Interest 7,864,549 - 7,864,549
Expected investment income - 6,062,826 (6,062,826)
Difference between expected
and actual experience (3,038,029) 17,424,471 (20,462,500) Contributions - employer - 6,167,491 (6,167,491)
Contributions - employee - 3,024,413 (3,024,413)
Benefit payments, including refunds (7,665,131) (7,665,131) - Administrative expense - (631,690) 631,690
Other changes (assumption) 1,728,913 - 1,728,913
Net changes
3,547,677 24,382,380 (20,834,703)
Balances at 6/30/2021 $ 133,463,605 $ 119,597,887 $ 13,865,718 42 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Combined Plans Liability Net Position Liability
Balances at 6/30/2019 $ 124,631,550 $ 91,618,000 $ 33,013,550 Changes for the year
Service cost 4,503,616 - 4,503,616
Interest 7,441,218 - 7,441,218
Expected investment income - 5,905,208 (5,905,208)
Difference between expected and
actual experience (1,444,628) (5,613,234)
4,168,606
Contributions - employer - 5,953,980 (5,953,980)
Contributions - employee - 3,129,960 (3,129,960)
Benefit payments, including refunds (5,215,828) (5,215,828) - Administrative expense - (562,579) 562,579
Net changes 5,284,378 3,597,507 1,686,871
Balances at 6/30/2020 $ 129,915,928 $ 95,215,507 $ 34,700,421 Sensitivity of the Net Pension Liability (Asset) to Changes in the Discount Rate The following presents the net pension liability of the Contract Plan as of June 30, 2021, calculated using the discount rate of 6.5%, as well as what the net pension liability would be if it were calculated using a discount rate that is one-percentage point lower (5.5%) or one-percentage point higher (7.5%) than the current rate. The Salaried Plan’s net pension liability (asset) is calculated using a discount rate that is one-percentage point lower (5.0%) or one-percentage point higher (7.0%) than the current rate of 6.0%.
Contract Plan
1% Decrease or 5.5% $ 24,100,584
6.5% Current Discount Rate $ 15,431,257
1% Increase or 7.5% $ 7,874,708
Salaried Plan
1% Decrease or 5.0% $ 846,785
6.0% Current Discount Rate $(1,565,539)
1% Increase or 7.0% $(3,678,030)
43 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pension For the year ended June 30, 2021, the Salaried Plan recognized pension expense of $1,912,890. At June 30, 2021, the Salaried Plan reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Salaried Plan
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual
experience
$ 2,289,266 -
Changes of assumptions 387,300 -
Net difference between projected and actual
earning on plan investments - 3,650,490
Total
$ 2,676,566 $ 3,650,490
For the year ended June 30, 2020, the Salaried Plan recognized pension expense of $2,293,631 At June 30, 2020, the Salaried Plan reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Salaried Plan
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual
experience
$ 259,233
Changes of assumptions 398,882
Net difference between projected and actual
earning on plan investments 2,523,644
Total
$ 3,181,759
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:
Salaried Plan – Year Ended June 30 Amount to Be Recognized 2022 $ (301,595)
2023 $ (291,777)
2024 $ (266,129)
2025 $ 738,315
2026 $ 1,095,110
Thereafter $ --
44 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
For the year ended June 30, 2021, the Contract Plan recognized pension expense of $6,322,999. At June 30, 2021, the Contract Plan reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Contract Plan
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual
experience
$ - $ 4,097,089
Changes of assumptions 4,649,183 -
Net difference between projected and actual
earning on plan investments - 7,670,943
Total
$ 4,649,183 $ 11,768,032
For the year ended June 30, 2020, the Contract Plan recognized pension expense of $5,943,761. At June 30, 2020, the Contract Plan reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Contract Plan
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual
experience
$ 1,577,574
Changes of assumptions 4,098,364
Net difference between projected and actual
earning on plan investments 6,099,887
Total
$ 11,775,825 None
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:
Contract Plan – Year Ended June 30 Amount to Be Recognized 2022 $ 678,928
2023 $ 435,477
2024 $ 528,094
2025 $ 1,250,960
2026 $ 2,511,459
Thereafter $ 1,713,931
45 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
For the year ended June 30, 2021, both plans recognized pension expense of $8,235,889. At June 30, 2021, both plans reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Combined Plans
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual
experience
$ 2,289,266 $ 4,097,089
Changes of assumptions 5,036,483 -
Net difference between projected and actual
earning on plan investments - 11,321,433
Total
$ 7,325,749 $ 15,418,522
For the year ended June 30, 2020, both plans recognized pension expense of $8,237,392. At June 30, 2020, both plans reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Combined Plans
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Difference between expected and actual
experience
$ 1,836,807
Changes of assumptions 4,497,246
Net difference between projected and actual
earning on plan investments 8,623,531
Total
$ 14,957,584 None
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:
Combined Plans – Year Ended June 30 Amount to Be Recognized 2022 $ 377,333
2023 $ 143,700
2024 $ 261,965
2025 $ 1,989,275
2026 $ 3,606,569
Thereafter $ 1,713,931
Financial statements for the Contract and Salaried Plans are available under separate covers. Copies of the financial statements can be obtained by writing to Long Beach Transit, Attn: Executive Director/VP, Finance and Budget, 1963 E. Anaheim St., Long Beach, CA 90813.
Defined Contribution Plan 401(a)
Participation in the 401(a) Plan is limited to full-time regular staff employees hired on or after April 1, 2011. The Agency’s contribution to the 401(a) Plan is as follows: (A) a matching contribution equal to the amount of the employee’s salary deferrals to the 457(b) Plan, up to a maximum of 5% of the employee’s base salary, and (B) a non-elective contribution equal to 5% of the employee’s base salary regardless of whether the employee makes any salary deferrals to the 457(b) Plan for the plan year. 46 Long Beach Transit
Notes to Financial Statements (continued)
(14) Note Payable
On August 18, 2020, the Agency closed escrow on the acquisition of a commercial office building located in the City of Long Beach to be used as the Agency's corporate office. The property was purchased from the Port of Long Beach with a purchase price of $21 million. The Agency executed a promissory note with the Port of Long Beach to finance $10.5 million, with an annual interest rate of five percent over 10 years.
During the year ended June 30, 2021, the Agency made additional principal payments of $5 million, resulting in an outstanding balance of $4,752,379 as of June 30, 2021.
Future maturities of note payable are as follows:
Year Ending
June 30,
2022 $ 1,124,341
2023 1,181,864
2024 1,242,330
2025 1,203,844
Note payable at June 30, 2021 $ 4,752,379
Principal payments toward the note are recorded as capital expenditures and interest payments as operating expenses.
(15) Subsequent Events
As of July 1, 2021, LBT has changed its definition of capital expenditures. Previously projects included in the capital program were those with initial project values exceeding $5,000 and having an estimated useful life of at least one year. As of FY 2022, the capital program will only include projects whose initial project values exceed $10,000 and have an estimated useful life of at least one year. This will have an impact on operating expenses and capital acquisitions in future fiscal years.
On July 26, 2021, ATU Local 1277 and AFSCME District Council 36 Supervisory Unit, respectively, ratified new two-year Labor Agreements with Long Beach Transit. The contracts are effective from July 1, 2021 to June 30, 2023. On December 8, 2020, AFSCME District Council 36 became the representative for LBT's General Unit employees, including Parts Storekeepers, Stops & Zones Assistants, Stops & Zones Lead and Facilities Maintenance Technicians. On November 1, 2021, AFSCME District Council 36 General Unit and LBT ratified a new two-year agreement effective from July 1, 2021 to June 30, 2023.
