Budget report
PORT OF SEATTLE BUDGET RENT A CAR SYSTEM, INC.
INDEPENDENT ACCOUNTANTS' REPORT ON
AGREED-UPON PROCEDURES RELATING T0 BUDGET
RENTAL CAR CONCESSION AGREEMENT FOR THE TWO
'I'WELVE-MONTH PERIODS ENDED OCTOBER 31, 2008 AND 2007
INDEPENDENT ACCOUNTANTS' REPORT
ON AGREEDUPON PROCEDURES
June 30, 2009
To: Applicable Management of Port of Seattle
We have performed procedures requested by you with respect to the calculation and payment of
concessionable revenue, and audit requirements included in the Rental Car Lease and
Concession Agreement (the Agreement) dated November 1, 2004 between the Port of Seattle
(POS) and Budget Rent A Car Systems, Inc. (Budget) for the two twelvemonth periods ended
October 31, 2008 and 2007. This report is solely for your information and is not to be used for
any other purpose. It is intended to assist P08 in evaluating Budget's compliance with the lease
requirements. This agreedupon procedures engagement was performed in accordance with
attestation standards established by the American Institute of Certied Public Accountants. The
sufciency of these procedures is solely the responsibility of the specied users of the report
Consequently, we make no representation regarding the sufciency of the procedures described
below either for the purpose for which this report has been requested or for any other purpose.
Following is a listing of the procedures that we performed with respect to the above noted lease
period and the results and conclusions we formed as a result of such procedures.
General Description of Procedures Performed
The majority of our eldwork was performed with the assistance of Budget's accounting
personnel in Parsippany, New Jersey. Budget operates a rental system, known as the Wizard
System, which feeds the Business Adjustments Report (BAR) after the rental is closed; as such
there is no manual input into the BAR. The BAR represents all rental revenue earned in a month
by each rental station, and is presented in two reports. The rst report, the detailed BAR report,
lists all closed rental agreements showing the break-down by each revenue category and is a very
large report provided by Budget in Excel format. The second report, the Summary BAR report,
is a threetofour page summary of the detailed BAR [See Exhibit A]. Budget accountants use
the BAR to prepare the monthly gross receipts letter and supporting detail is submitted to the
POS, Budget accountants also use the BAR to prepare the Schedule of Concessionable Revenue
(SCR), which summarizes concessionable totals from the BAR [See ExhibitB ] The SCR is
prepared at the end of the scal year to determine any over or underpayments to the POS.
We obtained the entire BAR for the test months of February 2007, September 2007, March 2008,
and October 2008. We also obtained the three-page summary of the BAR and the SCR for the
two twelve months ended October 31, 2008 and 2007. The following is a listing of procedures
performed during this engagement.
1. Reporting
Budget provided the requested BAR reports in a DOS-based format that inter-mixed
alphanumeric characters with numeric subtotals. Per Budget, the DOS export was the
spreadsheet software to recalculate and foot the reports. Accordingly, to conrm the
accuracy of the BAR totals, we selected, on a sample basis, Rental Agreements (.RAs),
and agreed individual revenue line items, and the RA totals to the detailed BAR. Based
on our testing, the detailed BAR totals appear to accurately represent individual RAs, and
thus will be used for the purpose of our procedures. However, we recommend that in the
future, the POS require Budget to provide a detailed schedule in a non-DOS electronic
format that can be recalculated
2. Rental Agreements
We selected a sample of 80 closed rental agreements from the months of February 2007,
September 2007, March 2008, and October 2008. We also obtained copies for each
closed RA selected. We reviewed the revenue reported on each rental agreement and
veried agreement with amounts posted in the detailed BAR. While reviewing the RAs,
we noted a fairly consistent numerical sequencing ofRA numbers, with certain blocks of
numbers representing individual locations. However, we were not able to verify whether
the missing RA numbers within the assigned SeaTac blocks were voids or other non
revenue producing rental agreements. Based on discussions with Budget staffand our
procedures, nothing came to our attention that would indicate missing revenue producing
rental agreements.
