Dulles Corridor Enterprise January 2017 Financial Report Prepared by the Office of Finance February 2017
Toll Road Revenue Dulles Corridor Enterprise January 2017 Financial Report $12.0 million year-to-date Revenue 14.1% higher than prior year-to-date At 8.3% through the year, revenues are at 7.8% of annual budgeted revenues Revenues are 9.3% higher 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 $5,000,000 2017 2016 2015
Dulles Corridor Enterprise January 2017 Financial Report Toll Road Transactions 7.7 million year-to-date transactions Transactions 13.5% higher than prior year-to-date Transactions 7.9% higher than forecast year-to-date Electronic toll collections up 1% at 88.6% (1) (1) Electronic Tolls percentage is a percentage of total revenue 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 2017 2016 2015
Dulles Corridor Enterprise January 2017 Financial Report Toll Road Expenditures $2.6 million year-to-date Expenditures 25.5% lower than prior year-to-date At 8.3% through the year, expenditures are at 8.7% of annual budgeted expenditures Expenses are 4.7% lower than forecast
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE FUND FINANCIAL REPORT JANUARY 2017 Table of Contents Page Highlights Dulles Corridor Enterprise Highlights...1 DCE Analysis of Financial Indicators...2 Statement of Net Position... 3-4 Dulles Corridor Enterprise Comparative Income Statement...5 Income Statements by Programs Dulles Corridor Enterprise Income Statement: Year-to-Date..6 Operations and Maintenance Program DCE O&M Month/Year/Budget...7 DCE O&M Comparative Income Statement.....8 Toll Road Comparative Analysis of Revenues & Expenses Toll Road Comparative Analysis Month...9 Toll Road Comparative Analysis Year........10 Actual versus Budget Summary Toll Road Revenues Actual vs. Budget Summary...11 Toll Road Expenses Actual vs. Budget Summary...12 Debt Service Coverage Ratio Dulles Corridor Enterprise Debt Service Coverage...13 Toll Road Charts Dulles Corridor Enterprise Toll Road Transactions & Graph...14 Dulles Corridor Enterprise Toll Road Revenues & Graph...15
Metropolitan Washington Airports Authority Financial Statements January 2017 Dulles Corridor Enterprise Fund Highlights in Brief The increase in net position (i.e. net income) for the Dulles Corridor Enterprise Fund in January 2017 was $9.0 million. January 2017 operations of the Dulles Toll Road resulted in total revenues of $12.0 million, of which $1.4 million was in cash toll collections, and $10.3 million (85.7%) was in AVI toll collections. Total revenues decreased by $0.2 million (1.6%) compared to December 2016. As compared to January 2016, revenues increased by $1.5 million (14.1%). January 2017 operating expenses for the Dulles Toll Road operations were $2.7 million. This is an increase from December 2016 by $0.1 million primarily due to increases in services, telecommunication expenses, and depreciation and amortization, offset by decreases in salaries and related benefits and ETC transaction fees. Operating income for the Dulles Toll Road for January 2017 was $9.4 million compared to operating income of $9.7 million for December 2016. As compared to January 2016, operating income was higher by $2.4 million. One month into the year, or 8.3% through the year, the Toll Road operation has earned 7.8% of budgeted annual revenues and expended 8.7% of budgeted annual expenses. The Dulles Corridor Enterprise