Texas Department of Transportation Annual Financial Report: 2010 Page: 60
This report is part of the collection entitled: Texas State Publications and was provided to The Portal to Texas History by the UNT Libraries Government Documents Department.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
TEXAS DEPARTMENT OF TRANSPORTATION *** UNAUDITED ***
(601)
the Interstate system, $3.0 billion for the Non-Interstate system, and $11.4 million for the Central Texas Turnpike System.
Actual expenditures were $333.3 million for the Interstate system, $1.4 billion for the Non-Interstate system, and $7.0
million for the Central Texas Turnpike System.
NOTE 19 - THE FINANCIAL REPORTING ENTITY
Component Units
The accompanying financial statements include the financial position and results of operations of all organizations,
activities, and functions considered to be within the scope of the department's reporting entity.
As required by generally accepted accounting principles, two transportation corporations are shown as component units
of the department because of the significance of their financial relationship with the department. Although the corporations
are separate legal entities, the department exercises sufficient authority over the assets, management and operations, to
require their inclusion in the accompanying financial statements. The financial activities of the corporations are shown as
local fund 999 and presented in a blended format on the department's financial statements [See Note 1-C(4)]. Even though
the Texas Private Activity Bond Surface Transportation Corporation does not have formal financial statements, complete
financial information for the Grand Parkway Association can be obtained by contacting the corporation directly:
Grand Parkway Association
4544 Post Oak Place, Suite 222
Houston, Texas 77027
The Texas Department of Transportation is a component unit of the state of Texas, and of the statewide Consolidated
Annual Financial Report to be issued by the Texas Comptroller of Public Accounts. As such, the department will be audited
by the state auditor only to the extent necessary to express an opinion on the financial position of the state as a whole.
Accordingly, the state auditor will not express an opinion on the financial statements contained in this report.
Related Parties
The department currently has no related parties to report.
NOTE 20 - STEWARDSHIP, COMPLIANCE, & ACCOUNTABILITY
The State Highway Fund, Fund 006, had a negative balance as of August 31, 2009. This negative fund balance was
primarily due to a difference in timing between the recognition of the expenditure of funds received from the North Texas
Tollway Authority (NTTA) and the recognition of revenue for those funds. In fiscal year 2008, NTTA paid the Texas
Department of Transportation (TxDOT) approximately $3.2 billion in exchange for the right to develop and toll SH 121 for a
period of 50 years. As of August 31, 2010, TxDOT had expended over $1 billion of these funds but only recognized $128
million of the funds as revenue, since the recognition of the funds as revenue is occurring over the period for which the rights
to toll the roadway have been transferred to NTTA. In approximately 50 years, the roadway will be transferred back to
TxDOT. The unamortized portion of the funds received from NTTA is reported as deferred revenue.Page 60
FY 2010 Annual Financial Report
Upcoming Pages
Here’s what’s next.
Search Inside
This report can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Report.
Texas. Department of Transportation. Texas Department of Transportation Annual Financial Report: 2010, report, Autumn 2010; Texas. (https://texashistory.unt.edu/ark:/67531/metapth637402/m1/66/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.