Notes to Financial Statements (continued)
(10) Commitments and Contingencies (continued)
Lease Obligations
In FY 2021, LBT purchased new corporate administrative offices. As part of the purchase, the Agency was assigned to an existing ground lease with the City of Long Beach. The ground lease is set to expire on June 30, 2069, and calls for monthly payments in the amount of $22,949. Effective July 1, 2022, and every five years thereafter, the monthly payment amount will be adjusted by the Consumer Price Index of the preceding five-year period. The maximum increase in any given year will be eight percent. The total lease costs were $275,394 and $229,493 for years ended June 30, 2022 and 2021, respectively.
In estimating the present value of the lease liabilities, LBT estimated the discount rate based on the Consumer Price Index pursuant to the terms of the lease agreement. The interest rate used for the calculation was 2.26% for year ended June 30, 2022.
The following is a schedule of future minimum lease payments required under the lease:
Year Ending
June 30,
Principal Interest
2023 $ 79,047 $ 204,609
2024 80,833 202,822
2025 82,660 200,995
2026 84,528 199,127
2027 86,439 197,217
2028-2032 506,909 953,917
2033-2037 612,689 891,962
2037-2042 732,350 817,440
2043-2047 867,575 728,709
2048-2052 1,020,246 623,927
Thereafter 4,900,208 1,074,437
$ 9,053,484 $ 6,095,162
Service Obligations
In FY 2017 and prior, bus tire leases were included in the capital assets and depreciated over a 12 -month period as allowed by the FTA. Beginning FY 2018, the Agency recorded bus tire leases as an operating expense. Under the terms of the lease, the vend or supplies the tires and invoices to the Agency based on monthly mileage. There are no minimum guarantee payments required in the contracts. Total lease costs were $621,383 and $549,085 for the years ended June 30, 2022 and 2021, respectively.
In connection with the purchase of the Agency’s corporate administrative offices, the Agency entered into a contract for property management services at a total cost not to exceed $772,725 for three years.
Business Risks Associated with the Impacts of COVID-19
The Agency's operations are affected by the recent and ongoing outbreak of COVID-19, which was declared a pandemic by the World Health Organization in March 2020. The ultimate disruption which may be caused by the outbreak is uncertain; however, possible effects may include, but are not limited to, disruption of the Agency's transportation services, which could have an impact on the Agency's net position and operating results. There is significant uncertainty as to the seve rity and longevity of the outbreak and management is in the process of evaluating the impact on the Agency and its financial statements. 39 Long Beach Transit
Notes to Financial Statements (continued)
(11) Employee Benefits
Vacation Compensation
Employees accrue vacation by reason of tenure at annual rates ranging from 12 to 30 days per year. Salaried employees may accumulate and carryover no more than the number of vacation days earned in the previous year. Contract employees are paid their earned vacation in full each year. On June 30, 2022 and 2021, accrued unpaid vacation for all Agency employees amounted to $3,391,167 and $3,265,004 respectively.
Due Within
Balance 6/30/21 Additions Deletions Balance 6/30/22 One Year $ 3,265,004 $ 3,391,167 $(3,265,004) $ 3,391,167 $ 3,391,167
Due Within
Balance 6/30/20 Additions Deletions Balance 6/30/21 One Year $ 3,444,177 $ 3,265,004 $(3,444,177) $ 3,265,004 $ 3,265,004
Once a year, the Agency allows employees to sell back a portion of their earned vacation in lieu of taking the time off. The Agency has agreed to buy back vacation time in excess of 10 days earned during the calendar year. Vacation days carried over from the previous year are not eligible for this program. The Agency paid $219,603 and $539,308 under this program during 2022 and 2021, respectively.
Sick Leave Benefit
Full-time Agency employees are entitled to receive up to 96 hours of sick leave per year. Unused sick leave may be accumulated and converted to a cash account only upon retirement from the Agency as termination payments. Employees leaving the Agency for any reason besides retirement, are not eligible to convert their unused sick leave to a cash account.
Upon retirement, the retiree is no longer eligible to participate in any Agency sponsored health plans and all health care related liabilities are the responsibility of the retiree. However, a retiree that incurs qualifying health related expenditures may seek reimbursement from the Agency from their converted cash account.
Once the cash value of the converted cash account is exhausted, the retiree is no longer eligible for any reimbursements.
There were 153 and 135 retirees with unused sick leave converted cash accounts at June 30, 2022 and 2021, respectively. The cash value equivalent of the remaining unused sick leave for the current retirees totaled $1,995,191 and $1,628,044 respectively. Total reimbursements paid by the Agency during the fiscal years ended June 30, 2022 and 2021, were $312,348 and $233,044, respectively.
The Agency has established a liability related to unused sick leave for both current and future payments. The estimated liability at June 30, 2022 and 2021, was $5,457,576 and $4,899,706, respectively.