3. Schedule of Concessionable Revenue
The BAR summary report, used to prepare the POS letter and the SCR, segregates
revenue, and adjustments to revenue, by assignment of lettercodes. The letter-codes are
used to identify concessionable revenue from non-concessionable revenue. Based on
descriptions of each lettercode, and the denition of Gross Revenue per the Agreement,
we identied certain concessionable lettercodes that were reported as non
concessionable on the SCR. We noted the following, as noted in the Schedule of
Findings:
Budget Incremental Discount
We noted that the Budget Incremental Discount known as (AID) is being deducted from
T&M on the BAR for the two twelve month periods ended October 2008 and October
2007. In 2008 and 2007, T&M was reported on the POS letter net of AID discount.
Based on the Agreement this type of discount is not deductable from T&M as it is not on
the face of the Rental Agreement. Thus, we have included these discounts as anding in
the Schedule ofFindings. The AID deductions totaled $5 7,894 and $121,528for the two
twelve month periods ended October 31, 2008 and 200 7, respectively.
Valet Services
We noted a revenue category total, titled Valet Services on the BAR report, was not
included in the SCR for the two twelve-month periods ended October 2008, and 2007. Based on
discussion with Budget staff, this fee began in November 2005. The Valet Service fees are
recovery-handling fees, charged by the Budget Claims Department, and are shown in the BAR
report. The fees are charged when the Budget Claims Department goes after a default customer.
The Agreement does not specifically exclude these from the denition ofGross Revenue,
thus we have included Valet Services revenue as part ofconcessionable revenue in the
Schedule ofFindings. The Valet Services total is, $3, 650 and $7, 700, for the respective
two twelve month periods ended October 31, 2008, and 2007.
o Other Reporting Errors
In the process of agreeing the BAR to SCR and to the POS letter, we noted Reporting
Errors in several months. The Miscellaneous revenue category in the BAR consists of
several revenue items such as Additional Driver, Cleaning Maintenance, Other, Child
Safety Seats, Under 25 Years Renter, Underage fee, and Navigation. These categories of
revenue are lumped into a single line item on the SCR. The summation is done manually,
increasing the risk of clerical error. During our test, we noted such clerical errors and
have included them in our Schedule of Findings. The total reporting errors are $1, 240
and $2,791, for the respective two twelve month periods ended October 31, 2008 and
2007.
0 Vehicle Exchange
The SCR shows totals of Time and Mileage (T&M), LDW, One Way Fee, Insurance,
APO Fee, FTP Tax, Government Surcharge, Gas, Miscellaneous Fees, Vehicle
Exchanges, AID, and Other, For the two twelve-month periods ended October 31, 2008
and 2007, we agreed revenue amounts in the BAR to the SCR totals and noted one
discrepancy. We noted a reporting difference of $28 due from Vehicle Exchange for the
period ended October 31, 2007. This amount is included in the Schedule of Findings.
4. Contract Compliance
We tested the following contract compliance items per the Agreement; Article 5.1
Concession Fees; 5.2.2 Annual Report; 5.2.5 Rental Car Concession Fee; and 7.2.1 Report
Forms and Records.
0 Concession Fees & Recovery of Percentage Fee
We agreed the total monthly Gross Revenue for each of the twelve months ended October
31, 2008 and 2007 per the SCR to the monthly payment received by the Port of Seattle.
We were able to verify that amounts paid were ten percent of total concessionable
revenue per the SCR for the months that concessionable revenues exceeded the monthly
minimum guarantee. In the months that concession revenue did not exceed the monthly
minimum guarantee amount we noted that Budget paid the minimum guarantee.
0 Annual Report
Based on the Agreement, "Concessionaire shall submit, for the approval of the Port, an
"Annual Report" for each Agreement year during the Term of this Agreement. Such
Annual Report shall be submitted no later than ninety (90) calendar days following the last
day of each Agreement Year. Concessionaire shall bear the entire cost of preparing and
providing such reports. The Annual Report shall be prepared by Concessionaire and
signed by its chief financial officer, or their designee, attesting to the amounts shown.
