Lydia E. York Delaware State Auditor
Delaware Transit Corporation FY23
Financial Statement Audit – Fiscal Year Ended June 30, 2023
Report Summary
Background
The Delaware Office of Auditor of Accounts presents a financial statement audit of the Delaware Transit Corporation (DTC) for Fiscal Year ended June 30, 2023. This audit was performed in accordance with 2 Del. C. § 1323 and 29 Del. C. § 2906.
DTC is a division of the Delaware Department of Transportation (DelDOT) and was formed in 1994 to manage the combined operations of DART, the Delaware Administration for Specialized Transit, the Delaware Railroad Administration, and Commuter Services Administration. Currently, DTC operates DART statewide bus services and also contracts with the Southeastern Pennsylvania Transportation Authority (SEPTA), which provides regional rail service in New Castle County. The division’s mission is to design and provide the highest-quality public transportation services that satisfy the needs of customers and the community.
In Fiscal Year 2023, DTC adopted two new accounting standards: GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements; and GASB Statement No. 96, Subscription-Based Information Technology Arrangements. These standards were adopted as of July 1, 2022, the beginning of the earliest period presented in these financial statements.
Key Information and Findings
This audit contains an unmodified opinion on the financial statements. An unmodified opinion is sometimes referred to as a “clean” opinion, in which the auditor expresses an opinion that the financial statements are presented fairly, in all material respects, an entity’s financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America. There were no findings required to be reported under Government Auditing Standards.
Total 2023 net position was a deficit of approximately $21.2 million, a 9.3% decrease in net position from 2022, which had a deficit of $19.4 million. This is primarily due to a decrease in DelDOT funding of $3.8 million and an increase in operating expenses of $9.2 million. communication equipment. Federal operating assistance also decreased in fiscal year 2023 to $42.6 million from $57.2 million for fiscal year 2022.