Due Within
Balance 6/30/21 Additions Deletions Balance 6/30/22 One Year $ 4,899,706 $ 870,217 $(312,348) $ 5,457,575 $ 238,470
Due Within
Balance 6/30/20 Additions Deletions Balance 6/30/21 One Year $ 4,699,472 $ 433,278 $(233,044) $ 4,899,706 $ 179,221
40 Long Beach Transit
Notes to Financial Statements (continued)
(12) Labor Agreements
Union Labor Agreements
LBT has ongoing labor agreements with Amalgamated Transit Union (ATU), Local 1277 and American Federation of State, County, and Municipal Employees (AFSCME) District Council 36. The agreements provide the parties with specific procedures governing the duration and renewal of the agreements. Both agreements were effective through FY 2021 and expired on June 30, 2021.
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 August 16, 2022, AFSCME District Council 36 became the representative for LBT's Customer Service Unit employees comprised of Customer Care Clerks. At that same time, AFSCME District Council 36 General Unit and LBT ratified a new two-year agreement effective from July 1, 2021 to June 30, 2023.
(13) Pension Benefits
Plan Descriptions
The Agency sponsors two single employer defined benefit pension plans: one for contract employees, the Long Beach Public Transportation Company Retirement Plan – Contract Employees (Contract Plan), and one for staff employees, the Long Beach Public Transportation Company Retirement Plan – Salaried Employees (Salaried Plan) for employees hired before April 1, 2011. For staff employees hired on or after April 1, 2011, LBT adopted a new 401(a) qualified retirement plan for employer matching contributions.
The Agency’s payroll for employees covered by each pension plan for the years ended June 30, 2022 and 2021 was $32,022,263 and $30,014,658 for the Contract Plan, respectively, and $3,923,681 and $4,869,172 for the Salaried Plan, respectively. Total Agency payroll for 2022 and 2021 was $47,578,439 and $44,440,364, respectively.
The Contract and the Salaried Plans are contributory single employer defined benefit pension plans sponsored by the Agency. Full -time employees in a job classification covered by an ATU collective bargaining agreement between the Agency and the Union participate in the Contract Plan as of their date of employment.
All full-time employees not covered by an ATU collective bargaining agreement and hired before April 1, 2011 participate in the Salaried Plan as of their date of employment. For employees not covered by an ATU collective bargaining agreement and hired on or after April 1, 2011, LBT adopted a new 401(a) qualified retirement plan for employer matching contributions. Particip ants in the Contract Plan, and Salaried Plan employees hired before April 1, 2011 are eligible for annual benefit payments at the normal retirement age of 64 and completion of 10 years of credited service and become 100% vested after five credit years of service. Employees covered under the Salaried Plan can retire prior to 64 with a normal retirement benefit if the combination of the employee’s age and service equals 80 or more.
41 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
Pension Plan Benefits
Benefit payments for the Salaried Plan are determined as 1.70% of adjusted final monthly earnings multiplied by years of credited service (maximum credit of 40 years). Adjusted final monthly earnings are the employee’s highest average monthly wage of 36 consecutive months of earnings during the last 10 calendar years of employment, prior to normal retirement date, which provide the highest value.
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 credit ed 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 entit led, 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 tot ally 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.
42 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 contri bute 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 equ ally split any funding amounts over 15%. The contribution rates for 2022 were 16.18% and 8.78% for the Contract and Salaried Plans, respectively. For 2022, the Agency’s annual contributions were $3,667,102 and $1,026,804 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.
Net Pension Liability – Salaried Plan
The Salaried Plan’s net pension liability was measured as of June 30, 2022 , 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, 2022 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 $174,009 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%
43 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 ass umed 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 re lative 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
44 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 6/30/2021 $ 36,225,266 $ 37,790,805 $ (1,565,539) Changes for the year:
Service cost 732,452 - 732,452
Interest 1,951,207 - 1,951,207
Expected investment income - 2,211,896 (2,211,896)
Difference between expected
and actual experience (269,231) (6,082,397) 5,813,166
Contributions - employer - 1,026,804 (1,026,804)
Contributions - employee - 288,286 (288,286)
Benefit payments, including refunds (3,020,182) (3,020,182) - Administrative expense - (174,009) 174,009
Other changes (assumptions) - - -
Net changes (605,754) (5,749,602) 5,143,848
Balances at 6/30/2022 $ 35,619,512 $ 32,041,203 $ 3,578,309
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Salaried Plan Liability Net Position 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)
45 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, 2022, 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, 2022 actuarial valuation was d etermined 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 $345,479 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 birth dates, are assumed to have the same characteristics as similar participants.