Capital Improvement Program (CIP) had $1.1 million in operating expenses for January 2017. Operating expenses for the Dulles Corridor Enterprise CIP consist primarily of allocated overhead expenses, bond cost of issuance expense, audit related expenses, and depreciation. Federal grant revenue of $0.7 million and Local contributions of $9.3 million was recognized for the Rail project in January 2017. Additional Federal grant revenue of $1.1 million was recorded in January 2017 relating to the Build America Bond interest subsidy. The Rail project recorded $1.1 million in construction in progress for Phase 1 and $22.0 million for Phase 2 in January 2017. 1
0.916666667 Actuals Current Year- to- Date Financial Indicators (Preliminary) Dulles Corridor Enterprise Fund Period Ended January 31, 2017 Prior Year-to- Date Actuals versus Budget Percent Change PY to CY Pro-Rated Budget Percent Change CY to Budget Seasonalized Budget Percent Change CY to Seasonalized Budget Actual YTD Compared to Prior YTD Actual YTD Compared to Budget Actual YTD Compared to Seasonalized Budget Tolls - Cash $ 1,368,724 $ 1,309,304 4.5% $ 1,546,720 (11.5%) $ 1,320,600 3.6% Tolls - AVI (Electronic Tolls) 10,660,431 9,234,211 15.4% 11,342,613 (6.0%) 9,684,400 10.1% Total Revenue $ 12,029,155 $ 10,543,515 14.1% $ 12,889,333 (6.7%) $ 11,005,000 9.3% Personnel Compensation $ 471,670 $ 444,572 6.1% $ 444,297 6.2% $ 456,434 3.3% Employee Benefits 164,896 150,678 9.4% 159,696 3.3% 158,409 4.1% Services 1,892,683 2,702,513 (30.0%) 1,778,953 6.4% 1,958,885 (3.4%) Supplies and Materials 14,221 184,966 (92.3%) 54,095 (73.7%) 109,762 (87.0%) Lease and Rental Expenses - 56 (100.0%) 13 (100.0%) 13 (100.0%) Utilities 18,805 17,557 7.1% 19,323 (2.7%) 19,323 (2.7%) Telecommunications 8,506 11,866 (28.3%) 13,168 (35.4%) 13,168 (35.4%) Travel 2,355 2,021 16.5% 2,091 12.6% 2,091 12.6% Insurance 62,450 23,119 170.1% 46,664 33.8% 46,664 33.8% Non-capital Equipment (Gains) - (4) 100.0% - N/A - N/A N/A N/A Total Expenses before Depreciation & Non-Toll Road Expenses $ 2,635,585 $ 3,537,343 (25.5%) $ 2,518,301 4.7% $ 2,764,750 (4.7%) Operating Income (Loss) before Depreciation & Non-Toll Road Expenses $ 9,393,570 $ 7,006,172 34.1% $ 10,371,032 (9.4%) $ 8,240,250 14.0% Depreciation and Amortization 666,317 579,449 15.0% N/A N/A N/A N/A Other Non-Toll Road Expenditures 518,778 662,314 (21.7%) N/A N/A N/A N/A Total Expenses $ 3,820,680 $ 4,779,106 (20.1%) N/A N/A N/A N/A Operating Income (Loss) $ 8,208,475 $ 5,764,409 42.4% N/A N/A N/A N/A # Toll Transactions - year-to-date # Toll Transactions - current month Electronic Tolls - year-to-date percent (1) Federal Grant Revenue - year-to-date State/Local Grant Revenue - year-to-date Local/MWAA Contribution to Rail Project (Phase 1&2) - year-to-date Additional Dulles Corridor Enterprise Fund Information: Percent Change CY to Seasonalized Budget Actual YTD Compared to Seasonalized Budget Percent Percent Actual YTD Actual YTD Change Pro-Rated Change CY Seasonalized Compared to Compared to 2017 2016 PY to CY Budget to Budget Budget Prior YTD Budget 7,720,943 6,801,818 13.5% 8,352,167 (7.6%) 7,155,000 7.9% 7,720,943 6,801,818 13.5% 8,352,167 (7.6%) 7,155,000 7.9% 88.6% 87.6% 1.0% N/A N/A N/A N/A N/A N/A $ 1,794,529 $ 3,031,443 (40.8%) N/A N/A N/A N/A N/A N/A $ - $ - N/A N/A N/A N/A N/A N/A N/A N/A $ 9,304,716 $ 9,046,316 2.9% N/A N/A N/A N/A N/A N/A Transfer of Rail Project Phase 1 to WMATA - year-to-date $ - $ - N/A N/A N/A N/A N/A N/A N/A N/A Capital Equipment - year-to-date $ - $ - N/A $ 9,167 (100.0%) $ 9,167 (100.0%) N/A (1) Electronic Tolls percentage is a percentage of total revenue 2
Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) MWAA Corporate Ledger Date: 09 FEB 17 19:32:22 Statement of Net Position Dulles Corridor Enterprise Page: 1 Current Period: Jan 17 As of Jan 17 As of Adj1 16 ASSETS Current Assets Unrestricted cash and cash equivalents $ 237,569,346 $ 234,632,901 Restricted cash and cash equivalents 172,354,398 153,885,679 Accounts receivable, net 600,656 588,573 Investments Inventory 387,435 311,850 Prepaid expenses and other current assets 276,716 315,468 Total Current Assets 411,188,551 389,734,472 Non Current Assets Restricted Assets Cash and cash equivalents 207,783 159,816,844 Receivables 168,283,557 167,842,121 Investments 537,203,490 411,070,733 Total Restricted Assets 705,694,829 738,729,699 Unrestricted Assets Investments Bond Issuance Costs 14,381,161 14,493,216 Other Assets 38,183 38,183 Total Unrestricted 14,419,345 14,531,400 Capital Assets Construction in progress 20,837,828 20,664,496 Construction in Progress, Metrorail Phase 1 1,100,815 Construction in Progress, Metrorail Phase 2 1,185,127,098 1,163,079,627 Building, systems and equipment 118,832,856 118,832,856 Less: accumulated depreciation (21,149,709) (20,627,316) Capital Assets, Net 1,304,748,888 1,281,949,663 Total Non Current Assets 2,024,863,062 2,035,210,762 Total Assets $ 2,436,051,613 $ 2,424,945,234 =============== =============== DEFERRED OUTFLOWS OF RESOURCES Deferred outflows pension plans $ 959,768 $ 959,768 Total Deferred Outflows of Resources $ 959,768 $ 959,768 =============== =============== 3
Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) MWAA Corporate Ledger Date: 09 FEB 17 19:32:22 Statement of Net Position Dulles Corridor Enterprise Page: 2 Current Period: Jan 17 As of Jan 17 As of Adj1 16 LIABILITIES Current Liabilities Accounts payable and accrued expenses $ 142,434,337 $ 132,232,280 Advance billings and payments received in advance 66,122,979 66,122,979 Due to (due from) other funds (37,718,019) (36,482,073) Accrued interest payable 30,137,965 22,583,413 Current portion of long term liabilities 4,032,707 4,032,707 Total Current Liabilities 205,009,968 188,489,307 Non Current Liabilities Other liabilities 250,056,579 250,056,579 Net pension liability 413,032 413,032 Commercial paper notes 130,000,000 181,000,000 Notes payable 0 0 Accretted debt 305,394,219 302,418,663 TIFIA Payable 525,241,990 491,484,374 Bonds payable 1,695,271,028 1,695,432,521 Total Non Current Liabilities 2,906,376,848 2,920,805,170 Total Liabilities $ 3,111,386,816 $ 3,109,294,476 =============== =============== 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 $(1,013,873,292) $(1,018,211,718) Restricted for: Construction 337,157,495 331,159,142 Debt service 11,476,600 14,815,051 Dulles Rail latent defects 15,012,961 15,012,821 Dulles Toll Road repairs 8,391,222 8,333,512 Unrestricted (31,588,032) (33,545,893) Total Net Position $ (673,423,046) $ (682,437,086) =============== =============== 4
Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) MWAA Corporate Ledger Date: 09 FEB 17 19:36:20 Dulles Corridor Enterprise Fund Comparative Income Statement Page: 1 Current Period: Jan 17 Current Month Prior Month Variance Current Month Variance Year to Date Year to Date Variance Prior Year Prior Year OPERATING REVENUES Tolls cash $ 1,368,724 $ 1,527,289 $ (158,565) $ 1,309,304 $ 59,420 $ 1,368,724 $ 1,309,304 $ 59,420 Tolls AVI 10,305,317 10,401,977 (96,660) 8,954,355 1,350,962 10,305,317 8,954,355 1,350,962 Tolls violations 355,114 296,148 58,966 279,856 75,257 355,114 279,856 75,257 Total operating revenues 12,029,155 12,225,413 (196,259) 10,543,515 1,485,639 12,029,155 10,543,515 1,485,639 OPERATING EXPENSES Salaries and related benefits 876,789 1,082,900 (206,111) 850,274 26,515 876,789 850,274 26,515 Services 1,163,095 491,941 671,154 2,301,506 (1,138,411) 1,163,095 2,301,506 (1,138,411) ETC transaction fees 977,918 1,029,366 (51,448) 677,666 300,252 977,918 677,666 300,252 Materials and supplies 22,558 30,583 (8,026) 190,726 (168,168) 22,558 190,726 (168,168) Lease and rental expenses (699) 699 65 (65) 65 (65) Utilities 22,031 (55,369) 77,401 29,194 (7,163) 22,031 29,194 (7,163) Telecommunication 22,571 (10,084) 32,655 23,467 (896) 22,571 23,467 (896) Travel 3,890 6,747 (2,858) 3,418 472 3,890 3,418 472 Insurance 62,450 44,653 17,798 23,119 39,332 62,450 23,119 39,332 Project expenses 3,060 143,621 (140,560) 100,230 (97,170) 3,060 100,230 (97,170) Non cash expenses (gains) (38) 38 (8) 8 (8) 8 Depreciation and amortization 666,317 474,350 191,967 579,449 86,869 666,317 579,449 86,869 Total operating expenses 3,820,680 3,237,970 582,710 4,779,106 (958,426) 3,820,680 4,779,106 (958,426) OPERATING INCOME 8,208,475 8,987,443 (778,968) 5,764,409 2,444,065 8,208,475 5,764,409 2,444,065 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) 205,424 (312,351) 517,775 1,480,071 (1,274,647) 205,424 1,480,071 (1,274,647) Realized investment gains (losses) 447,884 394,420 53,464 1,832,539 (1,384,655) 447,884 1,832,539 (1,384,655) Interest expense (10,946,988) (10,644,550) (302,438) (10,464,726) (482,262) (10,946,988) (10,464,726) (482,262) Contributions from/(to) other governments 9,304,716 11,578,958 (2,274,242) 9,046,316 258,400 9,304,716 9,046,316 258,400 Total non operating revenues (expenses) (988,965) 1,016,476 (2,005,440) 1,894,200 (2,883,165) (988,965) 1,894,200 (2,883,165) GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 7,219,510 10,003,919 (2,784,409) 7,658,609 (439,099) 7,219,510 7,658,609 (439,099) CAPITAL CONTRIBUTIONS Federal grants 1,794,529 5,332,877 (3,538,348) 3,031,443 (1,236,913) 1,794,529 3,031,443 (1,236,913) State grants Local grants Total capital contributions 1,794,529 5,332,877 (3,538,348) 3,031,443 (1,236,913) 1,794,529 3,031,443 (1,236,913) INCREASE (DECREASE) IN NET POSITION $ 9,014,039 $ 15,336,796 $ (6,322,756) $ 10,690,052 $ (1,676,013) $ 9,014,039 $ 10,690,052 $ (1,676,013) =============== ============================== =============== =============== =============== =============== =============== 5
Currency: USD No specific Ledger requested MWAA Corporate Ledger Date: 09 FEB 17 19:42:47 Dulles Corridor Enterprise by Programs Page: 1 Current Period: Jan 17 O&M R&R CIP Total YTD Jan 17 YTD Jan 17 YTD Jan 17 YTD Jan 17 OPERATING REVENUES Tolls cash $ 1,368,724 $ 1,368,724 Tolls AVI 10,305,317 10,305,317 Tolls violations 355,114 355,114 Total operating revenues 12,029,155 12,029,155 OPERATING EXPENSES Salaries and related benefits 636,565 240,224 876,789 Services 914,765 248,330 1,163,095 ETC transaction fees 977,918 977,918 Materials and supplies 14,221 8,337 22,558 Lease and