FINANCE AND ADMINISTRATION COMMITTEE T HURSDAY , NOVEMBER 1 3 , 20 25
MARYLAND TRANSPORTATION AUTHORITY
2310 BROENING HWY BALTIMORE, MD 21224
FINANCE AND ADMINISTRATION COMMITTEE MEETING AGENDA November 13, 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 cgreen2@mdta.state.md.us no later than noon on Wednesday, November 12, 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 – October 9, 2025 - Open Meeting Minutes 2. Approval – Contract No. J01B5600027 – IBM Maximo Consulting Services 3. Approval – Contract MA-2868-0000 – Electronic Toll 4. Approval – Contract MA-2257-0000 – Electronic Toll System (ETC 3G) Toll System and Services – Contract Modification No. 4 5. Approval – FY 2027 Preliminary Operating Budget – Approval of the preliminary operating budget 6. Approval – Investment Committee Report – Quarterly System (ETC 3G) Customer Service Center Services – Collection Contract Modification No. 5
Chairman von Paris
5 min.
David Wang
5 min.
Joseph Quattrone
10 min.
Joseph Quattrone
10 min.
Jeffrey Brown
10 min.
Kevin Cullity Clayton Viehweg
20 min.
review of investment strategy and benchmarks
7. Update –
Independent Auditor’s Report for the FY 2025 Financial Statements Audit and SOC 1 & SOC 2
Chantelle Green William Seymour, SB Tiana Wynn, SB
15 min.
Reports
8. Update –
FY 2025 Revenue Assurance Metrics – A review
Walter Laun
15 min.
of collected toll revenue
1 st Quarter Budget Comparison – Review of actual vs. projected FY 2026 operating budget spending
9. Update –
Jeffrey Brown
5 min.
1 st Quarter Budget Comparison – Review of
10. Update –
Jennifer Stump
5 min.
Subject to change; revisions to be published
11/13/25
Finance & Administration Committee Meeting Agenda November 13, 2025 Page Two
actual vs. projected FY 2026 capital budget spending Quarterly Update on Traffic and Revenue – Update on the actual performance of traffic and revenue compared to the forecast through September 30, 2025
11. Update –
Walter Laun
5 min.
Vote to Adjourn
Subject to change; revisions to be published
11/13/25
ITEM 1
FINANCE AND ADMINISTRATION COMMITTEE MONTHLY MEETING THURSDAY, OCTOBER 9, 2025 OPEN MEETING VIA CONFERENCE CALL OPEN SESSION
MEMBERS ATTENDING:
Cynthia Penny-Ardinger Dontae Carroll Jeffrey Rosen John von Paris Yaw Berkoh Kevin Cullity Percy Dangerfield Jeffrey Davis David Dikes Timothy Eikenberg Allen Garman Chantelle Green Anthony Hagen James Harkness Pilar Helm Natalie Henson Kendra Joseph Frederick Luther Megan Mohan, Esq. Kenneth Montgomery Mary O’Keeffe Russell Radziak, Esq. Deborah Sharpless
STAFF ATTENDING:
Timothy Sheets Thomas Smith Jennifer Stump Abey Tamrat Patricia Tracey Agnes Vadasz
OTHERS ATTENDING:
Tyler Horner – Canton Railroad
At 9:05 a.m., Member John von Paris, Chair of the Finance and Administration Committee, called the Finance and Administration Committee Meeting to order.
APPROVAL – OPEN MEETING MINUTES FROM SEPTEMBER 11, 2025 MEETING Member John von Paris called for the approval of the meeting minutes from the open meeting held on September 11, 2025. Member Jeffrey Rosen made the motion, and Member Dontae Carroll seconded the motion, which was unanimously approved.
OPEN SESSION OCTOBER 9, 2025 PAGE TWO OF FOUR
APPROVAL – CONTRACT NO. J01B4600044 – CITILOG INCIDENT DETECTION SYSTEM (IDS) SOFTWARE MAINTENANCE AND SERVICE PLAN David Dikes requested a recommendation of approval from the Finance and Administration Committee to present Contract No. J01B4600044, Citilog Incident Detection System Software Maintenance and Service Plan, to the full Maryland Transportation Authority (MDTA) Board at its next scheduled meeting. Mr. Dikes advised that this is a sole source contract to provide full-service software maintenance and a service plan (including repairs) for Citilog IDS software. Citilog IDS software is used to detect stopped vehicles inside the tunnels, and on the MDTA’s bridges and roadways using video images from closed circuit television cameras. Mr. Dikes explained that a sole source procurement is necessary because the software is proprietary and only the developer’s technicians can provide the requisite maintenance and upkeep of the system. The contract is for a five (5) year term in the amount of $431,850.00. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Carroll made the motion, and Member Cynthia Penny-Ardinger seconded the motion, which was unanimously approved. APPROVAL – CONTRACT NO. MT-00211281 – WEIGH STATION SCALE MAINTENANCE Abey Tamrat requested a recommendation of approval from the Finance and Administration Committee to present Contract No. MT-00211281, Weigh Station Scale Maintenance, to the full Maryland Transportation Authority (MDTA) Board at its next scheduled meeting. Mr. Tamrat advised that this is a sole source contract to retain the services of Mettler-Toledo, LLC, for weigh station scale maintenance at the JFK (I-95 Northbound and Southbound), Hatem Bridge (US 40 Eastbound and Westbound), and Bay Bridge (US 50/301 Eastbound and Westbound). The vendor is responsible for furnishing all personnel, maintenance, training, and program oversight necessary to support the MDTA’s weigh station scale maintenance program. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Rosen made the motion, and Member Penny- Ardinger seconded the motion, which was unanimously approved. APPROVAL – DEBT POLICY Yaw Berkoh requested a recommendation of approval from the Finance and Administration Committee to present the MDTA’s Debt Policy to the full MDTA Board at its next scheduled meeting. The Board Policy on Debt Management establishes the guidelines for the process by which the MDTA issues and manages debt and provides guidance to the MDTA Board and staff to ensure that a sound debt position and strong credit quality is maintained.