46 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 benef it 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 6/30/2021 $ 97,238,339 $ 81,807,082 $ 15,431,257 Changes for the year:
Service cost 3,811,387 - 3,811,387
Interest 6,014,362 - 6,014,362
Expected investment income - 5,221,176 (5,221,176)
Difference between expected
and actual experience (15,874) (14,120,615) 14,104,741 Contributions - employer - 3,667,102 (3,667,102)
Contributions - employee - 2,204,920 (2,204,920)
Benefit payments, including refunds (8,536,535) (8,536,535) - Administrative expense - (345,479) 345,479
Other changes (assumptions) - - -
Net changes 1,273,340 (11,909,431) 13,182,771
Balances at 6/30/2022 $ 98,511,679 $ 69,897,651 $ 28,614,028
47 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 6/30/2020 $ 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 (assumptons) 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
Net Pension Liability - Combined Plans
Increase (Decrease)
Combined Plans
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
Balances at 6/30/2021 $ 133,463,605 $ 119,597,887 $ 13,865,718 Changes for the year:
Service cost 4,543,839 - 4,543,839
Interest 7,965,569 - 7,965,569
Expected investment income - 7,433,072 (7,433,072)
Difference between expected
and actual experience (285,105) (20,203,012) 19,917,907 Contributions - employer - 4,693,906 (4,693,906)
Contributions - employee - 2,493,206 (2,493,206)
Benefit payments, including refunds (11,556,717) (11,556,717) - Administrative expense - (519,488) 519,488
Other changes (assumption) - - -
Net changes 667,586 (17,659,033) 18,326,619
Balances at 6/30/2022 $ 134,131,191 $ 101,938,854 $ 32,192,337
48 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 6/30/2020 $ 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 (assumptions) 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
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, 2022, 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% $ 35,771,817
6.5% Current Discount Rate $ 28,614,028
1% Increase or 7.5% $ 19,097,551
Salaried Plan
1% Decrease or 5.0% $ 5,891,281
6.0% Current Discount Rate $ 3,578,308
1% Increase or 7.0% $ 1,562,547
49 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, 2022, the Salaried Plan recognized pension expense of $696,806. At June 30, 2022, 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 $ 1,097,765 -
Changes of assumptions 255,565 -
Net difference between projected and actual
earning on plan investments 3,184,317 -
Total $ 4,537,647 $ -
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
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 2023 $ (1,400,564)
2024 $ (1,374,917)
2025 $ (424,317)
2026 $ (121,369)
2027 $ (1,216,480)
Thereafter $ --
50 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
For the year ended June 30, 2022, the Contract Plan recognized pension expense of $2,285,228. At June 30, 2022, 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 $ - $ 3,824,529
Changes of assumptions 3,687,482 -
Net difference between projected and actual
earning on plan investments 7,801,867 -
Total $ 11,489,349 $ 3,824,529
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
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 2023 $ (2,386,619)
2024 $ (2,294,002)
2025 $ (1,571,136)
2026 $ (310,637)
2027 $ (2,206,792)
Thereafter $ 1,104,366
51 Long Beach Transit
Notes to Financial Statements (continued)
(13) Pension Benefits (continued)
For the year ended June 30, 2022, both plans recognized pension expense of $2,982,034. At June 30, 2022, 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 $ 1,097,765 $ 3,824,529
Changes of assumptions 3,943,047 -
Net difference between projected and actual
earning on plan investments 10,986,184 -
Total $ 16,026,996 $ 3,824,529
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
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 2023 $ (3,787,183)
2024 $ (3,668,919)
2025 $ (1,995,453)
2026 $ (432,006)
2027 $ (3,423,272)
Thereafter $ 1,104,366
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. 52 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, and during the year ended June 30, 2022, the Agency made additional principal payments of $400 thousand, resulting in an outstanding balance of $3,212,786 as of June 30, 2022.
Balance 6/30/21 Additions Deletions Balance 6/30/22
$ 4,752,379 $ - $ 1,539,593 $ 3,212,786
Future maturities of the note payable are as follows:
Year Ending
June 30,
2023 $ 1,203,109
2024 1,264,662
2025 745,015
Note payable at June 30, 2022 $ 3,212,786
Interest payments toward the note are recorded as operating expenses.
(15) Subsequent Events
On July 1, 2022, LBT submitted a payment to the Port of Long Beach for $3.21 million, the remaining principal balance of the promissory note. This was the Agency's only outstanding long-term debt.
LBT entered into an office lease agreement as the lessor for the tenant use of a floor of LBT’s corporate office building. The lease, which is effective from September 1, 2022 through November 30, 2027, includes three months of rent abatement and an annual 3% increase to the base rent.
The financial statements as of and for the year ended June 30, 2022 have not been impacted by the subsequent events as stated above.