On September 17, 2021, LBT resumed fare collection onboard its Water Taxi Service. On September 19, 2021, LBT resumed fare collection onboard its Fixed-Route Bus Service. Additionally, LBT’s Board of Directors approved a promotional program offering discounts on regular 30-day, five-day, and one-day passes through March 2022.
On September 26, 2021, LBT began operating expanded bus service into the City of Carson. The new service expands transportation access for Carson residents, connecting major hubs such as California State University, Dominguez Hills (CSUDH), the Harbor UCLA Medical Center, and the Southbay Pavilion.
The financial statements as of and for the year ended June 30, 2021 have not been impacted by the subsequent events as stated above.
47 Long Beach Transit
Required Supplementary Information
The following are Schedules of Changes in Net Pension Liability and Schedules of Contributions for the years ending June 30, 2013 through 2021 for the two Company-sponsored defined benefit pension plans: Long Beach Public Transportation Company Retirement Plan – Salaried Employees (Salaried Plan) and Long Beach Public Transportation Company Retirement Plan – Contract Employees (Contract Plan).
LONG BEACH TRANSIT
RETIREMENT PLAN - SALARIED EMPLOYEES
Schedule of Changes in Net Pension Liability (Asset)
and Related Ratios
For the Years Ended
2021 2020 2019 2018 2017 2016 2015 2014 2013
Total pension liability
Service cost $ 702,231 $ 753,733 $ 800,422 $ 831,665 $ 858,666 $ 769,704 $ 845,302 $ 773,964 $ 641,489 Interest 1,844,293 1,779,258 1,673,123 1,589,310 1,626,217 1,724,678 1,704,802 1,809,528 1,355,511 Difference between expected
and actual experience 2,251,272 (624,271) 598,675 770,200 80,484 427,104 (582,806) 667,873 1,089,429 Changes of assumptions 387,300 - - - - 2,816,346 - - 3,694,438 Benefit payments (2,902,046) (1,302,936) (951,414) (1,503,429) (3,003,925) (1,332,112) (1,818,412) (2,342,868) (702,018) Net change 2,283,050 605,784 2,120,806 1,687,746 (438,558) 4,405,720 148,886 908,497 6,078,849 Beginning total pension liability 33,942,216 33,336,432 31,215,626 29,527,880 29,966,438 25,560,718 25,411,832 24,503,335 18,424,486 Ending total pension liability $ 36,225,266 $ 33,942,216 $ 33,336,432 $ 31,215,626 $ 29,527,880 $ 29,966,438 $ 25,560,718 $ 25,411,832 $ 24,503,335 Plan fiduciary net position
Employer contributions $ 1,826,321 $ 1,596,044 $ 3,111,520 $ 2,602,155 $ 2,790,134 $ 4,270,185 $ 4,758,243 $ 2,847,508 $ 2,244,185 Employee contributions 308,205 319,542 322,305 320,450 340,086 365,367 402,617 436,748 449,958 Net transfer to/from Contract Plan - - - 37,663 255,041 17,501 288 241,886 - Investment income (loss) 7,332,880 84,624 777,683 1,376,782 2,277,537 (194,989) (11,557) 1,750,047 960,977 Pension benefits (2,902,046) (1,302,936) (951,414) (1,503,429) (3,003,925) (1,332,112) (1,818,412) (2,342,868) (702,018) Administrative expenses (213,196) (197,584) (187,683) (199,961) (203,559) (167,603) (167,173) (142,202) (117,013) Net change 6,352,164 499,690 3,072,411 2,633,660 2,455,314 2,958,349 3,164,006 2,791,119 2,836,089 Beginning plan fiduciary net position 31,438,641 30,938,951 27,866,540 25,232,880 22,777,566 19,819,217 16,655,211 13,864,092 11,028,003 Ending plan fiduciary net position $ 37,790,805 $ 31,438,641 $ 30,938,951 $ 27,866,540 $ 25,232,880 $ 22,777,566 $ 19,819,217 $ 16,655,211 $ 13,864,092 Company's net pension liability (asset) $ (1,565,539) $ 2,503,575 $ 2,397,481 $ 3,349,086 $ 4,295,000 $ 7,188,872 $ 5,741,501 $ 8,756,621 $ 10,639,243 Plan fiduciary net position as a %
of total pension liability 104.32% 92.62% 92.81% 89.27% 85.45% 76.01% 77.54% 65.54% 56.58% Covered payroll $ 4,869,172 $ 4,589,323 $ 4,783,000 $ 4,859,000 $ 5,187,000 $ 6,023,000 $ 6,381,000 $ 6,925,000 $ 7,801,000 Company's net pension liability (asset) -32.16% 54.55% 50.11% 68.92% 82.80% 119.36% 89.98% 126.45% 136.38% as a % of covered payroll
Note: The information presented above is not available for years prior to the year ended June 30, 2013. Additional years’ information will be displayed as it becomes available. 48 Long Beach Transit
Required Supplementary Information (continued)
LONG BEACH TRANSIT
RETIREMENT PLAN - CONTRACT EMPLOYEES
Schedule of Changes in Net Pension Liability
and Related Ratios
For the Years Ended
2021 2020 2019 2018 2017 2016 2015 2014 2013
Total pension liability
Service cost $ 3,955,144 $ 3,749,883 $ 3,862,139 $ 3,750,722 $ 3,352,311 $ 2,713,135 $ 2,893,596 $ 2,285,562 $ 1,972,068 Interest 6,020,256 5,661,960 5,458,336 5,173,663 4,970,642 4,575,251 4,462,912 4,418,719 3,621,647 Difference between expected
and actual experience (5,289,301) (820,357) (1,182,989) 1,915,331 849,980 3,062,106 (1,252,537) 877,921 (652,845) Changes of assumptions 1,341,613 - - 3,651,179 3,194,510 - - - 6,749,225 Benefit payments (4,763,085) (3,912,892) (3,859,763) (5,626,291) (4,615,902) (3,182,794) (4,881,029) (4,326,353) (2,447,910) Net change 1,264,627 4,678,594 4,277,723 8,864,604 7,751,541 7,167,698 1,222,942 3,255,849 9,242,185 Beginning total pension liability 95,973,712 91,295,118 87,017,395 78,152,791 70,401,250 63,233,552 62,010,610 58,754,761 49,512,576 Ending total pension liability $ 97,238,339 $ 95,973,712 $ 91,295,118 $ 87,017,395 $ 78,152,791 $ 70,401,250 $ 63,233,552 $ 62,010,610 $ 58,754,761 Plan fiduciary net position
Employer contributions $ 4,341,170 $ 4,357,936 $ 4,488,508 $ 4,054,711 $ 3,877,435 $ 3,439,288 $ 3,067,778 $ 3,326,307 $ 2,572,888 Employee contributions 2,716,208 2,810,418 2,677,045 2,461,892 2,141,425 1,754,192 1,643,452 1,437,006 1,142,100 Net transfer to/from Contract Plan - - - (37,663) (255,041) (17,501) (288) (241,886) - Investment income (loss) 16,154,417 207,350 1,715,995 2,807,077 4,919,899 (407,799) (569) 5,113,555 3,324,692 Pension benefits (4,763,085) (3,912,892) (3,859,763) (5,626,291) (4,615,902) (3,182,794) (4,881,029) (4,326,353) (2,447,910) Administrative expenses (418,494) (364,995) (364,631) (380,134) (376,137) (325,026) (349,496) (323,518) (291,858) Net change 18,030,216 3,097,817 4,657,154 3,279,592 5,691,679 1,260,360 (520,152) 4,985,111 4,299,912 Beginning plan fiduciary net position 63,776,866 60,679,049 56,021,895 52,742,303 47,050,624 45,790,264 46,310,416 41,325,305 37,025,393 Ending plan fiduciary net position $ 81,807,082 $ 63,776,866 $ 60,679,049 $ 56,021,895 $ 52,742,303 $ 47,050,624 $ 45,790,264 $ 46,310,416 $ 41,325,305 Company's net pension liability $ 15,431,257 $ 32,196,846 $ 30,616,069 $ 30,995,500 $ 25,410,488 $ 23,350,626 $ 17,443,288 $ 15,700,194 $ 17,429,456 Plan fiduciary net position as a %