OPEN SESSION OCTOBER 9, 2025 PAGE THREE OF FOUR
Mr. Berkoh advised the Committee that following the annual review by internal staff and an external municipal advisory firm, no changes to the Debt Policy are currently recommended. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Carroll made the motion, and Member Penny- Ardinger seconded the motion, which was unanimously approved. APPROVAL – PROPOSED CHANGES TO THE MDTA’S TRUST AGREEMENT Allen Garman requested a recommendation of approval from the Finance and Administration Committee to present proposed conceptual Trust Agreement changes to the full MDTA Board at its next scheduled meeting. Mr. Garman advised that currently, the Trust Agreement does not provide the MDTA with the ability to self-fund a business interruption insurance reserve and treat the releases from the reserve as Net Revenues for purposes of supporting the annual Rate Covenant or Debt Service Coverage ratios. Recently, the MDTA has experienced rapidly rising insurance premiums nationally as a function of increasing natural disaster loss activity, as well as the MDTA’s recent business interruption experience. These circumstances have necessitated a close examination of the Master Trust Agreement provisions for insurance reserves and the legal treatment of reserve releases to ensure stable Debt Service Coverage. The proposed changes would authorize external Bond Counsel to draft changes to various sections and definitions within the Trust Agreement to provide the MDTA with the financial flexibility to self-insure for potential business interruption with cash reserves. Other potential benefits include lower insurance costs, the elimination of counterparty risk, and more stable Debt Service Coverage in stress scenarios. The Committee requested, and MDTA Management concurred, to update the MDTA’s Board Operating Policy at a future date to reserve the authority of the Board to make future decisions regarding self-funding. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Rosen made the motion, and Member Carroll
seconded the motion, which was unanimously approved. UPDATE – CANTON DEVELOPMENT COMPANY
Tyler Horner, President and CEO of the Canton Development Company, updated the Committee on Canton’s customer base and the company’s operations and financial performance. Mr. Horner also updated meeting attendees on key initiatives to secure additional revenue and improve business performance.
OPEN SESSION OCTOBER 9, 2025 PAGE FOUR OF FOUR
UPDATE – CTP PROCESS/ADDITIONS Jennifer Stump provided the Finance and Administration Committee with an overview of the MDTA’s Consolidated Transportation Program (CTP) process and an update of additions to the capital program. The CTP is released yearly and presents the MDTA’s ongoing and new capital projects for a six-year rolling period for all MDTA facilities. Following the MDTA Board’s approval of the Draft CTP in June of each year, the CTP is presented to local elected officials and citizens throughout the State of Maryland for review and comment. When the Final CTP is approved by the MDTA Board in November, it becomes part of the Governor’s budget to the Maryland General Assembly in January of the following year. This process is required by statute and applies to the MDTA and the Maryland Department of Transportation modes. Ms. Stump explained that projects in the CTP are categorized into three programs (1) the System Preservation – Minor Projects Program; (2) the Development and Evaluation (D&E) Program - Major Projects; and (3) the Construction Program. The three programs include ongoing projects and projects scheduled to begin construction within the six-year period. The D&E program includes major projects that are being prepared for possible future addition to the Construction Program. Projects are moved from the D&E Program to the Construction Program as funds and resources become available, based on the merits of the projects. Ms. Stump reported that four (4) new projects were added to the FY 2026-2031 Final CTP. Funding availability to budget for identified projects is based on the MDTA’s six-year financial forecast, which considers estimates of traffic and revenue (prepared annually), the operating budget and capital budget, debt service payments, the potential need for future bond sales and toll increases, and compliance with financial standards (Trust Agreement covenant, debt service coverage, unrestricted cash balance).
There being no further business, the meeting of the Finance Committee adjourned at 10:15 a.m., following a motion by Member Caroll, and seconded by Member Penny-Ardinger.
_________________________________________________ John von Paris, Chairman
ITEM 2
MEMORANDUM
TO: FROM: SUBJECT: DATE:
MDTA Finance & Administration Committee Senior IT Project Manager David Wang J01B5600027, IBM Maximo Consulting Services November 1 3, 2025
PURPOSE OF MEMORANDUM To seek approval from the Finance & Administration Committee to present Contract No. J01B5600027, IBM Maximo Consulting Services, to the full MDTA Board at its next scheduled meeting. SUMMARY This Sole Source Contract is to provide IBM Maximo Consulting Services for expert labor services on the IBM Maximo system currently utilized by the MDTA as its asset management system. The labor services include architects, delivery consultants and project managers which will be utilized to build and upgrade the current Maximo system to the Maximo Application Suite (MAS) version 9. A Sole Source procurement is required because IBM Corporation is the developer of the proprietary owner of Maximo software and only technicians from IBM can provide the upgrades required for MAS version 9. The total amount for this contract is $5,065,328.80 for a term of five (5) years. RECOMMENDATION(S) To obtain approval by the Finance & Administration Committee to present Contract No. J01B5600027, IBM Maximo Consulting Services to the full MDTA Board at its next scheduled meeting. ATTACHMENT(S) • Finance & Administration Committee Project Summary
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FINANCE & ADMINISTRATION COMMITTEE PROJECT SUMMARY
PIN NUMBER
TBD
CONTRACT NUMBER CONTRACT TITLE
J01B5600027
IBM Maximo Consulting Services
PROJECT SUMMARY
This Sole Source Contract is to provide IBM Maximo Consulting Services for expert labor services on the IBM Maximo system currently utilized by the MDTA as its asset management system. The labor services include architects, delivery consultants and project managers which will be utilized to build and upgrade the current Maximo system to the Maximo Application Suite (MAS) version 9. A Sole Source procurement is required because IBM Corporation is the developer of the proprietary Maximo system software and only technicians from IBM can provide the upgrades required for MAS version 9. The total amount for this contract is $5,065,328.80 for a term of five (5) years.
