
=== PDF PAGE 1 ===
 2025 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  Fiscal Year Ended June 30, 2025

























MOBILITY SOLUTIONS FROM THE GROUND U  P

=== PDF PAGE 2 ===
  Central Texas Regional Mobility Authority
  Austin Texas
2025 Annual Comprehensive Financial Report


  Fiscal Year Ended June 30, 2025




  Prepared by CTRMA staff.

=== PDF PAGE 3 ===
MISSION AND STRATEGIC GOALS

STEMMING FROM OUR CORE VISION
In December 2024, the Board of Directors approved an update to the Strategic Plan which will
guide projects and initiatives through 2029.
VISION: To be the most trusted and effective provider of transportation options that enhance the
quality of life in Central Texas.
MISSION: To develop, deliver, operate and maintain high-quality roadways and related
transportation solutions.

The Central Texas Regional Mobility Authority (CTRMA or Authority) is pleased to submit the Annual
Comprehensive Financial Report (ACFR or Report) for the year ended June 30, 2025. The ACFR is
intended to provide detailed information on the financial condition of CTRMA, on June 30, 2025,
including the System and the Non-System Fund enterprise funds of the Authority.






  Maintain and enhance our strategic
  partnerships to advance the common goals
  we share with our regional partner
  agencies


  G  O  A  L  S
  Make targeted
  decisions, plans  C  O  L  L  A  B  O  R  A  T  I  O  NDevelop and
  and investments  V  A  L  U  E  S  I  N  N  O  V  A T I ON maintain a
  that positively  system-wide
  impact our  CORE  capital
  customers and  VISION  improvement
  enhance quality  plan
  of life in our  A L  S  SERV IC E  be the most trusted and  V A  G
  communities  V A  L  U  E  Seﬀective provider of
  safe transportation
  options that enhance
  the quality of life in
  S T  E  W  A  R  D  S  H  I  P  S  A  F  E  T  Y  Central Texas.




  Implement ﬁnancial  Build, operate
  strategy and policies  and maintain toll
  that prioritize  and non-toll roads
  long-term system health  that reduce
  and growth, a decreased  congestion and connect
  reliance on debt, and good  our community in
  ﬁnancial stewardship  innovative and safe  All agency projects and
  ways  initiatives align with our
  strategic plan.

=== PDF PAGE 4 ===
  Table of Contents


Introduction  Section ............................................................................................................................................1
  Board of Directors.......................................................................................................................................................  2
  Letter to Chairman and Board of Directors  ...................................................................................................................  3
  CTRMA Organization Chart  ..........................................................................................................................................  5
  CTRMA Metrics ...........................................................................................................................................................  6
  CTRMA Roads and Customer Service Centers  ..............................................................................................................  7
  CTRMA Programs and Partnerships  .............................................................................................................................  9
  CTRMA Project Updates ............................................................................................................................................. 10
Financial Section ................................................................................................................................................  16
  Independent Auditor'  s Report ..................................................................................................................................... 17
  Management Discussion and Analysis  (Required Supplementry Information)  ................................................................ 20
  Statement of Net Position  ..........................................................................................................................................24
  Statement of Revenues, Expenses and Changes in Net Position  ................................................................................... 26
  Statement of Cash Flows  ........................................................................................................................................... 27
  Statement of Fiduciary Net Position  ............................................................................................................................ 28
  Statement of Changes in Fiduciary Net Position –  Fiduciary Funds ................................................................................ 28
  Notes to the Financial Statements  .............................................................................................................................. 29
  Required Supplementary Information  ......................................................................................................................... 58
  Schedule of Changes in Net Pension Assets and Related Ratios  ............................................................................. 58
  Pension Schedule of Employer Contributions  ........................................................................................................ 58
  Pension Notes to Schedule of Employer Contributions  .......................................................................................... 59
  Schedule of Changes in Total  OPEB  Assets and Related Ratios  .............................................................................. 60
  OPEB Schedule of Employer Contributions  ........................................................................................................... 60
  Supplementary Information ........................................................................................................................................ 61
  System Indenture Cash Flow and Debt Service Coverage  .......................................................................................61
  Non-  System Cash Flow and Debt Service Coverage  .............................................................................................. 62
Statistical Section .............................................................................................................................................. 63

=== PDF PAGE 5 ===
  REGIONAL MAP





IN  T R  ODUC  T ION

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OUR BOARD OF DIRECTORS

We are governed by a seven-member board of directors who are responsible for setting policies,
identifying priority projects, and ensuring that the agency operates in an efficient, effective, and
transparent manner. The Governor appoints the Chairman, and the Commissioners Courts for
Travis  and  Williamson  counties  each  appoint  three  members  to  voluntarily  serve  on  the
Board for two-year terms.




  The Authority’s transportation
  solutions are long-term investments
  in safer roads, more reliable travel
  times, and better regional connectivity
  that stay ahead of the region’s growth.
BOBBY JENKINS  — Bobby Jenkins, Chairman
Chairman
Gubernatorial Appointee
Sworn in 2019








NIKELLE S. MEADE  DAVID SINGLETON  MIKE DOSS
Vice-Chair  Board Treasurer  Board Secretary
Travis County Appointee  Williamson County Appointee  Williamson County Appointee
Sworn in 2012  Sworn in 2003  Sworn in 2019








DAVID B. ARMBRUST  HEATHER GADDES  BEN THOMPSON
Board Member  Board Member  Board Member
Travis County Appointee  Williamson County Appointee  Travis County Appointee
Sworn in 2012  Sworn in 2021  Sworn in 2023

=== PDF PAGE 7 ===
  Letter to the Chairman  and Board of Directors


The  Central Texas Regional Mobility Authority  (CTRMA or Authority)  is pleased to submit the Annual Comprehensive
Financial Report (ACFR or Report) for the year ended June 30, 2025.  The  ACFR  is intended to provide detailed information
on the financial condition of CTRMA  , on June  30, 2025  , including the System and the Non-  System  enterprise fund s  of the
Authority.
The operations of the Authority  are  accounted for as an enterprise fund in accordance with United States Generally
Accepted Accounting Principles (GAAP). Management confirms that the financial statements are presented fairly and, in all
material respects, represent the financial position of the  Authority  as of June  30, 2025  . Management assumes full
responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive
framework of internal controls that it has established for this purpose. T  he  cost of internal controls should not exceed
anticipated benefits, therefore  the objective is to provide reasonable, rather than absolute, assurance that the financial
statements are free of any material misstatements. In keeping with that responsibility, these statements are presented on
a consolidated basis and include the CTRMA  System and the Non-  System. Crowe LLP, an independent audit firm, has
issued an unmodified (“clean”) opinion on the Central  Texas Regional Mobility Authority’s f  inancial statements for the year
ended June 30, 2025. This independent auditors’ report is located at the beginning  of the financial section of this report.
Management’s Discussion and Analysis (MD&A) introduces  analysis of the  financial statements. The MD&A complements
this letter of transmittal and should be read in conjunction with it.
Profile of the Central Texas Regional Mobility Authority
The Central Texas Regional Mobility Authority was created and operates under the Texas Transportation Code Chapter 370
and is authorized under state law to implement a wide range of transportation systems including roadways, airports,
seaports, and transit services. The Authority is authorized to issue revenue bonds to fund projects and can utilize user fees
to fund operations and repay bonds.
The Authority is an independent government agency created to improve the transportation system in Williamson and Travis
counties. Our mission is to develop, deliver, operate,  and maintain high-quality roadways and related transportation
solutions.
A seven-  member Board of Directors oversees the Authority. The Governor appoints the Chairman, and the Travis and
Williamson counties Commissioners Courts each appoint three members to serve on the Board. The Authority employs a
small professional staff led by Executive Director James Bass. The Authority uses private sector contractors with specialized
expertise to provide staffing support for individual projects.
The CTRMA System consists of  the following roadways that have been formally designated as components: 183A Toll Lane
(183A toll), 290 Toll Lane (290 toll), 71 Toll Lane (71 toll), 45SW Toll (45 toll), and the 183 Toll Lane (183 toll).  The Non-  System
fund consists of MoPac Express Lane (Express 1 Toll).  The Custodial funds consist  of road construction projects  where
Travis County has requested  assistance from the Authority with developing roadway capacity and transportation upgrades.
New toll roads and lanes in Central Texas have been projects identified for decades as part of the region’s transportation
plans.  The Authority builds  additional capacity on existing and new roads where feasible  .  Today, Central Texans driv e  on
roads that were built years ago. The Authority  needs to build the next generation of highway projects now to serve the region
as it continues to grow . The Authority also builds  more than toll roads. As part of each project, the Authority will build bicycle
and pedestrian facilities along the corridors where feasible, enhancing multimodal connectivity. The Authority also
incorporates  aesthetic and landscaping enhancements and improves  non-  tolled travel lanes.  The same number of
taxpayer-funded, non-  tolled travel lanes that are available today will remain after projects are completed.

