MDTA Finance and Administration Meeting Materials

FINANCE AND ADMINISTRATION COMMITTEE T HURSDAY , MAY 8 , 20 2 5

MARYLAND TRANSPORTATION AUTHORITY

2310 BROENING HWY BALTIMORE, MD 21224

FINANCE AND ADMINISTRATION COMMITTEE MEETING AGENDA May 8, 2025 – 9:00 a.m. This meeting will be livestreamed on the Finance and Administration Committee Meeting Archive | MDTA (maryland.gov) NOTE: This is an Open Meeting being conducted via livestreaming. The public is welcomed to watch the meeting at the link listed above. If you wish to comment on an agenda item please email your name, affiliation, and agenda item to cdickinson@mdta.state.md.us no later than noon on Wednesday, May 7, 2025. You MUST pre-register in order to comment. Once you have pre-registered you will receive an email with all pertinent information. AGENDA OPEN SESSION Call to Order 1. Approval – April 10, 2025 - Open Meeting Minutes Chairman von Paris 5 min. 2. Approval – Contract No. MT-00211390 - HVAC & ATC Toni Caschera 5 min. Maintenance Repairs – HWN Bridge 3. Approval – Contract No. SV-00211251 – Traffic and Cheryl Lewis-Orr 5 min. Revenue Services 4. Approval – Contract No. J01B4600043 – Rubrik Software David Goldsborough 5 min. Maintenance 5. Approval – Investment Committee Report – Quarterly update Allen Garman 20 min. on the investment of MDTA’s funds 6. Update – 3 rd Quarter Budget Comparison – Review of Jeffrey Brown 10 min. actual vs. projected spending for the FY 2025 operating budget 7. Update – 3 rd Quarter Budget Comparison – Review of Jennifer Stump 10 min. actual vs. projected spending for the FY 2025 capital budget 8. Update – Quarterly Update on Traffic and Revenue – Walter Laun 10 min. Update on the actual performance of traffic and revenue compared to the forecast through March 31, 2025

Vote to Adjourn

Subject to change; revisions to be published

5/8/25

ITEM 1

FINANCE AND ADMINISTRATION COMMITTEE MONTHLY MEETING THURSDAY, APRIL 10, 2025 OPEN MEETING VIA LIVESTREAMING OPEN SESSION

MEMBERS ATTENDING:

Dontae Carroll Cynthia Penny-Ardinger

Jeffrey Rosen John von Paris Cathe Anderson Yaw Berkoh Toni Caschera Sarah Clifford Kevin Cullity Percy Dangerfield Jeff Davis Cheryl Dickinson Allen Garman Chantelle Green Kristina Guy Natalie Henson Carroll Hicks

STAFF ATTENDING:

Terricka Holman-Moore Kimberly Millender, Esq. Ken Montgomery Mary O’Keeffe Tim Sheets Hayley Thomas

Paul Truntich Agnes Vadasz

At 9:00 a.m., Member John von Paris, Chair of the Finance and Administration Committee, called the Finance and Administration Committee Meeting to order. APPROVAL – OPEN SESSION MEETING MINUTES FROM MARCH 13, 2025 MEETING Member von Paris called for the approval of the Open Session Meeting minutes of the Finance and Administration Committee meeting held on March 13, 2025. Member Jeffrey Rosen made the motion, and Member Dontae Carroll seconded the motion, which was unanimously approved.

OPEN SESSION APRIL 10, 2025 PAGE TWO OF FOUR APPROVAL – CONTRACT NO. MT-00211389 – HVAC AND ATC MAINTENANCE AND REPAIRS – MDTA CENTRAL REGION Ms. Kristina Guy requested a recommendation of approval from the Finance and Administration Committee to present Contract No. MT-00211389, HVAC and ATC Maintenance and Repair – MDTA Central Region, to the full Maryland Transportation Authority (MDTA) Board at its next scheduled meeting. This contract is for the provision of HVAC, ATC and Water Treatment Services for the MDTA’s BHT, FMT, FSK, and PB Facilities (Central Region). This includes all labor, materials, supplies, equipment, supervision, services and related incidentals for HVAC, ATC Maintenance and Repairs and Water Treatment Services. A total of three bids were submitted. The apparent lowest bidder/awardee was Denver-Elek, Inc. The total cost of the contract is $2,260,813.00, with a base three-year contract and one, two-year renewal option. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at the next scheduled meeting. Member Penny-Ardinger made the motion and Member Rosen seconded the motion, which was unanimously approved. APPROVAL – CONTRACT NO. MT-00211392 – HVAC AND ATC MAINTENANCE AND REPAIRS – MDTA ICC FACILITIES Ms. Toni Caschera requested a recommendation of approval from the Finance and Administration Committee to present Contract No. MT-00211392, HVAC and ATC Maintenance and Repair – MDTA ICC Facilities, to the full Maryland Transportation Authority (MDTA) Board at its next scheduled meeting. This contract is for the provision of HVAC, ATC and Water Treatment Services for the MDTA’s ICC Facilities. This includes all labor, materials, supplies, equipment, supervision, services and related incidentals for HVAC, ATC Maintenance and Repairs and Water Treatment Services. A total of four bids were submitted. The apparent lowest bidder/awardee was Denver-Elek, Inc. The total cost of the contract is $1,029,298.00, with a base three-year contract and one, two-year renewal option. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at the next scheduled meeting. Member Carroll made the motion and Member Rosen seconded the motion, which was unanimously approved.

OPEN SESSION APRIL 10, 2025 PAGE THREE OF FOUR APPROVAL – CONTRACT NO. MT-00211391 – HVAC AND ATC MAINTENANCE AND REPAIRS – MDTA WPL BRIDGE FACILITY Mr. Carroll Hicks requested a recommendation of approval from the Finance and Administration Committee to present Contract No. MT-00211391, HVAC and ATC Maintenance and Repair – MDTA WPL Facilities, to the full Maryland Transportation Authority (MDTA) Board at its next scheduled meeting. This contract is for the provision of HVAC, ATC and Water Treatment Services for the MDTA’s ICC Facilities. This includes all labor, materials, supplies, equipment, supervision, services and related incidentals for HVAC, ATC Maintenance and Repairs and Water Treatment Services. A total of two bids were submitted. The apparent lowest bidder/awardee was Denver-Elek, Inc. The total cost of the contract is $1,111,523.00, with a base three-year contract and one, two-year renewal option. Mr. Carroll indicated that after preparing the materials, the MDTA received a bid protest. Mr. Jeffrey P. Davis advised the Committee that the meeting materials would be updated following the meeting to note the bid protest. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at the next scheduled meeting, pending the outcome of the bid protest. Member Penny-Ardinger made the motion and Member Carroll seconded the motion, which was unanimously approved. APPROVAL – MDTA BOARD RESOLUTION 25-01, MUNICIPAL FINANCING Mr. Yaw Berkoh and Mr. Allen Garman requested a recommendation of approval from the Finance and Administration Committee to present the MDTA Board Resolution 25-01, Municipal Finance, to the full Maryland Transportation Authority (MDTA) Board at its next scheduled meeting. The Municipal Financing Resolution authorizes the issuance of $600 million of bonds to finance capital projects for an approximately one-year period through fiscal 2026. The financing is expected before December 31, 2025, and will be sized to account for the capital program, net operating revenues, bond premium, debt service reserve funding, and costs of issuance. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at the next scheduled meeting. Member Rosen made the motion and Member Carroll seconded

