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FOOTHILL/EASTERN BOARD OF DIRECTORS APPROVES FY2009 BUDGETD
San Joaquin Board requests additional analysis of toll rates
IRVINE, Calif. (June 12, 2008) – The Board of the Foothill/Eastern Transportation Corridor Agencies today approved a Fiscal Year 2009 budget totaling $284.9 million, of which 55.8%, or $159.1 million, will be used for debt service and debt expenses on the Agency’s bonds.
Total revenue for the Agency – from tolls, development impact fees, FasTrak account maintenance fees, toll violations penalties, interest earnings, and other income – is budgeted at $152.6 million, with $101.8 million of total revenue coming from tolls.
The budget does not include any toll rate increases or toll violation fee increases. Based on the budget, the Foothill/Eastern Agency’s debt coverage ratio is 1.43, which means that the Agency anticipates collecting $1.43 of net toll revenue for every $1 of debt service. The Agency’s bond indentures require a minimum coverage ratio of 1.30. The Foothill/Eastern Agency’s reserve funds are full as required by the 1999 bond indenture. The Agency will have approximately $49.5 million in surplus revenues after expenses and debt service. Surplus revenues may be used to fund future toll-road construction projects, operational costs, or to defease debt ahead of schedule.
The San Joaquin Hills Agency’s Board requested additional analysis of proposed toll rate increases before approving the Agency’s budget. The Board will meet again before June 30 to finalize the budget.
ABOUT TCA
About 300,000 trips are taken on The Toll Roads every weekday. The Toll Roads are operated by the Foothill/Eastern and San Joaquin Hills Transportation Corridor Agencies, two joint powers authorities formed in 1986 to plan, finance, construct, and operate Orange County's 67-mile public toll road system. Fifty-one miles of the system are complete.
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