=== PDF PAGE 8 ===
  Relevant Financial Policies
  Consolidated toll  revenues in fiscal year 202  5  were $276.4  million  representing an increase of 16  .0%  over the fi scal
  year 2024  consolidated toll revenues of $238.6 million.  Revenue allows the Authority to maintain its commitment to
  preserving  current assets, fund capital improvement projects, satisfy debt  -service obligations,  and invest in safety
  and technology to provide our customers with a  best-in-class service.
Section 502 of the Master Trust Indenture covenant state  s that it shall at all times establish, levy, maintain and collect such
tolls  in connection with the System and establish such charges for use of the property constituting part of the System,
including, without limitation, leasehold payments, concession payments, rents and other charges, as shall be sufficient,
collectively, to pro duce Revenues in each F  iscal Year, after the payment of all Operating Expenses for such Fiscal Year paid
or to be paid from Revenues, in an amount at least equal to the greater of  (l), (2), (3) or (4) below:
  1.  1.25 times the Annual Debt Service in such Fiscal Year on all Outstanding Senior Lien Obligations;  or
  2.  1.20 times  the Annual Debt Service in such Fiscal Year on all Outstanding Senior Lien Obligations and Junior Lien
  Obligations; or
  3.  1.10 times the Annual Debt Service in such Fiscal Year on all Outstanding Senior Lien Obligations, Junior Lien
  Obligations and Subordinate Lien Obligations; or
  4.  1.00 times the Annual Debt Service in such Fiscal Year on all Obligations, plus the amounts required to be
  deposited into the Senior Lien Debt Service Reserve Fund, the Junior Lien Debt Service Reserve Fund, the
  Subordinate Lien Debt Service Reserve Fund, the Renewal and  Replacement Fund and any other fund established
  by a Supplemental  Indenture to be funded by Revenues  .
CTRMA met th  e requirement in fiscal year  2025.
We appreciate the leadership of our Board of Directors  as  CTRMA  delivers transportation solutions for customers in the
region. Thanks also to CTRMA staff and the Finance team for their contributions to the production of this report.
Respectfully submitted,
José Hernández




Chief Financial Officer

=== PDF PAGE 9 ===
MOBILI T  Y AUTHORI T  Y OR G  ANIZ  ATION


  James M. BassAshley Alexan-
  Executive Directorder





  Vacant  Natasha Parra
  Chief of Staff  Sr. Executive
  H.R. Manager  Admin. Asst.


  José Hernández  Tracie Brown  Jori Liu  Greg Mack  Mike Sexton  Geoff Petrov

  Chief Financial  Director of  Director of  Director of IT &  Director of  General Counsel
  Officer  Operations  Communications  Toll Systems  Engineering



  Josephina Ibarra  Ann Zigmond  Fabiola Bowers  Sylvia Shelton  Cory Bluhm  Oscar Solis

  Contract Manager  Controller  Asst. Director of  Asst. Director of  Asst. Director of  Asst. Dir. Eng. -
  Operations  Communications  IT & Toll Systems  Project Dev.



  Laura Bohl  Cory Beran  Joe Williams  Emily Morelli  Jay Ashton  Juan Villareal
  Administrative  Senior  Traffic Supervisor  Communications  Transaction Ops.  Asst. Dir. Eng. -
  Assistant  Accountant  Specialist  Mgmt. Support  Construction



  David Efferin  Louis Igwe  Vacant  Lisa Pohlmeyer
  Finance Manager  Traffic & Incident  Data Analyst  Sr. Project Mgr.,
  Mgmt. Lead Operator  Asset Mgmt.


  Pricilla Nicholson  Robert Averitt  Vacant  John Jones

  A/P Specialist  Traffic & Incident  I.T. Administrator  Asst. Dir. Eng. -
  Mgmt. Operator II  Maintenance



  Jesse Gonzalez  Norma Martinez  Charles Vaughn

  Traffic & Incident  Asst. Director of  Area Maintenance
  Mgmt. Operator I  Operations  Manager



  Nat Russo  Elizabeth Lopez  Chad Nutt
  Traffic & Incident  Sr. Toll Operations  Area Maintenance
  Mgmt. Operator I  Specialist  Manager



  Rosiel Zarate  Tara Tibbs  Vacant
  Traffic & Incident  Toll Operations  Area Maintenance
  Mgmt. Operator I  Specialist  Manager


  Tiona Jones  Ashley Alexander

  Traffic & Incident  Admin. Asst./Toll
  Mgmt. Operator I  Ops. Specialist

=== PDF PAGE 10 ===


=== PDF PAGE 11 ===
CTRMA ROADS AND CUSTOMER SERVICE CENTERS
  ROADS IN FULL BLOOM

  183A TOLL
  With  the  opening  of  the  183A  Phase  III  Project,  the
  Authority’s inaugural project is now an almost 16-mile
  toll road stretching from RM 620 north past SH 29. The
  road  provides  a  dependable  travel  alternative
  to the congested US 183 and helped the region lay the
  groundwork  for  significant  economic  growth  and
  investment across the region.



  290 TOLL

  The 6.2-mile 290 Toll Road expanded capacity along the
  US 290 Corridor between US 183 and Parmer Lane,
  tripling the capacity that was previously available. This
  project transformed one of the region’s most congested
  routes into a reliable way to travel in and out of Austin,
  offering support for daily commuters.


  71 TOLL LANE
  This 4-mile toll lane offers drivers a free-flowing and
  reliable bypass route along SH 71 east of the Austin-
  Bergstrom International Airport (AUS) from Presidential
  Boulevard to just past SH 130.



  MOPAC EXPRESS LANE
  This 11-mile, variably priced express lane stretches
  from Cesar Chavez Street in downtown Austin north to
  Parmer Lane in both directions, providing drivers with
  a reliable alternative, particularly during congested
  time periods.

=== PDF PAGE 12 ===
CTRMA ROADS AND CUSTOMER SERVICE CENTERS
  CONTINUED



  45SW TOLL
  This 3.6-mile project created a brand-new connection
  for drivers between the southern end of MoPac and FM
  1626 in Hays County. Through innovative construction
  practices and implementation of permanent Best
  Management Practices, the roadway helps prevent
  impacts to water quality and the Edwards Aquifer
  Recharge Zone.



  183 TOLL
  The 8-mile 183 Toll Road tripled the previous capacity
  of the US 183 corridor between US 290 and SH 71 with
  three toll lanes and up to three non-tolled lanes in each
  direction, improved the non-tolled general- purpose
  lanes, and provided a non-stop route to Austin-
  Bergstrom International Airport.




  CUSTOMER SERVICE CENTERS
  The Mobility Authority is committed to in-person
  service for our customers. Our Customer Service
  Center, located at 12719 Burnet Road, Austin, TX 78727,
  offers a space where customers can pay their tolls in
  person. While our Ridgepoint Drive location closed in
  May 2025, the Burnet Road Customer Service Center
  remains open to serve customers, and a new facility is
  currently under construction.

=== PDF PAGE 13 ===
PROGRAMS AND PARTNERSHIPS

FLOURISHING TOGETHER
The Authority offers a variety of programs tailored to meet the unique needs of Central Texans.
From honoring veterans to improving traffic safety, supporting construction coordination, and
prioritizing commuter safety, these programs are all part of our commitment to enhancing mobility
and quality of life across the region.

  QUALIFIED VETERAN DISCOUNT PROGRAM
  We are proud to honor the service of military veterans—past and present—
  through the Qualified Veteran Discount Program. Eligible veterans can apply to
  drive toll-free on all Authority fixed-rate roadways, including 183A Toll, 290 Toll,
  71 Toll Lane, 45SW Toll, and 183 Toll. This program is one way we express our
  deep appreciation for those who have served our country.

Eligible participants include recipients of the Congressional Medal of Honor, Legion of Valor,
and Purple Heart, as well as disabled veterans who meet the requirements for specialty military
license plates.

  CENTRAL TEXAS CONSTRUCTION PARTNERSHIP PROGRAM
  Last year, the Authority joined forces with TxDOT, CAMPO, the City of
  Austin, Austin Transit Partnership, Travis County, and CapMetro to launch
the Construction Partnership Program (CPP). With an unprecedented amount of infrastructure
improvements planned across Central Texas over the next decade, CPP provides a framework for
how agencies will coordinate efforts, communicate with the public, and keep the region moving
throughout peak construction activity. The program also establishes a foundation for long-term
interagency collaboration that prioritizes mobility, safety, and transparency.

  TRAFFIC AND INCIDENT MANAGEMENT CENTER
  The Traffic and Incident Management (TIM) Center plays a
  critical role in keeping our roadways safe and efficient.
  Using real-time video monitoring, advanced technology,
  and features like wrong-way driver detection (first piloted
  on 45SW Toll), the TIM Center enables quick responses to
  crashes,  stalled  vehicles,  and  other  incidents.  By
  streamlining coordination among emergency responders
  and  maintenance  teams,  the  TIM  Center  helps  reduce
  delays and improve reliability for all travelers.

  Together, these programs illustrate how the Authority’s
  people-first approach keeps Central Texas moving.

=== PDF PAGE 14 ===
PR  OJE  C  T UPDAT E  S

=== PDF PAGE 15 ===
SYSTEM CAPACITY AND PROJECT UPDATES
MILESTONES TAKING ROOT
The last year was a pivotal year for the Authority, and in turn, for the communities of Central
Texas. Project milestones reflect our ongoing commitment to building a more connected and safe
transportation network that meets the region’s evolving needs.

  183 NORTH MOBILITY PROJECT
  The 183 North Mobility Project is reshaping one of Central Texas’ most congested
  corridors into a safer, more efficient, and more connected roadway. Spanning
  nine miles between SH 45 North and MoPac/Loop 1, this $612 million project
  is  designed  to  improve  travel  reliability  for  drivers,  emergency  responders,
  and pedestrians.

  The  project  includes  the  addition  of  two
  tolled  express  lanes  in  each  direction  and
  a new general-purpose lane on the US 183
  corridor. A direct connector will link the new
  lanes to the MoPac Express Lane. The project
  will  also  deliver  important  multimodal
  enhancements,  including  new  Shared  Use
  Path connections, ADA-compliant sidewalks,
  and  improved  bicycle  and  pedestrian
  crossings at key intersections.

  Over the past year, construction progressed
  on  multiple  fronts.  Building  on  last  year’s
  major milestone of opening the fourth non-
  The $612 million project  tolled general-purpose lane early, this year
  crews  finished  constructing  the  bridges
  is designed to improve  along southbound 183, spanning roughly 8
  travel reliability for drivers,  miles from Lakeline Mall to Great Hills Trail.
  emergency responders,  As  construction  progresses,  the  Authority’s
  commitment  to  community  outreach
  and pedestrians.  continues. The project team worked closely
  with  businesses,  utility  providers,  and
  commuters to complete the reconstruction
  of  more  than  150  driveways  along  the
  corridor.  The  Authority  continued  to
  share  regular  project  updates  through  a
  combination  of  traditional  media,  digital
  platforms,  neighborhood  outreach,  and
  in-person events to ensure all stakeholders
  remain aware of the Project’s progress and
  potential impacts.

