Major Initiatives During fiscal year 2024, the MDTA focused on core operations while embracing its role in preparing the State’s infrastructure for the future, including the reconstruction of the Francis Scott Key Bridge after the allision that triggered the bridge collapse. Core operations include financial health, ongoing system preservation and expansion, and enhancing the customer experience (Drive Ez MD). Financial Health The MDTA takes very seriously its commitment to be financial stewards of dedicated toll revenues that provide vital transportation links to move people and commerce across the State. Long-term financial planning, conservative forecasting, and Board-adopted financial policies are key to the MDTA’s financial health. Following the upgrade of the MDTA’s credit ratings by one notch in 2018 by Fitch Ratings and Moody’s Investor Service, the MDTA continued to maintain its credit ratings of AA and Aa2 from Fitch Ratings and Moody’s Investors Service, respectively. With the collapse of the Francis Scott Key Bridge, Moody’s Investors Service updated MDTA’s outlook from stable to negative. The MDTA continues to provide updates to the rating agencies that demonstrates its ability to manage the additional uncertainties and risks created by the bridge collapse. Revenues from the operation of toll facilities (includes both toll collection and enforcement efforts) totaled $841 million, an increase of $44 million, or 6%, from the prior year. The increase is largely attributed to the increase in traffic volume and the processing of backlogged transactions. The MDTA’s in-lane toll revenue performance, financial strength, and flexibility allowed the agency to maintain its capital program and fund multiple system preservation and improvement projects. System Preservation & Improvement The MDTA’s six-year capital program for FY 2024- 2029 totals $3.1 billion and includes a hybrid of system preservation and improvement projects ranging from minor renovations to large-scale construction projects designed to secure, preserve, and enhance the MDTA’s facilities for years to come. Independent, certified, and nationally experienced engineering
firms inspect the MDTA’s bridges, tunnels, storm water management structures, waterfront structures, radio control tower, walls, roadways, lighting, and signage annually. All facilities were found to be maintained in good repair, working order, and condition. The MDTA inspected 324 bridges in accordance with the latest National Bridge Inspection Standards, and all bridges allow for legally loaded vehicles, emergency vehicles, and school buses to traverse safely. I-95 Express Toll Lanes Northbound Extension and I-695 Ramps The $1.1 billion expansion of the Northbound I-95 Express Toll Lanes (ETL) will provide two ETL for more than 10 miles from north of MD 43 in Baltimore County to north of MD 24 in Harford County — expanding the Northbound lanes to 18 miles. The project includes the reconstruction of two interchanges, replacement of five overpasses benefiting the northbound extension and future southbound lanes, construction of two park and ride lots to benefit commuters and provide transit connections, the construction of several environmental mitigation projects to address impacts along the corridor, and the construction of two ramps that connect I-695 to the northbound ETL. This traffic relief initiative will benefit Marylanders throughout the Baltimore region by giving drivers a safer, more reliable, and efficient commute with multi-modal connections. Additionally, 11 noise walls will improve the quality of life for adjacent residents. The project includes 23 separate projects to be delivered in two phases. To date, 17 projects have been completed, 4 projects are under construction, and 2 projects are in design or procurement. The first segment of the extension from MD 43 to MD 152 opened to traffic on December 16, 2024. The full extension to north of MD 24 is expected to open to traffic by the end of 2027. Chesapeake Bay Crossing Tier 2 Study The MDTA is following the well-established tiered National Environmental Policy Act (NEPA) process to address existing and future capacity needs and access across the Chesapeake Bay and along the U.S. 50/301 approaches to the Chesapeake Bay Bridge from the MD 2/MD 450 Interchange near Arnold to the
Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2024 | 19
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