53 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 2022 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
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total pension liability
Service cost $ 732,452 $ 702,231 $ 753,733 $ 800,422 $ 831,665 $ 858,666 $ 769,704 $ 845,302 $ 773,964 $ 641,489 Interest 1,951,207 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 (269,231) 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 (3,020,182) (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 (605,754) 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 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 18,424,486
Ending total pension liability $ 35,619,512 $ 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 $ 1,026,804 $ 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 288,286 308,205 319,542 322,305 320,450 340,086 365,367 402,617 436,748 449,958 Net transfer to/from Contract Plan - - - - 37,663 255,041 17,501 288 241,886 - Investment income (loss) (3,870,501) 7,332,880 84,624 777,683 1,376,782 2,277,537 (194,989) (11,557) 1,750,047 960,977 Pension benefits (3,020,182) (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 (174,009) (213,196) (197,584) (187,683) (199,961) (203,559) (167,603) (167,173) (142,202) (117,013) Net change (5,749,602) 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 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 11,028,003
Ending plan fiduciary net position $ 32,041,203 $ 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) $ 3,578,309 $ (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 89.95% 104.32% 92.62% 92.81% 89.27% 85.45% 76.01% 77.54% 65.54% 56.58%
Covered payroll $ 3,923,681 $ 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) 91.20% -32.16% 54.55% 50.11% 68.92% 82.80% 119.36% 89.98% 126.45% 136.38% as a % of covered payroll
54 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
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total pension liability
Service cost $ 3,811,387 $ 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 6,014,362 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 (15,874) (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 (8,536,535) (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 1,273,340 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 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 49,512,576
Ending total pension liability $ 98,511,679 $ 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 $ 3,667,102 $ 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 2,204,920 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) (8,899,439) 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 (8,536,535) (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 (345,479) (418,494) (364,995) (364,631) (380,134) (376,137) (325,026) (349,496) (323,518) (291,858) Net change (11,909,431) 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 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 37,025,393
Ending plan fiduciary net position $ 69,897,651 $ 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 $ 28,614,028 $ 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 70.95% 84.13% 66.45% 66.46% 64.38% 67.49% 66.83% 72.41% 74.68% 70.34%
Covered payroll $ 32,022,263 $ 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 % 89.36% 51.41% 100.78% 99.97% 99.68% 83.46% 78.39% 68.89% 57.58% 70.58% of covered payroll
55 Long Beach Transit
Required Supplementary Information (continued)
The following table summarizes contributions required (based on the actuarial valuations) and contributions made for the ten years ended for Salaried Employees (Salaried Plan):
Schedule of Contributions
Salaried Plan
2013 - 2022
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Actuarially determined
contribution
$ 508,837 $ 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 1,026,804 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 288,286 308,205 319,542 322,305 320,450 340,086 365,367 402,617 436,748 449,958 Total contributions 1,315,090 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)
$ (806,253) $ (387,300) $ - $ (1,500,000) $ (1,000,000) $ (1,100,000) $ (2,634,844) $ (2,555,638) $ (800,000) $ (807,800)
Covered payroll $ 3,923,681 $ 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
33.52% 43.84% 41.74% 71.79% 60.15% 60.35% 76.96% 80.88% 47.43% 34.54%
56 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 4 years
Asset valuation method Market value
Salary increases 3.0% per annum
Investment rate of return 6% compounded annually
Administrative expenses $174,009
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
57 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
58 Long Beach Transit
Required Supplementary Information (continued)
The following table summarizes contributions required (based on the actuarial valuations) and contributions made for the ten years ended for Contract Employees (Contract Plan):
Schedule of Contributions
Contract Plan
2013 - 2022
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Actuarially determined
contribution
$ 5,872,022 $ 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 3,667,102 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 2,204,920 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 5,872,022 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 $ 32,022,263 $ 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
18.34% 23.51% 22.44% 23.40% 20.96% 19.77% 17.44% 18.61% 17.47% 15.04%
59 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 15 years
Asset valuation method Market value
Salary increases 3.0% per annum
Investment rate of return 6.5% compounded annually
Administrative expenses $345,479
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
60 Long Beach Transit
Intentionally Left Blank
Statistics
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 62
These schedules contain trend information to assess how the Agency’s financial performance and well-being have changed over time.
Revenue Capacity 65
These schedules contain information on the Agency’s revenue sources and their fluctuations over time.
Demographic and Economic Information 67
These schedules offer demographic and economic indicators regarding the environment within which the Agency’s financial activities take place.
Operating Information 69
These schedules contain information about services the Agency provides and the activities it performs.
Pension Information 77
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 79
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.
