OPEN SESSION JUNE 11, 2026 PAGE FOUR OF FIVE
APPROVAL – DRAFT FY 2027-2032 CONSOLIDATED TRANSPORTATION PROGRAM Ms. Jennifer Stump requested a recommendation of approval from the Finance and Administration Committee to present the proposed Draft FY 2027-2032 Consolidated Transportation Program (CTP) to the full MDTA Board. The Draft CTP was reviewed by the Capital Committee on June 11, 2026, and recommended for approval to the full MDTA Board. The Draft CTP totals $8.9 billion, which reflects a net increase of $1.1 billion in the six-year FY 2027-2032 budget. The net increase is the result of a (1) $385.0 million increase for the Francis Scott Key Bridge (Key Bridge): (2) $6.4 million decrease for the I-95 Express Toll Lanes (ETL) Northbound Extension; (3) $262.9 million increase for all projects (excluding the Key Bridge, I-95 ETL Northbound Extension, and reserves); and (4) $429.2 million increase in the allocated and unallocated reserves. The Draft CTP includes the rollover of $413.8 million in FY 2026 underspending into the FY 2027-2032 program period. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Penny-Ardinger made the motion, and Member Rosen seconded the motion, which was unanimously approved. APPROVAL - DEBT POLICY – UPDATES TO THE MDTA’s DEBT POLICY Mr. Allen Garman requested a recommendation of approval from the Finance and Administration Committee to present the amended Debt Policy to the full MDTA Board. The Debt Policy was revised to update the legislatively set bonding limit to $5 billion and revise the minimum Unrestricted Cash target at the end of each fiscal year to equal the next fiscal year’s Operating Budget, excluding MDTA Police reimbursables and extraordinary one-time expenses. Mr. Garman explained that the proposed change to the Unrestricted Cash target is primarily driven by the fact that an increased cash reserve is prudent and necessitated by rating agency metrics for Toll Sector entities in the double-A ratings category. Other key factors include, but are not limited to (1) the MDTA’s Unrestricted Cash target has not been raised since 2023 but should be upwardly adjusted, intermittently or periodically, for growth in the agency and inflation; (2) the highest credit ratings in the double-A ratings category ensure bond market access at the lowest possible financing rates; and (3) the cost of maintaining a larger cash reserve is less than the long-term costs associated with financing as a lower rated borrower. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Penny-Ardinger made the motion, and Member Carroll seconded the motion, which was unanimously approved.
Made with FlippingBook Digital Proposal Creator