Dulles Corridor Enterprise Financial Report for the Year Ended December 31, 2016 (Preliminary Unaudited) UNAUDITED COPY

Transcription

1 Dulles Corridor Enterprise Financial Report for the Year Ended December 31, 2016 (Preliminary Unaudited) Prepared by the Office of Finance February 2017

2 Dulles Corridor Enterprise Preliminary December 2016 Financial Report Toll Road Revenue Total Revenues for 2016 are $151.7 million Revenue is 0.2% higher than prior year At 100% through the year, revenues are at 96.7% of annual budgeted revenues Revenues are 3.3% lower than forecast $14,000,000 $13,000,000 $12,000,000 $11,000,000 $10,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,

3 Dulles Corridor Enterprise Preliminary December 2016 Financial Report Toll Road Transactions Total transactions for 2016 are 97.7 million Transactions are 0.5% lower than prior year Transactions are 2.1% lower than forecast Electronic toll collections up 0.7% at 84.9% for 2016 (1) 9,000,000 8,500,000 8,000,000 7,500,000 7,000,000 6,500,000 6,000,000 5,500,000 5,000,000 (1) Electronic Tolls percentage is a percentage of total revenue

4 Dulles Corridor Enterprise Preliminary December 2016 Financial Report Toll Road Expenses Expenses for 2016 are $28.8 million Expenses are 1.1% higher than prior year At 100% through the year, expenses are at 92.5% of annual budgeted expenditures Expenses are 7.5% lower than forecast

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6 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE FUND FINANCIAL REPORT DECEMBER 2016 Table of Contents Page Highlights Dulles Corridor Enterprise Highlights...1 DCE Analysis of Financial Indicators...2 Statement of Net Position Dulles Corridor Enterprise Comparative Income Statement...5 Income Statements by Programs Dulles Corridor Enterprise Income Statement: Month-to-Date...6 Dulles Corridor Enterprise Income Statement: Year-to-Date...7 Operations and Maintenance Program DCE O&M Month/Year/Budget...8 DCE O&M Comparative Income Statement Toll Road Comparative Analysis of Revenues & Expenses Toll Road Comparative Analysis Month...10 Toll Road Comparative Analysis Year Actual versus Budget Summary Toll Road Revenues Actual vs. Budget Summary...12 Toll Road Expenses Actual vs. Budget Summary...13 Debt Service Coverage Ratio Dulles Corridor Enterprise Debt Service Coverage...14 Toll Road Charts Dulles Corridor Enterprise Toll Road Transactions & Graph...15 Dulles Corridor Enterprise Toll Road Revenues & Graph...16

7 Metropolitan Washington Airports Authority Financial Statements December 2016 (Preliminary) Dulles Corridor Enterprise Fund Highlights in Brief The increase in net position (i.e. net income) for the Dulles Corridor Enterprise Fund in December 2016 was $15.5 million. Year-to-date, the increase in net position for the Dulles Corridor Enterprise Fund was $260.2 million, including the transfer of $36.1 million to WMATA for the Metrorail Silver line (phase 1) for the year December 2016 operations of the Dulles Toll Road resulted in total revenues of $12.2 million, of which $1.5 million was in cash toll collections, and $10.4 million (85.1%) was in AVI toll collections. Total revenues decreased $0.1 million (0.9%) compared to November As compared to December 2015, revenues decreased $0.3 million (2.2%). Year-to-date revenues through December 2016 totaled $151.7 million, which was $0.3 million (0.2%) higher than year-to-date December December 2016 operating expenses for the Dulles Toll Road operations were $2.5 million. This is an increase from November 2016 by $0.2 million primarily due to increases in salaries and related benefits and ETC transaction fees offset by decreases in services, telecommunication expenses, and depreciation and amortization. Year-to-date expenses through December 2016 totaled $29.1 million, which was $0.1 million (0.5%) higher than year-to-date December 2015 primarily due to increase in ETC transaction fees of $0.7 million offset by decreases in salaries and related benefits of $0.2 million, materials and supplies of $0.1 million, insurance of $0.1 million and depreciation and amortization of $0.2 million. Operating income for the Dulles Toll Road for December 2016 was $9.7 million, which was $0.3 million lower than November Year-todate operating income through December 2016 was $122.7 million, which was $0.2 million higher than prior year. Twelve months into the year, or 100% through the year, the Toll Road operation has earned 96.7% of budgeted annual revenues and expended 92.5% of budgeted annual expenses. The DCE CIP program had $0.6 million in operating expenses for December Operating expenses for the DCE CIP program consist primarily of allocated overhead expenses, bond cost of issuance expense and audit related expenses. Year-to-date operating expenses through December 2016 were $14.3 million. Federal grant revenue of $4.2 million and Local contributions of $23.2 million were recognized for the Rail project in December Yearto-date through December 2016, the rail project has recognized $64.3 million in Federal grants, $30.0 million in State grants and $208.2 million in Local contributions. Additional Federal grant revenue of $1.1 million was recorded in December 2016 relating to the Build America Bond interest subsidy, bringing the year-to-date subsidy amount to $13.6 million. The Rail project recorded $16.1 million in construction in progress for Phase 1 and $34.5 million for Phase 2 in December Year-to-date Rail project costs totaled $36.1 million for Phase 1 and $437.5 million for Phase 2. 1

