on deferred pension activity.) Deferred bond premium amortization is associated with the issuance of the Series 2024 bonds. Bond discounts/premiums and deferred amounts on refunding debt are amortized over the contractual term of the bonds using the effective interest method. Current Liabilities Current liabilities decreased by $1.3 million, or 0.3%, in 2024 compared to 2023. Significant changes include a $39.1 million increase in accounts payable; partially offset by reduced intergovernmental payables of $17.5 million, reduced accrued interest payable of $9.7 million, and reduced bonds payable of $18.9 million. The decrease in intergovernmental payable was due to a decline in the PFC Facility Improvement Fund that offsets the lease payment receivable and is reserved for capital spending. The decrease in bonds payable was due to a refinancing transaction that reduced principal outstanding whereas the reduction in accrued interest payable was due to reduced principal outstanding associated with refinancing debt and regularly scheduled debt amortization. (See Note 6 for additional information concerning details of bonds payable.) Noncurrent Liabilities Noncurrent liabilities decreased by $94.4 million, or 3.2%, in 2024 compared to 2023. The decrease in noncurrent liabilities is primarily due to a $121.9 million, or 4.5%, decrease in bonds payable as a result of a refinancing transaction and a $9.4 million, or 53.6%, decrease in contractor retainage associated with capital construction activity. These decreases were partially offset by an increase in the MDTA’s net pension liability of $35.9 million, or 14.9%.
TABLE 3: OUTSTANDING BOND DEBT (In Thousands) For the Fiscal Years Ended June 30
2024
2023
Transportation Facility Revenue Bonds
$ 2,110,062
$ 2,263,932
Non-recourse Debt: BWI Marshall Airport PFC Revenue BWI Marshall Airport Rental Car Facility Calvert Street Parking Revenue
165,765 59,990 11,187
225,155 64,755 12,352
Total Non-recourse Debt
236,942
302,262
Unamortized Premium
286,103
207,640
Total Bond Debt, Net
$ 2,633,107
$ 2,773,834
Table 3 is a summarized version of the MDTA’s bonded debt as of June 30, 2024 and 2023. Details of bonded debt are included in Note 6 to the financial statements. The MDTA’s revenue bonds have underlying ratings of AA and Aa2 from Fitch Ratings and Moody’s Investors Service. Pursuant to statute, the MDTA may issue revenue bonds secured by toll revenues in any amount provided the aggregate outstanding balance does not exceed $4.0 billion as of fiscal year end. The MDTA is subject to the provisions and restrictions of the Trust Agreement with the Trustee, The Bank of New
Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2024 | 37
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