61 Long Beach Transit
Financial Trends Exhibit 1
Net Position by Component
2013 - 2022
Invested in
Capital Assets Restricted Unrestricted Total (1)
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 (18,775,492) 73,132,699
2022 102,135,121 300,492 (16,689,414) 85,746,199
(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
2013 – 2022
Personnel
Wages & Fuel & Supplies & Casualty & Purchased
Benefits Lubricants Materials Services Liability Transportation Depreciation Total 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 2022 69,644,142 5,449,432 5,039,366 15,825,051 3,236,628 1,643,257 14,782,36 0 115,620,236
62 Long Beach Transit
Financial Trends Exhibit 3
Changes in Net Position
2013 – 2022
Expenses 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Transportation $ 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 $ 50,067,770 Maintenance 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 29,986,862 Risk Management 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 4,472,587 Marketing &
Customer Service 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 2,676,176 General
Administration 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 13,634,481 Depreciation 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 14,782,360 Total Expenses
$ 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 $ 115,620,236 Revenues
Passenger Fares $ 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 $ 7,077,072 Special Events 43,693 25,496 18,754 63,143 54,598 505,138 292,292 240,512 750 61,000 Advertising 542,382 630,413 603,029 743,132 618,750 801,753 1,069,805 978,484 649,678 843,340 Subtotal Operating 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 7,981,412 Subsidies 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 94,483,188 Interest & Other 172,869 262,133 293,115 1,189,184 1,429,378 1,546,133 2,643,016 4,229,590 1,470,268 459,790 Subtotal
Nonoperating
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 94,942,978 Total Revenues $ 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 $ 102,924,390 Net Expense $ (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) $ (12,695,846) Capital Grants 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 25,309,346 Change in Net
Position $ 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 $ 12,613,500 63 Long Beach Transit
Financial Trends Exhibit 4
Capital Expenditures by Type
2013 - 2022
Fiscal
Year Facilities Fleet
Customer
Amenities
AVL, Farebox
& Radio
Equipment
Furniture &
IT Equipment
Shop & Garage
Equipment Total
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 17,633,745 3,119,591 466,358 14,739 1,483,243 21,369 22,739,045 2022 4,599,349 18,913,838 223,786 - 1,571,573 800 25,309,346 64 Long Beach Transit
Revenue Capacity Exhibit 5
Operating Subsidy Sources
2013 - 2022
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 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 2022 6,610,018 15,623,473 26,595,235 29,367,503 - 14,159,497 2,127,462 94,483,188 Revenue Capacity Exhibit 6
Fare Recovery Percentage
2013 - 2022
Year Percentage
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 ......... ......... ......... 0.2
2022 ......... ......... ......... 6.9
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 until September 19, 2021. This resulted in a lower fare recovery percentage.
65 Long Beach Transit
Revenue Capacity Exhibit 7 Fare History
2013 - 2022
Fixed Route Service:
Cash Fares:
UCLA Commuter Express $ 4.00
UCLA Commuter Express Senior & Disabled 2.00
Regular 1.25
Student 1.25
Senior and Disabled 0.60
Interagency transfer 0.50
Day Pass:
UCLA Commuter Express $ 7.00
UCLA Commuter Express Senior & Disabled 3.50
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:
AquaBus $ 1.00
AquaLink 5.00
66 Long Beach Transit
Demographic and Economic Information Exhibit 8
City of Long Beach
Demographic Statistics
2013 - 2022
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)
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
2022 460,682 16,852 35,464 67,573 4.7
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. 67 Long Beach Transit
Demographic and Economic Information Exhibit 9 City of Long Beach
Principal Employers
Most Recent Year Available and Nine Years Prior
2021 Percentage 2012 Percentage
Number of of Total City Number of of Total City
Employer Employees Employment Employees Employment
Long Beach Unified School District 11,157 4.72% 11,334 4.83% City of Long Beach 5,384 2.28% 5,758 2.45%
Long Beach Memorial Medical Center 5,114 2.16% 5,743 2.45% Veteran Affairs Medical Center 3,300 1.40% 2,200 0.94% California State University, Long Beach (CSULB) 3,120 1.32% 3,527 1.50% Long Beach City College 2,515 1.06% 1,785 0.76%
The Boeing Company 1,844 0.78% 5,186 2.21%
St. Mary Medical Center 1,558 0.66% 1,432 0.61%
CSULB Research Foundation 1,227 0.52% 1,500 0.64%
Molina Healthcare Inc. 1,119 0.47%
United States Postal Service 1,306 0.56%
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 2012 and 2021 via City of Long Beach.
68 Long Beach Transit
Operating Information Exhibit 10 Key Performance Indicators
2013 – 2022
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Fixed Route
Operating Cost Per
Vehicle Service Hour $ 110.11 $ 115.04 $ 115.40 $ 112.67 $ 114.57 $ 120.98 $ 127.44 $ 153.72 $ 186.40 $ 171.20 Operating Cost
Per Passenger $ 2.56 $ 2.69 $ 2.85 $ 2.94 $ 3.22 $ 3.65 $ 3.98 $ 5.23 $ 6.60 $ 5.81 Roadcalls 1,778 2,243 2,163 1,912 1,897 2,367 2,021 1,552 1,423 1,398 Mean Distance
Between Failures 4,438 3,413 3,572 4,040 4,222 3,409 4,071 4,577 3,988 4,794 Total Accidents 881 1,026 912 999 938 871 784 589 456 574 Preventable Accidents 120 101 126 103 99 94 101 73 51 82 Preventable Accidents
Per 100,000 Miles 1.52 1.36 2.07 1.34 1.29 1.22 1.26 1.08 0.95 1.27 Passengers per
Vehicle Service Hour 43 42 40 37 35 33 32 29 28 29 On-Time Performance1 99.9% 77.4% 78.5% 85.2% 86.7% 85.7% 84.7% 84.6% 88.8% 86.4% Number of Vehicles 262 248 249 249 249 249 249 249 249 249 Number of Employees 728 729 723 728 727 746 745 743 743 727 Special Services
Dial-A-Lift Cost
Per Passenger $ 20.42 $ 20.60 $ 19.36 $ 18.34 $ 18.90 $ 20.19 $ 27.12 $ 35.77 $ 65.10 $ 54.62 Dial-A-Lift Passengers
Per Service Hour 4.8 5.1 5.7 4.8 2.1 1.8 1.6 1.6 1.4 1.5 Number of Dial-A-Lift
Vehicles 13 13 15 12 10 10 10 10 10 10
Water Taxi Cost
Per Passenger2 $ 9.23 $ 12.69 $ 11.27 $ 10.94 $ 9.03 $ 9.32 $ 10.17 $ 11.48 $ 53.60 $ 18.88 Water Taxi Passengers
Per Vehicle
Service Hour 13.94 16.32 16.11 19.02 18.99 19.15 19.49 19.01 39.73 18.05 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.
