FOR IMMEDIATE RELEASE
Transportation Corridor Agencies’ Boards Unanimously Approve Balanced Fiscal Year 2021 Budget with No Toll Rate Increase
Years of fiscal responsibility provide economic protection during pandemic
IRVINE, Calif. (June 17, 2020) – The Transportation Corridor Agencies’ (TCA) two Boards of Directors have unanimously approved a Fiscal Year 2021 (FY21) budget that addresses the unknown duration and impacts of COVID-19 and reflects a conservative approach that focuses on core operating necessities while reducing operating and capital expenditures by 51 percent.
The approved budget of $289.5 million – $135 million for the San Joaquin Hills Transportation Corridor Agency (SJHTCA) and $154.5 million for the Foothill/Eastern Transportation Corridor Agency (F/ETCA) – allows the Agencies to meet important financial obligations, reduce overall expenses and continue to advance priority projects – including the completion of Oso Parkway Bridge, the installation of new signage along The Toll Roads and completing final design of the 241/91 Express Connector Project.
“TCA’s history of fiscally responsible management and the steps taken over the last several years to manage debt, reduce expenditures and improve ridership have positioned the Agencies well to deal with the economic challenges of the pandemic,” said Amy Potter, the Agencies’ CFO. “Staff will continue to closely monitor progress as the economy recovers and customers return to The Toll Roads and make additional budget recommendations to the Board if needed.”
“I commend TCA staff for their work to completely redraft the nearly-finished FY21 budget when the pandemic struck,” said SJHTCA Chairwoman and Mission Viejo Mayor Pro Tem Trish Kelley. “From small businesses to large corporations to local households, we are all making pandemic-influenced financial decisions and we are all in this together.”
"This budget demonstrates our commitment to being financially responsible and mindful of the public’s concerns during uncertain times,” said F/ETCA Chairwoman and Irvine Mayor Christina Shea. “As the economy recovers, The Toll Roads will be there to welcome back drivers.”
“Staff worked closely with the Boards and their Committees over a series of eight meetings to ensure that TCA will make all of its bond covenant debt payments and will continue to fund the Capital Improvement Projects that are under construction or planned for completion by 2025 to reduce congestion and provide improved mobility,” said Samuel Johnson, TCA’s interim CEO.
For detailed transaction tables, financial reports and disclosure statements, visit https://thetollroads.com/about/investor.
The Transportation Corridor Agencies (TCA) are two joint powers authorities formed by the California legislature in 1986 to plan, finance, construct and operate Orange County’s public toll road system. Fifty-one miles of the system are complete, including the 73, 133, 241 and 261 Toll Roads. TCA continues to meet the region’s growing need for congestion-free transportation alternatives.
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