RCTC maintains fiscal accountability in its management of Commission assets and debt.

FINANCIAL REPORTS


RCTC’s financial results are audited on an annual basis, and RCTC has received the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting since FY 1993 for its Comprehensive Annual Financial Report (CAFR).

The CAFR (summary of RCTC’s fiscal activities) and the RCTC 91 Express Lanes Fund financial statements (fiscal activities of the RCTC 91 Express Lanes) are presented below.

BUDGET INFORMATION


RCTC’s current approved annual budget is presented below. RCTC has received the Government Finance Officers Association Distinguished Budget Presentation Award since the FY 1997 budget.

The budget contains an executive summary; the Appropriations Limit; the guiding policies related to the preparation of the budget; a summary of the budget process; fund budgets; details of program revenues and other sources; debt; department budgets; community profile; and appendices including a glossary of acronyms, salary schedule, funding definitions, and program/general terms.

Fiscal Year 2018/19 BudgetFiscal Year 2017/18 Budget

DEBT


RCTC has financed transportation projects with sales tax revenue debt and toll revenue debt in accordance with a Debt Management Policy and Interest Rate Swap Policy.  Future Measure A sales taxes are pledged to cover Measure A debt payments on the sales tax revenue bonds and commercial paper notes.  Future toll revenues generated on RCTC’s express lanes are pledged to pay debt service on the toll revenue bonds, including federal Transportation Infrastructure Finance and Innovation Act (TIFIA) loans. 

RCTC’s outstanding debt is summarized below:


SALES TAX REVENUE DEBT

2005 Commercial Paper Program (Tax-Exempt)

Authorized

$60,000,000

Outstanding

$0

Pledged Revenue Source

Measure A Sales Tax Revenues

Short-term Ratings

P-1/A-1+

Final Maturity

2039

2010 Sales Tax Revenue Bonds (Limited Tax Bonds), Series B (Taxable)

Issued

$112,370,000

Outstanding (as of April 12, 2018)

$112,370,000

Pledged Revenue Source

Measure A Sales Tax Revenues

Long-Term Ratings

Aa2/AA+/AA

Final Maturity

2039

2013 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A (Tax-Exempt)

Issued

$462,200,000 (includes $372,445,000 refunded by 2017 Series B)

Outstanding (as of April 12, 2018)

$89,755,000

Pledged Revenue Source

Measure A Sales Tax Revenues

Long-Term Ratings

Aa2/AA+/AA

Final Maturity

2023 (original issuance maturity of 2039)

2016 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), Series A (Tax-Exempt)

Issued

$76,140,000

Outstanding (as of April 12, 2018)

$73,240,000

Pledged Revenue Source

Measure A Sales Tax Revenues

Long-Term Ratings

Aa2/AA+/AA

Final Maturity

2029

2017 Sales Tax Revenue Bonds (Limited Tax Bonds), Series A (Tax-Exempt)

Issued

$158,760,000

Outstanding (as of April 12, 2018)

$158,760,000

Pledged Revenue Source

Measure A Sales Tax Revenues

Long-Term Ratings

Aa2/AA+/AA

Final Maturity

2039

2017 Sales Tax Revenue REFUNDING Bonds (Limited Tax Bonds), Series B (Tax-Exempt)

Issued

$392,730,000

Outstanding (as of April 12, 2018)

$392,730,000

Pledged Revenue Source

Measure A Sales Tax Revenues

Long-Term Ratings

Aa2/AA+/AA

Final Maturity

2039

2018 Sales Tax Revenue Refunding Bonds (Limited Tax Bonds), Series A (Tax-Exempt)

Issued

$64,285,000

Outstanding (as of April 12, 2018)

$64,285,000

Pledged Revenue Source

Measure A Sales Tax Revenues

Long-Term Ratings

Aa2/AA+/AA

Final Maturity

2029


TOLL REVENUE DEBT

2013 Toll Revenue Bonds, Series A (Tax-Exempt Current Interest Obligation)

Authorized

$123,825,000

Outstanding (as of March 31, 2018)

$123,825,000

Pledged Revenue Source

RCTC 91 Express Lanes toll revenues

Long-Term Ratings

BBB-/BBB-

Final Maturity

2048

2013 Toll Revenue Bonds, Series B (Tax-Exempt Capital Appreciation Obligation)

Authorized

$52,829,601.60

Outstanding, including accreted interest (as of March 31, 2018)

$71,640,163

Pledged Revenue Source

RCTC 91 Express Lanes toll revenues

Long-Term Ratings

BBB-/BBB-

Final Maturity

2043

SR-91 Corridor Improvement Project Toll Revenue Subordinate Bond, 2013 TIFIA Series

Principal Amount Not to Exceed

$421,054,409

Outstanding, including compounded interest (as of March 31, 2018)

$450,074,999

Pledged Revenue Source

RCTC 91 Express Lanes toll revenues

Short-term Ratings

BBB-

Final Maturity

2051

I-15 Toll Revenue Senior Lien Bond, 2017 TIFIA Series

Principal Amount Not to Exceed

$152,214,260

Outstanding, including compounded interest (as of March 31, 2018)

$0

Pledged Revenue Source

I-15 Express Lanes toll revenues

Short-term Ratings

BBB-/BBB

Final Maturity

2055

INVESTMENTS


RCTC invests its funds with the primary investment objectives, in priority order, of safety, liquidity, and return in accordance with an approved investment policy.  RCTC uses investment managers to invest specific bond/debt portfolios or operating funds.  A quarterly investment report is submitted to the Commission.