  As  we  move  into  the  final  stages  of
  construction, we remain committed to being
  a reliable partner to the community.

=== PDF PAGE 16 ===
  183A PHASE III
  A major milestone this year was the completion and official opening of 183A
  Phase III, a project designed to proactively ease congestion in Williamson County,
  one of the fastest-growing areas in Central Texas.

  When the original 183A corridor opened in 2007 as our first project, it provided
  much-needed relief to drivers in Cedar Park and Leander. As population growth
continued across the region, we adapted by expanding with the community. The newly open 183A
Phase III Project extends the original 10-mile 183A Toll segment northward from Hero Way to past
SH 29 in Liberty Hill, with two tolled lanes in each direction. The principal five-mile segment from
Hero Way to SH 29 opened on April 9, 2025. The final segment under SH 29 opened on May 20,
2025. Today, the fully extended 183A Toll Road offers nearly 16 miles of uninterrupted travel
between Liberty Hill and northwest Austin. By providing an unsignalized option  past intersections,
the project improves travel times, enhances reliability, and supports the region’s continued growth.

Reaching this point entailed more than just concrete
and construction. It all began with community input.
Before  design  work  began,  the  project  team  held
extensive  outreach  efforts  to  connect  with  nearby
residents,  listen  to  their  priorities,  and  understand
their concerns. From improving pedestrian access to
maintaining the natural beauty of the  area, community
feedback  played  a  pivotal  role  in  shaping  the  final
design, leading to several key features of the design
including  enhanced  pedestrian  connections  and
thoughtful landscaping and hardscaping.

The  project  team  stayed  actively  engaged  with
neighbors,  local  businesses,  and  community
organizations  throughout  construction,  working  to
minimize impacts and maintain strong relationships.
Regular construction alerts and closure updates were  The newly open 183A
shared  through  the  project  newsletter  and  social  Phase III Project extends the
media,  while  personalized  phone  calls  and  emails
were made to residents directly affected by the work.  original 10-mile 183A Toll
Staff  also  organized  neighborhood  events  featuring
family-friendly activities and refreshments in order to  northward past SH 29 in
give back to the community and offer the public an  Liberty Hill, with two tolled
opportunity to talk with the project team in person.
  lanes in each direction.
Phase III will also extend the current Shared Use Path
north from Hero Way to Seward Junction Loop. In partnership with organizations including the
Williamson County Museum, Texas Parks and Wildlife Department, Texas Archaeological Research
Laboratory, Williamson County Commissioners Court, and the Leander Historical Commission,
the project team will develop new trail signage about the history of the region.

This  project  reflects  the  needs,  values,  and  vision  of  the  communities  it  serves.  As  we
move  forward,  we  remain  committed  to  staying  connected  with  our  neighbors  and
delivering transportation solutions that serve commuters both today and in the future.

=== PDF PAGE 17 ===
SEEDS OF POSSIBILITY
As Central Texas continues to grow, so do the demands on our transportation network. The
Authority is committed to proactive, long-term planning to meet those needs.

  290 EXTENSION PROJECT
  The Authority is considering potential tolled improvements to US 290 between
  SH 130 and SH 95 South as part of the 290 Extension Project Environmental
  Study. As one of Texas’ Top 100 Most Congested Road segments, improving
  mobility along US 290 has been a top priority for the community.  The year 2025
  kicked off the environmental study and schematic design for this project.

The Authority plans to work closely with local stakeholders to explore solutions that provide relief
to drivers while supporting continued growth along this corridor.

  MOPAC SOUTH ENVIRONMENTAL STUDY
  The  MoPac  South  Environmental  Study  was  a  key  focus  area  over  the  past
  year. In partnership with TxDOT, the Authority is conducting an environmental
  study focusing on the Express Lane(s) Alternative, which would extend MoPac
  from  Cesar  Chavez  Street  to  Slaughter  Lane.  The  proposed  solution  would
  provide reliable travel times for commuters and emergency response vehicles,
  improve operational efficiency, and create a dependable and consistent route for
transit and emergency vehicles.

The public has played a critical role throughout the MoPac South Environmental study since its
initiation. The current Recommended Build Alternative was developed directly in response to
community feedback gathered during the first five open houses. Most recently, the Authority
hosted Open House #6, which was available both in person and online for an extended comment
period  from  November  12,  2024,  to  January  28,  2025.  During  this  time,  we  received  1,770
public  comments  from  1,592  individuals,  demonstrating  the  strong  interest  the  community
has in the environment surrounding the project. Ahead of the open house, technical working
groups  convened  to  explore  potential  mitigation  strategies,  helping  to  ensure  that  proposed
improvements reflect both community priorities and environmental values.

  183A ADDED CAPACITY PROJECT
  The 183A Added Capacity Project explores the potential addition of a fourth lane
  in the center median of 183A Toll in both directions between FM 620 and Hero
  Way. This proactive measure would be designed to ensure that the 183A Toll
  Road continues to meet future traffic demands and helps reduce anticipated
  congestion for years to come. A Virtual Open House was held from July 31, 2024,
  to September 1, 2024. The Open House shared information on the proposed
project and what the environmental team is studying, drawing approximately 974 attendees.  If
environmental clearance is received, construction may begin as early as 2027.

=== PDF PAGE 18 ===
  TRAVIS COUNTY CAPITAL IMPROVEMENT PROGRAM
  The Authority is assisting Travis County to deliver several projects in their Capital
  Improvement Program. This partnership leverages the Authority’s unique
  organizational structure and added resources to develop and construct the
  projects, with the County providing the funding, operation, and maintenance of
  the non-tolled facilities. Interlocal agreements (ILA) were executed in 2018, 2019
  and 2024.
 TRAVIS COUNTY (2018 AND 2019 ILA PROJECTS)  1.  COUNTY LINE ROAD:
  Designed to address the
  stream crossings and
  drainage concerns, the
  reconstruction of the
  culvert on County Line
  Road at Elm Creek was
  completed in the spring
  of 2024.
  ----------------------
  2.  PEARCE LANE:
  A 3.25-mile section of
  Pearce Lane from west
  of Kellam Road to east
  of Wolf Lane will be
  reconstructed from the
  existing two-lane road
  to a four-lane divided
  road with bike lanes
  and sidewalks.
  ----------------------
  3.  ELROY ROAD:
  Completed early 2022.
  A 1.12-mile section
of Elroy Road from McAngus Road to Kellam Road was reconstructed from a two-lane road to a
five-lane road with a continuous center turn lane, bike lanes, and sidewalks.
-------------------------------------------------------------------------------------------
4.  ROSS ROAD: A 0.8-mile section of Ross Road from Pearce Lane to Heine Farm Road is currently
serving as a two-lane road for commuter and school traffic. The project will widen the existing road
to a three-lane road with bicycle and pedestrian facilities.
-------------------------------------------------------------------------------------------
5.  THAXTON ROAD: A 0.71-mile section of Thaxton Road from McKinney Falls Parkway to Sassman
Road will be reconstructed from the existing two-lane road to a four-lane divided road with a
continuous center turn lane, bike lanes and sidewalks.
-------------------------------------------------------------------------------------------
6.  OLD LOCKHART ROAD: A 1.7-mile section of Old Lockhart Road from Capitol View Drive to Thaxton
Road will have shoulders added in both directions.
-------------------------------------------------------------------------------------------
7.  SOUTH PLEASANT VALLEY ROAD: A 2.5-mile section of Bradshaw Road and Turnersville Road will
be reconstructed as South Pleasant Valley Road from River Plantation Drive to SH 45 from existing
two-lane roads to a four-lane divided road with bike lanes and sidewalks.
Additional construction funding was provided with the 2023 Bond, and is also reflected in the 2024 ILA.
-------------------------------------------------------------------------------------------
8.  OLD SAN ANTONIO ROAD: A 2.1-mile section of Old San Antonio Road from FM 1626 to Puryear
Road will have shoulders added in both directions.

=== PDF PAGE 19 ===
TRAVIS COUNTY CAPITAL IMPROVEMENT PROGRAM (CONT.)

 TRAVIS COUNTY (2024 ILA PROJECTS)




























BLAKE MANOR ROAD:
A 1.3 Mile section of Blake Manor Road from Taylor Lane to Burleson Manor Road will be widened
from a 2-lane rural roadway to a 4-lane divided roadway with shoulders, sidewalk and Shared Use
Path.
----------------------------------------------------------------------------------------
ROWE LANE: A 2.6 Mile section of Rowe Lane from SH 130 to Hodde Lane will be widened from a
2-lane rural roadway to a 3-lane SAFE2 roadway with shoulders and Shared Use Path.
-------------------------------------------------------------------------------------------
CAMERON ROAD: A 2.1 Mile section of Cameron Road from Pecan Street to Fuchs Grove Road  will
be widened from a 2-lane rural roadway to a 4-lane divided roadway with shoulders, sidewalk and
Shared Use Path.
-------------------------------------------------------------------------------------------
BEE CREEK ROAD: A 0.9 Mile section of Bee Creek Road from Lakehurst to Highland Boulevard will be
widened from a 2-lane rural roadway to a 3-lane SAFE2 roadway with shoulders and Shared Use
Path.
-------------------------------------------------------------------------------------------
HOWARD LANE: Addition of a 1.2 Mile Shared Use Path along Howard Lane from McNeil Drive to
McNeil-Merriltown Road.
-------------------------------------------------------------------------------------------
ARTERIAL A: A 2.3 Mile new location construction of a 4-lane divided roadway.
------------------------------------------------------------------------------------------