of total pension liability 84.13% 66.45% 66.46% 64.38% 67.49% 66.83% 72.41% 74.68% 70.34% Covered payroll $ 30,014,658 $ 31,946,238 $ 30,624,000 $ 31,094,000 $ 30,448,000 $ 29,787,000 $ 25,321,000 $ 27,266,000 $ 24,693,000 Company's net pension liability as a % 51.41% 100.78% 99.97% 99.68% 83.46% 78.39% 68.89% 57.58% 70.58% of covered payroll
Note: The information presented above is not available for years prior to the year ended June 30, 2013. Additional years’ information will be displayed as it becomes available. 49 Long Beach Transit
Required Supplementary Information (continued)
The following table summarizes contributions required (based on the actuarial valuations) and contributions made for the nine years ended for Salaried Employees (Salaried Plan):
Schedule of Contributions
Salaried Plan
2013 - 2021
2021 2020 2019 2018 2017 2016 2015 2014 2013
Actuarially determined
contribution $ 1,747,226 $ 1,915,586 $ 1,933,825 $ 1,922,605 $ 2,030,220 $ 2,000,708 $ 2,605,222 $ 2,484,256 $ 1,886,343 Employer contributions 1,826,321 1,596,044 3,111,520 2,602,155 2,790,134 4,270,185 4,758,243 2,847,508 2,244,185 Employee contributions 308,205 319,542 322,305 320,450 340,086 365,367 402,617 436,748 449,958 Total contributions 2,134,526 1,915,586 3,433,825 2,922,605 3,130,220 4,635,552 5,160,860 3,284,256 2,694,143 Contribution deficiency
(excess)
$ (387,300) $ - $ (1,500,000) $ (1,000,000) $ (1,100,000) $ (2,634,844) $ (2,555,638) $ (800,000) $ (807,800) Covered payroll $ 4,869,172 $ 4,589,323 $ 4,783,000 $ 4,859,000 $ 5,187,000 $ 6,023,000 $ 6,381,000 $ 6,925,000 $ 7,801,000 Contributions as a percentage
of covered payroll 43.84% 41.74% 71.79% 60.15% 60.35% 76.96% 80.88% 47.43% 34.54% Note: The information presented above is not available for years prior to the year ended June 30, 2013. Additional years’ information will be displayed as it becomes available. 50 Long Beach Transit
Required Supplementary Information (continued)
Notes to Schedule:
Valuation date:
Actuarially determined contributions rates are calculated as of June 30, one year prior to the end of the fiscal year in which contributions are reported.
Methods and assumptions used to determine contribution rates:
Actuarial cost method Frozen Initial Liability
Amortization method 10 years, closed period
Remaining amortization period 5 years
Asset valuation method Market value
Salary increases 3.0% per annum
Investment rate of return 6% compounded annually
Administrative expenses $197,584
Employee contribution interest
credit 5.00% per year
Termination before retirement
Age Turnover Rate
20 7.86%
25 7.57
30 8.64
35 8.00
40 5.64
45 4.04
50 2.78
55 1.67
60 1.10
51 Long Beach Transit
Required Supplementary Information (continued)
Retirement age For participants who are eligible for 70/80 retirement the following rates apply:
Age Retirement
Rate
50-53 5.00%
54-55 10
56-57 20
58-59 40
60+ 100
All other active participants, inactive vested participants, and future inactive vested participants are assumed to retire at age 64 after completion of 10 years of service.
Marital Status 80% of non-retired participants are married. Female spouse is assumed to be three years younger than the male spouse.
Form of payment 80% of active participants are assumed to elect the lump-sum option. The remaining 20% of active participants and vested terminated participants are assumed to elect the single life annuity.
Unknown data Participants with unreported data, such as missing birthdates, are assumed to have the same characteristics as similar participants. If not specified, participants are assumed to be male.
Lump Sums Interest: 4.50%; IRS Applicable Mortality
Mortality PRI-2012 white color mortality table projected with scale MP-2019; PRI-2012 disabled mortality table projected with scale MP-2019 for disabled participants 52 Long Beach Transit
Required Supplementary Information (continued)
The following table summarizes contributions required (based on the actuarial valuations) and contributions made for the nine years ended for Contract Employees (Contract Plan):
Schedule of Contributions
Contract Plan
2013 - 2021
2021 2020 2019 2018 2017 2016 2015 2014 2013
Actuarially determined
contribution
$ 7,057,378 $ 7,168,354 $ 7,165,553 $ 6,516,603 $ 6,018,860 $ 5,193,480 $ 4,711,230 $ 4,763,313 $ 3,714,988 Employer contributions 4,341,170 4,357,936 4,488,508 4,054,711 3,877,435 3,439,288 3,067,778 3,326,307 2,572,888 Employee contributions 2,716,208 2,810,418 2,677,045 2,461,892 2,141,425 1,754,192 1,643,452 1,437,006 1,142,100 Total contributions 7,057,378 7,168,354 7,165,553 6,516,603 6,018,860 5,193,480 4,711,230 4,763,313 3,714,988 Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ - $ - $ - Covered payroll $ 30,014,658 $ 31,946,238 $ 30,624,000 $ 31,094,000 $ 30,448,000 $ 29,787,000 $ 25,321,000 $ 27,266,000 $ 24,693,000 Contributions as a percentage
of covered payroll 23.51% 22.44% 23.40% 20.96% 19.77% 17.44% 18.61% 17.47% 15.04% Note: The information presented above is not available for years prior to the year ended June 30, 2013. Additional years’ information will be displayed as it becomes available. 53 Long Beach Transit
Required Supplementary Information (continued)
Notes to schedule:
Valuation date:
Actuarially determined contributions rates are calculated as of June 30, one year prior to the end of the fiscal year in which contributions are reported.
Methods and assumptions used to determine contribution rates:
Actuarial cost method Frozen Initial Liability
Amortization method 30 years, closed period
Remaining amortization period 16 years
Asset valuation method Market value
Salary increases 3.0% per annum
Investment rate of return 6.5% compounded annually
Administrative expenses $418,494
Employee contribution interest credit 5.00% per year
Termination before retirement
Age Turnover Rate
20 8.00%
25 7.80
30 7.30
35 6.30
40 5.40
45 4.40
50 3.70
55 3.50
60 3.50
Retirement age All active, inactive vested, and future inactive vested participants are assumed to retire at age 64 after completion of 10 years of service.