ADVERTISED GOAL (%)
PROPOSED GOAL (%)
SCHEDULE
MBE PARTICIPATION
ADVERTISEMENT DATE ANTICIPATED NTP DATE
OVERALL MBE
7/28/2025 1/1/2026
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
AFRICAN AMERICAN ASIAN AMERICAN
DURATION (CALENDER DAYS)
1825
VSBE
% VARIANCE TO EE
BID RESULTS
BID AMOUNT ($)
($)
ENGINEER'S ESTIMATE (EE)
IBM Corporation
$5,000,000.00
$5,065,328.80
1.31%
No other bidders - Sole Source
ITEM 3
Cynthia D. Penny-Ardinger Jeffrey S. Rosen Samuel D. Snead, MCP, MA John F. von Paris
MEMORANDUM
TO:
MDTA Finance and Administration Committee Electronic Toll Collection Program Manager Joseph Quattrone
FROM:
SUBJECT:
MDTA Electronic Toll Collection (ETC-3G) Customer Service Center Services, Contract No. MA-2868-0000 – Contract Modification No. 5
DATE:
November 13, 2025
PURPOSE OF MEMORANDUM This request seeks a recommended approval from the Finance and Administration Committee to present Modification No. 5 for Contract No. MA 2868-0000 with Transcore LP, for the 3G Electronic Toll Collection Customer Service Center Services and Systems to the full Maryland Transportation Authority (MDTA) Board for award at its next scheduled meeting. Approval of this Modification No. 5 is contingent upon Board of Public Works (BPW) approval. BACKGROUND Contract MA 2868-000 was competitively solicited and awarded to Transcore Limited Partnership (aka Transcore, LP) on February 21, 2018, in the amount of $200,428,772.81 to furnish and provide Customer Service Center Services and Systems for the operation of the Electronic Toll Collection System. To date, there have been four contract modifications. Modification No. 1 was approved by the BPW on July 22, 2022, for $63,106,810.98. Modification No. 2 was approved by the BPW on July 7, 2023, for $44,317,717.58. Modification No. 3 was approved by the BPW on August 28, 2024, for $49,159,268.19. Lastly, Modification No. 4 was approved by the BPW on October 1, 2025. Modification 4 was a no-cost modification related to business requirements and a non-compensable time extension for certain phases of the contract. The current contract value is $357,012,569.56. The proposed Modification No. 5 includes an adjustment to the calculation of a Key Performance Indicator (KPI) and increases funding for new business requirements and Operations and Maintenance (O&M). SUMMARY As shown below, the net increase for Modification No. 5 is $38,518,558.29. This includes an additional $61,662,773.43 for O&M activities and the application of $23,144,215.14 in unused
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ETC-3G Customer Service Center Services Contract MOD 5 Page Two funds from Years 1 and 2 of the contract. If approved, the new contract total will be $395,531,127.85.
Modification #4 Contract Value
$357,012,570
Modification #5 (O&M Activities) Pre-Registered Accounts
$
34,500,000 19,762,773 4,800,000 2,600,000 61,662,773
Other Recurring O&M Needs (routine postage, citations, NOTDs, etc.)
NOTD (second mailing & related postage)
Transponder fulfillment
$
Unused Funds from Years 1 & 2
$
(23,144,215)
Modification #5 (Net Increase)
$
38,518,558
New Total Contract Value
$ 395,531,128
O&M Activities Modification No. 5 increases the original O&M line items for Phase IV in years 5 and 6 by $61,662,773.43. The increase is primarily due to (1) changes in certain line items associated with the overnight transition to all-electronic tolling (AET) due to the COVID-19 pandemic; (2) correcting an error in pre-registered account quantities in the Request for Proposals; (3) the inclusion of new business requirements that support the MDTA’s toll collection initiatives which are aimed at increasing the MDTA’s revenue attainment ( e.g. , second payment warning notice and altering the bundling requirement for Notices of Toll Due mailings); and (4) transponder fulfillment. KPI 2.2.3.3.CSC Employee Turnover Modification No. 5 changes the calculation of the annual turnover rate which is currently based on a 90-day probationary period to a 180-day probationary period. The purpose of this change is to provide a fair and more equitable way of calculating the annual turnover rate. The wording in Section 2.2.3.3 will be revised to read as follows:
“ The annual turnover rate for CSRs (after a 90 180-day probation period) shall be no more than 50%. This calculation shall be determined by dividing the number of CSRs who left their jobs after being employed for 90 180 days or less during the previous 365 days, by the total number of CSRs employed for longer than 90180 days during the same previous 365-day year. (Use 366 days for leap years)”.
ETC-3G Customer Service Center Services Contract MOD 5 Page Three RECOMMENDATION
Approve the presentation of Contract Modification No.5 of the ETC-3G Customer Service Center Services Contract (MA-2868-0000) to the full MDTA Board at its next scheduled meeting. ATTACHMENT Summary of Contract Changes
ETC-3G Customer Service Center Services Contract MOD 5 Page Four Summary of Contract Changes Request for Proposal was advertised in August 2016. Original Contract was entered into on February 21, 2018, in the amount of $200,428,772.81 for the six-year base term following the Board of Public Works approval. Contract Modification No. 1 was approved by the Board of Public Works on July 27, 2022 (Item 35-IT-MOD), and: • Provided a non-compensable time extension for the completion of Phases I, II, and III; and • Increased the contract value for Phase IV, Years 1 and 2, by $63.1 million, resulting in a total contract value of $263.5 million. o The additional funding allowed for TransCore to process All-Electronic Toll (AET) transactions in real-time 1 , to recover the backlog of transactions paused during the pandemic, and to provide services for the Customer Assistance Plan. Contract Modification No. 2 was approved by the Board of Public Works on July 5, 2023 (Item 34-IT-MOD), and: • Provided a non-compensable time extension for the completion Phases I, II and III and the respective punch list and final system acceptance items; • Extended the contract term by 214-days to align the contract end date with the other Electronic Tolling Collections (ETC) contract with Kapsch TrafficCom (MA-2257) to February 28, 2028; and • Increased the contract value for Phase IV, Years 1 and 2, by $44.3 million, resulting in a total contract value of $308.7 million. o The additional funding is attributed to the additional contract duration and changes in certain line items associated with AET and correcting an error in pre- registered account qualities in the RFP. Contract Modification No. 3 was approved by the Board of Public Works on August 28, 2024 (Item 34-IT-MOD) • Updated three critical requirements to protect the State’s interests (performance bond, punch list timeframe, data storage); and • Increased the contract value for Phase IV, Years 3 and 4, by $49.2 million, resulting in a total contract value of $357.0 million. o The additional funding is attributed changes in certain line items associated with AET and correcting an error in pre-registered account qualities in the RFP.