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FINANCIAL SE  C  T ION

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  Management Discussion and Analysis -  unaudited
  The Central Texas Regional Mobility Authority (the Authority) presents the following discussion and analysis  of the
  Authority’s financial performance  during the fiscal year ended June 30, 202  5. The information presented herein
  should be read in conjunction with other areas within the Financial Section.
Financial Highlights
  •  Total Net Position was $864.6  million as of June 30, 2025, an increase of $95.6 thousand from fiscal year 2024.
  •  Total capital assets increased $117.8 million to $2.4  billion in fiscal year 2025 from $2.3 billion in fiscal year  2024.
  •  Total  operating income increased $ 25.7  million to $141.6  million in fiscal year 2025 from $116.0  million in fiscal
  year 2024.
  •  Total revenue increased $38.0  million to $276.6  million in fiscal year 202  5 from $238.6 million in fiscal year 2024.
  •  Total operating expenses  increased $12.3 million  to $135.0  million in  fiscal year 2025  from $122.7 million in fiscal
  year 2024.
Overview of the Financial Statements
Discussion and analysis are  intended to serve as an introduction to the financial presentation for the Authority  ’s basic
financial statements, which are comprised of two components: 1) financial statements  and 2) notes to the financial
statements.  The report also contains other supplementary information intended to furnish additional detail to support the
basic financial statements.
  A.  Financial Statements
 A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific
 activities or objectives.  The Authority  uses fund accounting to ensure and demonstrate compliance with finance-  related
 legal requirements.
  •  The Statement of Net Position presents information on the Authority’s assets and liabilities with the difference
  reported as net position. Increases or decreases in net position may serve as a useful indicator of whether the
  financial position of the Authority is improving or declining.
  •  The Statement of Revenues, Expenses and Changes in Net Position  presents the Authority’s net position
  changes during the fiscal year. Changes in net position are reported when underlying events lead to the
  occurrence of the change. The increase or decrease in net position may serve as an indicator of the effect on the
  Authority’s current year operations.
  •  The Statement of Cash Flows summarizes the Authority’s cash flows into three categories as applicable: 1) cash
  flows from operating activities, 2) cash flows from capital and related financing activities, and 3) cash flows from
  investing activities.
 Financial statements, related notes, and other information can be useful in assessing:
  •  The Authority’s ability to generate future cash flows.
  •  The Authority’s ability to pay its debt as the debt matures.
  •  Reasons for the difference between the Authority’s operating cash flow and operating income.
  •  The impact of the Authority’s financial position of cash and noncash transactions from investing, capital, and
  financing activities.

=== PDF PAGE 25 ===
  B.  Business-  Type Activities
  Business-  Type activities are activities  in which the Authority charges a fee to customers in order to pay for most or all
  of the costs of services provided .
  C.  Enterprise Funds
  An enterprise fund is used to report the functions that are business  -type activities.  The Authority reports two major
  enterprise funds: System and Non-  System.  The CTRMA System consists of th  e following roadways that have been
  formally designated as components: 183A Toll Lane (183A toll), 290 Toll Lane (290 toll), 71 Toll Lane (71 toll), 45SW
  Toll (45 toll), and the 183 Tol l Lane (183 toll).  The Non-  System fund consists of MoPac Express Lane (Express 1 Toll).
  D.  Fiduciary Funds
Fiduciary funds are used to account for resources that are under the Autho  rity's  control but  are for the benefit of parties
outside of the Authority.  The Authority has two types of fiduciary funds: the pension trust fund and custodial funds.
  E.  Notes to the Financial Statements
The  Notes to  Financial Statements provide  information that is essential to give a full understanding of the  data  provided in
the basic financial statements. Notes are presented  for the Authority , unless otherwise noted.
  F.  Other Information
This report also presents certain required supplementary  information  concerning the Authority’s progress in funding
pensions  and other  post-employment  benefits to employees, and other supplementary information  related to cash flow
and debt coverage.
Financial Analysis
  A.  Net position
The  Authority’s  Net Position  at June 30, 2025,  was $864.6  million.  Of the unrestricted balance, a  pproximately,  54% or
$467.2 million  is reported under the S ystem, and 1% or $8.  3  million is reported under Non-  System.  The remainder of net
position is not available for general spending, of which 2  4% or $205.0 million is System related, and 21% or $184.  1 million
is related to Non-  System.
The restricted portion of net position  is for debt service or construction  and capital asset  expenditures.  The resources
needed to repay this debt must be provided from other sources, as  capital assets cannot be liquidate d.  The decrease is
attributable to ongoing projects  and servicing long-term debt.
Capital assets, net of accumulated  depreciation  and amortization, increased  $117.8 million as a result of  ongoing  System
construction  projects.

=== PDF PAGE 26 ===
  Tab le A- 1
  S u m m ary  Net Position
  (In Thousands of Dollars)
  Dollar  Percen tage
  2025  2024  Ch an ge  Change
  C ur r e nt A s s e ts  552,948$  450,797$  102,151$  23%
  Re s tr i cte d A s s e ts  420,313  595,477  (175,164)  -29%
  C a pi ta l A s s e ts  2,438,718  2,320,895  117,823  5%
  Total Assets  3,411,979$  3,367,169$  44,810$  1%
  Deferred Outflows of Resources  160,332  163,960  (3,628)  -2%
  Total Assets an d Deferred In flows of Resources  3,572,311$  3,531,129$  41,182$  1%
  Current Liabilities  127,303  119,573  7,730  6%
  Noncurrent Liabilities  2,579,878  2,642,508  (62,630)  -2%
  Total Liab ilities  2,707,181$  2,762,081$  (54,900)$  -2%
  Deferred Inflows of Resources  518  33  485  1470%
  Total Liabilities  an d Deferred In flows of Resources  2,707,699$  2,762,114$  (54,415)$  -2%
  Ne t P os i ti on
  Ne t Inve s tme nt i n C a pi ta l A s s e ts  208,831  313,969  (105,138)  -33%
  Restricted for Other Purposes  180,272  167,862  12,410  7%
  U nr e s tr i cte d  475,510  287,184  188,326  66%
  Total Net Position  864,613$  769,015$  95,598$  12%
  B.  Changes in Net Position
The operating revenues increased $38.0  million in 2025  to $276.6 million. Approximately 91% or $252.2 million is attributable
to System, mainly due to opening of the 183A Phase III toll road and toll increases  , and 9%  or $24.4 million is related to Non-
System, mainly due to increased usage, and a toll increase.
Operating expenses increased by $ 12.3  million in 2025 to  $135.0.  Approximately 85% or $114.3 million is attributable to the
System and 15% or  $20.7 million is related to Non-  System.  The increase for both is related to growth  in  roadway  tolling
transactions which resulted  in increased license plate imaging and tag collection  expenses.
Net  nonoperating  expenses  increased  by  $13.8  million in 2025 to ($4  6.6)  million.  Approximately,  94% or ($  43.8) million is
attributable to the System, and 6% or (  $2.8) million is related to Non-  System.  The increase  in expenses  is due to a decrease
in interest revenue  which typically offsets nonoperating expenses  .



  T  ab l e A  - 2
  Summary Changes in Net Position
  (In Thousands of Dollars)
  Dollar  Percen tag e
  2025  2024  Change  Change
  Revenues:
  Toll Re v e nue  276,380$  238,575$  37,805$  16%
  Othe r  Op  e r  a ti ng  203  42  161  383%
  T  o t al  R even u e  276,583$  238,617$  37,966$  16%
  Ex p enses:
  Ad m inistrative Ex p ense  14,245$  15,677$  (1,432)$  -9%
  Op  e r ations and  Mainte nanc e  44,750  39,040  5,710  15%
  Othe r  Op  e r ating Ex  p  e nse  11,039  8,244  2,795  34%
  D e p  r e c iation and  Am  or tization  64,957  59,722  5,235  9%
  T  o t al  E xp en s es  134,991$  122,683$  12,308$  10%
  Op  e r ating Inc om  e  141,592  115,934  25,658  22%
  Nonop erating revenue (ex p ense):
  Net Nonop erating revenue (ex p ense)  (46,589)  (32,759)  (13,830)  42%
  C ap  ital Gr ants and  C ontr ib  utions  595  420  175  42%
  Change in Net Positon  95,598$  83,595$  12,003$  14%
  Ne t P osition -  b  e ginning  769,015  685,420  83,595  12%
  Net Positon - ending  864,613$  769,015$  95,598$  12%

=== PDF PAGE 27 ===
  C.  Capital assets
  The  Authority’s  investment in capital assets includes land, buildings, right-  of-way,  roadway, bridges, equipment,
  computer systems, and  right-to-  use leased assets. For additional information on capital assets see Note 4.
The Authority utilizes GASB No. 34, for reporting  of  infrastructure assets. Each year a comprehensive assessment is
conducted on all the Authority’s infrastructure assets which affect the following fiscal year’s maintenance budget.
Fluctuations from year to year between the amount spent to preserve and maintain the Authority’s infrastructure assets
and the estimated amount result from the timing of work activities. For additional information and results of the 2025
assessment, please see the Annual Report of Conditions on the Authority’s website.
  D.  Long-t  erm debt
As of June 30, 2025, the Authority has approximately $2.61 billion in total debt outstanding.  For additional information
on long-t  erm debt see Note 5.
Bond R  atings
S&P Global Ratings assessed the Authority’s  bonds and gave a rating of A  + to the  senior lien revenue bonds and the
subordinate lien  TIFIA  bonds and gave a rating of A to the subordinate lien  revenue bonds  . Moody’s Investor Services
assessed the Authority’s bonds and gave a rating of A3  to the senior lien revenue bonds and the subordinate lien TIFIA
loans and gave a rating of Baa1  to the subordinate lien  revenue bonds.
Contacting t  he Authority’s Financial M  anagement
This financial report is designed to provide interested parties with a general overview of the Authority’s finances and to
demonstrate the Authority’s accountability for the money it receives. If you have questions about this report or need
additional financial information, contact the Central Texas Regional Mobility Authority, 3300 North IH 35, Suite 300, Austin,
78705.