the motion, which was unanimously approved. UPDATE – MDTA STRATEGIC PLAN

Ms. Sarah Clifford updated the Finance and Administration Committee on the MDTA Strategic Plan. Ms. Clifford advised the committee on the current activities to support the Strategic Plan goals and future initiatives.

OPEN SESSION APRIL 10, 2025 PAGE FOUR OF FOUR

UPDATE – MDTA SAFETY AND RISK MANAGEMENT Ms. Terricka Holman-Moore updated the Finance and Administration Committee on the MDTA Safety and Risk Management efforts. Ms. Holman-Moore advised that the primary functions of the Office of Environmental, Safety and Risk Management is employee safety/risk management and environmental compliance. These include Employee Injury Reporting, State Vehicle Accident Investigation and participation on the Accident Review Board, Training, Worker’s Compensation Case Management, Safety Program Development and Implementation, Safety Evaluations, Investigations and Assessments, Drug and Alcohol Testing, and Employee Outreach. UPDATE – MDTA ENVIRONMENTAL COMPLIANCE OVERVIEW Ms. Hayley Thomas updated the Finance and Administration Committee on the MDTA’s Environmental Compliance efforts. Ms. Thomas advised that environmental compliance includes Waste Management, Recycling, Environmental Evaluations (Investigations, Assessments, and Audits), Fuel Oil Storage Tank Management, Training, and Employee Outreach.

There being no further business, the meeting of the Finance Committee adjourned at 9:49 a.m., following a motion by Member Carroll, and seconded by Member Penny-Ardinger.

____________________________________ John von Paris, Chairman

ITEM 2

MEMORANDUM

TO:

Finance and Administration Committee Toni Caschera, Contract Manager

FROM:

SUBJECT:

Contract MT-00211390, HVAC and ATC Maintenance and Repairs for MDTA Harry W. Nice/Middleton Bridge Facility

DATE:

May 8, 2025

PURPOSE OF MEMORANDUM To seek recommended approval from the Finance and Administration Committee to present Contract No. MT-00211390, HVAC and ATC Maintenance and Repairs for the MDTA Harry W. Nice/Middleton (HWN) Bridge Facility to the full MDTA Board at its next scheduled meeting. SUMMARY This Contract is to provide HVAC, ATC Maintenance and Water Treatment Services at the MDTA HWN Bridge Facility. Three bids were received, but one Bid was rejected for being non- responsive. The lowest Bidder was EMCOR Services Combustioneer (EMCOR). RECOMMENDATION(S) To obtain recommended approval by the Finance and Administration Committee to present the recommended award of Contract No. MT-00211390, HVAC and ATC Maintenance and Repairs for the HWN Bridge Facility to EMCOR at the MDTA Board’s next scheduled meeting. ATTACHMENT(S) • Finance and Administration Committee Project Summary

2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com

FINANCE COMMITTEE PROJECT SUMMARY Contract No. MT-00211390 - HVAC And ATC Maintenance and Repairs for HWN Facility

PIN NUMBER

N/A

CONTRACT NUMBER CONTRACT TITLE

MT-00211390

HVAC and ATC Maintenance and Repairs for HWN Facility

The purpose of the project is to retain the services of a qualified Contractor to provide HVAC and ATC Services for MDTA's HWN Facility. The Provider shall furnish all labor, materials, supplies, equipment, supervision, services and related incidentals for HVAC and ATC Maintenance and Repairs.

PROJECT SUMMARY

MBE PARTICIPATION (N/A)

ADVERTISED GOAL (%)

PROPOSED GOAL (%)

SCHEDULE

MBE PARTICIPATION - OVERALL

ADVERTISEMENT DATE ANTICIPATED NTP DATE

OVERALL MBE

1/8/2025 6/13/2025

14.00% 14.00%

VSBE

1.00%

DURATION/TERM

Three (3) Years w/one 2-Year Renewal Option

BID PROTEST

YES

NO 

BID RESULTS

BID AMOUNT(S)

Incumbent

Emcor

$ $

1,081,728.25 1,116,659.00

No No

EASI

ITEM 3

Cynthia D. Penny-Ardinger Jeffrey S. Rosen Samuel D. Snead, MCP, MA John F. von Paris

MEMORANDUM

TO:

MDTA Finance & Administration Committee Director of Revenue, Cheryl Lewis-Orr

FROM:

SUBJECT:

Contract SV-00211251 Traffic and Revenue Forecast Services

DATE:

May 8, 2025

PURPOSE OF MEMORANDUM To seek recommended approval from the Finance and Administration Committee to present Contract No. SV-00211251, Traffic and Revenue Forecast Services, to the full MDTA Board at its next scheduled meeting. SUMMARY This contract will provide continued Traffic & Revenue Forecasting Services for the MDTA and assist in the continual refinement of the agency's traffic and revenue projections for use in planning to meet the agency’s operating costs and capital investment needs and other related forecasting tasks. The Contract term is for three (3) years, with one (1), 2 (two)-year Renewal option. ANALYSIS The Evaluation Committee (Committee) completed its evaluation of proposals and concluded that the proposal submitted by CDM Smith, Inc., the incumbent, represented the proposal that will be the most advantageous to the State for price and other Request for Proposal (RFP) evaluation factors. RECOMMENDATION(S) It is recommended that the Traffic and Revenue Forecast Contract No. SV-00211251 be presented to the full MDTA Board at its next scheduled meeting. ATTACHMENT(S) • Finance & Administration Committee Project Summary

2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com

FINANCE COMMITTEE PROJECT SUMMARY Contract No. SV-00211251 - Traffic and Revenue Forecast Services

PIN NUMBER

N/A

CONTRACT NUMBER CONTRACT TITLE

SV-00211251

Traffic and Revenue Services

The purpose of the project is to retain the services of a qualified Contractor to provide Traffic and Revenue Forecast Services for the MDTA. Services shall include traffic and revenue projections; transportation policy and program development; system analysis and revenue forecasting; and project/work order management as well as other related activities necessary to carry out the work.