Marital Status 80% of non-retired participants are married. Female spouse is assumed to be three years younger than the male spouse.
Form of payment 80% of active participants hired prior to July 1, 2012 are assumed to elect the lump-sum option. The remaining 20% of active participants hired prior to July 1, 2012, all actives hired on or after July 1, 2012, and vested terminated participants are assumed to elect the single life annuity.
Unknown data Participants with unreported data, such as missing birthdates, are assumed to have the same characteristics as similar participants.
Lump Sums Interest: 4.50%; IRS Applicable Mortality
Mortality PRI-2012 blue collar mortality table projected with scale MP-2019; PRI-2012 disabled mortality table projected with Scale MP-2019 for disabled participants
54 Long Beach Transit
Intentionally Left Blank
Statistics
Long Beach Transit
Intentionally Left Blank
Long Beach Transit
STATISTICAL SECTION
This part of Long Beach Public Transportation Company's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the Agency’s overall financial health.
Contents
Page
Financial Trends 56
These schedules contain trend information to assess how the Agency’s financial performance and well-being have changed over time.
Revenue Capacity 59
These schedules contain information on the Agency’s revenue sources and their fluctuations over time.
Demographic and Economic Information 61
These schedules offer demographic and economic indicators regarding the environment within which the Agency’s financial activities take place.
Operating Information 63
These schedules contain information about services the Agency provides and the activities it performs.
Pension Information 72
The Agency’s Pension Plans’ financial statements are issued under separate cover. The schedules contained in this section include general financial and actuarial information providing data concerning the Plans’ funding status and general activity.
Grant Information 74
The Agency’s grant programs are issued under separate cover in the Single Audit. The schedules contained in this section provide a summary of capital grant activity for Federal, State and Local sources.
Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year.
55 Long Beach Transit
Financial Trends Exhibit 1
Net Position by Component
2012 - 2021
Invested in
Capital Assets Restricted Unrestricted Total (1)
2012 $ 79,281,750 $ 13,558 $ 3,591,221 $ 82,886,529 2013 98,327,695 30,174 3,574,605 101,932,474
2014 84,858,221 156,350 (21,833,158) 63,181,413
2015 91,276,393 144,080 (17,551,860) 73,868,613
2016 83,154,750 52,306 (13,189,109) 70,017,947
2017 89,067,558 73,776 (13,707,283) 75,434,051
2018 102,951,120 87,193 (14,193,881) 88,844,432
2019 91,068,904 87,193 (14,027,877) 77,128,220
2020 83,144,218 526,717 (16,664,805) 67,006,130
2021 91,604,336 303,855 (18,657,598) 73,250,593
(1) Fluctuations in balances reflect the Agency’s procurement of capital assets in each year. Significant changes occur in years which included the receipt of new buses and pension liability adjustments.
Financial Trends Exhibit 2
Operating Expenses By Type
2012 – 2021
Personnel
Wages & Fuel & Supplies & Casualty & Purchased
Benefits Lubricants Materials Services Liability Transportation Depreciation Total 2012 51,744,582 7,816,511 3,104,125 7,132,271 2,274,190 1,204,522 19,311,548 92,587,749 2013 54,820,343 7,290,527 2,654,286 7,692,693 2,532,732 1,464,569 20,249,160 96,704,310 2014 56,985,858 6,770,574 2,619,659 7,917,623 3,953,610 1,645,713 20,605,041 100,498,078 2015 57,228,802 5,487,215 2,414,826 8,483,128 3,606,383 1,642,825 18,343,403 97,206,582 2016 57,929,446 4,133,479 2,480,321 8,599,766 1,700,504 1,530,061 18,355,286 94,728,863 2017 64,426,881 4,035,132 2,501,985 9,111,699 2,171,419 1,334,269 17,554,892 101,136,277 2018 65,960,366 4,748,476 3,389,418 10,342,384 2,600,478 1,459,241 16,178,310 104,678,673 2019 70,161,457 5,166,101 4,087,981 11,565,340 1,432,513 1,747,051 16,340,080 110,500,523 2020 73,865,703 4,099,536 4,189,586 12,847,179 3,419,739 1,705,444 15,739,478 115,866,665 2021 70,838,886 3,201,240 4,075,103 14,029,903 3,229,011 1,103,400 14,278,928 110,756,471 56 Long Beach Transit
Financial Trends Exhibit 3
Changes in Net Position
2012 – 2021
Expenses 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Transportation $ 35,139,334 $ 37,554,281 $ 38,869,648 $ 39,488,966 $ 40,639,813 $ 44,148,976 $ 45,458,610 $ 47,848,764 $ 54,678,389 $ 50,691,529 Maintenance 21,834,078 22,042,606 21,878,415 20,479,627 19,355,457 20,379,891 22,186,665 23,854,682 24,288,404 25,714,741 Risk Management 7,175,642 6,222,310 7,900,442 8,795,766 5,891,767 7,638,605 9,124,849 8,856,141 5,605,293 5,361,897 Marketing &
Customer Service 1,761,195 1,827,629 1,917,253 1,948,218 1,950,613 2,119,166 1,849,042 2,339,313 2,393,953 2,138,173 General
Administration 7,365,952 8,808,324 9,327,279 8,150,602 8,535,927 9,294,747 9,881,197 11,261,543 13,161,148 12,571,203 Depreciation 19,311,548 20,249,160 20,605,041 18,343,403 18,355,286 17,554,892 16,178,310 16,340,080 15,739,478 14,278,928 Total Expenses
$ 92,587,749 $ 96,704,310 $ 100,498,078 $ 97,206,582 $ 94,728,863 $ 101,136,277 $ 104,678,673 $ 110,500,523 $ 115,866,665 $ 110,756,471 Revenues
Passenger Fares $ 18,085,942 $ 18,024,416 $ 17,966,020 $ 17,516,839 $ 16,945,561 $ 15,630,301 $ 14,562,861 $ 14,167,351 $ 10,452,194 $ 154,380 Special Events 21,386 43,693 25,496 18,754 63,143 54,598 505,138 292,292 240,512 750 Advertising 688,089 542,382 630,413 603,029 743,132 618,750 801,753 1,069,805 978,484 649,678 Subtotal Operating 18,795,417 18,610,491 18,621,929 18,138,622 17,751,836 16,303,649 15,869,752 15,529,448 11,671,190 804,808 Subsidies 54,112,325 57,671,790 61,008,975 64,700,470 61,703,522 65,351,654 70,611,297 76,153,983 82,029,003 91,986,813 Interest & Other 368,458 172,869 262,133 293,115 1,189,184 1,429,378 1,546,133 2,643,016 4,229,590 1,470,268 Subtotal
Nonoperating