8 Financial Indicators (Preliminary) Dulles Corridor Enterprise Fund Period Ended December 31, 2016 Actuals versus Budget Actuals Current Year- to- Date Prior Year-to- Date Percent Change PY to CY Percent Change CY Pro-Rated Budget to Budget Seasonalized Budget Percent Change CY to Seasonalized Budget Actual YTD Compared to Prior YTD Actual YTD Compared to Budget Tolls - Cash $ 22,883,076 $23,869,669 (4.1%) $ 22,476, % $ 22,476, % Tolls - AVI (Electronic Tolls) 128,853, ,562, % 134,495,799 (4.2%) 134,495,799 (4.2%) Total Revenue $ 151,736,808 $ 151,431, % $ 156,972,000 (3.3%) $ 156,972,000 (3.3%) Actual YTD Compared to Seasonalized Budget Personnel Compensation 5,630,508 5,261, % $ 5,249, % $ 5,249, % Employee Benefits 1,876,291 2,434,969 (22.9%) 2,267,077 (17.2%) 2,267,077 (17.2%) Services 19,914,149 19,214, % 21,654,804 (8.0%) 21,654,804 (8.0%) Supplies and Materials 541, ,067 (14.9%) 790,691 (31.5%) 790,691 (31.5%) Lease and Rental Expenses (96.4%) 10,386 (99.8%) 10,386 (99.8%) Utilities 215, , % 233,668 (7.7%) 233,668 (7.7%) Telecommunications 102, ,824 (36.5%) 154,452 (33.5%) 154,452 (33.5%) Travel 26,653 24, % 22, % 22, % Insurance 451, ,832 (12.5%) 714,000 (36.8%) 714,000 (36.8%) Project expenses N/A - N/A - N/A N/A N/A N/A Non-capital Equipment (Gains) (15) (15,263) 99.9% - N/A - N/A N/A N/A Total Expenses before Depreciation & Non-Toll Road Expenses $ 28,758,931 $ 28,434, % $ 31,096,959 (7.5%) $ 31,096,959 (7.5%) Operating Income (Loss) before Depreciation & Non-Toll Road Expenses $ 122,977,878 $ 122,997,573 (0.0%) $ 125,875,041 (2.3%) $ 125,875,041 (2.3%) Depreciation and Amortization 7,241,137 7,261,297 (0.3%) N/A N/A N/A N/A Other Non-Toll Road Expenditures 7,916,784 8,930,815 (11.4%) N/A N/A N/A N/A Total Expenses $ 43,916,852 $ 44,626,298 (1.6%) N/A N/A N/A N/A Operating Income (Loss) $ 107,819,957 $ 106,805, % N/A N/A N/A N/A Additional Dulles Corridor Enterprise Fund Information: Percent Change CY to Seasonalized Budget Actual YTD Compared to Seasonalized Budget Percent Change PY to CY Pro-Rated Budget Percent Change CY to Budget Seasonalized Budget Actual YTD Compared to Prior YTD Actual YTD Compared to Budget 97,718,528 98,240,643 (0.5%) 99,775,000 (2.1%) 99,775,000 (2.1%) 7,862,834 8,122,250 (3.2%) 8,314,583 (5.4%) 8,268,600 (4.9%) # Toll Transactions - year-to-date # Toll Transactions - current month Electronic Tolls - year-to-date percent (1) 84.9% 84.2% 0.7% N/A N/A N/A N/A N/A N/A Federal Grant Revenue - year-to-date $ 77,936,449 $ 56,550, % N/A N/A N/A N/A N/A N/A State/Local Grant Revenue - year-to-date $ 30,000,000 $ 30,000, % N/A N/A N/A N/A N/A N/A Local/MWAA Contribution to Rail Project (Phase 1&2) - year-to-date $ 208,168,959 $ 116,190, % N/A N/A N/A N/A N/A N/A Transfer of Rail Project Phase 1 to WMATA - year-to-date $ 36,073,867 $ 86,661,708 (58.4%) N/A N/A N/A N/A N/A N/A Capital Equipment - year-to-date $ 109,272 $ (133,760) 181.7% $ 96, % $ 96, % (1) Electronic Tolls percentage is a percentage of total revenue 2

9 Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) MWAA Corporate Ledger Date: 03 FEB 17 10:04:26 Statement of Net Position Dulles Corridor Enterprise Page: 1 Current Period: Adj1 16 As of Adj1 16 As of Prior Month ASSETS Current Assets Unrestricted cash and cash equivalents $ 234,632,901 $ 241,287,394 Restricted cash and cash equivalents 153,885, ,725,766 Accounts receivable, net 588, ,656 Investments Inventory 311, ,398 Prepaid expenses and other current assets 315, ,946 Total Current Assets 389,734, ,155,161 Non Current Assets Restricted Assets Cash and cash equivalents 159,816, ,979,685 Receivables 167,842, ,278,699 Investments 411,070, ,339,765 Payments made in advance 58,706 Total Restricted Assets 738,729, ,656,856 Unrestricted Assets Investments Bond Issuance Costs 14,493,216 14,605,272 Other Assets 38,183 38,183 Total Unrestricted 14,531,400 14,643,455 Capital Assets Construction in progress 25,430,137 13,996,179 Construction in Progress, Metrorail Phase 1 (4,548,966) Construction in Progress, Metrorail Phase 2 1,163,079,627 1,128,629,186 Building, systems and equipment 114,147,202 99,064,395 Less: accumulated depreciation (20,529,698) (19,930,422) Capital Assets, Net 1,282,127,268 1,217,210,372 Total Non Current Assets 2,035,388,366 2,141,510,683 Total Assets $ 2,425,122,838 $ 2,540,665,844 =============== =============== DEFERRED OUTFLOWS OF RESOURCES Deferred outflows pension plans $ 959,768 $ 959,768 Total Deferred Outflows of Resources $ 959,768 $ 959,768 =============== =============== 3