PROJECT SUMMARY

MBE PARTICIPATION (N/A)

ADVERTISED GOAL (%)

PROPOSED GOAL (%)

SCHEDULE

MBE PARTICIPATION - OVERALL

ADVERTISEMENT DATE ANTICIPATED NTP DATE

OVERALL MBE

6/18/2024 7/1/2025

4.00% 1.00%

VSBE

DURATION/TERM

Three (3) Years w/one 2-Year Renewal Option

BID PROTEST

YES

NO 

BID RESULTS CDM Smith, Inc.

BID AMOUNT(S)

3,513,363.00Incumbent

Transportation Economics & Management Systems, Inc.

3,869,383.50

ITEM 4

MEMORANDUM

TO:

Finance & Administration Committee

FROM: SUBJECT: DATE:

David Goldsborough, Information Technology Director J01B4600043, Rubrik Software Maintenance May 8, 2025

PURPOSE OF MEMORANDUM To seek approval from the Finance & Administration Committee to present Contract No. J01B4600043, Rubrik Software Maintenance to the full MDTA Board at its next scheduled meeting. SUMMARY This contract is for the provision of Rubrik Software Maintenance. This contract will provide backup and recovery functions for MDTA’s file shares and applications. The required functionality is for disaster recovery, allowing MDTA to recover from any critical incident within the MDTA data centers. The software is essential to assist with meeting the business impact analysis that was performed as part of MDTA’s disaster recovery analysis. The total amount for this contract is $2,375,365.00 for a term of three (3) years. As this contract exceeds the MDTA’s delegated authority, the award of this contract would be pending approval at the soonest available BPW meeting. RECOMMENDATION(S) To obtain approval by the Finance & Administration Committee to present Contract No. J01B4600043, Rubrik Software Maintenance to the full MDTA Board at its next scheduled meeting. ATTACHMENT(S) • Finance & Administration Committee Project Summary

2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com

FINANCE & ADMINISTRATION COMMITTEE PROJECT SUMMARY J01B4600043 Rubrik Software Maintenance

PIN NUMBER

TBD

CONTRACT NUMBER CONTRACT TITLE

J01B4600043

Rubrik Software Maintenance

PROJECT SUMMARY

This contract is for the provision of Rubrik Software Maintenance. This contract will provide backup and recovery functions for MDTA’s file shares and applications. The required functionality is for disaster recovery, allowing MDTA to recover from any critical incident within the MDTA data centers. The software is essential to assist with meeting the business impact analysis that was performed as part of MDTA’s disaster recovery analysis.

ADVERTISED GOAL (%)

PROPOSED GOAL (%)

SCHEDULE

MBE PARTICIPATION

ADVERTISEMENT DATE ANTICIPATED NTP DATE

OVERALL MBE

11/24/2024 6/11/2025

0.00% 0.00% 0.00% 0.00%

AFRICAN AMERICAN ASIAN AMERICAN

DURATION (CALENDER DAYS)

1095

VSBE

% VARIANCE TO EE

BID RESULTS

BID AMOUNT ($)

($)

ENGINEER'S ESTIMATE (EE)

CAS Severn, Inc.

$1,800,000.00

$2,375,325.00 $2,685,317.00 $2,765,223.24

31.96% Incumbent

Applied Technology Services, Inc.

49.18% 53.62%

En-Net Services

BID PROTEST

YES

Check

ITEM 5

MEMORANDUM

TO:

Finance and Administration Committee Clayton Viehweg, Investment Administrator Allen W. Garman, Deputy Director Finance

FROM:

SUBJECT:

Quarterly Investment Report

DATE:

May 8, 2025

PURPOSE OF MEMORANDUM Complete required quarterly review of investment report for the three-month period ended March 31, 2025. Request recommendation of the Finance and Administration Committee to present to the full Board for approval for the continuation of investment strategy and associated benchmarks. SUMMARY On a quarterly basis, MDTA’s Investment Committee reports to the Finance and Administration Committee on investment related activities. The Investment Committee will review market conditions, policy compliance, portfolio strategies, and total return performance. The Committee will also discuss certain market drivers that may influence portfolio performance in coming months, including the economy, fiscal policy, and Federal Reserve monetary policy. Key Points  Diversified investment portfolio remains in compliance with the Investment Policy and Trust Agreement.  Matched Funded accounts are benefitting from higher prevailing rates for short-term instruments.  Total Return (Duration Targeted) Investment Strategies o Long-term reserve account strategies should remain consistent despite periods of short-term return volatility associated with rising interest rate environments. o Multi-year returns for longer term reserves align with the financial forecast and approximate the starting rolling yields.

2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com

Investment Report Page Two

RECOMMENDATION The Investment Committee requests the Finance and Administration Committee’s concurrence and recommendation to move to the full board for continuation of investment strategy and benchmarks. ATTACHMENT Performance Report Finance and Administration Committee 3 31 25

Investment Portfolio Management & Performance Period Ended – March 31, 2025 Meeting Date – May 8, 2025

Agenda & Key Points

Agenda

 Market Update  Portfolio Composition & Compliance  Strategy  Total Return Performance  Strategy & Benchmark Approval

Key Points  Diversified investment portfolio remains in compliance with the Investment Policy & Trust Agreement.  Matched Funded accounts are benefitting from higher prevailing rates for short-term instruments.  Total Return (Duration Targeted) Investment Strategies  Long-term reserve account strategies should remain consistent despite periods of short-term return volatility associated with rising interest rate environments.  Multi-year average returns for long term reserves align with financial forecast and approximate the starting rolling yields.