=== PDF PAGE 28 ===
  Statement of Net Position
  As of June 30, 2025



  Business-Type
  Activities
  Assets  Sys t em  No n - Sys t em  T  o tal
C u rren t  A  s s et s
  C a sh a nd  C a sh Eq  uiv  a le nts  242,537,569$  25,008,681$  267,546,250$
  Inv  e stm  e nts ( N ote  3 )  119,307,434  -  119,307,434
  A c c ounts Re c e iv  a b  le  ( ne t of a llowa nc e  for  unc olle c ta b  le )  ( N ote  7)  47,905,688  3,045,030  50,950,718
  Accrued  Interest Receivab le  1,270,162  -  1,270,162
  Prep aid  Ex p enses and  Other Assets  609,215  -  609,215
  T otal Unrestri cted  411,630,068$  28,053,711$  439,683,779$
C u rren t  R  es  t ri  ct ed
  C a sh a nd  C a sh Eq  uiv  a le nts  110,253,469$  3,010,413$  113,263,882$
  T otal Current Restri cted  110,253,469$  3,010,413$  113,263,882$
  T otal Current A ssets  521,883,537$  31,064,124$  552,947,661$
No  n cu rren t  A  s  s  et s
  C a sh a nd  C a sh Eq  uiv  a le nts  370,103,962$  -$  370,103,962$
  Inv  e stm  e nts ( N ote  3 )  50,209,300  -  50,209,300
  T otal  Noncurrent Restri cted assets  420,313,262$  -$  420,313,262$
  T ota l C  a p  i ta l A sse ts,  N e t ( N ote  4 )  2,253,059,508  185,658,975  2,438,718,483
  T otal Noncurrent A ssets  2,673,372,770$  185,658,975$  2,859,031,745$
  T otal A ssets  3,195,256,307$  216,723,099$  3,411,979,406$
D ef  erred  O  u t f  l o  w  o  f  R  es  o  u rces
  Tota l d  e fe r  r  e d  outflows of r  e sour  c e s ( N ote  9)  160,332,405$  -$  160,332,405$
  T  o  t al  A  s  s  et s  an d  D ef  erred  O  u t f  l o  w s  o  f  R  es  o  u rces  3,355,588,712$  216,723,099$  3,572,311,811$
  (continued)




=== PDF PAGE 29 ===
  Statement of Net Position
  As of June 30, 2025



  Business-Type
  Activities
  Liabilities  Sys tem  No n - Sys tem  T o tal
Current Liabilities
  A c c ounts P a y  a b  le  9,394,626$  1,250,821$  10,645,447$
  D ue  to Othe r  Gov e r nm  e nts  1,695,974  -  1,695,974
  Le a se  Li a b  i li ty  410,575  -  410,575
  Accrued  Ex p enses  2,538,352  -  2,538,352
  T otal current unrestri cted li abi li ti es  14,039,527$  1,250,821$  15,290,348$
Payab l e f  ro m R es t ri  ct ed  A  s s et s
  C onstr uc tion Ac c ounts P ay ab  le  36,712,514$  96,666$  36,809,180
  A c c r  ue d  Inte r  e st P a y  a b  le  40,117,313  359,592  40,476,905
  Bond  s,  Note s P ay ab  le  and  Othe r  Ob  ligations,  c ur r e nt ( Note  5)  33,326,976  1,400,000  34,726,976
  T otal current restri cted li abi li ti es  110,156,803$  1,856,258$  112,013,061$
  T otal current li abi li ti es  124,196,330$  3,107,079$  127,303,409$
Noncurrent Liabilities
  Tota l OP EB Li a b  i li ty  ( N ote  1 1 )  56,550$  -$  56,550$
  N e t P e nsi on Li a b  i li ty  ( N ote  1 0 )  1,561,511  -  1,561,511
  Bond  s,  Note s P ay ab  le  and  Othe r  Ob  ligations,  non- c ur r e nt ( Note  5)  2,557,168,758  21,090,900  2,578,259,658
  T otal Noncurrent Li abi li ti es  2,558,786,819$  21,090,900$  2,579,877,719$
  T otal Li abi li ti es  2,682,983,149$  24,197,979$  2,707,181,128$
D ef  erred  i  n f  l o w  o f  res o u rces
  Total D e fe r r e d  Inflows of Re sour c e s ( Note  9)  517,992$  -$  517,992$
  T  o t al  L i  ab i  l i  t i  es  an d  D ef  erred  I n f  l o w s  o f  R es o u rces  2,683,501,141$  24,197,979$  2,707,699,120$
Net Po s i ti o n
  N e t Inv  e stm  e nt i n C a p  i ta l A sse ts  45,759,197$  163,071,408$  208,830,605$
  Restricted  for Deb t Service  159,181,225  21,090,900  180,272,125
  U  nr e str ic te d  467,147,149  8,362,812  475,509,961
  T otal Net Posi ti on  672,087,571$  $  192,525,120$  864,612,691

  See accompanying Notes to the Financial Statements.

=== PDF PAGE 30 ===
  Statement of Revenues, Expenses and Changes in Net Position
  For the Fiscal Year ended June 30, 2025



  Business-Type
  A c t  ivit  ies
  S  ys  t  em  Non  -S  ys  t  em  T  ot  al
O p er at in  g  Reven  u e
  Tolls  251,996,492$  24,383,925$  276, 380,417$
  O  the r O  pe ra ting  202,781  -  202,781
  T ot al  O p er at in  g  Reven  u e  252,199,273$  24,383,925$  276,583,198$
Operating Expense
  A dministrative Ex pense  14,241,276$  3,748$  14,245, 024$
  O perations and Maintenance  40,212,398  4,537,103  44,749,501
  O  the r O  pe ra ting Ex pe nse  806,979  232,359  1,039,338
  Depreciation and A mortiz ation  58,993,325  5,963,520  64,956,845
  Total Operating Expense  114,253,978$  10,736,730$  124,990,708$
  Operating Income  137,945,295$  13,647,195$  151,592,490$
Non  op er at in  g  Reven  u e ( Exp en  s e)
  Interest Income  41,390,233$  1,061,960$  42, 452,193$
  CA MP O  RIF  contribution  -  (10,000,000)  (10,000,000)
  P roject contribution ex pense  (7,525,858)  (3,134,808)  (10,660,666)
  Gain on Sale of A ssets  12,000  -  12,000
  Interest Expense  (77,667,680)  (725,144)  (78,392,824)
  Capital Grants and Contributions  595,467  -  595,467
  T ot al  Non  op er at in  g  Reven  u e ( Exp en  s e)  (43,195,838)$  (12,797,992)$  (55,993,830)$
  Ch  an  g  e in  Net  P os  it  ion  94,749,457$  849,203$  95,598, 660$
Net P osition, July 1, 2024  769,014,031$  -$  769,014,031$
Change in Net P osition  (191,675,917)  191,675,917  -
Net P osition, July 1, 2024, as adjusted  577,338,114  191,675,917  769,014,031
Net P osition, June 30, 2025  672,087,571$  192,525,120$  864,612,691$
  (cont i nued)

  See accompanying Notes to the Financial Statements.


=== PDF PAGE 31 ===
  Statement of Cash Flows
  For the Fiscal Year ended June 30, 2025

  Business-Type
  Activities
  Sys tem  No n - Sys tem  T o tal
Cash flows from operati ng acti vi ti es:
  Receip ts from  toll fees  $  283,258,244  $  22,519,167  $  305,777,411
  Re c e ip  ts fr om  othe r  inc om  e  185,777  -  185,777
  P ay m  e nts to v e nd  or s  (43,540,665)  (4,686,114)  (48,226,779)
  Paym ents to em p loyees  (6,586,616)  -  (6,586,616)
  Net cash flows provi ded by operati ng acti vi ti es  $  233,316,740  $  17,833,053  $  251,149,793


Cas h  f lo w s  f ro m cap i  tal an d  related  f i  n an ci  n g  acti  vi  ti  es :
  P ay m  e nts on inte r e st  $  (96,967,257)  $  (747,627)  $  (97,714,884)
  P ay m  e nts on ob  ligations  (39,951,980)  (11,275,000)  (51,226,980)
  Paym ents for cap ital assets  (7,444,424)  -  (7,444,424)
  P ay m  e nts for  c onstr uc tion in p  r ogr e ss  (180,137,255)  (2,295,943)  (182,433,198)
  P r oc e e d  s fr om  c ap  ital gr ants  595,467  -  595,467
  Net cash flows used i n capi tal and related
  financing activities  $  (323,905,449)  $  (14,318,570)  $  (338,224,019)
Cash flows from investing activities:
  Inte r e st inc om  e  $  41,102,401  $  1,061,960  $  42,164,361
  P ur c hase  of inv e stm  e nts  (452,963,964)  -  (452,963,964)
  P r oc e e d  s fr om  sale  or  m  atur ity  of inv e stm  e nts  460,794,265  9,999,374  470,793,639
  Net cash flows provided by investing activities  $  48,932,702  $  11,061,334  $  59,994,036
  Net  d ecreas e i  n  cas h  an d  cas h  eq u i  val en t s  $  (41,656,007)  $  14,575,817  $  (27,080,190)
C ash and  c ash e q  uiv ale nts at b  e ginning of y e ar  764,551,007  13,443,277  777,994,284
C ash and  c ash e q  uiv ale nts at e nd  of y e ar  $  722,895,000  $  28,019,094  $  750,914,094

Reconciliation of change in net position to net cash
provi ded by operati ng acti vi ti es:
  Op  e r ating Inc om  e  $  137,945,295  $  13,647,195  $  151,592,490
  Ad  justm  e nts to r e c onc ile  op  e r ating inc om  e  (loss)  to ne t
  cash p rovid ed  b y op erating activities:
  D e p  r e c iation and  am  or tization  58,993,325  5,963,520  64,956,845
  Bad  D eb t  85,300,674  6,595,235  91,895,909
  C hanges in assets and  liab ilities:
  Inc r e ase  ac c ounts r e c e iv ab  le s and  d  ue  fr om  othe r
  gov er nm ents  (54,038,922)  (8,459,993)  (62,498,915)
  Increase in p rep aid  ex p enses and  other assets  (32,243)  -  (32,243)
  Decrease in accounts p ayab le  4,789,370  87,096  4,876,466
  Decrease in accrued  ex p enses  484,431  -  484,431
  D e c r e ase  in d  e fe r r e d  inflow/ outflows p  e nsion and
  OP EB  -(125,190)  -
  T otal adj ustments  $  95,371,445  $  4,185,858  $  99,682,493
Net cash flows provi ded by operati ng acti vi ti es  $  233,316,740  $  17,833,053  $  251,274,983

Reconciliation of cash and cash equivalents:
  U  nr e str ic te d  c ash and  c ash e q  uiv ale nts  $  242,537,569  $  25,008,681  $  267,546,250
  Re str  i c te d  c a sh a nd  c a sh e q  ui v  a le nts:  C ur  r  e nt  110,253,469  3,010,413  113,263,882
  Re str ic te d  c ash and  c ash e q  uiv ale nts:  Nonc ur r e nt  370,103,962  -  370,103,962
  T o tal  $  722,895,000  $  28,019,094  $  750,914,094
Supplemental schedule of noncash i nvesti ng, capi tal
and financing activities:
  Ac c r e tion on c ap  ital ap  p  r e c iation b  ond  s  $  7,955,484  $  -  $  7,955,484
  Increase / (d ecrease) in d eferred  outflow of resources  (3,909,286)  -  (3,909,286)
  Increase / (d ecrease) in d eferred  inflow of resources  47,522  -  47,522

  See accompanying Notes to the Financial Statements.