10 Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) MWAA Corporate Ledger Date: 03 FEB 17 10:04:26 Statement of Net Position Dulles Corridor Enterprise Page: 2 Current Period: Adj1 16 As of Adj1 16 As of Prior Month LIABILITIES Current Liabilities Accounts payable and accrued expenses $ 132,232,280 $ 139,755,069 Advance billings and payments received in advance 66,122,979 66,122,979 Due to (due from) other funds (36,482,073) (17,919,042) Accrued interest payable 22,583,413 16,005,686 Current portion of long term liabilities 4,032,707 4,032,707 Total Current Liabilities 188,489, ,997,399 Non Current Liabilities Other liabilities 250,056, ,064,718 Net pension liability 413, ,032 Commercial paper notes 181,000, ,000,000 Notes payable 0 100,000,000 Accretted debt 302,418, ,443,107 TIFIA Payable 491,484, ,846,422 Bonds payable 1,695,432,521 1,695,587,204 Total Non Current Liabilities 2,920,805,170 3,032,354,483 Total Liabilities $ 3,109,294,476 $ 3,240,351,882 =============== =============== DEFERRED INFLOWS OF RESOURCES Deferred inflows pension plans $ (952,389) $ (952,389) Total Deferred Inflows of Resources $ (952,389) $ (952,389) =============== =============== NET POSITION Net Investment in Capital Assets $(1,018,034,114) $(1,003,832,659) Restricted for: Construction 331,159, ,706,261 Debt service 14,815, ,647,564 Dulles Rail latent defects 15,012,821 15,012,685 Dulles Toll Road repairs 8,333,512 8,351,875 Unrestricted (33,545,893) (40,659,608) Total Net Position $ (682,259,481) $ (697,773,881) =============== =============== 4

11 Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) MWAA Corporate Ledger Date: 03 FEB 17 10:07:36 Dulles Corridor Enterprise Fund Comparative Income Statement Page: 1 Current Period: Adj1 16 Current Month Prior Month Variance Current Month Variance Year to Date Year to Date Variance Prior Year Prior Year OPERATING REVENUES Tolls cash $ 1,527,289 $ 1,530,448 $ (3,159) $ 1,652,161 $ (124,872) $ 19,504,356 $ 21,014,376 $ (1,510,021) Tolls AVI 10,401,977 10,450,752 (48,775) 10,621,140 (219,163) 128,853, ,562,089 1,291,643 Tolls violations 296, ,630 (59,483) 239,188 56,959 3,378,720 2,855, ,427 Total operating revenues 12,225,413 12,336,830 (111,417) 12,512,489 (287,076) 151,736, ,431, ,049 OPERATING EXPENSES Salaries and related benefits 1,082, , ,639 2,200,643 (1,117,743) 10,364,633 10,820,154 (455,521) Services 491,941 1,091,427 (599,486) 1,163,424 (671,483) 13,540,083 13,727,200 (187,117) ETC transaction fees 1,029, , , , ,884 10,077,454 9,362, ,453 Materials and supplies 30,583 30, ,128 (11,545) 644, ,156 (60,042) Lease and rental expenses (699) 65 (764) (2,394) 1, (559) Utilities (55,369) 25,888 (81,258) 145,923 (201,292) 245, ,593 (103,599) Telecommunication (10,084) 24,899 (34,983) 35,992 (46,076) 273, ,078 (32,143) Travel 6,747 2,582 4,166 6, ,205 41,092 4,113 Insurance 44,653 63,129 (18,477) 73,885 (29,232) 451, ,832 (64,730) Project expenses 63,634 28,897 34, ,445 (500,811) 1,033,307 1,553,648 (520,341) Non cash expenses (gains) (38) (8) (30) (254) 217 (124) (15,324) 15,199 Depreciation and amortization 376, ,008 (238,275) 700,068 (323,336) 7,241,137 7,261,297 (20,159) Total operating expenses 3,060,366 3,608,350 (547,984) 5,637,798 (2,577,432) 43,916,852 44,626,298 (709,446) OPERATING INCOME 9,165,047 8,728, ,568 6,874,691 2,290, ,819, ,805,461 1,014,496 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) (312,351) (5,584,210) 5,271,859 (3,371,053) 3,058,702 (5,947,867) (4,992,263) (955,604) Realized investment gains (losses) 394, ,097 (12,678) 2,940,557 (2,546,138) 7,848,985 6,887, ,007 Interest expense (10,644,550) (11,046,480) 401,930 (10,372,124) (272,426) (129,524,735) (122,617,710) (6,907,025) Other Income 5,877,306 (5,877,306) Contributions from/(to) other governments 11,578,958 23,492,143 (11,913,185) 1,862,273 9,716, ,095,093 29,529, ,565,839 Total non operating revenues (expenses) 1,016,476 7,268,550 (6,252,074) (8,940,347) 9,956,823 44,471,477 (85,315,435) 129,786,912 GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 10,181,523 15,997,029 (5,815,506) (2,065,656) 12,247, ,291,434 21,490, ,801,408 CAPITAL CONTRIBUTIONS Federal grants 5,332,877 2,719,028 2,613,849 6,788,349 (1,455,472) 77,936,449 56,550,351 21,386,099 State grants 30,000,000 30,000,000 Local grants Total capital contributions 5,332,877 2,719,028 2,613,849 6,788,349 (1,455,472) 107,936,449 86,550,351 21,386,099 INCREASE (DECREASE) IN NET POSITION $ 15,514,400 $ 18,716,057 $ (3,201,657) $ 4,722,693 $ 10,791,707 $ 260,227,883 $ 108,040,377 $ 152,187,507 ============================== =============== ============================== =============== =============== =============== 5