Portfolio Composition & Compliance – Security Composition  High quality and diversified portfolio o Security type allocations based on: o Cash Flow Needs o Relative Value Opportunities - higher yield for similar maturities and credit risk o Large allocation to MLGIP given compelling rates at the short end of the yield curve. o Minimizing credit risks associated with ratings downgrades and/or defaults Market Value as of 3/31/2025

Cash $28,377,615 3%

Money Market Mutual Fund $6,330,841 0%

Commercial Paper $42,669,742 4%

Treasury $233,587,948 22%

Supranational $59,258,195 5%

Agency, $94,947,494 9%

Municipal $132,925,127 12%

MLGIP $483,320,090 45%

PORTFOLIO VALUE

4 Portfolio Composition & Compliance – Maturity Distribution (All Accounts)

Maturity Distribution

3/31/2025

Market Value ($M)

Matched

Total

Maturity

$0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0

Distribution Funding

Return

$33.5 $39.2

0 - 1 Yr 1 - 2 Yrs 2 - 3 Yrs 3 - 4 Yrs 4 - 5 Yrs

$676.2

$106.6 $107.5

$79.1 $39.3

5 + Yrs

0 - 1 Yr

1 - 2 Yrs 2 - 3 Yrs 3 - 4 Yrs 4 - 5 Yrs

5 + Yrs

$405.3

Total

$676.2

Matched Funding Total Return

 Match Funded accounts necessitate maturities heavily weighted within 1 year. o Driven by cash flow schedules for debt service, operating expenses, and capital spending. • Debt service: $67.5M

• Operating: $39.5M • Capital: $569.1M

5 Portfolio Composition & Compliance – Maturity Distribution (Reserves)

Maturity Distribution - General / M&O

3/31/2025

Maturity Market Distribution Value ($M) 0 - 1 Yr $33.5 1 - 2 Yrs $39.2 2 - 3 Yrs $106.6 3 - 4 Yrs $107.5 4 - 5 Yrs $79.1 5 + Yrs $39.3 Total $405.3

$120.0

$100.0

$80.0

$60.0

$40.0

$20.0

$0.0

0 - 1 Yr

1 - 2 Yrs

2 - 3 Yrs

3 - 4 Yrs

4 - 5 Yrs

5 + Yrs

 Total Return reserve accounts align durations with benchmark indices. o Dispersion of maturities reduces yield curve concentration risk & benchmark tracking error.

o General Account: Staggered maturities, 1-month to 5-years. o M&O Account: Staggered maturities, 1-month to 15-years.

Portfolio Composition & Compliance – Compliance Report  Portfolio complied with all legal & policy limitations throughout the reporting period of 12/31/24 through 3/31/25

o Investment holdings above minimum credit ratings. o Investment concentrations below required limits. o Conformed to maturity limitations.

Maturity Limits

Longest Maturity

Policy Limit (# of years)

Compliance

(# of years)

With Investment Policy

Account Types Bond Service Accounts Unrestricted (General) * Unrestricted (M&O)

0.24 4.88

1 5

Yes Yes Yes

14.13

* Investment Policy permits maturities to 15 years, longer if approved by CFO. Maturity Limits measured on Settlement Date basis.

Compliance

Market

Investment Policy Limit

With Investment

Credit Ratings

S&P

Moody's

Market Value ($)

% of Total

Policy

Cash

28,377,615

2.6%

Money Market Mutual Funds - Goldman Sachs Financial Square Gov't FGTXX

AAAm AAAm AAAm

Aaa-mf

6,002,918

0.6% 50% 44.7% 50% 0.0% 50%

Yes Yes Yes

- MLGIP

483,320,090

- Dreyfus Gov't Cash DGCXX

Aaa-mf

327,923

Sub-Total Money Market Mutual Funds

489,650,931

45.3% 100%

Yes

U.S.Treasuries **

233,587,947.95

21.6% 100%

Yes

AA+

Aaa

Federal Agencies ** - Fannie Mae

AA+ AA+ AA+ AA+

Aaa Aaa Aaa Aaa

11,727,480 60,453,594 22,079,228

1.1% 50% 5.6% 50% 2.0% 50% 0.1% 50%

Yes Yes Yes Yes

- Federal Farm Credit Bank - Federal Home Loan Bank

- Freddie Mac

687,192

Sub-Total Federal Agencies

94,947,494

8.8% 100%

Yes

** Includes defeased municipals with government securities escrows.

Portfolio Composition & Compliance – Compliance Report (continued)

Compliance

Investment Policy Limit

With Investment

Credit Ratings

Market

S&P

Moody's

Market Value ($)

% of Total

Policy

Municipal Debt - Austin, TX Comm Coll

AA+

Aa1 Aaa Aaa Aa1 NR Aa2 Aaa Aaa NR Aa1 Aaa Aaa Aa1 Aa2 Aa1 Aa2 Aa2 Aa1 Aaa Aa1 NR Aa2 NR Aa2 Aa2 Aa1 Aa1

838,770

0.1% 5% 0.2% 5% 0.1% 5% 0.2% 5% 0.8% 5% 0.7% 5% 0.7% 5% 0.2% 5% 0.1% 5% 0.6% 5% 0.9% 5% 1.8% 5% 0.8% 5% 0.1% 5% 0.1% 5% 0.1% 5% 1.1% 5% 1.3% 5% 0.2% 5% 0.9% 5% 0.1% 5% 0.1% 5% 0.1% 5% 0.2% 5% 0.5% 5% 0.1% 5% 0.2% 5%

Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

- Bergen County, NJ - Boston, City of

2,666,063 1,515,196 1,998,840 8,929,413 7,913,182 7,434,880 1,654,194 1,023,140 6,260,820 9,674,402 19,422,463 9,080,064 1,210,080 1,441,382 11,387,967 14,060,845 2,609,170 966,893 10,070,650

AAA AA+ AAA AA+ AA+ AAA AA+ AAA NR

- Contra Costa Comm, CA

- Emeryville, CA - Hawaii, State of

- Los Angeles CMNTY CLG DIST, CA

- Marin County, CA

- Martinsville Independent School - Massachusetts, Commonwealth of

- Minnesota, State of - Multnomah County, OR - New York, State of - Ohlone Comm College - Oregon Local Govts - Oregon School Board - New York City

AA+

NR AA

- Oregon, State of

AA+ AAA AA+ AAA

- Palm Beach County, FL

- Phoenix

- Santa Clara County

730,660 942,337

- Solano County Community

- Texas, State of

AAA

1,021,120 2,154,327 4,905,929

- Travis County Health, Texas

NR NR

- Tulsa ISD, OK

- Westchester County, NY

AA+ AA+

797,590

- Wisconsin, State of

2,214,751

Sub-Total Municipal

132,925,127

12.3% 20%

Yes

Supranationals - African Development Bank - Asian Development Bank

AAA AAA AAA AAA

Aaa Aaa Aaa Aaa

9,598,200 12,877,142 21,903,753 14,879,100

0.9% 10% 1.2% 10% 2.0% 10% 1.4% 10%

Yes Yes Yes Yes

- International Bank for Reconstruction & Development

- Inter-American Development Bank

Sub-Total Supranationals

59,258,195

5.5% 30%

Yes

Commercial Paper - Toyota Motor Credit

A-1+

P-1

42,669,742

3.9% 5%

Yes

Sub-Total Commercial Paper

42,669,742

3.9% 20%

Yes

Grand Total

1,081,417,052

100.0%

After reviewing the investment activity for the month ended March 31, 2025, we have not identified any instances of material non-compliance with the Investment Policy.

