Debt Capacity
DEBT SERVICE COVERAGE & RATE COVENANT COMPLIANCE - REVENUE BONDS For the Fiscal Years Ended June 30 (In Thousands)
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Revenues Toll
$ 761,200 4,707 87,348 (41,311) — $ 811,944 $ 361,487 30,816 (28,741) $ 363,562 $ 448,382 15,565 45,543 $ 509,490 $ 142,877
$ 755,701 6,303 51,328 44,497 — $ 857,829 $ 345,543 32,704 (39,033) $ 339,215 $ 518,614 13,144 17,583 $ 549,341 $ 137,753 3.99 3.14
$ 702,659 5,760 47,409 46,735 — $ 802,562 $ 326,550 29,943 (35,085) $ 321,408 $ 481,154 16,262 (19,157) $ 478,259 $ 104,919
$ 646,934 5,009 30,733 (191,584) — $ 491,092 $ 292,775 58,400 (34,061) $ 317,114 $ 173,798 16,686 1,184 $ 191,849 $ 61,716
$ 584,618 5,317 48,121 (16,389) — $ 621,667 $ 250,821 59,446 (34,340) $ 275,928 $ 345,739 10,261 23,640 $ 379,640 $ 91,282
$ 674,567 6,649 52,316 (14,290) 3,234 $ 722,476 $ 255,713 57,880 (33,816) $ 279,777 $ 442,699 — — — $ 92,531
$ 676,726 6,337 52,004 (13,758) (102) $ 721,209 $ 238,651 55,644 (30,799) $ 263,496 $ 457,712 — — — $ 129,467
$ 670,760 6,006 64,338 (14,490) 656 $ 727,270 $ 233,952 57,030 (31,773) $ 259,209 $ 468,061 — — — $ 138,415
$ 644,658 6,213 45,927 (14,003) 1,121 $ 683,916 $ 219,496 59,272 (32,189) $ 246,579 $ 437,337 — — — $ 126,929
$ 649,791 5,070 46,399 (13,356) 371 $ 688,275 $ 215,408 59,662 (29,597) $ 245,473 $ 442,802 — — — $ 107,800
Concession Other (1) Revenue Adjustment (2) Pledged Investment Income (3) Gross Revenues
Expenses
Operating General & Administrative Expense Adjustment (4) Total Expenses
Net Revenues, Rate Covenant Coverage Hatem Bridge Net Revenues Investment Income Net Revenues, Debt Service Coverage (5) Debt Service (6) Debt Service Coverage (7) Rate Covenant (8)
3.57 2.62
4.56 3.82
3.11 2.35
4.16 3.16
4.78 3.99
3.54 2.95
3.38 2.82
3.45 2.87
4.11 3.42
(1) Other revenue includes collections in excess of calculated tolls, toll administrative fees, automatic vehicle identification decals, participation in maintenance, commissions, rental property, grants in lieu of federal funds and miscellaneous revenue. (2) Revenue adjustment includes intergovernmental revenue, toll administrative fees, Thomas J. Hatem Bridge revenue, net toll receivables, and miscellaneous revenue. (3) Due to account balance consolidation in fiscal 2021, investment income will not be included prospectively in the Rate Covenant calculation. (4) Expense Adjustment includes expenses of the Thomas J. Hatem Bridge (General Account Project), police reimbursable expenses for the Maryland Aviation Administration & the Maryland Port Administration, and extraordinary Key Bridge expenses. (5) Net Revenues used for Debt Service Coverage includes Hatem Bridge Net Revenues and Investment Income that are not included in the Rate Covenant calculation. (6) Debt Service (Bond Year) - January of current fiscal year and July 1st of the next fiscal year. (7) Debt Service Coverage - Eligible net revenues divided by 100% of Bond Year debt service requirement. Board adopted Debt Policy requires minimum 2-times coverage. (8) Rate Covenant - Eligible net revenues divided by 120% of Bond Year debt service and budgeted deposits to the Maintenance and Operations Reserve Account. Adherence to a rate covenant of greater than or equal to 1-times annually is required by the Trust Agreement.
102 | Maryland Transportation Authority | Statistical Section
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