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) 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 (GFOA) Distinguished Budget Presentation Award since the FY 1997 budget through the FY 2020 budget.
As a result of COVID-19 and its impacts, the FY 2021 and FY 2022 budgets contain the minimum components considered necessary to gain an understanding of the budget. The components include an 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. Accordingly, the FY 2021 and FY 2022 budgets were not submitted to the award program.
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 (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, |
$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.