Portfolio Composition & Compliance – MF and TR Proportions o Matched Funding accounts for Construction, Operations, and Debt Service comprise the majority of the MDTA portfolio. o Short-term investments matched to projected spending. o Total Return reserves represent long-term core funds, with long investment horizons. Market Value as of 3/31/2025

Total Return $405,258,836 37%

Matched Funding $676,158,216 63%

Strategy – Previous & Current Quarter

Strategy for Prior Quarter

Strategy for Current Quarter

Benchmarks

Duration % Target

Benchmarks

Duration % Target

Purpose

N/A

Capital / Operating / Debt Long Term Reserves (1) General

Matched Funding

N/A

Matched Funding

N/A

100% 100%

50% ML 1-3 YR & 50% ML 3-5 YR ~3 Yrs U.S. Treasury Strips 1-13 YR ~7 Yrs

M&O Reserve

(1) - Unrestricted cash in the combined General & M&O Reserve that exceeds the $400 million target is transferred to the Capital account to fund capital expenditures.

 Matched Funding Accounts: Policy and Trust Agreement Directives/Limitations o Capital (Pay-Go & Bond Proceeds), Operating & Debt Service Accounts – Investment maturities precede or coincide with expected spending. Returns: Investment returns are a function of prevailing interest rates for short-term investments such as Money Market Mutual Funds, MLGIP, Agency/Supranational Discount Notes, and Commercial Paper.

 Total Return Accounts: Board Approved Benchmarks o M&O Reserve – Staggered maturities, 0-15 years o General Account – Staggered maturities, 0-5-years

Returns: Longer duration indices benefit from higher average annual returns over multiyear periods and experience greater return volatility associated with mark-to-market relative to shorter-term duration indices.

Total Return Performance – Matched Funding & Total Return

Total Return as of Period Ended 3/31/2025

Ending

Trailing Period

1 Month 3 Months

6 Months 12 Months

Market Value

Combined Accounts Weighted Average

0.39% 1.46% 1.78% 5.45% 1,046,583,043 $

MATCHED FUNDING Capital

0.35% 1.02% 2.22% 5.09% 0.36% 1.03% 2.26% 5.08% 0.45% 2.13% 1.07% 5.57% 0.47% 2.27% 1.00% 5.42%

$ $

570,799,659 67,575,982

Bond Service

TOTAL RETURN

Reserves General / M&O

408,207,402

Composite Agency / STRIPS Index

 Shorter Term Matched Funded accounts for Capital/Construction & Bond Service continue to benefit from higher short- term interest rates.  Longer Duration Reserves – interest rate volatility results in market value changes that drive total returns higher or lower than prevailing market yields.  Falling interest rates drove mark- to-market price increases.  Note: Table provides weighted returns for the combined M&O / General accounts & the respective indices. Graph shows individual portfolio total returns.

Trailing Period Total Returns

-1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%

1 Month

3 Months

6 Months

12 Months

General

Agency Index M&O STRIPS Index

The Investment Committee requests the Finance and Administration Committee’s Concurrence and Recommendation to move to the full Board for approval of the continuation of investment strategy/benchmarks.

ITEM 6

MEMORANDUM

TO:

Finance & Administration Committee Director of Budget Jeffrey Brown

FROM:

SUBJECT:

FY 2025 Operating Budget vs. Actual Spending Review

DATE:

May 8, 2025

PURPOSE The purpose of the memorandum is to report on third quarter FY 2025 spending compared to the FY 2025 Final Operating Budget. KEY TAKEAWAY As of March 31, 2024, 63% of the budget was spent compared to a target of 72%. Except for fixed charges, all Object Codes were at or below budget. SUMMARY Budget analysis threshold: More than $500,000 budgeted with variances greater than +/- 5% of the targeted spending level. • Salaries & Wages/Technical & Special Fees ( Object 01 & 02 - $234.8M Budget ) are at targeted spending levels with a 72% spend rate. • Communications ( Object 03 - $4.3M Budget ) is below budget with a 21% spend rate due to the State Radio Invoice ( Sub object 0305 - $2.0M Budget ) that has not been paid. • Travel ( Object 4 - $639K Budget ) is below budget with a 25% spend rate. This is due to the normal seasonality of travel with more activity in the 3 rd and 4 th quarters. • Fuel and Utilities ( Object 06 - $5.0M Budget ) is slightly below budget with a 65% spend rate primarily due to the underspending in fuel oil and natural gas.

2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com

FY 2025 Operating Budget vs. Actual Spending Review Page Two

• Motor Vehicle Operations & Maintenance ( Object 07 - $26.4M Budget ) is below budget with an 47% spend rate. o Vehicle Purchases ( Object 0701 - $16.6M Budget ) is below budget with a 42% spend rate due to the police vehicles that have not been received. The police vehicles are expected in April, which will bring the cost back to budget. o Vehicles Gas & Oil ( Object 0702 - $4.0M Budget ) is below budget with a 34% spend rate due to the easing of gas prices compared to budget assumptions. o Vehicles Maintenance & Repair ( Object 0703 - $2.0M Budget ) is slightly below budget with a 65% spend rate. o Large Vehicle Maintenance & Repair ( Object 0732 - $2.1M Budget ) is above budget with an 83% spend rate. o All other major sub-objects are within budget guidelines. • Contractual Services ( Object 08 - $145.9M Budget ) are on budget with a 52% spend rate. o Advertising ( 0801 - $3.1M Budget) is below budget with an 46% spend rate. More advertising activity typically occurs in the 3 rd and 4 th quarter. o Engineers ( 0807 - $34.8M Budget ) is below budget with a 40% spend rate. The heaviest spending occurs in the 3 rd and 4 th quarters. o Equipment Repairs & Maintenance (0809 - $1.4M Budget) is below budget with a 3% spend rate. This is due to the timing for the payment of our backup system invoice. There is the potential for savings. o Building/Road Repairs & Maintenance ( 0812 - $15.5M Budget ) is below budget with an 59% spend rate. Expenses are typically higher in the 3 rd and 4 th quarter of the fiscal year. o Education & Training ( 0819 - $1.3M Budget ) is below budget with a 41% spend rate. This is due to the normal seasonality of education/training courses with more activity occurring in the 3 rd and 4 th quarters. o Management Studies ( 0821 - $6.2M Budget ) is below budget with a 25% spend rate. The expense is dependent upon when the studies occur. o Security Services ( 0823- $1.2M Budget ) is below budget with a 41% spend rate. o Fiscal Services (0829 - $15.9M Budget) is close to budget with a 62% spend rate . o E-ZPass ® Service Center Costs ( 0873 - $44.0M Budget ) is below budget with a 51% spend rate. This is anticipated to be on budget for the full fiscal year. o Other Contractual Services (0899 - $4.4M Budget) is below budget with a 42% spend rate

