Monday, June 15, 2009

Lower traffic and toll revenue prompts $108 Million decrease in NTTA 2009 Budget

NTTA Reduces 2009 Budget and Other Expense Estimates
By NTTA - June 15, 2009

Plano, TX – Today, at a meeting of the North Texas Tollway Authority (NTTA) Administration Committee, staff announced it reduced the 2009 budget and other expense estimates by approximately $108 million as a result of a 10.91% decrease in projected revenues for 2009. The revenue projections for 2009 were lowered by the NTTA’s traffic and revenue consultant after they reviewed the traffic numbers for the first four months of 2009.

The reductions were made in the capital improvement, reserve maintenance and feasibility study funds.

“We will continue to monitor the situation and make adjustments where necessary,” said Allen Clemson, the NTTA’s Executive Director. “Despite the reduction, projects such as the Lewisville Lake Toll Bridge, Eastern Extension of the President George Bush Turnpike and construction on the Sam Rayburn Tollway will remain on schedule. We will also continue serving our customers and working hard to meet our commitments to the region.”

Tomorrow, NTTA staff is expected to recommend a toll rate adjustment to the NTTA System Finance and Audit Commitee, including adjusting the rates, reset dates and adopting a distance-based toll.

About the NTTA

The North Texas Tollway Authority, a political subdivision of the state of Texas, is authorized to acquire, construct, maintain, repair and operate turnpike projects in the north Texas region. The nine-member governing board is comprised of Chairman Paul N. Wageman; Vice Chairman Victor Vandergriff; and Directors Kenneth Barr, Gary Base, Bob Day, David Denison, Michael Nowels, Bob Shepard and Alan E. Sims.

The NTTA serves Collin, Dallas, Denton and Tarrant counties and is responsible for the NTTA System, consisting of the Dallas North Tollway, President George Bush Turnpike, Sam Rayburn Tollway, Addison Airport Toll Tunnel, Lewisville Lake Toll Bridge and the Mountain Creek Lake Bridge. The NTTA is able to raise capital for construction projects through the issuance of turnpike revenue bonds. NTTA toll projects are not a part of the state highway system and receive no direct tax funding. Tolls are collected to repay debt and to operate and maintain the roadways.

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