The Annual Report shall also be audited by an independent certified public accounting firm
in accordance with generally accepted auditing standards ("GAAS"), with a copy of the
independent certied public accounting firm's audit report sent to the Port stating that in its
professional opinion, based on the audit, the Concession Fees paid by the Concessionaire
during the previous Agreement Year were properly calculated and paid in accordance with
the terms and conditions of the Agreement." Based on the date per the audit report
for the two twelvemonth periods ended October 31, 2008 and 2007, the reports are
dated within the 90 calendar days, as required by the agreement. However, we
are
unable to verify that the POS received the annual report within the 90 calendar days
requiredper lease agreement.
0 Customer Facility Charge
The Port required Budget to collect a Customer Facility Charge (CFC) of $4/day, which
started in 2006 on all vehicle rental transactions originating at the Airport. This fee
increased to $5/day effective July 1S1 2008. For the rental agreements selected in the
Months of February 2007, September 2007 March 2008, and October 2008, we were able
to verify that Budget is charging its customers appropriately on the rental agreements.
We were also able to verify that total CFC's for the above selected months per the BAR
were paid to the Port of Seattle. Based on our testing it appears that CFC 's are being
collected andpaid to the Port as required in the Agreement.
Conclusion
Based upon our detailed testing, nothing came to our attention that suggested rental agreement
revenue, per supporting rental agreements, was not being captured by the reporting system used
by Budget. The discrepancies resulting from our testing and disclosed above relate primarily to
the types of revenue not reported. Included on the next page is a Schedule of Findings that
quanties the revenue we have added to total concessionable revenue, which includes Budget
Incremental Discounts (AID), Valet Services and Reporting Errors totaling $62,784 for the
twelvemonths ended October 31, 2008. For the twelve-months ended October 31, 2007, we
have included amounts for Reporting Errors, Budget Incremental Discounts (AID), Valet
Services, and Vehicle exchange totaling $ 132,047 of additional revenue that we believe is
concessionable per terms of the Agreement.
Because the above described procedures were not sufcient to constitute an audit made in
accordance with generally accepted auditing standards, we do not express
an opinion on the
overall nancial position of the Port of Seattle, or Budget Rent A Car System, Inc.
An agreedupon procedures engagement is one in which a practitioner is engaged by a client to
issue a report of ndings based on specic procedures performed
on a subject matter. The
specied parties and the practitioner agree upon the procedures to be performed by the