69 Long Beach Transit
Operating Information Exhibit 11
Customer Satisfaction Trends
2012 - 2022
% of Customers Rating Favorably
Service Element 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 LBT Overall 97 97 97 90 96 93 98 98 97 95
LBT Compared to Others 93 95 91 ** ** ** ** ** ** ** Operator Appearance 99 99 98 92 98 98 99 98 94 94 Fares 87 91 92 90 94 93 90 95 88 91
Operator Courtesy 92 94 91 91 95 95 99 96 93 95 Operator Safety 98 99 92 90 98 97 99 99 95 95 On Board Safety 96 97 95 86 90 ** ** ** ** **
Route Convenience 96 98 95 90 95 94 94 96 91 89 Information Available 95 95 92 86 92 91 89 90 87 90 Telephone Information 91 89 86 83 91 88 93 91 82 88 Bus Stop Safety 92 95 92 84 78 ** ** ** ** **
Bus Stop Convenience 96 97 97 89 95 94 95 94 88 91 Schedule Reliability 85 89 84 83 89 88 93 90 83 86 Bus Cleanliness 94 95 95 85 88 91 90 91 88 89 Bus Stop Cleanliness 91 91 92 87 86 88 88 82 81 84 Note: Due to the COVID-19 Pandemic, LBT did not conduct a Customer Satisfaction Survey in FY 2021.
Source: Annual customer survey.
** Not surveyed
70 Long Beach Transit
Operating Information Exhibit 12
Fixed Route Statistics
2013 - 2022
LBT had an increase of ridership from FY 2021 to FY 2022, with 14.1 million boardings on LBT buses in FY 2021 to 17.4 million boardings on LBT buses in FY 2022. The 17.4 million boardings represented a 23.3% increase from the previous year. This ridership increase is largely due to the businesses reopening, schools welcoming back their students to campus, and employees returning to offices. Despite the COVID-19 pandemic, social distancing restrictions remained in place.
Source: Long Beach Transit’s Annual National Transit Database Report 71 Long Beach Transit
Operating Information Exhibit 13
Dial-A-Lift Statistics
2013 - 2022
Dial-A-Lift had a 43.5% increase in ridership in FY 2022. The ridership increase is attributed in large part to the recovery from the pandemic and new riders using the service. The Dial-A-Lift service is supplied by a private contractor who provides Dial-A-Life vehicle trips.
Source: Long Beach Transit’s Annual National Transit Database Report 72 Long Beach Transit
Operating Information Exhibit 14
Water Taxi Statistics
2013 - 2022
Water Taxi ridership increased 499.2% and revenues increased 1,300.0% in FY 2022. The water taxis ran weekend service (Friday, Saturday, and Sunday) from September 10, 2021 to May 20, 2022. Starting Memorial Day Weekend and running through June 30, 2022, service on the Aqualinks were increased to seven days. LBT introduced a mobile app in April 2022 which gave customers another option to pay for their ticket.