12 Currency: USD No specific Ledger requested MWAA Corporate Ledger Date: 03 FEB 17 10:10:41 Dulles Corridor Enterprise by Programs Month to Date Page: 1 Current Period: Adj1 16 O&M R&R CIP Total Month of Adj1 16 Month of Adj1 16 Month of Adj1 16 Month of Adj1 16 OPERATING REVENUES Tolls cash $ 1,527,289 $ 1,527,289 Tolls AVI 10,401,977 10,401,977 Tolls violations 296, ,148 Total operating revenues 12,225,413 12,225,413 OPERATING EXPENSES Salaries and related benefits 1,034,430 48,470 1,082,900 Services 576,767 (56,551) (28,275) 491,941 ETC transaction fees 1,029,366 1,029,366 Materials and supplies (8,620) 39,204 30,583 Lease and rental expenses (592) (107) (699) Utilities 42,328 (97,697) (55,369) Telecommunication (53,706) 43,622 (10,084) Travel 3,562 3,186 6,747 Insurance 44, ,653 Project expenses 32 63,602 63,634 Non cash expenses (gains) 25 (63) (38) Depreciation and amortization (147,768) 13, , ,732 Total operating expenses 2,520,475 (42,672) 582,563 3,060,366 OPERATING INCOME 9,704,939 42,672 (582,563) 9,165,047 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) (312,351) (312,351) Realized investment gains (losses) 26, , ,420 Interest expense (2) (10,644,549) (10,644,550) Contributions from/(to) other governments 11,578,958 11,578,958 Total non operating revenues (expenses) 26, ,906 1,016,476 GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 9,731,508 42, ,343 10,181,523 CAPITAL CONTRIBUTIONS Federal grants 5,332,877 5,332,877 State grants Local grants Total capital contributions 5,332,877 5,332,877 INCREASE (DECREASE) IN NET POSITION $ 9,731,508 $ 42,672 $ 5,740,220 $ 15,514,400 ============== ============== ============== =============== 6

13 Currency: USD No specific Ledger requested MWAA Corporate Ledger Date: 03 FEB 17 10:15:08 Dulles Corridor Enterprise by Programs Page: 1 Current Period: Adj1 16 O&M R&R CIP Total YTD Adj1 16 YTD Adj1 16 YTD Adj1 16 YTD Adj1 16 OPERATING REVENUES Tolls cash $ 19,504,356 $ 19,504,356 Tolls AVI 128,853, ,853,732 Tolls violations 3,378,720 3,378,720 Total operating revenues 151,736, ,736,808 OPERATING EXPENSES Salaries and related benefits 7,506,799 2,857,834 10,364,633 Services 9,836, ,914 3,431,474 13,540,083 ETC transaction fees 10,077,454 10,077,454 Materials and supplies 541, , ,114 Lease and rental expenses 20 (9) 11 Utilities 215,686 30, ,994 Telecommunication 102, , ,935 Travel 26,653 18,552 45,205 Insurance 451, ,102 Project expenses , ,955 1,033,307 Non cash expenses (gains) (15) (110) (124) Depreciation and amortization 303, ,576 6,749,351 7,241,137 Total operating expenses 29,062, ,520 14,334,190 43,916,852 OPERATING INCOME 122,674,667 (520,520) (14,334,190) 107,819,957 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) (5,947,867) (5,947,867) Realized investment gains (losses) 260,344 7,588,642 7,848,985 Interest expense (5) (129,524,730) (129,524,735) Contributions from/(to) other governments 172,095, ,095,093 Total non operating revenues (expenses) 260,339 44,211,138 44,471,477 GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 122,935,006 (520,520) 29,876, ,291,434 CAPITAL CONTRIBUTIONS Federal grants 77,936,449 77,936,449 State grants 30,000,000 30,000,000 Local grants Total capital contributions 107,936, ,936,449 INCREASE (DECREASE) IN NET POSITION $ 122,935,006 $ (520,520) $ 137,813,397 $ 260,227,883 =============== =============== =============== =============== 7