practitioner that the specied parties believe are appropriate. In an engagement performed under
this section, the practitioner does not perform an examination
or a review, and does not provide
an opinion or negative assurance. Instead, the practitioner's report on agreedupon procedures is
in the form of procedures and ndings.
Sincerely,
Certied Public Accountants
Seattle, Washington
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EXHIBIT A
SAMPLE BAR
(BUSINESS AND ADJUSTMENT REPORT)
7 ' '
RDSM04B1 "BUSINESSAND AOSEETMENT REPORT " W " '7 '
, PAGETWS,365'
'
RDS07OB LOCATIONS SUMMARY INFORMATION RUN DATE: 02N0V08
RDSB0300 PERIOD ENDING 310CT08 gM RUN TIME: 06:37:57
OWNING LOCATION (NOT EQUAL RENTER) STATION NUMBER : VENDOR NUMBER 202704
46 84 21 RENTING LOCATION STATION NUMBER : 03536
CONTRACT TIME & ONE WAY PAE/ESP/ INTERCITI AIRPORT/FTP REGISTRN
RECORDS MILEAGE FEE MISC GAS LDW SLI/PAE+ SURCHG TAX SPLIT FEE /TAX FEE
A OWNED 1,145,219.78 72,246.82 110,303.91 332,452.91 0.00 0.00
CARS 3,768.36 104,943.16 38,066.37 137,572.17 160,236.85
B FORGN 77,428.11 4,765.25 7,145.36 19,823.50 29,960.53 0.00
CARS 3,298.72 5,350.99 4,264.68 9,742.04 11,411.83
ADJ/AID TIME & ONE WAY PAE/ESP/ INTERCITY AIRPORT/FTP REGISTRN
RECORDS MILEAGE EEE MISC GAS LDw SLI/PAE+ SURCHG TAX SPLIT FEB /TAX REE
C ADJ 10,223.38 133.70 1,417.29 805.41 165.53- 0.00
0 00 891 35 943.97 800 69 780 71
D AID 7,528.29 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
CONTRACT/ TIME & ONE WAY PAE/ESP/ INTERCITY AIRPORT/FTP REGISTRN
ADJ/AID MILEAGE FEE MISC GAS LDw SLI/PAEI SURCHG TAX SPLIT FEE /TAX REE
SUB 1,204,896.22 76,878.37 116,031.98 351,471.00 29,795.00 0.00
TOTAL 7,067.08 109,402.80 41,387.08 146,513.52 170,867.97
EMPLOYEE TIME & ONE WAY PAE/ESP/ INTERCITY AIRPORT/FTP REGISTRN
RECORDS MILEAGE FEE MISC GAS LDW SLI/PAE+ SURCHG TAX SPLIT FEE /TAX FEE
'
E OWNED 185.99 1.88 0.00 41.65 0.00 0.00
CARS 0.00 81.85- 0.00 18.41 16.70-
F E'ORGN 0.00 0.00 0.00 ' 0.00 0.00 0.00
CARS 0.00 0.00 0.00 0.00 0.00
CONT/ADJ/ TIME & ONE WAY PAE/ESP/ INTERCITY AIRPORT/FTP REGISTRN
AID/EMP MILEAGE FEE MISC GAS LDW SLI/PAE+ SURCHG TAX SPLIT EEE /TAX EEE
SUB 1,204,710.23 76,876.49 116,031.98 351,429.35 29,795.00 0.00
TOTAL 7,067.08 109,320.95 41,387.08 146,495.11 170,851.27
"
RDSM04B1 'EUEINESS AND ADJUSTMENT REPORT PAGE} 7"S,366'"
RDSO70B LOCATIONS SUMMARY INFORMATION RUN DATE: 02NOV08
RDSB0300 PERIOD ENDING 310CT08 RUN TIME: 06:37:57
OWNING LOCATION (NOT EQUAL RENTER) STATION NUMBER : VENDOR NUMBER Z02704
46 84 21 RENTING LOCATION STATION NUMBER : 03536
COMPANY TIME & ONE WAY PAE/ESP/ INTERCITY AIRPORT/FTP REGISTRN
REVERSALS MILEAGE FEE MISC GAS LDW SLI/PAE+ SURCHG TAX SPLIT FEE /TAX FEE
G OWNED 18,503.67 0.00 1,783.42 0.00 0.00
CARS 1,242.97 262.35 0.00
H FORGN 2,112.08- 0.00 0.00 0.00 0.00 0.00
CARS 0.00 76 32 0.00 0.00 0.00
TIME & ONE WAY PAE/ESP/ INTERCITY AIRPORT/FTP REGISTRN
PRO-RATE MILEAGE FEE MISC GAS LDw SL1/PAE+ SURCEG TAX SPLIT EEE /TAX FEE
15,447.64 0.00 1,633.76 0.00 0.00
