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 50,834,856
$
468,604,801 33,804,958
$
786,747,125 15,814,972
$
735,542,080 70,750,631
$
761,199,736 50,744,441
$
733,929,123
Based on YTD annualized.
Concession & Fee Revenues Operating Investment Income
57,865,910 Estimated.
-
-
-
-
-
-
No longer applicable.
Gross Revenues
$
614,169,660
$
502,409,759
$
802,562,097
$
806,292,711
$
811,944,177
$
791,795,034
Expenses Operating
Expenses exclude Hatem, Port & BWI Police.
$
216,481,527 51,948,781 268,430,308 345,739,352 10,260,896 23,640,047 379,640,295
$
258,714,219 58,399,778 317,113,997 185,295,763 16,686,345 1,184,224 203,166,332
$
291,465,317 29,943,085 321,408,402 481,153,695 16,262,337 (19,157,000) 478,259,032
$
319,206,937 32,793,063 352,000,000 454,292,711 7,760,000 6,725,656 468,778,367
$
361,487,000 2,075,240 363,562,240 448,381,937 15,565,228 45,543,000 509,490,165
$
390,977,460 2,244,540 393,222,000 398,573,034 11,544,000 7,418,976 417,536,009
General & Administrative
Total Expenses
$
$
$
$
$
$
A Net Revenues, Rate Covenant Coverage
$
$
$
$
$
$
Hatem Bridge Net Revenues
Investment Income
Net Revenues, Debt Service Coverage ¹
$
$
$
$
$
$
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
-
-
-
-
-
-
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
$
225,232,448
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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