54,480,783 57,844,659 61,271,108 64,993,585 62,892,706 66,781,032 72,157,430 78,796,999 86,258,593 93,457,081 Total Revenues $ 73,276,200 $ 76,455,150 $ 79,893,037 $ 83,132,207 $ 80,644,542 $ 83,084,681 $ 88,027,182 $ 94,326,447 $ 97,929,783 $ 94,261,889 Net Expense $ (19,311,549) $ (20,249,160) $ (20,605,041) $ (14,074,375) $ (14,084,321) $ (18,051,596) $ (16,651,491) $ (16,174,076) $ (17,936,882) $ (16,494,582) Capital Grants 14,765,236 39,295,105 7,135,567 24,761,575 10,233,655 23,467,700 30,061,872 4,457,864 7,814,792 22,739,045 Change in Net
Position $ (4,546,313) $ 19,045,945 $ (13,469,474) $ 10,687,200 $ (3,850,666) $ 5,416,104 $ 13,410,381 $ (11,716,212) $ (10,122,090) $ 6,244,463 57 Long Beach Transit
Financial Trends Exhibit 4
Capital Expenditures By Type
2012 - 2021
Fiscal
Year Facilities Fleet
Customer
Amenities
AVL, Farebox
& Radio
Equipment
Furniture &
IT Equipment
Shop & Garage
Equipment Total
2012 $ 4,325,055 $ 6,651,509 $ 859,424 $ 395,016 $ 2,320,594 $ 213,638 $ 14,765,236 2013 3,499,678 33,192,608 246,410 173,465 1,900,072 282,872 39,295,105 2014 1,179,707 4,291,904 432,180 93,033 1,090,098 48,645 7,135,567 2015 790,850 21,682,852 1,121,151 154,802 964,131 47,789 24,761,575 2016 428,727 6,722,168 961,882 177,299 1,739,603 203,976 10,233,655 2017 1,562,076 10,528,848 1,039,431 146,183 1,406,411 34,751 14,717,700 2018 283,004 26,615,064 1,401,501 680,162 982,787 99,354 30,061,872 2019 803,460 1,345,520 537,589 57,250 1,467,834 246,211 4,457,864 2020 938,428 5,299,359 118,921 67,675 1,216,180 174,229 7,814,792 2021 22,386,125 3,119,591 466,358 14,739 1,483,243 21,369 27,491,425 58 Long Beach Transit
Revenue Capacity Exhibit 5
Operating Subsidy Sources
2012 - 2021
Prop A Prop C Federal
Prop A Funds Discretionary Measure M & R Preventive Federal City of Funds Funds State Maintenance COVID-19 Other
Long Beach L.A. County L.A. County Assistance Program Assistance Sources Total 2012 5,891,768 8,822,958 13,546,398 20,170,522 5,325,134 - 355,545 54,112,325 2013 5,044,272 10,873,265 11,934,386 22,547,344 6,339,255 - 933,268 57,671,790 2014 4,850,603 12,508,593 13,598,965 24,909,438 3,412,984 - 1,728,392 61,008,975 2015 5,190,603 12,767,792 14,269,674 24,826,792 5,929,059 - 1,716,550 64,700,470 2016 5,190,603 12,680,667 11,628,614 24,914,119 5,325,398 - 1,964,121 61,703,522 2017 5,572,292 14,174,567 15,572,050 24,402,408 4,327,990 - 1,302,347 65,351,654 2018 5,924,407 12,648,905 19,954,759 23,689,180 7,846,063 - 547,983 70,611,297 2019 6,170,100 10,944,646 25,081,880 29,795,924 3,158,764 - 1,002,669 76,153,983 2020 6,008,758 12,598,998 25,909,558 33,950,870 2,757,676 - 803,143 82,029,003 2021 6,190,887 10,148,508 19,555,074 25,747,982 500,000 29,203,837 640,525 91,986,813 Revenue Capacity Exhibit 6
Fare Recovery Percentage
2012 - 2021
Year Percentage
2012 ......... ......... ......... 24.7
2013 ......... ......... ......... 23.6
2014 ......... ......... ......... 22.5
2015 ......... ......... ......... 21.1
2016 ......... ......... ......... 21.1
2017 ......... ......... ......... 18.9
2018 ......... ......... ......... 17.1
2019 ......... ......... ......... 15.3
2020 ......... ......... ......... 10.9
2021 ......... ......... ......... 0.16
Fare recovery percentage represents passenger fares and special event revenue divided by operating expenses before depreciation.
Note: As part of LBT's COVID-19 response, LBT did not enforce fare collection beginning in March 2020 through the entirety of FY 2021 resulting in a drastic decline in the fare recovery percentage. 59 Long Beach Transit
Revenue Capacity Exhibit 7 Fare History
2012 - 2021
Fixed Route Service:
Cash Fares:
Regular $ 1.25
Student 1.25
Senior and Disabled 0.60
Interagency transfer 0.50
Day Pass:
Regular $ 4.00
Senior and Disabled 2.50
5 - Day Pass:
Regular $ 18.00
Senior and Disabled 9.00
Monthly Pass:
UCLA Commuter Express $ 120.00
Regular 65.00
Student 40.00
Senior and Disabled 24.00
Dial-A-Lift Service:
Cash Fare $ 2.00
Water Taxi:
Cash Fares:
AquaBus $ 1.00
AquaLink 5.00
60 Long Beach Transit
Demographic and Economic Information Exhibit 8
City of Long Beach
Demographic Statistics
2012 - 2021
Fiscal Year
Ended
June 30
Estimated
Population (A)
Personal
Income
(in millions)
(B&E)
Per Capita
Personal
Income (B&E)
Public School
Enrollment (C)
Unemployment
Rate (D)
2012 465,576 14,058 30,196 83,691 12.2
2013 467,646 14,757 31,556 82,256 10.3
2014 469,428 15,525 33,072 81,155 8.6
2015 473,577 16,242 34,296 79,709 6.8
2016 474,140 16,939 35,725 77,812 5.7
2017 480,173 17,864 37,203 76,428 5.3
2018 478,561 16,210 34,370 74,681 5.1
2019 475,984 16,556 34,933 73,221 4.6
2020 472,802 16,762 35,305 72,002 19.6
2021 467,730 16,866 35,507 69,708 9.4
Sources:
(A) California Department of Finance.
(B) Bureau of Economic Analysis. Personal income and per capita personal income are based on percent change of per capita personal income for Los Angeles-Long Beach-Santa Ana, CA (Metropolitan Statistical Area). BEA’s report does not have personal income and per capita personal income available since 2018, so an average of the last five years was used. (C) California Department of Education Educational Demographic Unit. Annual school census from Long Beach Unified School District for preschool, grades kindergarten through 12. (D) Average annual rate reported by Bureau of Labor Statistics. (E) Restated prior years due to the data’s annual revision. 61 Long Beach Transit
Demographic and Economic Information Exhibit 9 City of Long Beach
Principal Employers
Most Recent Year Available and Nine Years Prior
2020 Percentage 2011 Percentage
Number of of Total City Number of of Total City
Employer Employees Employment Employees Employment
Long Beach Unified School District 12,625 5.23% 8,304 3.51% City of Long Beach 5,503 2.28% 5,312 2.24%
Long Beach Memorial Medical Center 5,127 2.12% 5,805 2.45% California State University, Long Beach (CSULB) 3,272 1.36% 5,790 2.44% Veteran Affairs Medical Center 3,100 1.28% 2,332 0.98% Long Beach City College 2,719 1.13% 1,579 0.67%
The Boeing Company 1,844 0.76% 6,847 2.89%
CSULB Research Foundation 1,603 0.66% 1,020 0.43%
St. Mary Medical Center 1,558 0.65% 1,556 0.66%
Molina Healthcare Inc. 1,227 0.51% - -%
Source: (1) Department of Financial Management Accounting and Business License via City of Long Beach (2) State of California Employment Development Department Labor Market Info for 2011 and 2020 via City of Long Beach.