14 Currency: USD Fund=70 (O&M Dulles Corridor Enterprise Operations and Maintenance Program) MWAA Corporate Ledger Date: 06 FEB 17 11:41:57 Fund 70 MTD / YTD / Comparison to Budget Page: 1 Current Period: Adj1 16 Annual Budget MTD Actual MTD Budget MTD Variance YTD Actual YTD Budget YTD Variance Annual Budget Remaining OPERATING REVENUES Tolls cash $ 1,527,289 $ 1,811,207 $ (283,917) $ 19,504,356 $ 22,476,201 $ (2,971,845) $ 22,476,201 $ 2,971,845 Tolls AVI 10,401,977 11,197,493 (795,517) 128,853, ,495,799 (5,642,067) 134,495,799 5,642,067 Tolls violations 296, ,148 3,378, ,378,720 0 (3,378,720) Total operating revenues 12,225,413 13,008,700 (783,287) 151,736, ,972,000 (5,235,192) 156,972,000 5,235,192 OPERATING EXPENSES Salaries and related benefits 1,034, , ,496 7,506,799 7,516,878 (10,079) 7,516,878 10,079 Services 576,767 1,143,580 (566,813) 9,836,695 12,750,901 (2,914,206) 12,750,901 2,914,206 ETC transaction fees 1,029, , ,397 10,077,454 8,903,903 1,173,551 8,903,903 (1,173,551) Materials and supplies (8,620) 121,721 (130,341) 541, ,691 (249,174) 790, ,174 Lease and rental expenses (592) 865 (1,458) 20 10,386 (10,366) 10,386 10,366 Utilities 42,328 19,472 22, , ,668 (17,982) 233,668 17,982 Telecommunication (53,706) 12,871 (66,577) 102, ,452 (51,754) 154,452 51,754 Travel 3, ,638 26,653 22,080 4,573 22,080 (4,573) Insurance 44,652 59,500 (14,848) 451, ,000 (262,898) 714, ,898 Project expenses (321) Non cash expenses (gains) (15) 0 (15) 0 15 Depreciation and amortization (147,768) 0 (147,768) 303, ,210 0 (303,210) Total operating expenses 2,520,475 2,778,835 (258,361) 29,062,141 31,096,959 (2,034,818) 31,096,959 2,034,818 OPERATING INCOME 9,704,939 10,229,865 (524,926) 122,674, ,875,041 (3,200,374) 125,875,041 3,200,374 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) Realized investment gains (losses) 26, , , ,344 0 (260,344) Interest expense (2) 0 (2) (5) 0 (5) 0 5 Total non operating revenues (expenses) 26, , , ,339 0 (260,339) GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 9,731,508 10,229,865 (498,357) 122,935, ,875,041 (2,940,035) 125,875,041 2,940,035 CAPITAL CONTRIBUTIONS Federal grants State grants Local grants Total capital contributions INCREASE (DECREASE) IN NET POSITION $ 9,731,508 $ 10,229,865 $ (498,357) $ 122,935,006 $ 125,875,041 $ (2,940,035) $ 125,875,041 $ 2,940,035 ============= ============= ============== ============== ============== ============== ============== ============== 8

15 MWAA Corporate Ledger Date: 08 FEB 17 10:19:05 DCE O&M Comparative Income Statement Page: 1 Current Period: Adj1 16 Currency: USD Fund=70 (O&M Dulles Corridor Enterprise Operations and Maintenance Program) Current Month Prior Month Variance Current Month Variance Year to Date Year to Date Variance Prior Year Prior Year OPERATING REVENUES Tolls cash $ 1,527,289 $ 1,530,448 $ (3,159) $ 1,652,161 $ (124,872) $ 19,504,356 $ 21,014,376 $ (1,510,021) Tolls AVI 10,401,977 10,450,752 (48,775) 10,621,140 (219,163) 128,853, ,562,089 1,291,643 Tolls violations 296, ,630 (59,483) 224,957 71,190 3,378,720 2,841, ,658 Total operating revenues 12,225,413 12,336,830 (111,417) 12,498,258 (272,845) 151,736, ,417, ,281 OPERATING EXPENSES Salaries and related benefits 1,034, , ,409 1,445,757 (411,327) 7,506,799 7,696,173 (189,374) Services 576, ,198 (115,431) 885,642 (308,874) 9,836,695 9,852,600 (15,905) ETC transaction fees 1,029, , , , ,884 10,077,454 9,362, ,453 Materials and supplies (8,620) 24,229 (32,849) 20,332 (28,952) 541, ,067 (94,551) Lease and rental expenses (592) 56 (648) (1,265) (538) Utilities 42,328 14,251 28,077 18,195 24, , ,277 15,410 Telecommunication (53,706) 13,297 (67,004) (36,057) (17,650) 102, ,824 (59,126) Travel 3,562 1,186 2,376 2,504 1,057 26,653 24,116 2,537 Insurance 44,652 63,130 (18,477) 73,885 (29,233) 451, ,832 (64,730) Project expenses Non cash expenses (gains) 25 (39) 64 (145) 170 (15) (15,263) 15,249 Depreciation and amortization (147,768) 41,597 (189,365) 100,416 (248,184) 303, ,488 (176,277) Total operating expenses 2,520,475 2,321, ,370 3,216,747 (696,272) 29,062,141 28,913, ,468 OPERATING INCOME 9,704,939 10,015,725 (310,786) 9,281, , ,674, ,503, ,813 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) Realized investment gains (losses) 26,571 27,390 (819) 2,137 24, ,344 (245,310) 505,653 Interest expense (2) (3) 2 0 (2) (5) (1,202) 1,197 Total non operating revenues (expenses) 26,570 27,386 (817) 2,137 24, ,339 (246,512) 506,851 GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 9,731,508 10,043,111 (311,603) 9,283, , ,935, ,257, ,663 CAPITAL CONTRIBUTIONS Federal grants State grants Local grants Total capital contributions INCREASE (DECREASE) IN NET POSITION $ 9,731,508 $ 10,043,111 $ (311,603) $ 9,283,649 $ 447,860 $ 122,935,006 $ 122,257,343 $ 677,663 ============================== =============== ============================== =============== =============== =============== 9