FY 2025 Operating Budget vs. Actual Spending Review Page Three

• Supplies & Materials ( Object 09- $10.6M Budget ) is below budget with an 58% spend rate. o Roadway Maintenance ( 0905 - $665K Budget ) is below budget with a 51% spend rate due to the timing of activities. o Salt ( 0906 - $1.9M Budget ) is at a 52% spend rate due to the reduced winter storm activity. o Uniforms (0912 - $1.2M Budget) is slightly below budget with a 62% spend rate. This cost is driven by when the orders are received. o Ammunition ( 0934 - $594K Budget ) is over budget with an 87% spend rate. This represents orders from prior years occurring in FY 2025. o Transponders ( 0951 - $4.0M Budget) expense is close to budget with an 62% spend rate. • Replacement Equipment (Object 10 - $2.7M Budget ) is below budget with a 27% spend rate. o Microcomputers ( Object 1033 - $1.4M Budget) is below budget with a 30% spend rate. Additional charges are expected but this object will remain below budget. o Other Replacement Equipment (Object 1099 - $529K Budget) is below budget with a 7% spend due to the timing of when orders are received. • Additional Equipment ( Object 11 - $1.2M Budget ) is below budget with a 36% spend rate mostly due the timing of orders. • Fixed Costs ( Object 13 - $9.8M Budget ) is over budget with a 124% spend rate. o Insurance Paid to STO (1302 - $838k) is close to budget with a 64% spend rate. o Insurance ( 1309 - $8.5M Budget ) is over budget with a 129% spend rate. Invoices were processed for the expected increases in both property and liability insurance. RISKS & OPPORTUNITIES Operating expenses are expected to remain on budget with any overspending, such as insurance, to be offset by underspending in other sub-objects. Management will continue closely monitoring expenses relative to budget for the remainder of the fiscal year.

ATTACHMENT Budget vs Actual by Object 3rd Qtr. FY 2025

MDTA OPERATING FUND Bgt vs. Actual by Obj and RC Detail Summary of All Units For the Nine Months Ending Monday, March 31, 2025

Expenditures

YTD

Expense

Balance

Spent

This Month Budget

OBJECT 01 Salaries and Wages 0101 REGULAR EARNINGS 0102 ADDITIONAL ASSISTANCE 0104 OVERTIME EARNINGS 0104 OVERTIME EARNINGS - SNOW 0110 MISCELLANEOUS P/R ADJUSTMENTS 0111 ACCRUED LEAVE PAYMENTS 0105 SHIFT DIFFERENTIAL

$9,025,285 $144,727,005 $80,875,186 $63,851,819

55.88% 0.00% 69.94% 0.00% 4.51% 137.81% 265.09% 0.00% 0.76% 2.27% 2.08% 0.63% 54.21% 0.00% 0.00% 0.00% 1.35% 94.90% 0.00% 60.82% 71.98% 49.00% 0.00% 0.00% 4.97% 13.24% 20.76% 56.70% 0.00% 49.52% 21.31% 21.02% 23.52% 0.60% 29.90% 25.08% 62.01% 64.50% 65.36% 58.68% 64.61% 42.26% 33.75% 64.96% 0.00% 100.00% 21.26% 37.28% 0.00% 0.27% 68.31% 80.75% 0.00% 0.00%

144,964

534,631 6,862,807 4,799,820 2,062,988

50,203

1,131,131 (1,131,131)

1,036,191 186,409 217,927 403,865 10,375,642 20,404,594 12,487,606

46,702 256,892

989,489 (70,483)

12,773 45,775

577,708 (359,781)

0112 RECLASSIFICATIONS

403,865

0151 SOCIAL SECURITY CONTRIBUTIONS

79,229 10,296,413 464,042 19,940,552 260,326 12,227,280 114,374 17,955,702

0152 HEALTH INSURANCE

0154 RETIREE'S HLTH INSURANCE PREM 0161 EMPLOYEES RETIREMENT SYSTEM 0165 STATE POLICE RETIREMENT SYSTEM 0169 LAW ENFORCEMNT OFF PENSION SYS 0172 DEFERRED COMPENSATION MATCH 0174 UNEMPLOYMENT COMPENSATION 0175 WORKERS COMPENSATION 0171 BURDEN EXPENSE

50,000 18,070,076

3,879,976 2,103,391 1,776,585

22,876,047

73,835,327 (73,835,327)

8,722,218

2,400 5,475

(2,400)

405,238

399,763 153,620

2,856,458 3,010,078 2,856,458

0189 TURNOVER

(12,663,613)

0199 OTHER FRINGE BENE - CLOTH ALLOW

918,711

558,775

359,936

Total Object 01

21,297,343 233,343,523 167,967,235 65,376,288

Object 02 Technical and Special Fees 0202 PER DIEM PAYMENTS 0211 EMPLOYEE AWARDS 0220 SPECIAL PAYMENTS PAYROLL

9,500

150,000

73,500

76,500 1,000

1,000

1,328,934

Total Object 02

9,500 1,479,934

73,500 1,406,434

Object 03 Communications 0301 POSTAGE

2,794 34,298 73,887

83,227 873,771 775,272 2,001,477 580,690

11,017 181,383 439,572

72,210 692,388 335,700 2,001,477 293,154

0302 TELEPHONE

0303 TELECOMMUNICATIONS

0305 STATE PAID TELECOMMUNCIATIONS 0306 CELL PHONE EXPENDITURES

36,486

287,536

Total Object 03

147,465 4,314,437

919,508 3,394,928

Object 04 Travel 0401 IN STATE/ROUTINE OPERTN TRAVEL 0402 INSTATE/CONF/SEMNR/TRNG TRAVEL 0403 OUTSTATE/ROUTINE OPERTN TRAVEL 0404 OUTSTATE/CONF/SEMNR/TRNG TRAVL