1 In March 2020, during the COVID-19 pandemic, the MDTA implemented statewide cashless tolling to protect customers and employees from face-to-face cash transactions. Also, between March and October 2020, the MDTA paused mailing Video Toll Notice of Toll Due.
ETC-3G Customer Service Center Services Contract MOD 5 Page Five Contract Modification No. 4 was approved by the Board of Public Works on October 1, 2025 (Item 41-IT-MOD) • Aligned system requirements stated in the RFP to the system design, tested, implemented, and accepted. System requirements are tracked on a Requirements Traceability Matrix (RTM). Of the 2,397 requirements tracked on the RTM, nearly 20% of the original requirements were updated or removed (300 updates; 175 removals). Most of the changes related to: o deleting references to the Alliance for Toll Interoperability (ATI) Hub, which is no longer in operation; o including requirements for the Pay-by-Plate (PBP) payment option; and o removing requirements for pre-registered video toll accounts payment option (PBP replaced this option).
ITEM 4
Cynthia D. Penny-Ardinger Jeffrey S. Rosen Samuel D. Snead, MCP, MA John F. von Paris
MEMORANDUM
TO:
MDTA Finance and Administration Committee Electronic Toll Collection Program Manager Joseph Quattrone
FROM:
SUBJECT:
MDTA Electronic Toll Collection (ETC-3G) Toll System & Services, Contract No. MA-2257-0000 – Contract Modification No. 4
DATE:
November 13, 2025
PURPOSE OF MEMORANDUM
This request seeks the Finance and Administration Committee's recommendation for approval to present Modification No. 4 for Contract No. MA 2257-0000 with Kapsch TrafficCom USA Inc., for the 3G Electronic Toll System Operation to the full MDTA Board for award at its next scheduled meeting. Approval of this Modification is contingent upon the Board of Public Works (BPW) approval BACKGROUND Contract MA 2257-000 was competitively solicited and awarded to Kapsch TrafficCom USA Inc. (Kapsch), on February 21, 2018, in the amount of $71,911,342.78. The contract requires Kapsch to furnish and provide Operator Electronic Toll Collection Technology and Associated Subsystem Components and Services for the operation of the Electronic Toll Collection System. Modification No. 1 was approved on July 22, 2022, for $8,764,758.28; Modification No. 2, a no-cost modification, was approved on July 7, 2023. Modification No. 3 was approved on August 28, 2024, for $16,130,376.68. The current contract value is $96,806,477.74. The proposed Modification No. 4 will (1) update the language of the Key Performance Indicators (KPI) for Video Toll Review and Trip Building; and (2) increase the original Operations and Maintenance (O&M) line items due to the conversion from cash to All-Electronic Tolling (AET) and the completion of task orders related to the I-95 Express Toll Lanes (ETL) Northbound Extension, and IntelliRoad image review. SUMMARY As shown in the table below, the net increase of Modification No. 4 is $19,788,506.44. This includes an additional $21,890,738.00 in funds for O&M activities and the application of
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ETC-3G Toll System & Services Contract MOD 4 Page Tw o $2,102,231.56 in unused funds from Years 1 and 2 of the contract. If approved, the new contract total will be $116,594,984.18.
Modification #3 Contract Value
$
96,806,478
Modification #4 (O&M Activities)
AET - O&M Support of Lane Equipment
$
5,890,738 5,000,000 11,000,000 21,890,738
IntelliRoad Image Reviews
Other (FSK Rebuild, I-95 ETL adjustments, force majeure, etc.)
$
Unused Funds from Years 1 & 2
$
(2,102,232)
Modification #4 (Net Increase)
$
19,788,506
New Total Contract Value
$ 116,594,984
O&M Modification No. 4 will increase Phase IV O&M line items by $5,890,738.00 for years 5 and 6. The increase is due to the earlier than anticipated conversion from cash to AET during the COVID- 19 pandemic. Additionally, $5,000,000.00 is being added to the contract to create an operating line item for IntelliRoad image review. The modification also reflects the inclusion of additional allowance funding in the amount of $11,000,000.00 to complete the Francis Scott Key (FSK) Bridge Rebuild, account for I-95 ETL cost adjustments, force majeure incidents, MD Integrated System for Transaction Analytics and Reporting, and future task orders to improve and enhance customer service. KPI – IntelliRoad Quality Reviews As a result of the implementation of IntelliRoad image review, trip processing will change. IntelliRoad image review will enhance image review accuracy to minimize the number of customers receiving incorrect bills due to incorrect license plate data. This helps to maximize revenue by reducing the number of rejection errors and toll disputes. The amended KPI contract language accounts for the inclusion of IntelliRoad as part of the quality image review process. The wording in Section 2.2.3.3 will be revised to read as follows: Section 2.2.3.3.A “ No disincentive for each Video‐Based Point Transaction sent to the CSC System within 96 hours via IntelliRoad within 144 hours. A disincentive of 100% of the unit price for each Video‐Based Point Transaction sent to the CSC System after more than 96 hours via IntelliRoad after more than 144 hours”.
ETC-3G Toll System & Services Contract MOD 4 Page Three Section 2.2.3.3 B
“99.0% 99.95% of all other video toll lane transactions sent to the CSC System via IntelliRoad shall include readable images and correct information in the lane transaction message”. Section 2.2.3.3 D “100% of all trips completed and sent to the CSC within 96 144 hours”. RECOMMENDATION Approval to present Modification 4 of the ETC-3G Electronic Toll System & Services Contract (MA-2257-0000) to the full MDTA Board for approval at its next scheduled meeting.