rental expenses Utilities 18,805 3,226 22,031 Telecommunication 8,506 14,065 22,571 Travel 2,355 1,535 3,890 Insurance 62,450 62,450 Project expenses 3,060 3,060 Non cash expenses (gains) Depreciation and amortization 27,521 13,879 624,917 666,317 Total operating expenses 2,663,107 13,879 1,143,694 3,820,680 OPERATING INCOME 9,366,047 (13,879) (1,143,694) 8,208,475 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) 205,424 205,424 Realized investment gains (losses) 39,357 408,527 447,884 Interest expense (13) (10,946,975) (10,946,988) Contributions from/(to) other governments 9,304,716 9,304,716 Total non operating revenues (expenses) 39,344 (1,028,309) (988,965) GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 9,405,391 (13,879) (2,172,002) 7,219,510 CAPITAL CONTRIBUTIONS Federal grants 1,794,529 1,794,529 State grants Local grants Total capital contributions 1,794,529 1,794,529 INCREASE (DECREASE) IN NET POSITION $ 9,405,391 $ (13,879) $ (377,473) $ 9,014,039 =============== =============== =============== =============== 6
Currency: USD Fund=70 (O&M Dulles Corridor Enterprise Operations and Maintenance Program) MWAA Corporate Ledger Date: 09 FEB 17 19:45:28 Fund 70 MTD / YTD / Comparison to Budget Page: 1 Current Period: Jan 17 Annual Budget MTD Actual MTD Budget MTD Variance YTD Actual YTD Budget YTD Variance Annual Budget Remaining OPERATING REVENUES Tolls cash $ 1,368,724 $ 1,320,600 $ 48,124 $ 1,368,724 $ 1,320,600 $ 48,124 $ 18,560,640 $ 17,191,916 Tolls AVI 10,305,317 9,684,400 620,917 10,305,317 9,684,400 620,917 136,111,360 125,806,043 Tolls violations 355,114 0 355,114 355,114 0 355,114 0 (355,114) Total operating revenues 12,029,155 11,005,000 1,024,155 12,029,155 11,005,000 1,024,155 154,672,000 142,642,845 OPERATING EXPENSES Salaries and related benefits 636,565 614,843 21,722 636,565 614,843 21,722 7,247,916 6,611,351 Services 914,765 1,106,988 (192,223) 914,765 1,106,988 (192,223) 11,124,673 10,209,908 ETC transaction fees 977,918 851,897 126,021 977,918 851,897 126,021 10,222,767 9,244,849 Materials and supplies 14,221 109,762 (95,541) 14,221 109,762 (95,541) 649,142 634,920 Lease and rental expenses 0 13 (13) 0 13 (13) 156 156 Utilities 18,805 19,323 (518) 18,805 19,323 (518) 231,880 213,075 Telecommunication 8,506 13,168 (4,662) 8,506 13,168 (4,662) 158,019 149,513 Travel 2,355 2,091 265 2,355 2,091 265 25,088 22,733 Insurance 62,450 46,664 15,786 62,450 46,664 15,786 559,970 497,520 Project expenses 0 0 0 0 0 0 0 0 Non cash expenses (gains) 0 0 0 0 0 0 0 0 Depreciation and amortization 27,521 0 27,521 27,521 0 27,521 0 (27,521) Total operating expenses 2,663,107 2,764,750 (101,642) 2,663,107 2,764,750 (101,642) 30,219,610 27,556,503 OPERATING INCOME 9,366,047 8,240,250 1,125,797 9,366,047 8,240,250 1,125,797 124,452,390 115,086,342 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) 0 0 0 0 0 0 0 0 Realized investment gains (losses) 39,357 0 39,357 39,357 0 39,357 0 (39,357) Interest expense (13) 0 (13) (13) 0 (13) 0 13 Total non operating revenues (expenses) 39,344 0 39,344 39,344 0 39,344 0 (39,344) GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 9,405,391 8,240,250 1,165,141 9,405,391 8,240,250 1,165,141 124,452,390 115,046,999 CAPITAL CONTRIBUTIONS Federal grants 0 0 0 0 0 0 0 0 State grants 0 0 0 0 0 0 0 0 Local grants 0 0 0 0 0 0 0 0 Total capital contributions 0 0 0 0 0 0 0 0 INCREASE (DECREASE) IN NET POSITION $ 9,405,391 $ 8,240,250 $ 1,165,141 $ 9,405,391 $ 8,240,250 $ 1,165,141 $ 124,452,390 $ 115,046,999 ============== ============== ============== ============== ============== ============== ============== ============== 7