13,282 24,723

49,911 80,387 62,683 285,915 478,896

(379)

63,193 105,110 63,064 407,878 639,245

688

380

13,994 14,304

121,963 160,349

Total Object 04

Object 06 Fuel and Utilities 0603 FUEL-OIL #2

13,870 68,827

147,200 427,009

91,276 275,424

55,924 151,585

0606 FUEL-NATURAL GAS/PROPANE 0620 UTILITIES-ELECTRICITY 0621 UTILITIES-WATER/SEWAGE

237,143 3,951,804 2,582,953 1,368,851

4,958

431,203

253,040

178,163

Total Object 06

324,798 4,957,216 3,202,693 1,754,523

Object 07 Motor Vehicle Operations and Maintenance 0701 PURCH VEH-CAR,LIGHT TRUCK 0703 VEHICLE MAINTENANCE & REPAIR 0703 VEHICLE MAINTENANCE & REPAIR-SNOW 0702 VEHICLE GAS & OIL 0721 VEHICLE GAS & OIL - WATERCRAFT 0722 VEHICLE MAINT & REPAIR - WATERCRAFT 0724 BOAT SLIP RENTAL/LAUNCHING FEES 0730 PURCH VEH-OTHER LAND VEH - DUMP, TRACTOR 0704 INSURANCE

487,559 16,627,990 7,027,773 9,600,217 152,597 4,025,750 1,358,758 2,666,992

710,923

124,103 2,028,957 1,318,034

2,298

5,746

(5,746)

(31,197)

347,163 47,814 64,503

347,163 10,164 24,047

37,650 40,456 4,000 193,473 316,947 394,575 (48,069)

397

4,000

194,000

527

0731 GAS & OIL - OTHER LAND VEHICLES 0732 LG VEHICLE MAINT & REPAIR 0732 LG VEHICLE MAINT & REPAIR-SNOW 0741 ELECTRICITY USAGE FOR VEHCILES

93,327 1,000,000

683,053

229,338 2,050,000 1,655,425

9,080

48,069

(40)

0789 COMMUTER CHARGE

(869)

(5,000)

(7,581)

2,581 151.62%

SUMMARY

MDTA OPERATING FUND Bgt vs. Actual by Obj and RC Detail Summary of All Units For the Nine Months Ending Monday, March 31, 2025

Expenditures

YTD

Expense

Balance

Spent

This Month Budget

0799 OTHER MOTOR VEHICLE CHARGES

50,000

0.00% 47.18%

Total Object 07

1,066,634 26,435,177 12,471,218 13,963,959

Object 08 Contractual Services 0801 ADVERTISING/LEGAL PUBLICATION 0802 APPLICATIONS SOFTWARE MAINTENANCE

8,735 3,064,703 1,418,414 1,646,289

46.28% 21.92% 7.96% 48.54% 44.65% 16.24% 25.53% 23.25% 47.20% 23.97% 46.62% 56.35% 34.06% 71.15% 2.60% 26.85% 26.34% 0.00% 68.89% 41.64% 24.52% 0.00% 100.26% 40.96% 36.45% 24.94% 40.73% 14.72% 104.54% 13.01% 103.05% 60.66% 61.67% 37.82% 55.91% 10.06% 17.96% 88.14% 232.38% 139.72% 46.12% 49.55% 20.50% 51.46% 98.59% 99.43% 780.69% 23.53% 42.02% 51.70% 46.60% 48.21% 26.99% 87.97% 50.99% 52.08% 54.31% 24.62% 62.12%

100,000 46,200

21,919 3,678

78,081 42,522

0804 PRINTING/REPRODUCTION

0807 ENGINEERS

153,079 2,850,000 1,383,429 1,466,571 285,037 3,865,000 1,725,661 2,139,339

0807 ENGINEERS - Environmental (MA0967) 0807 ENGINEERS - Highways (MA0983) 0807 ENGINEERS - Architectural (MA2395) 0807 ENGINEERS - ITS/Electrical (MA2226) 0807 ENGINEERS - Structural (MA2055) 0807 ENGINEERS - Traffic (MA2181) 0807 ENGINEERS - Asset Mgmt (MA2869) 0807 ENGINEERS - On-Call (All MR) 0807 ENGINEERS - Annual Inspections (MA2471)

2,960 22,754

210,000 585,000

34,101 149,353 255,695 755,207

175,899 435,647 844,305 844,793

29,293 1,100,000 85,978 1,600,000 5,679 1,700,000

407,406 1,292,594

17,939

800,000

372,932

427,068

6,415,000 3,615,013 2,799,987

(507,348)

554,632 15,650,000 5,330,776 10,319,224

0808 EQUIPMENT RENTAL

29,661

501,677

356,944

144,733

0809 EQUIPMENT REPAIRS & MAINT

6,875 1,356,693

35,280 1,321,413

0810 EXTERMINATION

478

16,839

4,521

12,318

0812 BUILDING/ROAD REPAIRS & MAINT 0812 BUILDING/ROAD REPAIRS & MAINT - On-Call

340,827 15,468,899 4,074,352 11,394,547

564,643

4,988,815 (4,988,815)

0813 JANITORIAL SERVICES 0814 GROUNDS MAINTENANCE

182,602 1,797,960 1,238,674

559,286 26,260

(19,780)

45,000 3,344

18,740

0815 LAUNDRY

820

2,524

0816 CONTRACTUAL SERVICES - HOUSEKEEPING

0817 LEGAL SERVICES

(60,392)

226,300

226,895 547,682 193,790 495,671 6,711 32,999 2,421 477,726 37,240 416,036 279,543 60,017 33,233 135,902

(595)

0819 EDUCATION/TRAINING CONTRACTS

16,444 1,337,238

789,556 337,930 721,305 38,867 (1,434) 16,192 (14,120) 24,147 683,965 220,457 536,584 151,767 18,292