871.79 232.65 0.00
J FORGN 842.32 0.00 0.00 0.00 336.92 0.00
CARS 0.00 0.00 0.00 0.00 0.00
STATION TIME & ONE WAY PAE/ESP/ INTERCITY AIRPORT/FTP REGISTRN
TOTAL MILEAGE FEE MISC GAS LDW SLI/PAE+ SURCHG TAX SPLIT EEE /TAX FEE
K LDW~RA 2,640.00~ 0.00 2,640.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
L LDW~REV 300.00 0.00 300.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
M LDW-EXC 300.00 0.00 300.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
STATION TIME & ONE WAY PAE/ESP/ INTERCITY AIRPORT/FTP REGISTRN
TOTAL MILEAGE FEE MISC GAS LDW SLI/PAE+ SURCHG TAX SPLIT FEE /TAX FEE
AIRPORT 1,197,744.44 76,876.49 118,522.32 351,471.00 30,131.92
7,067.08 108,873.45 41,357.38 146,513.52 170,851.27
LEDGER 1,142,163.75 72,246.82 110,154.25 352,276.41 30,297.45
3,768.36 109,846.65 42,301.35 147,314.21 170,851.27
' '
RDSM04B1 BUSINESS AND ADJUSTMENT REPORT PAGE: 5,367
RDSO70B LOCATIONS SUMMARY INFORMATION RUN DATE: 02NOV08
RDSBO300 PERIOD ENDING 310CT08 RUN TIME: 06:37:57
OWNING LOCATION (NOT EQUAL RENTER) STATION NUMBER : VENDOR NUMBER Z02704
46 84 21 RENTING LOCATION STATION NUMBER : 03536
MISC OPTIONAL SERVICE
LEDGER LEDGER A AND B A AND B AIRPORT
MISC TYPE MISC AMOUNT TYPE AMOUNT COUNT ACCEPT AMT ACCEPT CNT AMOUNT
AIR CONDITIONING PAE 8,429.85 8,459.55 8,348.18
VEHICLE DAMAGE REV PAE PLUS 0.00 0.00 0.00
CHAINS ESP 1,724.00 1, 724.00 1,680.00
ADDITIONAL DRIVER 6,509.57/ SLI 32,147.50 32,147.50 31,329.20
PARKING FINES 0.00
PARKING GARAGE STORAGE 0.00 LDW 110,154.25 117,449.27 1,152
KEYS 0.00
CLEANING MAINTENANCE 25.00/ GAS 44,003.33 44,922.56 1,758 43,081.01
OTHER OR COMBINATION 716.90y' PREPAY GAS 65,843.32 65,371.59 1,072 65,792.44
TELEPHONE RENTAL 0.00
QUAL 3RD PARTY RENTAL 0.00 TOTAL A+B TRANS 8,649
SKI/LUGGAGE RACKS 0.00 NEW FUEL CHARGE 0.00
CHILD SAFETY SEATS 2,457.00v'
TIRE/WHEEL DAMAGE 0.00
UNDER 25 YEARS RENTER 275.00J
VALET SERVICE 250.00
TOWING 0.00
UNDERAGE FEE 2,983.00'
ENERGY RECOVERY FEE 16,415.22
GOVERNMENT SURCHARGE 14,440.00/
INSURANCE SUMMARY AIRPORT/FTP SUMMARY
PAE PLUS ESP
0.00 1,308.00 29,318. 52 158,303.28
0.00 416.00 2,828. 98 11,326.72
0.00 44 00- 818. 30 780.71
0.00 0.00 0. 00
0.00 0.00 .00
0.00 0.00 .00
0.00 0.00 .00
0.00 0.00 .00
0.00 0.00 .00
0.00 0.00 00000000 .00 0.00 0.00 .00
0.00 0.00
0.00 0.00
TOTALS: 8,348.18 0.00 1,680.00 31,329. 20 168,832.59
" ' ' '
' ' " ' ' " " ' " '
RDSM04B1 I BUSINESS AND VADJUSTMENTHREPORTH PAGE: 3,368
'
RDSO70B LOCATIONS SUMMARY INFORMATION RUN DATE: 02NOV08
RDSBO300 PERIOD ENDING 310CT08 RUN TIME: 06:37:57
OWNING LOCATION (NOT EQUAL RENTER) STATION NUMBER : VENDOR NUMBER Z02704
46 84 21 RENTING LOCATION STATION NUMBER : 03536
COUNTER PRODUCTS SUMMARY
PRODUCT DESCRIPTION PRODUCT AMOUNT
NAVIGATION UNIT 32,771.95
AUTO CHAUFFEUR DRIVE 0.00
DVD UNIT 0.00
WIFI UNIT 0.00
AUTO EXPRESSO TOLL 0.00
CARBON CREDITS PROGRAM 0.00
OTHERS 32.85
EXHIBIT B
SAMPLE SCR
(SCHEDULE OF CONCESSIONABLE REVENUE)
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