ITEM 5
Cynthia D. Penny-Ardinger Jeffrey S. Rosen Samuel D. Snead, MCP, MA John F. von Paris
MEMORANDUM
TO:
Finance & Administration Committee Director of Budget Jeffrey Brown
FROM:
SUBJECT:
FY 2027 Preliminary Budget
DATE:
November 13, 2025
PURPOSE The purpose of this memorandum is to request a recommendation of approval to the Maryland Transportation Authority (MDTA) Board for the FY 2027 Preliminary Operating Budget. KEY TAKEAWAYS Key points regarding the FY 2026 Amended Operating Budget relative to the FY 2027 Preliminary Operating Budget: FY 2027 Preliminary Operating Budget Request
Summary of Major Changes ($ millions)
FY 2027 Preliminary Operating Budget Request FY 2026 Amended Operating Budget
$463.1 $462.2
$ Change FY 2027 vs FY 2026 % Change FY 2027 vs FY 2026
0.9
0.2% The proposed FY 2027 Preliminary Operating Budget of $463.1 million, represents a $0.9 million, or 0.2%, increase versus the FY 2026 Amended Operating Budget. Several of the key changes include the transfer of IT personnel costs to contractual services and increases in E-ZPass ® service center (tolling vendor) costs, building/road repair and maintenance costs, and insurance costs. These increases were partially offset by reduced vehicle purchases, reduced credit card fees, and various other smaller reductions.
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FY 2027 Preliminary Operating Budget Page Two ANALYSIS To better understand the budgetary changes and their associated drivers, the changes have been analyzed by mandated and discretionary expenses.
FY 2026 Amended Operating Budget
$462.2
Mandated Changes
(7.5)
Additions Reductions
20.5
(12.1)
FY 2027 Prelim Operating Budget
$463.1
Attachment 1 – identifies the mandated and discretionary additions and reductions. The mandated changes decreased the budget by $7.5 million and are as follows: • Personnel expenses for RC 9507 (IT) decreased by $8.0 million (base salaries & fringe benefits) following the transfer of Object 01 (Personnel) costs to Object 08 (Contractual Services). Future IT personnel costs will be allocated to the MDTA by TSO as part of the IT consolidation. After accounting for this change, all other mandated expenses increased $0.5 million. • Overtime (0104) increases by $0.5 million. • Base salaries (0101 – excludes MSP) increases $0.2 million. This is due to the reduction of 12 positions via the State’s Voluntary Separation Program ($1.2). This reduction is partially offset by employee reclassifications/other costs. • Pension cost (0161) increases by $0.1 million. • Employee and Retiree Health Insurance (0152, 0154) increases by $0.1 million. • Maryland State Police (MSP) personnel costs decline by $0.2 million, primarily due to a reduction in Overtime (0104), Health costs (0152, 0154), State Police Retirement cost (0165), and Turnover (0189), which total $0.3 million. This is partially offset by an increase in various other MSP-related personnel costs. • Other – (other fringe benefits, accrued leave, etc.) decreases $0.2 million. The operating budget includes $20.5 million in additional discretionary spending. The key variances are as follows: • Other Contractual Services (0899) increases $8.3 million, primarily due to the transfer of IT personnel expenses from Object 01($8 million) as part of the IT consolidation.
FY 2027 Preliminary Operating Budget Page Three
• E-ZPass ® Service Center Costs (0873) increases by $5.4 million. The increase is mostly due to additional costs associated with the implementation of various toll collection initiatives aimed at improving the MDTA’s video toll collection rate (e.g., second NOTD mailings), double-blind image reviews to help improve the accuracy of customer NOTD billings, and increased video-based transactions. • Building & Road Repair Maintenance (0812) increases $3.4 million. Most of the increase is due to a new swing gate contract for the Baltimore Harbor Tunnel and the Bay Bridge ($2.1 million). The remainder of the increase is due to the Curtis Creek drawbridge contract ($0.9 million) and various building maintenance activities such as the HVAC system, overhead doors, fire alarm work, and plumbing • Insurance (1309 -Property & Liability) increases $1.1 million. This is based upon a10% forecasted increase in insurance premiums due to market pressures. • Radios & Electronic Equipment (1019) increases by $0.7 million. A rate increase for Land Mobile Radios ($0.6 million) drives higher spending. • Security Services (0823) increases by $0.2 million due to a new security service contract for Point Breeze. • Other Replacement Equipment (1099) increases $0.2 million due to tariffs. • Janitorial Services (0813) increases by $0.2 million due to a new contract. • Management Studies & Consultants (0821) increases $0.2 million due to toll increase services. • The remaining $0.8 million increase is spread across multiple line items such as other insurance, equipment repairs & maintenance, travel, etc. The key variances for the $12.1 million reduction in operating budget spending are as follows: • Vehicle Purchases (0701) decrease by $9.1 million. The reduction is due to adjustments in the anticipated timing of certain purchases that are expected to occur in either FY 2026 or FY 2028. • Fiscal Services (0829) decreases $1.3 million due to lower credit card processing interchange rates following the implementation of enhanced credit and debit card transaction data collection to reduce the risk of fraud. • Gas & Oil (0702) decreases $0.8 million to align with prior actuals. • Computers (1033) decrease by $0.3 million due an adjustment in the timing of certain purchases.
FY 2027 Preliminary Operating Budget Page Four • Electricity (0620) decreases $0.2 million due to the alignment of expenses with FY 2025 actual costs. • Additional Office Equipment (1115) decreases $0.1 million due to reduced MSP needs. • Transponders (0951) decreases $0.1 million due to reduced needs. • Other reductions that totaling $0.2 million across multiple line items include Watercraft Maintenance & Repair, Other Equipment, Electrical Materials, and other expenses.
Figure 1 graphically displays the FY 2027 budget by division and purpose. Figure 1
Where It Goes: Budget by Division & Purpose $ in Millions
Uses of Funding by Division
Uses of Funding by Purpose
Other $52.6 12%
General & Administrative $91.8 20%
Facility Operations & Maintenance $232.5 50%
Maryland State Police $15.5 3%
Contractual Services $168.1 36%
Personnel $242.4 52%
MDTA Police $123.3 27%
FY 2027 Preliminary Operating Budget Page Five
Budgeted Positions
The MDTA’s position complement declines by 56 positions in FY 2027 due to the Voluntary Separation Program (12 PINS) and IT consolidation (44 PINS).