MWAA Corporate Ledger Date: 09 FEB 17 19:49:58 DCE O&M Comparative Income Statement Page: 1 Current Period: Jan 17 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 $ 1,368,724 $ 1,527,289 $ (158,565) $ 1,309,304 $ 59,420 $ 1,368,724 $ 1,309,304 $ 59,420 Tolls AVI 10,305,317 10,401,977 (96,660) 8,954,355 1,350,962 10,305,317 8,954,355 1,350,962 Tolls violations 355,114 296,148 58,966 279,856 75,257 355,114 279,856 75,257 Total operating revenues 12,029,155 12,225,413 (196,259) 10,543,515 1,485,639 12,029,155 10,543,515 1,485,639 OPERATING EXPENSES Salaries and related benefits 636,565 1,034,430 (397,864) 595,250 41,315 636,565 595,250 41,315 Services 914,765 576,767 337,998 2,024,846 (1,110,081) 914,765 2,024,846 (1,110,081) ETC transaction fees 977,918 1,029,366 (51,448) 677,666 300,252 977,918 677,666 300,252 Materials and supplies 14,221 (8,620) 22,842 184,966 (170,745) 14,221 184,966 (170,745) Lease and rental expenses (592) 592 56 (56) 56 (56) Utilities 18,805 42,328 (23,523) 17,557 1,248 18,805 17,557 1,248 Telecommunication 8,506 (53,706) 62,212 11,866 (3,359) 8,506 11,866 (3,359) Travel 2,355 3,562 (1,206) 2,021 334 2,355 2,021 334 Insurance 62,450 44,652 17,798 23,119 39,332 62,450 23,119 39,332 Project expenses 32 (32) Non cash expenses (gains) 25 (25) (4) 4 (4) 4 Depreciation and amortization 27,521 (147,768) 175,289 39,311 (11,790) 27,521 39,311 (11,790) Total operating expenses 2,663,107 2,520,475 142,633 3,576,655 (913,547) 2,663,107 3,576,655 (913,547) OPERATING INCOME 9,366,047 9,704,939 (338,891) 6,966,860 2,399,187 9,366,047 6,966,860 2,399,187 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) Realized investment gains (losses) 39,357 26,571 12,786 5,445 33,912 39,357 5,445 33,912 Interest expense (13) (2) (11) 0 (13) (13) 0 (13) Total non operating revenues (expenses) 39,344 26,570 12,774 5,445 33,899 39,344 5,445 33,899 GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 9,405,391 9,731,508 (326,117) 6,972,305 2,433,086 9,405,391 6,972,305 2,433,086 CAPITAL CONTRIBUTIONS Federal grants State grants Local grants Total capital contributions INCREASE (DECREASE) IN NET POSITION $ 9,405,391 $ 9,731,508 $ (326,117) $ 6,972,305 $ 2,433,086 $ 9,405,391 $ 6,972,305 $ 2,433,086 =============== ============================== =============== =============== =============== =============== =============== 8
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE (TOLL ROAD ONLY) COMPARATIVE ANALYSIS OF REVENUE AND EXPENSES (GAAP BASIS) THIS MONTH VS. LAST MONTH AND LAST YEAR FOR THE MONTH ENDED JANUARY 31, 2017 DULLES TOLL ROAD % LAST YR. % JANUARY 2017 DECEMBER 2016 VARIANCE CHANGE (SAME MONTH) DIFF. CHANGE TOLLS - CASH $ 1,368,724 $ 1,527,289 $ (158,565) (10.4%) $ 1,309,304 $ 59,420 4.5% TOLLS - AVI 10,305,317 10,401,977 (96,660) (0.9%) 8,954,355 1,350,962 15.1% TOLLS - VIOLATIONS/OTHER 355,114 296,148 58,966 19.9% 279,856 75,257 26.9% TOLLS - CASH OVER/SHORT - - - - TOTAL REVENUES 12,029,155 12,225,413 (196,259) (1.6%) 10,543,515 1,485,639 14.1% SALARIES AND RELATED BENEFITS 636,565 1,034,430 (397,864) (38.5%) 595,250 41,315 6.9% SERVICES 914,765 576,767 337,998 58.6% 2,024,846 (1,110,081) (54.8%) ETC TRANSACTION FEES 977,918 1,029,366 (51,448) (5.0%) 677,666 300,252 44.3% MATERIALS AND SUPPLIES 14,221 (8,620) 22,842 265.0% 184,966 (170,745) (92.3%) LEASE AND RENTAL EXPENSES (592) 592 100.0% 56 (56) (100.0%) UTILITIES 18,805 42,328 (23,523) (55.6%) 17,557 1,248 7.1% TELECOMMUNICATION EXPENSES 8,506 (53,706) 62,212 115.8% 11,866 (3,359) (28.3%) TRAVEL 2,355 3,562 (1,206) (33.9%) 2,021 334 16.5% INSURANCE 62,450 44,652 17,798 39.9% 23,119 39,332 170.1% NON-CAPITALIZED FACILITY PROJECTS - 32 (32) (100.0%) - NON-CASH EXPENSES - 25 (25) - (4) 4 100.0% DEPRECIATION AND AMORTIZATION 27,521 (147,768) 175,289-39,311 (11,790) (30.0%) TOTAL EXPENSES 2,663,107 2,520,475 142,633 5.7% 3,576,655 (913,548) (25.5%) OPERATING INCOME 9,366,047 9,704,939 (338,891) (3.5%) 6,966,860 2,399,187 34.4% NON-OPERATING INCOME (EXPENSE) 39,344 26,570 12,774 48.1% 5,445 33,899 622.6% NET INCOME $ 9,405,391 $ 9,731,508 $ (326,117) (3.4%) $ 6,972,305 $ 2,433,086 34.9% 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 JANUARY 2016 JANUARY 2017 DECEMBER 2016 9
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE (TOLL ROAD ONLY) COMPARATIVE ANALYSIS OF REVENUE AND EXPENSES (GAAP BASIS) YEAR-TO-DATE THIS YEAR VS. LAST YEAR DULLES TOLL ROAD YEAR-TO-DATE YEAR-TO-DATE % JANUARY 31, 2017 JANUARY 31, 2016 VARIANCE CHANGE TOLLS - CASH $ 1,368,724 $ 1,309,304 $ 59,420 4.5% TOLLS - AVI 10,305,317 8,954,355 1,350,962 15.1% TOLLS - VIOLATIONS/OTHER 355,114 279,856 75,257 26.9% TOLLS - CASH OVER/SHORT - - - TOTAL REVENUES 12,029,155 10,543,515 1,485,639 14.1% SALARIES AND RELATED BENEFITS 636,565 595,250 41,315 6.9% SERVICES 914,765 2,024,846 (1,110,081) (54.8%) ETC TRANSACTION FEES 977,918 677,666 300,252 44.3% MATERIALS AND SUPPLIES 14,221 184,966 (170,745) (92.3%) LEASE AND RENTAL EXPENSES 56 (56) (100.0%) UTILITIES 18,805 17,557 1,248 7.1% TELECOMMUNICATION EXPENSES 8,506 11,866 (3,359) (28.3%) TRAVEL 2,355 2,021 334 16.5% INSURANCE 62,450 23,119 39,332 170.1% NON-CAPITALIZED FACILITY PROJECTS - NON-CASH EXPENSES (4) 4 100.0% DEPRECIATION AND AMORTIZATION 27,521 39,311 (11,790) (30.0%) TOTAL EXPENSES 2,663,107 3,576,655 (913,548) (25.5%) OPERATING INCOME 9,366,047 6,966,860 2,399,187 34.4% NON-OPERATING INCOME (EXPENSE) 39,344 5,445 33,899 622.6% NET INCOME $ 9,405,391 $ 6,972,305 $ 2,433,086 34.9% TOLL ROAD YEAR-TO-DATE 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/OTHER JANUARY 31, 2016 JANUARY 31, 2017 10
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY ACTUAL VS BUDGET REVENUE SUMMARY DULLES CORRIDOR ENTERPRISE FUND - TOLL ROAD PERIOD ENDED JANUARY 31, 2017 NOTE: 8.3% OF YEAR COMPLETED 2017 2016 YEAR-TO-DATE ANNUAL BUDGET REMAINING % EARNED % EARNED REVENUES: TOLLS - CASH $ 1,723,838 $ 18,560,640 $ 16,836,802 9.3% 5.8% TOLLS - AVI 10,305,317 136,111,360 125,806,043 7.6% 6.9% TOTAL REVENUES $ 12,029,155 $ 154,672,000 $ 142,642,845 7.8% 6.7% 16.6% 8.3% OF YEAR COMPLETED % EARNED 8.3% 0.0% TOLLS CASH TOLLS AVI 2017 2016 11
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY ACTUAL VS BUDGET EXPENSE SUMMARY DULLES CORRIDOR ENTERPRISE FUND - TOLL ROAD PERIOD ENDED JANUARY 31, 2017 NOTE: 8.3% OF YEAR COMPLETED 2017 2016 YEAR-TO-DATE ANNUAL BUDGET REMAINING % USED % USED OPERATING EXPENSES PERSONNEL COMPENSATION AND BENEFITS $ 636,565 $ 7,247,915 $ 6,611,350 8.8% 7.9% TRAVEL 2,355 25,088 22,733 9.4% 9.2% LEASE AND RENTAL PAYMENTS - 156 156 N/A 0.5% UTILITIES 18,805 231,880 213,075 8.1% 7.5% TELECOMMUNICATIONS 8,506 158,019 149,513 5.4% 7.7% SERVICES 1,892,683 21,347,440 19,454,757 8.9% 12.5% SUPPLIES & MATERIALS 14,221 649,142 634,921 2.2% 24.6% INSURANCE & RISK MANAGEMENT 62,450 559,970 497,520 11.2% 3.2% NONCAPITAL EQUIPMENT - - - N/A 0.0% NONCAPITAL PROJECTS - - - N/A N/A CAPITAL EQUIPMENT - - N/A N/A CAPITAL FACILITY PROJECTS - - - N/A N/A TOTAL EXPENSES $ 2,635,585 $ 30,219,610 $ 27,584,025 8.7% 11.3% % OF BUDGET USED 24.9% 16.6% 8.3% 8.3% OF YEAR COMPLETED 0.0% 2017 2016 12