16 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE (TOLL ROAD ONLY) COMPARATIVE ANALYSIS OF REVENUE AND EXPENSES (GAAP BASIS) - PRELIMINARY THIS MONTH VS. LAST MONTH AND LAST YEAR FOR THE MONTH ENDED DECEMBER 31, 2016 DULLES TOLL ROAD % LAST YR. % DECEMBER 2016 NOVEMBER 2016 VARIANCE CHANGE (SAME MONTH) DIFF. CHANGE TOLLS - CASH $ 1,527,289 $ 1,530,448 $ (3,159) (0.2%) $ 1,652,161 $ (124,872) (7.6%) TOLLS - AVI 10,401,977 10,450,752 (48,775) (0.5%) 10,621,140 (219,163) (2.1%) TOLLS - VIOLATIONS/OTHER 296, ,630 (59,483) (16.7%) 224,957 71, % TOLLS - CASH OVER/SHORT TOTAL REVENUES 12,225,413 12,336,830 (111,417) (0.9%) 12,498,258 (272,845) (2.2%) SALARIES AND RELATED BENEFITS 1,034, , , % 1,445,757 (411,328) (28.5%) SERVICES 576, ,198 (115,431) (16.7%) 885,642 (308,874) (34.9%) ETC TRANSACTION FEES 1,029, , , % 707, , % MATERIALS AND SUPPLIES (8,620) 24,229 (32,849) (135.6%) 20,332 (28,952) (142.4%) LEASE AND RENTAL EXPENSES (592) 56 (648) (1157.1%) (1,265) % UTILITIES 42,328 14,251 28, % 18,195 24, % TELECOMMUNICATION EXPENSES (53,706) 13,297 (67,004) (503.9%) (36,057) (17,650) (49.0%) TRAVEL 3,562 1,186 2, % 2,504 1, % INSURANCE 44,652 63,130 (18,477) (29.3%) 73,885 (29,233) (39.6%) NON-CAPITALIZED FACILITY PROJECTS N/A 32 N/A NON-CASH EXPENSES 25 (39) % (145) % DEPRECIATION AND AMORTIZATION (147,768) 41,597 (189,365) (455.2%) 100,416 (248,184) (247.2%) TOTAL EXPENSES 2,520,475 2,321, , % 3,216,747 (696,272) (21.6%) OPERATING INCOME 9,704,939 10,015,725 (310,786) (3.1%) 9,281, , % NON-OPERATING INCOME (EXPENSE) 26,570 27,386 (817) (3.0%) 2,137 24, % NET INCOME $ 9,731,508 $ 10,043,111 $ (311,603) (3.1%) $ 9,283,649 $ 447, % TOLL ROAD REVENUES $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 TOLLS - CASH TOLLS - AVI TOLLS - VIOLATIONS DECEMBER 2015 DECEMBER 2016 NOVEMBER

17 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE (TOLL ROAD ONLY) COMPARATIVE ANALYSIS OF REVENUE AND EXPENSES (GAAP BASIS) - PRELIMINARY YEAR-TO-DATE THIS YEAR VS. LAST YEAR DULLES TOLL ROAD YEAR-TO-DATE YEAR-TO-DATE % DECEMBER 31, 2016 DECEMBER 31, 2015 VARIANCE CHANGE TOLLS - CASH $ 19,504,356 $ 21,014,376 $ (1,510,021) (7.2%) TOLLS - AVI 128,853, ,562,089 1,291, % TOLLS - VIOLATIONS/OTHER 3,378,720 2,841, , % TOLLS - CASH OVER/SHORT TOTAL REVENUES 151,736, ,417, , % SALARIES AND RELATED BENEFITS 7,506,799 7,696,173 (189,374) (2.5%) SERVICES 9,836,695 9,852,600 (15,905) (0.2%) ETC TRANSACTION FEES 10,077,454 9,362, , % MATERIALS AND SUPPLIES 541, ,067 (94,551) (14.9%) LEASE AND RENTAL EXPENSES (538) (96.4%) UTILITIES 215, ,277 15, % TELECOMMUNICATION EXPENSES 102, ,824 (59,126) (36.5%) TRAVEL 26,653 24,116 2, % INSURANCE 451, ,832 (64,730) (12.5%) NON-CAPITALIZED FACILITY PROJECTS N/A NON-CASH EXPENSES (15) (15,263) 15, % DEPRECIATION AND AMORTIZATION 303, ,488 (176,277) (36.8%) TOTAL EXPENSES 29,062,141 28,913, , % OPERATING INCOME 122,674, ,503, , % NON-OPERATING INCOME (EXPENSE) 260,339 (246,512) 506, % NET INCOME $ 122,935,006 $ 122,257,343 $ 677, % TOLL ROAD YEAR-TO-DATE REVENUES $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 TOLLS - CASH TOLLS - AVI TOLLS - VIOLATIONS/OTHER DECEMBER 31, 2015 DECEMBER 31,