Personnel Budget Data
FY 2025 Actual Budget 1697.0
FY 2026 Amended Budget
FY 2027 Proposed Budget
FY 2026 - FY 2027 Change
1697.0
1641.0
-56.0
ATTACHMENTS Attachment 1 - Summary of Major Changes Attachment 2 - FY 2026 SummaryByObject
ATTACHMENT 1
Attachment 1
Summary of Major Changes
FY27 Prelim VS FY26 Amended
FY 2027 Preliminary Operating Budget FY 2026 Final Operating Budget
$463.1 462.2
$0.9
$ Increase FY 2027 Preliminary over FY 2026 Final % Increase FY 2027 Preliminary over FY 2026 Final
0.2%
FY 2026 Final Operating Budget
$462.2
(7.5) 20.5
Mandated Changes
Additions Reductions
(12.1) $463.1
FY 2027 Preliminary Operation Budget Request
Mandated IT - PINs removed due to IT expense allocation
($8.0) ($1.2) ($0.2)
Voluntary Separation - 12 PINs
MSP changes
1.4 0.5 0.0
Reclassifications
Overtime
Various Minor Fringe Changes Net to Zero
Total Mandated
($7.5)
Additions Other Contractual (IT allocation) Other Contractual (Non IT) E-ZPass® Service Center Costs Building/Road Repairs & Maintenance
$8.0
0.3 5.4 3.4 1.1 0.7 0.2 0.2 0.2 0.2 0.8
Insurance
Radios & Electronic Equipment
Security Services
Other Replacement Equipment
Janitorial Services Management Studies
All Other
Total Additions
$20.5
Reductions Vehicle Purchases
($9.1)
Fiscal Services
(1.3) (0.8) (0.3) (0.6)
Vehicle Gas & Oil
Computers All Other
Total Reductions
($12.1)
ATTACHMENT 1
Attachment 1
Summary of Major Changes
FY27 Prelim VS FY26 Amended
Total Change
$0.9
Attachment 2
FY27 Prelim- FY26 Ame nded
FY27 Prelim- FY26 Amended
Amended
Prelim
FY 2026 Budget
FY 2027 Budget
$
%
Object
Description
Inc/Dec
Inc/Dec
OBJECT 01 Salaries and Wages
101 REGULAR EARNINGS 102 ADDITIONAL ASSISTANCE 104 OVERTIME EARNINGS 104 OVERTIME EARNINGS - SNOW 110 MISCELLANEOUS P/R ADJUSTMENTS 111 ANNUAL LEAVE PAYOUTS 105 SHIFT DIFFERENTIAL
152,589,257 147,408,628
(5,180,629)
-3.4% 0.0% 6.5% 6.2% 0.9% 34.1% 20.0% 0.0% -3.8% -2.9% -2.9% -5.4% -0.4% -0.3% -0.3% -7.1% 0.0% 1.9% 1.1% -3.0% 20.0% -50.0%
194,092 6,007,621 1,379,686 983,391 259,750 192,471 403,865 10,936,678 21,801,255 13,019,894 19,650,180 5,204,476 23,925,977 358,077 222,105 3,633,039 0 (12,922,298)
194,092 6,400,579 1,465,246 992,391 348,236 231,025 403,865 10,526,024 21,165,770 12,647,393 18,589,885 5,186,133 23,846,651 356,877 206,394 3,633,039 0 (13,163,609)
0
392,958 85,560 9,000 88,486 38,554
112 RECLASSIFICATIONS
0
151 SOCIAL SECURITY CONTRIBUTIONS
(410,654) (635,485) (372,501) (1,060,295)
152 HEALTH INSURANCE
154 RETIREE'S HLTH INSURANCE PREM 161 EMPLOYEES RETIREMENT SYSTEM 165 STATE POLICE RETIREMENT SYSTEM 169 LAW ENFORCEMNT OFF PENSION SYS 172 DEFERRED COMPENSATION MATCH 174 UNEMPLOYMENT COMPENSATION 175 WORKERS COMPENSATION 171 BURDEN EXPENSE
(18,343) (79,326) (1,200) (15,711) 0
0
189 TURNOVER
(241,311)
199 OTHER FRINGE BENE - CLOTH ALLOW
859,111
868,411
9,300
248,698,627 241,307,030
(7,391,597)
Object 02 Technical and Special Fees 202 PER DIEM PAYMENTS
125,000
150,000
25,000 (1,500)
209 ADMIN/MGMT SERVICES SUPPORT 211 EMPLOYEE AWARDS 217 CONTRACTUAL HEALTH INS 220 SPECIAL PAYMENTS PAYROLL
3,000 1,000
1,500 1,000
0 0
0.0%
0
0
1,118,978 1,247,978
980,108 1,132,608
(138,870) (115,370)
-12.4% -9.2%
Object 03 Communications 301 POSTAGE
51,600 880,904 803,730
49,600 879,479 820,465
(2,000) (1,425) 16,735
-3.9% -0.2% 2.1% 0.0% 0.5% 0.4%
302 TELEPHONE
303 TELECOMMUNICATIONS
304 MISCELLANEOUS COMMUNICATION 305 STATE PAID TELECOMMUNCIATIONS 306 CELL PHONE EXPENDITURES
0
0
0 0
2,000,000 663,181 4,399,415
2,000,000 666,406 4,415,950
3,225 16,535
Object 04 Travel
401 IN STATE/ROUTINE OPERTN TRAVEL 401 IN STATE/ROUTINE OPERTN TRAVEL-SNOW 402 INSTATE/CONF/SEMNR/TRNG TRAVEL 403 OUTSTATE/ROUTINE OPERTN TRAVEL 404 OUTSTATE/CONF/SEMNR/TRNG TRAVL
51,377
53,177
1,800
3.5%
0
0
0
95,098 63,393 360,978 570,846
92,179 48,964 344,778 539,098
(2,919) (14,429) (16,200) (31,748) (10,800) 56,299 (156,000) 34,487 (76,014) (9,110,000) (750,750)