Source: State Controller's Report
73 Long Beach Transit
Operating Information Exhibit 15
Schedule of Insurance in Force
June 30, 2022
Program Expiration Term Agency Amount/Limit
LIABILITY
A. Public Entity Liability
07/1/23 1 yr Princeton Excess & Surplus Lines Insurance Co. $5,000,000 Excess of $3,000,000 SIR
B. Public Entity Management Liability
02/21/23 1 yr ACE American Insurance Company $3,000,000 - Each Incident and in the Aggregate
$50,000 - Retention for Each Claim
$150,000 - Management Liability/Public
Liability for Each Claim
C. UST Insurance - Storage Tank Liability
02/21/23 1 yr ACE American Insurance Company $3,000,000 - Each Incident and in the Aggregate
$50,000 - Retention for Each Claim
$150,000 - Management Liability/Public
Liability for Each Claim
D. Excess Liability
07/1/23 1 yr Allied World National Assurance Co. $5,000,000 - Excess of $3,000,000 SIR
COMMERCIAL PROPERTY
04/1/23 1 yr Travelers Property Casualty Co. $80,956,773 - 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
74 Long Beach Transit
WORKERS’ COMPENSATION
07/1/23 1 yr Safety National Casualty Corp. SIR: $1,500,000 WC limit each accident: Statutory
Employer’s Liability per
occurrence: $2,000,000
CRIME POLICY
11/1/22 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
11/1/22 1 yr Federal Insurance Co. $ 3,000,000 - Each Loss $ 3,000,000 - Each Policy Period
$ 10,000 - Deductible
CYBER LIABILITY
07/1/23 1 yr Palomar Excess and Surplus Ins Co $5,000,000 - Aggregate Limit of Liability $100,000 - Deductible Per Claim
ENVIRONMENTAL LEGAL LIABILITY
06/21/24 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 75 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 40 min 40/60 min 60 min 40 min 60 min 60 min 520A - 747P 730A - 820P 730A - 820P 2 40 min 40 min -- 40 min -- -- 505A - 730P 1015A - 600P -- 4 40 min 40 min -- 40 min -- -- 515A - 745P 1035A - 545P -- 8 40 min 40 min -- 40 min -- -- 510A - 750P 1030A - 550P -- 20 15/20 min 20 min 20 min 20/30 min 20/30 min 20/30 min 500A - 1109P 500A - 1115P 500A - 1115P 40 10 min 15 min 15 min 10/15/30 min 15/30 min 15/30 min 504A - 1055P 505A - 1056P 505A - 5056P 50 15 min 30 min 30 min 15/20/30 min 30 min 30 min 459A - 1115P 500A - 1055P 500A - 1055P 60 15 min 20 min 20 min 15/20/30 min 20/30 min 20/30 min 500A - 1058P 504A - 1055P 505A - 1055P 70 40 min 45 min 45 min 40 min 45 min 45 min 603A - 815P 617A - 812P 617A - 812P 80 -- -- -- -- -- -- -- -- --
90* 12 min 20 min 20/30 min 15/20/30 min 20/30 min 20/30 min 458A - 1100P 505A - 1102P 505A - 1101P 96 'ZAP' -- -- -- -- -- -- -- -- --
101/103 30 min 20/40 min 20/40 min 30 min 40 min 40 min 503A - 1040P 550A - 805P 550A - 805P 104 45 min 60 min 60 min 45 min -- -- 510A - 750P 648A - 725P 650A - 725P 110 30 min 30 min 30 min 30 min 30 min 30 min 604A - 855P 605A - 855P 605A - 855P 121 20 min 30 min 30 min 20/30 min 30 min 30 min 502A - 1108P 505A - 2300P 505A - 2300P 131 40 min -- -- -- -- -- 550A - 633P -- --
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 30 min 30 min 500A - 1100P 503A - 1057P 503A - 1059P 171/175* 20 min 45 min 45 min 20/30 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 60 min 60 min 60 min 605A - 825P 605A - 823P 605A - 823P 190 15 min 20 min 20 min 15/20/30 min 20/30 min 20/30 min 500A - 1102P 505A - 1055P 505A - 1055P 405 4 trips: (2) AM (2) PM -- -- -- 515A, 715P -- -- Passport
Passport -- -- -- -- -- -- -- -- --
Source: Long Beach Transit’s Service Planning Department * 92,93 and 175 operate on weekdays only
76 Long Beach Transit
Pension Information Exhibit 17
Employer and Employee Pension Contributions
2013 – 2022
Fiscal Year Contribution
Ended Employer Employee Covered as a Percentage
June 30 Contribution* Contribution Payroll of Payroll
Contract Plan
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
2022 3,667,102 2,204,920 32,022,263 18.34
Salaried Plan
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
2022 1,026,804 288,286 3,923,681 33.52
* 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, 2022.
These financial statements are prepared under separate cover and contain additional trend information. 77 Long Beach Transit
Pension Information Exhibit 18
Pension Revenues by Source and Expenses by Type
2013 – 2022
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
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 2022 5,872,022 - (8,899,439) (3,027,417) 345,479 8,536,535 - 8,882,014 Salaried
Plan
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 2022 1,315,090 - (3,870,501) (2,555,411) 174,009 3,020,182 - 3,194,191 Source: Contract and Salaried pension plan financial statements for the year ended June 30, 2022.