18 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY ACTUAL VS BUDGET REVENUE SUMMARY (PRELIMINARY) DULLES CORRIDOR ENTERPRISE FUND - TOLL ROAD PERIOD ENDED DECEMBER 31, 2016 NOTE: 100% OF YEAR COMPLETED YEAR-TO-DATE ANNUAL BUDGET REMAINING % EARNED % EARNED REVENUES: TOLLS - CASH $ 22,883,076 $ 22,475,500 $ (407,576) 101.8% 88.9% TOLLS - AVI 128,853, ,496,500 5,642, % 100.2% TOTAL REVENUES $ 151,736,808 $ 156,972,000 $ 5,235, % 98.2% % EARNED 107.9% 99.6% 91.3% 83.0% 74.7% 66.4% 58.1% 49.8% 41.5% 33.2% 24.9% 16.6% 8.3% 0.0% TOLLS CASH 100% OF YEAR COMPLETED TOLLS AVI

19 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY ACTUAL VS BUDGET EXPENSE SUMMARY (PRELIMINARY) DULLES CORRIDOR ENTERPRISE FUND - TOLL ROAD PERIOD ENDED DECEMBER 31, 2016 NOTE: 100% OF YEAR COMPLETED YEAR-TO-DATE ANNUAL BUDGET REMAINING % USED % USED OPERATING EXPENSES PERSONNEL COMPENSATION AND BENEFITS $ 7,506,799 $ 7,516,878 $ 10, % 103.6% TRAVEL 26,653 22,080 (4,573) 120.7% 90.2% LEASE AND RENTAL PAYMENTS 20 10,386 10, % 4.8% UTILITIES 215, ,668 17, % 93.5% TELECOMMUNICATIONS 102, ,452 51, % 73.6% SERVICES 19,914,149 21,654,805 1,740, % 89.8% SUPPLIES & MATERIALS 541, , , % 77.5% INSURANCE & RISK MANAGEMENT 451, , , % 64.4% NONCAPITAL EQUIPMENT (15) 38,747 38,762 (0.0%) (34.1%) NONCAPITAL PROJECTS (321.00) N/A N/A CAPITAL EQUIPMENT 109,272 96,000 (13,272) 113.8% (35.9%) CAPITAL FACILITY PROJECTS N/A N/A TOTAL EXPENSES $ 28,868,202 $ 31,192,959 $ 2,324, % 90.3% % OF BUDGET USED 124.5% 116.2% 107.9% 99.6% 91.3% 83.0% 74.7% 66.4% 58.1% 49.8% 41.5% 33.2% 24.9% 16.6% 8.3% 0.0% 100% OF YEAR COMPLETED

20 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE FUND DEBT SERVICE COVERAGE (PRELIMINARY) PERIOD ENDED DECEMBER 31, 2016 Requirements January February March April May June July August September October November December DTR Gross Toll Revenue $ 10,543,515 $ 22,248,183 $ 35,415,709 $ 48,312,039 $ 61,428,818 $ 74,883,245 $ 87,599,559 $ 100,821,539 $ 113,616,222 $ 127,174,565 $ 139,511,395 $ 151,736,808 Toll Road O&M Expense (Less Depreciation) (3,537,344) (5,912,043) (7,969,296) (10,165,000) (12,527,528) (13,952,193) (16,693,745) (19,060,375) (21,628,890) (23,811,181) (26,090,689) (28,758,931) Other Expense Other Income 5,445 24,345 48,019 69,710 82,863 96, , , , , , ,339 NET REVENUE AVAILABLE FOR DEBT SERVICE $7,011,616 $16,360,485 $27,494,432 $38,216,749 $48,984,153 $61,027,419 $71,018,535 $81,908,275 $92,167,026 $103,569,768 $113,654,474 $123,238,216 First Senior Lien, Series ,916 23,831 35,747 47,506 59,421 71,337 83,253 95, , , , ,831 Second Senior Lien, Series ,707,750 3,415,500 5,123,250 6,830,441 8,538,191 10,245,941 11,953,691 13,661,441 15,369,191 18,048,255 20,728,120 23,407,984 Less 35% subsidy on 2009 BAB's (1) (811,368) (1,622,736) (2,434,104) (3,245,473) (4,056,841) (4,868,209) (5,679,577) (6,490,945) (7,302,313) (8,112,811) (8,923,308) (9,733,806) Subordinate Lien, Series 2010 (2) 1,000,000 2,000,000 3,000,000 3,999,775 4,999,775 5,999,775 6,999,775 7,999,775 8,999,775 9,999,775 10,999,775 11,999,775 Less 35% subsidy on 2010 BAB's (1) (326,200) (652,400) (978,600) (1,304,800) (1,631,000) (1,957,200) (2,283,400) (2,609,600) (2,935,800) (3,261,650) (3,587,500) (3,913,350) CP Series 1 13,428 16,163 34,692 55, , , , , , , , ,909 Second Senior Lien, Series 2014A (3) 1,757,333 3,514,667 5,272,000 7,029,161 8,786,495 10,543,828 12,301,161 14,058,495 15,815,828 17,573,161 19,330,495 21,087,828 TOTAL DEBT SERVICE $3,352,859 $6,695,025 $10,052,985 $13,411,712 $16,812,244 $20,205,008 $23,578,002 $26,987,521 $30,357,741 $34,795,224 $39,211,569 $43,664,171 First Senior Lien Debt Service Coverage 2.00 x x x x x x x x x x x x x Second Senior Lien Debt Service Coverage 1.35 x 2.63 x 3.07 x 3.44 x 3.58 x 3.68 x 3.82 x 3.81 x 3.84 x 3.84 x 3.75 x 3.64 x 3.53 x Subordinate Lien Debt Service Coverage 1.20 x 2.09 x 2.44 x 2.73 x 2.85 x 2.91 x 3.02 x 3.01 x 3.04 x 3.04 x 2.98 x 2.9 x 2.82 x Note: Excludes any accretion associated with any liens. (1) The 2009D & 2010D BAB subsidies are reduced by 2.4% sequestration to 32.6%. (2) Net of interest earnings (3) Notes were refunded with the 2014A bond series in May