62 Long Beach Transit
Operating Information Exhibit 10 Key Performance Indicators
2012 – 2021
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fixed Route
Operating Cost Per
Vehicle Service Hour $ 105.61 $ 110.11 $ 115.04 $ 115.40 $ 112.67 $ 114.57 $ 120.98 $ 127.44 $ 153.72 $ 186.40 Operating Cost
Per Passenger $ 2.50 $ 2.56 $ 2.69 $ 2.85 $ 2.94 $ 3.22 $ 3.65 $ 3.98 $ 5.23 $ 6.60 Roadcalls 1,819 1,778 2,243 2,163 1,912 1,897 2,367 2,021 1,552 1,423 Mean Distance
Between Failures 4,219 4,438 3,413 3,572 4,040 4,222 3,409 4,071 4,577 3,988 Total Accidents 865 881 1,026 912 999 938 871 784 589 456 Preventable Accidents 89 120 101 126 103 99 94 101 73 12 Preventable Accidents
Per 100,000 Miles 1.16 1.52 1.36 2.07 1.34 1.29 1.22 1.26 1.08 0.95 Passengers per
Vehicle Service Hour 48 43 42 40 37 35 33 32 29 28 On-Time Performance1 99.9% 99.9% 77.4% 78.5% 85.2% 86.7% 85.7% 84.7% 84.6% 88.8% Number of Vehicles 260 262 248 249 249 249 249 249 249 249 Number of Employees 725 728 729 723 728 727 746 745 743 743 Special Services
Dial-A-Lift Cost
Per Passenger $ 19.64 $ 20.42 $ 20.60 $ 19.36 $ 18.34 $ 18.90 $ 20.19 $ 27.12 $ 35.77 $ 65.10 Dial-A-Lift Passengers
Per Service Hour 5.1 4.8 5.1 5.7 4.8 2.1 1.8 1.6 1.6 1.4 Number of Dial-A-Lift
Vehicles 15 13 13 15 12 10 10 10 10 10
Water Taxi Cost
Per Passenger2 $ 13.73 $ 9.23 $ 12.69 $ 11.27 $ 10.94 $ 9.03 $ 9.32 $ 10.17 $ 11.48 $ 53.60 Water Taxi Passengers
Per Vehicle
Service Hour 13.81 13.94 16.32 16.11 19.02 18.99 19.15 19.49 19.01 39.73 Number of Water Taxi
Vessels 4 4 4 4 4 4 4 4 4 4
1 Scheduled times are compared with actual departure times using TransitMaster Automated Vehicle Location (AVL) system data.
Starting in 2014, no event exceptions are used.
2 Costs only include fixed route water taxi services.
63 Long Beach Transit
Operating Information Exhibit 11
Customer Satisfaction Trends
2011 - 2020
% of Customers Rating Favorably
Service Element 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LBT Overall 97 97 97 97 90 96 93 98 98 97
LBT Compared to Others 89 93 95 91 ** ** ** ** ** ** Operator Appearance 99 99 99 98 92 98 98 99 98 94 Fares 73 87 91 92 90 94 93 90 95 88
Operator Courtesy 90 92 94 91 91 95 95 99 96 93 Operator Safety 97 98 99 92 90 98 97 99 99 95 On Board Safety 95 96 97 95 86 90 ** ** ** **
Route Convenience 95 96 98 95 90 95 94 94 96 91 Information Available 90 95 95 92 86 92 91 89 90 87 Telephone Information 90 91 89 86 83 91 88 93 91 82 Bus Stop Safety 90 92 95 92 84 78 ** ** ** **
Bus Stop Convenience 96 96 97 97 89 95 94 95 94 88 Schedule Reliability 78 85 89 84 83 89 88 93 90 83 Bus Cleanliness 93 94 95 95 85 88 91 90 91 88 Bus Stop Cleanliness 86 91 91 92 87 86 88 88 82 81 Note: Due to the COVID-19 Pandemic, LBT did not conduct a Customer Satisfaction Survey in FY 2021.
Source: Annual community survey.
** Not surveyed
64 Long Beach Transit
Operating Information Exhibit 12
Fixed Route Statistics
2012 - 2021
LBT had a loss of ridership from FY 2020 to FY 2021, with 18.4 million boardings on LBT buses in FY 2020 falling to 14.1 million boardings on LBT buses in FY 2021. The 14.1 million boardings represented a 23.2% decrease from the previous year. This ridership decline is largely due to the COVID-19 pandemic, as social distancing restrictions for the pandemic remained in place for most of the fiscal year.
Source: Long Beach Transit’s Annual National Transit Database Report 65 Long Beach Transit
Operating Information Exhibit 13
Dial-A-Lift Statistics
2012 - 2021
Dial-A-Lift had a 51.2% decrease in ridership in FY 2021. The ridership decrease is attributed in large part to the COVID-19 pandemic which significantly reduced demand for Dial-A-Lift service. The Dial-A-Lift service is supplied by a private contractor who provides Dial-A-Lift vehicle trips.
Source: Long Beach Transit’s Annual National Transit Database Report 66 Long Beach Transit
Operating Information Exhibit 14
Water Taxi Statistics
2012 - 2021
Water Taxi ridership decreased 91.6% and revenues decreased 96.6% in FY 2021. These decreases are due to the fact that water taxi services, after being suspended in March 2020, resumed with limited service in late May 2021.
Only one AquaLink with reduced capacity was used.
Source: State Controller's Report
67 Long Beach Transit
Operating Information Exhibit 15
Schedule of Insurance in Force
June 30, 2021
Program Expiration Term Agency Amount/Limit
LIABILITY
A. Public Entity Liability
07/1/22 1 yr Princeton Excess & Surplus Lines Insurance Co. $5,000,000 Excess of $3,000,000 SIR
B. UST Insurance - Storage Tank Liability
04/1/22 1 yr Liberty Surplus Insurance Corporation $2,000,000 - Each Incident $3,000,000 - Aggregate
$2,000,000 - Aggregate Claims Expense
Limit
Deductible per claim: Per Schedule on
File
C. Excess Liability
07/01/22 1 yr Allied World National Assurance Co. $5,000,000 - Excess of $3,000,000 SIR
COMMERCIAL PROPERTY
04/1/22 1 yr Travelers Property Casualty Co. $64,578,592 - Buildings $41,524,000 - Business Personal Property
(includes $20,000,000 Buses in yard)
$471,000 - Extra Expense
$5,000,000 - Earthquake Sprinkler Leakage
$2,500 - Deductible per occurrence
$50,000 - Deductible for Buses
$50,000 - Deductible per Earthquake Sprinkler
Leakage
$5,000 - Deductible Personal Property in Transit
WORKERS’ COMPENSATION
07/1/22 1 yr Safety National Casualty Corp. SIR: $1,500,000 WC limit each accident: Statutory
Employer’s Liability per
occurrence: $2,000,000
68 Long Beach Transit
CRIME POLICY
11/1/21 1 yr Hartford Fire Insurance Co. $1,000,000 - Employee Theft $1,000,000 - Inside the Premises
(Money, Securities and Other Property)
$1,000,000 - Computer and Funds
$50,000 - Money Orders & Counterfeit
Currency
$20,000 Deductible (Employee Theft)
$5,000 - Deductible For All Other
Claims
FELONIOUS ASSAULT POLICY
07/1/23 3 yr Federal Insurance Co.