=== PDF PAGE 32 ===
  Statement of Fiduciary Net Position
  As of June 30, 2025
  Pension Trust  Custodi al
  Fund*  Fund
Assets:
  R es t ri  ct ed :
  C a sh a nd  C a sh Eq  uiv  a le nts  -$  39,777,865$
  I n ves t men t s :
  C  olle c ti v  e  Inv  e stm  e nt F und  1,426,257  -
  T otal A ssets  1,426,257$  39,777,865$
Payab le:
  A c c ounts P  a y  a b  le  -$  88,919$
  T  o t al  Payab l es  -$  88,919$
Net Po s i  ti  o n :
  R es t ri  ct ed :
  Othe r  G ov  e r  nm  e nts  -$  39,688,946$
  P e nsion  1,426,257  -
  T otal Net Posi ti on  1,426,257$  39,688,946$



*Balan  ce as  o  f  Decemb  er  31, 2024.



  Statement of Changes in Fiduciary Net Position
  Fiduciary Funds
  For the Fiscal Year ended June 30, 2025

  Pension Trust  Custodi al
  Fund*  Fund
  A ddi ti ons:
  Contri buti ons:
  Em  p  loy  e r  167,409$  -$
  Investments Earnings:
  Net (d ecrease) in fair value of investm ents  195,889  -
  Interest and dividends  10  406,455
  O ther addi ti ons:
  D  e p  osits fr  om  Othe r  G ov  e r  nm  e nts  -  32,760,942
  Othe r  Inc om  e  -  1,708
  T otal A ddi ti ons  363,308$  33,169,105$
  D ed u ct i  o n s :
  Benefits p aid  to p ar ticip ant and  b eneficiar ies  38,132$  -$
  D  isb  ur  se m  e nts fr  om  Othe r  G ov  e r  nm  e nts  -  546,396
  Othe r  Ex  p  e nse  332
  T  o t al  Payab l es  38,132$  546,728$

  Net Increase (Decrease) in fid uciary net p osition  325,176  32,622,377
  N e t P osition -  Be ginning  1,101,081  7,066,569
  T otal Net Posi ti on  1,426,257$  39,688,946$

*Balan  ce as  o  f  Decemb  er  31, 2024.

  See accompanying Notes to the Financial Statements.

=== PDF PAGE 33 ===
  Notes to the Financial  Statements
  June 30, 2025


Note 1:  Nature of  the Organization and Summary of Significant Accounting Policies  ................................... 30
  Reporting Entity .........................................................................................................................................  30
  Basis of Accounting .................................................................................................................................... 30
  Economic Factors and Next Year’s Budget  ................................................................................................... 31
  Net Position  ............................................................................................................................................... 31
  Restricted Assets ........................................................................................................................................ 31
  Cash, Cash Equivalents and Investments  .................................................................................................... 32
  Receivables ................................................................................................................................................  32
  Compensated Absences .............................................................................................................................32
  Capital Assets  ........................................................................................................................................... 32
  Grants and Contributions  ............................................................................................................................ 33
  Pensions .................................................................................................................................................... 33
  Other Post-  Employment Benefits (OPEB)  ..................................................................................................... 33
  Deferred Outflows  and Inflows of Resources ................................................................................................ 33
  Bond Discounts and Premiums  ................................................................................................................... 34
  Estimates ................................................................................................................................................... 34
  Arbitrage Rebate Payable ............................................................................................................................  34
  Project Contribution Expense ....................................................................................................................... 34
  New Accounting Pronouncements  ............................................................................................................... 34
Note 2:  Legal Compliance -  Bud gets .......................................................................................................... 35
Note 3:  Deposits and Investments  ............................................................................................................. 35
Note 4:  Capital Assets  ...............................................................................................................................  38
Note 5:  Bond and Notes Payable  ................................................................................................................  39
Note 6:  Commitments and Contingent Liabilities  ........................................................................................ 47
Note 7:  Disaggregation of Receivable and Payable Balances  .......................................................................  48
Note 8:  Risk Management  ..........................................................................................................................  48
Note 9:  Deferred Outflow and Inflow of Resources  ......................................................................................  49
Note 10:  Employee Retirement Plan  ...........................................................................................................  49
Note 11:  Other Pension Employee Benefits (OPEB)  ..................................................................................... 54
Note 12:  Deferred Compensation Plan  ....................................................................................................... 57
Note 13:  Change within  Reporting Entity ..................................................................................................... 57
Note 14:  Subsequent Events  ......................................................................................................................  57

=== PDF PAGE 34 ===
  Note 1.  Organization and Summary  of Significant Accounting Policies
  Reporting entity
The  Central Texas Regional Mobility  Authority  (the  Authority)  was authorized by the State of Texas in 2002. The Authority is
authorized to construct, maintain, repair,  and operate turnpike projects at locations authorized by the Legislature of the State
of Texas and approved by the Texas Department of Transportation (TxDOT). The Authority receives revenues from tolls, fees,
and reimbursement grants for the construction of toll projects. The Authority may issue revenue bonds for the purpose of payi  ng
the costs of System and Non-  System projects.
The Authority was formed through the joint efforts of Travis and Williamson Counties (the Counties). E  fforts began in September
2002, following the enactment of provisions by the 77th Texas Legislature authorizing  the  formation  of  regional  mobility
authorities  (RMAs).  The  petition  to  form  the  Authority  was  filed by the Counties, and the Texas Transportation Commission
granted approval for its formation in October 2002. The initial meeting of the Board of Directors (the Board) of the Authorit  y was
held in January 2003. Each County appoints three directors,  and the Governor appoints the presiding officer. The members are
appointed  with the understanding  the composition of the Board and the common interest in the region shared by Board
members will result in adequate representation  of all political subdivisions  within the geographic area of the Authority.  Members
serve without pay for terms of two years. The Authority has full control over all operations  , however, must comply with certain
bond indentures and trust agreements. The Authority employs an Executive Director who manages day  -to-  day operations.
The  Authority consists of indenture assets which include the  183 Toll, 183A Toll, 290 Toll, 71 Toll Lane, 45SW Toll, 183A Phase
III,  and 183N mobility project, a non-  indenture building asset  and are collectively referred to as the System  , and a Non-System
that consists of the Mopac Express Lane  s.
Basis of accounting
The operations of the Authority  are accounted for as enterprise funds on an accrual basis in order to recognize the flow of
economic resources.  Under this basis, revenues are recognized in the period in which they are earned, expenses are recognized
in the period in which they are incurred, and all assets and liabilities associated with the operation of the Authority are included
in the Statement of Net Position. The assets of the Authority are stated at cost except for certain investments, which are stated
at fair value.
The Authority’s accounts are organized on the basis of funds. The operations of each fund are accounted for with a self  -
balancing set of accounts that comprise its assets, liabilities, additions/revenues, and deductions/expenses. The following
fund types are used to reflect the Authority’s transactions:
  •  Enterprise  Funds: Enterprise funds are a type of proprietary fund used to report any activity for which a fee is charged to
  external users for goods or services.  The reporting focus is on the determination of operating income, changes in net
  position, financial position, and cash flows.  Proprietary funds distinguish operating activities from non-  operating.
  Operating activities generally result from providing services and producing or delivering goods.
  The Authority reports two major enterprise funds: System and Non-  System funds.  The principal revenues of the System
  are toll revenues received from customers. Operating expenses for the System include the costs of operating and
  maintaining the Authority and administrative expenses. All revenues and expenses not meeting this definition are
  reported as non-  operating revenues and expenses.  The principal revenues of the Non-  System Fund toll revenues are
  received from customers and fees charged for billing services on managed lanes. Operating expenses for the Non-
  System Fund include the costs of billing and collections of managed lane transactions.
  •  Fiduciary Funds: Fiduciary funds are used to report assets held in a trustee or custodial capacity for others. The reporting
  focus is on net position and changes in net position. The Authority reports two types of fiduciary funds: the Pension
  Trust Fund and Custodial Funds