0820 MEDICAL CARE

14,100

531,720

0821 MGMT STUDIES AND CONSULTANTS

142,231 6,173,622 1,539,919 4,633,703

0823 SECURITY SERVICES 0824 LABORATORY SERVICES

50,831 1,216,976

45,578 31,565 18,613 463,606 61,387 500,000 596,601 185,000 154,194

0825 VETERINARIAN

9,429

0826 FREIGHT AND DELIVERY 0827 TRASH AND GARBAGE REMOVAL

281

50,231

0828 OFFICE ASSISTANCE 0829 FISCAL SERVICES

1,269,709 15,930,250 9,824,493 6,105,757

0841 DP CENTRAL PROCESS SVC

65,038 1,100,000

0843 DP COMMUNICATIONS CONTROLLERS SVC 0849 TELECOMM LINES, MODEMS & CONTROLLERS 0854 COMPUTER MAINTENANCE CONTRACTS

34,943 3,045 14,136 1,228

0858 SOFTWARE LICENSES

0862 APPL SOFTWARE MAINTENANCE 0864 SYSTEMS SOFTWARE MAINTENANCE 0865 OUTSIDE SVCS-SYS ANALYSIS&DSGN 0866 OUTSIDE SVCS-PROGRAMMING 0869 OUTSIDE SVCS-COMPUTER USAGE 0873 OUTSIDE SVC - E-Z PASS SVC CENTER 0874 OFFICE OF ATTORNEY GENERAL FEE 0875 RETIREMENT AGENCY ADMIN FEE 0876 STATEWIDE DOIT SERVICES 0894 STATEWIDE PERSONNEL SYS ALLOC 0897 STATE ENTERPRISE BUDGET SYSTEM 0899 OTHER CONTRACTUAL SVC-NON DP

1,120,727 2,226,200 5,173,150 (2,946,950)

13,049

500,000

698,576 (198,576)

584,661 7,465,000 3,442,627 4,022,373

33,446 9,397

415,000 775,000 43,411 233,463 60,962 40,535 12,110

205,621 158,908 42,799 232,127

209,378 616,092

7,579,377 44,000,000 22,643,859 21,356,141

42,799

612

1,336

475,927 (414,965)

9,538 12,110

30,997

0 100.00%

52,401 4,400,908 1,849,323 2,551,585 12,811,215 145,921,604 75,446,571 70,475,033

Total Object 08

Object 09 Supplies and Materials 0901 AGRICULTURE

38,189 418,854 412,635 388,518 664,618

17,794 201,922 111,368 341,772 338,908 968,460 38,192

20,395 216,932 301,267 46,747 325,710 891,204 32,125 27,822 449,640

13,836 22,750 42,792 52,890

0902 OFFICE SUPPLIES

0903 ELECTRICAL MATERIALS

0904 BUILDING & HOUSEHOLD SUPPLIES 0905 ROADWAY MAINT MATERIALS 0906 SALT/SNOW MELTING MATERIALS 0908 HOUSEKEEPING SUPPLIES

77,871 1,859,664

4,849

70,317 36,910

0909 MEDICAL SUPPLIES

585

9,088

0912 WEARING APPAREL-UNIFORMS EMPL

108,418 1,187,018

737,378

SUMMARY

MDTA OPERATING FUND Bgt vs. Actual by Obj and RC Detail Summary of All Units For the Nine Months Ending Monday, March 31, 2025

Expenditures

YTD

Expense

Balance

Spent

This Month Budget

0915 LIBRARY SUPPLIES 0917 SMALL TOOLS 0918 VETERINARY SUPPLIES

270

29,675 282,950 73,500 189,695 39,746 593,768

18,956 180,493 7,005 67,920 27,570 514,478

10,719 102,457 66,495 121,775 12,176 79,290

63.88% 63.79% 9.53% 35.81% 69.37% 86.65% 61.60% 30.38% 57.86% 0.00% 45.95% 111.76% 1.74% 0.00% 29.99% 6.55% 27.13%

29,844 1,076 12,011 5,765

0920 FOOD

0926 DATA PROCESSING SUPPLIES 0934 AMMO GUNS FIRING RANGE SUPPLIES 0951 E-ZPASS TRANSPONDERS 0999 OTHER SUPPLIES AND MATERIALS

328,700 3,960,000 2,439,540 1,520,460

32,435

334,860

101,737

233,123

Total Object 09

734,174 10,580,917 6,122,581 4,458,336

Object 10 Replacement Equipment 1002 REPL AUDIO-VISUAL EQUIP

4,669

(4,669) 217,024 (10,040) 236,800 80,000 961,356 494,272 (52,071) 10,000 (21,508) (1,965) 471,779 40,000 (697) 317,382 762,919

1013 REPL MAINTENANCE & BUILDING EQUIP

4,032 39,868

401,500 85,407 241,000 80,000

184,476 95,447

1015 REPL OFFICE EQUIPMENT

1019 REPL RADIOS & ELECTRONIC EQUIPMENT 1031 REPL DP EQUIP-MAINFRAME 1033 REPL DP EQUIP-MICROCOMPUTER 1099 OTHER REPLACEMENT EQUIPMENT

4,200

319 1,373,080

411,724 34,628

7,052

528,900

Total Object 10

51,272 2,709,887

735,143 1,974,744

Object 11 Additional Equipment 1102 ADDT'L AUDIO-VISUAL EQUIP 1103 ADDT'L CLEANING EQUIPMENT

9,500 10,000 1,000 139,715 49,700 475,000 40,000 459,835

61,571

648.12%

0.00%

1109 ADDT'L HUMAN ENVIRONMENTAL EQUIP 1113 ADDT'L MAINTENANCE & BUILDING EQUIP 1119 ADDT'L RADIOS & ELECTRONIC EQUIPMENT 1133 ADDT'L DP EQUIP-MICROCOMPUTER 1199 OTHER ADDITIONAL EQUIPMENT 1115 ADDT'L OFFICE EQUIPMENT

1,697

169.71% 115.39% 103.95% 0.68% 0.00% 30.98% 35.61% 0.00% 63.64% 0.00% 56.69% 43.02% 77.71% 129.20% 453.92% 123.98%

3,653 5,062 2,075

161,223 51,665

3,221

17,885

142,454 421,832

Total Object 11

28,675 1,184,750

Object 13 Fixed Charges 1301 RENT 1303 RENT PAID TO DGS 1304 SUBSCRIPTIONS 1305 ASSOCIATION DUES

220,905 (220,905)

1302 INSURANCE COVERAGE PAID TO STO

838,110 1,100 26,675 372,272

533,402

304,708 1,100 11,553 212,123

770

15,122 160,149

3,959

1308 LICENSES

269

7,800

6,062

1,738

1309 INSURANCE (NON STO PAYMENTS)

8,500,000 10,982,133 (2,482,133)

1320 BAD DEBT EXPENSE

(10,307) (5,309)

50,000

226,958 (176,958)

Total Object 13

9,795,957 12,144,732 (2,348,775)

Total All Objects

36,480,070 441,362,646 279,665,362 161,697,284

63.36%

SUMMARY

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