Projected Rate Covenant FY 2025 - Based on FYTD Revenues
FY 2020
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025 Projected Notes:
Revenues
Revenues less Hatem Bridge, plus ETL & ICC.
Toll Revenues
$
563,334,804 $
468,604,801 $
786,747,125 $
735,542,080 $
761,199,736 $
734,663,052 Based on YTD annualized.
Concession & Fee Revenues Operating Investment Income
50,834,856
33,804,958
15,814,972
70,750,631
50,744,441
57,865,910 Estimated.
-
-
-
-
-
-
No longer applicable.
Gross Revenues
$
614,169,660 $
502,409,759 $
802,562,097 $
806,292,711 $
811,944,177 $
792,528,963
Expenses Operating
Expenses exclude Hatem, Port & BWI Police.
$
216,481,527 $
258,714,219 $
291,465,317 $
319,206,937 $
361,487,000 $
390,977,460 2,244,540 393,222,000 399,306,963 11,544,000
General & Administrative
51,948,781
58,399,778
29,943,085
32,793,063
2,075,240
Total Expenses
$
268,430,308 $
317,113,997 $
321,408,402 $
352,000,000 $
363,562,240 $
A Net Revenues, Rate Covenant Coverage $
345,739,352 $
185,295,763 $
481,153,695 $
454,292,711 $
448,381,937 $
Hatem Bridge Net Revenues
10,260,896 23,640,047
16,686,345 1,184,224
16,262,337 (19,157,000)
7,760,000 6,725,656
15,565,228 45,543,000
Investment Income
7,418,976
Net Revenues, Debt Service Coverage ¹ $
379,640,295 $
203,166,332 $
478,259,032 $
468,778,367 $
509,490,165 $
418,269,939
Debt Service
$
91,281,948
$
61,715,979
$
104,918,844 $
137,753,132 $
142,877,441 $
144,450,488
120% Annual Debt Service Budgeted Deposit Amount 2
$
109,538,338
$
74,059,174
$
125,902,613 $
165,303,759 $
171,452,929 $
173,340,586
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-
-
-
-
-
B Legal Requirement
$
109,538,338
$
74,059,174
$
125,902,613 $
165,303,759 $
171,452,929 $
173,340,586
C Cushion
$
236,201,014 $
111,236,589 $
355,251,082 $
288,988,952 $
276,929,008 $
225,966,377
Rate Covenant
3.2 4.2
2.5 3.3
3.8 4.6
2.7 3.4
2.6 3.6
2.3 2.9
Debt Service Coverage
(1) Net Revenues used for Debt Service Coverage includes Hatem Bridge Net Revenues and Investment Income that are not included in the Rate Covenant calculation. (2) Annual M&O Budget is based on the M&O portion of the CTP, with the minimum reserve funding level to be maintained at approximately $50 million.
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