=== PDF PAGE 35 ===
  •  The Authority’s P  ension  Trust  fund  is  established  as  a  401(a) plan, which is a profit-  sharing defined contribution
  plan held with Nationwide  Retirement Solutions Governmental Profit  -Sharing Plan and Trust.
  •  The  Custodial funds are a type of fiduciary fund used to report assets held  on behalf  of  another entity .  The
  Authority’s c  ustodial funds consist of Travis County road projects managed by the Authority  .
Economic Factors and Next Year’s  Budget
Operating budgets are established in accordance with the practices set forth in the provisions of the Authority’s Policy Code  .
These practices follow the Generally Accepted Accounting Principles (GAAP) for an enterprise fund on an accrual basis.
Exceptions are:
  •  Depreciation and amortization of capital assets are not included as an operating expense.
  •  Capitalized interest accrued on certain bond issues as allowed by the Trust Agreement and bond resolutions.
Revenues are recognized when they are earned, expenses are recognized in the period in which they are incurred, and all asset  s
and liabilities associated with the operation of the Authority are included in the Statement of Net Position in accordance wi  th
the Policy Code described above.
Each year the Authority completes a review of its financial condition for the purpose of estimating whether Sy  stem and Non-
System  net revenues for the year meet applicable  debt covenants. See additional information regarding legal compliance for
budgets in Note 2.
Net Position
The difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources is called  net
position. Net position is reported as (1) net investment in capital assets; (2) restricted for debt service and; (3) unrestri  cted.
Payments from restricted accounts are strictly governed by the Indenture Agreements and can only be made in compliance
with the Indenture Agreements. When both restricted and unrestricted amounts are available for use, the Authority’s policy is
to use restricted amounts first, with unrestricted resources utilized as needed.
Restricted Assets
Certain proceeds of the Revenue Bonds are restricted by applicable bond covenants for construction or restricted as reserves
to ensure repayment of the bonds. Certain other assets are accumulated and restricted monthly in accordance with the
Indenture Agreements for the purpose of paying interest and principal payments that are due on a semiannual and annual basis,
and for the purpose of maintaining the reserve funds at the required levels.  Limited types of expenses may be funded from
these accounts. Expenses that do not meet these requirements are funded from unrestricted accounts. The sub  -funds and
accounts that have been established in accordance with the Indenture  Agreements  are as follows:
  •  Revenue Fund –  The Revenue Fund was created to account for all revenues (all tolls, other revenues, and income)
  arising or derived by the Authority from the operation and ownership of the Authority  . All revenues earned  are
  distributed to other funds in accordance with the Trust Agreement.  Amounts held in this fund total $18,214,889.
  •  Rebate Fund –  The Rebate Fund was created to account for payments to the United States of America under Section
  148 of the Code to pay costs related to the calculation of amounts due.  Amounts held in this fund total $0.
  •  Operating Fund –  The Operating  Fund was created to account for and pay current operating and maintenance expenses
  of the Authority  . Amounts held in this fund total $25,805,451.
  •  Debt Service Fund s  –  The Debt Service Funds  were created to account for the payment of the semiannual interest
  requirements of the revenue bonds and to account for the payment of the annual principal requirements of the revenue
  bonds.  Amounts held in this fund total $ 76,671,656.
  •  Debt Service Reserve Funds –  The  Debt Service Reserve  Funds  were created for the purpose of paying interest and
  principal of the bonds whenever and to the extent that the monies held in the Debt Service Funds  shall be insufficient
  for such purpose. The required reserve is an amount equal to the average annual debt service requirements of all bonds
  outstanding. Amounts held in this fund total $174,313,315.

=== PDF PAGE 36 ===
  •  Renewal and Replacement Fund –  The Renewal and Replacement Fund was created to account for those
  expenses of maintaining the Authority that do not recur on an annual or frequent  basis. As defined in the Trust
  Agreement, such items include repairs, painting, renewals, and replacements necessary for safe or efficient
  operation of the Authority or to prevent loss of revenues, engineering expenses relating to the functions of the
  Authority, equipment, maintenance expenses, and operating expenses not occurring at annual or shorter periods  .
  Amounts held in this fund total $13.
  •  General Fund –  The General Fund was created to account for those expenses not reflected in other funds and can be
  used to pay expenses such as purchase or redemption of obligations, to fund improvements, extensions, and
  replacements of the system or any other purchase the Authority deems necessary.  Amounts held in this fund total
  $293,310,236.
  •  Capital Projects Funds -  The Capital Project Funds w  ere  created to account for that portion of the proceeds from the
  sale of the Authority Revenue Bonds, which are  required to be deposited with the trustee in order to pay all costs of
  construction. Monies received from any other source for paying the costs  of the Authority may  also be deposited in the
  Construction and Property Fund.  Amounts held in this fund total $287,955,117.
Cash, cash equivalents and investments
Cash  and cash equivalents  include  amounts in TexStar Investment pool, Goldman Sachs Fund  ,  State & Local Government
Series demand deposits,  and Agency securities that mature within one year of maturity.  These deposits are fully collateralized
or covered by federal deposit insurance.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans  action between
market participants at the measurement date. Investments are reported at fair value in the statement  of net position or other
statements of net financial position with exceptions. Certain money market investments may be reported at amortized cost
provided the investment has a remaining maturity of one year or less at date of purcha  se.  All investment income, including
changes in  the fair value of investments, is recognized as revenue in the operating statement or statement of activities.  The net
change in fair value of investments is recorded in the Statement of Revenues, Expenses  and Changes in Net Position and
includes the unrealized and realized gains and losses on investments  .
Receivables
The major receivables for business  -type activities are from private persons or organiz  ations and represent amounts due to the
Authority as of June  30, 2025.  Amounts expected to be collected within the next fiscal year are classified as current and amounts
expected to be collected beyond the next fiscal year are classified as noncurrent. All receivables are recorded net of allowa  nces
for uncollectible accounts.
Compensated absences
The Authority’s regular staff employees accumulate vacation pay and sick leave pay  .  A liability for compensated absences is
recognized when leave time: (1) has been earned for services previously rendered by employees, (2) accumulates and may be
carried over into subsequent years, and (3) is more likely than not to be used as time off or settled (paid in cash to the employee)
during employment or upon separation from employment. The liability for compensated absences includes salary  -related
benefits, where applicable.
Vested or accumulated vacation leave is recorded as an expense and liability as the benefits accrue to employees. Sick  leave
balances that are more likely than not to b  e used as leave in a future period are recorded as an expense and liability.
The compensated absences liabilities for the year ended June 30, 2025, is  $864,323 and is recorded in accrued expenses  for
the System on the Statement of Net Position  .
Capital assets
Capital assets, which include property and equipment, right of way and toll roads, are reported at cost. Capital assets acqui  red
through contributions, such as those from developers or other governments, are recorded at estimated acquisition value at the
date of donation. Depreciation is computed on the straight  -line method over the estimated useful life of the asset.  A full
month’s depreciation is taken in the month the  asset is placed in service. When property and equipment are disposed  of, the
cost and accumulated depreciation are removed from the respective accounts, and the resulting gain or loss is recorded.

=== PDF PAGE 37 ===
  Right to Use assets are initially reported at present value of the lease payments.  Amortization of these assets is
  charged as an expense against operations. Amortization is calculated using the straight  -line method over the lease
  contract period.
  Costs related to renewing and maintaining these assets are  not  capitalized  but  instead are considered to be period
  costs.  The Authority evaluates  impairment of capital assets when  a  significant unexpected decline in service utility
  occurs.
Projects  that  are  done on behalf of another entity  and are not a capital asset  of  the Authority  or  do not advance  past  the
preliminary planning stage are  reclassed and reflected as a  project expense.
Grants and contributions
Revenues from grants and contributions are cash and noncash which  include the following: (1) c  apital grants and contributions
which are restricted revenues whose resources may only be spent to purchase, build or use capital assets for specified
programs or (2) o  perating grants and contributions which are restricted in the way they may be spent for operations of a
particular program.  Revenues from federal and state cost reimbursement grants and contracts are recognized as earned when
all eligibility requirements, including incurring allowable expenditures, have been met  .
Pensions
For purposes of measuring the net pension liability  (asset), deferred outflows of resources and deferred inflows of resources
related to pensions, pension expense, information about the fiduciary net position  of  the Texas County and District Retirement
System (TCDRS), an Agent Plan, and additions to/deductions from  TCDRS’s  fiduciary net  position have been  determined on  the
same  basis  as  reported  by  TCDRS.  For this  purpose,  benefit  payments  (including  refunds  of  employee  contributions)  are
recognized  in  the  TCDRS net pension liability calculations when due  and payable in accordance with the benefit terms. The
investments are stated at fair  value.
Other Post-  Employment Benefits (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to
OPEB, and OPEB expense, information about the fiduciary net position of the Authority’s Postemployment Benefit Plan of the
Texas County and District Retirement System (TCDRS), the retiree death benefit paid from the Group Term Life (GTL) program,
and additions to/deductions from the TCDRS OPEB Plan fiduciary net position have been determined on the same basis as
reported by  TCDRS. For this purpose, benefit payments are recognized when due and payable in accordance with benefit terms.
Investments are reported at fair value.
Deferred outflows and inflows of resources
In addition to assets, the statement of financial position report  s  a separate section for deferred outflows of r  esources. This
separate financial statement element, deferred outflows of resources  , “represents a consumption of net assets that applies to
future periods” and so will not be recognized as an outflow of resources (expenses) until then. The Authority has the followi  ng
five items that qualify for reporting in this category in the statement  of net position.
  •  Loss on refunding –  The  loss on refunding results from the difference in the carrying value of refunded debt and its
  reacquisition price. This amount is deferred and amortized over the shorter of the life of the  debt  refunded or  the new
  refunding debt.
  •  Pension/OPEB contributions after measurement date –  These contributions are deferred and recognized in the following
  fiscal year.
  •  Difference in projected and actual earnings on pension or OPEB assets  –  This difference is deferred and amortized over
  a closed five-  year period.
  •  Difference in expected and actual pension or OPEB experience –  This difference is deferred and recognized over the
  estimated average remaining lives of all members determined as of the measurement date.
  •  Changes in actuarial assumptions used to determine pension or OPEB liability –  This difference is deferred and amortized
  over the estimated average remaining lives of all members determined as of the measurement date.

