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Secretary/Treasurer’s Report

Secretary/Treasurer’s Report. AASHTO Annual Meeting 2011 Detroit, Michigan October 15, 2011. Secretary/Treasurer’s Report. Agenda Fiscal Year 2011 Financial Status Fiscal Year 2012 to date Discussion Sponsorship Highlights Special Assessment to Support Reauthorization.

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Secretary/Treasurer’s Report

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  1. Secretary/Treasurer’s Report AASHTO Annual Meeting 2011 Detroit, Michigan October 15, 2011

  2. Secretary/Treasurer’s Report • Agenda • Fiscal Year 2011 Financial Status • Fiscal Year 2012 to date • Discussion • Sponsorship Highlights • Special Assessment to Support Reauthorization

  3. Secretary/Treasurer’s Report • Highlights from fiscal year 2011 results • The auditors completed field work on September 28, 2011. The preliminary result shows that they will render an unqualified (clean) opinion. • Overall: We ended the fiscal year in the black. We had a net income over expense of $1.95 million in technical services and AASHTOWare programs . The operating account finished the year $22 thousand above estimated income excluding the computer capitalization transfer. • The auditors final report will be available later this year. We will submit the report to the Executive Committee and offer a conference call to discuss details.

  4. Secretary/Treasurer’s Report • The Operating Account • Investment income for the year was $2.76 million, substantially above estimated income budget amount. • The value of investment increased by $3.08 million or 9% percent over the last fiscal year. • Pension liability has decreased: from $12.2 million in FY 2010 to $5. 8 in FY 2011. This substantial change is due to valuation increase for investments and major changes in the pension plan as well as pay changes.

  5. Secretary/Treasurer’s Report • Fiscal Year 2012 to date • The overall position for operations, technical services and AASHTOWare remains well within the budget. • First quarter investment income was $623 thousand on target with the budget, although we have seen a decline in valuation by $2.96 million.

  6. SPONSORSHIP HIGHLIGHTS

  7. Funding at Current Rate • We expect reauthorization to continue for the foreseeable future. • We have a need to continue to finance a series of activities in support of reauthorization. • Continue the dues amount at the same level as the last three years.

  8. Secretary/Treasurer’s Report • Questions?

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