These financial statements are prepared under separate cover and contain additional trend information. 78 Long Beach Transit
Grant Information Exhibit 19 Capital Grant History
Federal Grants 2013 - 2022
FTA Authorized
Grants Amount 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CA-90-Y391 $ 13,354,477 $ 2,527,386
CA-90-Y440 6,358,401
CA-90-Y502 14,756,941 26,545
CA-90-Y652 13,051,167 8,331,767 $ 428,257 $ 175,263 $ 41,956 CA-90-Y731 14,960,635 3,761,979 71,168 5,361
CA-90-X007 16,497,214
CA-04-0065 2,604,050 778,978
CA-04-0134 1,783,466 1,096,541 71,421 41,184
CA-90-Y798 13,994,380 646,277 312,347 829,421 11,026 $ 2,344 $ 37,584 $ 15,744 $ 2,551,689 CA-90-Y880 15,774,862 7,199,267 2,525,909 86,464 40,244 33,223 $ 1,935,227 $ 21,716 6,425 3,179,570 CA-04-0184 2,863,280 702,223 387,690 330,469 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 96,488 144,629 228,552 480,576 CA-90-Z120 20,701,104 49,875 10,518,828 1,438,564 1,254,135 1,812,501 868,012 961,781 120,704 673,711 CA-58-0015 2,000,000 2,000,000
CA-90-Z232 14,113,447 1,622,069 5,264,836 4,829,286 302,859 313,058 331,970 171,349 CA-2016-049 20,731,551 1,314,496 9,911,532 498,404 723,164 1,009,748 398,298 CA-2017-150 17,837,931 2,069,639 3,258,119 824,468 141,674 849,925 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 15,861
CA-2019-088 17,095,459 1,925,532 278,827
CA-2020-053 30,004,904 17,009
CA-2020-171 1,206,518 6,950
CA-2020-179 29,203,837 29,203,837
CA-2021-142 11,500,835
CA-2021-240 26,671,160 14,702,076
TOTAL $ 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 $ 23,047,014 79 Long Beach Transit
Grant Information Exhibit 20
Capital Grant History
State Grants 2013 - 2022
State Authorized
Grants Amount 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 STA 08 3,528,162 $ 19,986
STA 11 580,795 331,826 $ 248,972
1B PTMISEA 22,170,051 5,851,780 20,924 $ 1,990,351 $ 299,786 $ 1,780,966 $ 1,883,455 $ 508,411 $ 93,396 $ 9,734,680 1B SEC 3,952,019 197,999 374,050 274,793 644,369 84,411 22,254 204,910 401,085 314,689 $ 130,893 LCTOP 16 533,759 483,236 26,081 24,442
LCTOP 21 436,239
SB1-SGR 18 925,973 $ 925,020
SB1-SGR 19 1,031,783 $ 995,359
SB1-SGR 20 1,074,836 $ 552,713
SB1-SGR 21 1,024,004
SB1-SGR 22 898,084
TIRCP 18 3,951,167 $ 3,224,087
TIRCP 20 6,451,000
TOTAL $ 6,401,591 $ 643,946 $ 2,265,144 $ 944,155 $ 1,865,377 $ 1,905,709 $ 1,196,557 $ 520,562 $ 10,073,811 $ 5,828,072 80 Long Beach Transit
Grant Information Exhibit 21 Capital Grant History
Local Grants 2013 - 2022
Local Authorized
Grants Amount 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Prop C-CA-90-Y391 $ 2,934,372 $ 517,992
Prop C-CA-90-Y440 1,329,020
Prop C FY 08 1,661,127
Prop C-CA-90-Y502 3,512,702 6,698
Prop C-CA-90-Y652 2,030,062 1,037,686 $ 107,052 $ 43,821 $ 9,366 Prop C-CA90-Y731 3,604,442 736,865 17,792 2,837
Prop C FY 10 351,120 $ 229,189 $ 11,757 $ 173
Prop C FY 11 3,825,903 1,257,341 702,307 341,032 339,043 $ 105,434 9,567 $ 9,567 Prop C-CA-90-798 2,762,272 161,627 78,086 107,922 2,693 586 9,396 3,936 Prop C-CA-04-065 576,983 120,715
Prop C-CA-04-134 312,540 140,809 17,855 10,297
Prop C-CA-04-184 860,720 225,800 125,882 109,267 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 78,212 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 97,592 Prop C-CA-90-Y880 2,252 927 1,325
Prop C FY 15 4,017,168 658,270 1,117,119 990,459 185,851 242,819 336,250 165,644 130,897 Prop C-CA-90-Z053 942,340 3,305 5,799 706 71,351 7,638 (1,639) 20,245 Prop C-CA-90-Z120 1,204,244 890,691 150,106 86,122 2,098 934 (934) 23,058 40,518 Prop C FY 16 4,173,683 92,683 610,084 121,131 283,782 386,182 2,622,919 11,509 Prop C-CA-90-Z232 90,824 36,827 46,848 5,203
Prop C-CA-2016-049 2,031,274 608,052 52
Prop C-CA-37-X100 109,433 106,583 2,850
Prop C-CA-2017-150 9,421 1,260 425
Prop C-CA-2018-127 6,600
Prop C-CA-2019-085 35,574 19,421 3,965
Prop C-CA-2020-053 223,825 4,027
Prop C FY 17 4,340,125 14,715 82,412 216,264 718,289 1,109,905 Prop C FY 18 4,492,599 551,683 427,283 665,083 243,289 721,694 Prop C FY 19 4,384,464 112,288 2,921,888 452,668 372,276 Prop C FY 20 4,700,414 971,452 1,224,749
Prop C FY 21 2,143,750 930,227 854,966
Prop C FY 22 4,560,701 2,869,514
Prop C-TIRCP-18-3 26,250 26,250
Prop C-CA-2021-142 285,500
TOTAL $ 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 $ 7,566,744 81 Long Beach Transit
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