Finance

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 Annual Comprehensive Financial Report.

The Annual Comprehensive Financial Report (summary of RCTC’s fiscal activities), the RCTC 91 Express Lanes Fund financial statements, and the 15 Express Lanes Fund financial statements (fiscal activities of the RCTC 91 Express Lanes and 15 Express Lanes) are presented below.

BUDGET INFORMATION

RCTC’s current approved annual budget is presented below. The FY 2022/23 budget contains components considered necessary to gain an understanding of the budget. Components include the executive summary; the appropriations limit; details of the budget process; fund budgets; department budgets; and appendices including a glossary of acronyms and the salary schedule.

Fiscal Year 2022/23 BudgetFiscal Year 2021/22 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.

Municipal Advisor Disclosure

RCTC’s outstanding debt is summarized below:

SALES TAX REVENUE DEBT

2005 Commercial Paper Program (Tax-Exempt)

Authorized	$60,000,000
Outstanding (as of June 1, 2021)	$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 June 1, 2021)	$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 June 1, 2021)	$28,690,000
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 June 1, 2021)	$52,965,000
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 June 1, 2021)	$141,055,000
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 June 1, 2021)	$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 June 1, 2021)	$49,505,000
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 June 1, 2021)	$123,825,000
Pledged Revenue Source	RCTC 91 Express Lanes toll revenues
Long-Term Ratings	A/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 June 1, 2021)	$88,246,347
Pledged Revenue Source	RCTC 91 Express Lanes toll revenues
Long-Term Ratings	A/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 June 1, 2021)	$503,338,191
Pledged Revenue Source	RCTC 91 Express Lanes toll revenues
Long-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 June 1, 2021)	$153,605,519
Pledged Revenue Source	I-15 Express Lanes toll revenues
Long-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.