-3.1% -22.8% -4.5% -5.6% -7.2% 11.6% -3.7% 8.3% -1.4% -100.0% -18.6%
Object 06 Fuel and Utilities 603 FUEL-OIL #2
149,300 486,434 4,248,405 416,703 5,300,842 9,110,000 4,025,750
138,500 542,733 4,092,405 451,190 5,224,828
606 FUEL-NATURAL GAS/PROPANE 620 UTILITIES-ELECTRICITY 621 UTILITIES-WATER/SEWAGE
Object 07 Motor Vehicle Operations and Maintenance 701 PURCH VEH-CAR,LIGHT TRUCK
0
702 VEHICLE GAS & OIL 702 VEHICLE GAS & OIL-SNOW 703 VEHICLE MAINTENANCE & REPAIR 703 VEHICLE MAINTENANCE & REPAIR-SNOW
3,275,000
0
0
0
2,721,700
2,746,450
24,750
0.9%
0
0
0 0 0 0
704 INSURANCE
407,863
407,863
0.0%
720 PURCH VEH-WATERCRAFT 721 VEHICLE GAS & OIL-WATERCRAFT
0
0
49,347 111,431
49,347 62,500 10,200
0.0%
(48,931)
-43.9% 142.9%
722 VEHICLE MAINTENANCE & REPAIR-WATERCRAFT 724 BOAT SLIP RENTAL/LAUNCHING FEES
4,200
6,000
730 PURCH VEH-OTHER LAND VEH - DUMP, TRACTOR 1,816,000
1,816,000 1,000,000
0 0
0.0% 0.0%
731 LG VEHICLE GAS & OIL
1,000,000
Attachment 2
FY27 Prelim- FY26 Ame nded
FY27 Prelim- FY26 Amended
Amended
Prelim
FY 2026 Budget
FY 2027 Budget
$
%
Object
Description
Inc/Dec
Inc/Dec
732 LG VEHICLE MAINT & REPAIR 732 LG VEHICLE MAINT & REPAIR-SNOW
2,500,000
2,500,000
0 0 0 0
0.0%
0
0
789 COMMUTE CHARGES
(5,000) 50,000
(5,000) 50,000
0.0% 0.0%
799 OTHER MOTOR VEHICLE CHARGES
21,791,291
11,912,360
(9,878,931)
-45.3%
Object 08 Contractual Services
801 ADVERTISING/LEGAL PUBLICATION 802 APPLICATIONS SOFTWARE MAINTENANCE 804 PRINTING/REPRODUCTION SERVICE 805 BOOKBINDING/PHOTOGRAPHIC SVC
3,278,691 100,000
3,280,191 100,000
1,500
0.0% 0.0%
0
33,250
27,500
(5,750)
-17.3%
0
0
0 0
807 ENGINEERS
35,940,000 544,018 2,123,609 16,176,962 1,944,667 17,413
35,940,000 582,697 2,192,883 19,595,515 2,140,443 25,863
0.0% 7.1% 3.3%
808 EQUIPMENT RENTAL
38,679 69,274 8,450
809 EQUIPMENT REPAIRS & MAINT 810 EXTERMINATION SERVICE 812 BUILDING/ROAD REPAIRS & MAINT
48.5% 21.1% 10.1% 13.4% -7.4% 11.5% -0.4% 0.0% 2.2% 16.9% -4.3% 8.2% 6.2% 9.4% -16.1% -8.3%
3,418,553 195,776
813 JANITORIAL SERVICES 814 GROUNDS MAINTENANCE 815 LAUNDRY SERVICE 816 HOUSEKEEPING SERVICES
86,700 3,400
98,300 3,150
11,600
(250)
0
50
50
817 LEGAL SERVICES
477,850 1,328,188 594,720 6,947,572 1,241,976
532,850 1,322,388 594,720 7,100,572 1,451,976
55,000 (5,800)
819 EDUCATION/TRAINING CONTRACTS
820 MEDICAL CARE
0
821 MGMT STUDIES AND CONSULTANTS
153,000 210,000 (1,900) 2,600 1,100 44,608 (10,000)
823 SECURITY SERVICES 824 LABORATORY SERVICES 825 VETERINARY SERVICES 826 FREIGHT AND DELIVERY
44,278 31,565 17,841 474,648 62,000
42,378 34,165 18,941 519,256 52,000 30,000 6,000 900,000 400,000 614,769
827 TRASH AND GARBAGE REMOVAL
828 OFFICE ASSISTANCE 829 FISCAL SERVICES
(1,297,021)
15,715,250
14,418,229
831 OFFICE OF ADMINISTRATIVE HEARINGS 832 EDUCATION/TRAINING REIMBURSEMENT 843 DP COMMUNICATIONS CONTROLLERS SVC 849 TELECOMM LINES, MODEMS & CONTRLLR 850 DP PERIPHERAL EQUIPMENT SVC 854 COMPUTER MAINTENANCE CONTRACTS 841 DP CENTRAL PROCESS SVC 861 APPL SOFTWARE ACQUISITION 862 APPL SOFTWARE MAINTENANCE 863 SYSTEMS SOFTWARE ACQUISITION 864 SYSTEMS SOFTWARE MAINTENANCE 865 OUTSIDE SVCS-SYS ANALYSIS&DSGN 866 OUTSIDE SVCS-PROGRAMMING 869 OUTSIDE SVCS-COMPUTER USAGE 872 OUTSIDE SVCS-IT CONSULTANT 858 SOFTWARE LICENSES 873 OUTSIDE SVC - E-ZPASS® SVC CENTER 874 OFFICE OF ATTORNEY GENERAL FEE 875 RETIREMENT AGENCY ADMIN FEE 876 STATEWIDE DOIT SERVICES 894 STATEWIDE PERSONNEL SYS ALLOC 897 STATEWIDE ENTERPRISE BUDGET SYSTEM 899 OTHER CONTRACTUAL SVC-NON DP
0
30,000
6,000
0 0 0 0 0
0.0% 0.0% 0.0% 0.2% 0.0% 0.8% 0.0% 0.3% 0.0% 0.0% 0.0% 0.0%
900,000 400,000 613,538
1,231
0
0
100,000 123,750 50,000 1,501,000 1,000,000 8,000,000 500,000 550,000 0
100,000 124,750 50,000 1,506,000 1,000,000 8,000,000 500,000 550,000 0
1,000
0
5,000
0 0 0 0 0 0
0
0
45,500,000
50,853,481
5,353,481
11.8% 0.0% -3.1% 0.0% 0.0% 0.0% 192.2% 10.9%
