IRVINE, Calif - June 12, 2015
The Boards of Directors of the San Joaquin Hills (SJHCTA) and Foothill/Eastern (F/ETCA) Transportation Corridor Agencies approved Fiscal Year 2016 (FY16) budgets totaling $285.3 million; comprised of $124.3 million for the SJHTCA and $161 million for the F/ETCA.
Debt service makes up nearly 80 percent of the combined budgets. Toll revenue bonds were issued to fund construction of the 73, 133, 241 and 261 Toll Roads without taxpayer dollars. Both agencies are on solid financial ground after refinancing nearly $4 billion of bonds issued for construction. By restructuring the debt profile, the Transportation Corridor Agencies (TCA) improved its credit ratings, created future flexibility for capital improvement projects and restored toll setting authority to the Boards of Directors.
"TCA is on a positive and sustainable track for the future with last year's financial and operational milestones," said Craig Young, Chair of the F/ETCA Board of Directors and Yorba Linda Councilman. "This budget demonstrates our commitment to providing dependable, congestion-free alternatives to local freeways and developing future solutions that address our region's transportation network."
FY16 initiatives include:
With the continued recovery of Southern California's economy, FY15 combined transactions are up by more than 2 percent and combined transactional toll revenue is expected to be up nearly 8 eight percent over FY14. The Toll Roads record nearly 280,000 transactions per day.
FY16 transactional toll revenues for both SJHTCA and F/ETCA are projected to grow by 3 percent per agency through a 2 percent inflationary toll rate increase at all locations. The toll rate increase ranges from 1 cent to 13 cents depending on the location and time of the day. Changes in toll rates will go into effect at 12:01 a.m. on Wednesday, July 1, 2015.
The Transportation Corridor Agencies (TCA) are two joint powers authorities formed by the California legislature 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, including the 73, 133, 241 and 261 Toll Roads. TCA continues to meet the region's growing need for congestion-free transportation alternatives.
The Toll Roads Media Relations
Sarah Swensson King
Media Relations Manager