$100,000 – Life insurance policy covering
death as a result of an assault on the job,
Article 31, LBT/ATU 1277 CBA
FIDUCIARY LIABILITY
11/1/21 1 yr Federal Insurance Co. $ 3,000,000 - Each Loss $ 3,000,000 - Each Policy Period
$ 10,000 - Deductible
CYBER LIABILITY
07/01/22 1 yr Benchmark Insurance Company $5,000,000 - Aggregate Limit of Liability $100,000 - Deductible Per Claim
ENVIRONMENTAL LEGAL LIABILITY
06/21/22 1 yr Aspen Specialty Insurance Co. $5,000,000 - Pollution Incident Limit $5,000,000 - Aggregate Limit of Liability
$25,000 - Per Incident Deductible
Source: Long Beach Transit’s Risk Management Department 69 Long Beach Transit
Operating Information Exhibit 16
Fixed-Route Bus Service
Summary of Service Frequency and Hours of Operation
FREQUENCY OF SERVICE DAILY HOURS OF OPERATION Peak/Base Evening/Night (5am - 6pm) (after 6pm)
Route Weekday Saturday Sunday Weekday Saturday Sunday Weekday Saturday Sunday 1 45 min 60 min 60 min 60 min 60 min 60 min 530A - 845P 549A - 845P 549A - 845P 20 15/20 min 20min 20min 20/30 min 20/30 min 20/30 min 500A - 1100p 500A - 1100p 500A - 1100p 40 10 min 15 min 15 min 10/20/30 min 15/30 min 15/30 min 500A - 1100p 505A - 1056p 505A - 1056p 50 15 min 30 min 30 min 15/20/30 min 30 min 30 min 500A - 1100p 500A - 1055P 500A - 1055P 60 15 min 20 min 20 min 15/20/30 min 20/30 min 20/30 min 500A - 1055P 505A - 1055P 505A - 1055P 70 45 min 60 min 60 min 30/45 min 60 min 60 min 621A - 815P 602A - 827P 602A - 827P 80 -- -- -- -- -- -- -- -- --
90* 12 min 20 min 20/30 min 15/20/30 min 20/30 min 20/30 min 456A - 1100P 505A - 1102P 505A - 1102P 96 'ZAP' -- -- -- -- -- -- -- -- --
101/103 30 min 20/40 min 20/40 min 30 min 40 min 40 min 505A - 810P 550A - 805P 550A - 805P 104 45min 60 min 60 min 45 min -- -- 648A - 750P 648A - 725P 648A - 725P 110 30 min 30 min 30 min 30 min 30 min 30 min 604A - 855P 605A - 855P 605A - 855P 121 25 min 30 min 30 min 25/30 min 30 min 30 min 502A - 1100P 505A - 2300P 505A - 2300P 131 Tripper 40 min -- -- -- -- -- 830A - 423P -- -- 151 40 min 40 min 40 min 40 min 40 min 40 min 552A - 853P 552A - 854P 552A - 854P 170 15 min 15/30 min 15/30 min 20/30 min 15/30 min 15/30 min 500A - 1100P 503A - 1055P 503A - 1055P 171/175* 20 min 45 min 45 min 30 min 60 min 60 min 510A - 1100P 658A - 1010P 658A - 1010P 176 -- -- -- -- -- -- -- -- --
181 60 min 60 min 60 min 60 min 60 min 60 min 607A - 900P 604A - 855P 604A - 855P 182 60 min 60 min 60 min 45 min 60 min 60 min 605A - 825P 605A - 823P 605A - 823P 190 15 min 20 min 20 min 20/30 min 20/30 min 20/30/60 min 500A - 1102P 505A - 1055P 505A - 1055P 405 2 trips (1) AM (1) PM -- -- -- 515A, 500P -- -- Passport
Passport -- -- -- -- -- -- -- -- --
Source: Long Beach Transit’s Service Planning Department * 92,93 and 175 operate on weekdays only
70 Long Beach Transit
Pension Information Exhibit 17
Employer and Employee Pension Contributions
2012 – 2021
Fiscal Year Contribution
Ended Employer Employee Covered as a Percentage
June 30 Contribution* Contribution Payroll of Payroll
Contract Plan
2012 2,099,802 1,141,708 23,947,941 13.54
2013 2,572,888 1,142,100 24,693,232 15.04
2014 3,326,307 1,437,006 27,266,377 17.47
2015 3,067,778 1,643,452 25,321,405 18.61
2016 3,439,288 1,754,192 29,787,114 17.44
2017 3,877,435 2,141,425 30,447,872 19.77
2018 4,054,711 2,461,892 31,093,861 20.96
2019 4,488,508 2,677,045 30,624,368 23.40
2020 4,357,936 2,810,418 31,946,238 22.44
2021 4,341,170 2,716,208 30,014,658 23.51
Salaried Plan
2012 1,244,244 387,987 7,602,881 21.47
2013 2,244,185 449,958 7,800,712 34.54
2014 2,847,508 436,748 6,924,729 47.43
2015 4,758,243 402,617 6,380,468 80.89
2016 4,270,185 365,367 6,023,124 76.96
2017 2,790,134 340,086 5,186,888 60.35
2018 2,602,155 320,450 4,858,664 60.15
2019 3,111,520 322,305 4,782,843 71.79
2020 1,596,044 319,542 4,589,323 41.74
2021 1,826,321 308,205 4,869,172 43.84
* Total contribution amounts reflect year-end accruals which are adjusted for actual pay in the following fiscal year.
Source: Contract and Salaried pension plan financial statements for the year ended June 30, 2021.
These financial statements are prepared under separate cover and contain additional trend information. 71 Long Beach Transit
Pension Information Exhibit 18
Pension Revenues by Source and Expenses by Type
2012 – 2021
Revenues by Source Expenses by Type
Fiscal Year
Ended Employer and Benefit transfer Investment Administrative Benefit Benefit transfer June 30 Employee Return Total Expenses Payments Total
Contributions
Contract
Plan
2012 $ 3,241,510 $ - $ (682,971) $ 2,558,539 $ 255,280 $ 2,610,617 $ 25,643 $ 2,891,540 2013 3,714,988 - 3,324,692 7,039,680 291,858 2,447,910 - 2,739,768 2014 4,763,313 - 5,113,555 9,876,868 323,518 4,326,353 241,886 4,891,757 2015 4,711,230 29,872 (569) 4,740,533 349,496 4,881,029 30,160 5,260,685 2016 5,193,480 - (407,799) 4,785,681 325,026 3,182,794 17,501 3,525,321 2017 6,018,860 - 4,919,899 10,938,759 376,137 4,615,902 255,041 5,247,080 2018 6,516,603 - 2,807,077 9,323,680 380,134 5,626,291 37,663 6,044,088 2019 7,165,553 - 1,715,995 8,881,548 364,631 3,859,763 - 4,224,394 2020 7,168,354 - 207,350 7,375,704 364,995 3,912,892 - 4,277,887 2021 7,057,378 - 16,154,417 23,211,795 418,494 4,763,085 - 5,181,579 Salaried
Plan
2012 $ 1,632,231 $ 25,643 $ (238,790) $ 1,419,084 $ 118,457 $ 2,294,168 $ - $ 2,412,625 2013 2,694,143 - 960,977 3,655,120 117,013 702,018 - 819,031 2014 3,284,256 241,886 1,750,047 5,276,189 142,202 2,342,868 - 2,485,070 2015 5,160,860 30,160 (11,557) 5,179,463 167,173 1,818,412 29,872 2,015,457 2016 4,635,552 17,501 (194,989) 4,458,064 167,603 1,332,112 - 1,499,715 2017 3,130,220 255,041 2,277,537 5,662,798 203,559 3,003,925 - 3,207,484 2018 2,922,605 37,663 1,376,782 4,337,050 199,961 1,503,429 - 1,703,390 2019 3,433,825 - 777,683 4,211,508 187,683 951,414 - 1,139,097 2020 1,915,586 - 84,624 2,000,210 197,584 1,302,936 - 1,500,520 2021 2,134,526 - 7,332,880 9,467,406 213,196 2,902,046 - 3,115,242 Source: Contract and Salaried pension plan financial statements for the year ended June 30, 2021.
