J00J00 – Maryland Transportation Authority
Where It Goes:
Change
Contractual personnel expenses due to reduced reliance on contractual personnel ......................................................................................................... Other contracts for operations ........................................................................... Reduced IT equipment purchases based on need due to prior year purchases.......
-385 -499
-1,006
Total
$16,512
IT: information technology
Note: Numbers may not sum to total due to rounding.
Financial Forecast
Section 4-313 of the Transportation Article establishes the Transportation Authority Fund, a nonlapsing fund into which all MDTA revenues flow, except to the extent that revenues are pledged under a trust agreement. MDTA revenues come primarily from tolls, as well as from concessions income from travel plazas that it owns along I-95, investment income, and payments from MDOT. MDOT payments comprise reimbursement for police services provided at BWI Marshall Airport and the Port of Baltimore. To support its capital program, MDTA may issue toll revenue bonds with a maturity of up to 40 years. Typically, MDTA issues its toll revenue bonds with a 30-to-33-year maturity. The terms of MDTA’s trust agreement with its bondholders are the driving force in MDTA finances. Maintaining its debt service coverage and liquidity ratios is the primary concern, and all revenue adjustments and operating and capital expenditures are managed to maintain these ratios. To this end, MDTA develops and maintains a six-year financial forecast. Section 4-210 of the Transportation Article requires MDTA to provide the General Assembly with a copy of its financial forecast by September 1 of each year and in conjunction with submission of the Governor’s budget in January. Appendix 2 provides the detail of MDTA’s fiscal 2024 through 2030 financial forecast.
Fiscal 2026 Sources and Uses of Funding
Exhibit 3 shows the various sources of MDTA revenues in fiscal 2026. The primary source of MDTA funding is toll revenues, which are projected to total $757.5 million, or 54% of total fiscal 2026 revenues. The second-largest source of revenues in fiscal 2026 is bond proceeds to support the capital program, which total $570.9 million based on projected issuances of MDTA toll revenue bonds. Fiscal 2026 is projected to have the first new bond issuances since fiscal 2023. Intergovernmental revenue totals $41.6 million and includes funding reimbursements for MDTA police services provided at the Port of Baltimore and BWI Marshall Airport, and loan repayments and interest from loans issued to MDOT – MAA.
Analysis of the FY 2026 Maryland Executive Budget, 2025 7
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