Statement of Cash Flows The Statement of Cash Flows reconciles the changes in cash and cash equivalents with the noncapital financing, capital financing, and investing activities. Notes to the Financial Statements The notes to financial statements delve deeper into the MDTA’s finances as reported in the financial statements. The information in the notes is as important to understanding the MDTA’s finances as the information in the financial statements. The MDTA uses notes to (1) present information in greater detail than is possible within the financial statements themselves; (2) explain the nature of amounts reported in the financial statements and how those amounts were determined; and (3) report certain information that does not meet the requirements for inclusion in the financial statements (such as certain contingencies). Types of Information in the Financial Statements All of the MDTA’s financial statements use the economic resources measurement focus and accrual basis of accounting. In other words, they comprehensively report all types of financial statement elements: • Assets—resources the MDTA controls, from short-term assets like cash to long-term assets like roads and bridges. • Liabilities—amounts the MDTA owes, from short-term liabilities such as salaries payable to long- term liabilities such as outstanding debt and net amounts owed to employees for pensions. • Deferred outflows of resources and deferred inflows of resources—flows that occurred during the year, or in prior years, that will not be reported as expenses and revenues until the future year to which they are related. • Revenues and expenses—inflows and outflows of economic resources, respectively, related to the current year. • Unusual or infrequent items – displays inflows and outflows related to unusual or infrequent items (Francis Scott Key Bridge collapse). More detail about the measurement focuses and basis of accounting can be found in the first note to financial statements, the summary of significant accounting policies, beginning on page 49. The following section provides an overview of the MDTA’s financial performance for the fiscal year ended June 30, 2024. As you read the MD&A, 2024 refers to the fiscal year ended June 30, 2024, and 2023 refers to the fiscal year ended June 30, 2023. FINANCIAL SUMMARY • The MDTA’s net position totaled $6.1 billion in 2024, an increase of $510.2 million, or 9.2%, compared to 2023. • Operating income increased by $40.8 million, or 16.1%, from 2023 to 2024. Operating revenues increased by a net $40.4 million, or 4.7%, mostly due to a $36.2 million, or 83.4%, increase in toll administrative and other revenue primarily due to civil penalty collections and a $5.5 million, or 0.7%, increase in toll revenue. Operating expenses remained relative flat from 2023. • Net non-operating revenues and expenses increased by $16.3 million, or 23.7%, from 2023 to 2024. Non-operating revenues increased by $28.0 million, or 159%, primarily due to higher prevailing bond market returns for investments. Non-operating expenses increased by $11.7 million, or 13.6%, primarily due to increased capital asset disposals in 2024 versus 2023. • For the fiscal year ended June 30, 2024, the MDTA had total bonded debt outstanding of $2.6 billion, which includes $2.1 billion in revenue bonds backed by the MDTA’s toll revenues and $237 million in debt
Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2024 | 33
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