21 Dulles Corridor Enterprise Fund Dulles Toll Road Transaction Comparisons (Preliminary) Transaction 1 January February March April May June July August September October November December YTD Comparative Annual ,801,818 7,597,218 8,546,164 8,376,903 8,486,112 8,761,470 8,156,218 8,502,760 8,153,590 8,584,122 7,889,319 7,862,834 97,718,528 97,718, ,421,306 6,949,373 8,067,467 8,531,503 8,630,483 8,763,974 8,622,889 8,348,215 8,316,546 8,660,062 7,806,575 8,122,250 98,240,643 98,240, ,533,849 6,897,287 7,813,556 8,366,358 8,677,032 8,475,065 8,425,436 8,074,295 8,175,388 8,670,164 7,504,223 7,894,372 96,507,025 96,507, T&R Forecast 2 7,282,600 7,321,800 8,619,000 8,471,500 8,814,000 8,867,000 8,403,700 8,711,900 8,377,900 8,551,900 8,085,100 8,268,600 99,775,000 99,775,000 % of Forecast 93.4% 103.8% 99.2% 98.9% 96.3% 98.8% 97.1% 97.6% 97.3% 100.4% 97.6% 95.1% 97.9% Avg. Weekday Trans. 3 January February March April May June July August September October November December YTD Comparative Annual , , , , , , , , , , , ,926 3,750,603 3,750, , , , , , , , , , , , ,664 3,767,816 3,767, , , , , , , , , , , , ,584 3,697,783 3,697,783 9,000,000 8,500,000 8,000,000 7,500,000 7,000,000 6,500,000 Toll Road Transactions 6,000,000 5,500,000 5,000, T&R Forecast 1 Transactions include cash and credit card, automatic vehicle identification (i.e., E-ZPass), non-revenue transactions (e.g., emergency or military vehicles), and violations. 2 The 2016 T&R Forecast is based upon the CDM Smith Traffic and Revenue report 3 Weekdays exclude federal holidays and days in which federal government offices are closed. Effective January 1, 2013, toll rates increased 25 cents at the main toll plaza as well as the on/off ramps. Effective January 1, 2014, toll rates increased 75 cents at the main toll plaza. 15

22 Dulles Corridor Enterprise Fund Dulles Toll Road Revenue Comparison (Preliminary) January February March April May June July August September October November December YTD Comparative Annual 2016 $ 10,543,515 $ 11,704,668 $ 13,167,526 $ 12,896,331 $ 13,116,779 $ 13,454,426 $ 12,716,315 $ 13,221,979 $ 12,794,683 $ 13,558,343 $ 12,336,830 $ 12,225,413 $ 151,736,808 $ 151,736, $ 11,389,551 $ 10,642,237 $ 12,344,215 $ 13,092,256 $ 13,324,202 $ 13,442,996 $ 13,284,638 $ 12,991,819 $ 12,918,314 $ 13,374,739 $ 12,114,303 $ 12,512,489 $ 151,431,759 $ 151,431, ,628,573 10,649,396 12,024,127 12,881,743 13,288,581 13,173,845 12,991,259 12,548,064 12,777,532 13,127,022 11,523,551 12,039, ,652, ,652, ,053,324 9,443,886 10,204,385 10,830,020 11,411,164 10,787,616 10,820,010 11,114,413 10,778,250 11,503,339 10,339,310 9,774, ,059, ,059, T&R Forecast 1 11,457,500 11,519,200 13,559,800 13,327,900 13,866,700 13,950,100 13,221,200 13,706,100 13,180,600 13,454,300 12,719,900 13,008,700 $ 156,972, ,972,000 % of Forecast 92.0% 101.6% 97.1% 96.8% 94.6% 96.4% 96.2% 96.5% 97.1% 100.8% 97.0% 94.0% 96.7% 96.7% $14,000,000 Toll Road Revenue $13,000,000 $12,000,000 $11,000,000 $10,000,000 $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000, T&R Forecast1 Effective January 1, 2012, toll rates increased 25 cents at the main toll plaza. Effective January 1, 2013, toll rates increased 25 cents at the main toll plaza as well as the on/off ramps. Effective January 1, 2014, toll rates increased 75 cents at the main toll plaza. 1 The 2015 T&R Forecast is based upon the CDM Smith Traffic and Revenue report issued in April