These financial statements are prepared under separate cover and contain additional trend information. 72 Long Beach Transit
Grant Information Exhibit 19 Capital Grant History
Federal Grants 2012 - 2021
FTA Authorized
Grants Amount 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 CA-90-Y391 $ 13,354,477 $ 60,034 $ 2,527,386
CA-90-Y440 6,358,401 11,972
CA-90-Y502 14,756,941 132,711 26,545
CA-90-Y652 13,051,167 398,367 8,331,767 $ 428,257 $ 175,263 $ 41,956 CA-90-Y731 14,960,635 234,409 3,761,979 71,168 5,361 CA-90-X007 16,497,214 693,688
CA-04-0065 2,604,050 (173,860) 778,978
CA-04-0134 1,783,466 351,368 1,096,541 71,421 41,184 CA-90-Y798 13,994,380 6,541,814 646,277 312,347 829,421 11,026 $ 2,344 $ 37,584 $ 15,744 CA-90-Y880 15,774,862 746,816 7,199,267 2,525,909 86,464 40,244 33,223 $ 1,935,227 $ 21,716 6,425 CA-04-0184 2,863,280 899,012 702,223 387,690 330,469 5,296 70,224 CA-04-0199 950,000 950,000
CA-88-0004 6,700,000 637,161 193,185 88,283 237,053 4,213,586 1,677,736 66,432 CA-90-Y957 16,248,527 1,048,270 2,605,970 5,748,917 46,226 112,598 6,552,428 127,859 6,259 CA-90-Z053 17,391,081 773,241 3,102,621 6,504,828 44,927 455,784 96,488 144,629 228,552 CA-90-Z120 20,701,104 49,875 10,518,828 1,438,564 1,254,135 1,812,501 868,012 961,781 120,704 CA-58-0015 2,000,000 2,000,000
CA-90-Z232 14,113,447 1,622,069 5,264,836 4,829,286 302,859 313,058 331,970 CA-2016-049 20,731,551 1,314,496 9,911,532 498,404 723,164 1,009,748 CA-2017-050 17,837,931 2,069,639 3,258,119 824,468 141,674 CA-37-X100 437,730 426,335 11,395
CA-2018-127 1,172,867 17,326 33,673
CA-2019-085 142,296 77,686
CA-2019-088 17,095,459 1,925,532 278,827
CA-2020-053 13,037,621
CA-2020-179 29,203,837 29,203,837
TOTAL $ 9,896,331 $ 27,706,394 $ 7,419,063 $ 22,926,811 $ 9,947,262 $ 12,310,369 $ 29,670,468 $ 5,268,610 $ 4,942,900 $ 31,442,415 73 Long Beach Transit
Grant Information Exhibit 20
Capital Grant History
State Grants 2012 - 2021
State Authorized
Grants Amount 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 STA 08 3,528,162 $ 10,681 $ 19,986
STA 11 580,795 331,826 $ 248,972
1B PTMISEA 22,935,490 863,708 5,851,780 20,924 $ 1,990,351 $ 309,770 $ 1,780,966 $ 1,883,455 $ 508,411 $ 93,396 $ 9,831,684 1B SEC 3,952,019 252,533 197,999 374,050 274,793 644,369 84,411 22,254 204,910 401,085 314,689 LCTOP 512,596 483,236 26,081 28,787
SB1-SGR 18 959,973
SB1-SGR 19 1,031,783
SB1-SGR 20 1,074,836
SB1-SGR 21 1,024,004
TOTAL $ 1,126,922 $ 6,401,591 $ 643,946 $ 2,265,144 $ 954,139 $ 1,865,377 $ 1,905,709 $ 1,196,557 $ 520,562 $ 10,175,160 74 Long Beach Transit
Grant Information Exhibit 21
Capital Grant History
Local Grants 2012 - 2021
Local Authorized
Grants Amount 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Prop C-CA-90-Y391 2,934,372 $ 13,250 $ 517,992
Prop C-CA-90-Y440 1,329,020 2,935
Prop C FY 08 1,661,127 207,383
Prop C-CA-90-Y502 3,512,702 33,179 6,698
Prop C-CA-90-Y652 2,030,062 131,869 1,037,686 $ 107,052 $ 43,821 $ 9,366 Prop C-CA90-Y731 3,604,442 58,875 736,865 17,792 2,837 Prop C FY 10 351,120 $ 229,189 $ 11,757 $ 173
Prop C FY 11 3,825,903 908,816 1,257,341 702,307 341,032 339,043 $ 105,434 9,567 $ 9,567 Prop C-CA-90-798 2,762,272 1,635,402 161,627 78,086 107,922 2,693 586 9,396 3,936 Prop C-CA-04-065 576,983 (43,498) 120,715
Prop C-CA-04-134 312,540 87,876 140,809 17,855 10,297 Prop C-CA-04-184 860,720 224,801 225,800 125,882 109,267 1,324 17,254 Prop C FY 12 2,818,242 987,020 928,199 324,026 303,876 104,107 54,336 114,642 Prop C FY 13 3,242,178 27,419 328,881 1,747,453 551,216 357,117 28,235 29,979 68,930 24,447 Prop C-CA-88-0004 876,429 219,786 82,791 35,027 85,464 443,083 132,474 24,361 Prop C-CA-90-Y957 2,864 881 701 265 841 177
Prop C FY 14 2,693,659 61,119 499,668 429,482 708,945 624,427 17,104 51,684 203,671 Prop C-CA-90-Y880 2,252 927 1,325
Prop C FY 15 4,017,168 658,270 1,117,119 990,459 185,851 242,819 336,250 165,644 Prop C-CA-90-Z053 942,340 3,305 5,799 706 71,351 7,638 (1,639) Prop C-CA-90-Z120 1,204,244 890,691 150,106 86,122 2,098 934 (934) 23,058 Prop C FY 16 4,173,683 92,683 610,084 121,131 283,782 386,182 2,622,919 Prop C-CA-90-Z232 90,824 36,827 46,848 5,203
Prop C-CA-2016-049 700,368 608,052 52
Prop C-CA-37-X100 109,433 106,583 2,850
Prop C-CA-2017-150 9,421 1,260
Prop C-CA-2018-127 6,600
Prop C-CA-2019-085 35,574 19,421
Prop C-CA-2020-053 223,825
Prop C FY 17 4,340,128 14,715 82,412 216,264 718,289 Prop C FY 18 4,492,599 551,683 427,283 665,083 243,289 Prop C FY 19 4,587,785 112,288 2,921,888 452,668
Prop C FY 20 4,700,414 971,452
Prop C FY 21 2,437,375 930,227
TOTAL $ 3,260,888 $ 5,440,639 $ 2,451,592 $ 4,775,206 $ 3,089,012 $ 3,460,901 $ 2,776,973 $ 1,248,410 $ 4,664,483 $ 6,502,903 75 ridelbt.com