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE FUND DEBT SERVICE COVERAGE PERIOD ENDED JANUARY 31, 2017 Requirements January DTR Gross Toll Revenue $ 12,029,155 Toll Road O&M Expense (Less Depreciation) (2,635,586) Other Expense - Other Income 39,344 NET REVENUE AVAILABLE FOR DEBT SERVICE $9,432,913 First Senior Lien, Series 2009 11,916 Second Senior Lien, Series 2009 2,679,865 Less 35% subsidy on 2009 BAB's (1) (810,498) Subordinate Lien, Series 2010 (2) 1,000,000 Less 35% subsidy on 2010 BAB's (1) (325,850) CP Series 1 78,312 Second Senior Lien, Series 2014A (3) 1,757,333 TOTAL DEBT SERVICE $4,391,078 First Senior Lien Debt Service Coverage 2.00 x 791.62 x Second Senior Lien Debt Service Coverage 1.35 x 2.59 x Subordinate Lien Debt Service Coverage 1.20 x 2.15 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) 2013-1 Notes were refunded with the 2014A bond series in May 2014 13
Dulles Corridor Enterprise Fund Dulles Toll Road Transaction Comparisons Transaction 1 January February March April May June July August September October November December YTD Comparative Annual 2017 7,720,943 7,720,943 7,720,943 2016 6,801,818 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 6,801,818 97,718,528 2015 7,421,306 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 7,421,306 98,240,643 2017 T&R Forecast 2 7,155,000 7,440,000 8,627,000 8,418,000 8,794,000 8,926,000 8,340,000 8,552,000 8,471,000 9,116,000 8,096,000 8,291,000 7,155,000 100,226,000 % of Forecast 107.9% 107.9% Avg. Weekday Trans. 3 January February March April May June July August September October November December YTD Comparative Annual 2017 308,445 308,445 308,445 2016 294,869 307,640 312,615 320,606 321,111 330,031 316,495 310,866 306,181 323,870 306,393 299,926 294,869 3,750,603 2015 286,876 305,342 310,583 320,113 327,855 329,449 322,283 313,299 320,754 322,829 308,769 299,664 286,876 3,767,816 9,500,000 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 5,000,000 2017 2016 2015 2017 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 2017 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. 14
Dulles Corridor Enterprise Fund Dulles Toll Road Revenue Comparison January February March April May June July August September October November December YTD Comparative Annual 2017 $ 12,029,155 $ 12,029,155 $ 12,029,155 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 $ 10,543,515 $ 151,736,808 2015 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 11,389,551 151,431,759 2014 11,628,573 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 12,039,048 11,628,573 148,652,741 2017 T&R Forecast 1 11,005,000 11,462,000 13,325,000 13,009,000 13,558,000 13,779,000 12,935,000 13,288,000 13,056,000 14,032,000 12,459,000 12,764,000 $ 11,005,000 154,672,000 % of Forecast 109.3% 109.3% 7.8% $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 $5,000,000 2017 2016 2015 2017 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 2014 15