44,265 232,588 125,000 41,676
44,265 225,361 125,000 41,676 348,402
0
(7,227)
0 0 0
348,402 4,310,702
12,594,809
8,284,107 16,557,061
Object 09 Supplies and Materials
151,531,519 168,088,580
901 AGRICULTURE 902 OFFICE SUPPLIES
53,090 446,170 492,291 488,712
49,475 441,903 463,750 532,870
(3,615) (4,267) (28,541) 44,158 34,781 (2,000)
-6.8% -1.0% -5.8% 9.0% 4.6% -0.1% -1.1% -1.4%
903 ELECTRICAL MATERIALS
904 BUILDING & HOUSEHOLD SUPPLIES 905 ROADWAY MAINT MATERIALS 906 SALT/SNOW MELTING MATERIALS 908 HOUSEKEEPING SUPPLIES
761,477 1,661,500
796,258 1,659,500
74,266 44,807
73,420 44,194
(846) (613)
909 MEDICAL SUPPLIES
Attachment 2
FY27 Prelim- FY26 Ame nded
FY27 Prelim- FY26 Amended
Amended
Prelim
FY 2026 Budget
FY 2027 Budget
$
%
Object
Description
Inc/Dec
Inc/Dec
912 WEARING APPAREL-UNIFORMS EMPL
1,293,258
1,299,091
5,833 1,459 24,653
0.5% 4.9% 7.1% -3.0% 9.4% -0.8%
915 LIBRARY SUPPLIES 917 SMALL TOOLS 918 VETERINARY SUPPLIES
29,975 348,519 29,381 194,784 32,435
31,434 373,172 28,500 213,074 32,186
(881)
920 FOOD
18,290
926 DATA PROCESSING SUPPLIES
(249)
930 MICROCOMPUTER PKG APPL SOFTWARE 932 MICROCOMPUTER OPER SYS SFTWRE 934 AMMO GUNS FIRING RNGE SUPPLIES 951 E-ZPASS TRANSPONDERS 995 CORPORATE PURCHASING CARD 999 OTHER SUPPLIES AND MATERIALS 933 SOFTWARE UPGRADES
0 0 0
0 0 0
0 0 0 0
754,811 4,115,000
754,811 4,003,701
0.0% -2.7% 7.2% 0.0%
(111,299)
0
0
0
369,319
396,028
26,709 3,572
Object 10 Replacement Equipment
11,189,795
11,193,367
1002 REPL AUDIO-VISUAL EQUIP 1003 REPL CLEANING EQUIPMENT 1007 REPL EDUCATIONAL EQUIPMENT
0 0 0 0
0 0 0 0
0 0 0 0
1009 REPLHUMAN ENVIRONMENTAL EQUIPMENT 1013 REPL MAINTENANCE & BUILDING EQUIP 1019 REPL RADIOS & ELECTRONIC EQUIPMENT 1031 REPL DP EQUIP-MAINFRAME 1033 REPL DP EQUIP-MICROCOMPUTER 1034 REPL DP EQUIP-WORKSTATIONS 1036 REPL DP EQUIP-PERIPHERALS 1015 REPL OFFICE EQUIPMENT 1099 OTHER REPLACEMENT EQUIPMENT
296,600 106,357 66,000
314,700 82,757 809,800
18,100 (23,600) 743,800
6.1%
-22.2% 1127.0%
0
0
0
1,005,200
750,000
(255,200)
-25.4%
0
0 0
0
14,400 541,266 2,029,823
(14,400) 200,000 668,700
-100.0%
741,266 2,698,523
37.0% 32.9%
Object 11 Additional Equipment
1102 ADDT'L AUDIO-VISUAL EQUIP 1103 ADDT'L CLEANING EQUIPMENT 1107 ADDT'L EDUCATIONAL EQUIPMENT
6,500 10,000
16,000 10,000
9,500
146.2%
0 0 0
0.0%
0
0
1109 ADDT'L HUMAN ENVIRONMENTAL EQUIPMENT 1113 ADDT'L MAINTENANCE & BUILDING EQUIP 1119 ADDT'L RADIOS & ELECTRONIC EQUIPMENT 1131 ADDT'L DP EQUIP-MAINFRAME 1133 ADDT'L DP EQUIP-MICROCOMPUTER 1134 ADDT'L DP EQUIPMENT-WORKSTATIONS 1136 ADDT'L DP EQUIP-PERIPHERALS 1115 ADDT'L OFFICE EQUIPMENT
1,000
1,000
0.0% 0.6%
253,000 238,590 665,000
254,450 101,500 665,000
1,450
(137,090)
-57.5%
0 0 0 0 0
0.0%
0
0
20,000
20,000
0.0%
0 0
0 0
1199 OTHER ADDITIONAL EQUIPMENT
1,378,962 2,573,052
1,348,462 2,416,412
(30,500) (156,640)
-2.2% -6.1%
Object 13 Fixed Charges
1301 RENT
0
0
0
1302 INSURANCE COVERAGE PAID TO STO
907,813 1,100 29,020 283,857
999,868 1,100 41,020 289,121 10,720
92,055
10.1% 0.0% 41.4% 1.9% 10.3% 10.0% 0.0%
1303 RENT PAID TO DGS 1304 SUBSCRIPTIONS 1305 ASSOCIATION DUES
0
12,000 5,264 1,000
1308 LICENSES
9,720
1309 INSURANCE (NON STO PAYMENTS) 1320 1320 BAD DEBT EXPENSE (NON TOLLS) 1310 INTEREST ON LATE PAYMENTS
11,596,367
12,754,153
1,157,786
50,000
50,000
0 0 0 0
0 0 0
0 0 0
1310 BOND ISSUE COSTS 1320 BAD DEBT EXPENSE
12,877,877
14,145,982
1,268,105
9.8%
Total
462,211,066 463,074,739
863,673
0.2%
ITEM 6
MEMORANDUM
TO:
Finance and Administration Committee Investment Administrator Clayton Viehweg Director Treasury & Debt Kevin Cullity
FROM:
SUBJECT:
Quarterly Investment Report
DATE:
November 13, 2025
PURPOSE OF MEMORANDUM Complete required quarterly review of investment report for the three-month period ended September 30, 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
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