2. IFTA FUNDS NETTING
54 Participants
$375MM
53 Participants
$364MM
50 Participants
$362MM
Hi there. Let’s start right off with a review of what our Funds Netting has looked like since it was born in This snapshot includes both US and Canadian Dollars.
It originally started with 47 jurisdictions, and $328 million, and by the end of 2015 we had 54 participants and $375 million dollars funneling through. In January of this year, that number went up to 55 when Alberta joined.
47 Participants
$328MM

3. Funds Netting Goals 100% Oklahoma Quebec Newfoundland and Labrador
So every year we state how our Funds Netting Goal is to have 100% Member Participation. We are close now with only OK, NL and QC not participating at this time. We will continue to work with these jurisdictions.
Newfoundland and Labrador

4. 2016 Operations in Review Net = $94,374 $1,030,716 $936,342
Here’s a quick look at our Financials for Most of you have gotten a more detailed report with the Commissioners Financial Report I sent out to you on July 15th. This just shows that about 96% of our Operating Revenues come from membership Dues while about 3% comes from DRC Penalties and less than 1% from IRP ARES.
Being a service organization, the majority of our expense falls under Human Resource and staffing. There are also travel expenses and typical business expenses association with our operations. Overall it was a good year with an income over $94,000

5. IFTA, Inc. Audits FINANCIAL SOC II Security
I wanted to take a moment and point out that one of the Professional expenses we have incurred in the operations budget is for Audits. Last year we performed 3 major audits and we will conduct those same 3 again this year. We have a Full Financial Audit, a SOCII Audit, and a Security audit. I am please to announce that all are underway. Just last week we wrapped up the field work forthe Financial and SOCII and we will obtain those results for the 4th Quarter Board Meeting.
SOCII Audit Report on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality or Privacy

6. Investment Portfolio
Since IFTA Inc. has invested it’s funds with JPM Securities, over the past 7 years, we have seen an overall 22% increase.
At the end of FY16, the balance was right around 1.1 million. Some of these funds are starting to be allocated for face to face meetings and travel, and special projects. Back in December you all would have received a letter from Lonette soliciting ideas and our Board is currently reviewing those and fitting some into our strategic plan.
Keep in mind when you look at this, that it is also part of our policy to maintain a one year operating reserve, which we are successfully doing.

7. What’s New? Building for sale
Portfolio funds approved for travel with face to face meetings
At the 2nd Quarter 2016 meeting, our Board of Trustees voted to do a couple things: 1 was to spend funds on more face to face travel and another was to list the property owned by IFTA Inc. Both of these are underway and will be further discussed in just a few minutes here with the Strategic Plan presentation.