Noncurrent Assets Noncurrent assets decreased by $3.8 million, or 0.4%, in 2024 compared to 2023. The decrease was primarily due to a $43.6 million, or 29.5%, reduction in restricted cash and cash equivalents and a $41.9 million, or 18.9%, reduction in intergovernmental financing agreement receivables. These decreases were primarily due to capital spending in excess of net operating revenues and the draw down of Passenger Facility Charge (PFC) bond proceeds to fund capital projects. These decreases were offset by a $84.4 million, or 18.6%, increase in investments, mostly due to a shift in funds from a short-term capital account to a long-term unrestricted reserve. Significant Capital Assets and Long Term Financing Capital Assets, net Table 2 is a summarized version of the MDTA’s capital assets, net of depreciation as of June 30, 2024, and 2023. Investment in capital assets include land, construction in progress, highways, bridges, tunnels, buildings, machinery, equipment, and certain vehicles. Details of capital assets, additions, and depreciation are included in Note 5 to the financial statements.
TABLE 2: CAPITAL ASSETS, NET OF DEPRECIATION (In Thousands) For the Fiscal Years Ended June 30
2024
2023
Non-depreciated: Land
$
407,129 1,775,254 2,182,383
$
406,882 1,898,986 2,305,868
Construction in Progress
Depreciated:
Infrastructure Buildings Machinery, Equipment, and Vehicles Lease Office Space Total Capital Assets, Net
5,100,522 224,287 39,194 1,219 $ 7,547,605
4,819,972 213,246 38,971 1,348 $ 7,379,405
As a result of significant infrastructure investment, capital assets, net of accumulated depreciation, increased by $168.2 million, or 2.3%, from 2023. The largest portion of the increase, $150.5 million, is attributed to the I-95 Express Toll Lanes Northbound Extension Project. The remaining portion is mostly attributed to system preservation and restoration of existing facilities. Deferred Outflows of Resources In addition to assets, the Statement of Net Position reports a separate section for deferred outflows of resources. The MDTA has two items that qualifies for reporting in this category – deferred pension activity and deferred refunding amount on the 2024 bond. Deferred outflow of resources increased by $23.4 million, or 18.1%, in 2024 compared to 2023. The increase is primarily due to an increase in the MDTA’s pension contribution subsequent to the measurement date, the amortization of the MDTA’s actual and expected experience, and the net difference in investment earnings on pension plan investments. These increases were offset primarily by reductions associated with a change in pension plan assumptions and the net difference between projected and actual earnings on pension plan investments. (See Note 8 for additional information
36 | Maryland Transportation Authority | Management’s Discussion And Analysis
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