=== PDF PAGE 38 ===
  In addition to liabilities, the statement of financial position reports a separate section for deferred inflows of
  resources. This separate financial statement element, deferred inflows of resources  ,  “represents an acquisition of
  net assets that applies to future periods” and will not be recognized as an inflow of resources (revenue) until that
  time. The Authority has the following four  items that qualify for reporting in this category.
  •  Gain on refunding –  A gain on refunding results from the difference in the carrying value of refunded debt and its
  reacquisition price. This amount is deferred and amortized over the shorter of the life of the  debt refunded or the new
  refunding debt.
  •  Difference in expected and actual pension or OPEB experience –  This difference is deferred  and recognized over the
  estimated average remaining lives of all members determined as of the measurement date.
  •  Difference in projected and actual earnings on pension or OPEB assets  –  This difference is deferred and amortized over
  a closed five-  year period.
  •  Changes in actuarial assumptions used to determine OPEB liability –  This difference is deferred and amortized over the
  estimated average remaining lives of all members determined as of the measurement date.
Bond Discounts and Premiums
Notes and bonds payable are reported net of unamortized bond premiums and discounts. The Authority amortizes premiums
and discounts over the estimated life of the bonds as an adjustment to interest expense using the effective interest  method.
Estimates
The preparation of the financial statements in accordance with Generally Accepted Accounting Principles (GAAP) requires
management to make estimates and assumptions that affect the reported amounts in the financial statements and the
accompanying notes. Actual results could differ from those  estimates.
Arbitrage Rebate Payable
The Tax Reform Act of 1986 imposed additional restrictive regulations, reporting requirements, and arbitrage rebate liability  on
issuers of tax-exempt debt. This represents interest o  n bond proceed earnings  more than  amounts allowed under the Act. The
Act requires remittance to the Internal Revenue Service (IRS) of 90% of the cumulative arbitrage rebate within 60 days of the
end of each five-  year reporting period following the issuance of governmental bonds. The  cumulative arbitrage rebate liabilities
for the year ended June 30, 2025,  is $0.
Project Contribution Expense
Project contribution expense is related to projects  the Authority built  on behalf of other entities  and are not capital assets to the
Authority.
New Accounting Pronouncements
GASB Statement No. 101, Compensated Absences.  The objective of this Statement is to better meet the information needs of
financial statement users by updating the recognition and measurement guidance for compensated absences. That objective
is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously
required disclosures. The impact on the financial statements as a result of implementation of this standard was immaterial.
The footnotes to the financial statements have been amended in accordance with the standard  .
GASB Statement No. 102, Certain Risk Disclosures, requires a government to assess and disclose  information regarding certain
concentrations or constraints and related events that may have a substantial  impact and negatively affect the level of service a
government provides. The adoption of the standard has no impact on the financial statements.


=== PDF PAGE 39 ===
  Note 2.  Legal Compliance -  Budgets
  The Authority is required to prepare a budget of current expenses and  deposits to the Operating Fund, and the purposes
  for which the monies held in the Reserve Maintenance Fund will be expended for the ensuing year.
The Trust Agreement requires the Authority  to adopt a final budget for the Authority on or before June 30,  prior to the beginning
of the fiscal  year. The budget is prepared at the Department level and is based upon the Trust Agreement. The Authority may not
expend any amount or incur any obligations for maintenance, repairs, and operations more than  the total amount of the
budgeted expenses in the Annual Budget unless the funding source is other than revenues received from the Authority.
The Authority may expend additional funding  from the General  Fund in excess of the annual deposits. I  n a manner similar to the
adoption of the annual budget, budget amendments are  approved by the Board of Directors  of the Authority. There were no
occurrences of budget noncompliance in 202  5.
Pursuant to the System  Trust Agreement, the Authority has agreed that it will at all times keep in effect a plan for toll  collecting
facilities and a schedule of rates of tolls, which will raise and produce net revenues during each fiscal year sufficient to satisfy
the debt service requirements below:
  •  1.40  times the scheduled debt service requirements on all outstanding Senior Lien Obligations for the fiscal year; or
  •  1.20 times the scheduled debt service requirements on all outstanding Senior Lien Obligations and Junior Lien
  Obligations for the fiscal year; or
  •  1.10  times the scheduled debt service requirements on all outstanding  Senior Lien Obligations, Junior Lien
  Obligations, and Subordinate Lien Obligations for the fiscal year; or
  •  1.00 times the scheduled debt service requirements on all outstanding Obligations secured by net revenues for the
  fiscal year.
Pursuant to the Non-  System agreement, the Authority has agreed to establish and collect tolls to produce revenues during each
fiscal year sufficient to satisfy the requirement of 1.00 times annual debt service on obligations.
The Authority is  in compliance for  Fiscal Year 2025  . Details can be found on the System  Indenture Cash Flow and Debt Service
Coverage table and Non-  System Debt Service  Coverage table in the Other Supplementary Information section.
Note 3.  Deposits  and Investments
Deposits
The Authority was fully insured or collateralized with pledged securities  .  The carrying amount of the Authority’s System and
Non-  System  deposits was $224,057  and the respective bank balances totaled $  508,214.  Custodial funds are held in Public
Funds money market accounts.  The carrying amount of the Custodial funds deposits  was $39,777, 865 and the respective bank
balances totaled $32,835,918.
Federal  Depository Insurance Corporation (FDIC) provided $250,000 of coverage for deposits. All balances more than  the
$250,000 were fully collateralized in accordance with the Authority’s investment policy  which requires bank deposit accounts
to be collateralized with pledged securities equal to 105% of the carrying  value.
Demand Deposit State and Local Government Securities (SLGS) are securities offered for purchase  to issuers of state and local
government tax-exempt debt to assist with compliance of yield restric tions or arbitrage rebate provisions of the Internal
Revenue Service.  As of June 30, 2025, the SLGS yield rate was  4.18%, and the carrying amount was  $189,075,879.
Investments
The  Authority’s  Board has adopted an Investment  Policy to  provide  guidance  in  the  management of investment assets for the
Authority. The Authority mitigate s risk by investing in compliance with the investment policy, state statutes,  and bond indenture
provisions by qualifying the broker or financial institutions  with whom the Authority transacts  business,  while  maintaining
sufficient collateralization, portfolio diversification and limiting  maturities.
Investments in the Pension Trust Fund (the Plan) are held in the  Nationwide Collective Investment Fund and are reported at fair
value. Investments held by the Plan are recorded at fair value. All assets held by the Plan  are held in irrevocable  trusts. The
Pension  Trust Fund investments are restricted by investment options provided in the Collective Investment  Fund.

=== PDF PAGE 40 ===
  The investments are Level 2 investments for the underlying investments that support the Collective Investment Fund to
  determine the fair value net of applicable contract fees.  The  Plan  does  not  have  an  interest  rate  risk, credit risk,  or
  concentration of credit risk  policy,  as  the investments held in the Plan are in mutual funds invested in equity securities
  and are not subject to the disclosure requirements  . Investments in the Pension Trust Fund (the Plan) totaled $1,426  ,257.
Custodial  fund  s  are  investment in Goldman Sachs Financial Square Government Fund  , which  is a government money market
fund. The fund values securities using net asset value. The fund is rated Aaa-  mf by Moody’s and AAAm  by Standard & Poor’s
Rating Group. The redemption frequency is one day and there are no unfunded commitments.  The Custodial Fund assets are
invested in accordance with the investment policy of the Authority. Accordingly, the interest rate risk exposure by investmen  t
type, concentration of credit risk, credit risk and foreign currency risk are addressed with the Au  thority’s discl  osure for amount
held in Goldman Sachs.
TexStar  Investment Pool, Goldman Sachs Fund and Agency security  balances that mature within one year of the maturity date
are carried at amortized cost. Investment balances held more than a year are carried at fair market  value.  The Authority had
maturity values as follows:
  T  ab l e 3.1:  Su mmary o  f  I n ves t men t s  b y T  yp e
  G old  m  a n S  a c hs F ina nc ia l S  q  ua r  e  G ov  e r  nm  e nt F und  530,778,819$
  Te x  S  TA R Inv  e stm  e nt P ool  30,835,339
  S  ta te  a nd  Loc a l G ov  e r  nm  e nt S  e r  ie s ( S  LG S  )  d  e m  a nd  d  e p  osits  189,075,879
  U  . S  .  G ov  e r  nm  e nt sp  onsor  e d  e nte r  p  r  ise  se c ur  itie s a nd
  tr  e a sur  y  note s  169,516,734
  T otal A uthori ty cash and Investments  920,206,771$
  G old  m  a n S  a c hs F ina nc ia l S  q  ua r  e  G ov  e r  nm  e nt F und  -  C ustod  ia l  6,941,947
  T otal cash and Investments  927,148,718$
The Authority categorizes fair value measurements within the fair value hierarchy established by GAAP.  The hierarchy is based
on the valuation inputs used to measure the fair value of assets.  The three-  tiered fair value hierarchy is as follows :
  •  Level 1: Q  uoted prices for identical investments in an active market.
  •  Level 2: Significant other observable inputs other than quoted market prices.
  •  Level 3: Significant unobservable inputs.
The measurement of the Authority’s investments is  summarized below:

  T  ab l e 3.2:  Fai  r Val u e Hi  erarch y
  I n ves  t m en t  T  yp e  L  evel  1  L  evel  2  L  evel  3  B  alan ce
  Investm ents at fair value level:
  Farmer MAC  $  -  30,092,100$  -$  30,092,100$
  Treasury  -  20,117,200  -  20,117,200
  U S  Tr easur y  Note and  Far m er  MAC at cost  119,307,434
  Inv  e stm  e nts a t ne t a sse t v  a lue  ( N A V )  b  a se d  on a m  or  ti ze d  c ost:
  Gold  m  a n S  a c hs F ina nc ia l S  q  ua r  e  Gov  e r  nm  e nt F und  530,778,819
  Te x  S  TA R Inv  e stm  e nt P ool  30,835,339
  S  ta te  a nd  Loc a l G ov  e r  nm  e nt S  e r  i e s ( S  LG S  )  189,075,879
  T otal A uthori ty i nvestments measured at fai r value  $  -  $  50,209,300  -$  $  920,206,771
  Inv  e stm  e nts a t ne t a sse t v  a lue  ( N A V )  b  a se d  on a m  or  ti ze d  c ost:
  Gold  m  a n S  a c hs F ina nc ia l S  q  ua r  e  Gov  e r  nm  e nt F und  -
  C ustod  i a l  -  6,941,947  -  6,941,947
  T otal i nvestments measured at fai r value  -$  57,151,247$  -$  927,148,718$

=== PDF PAGE 41 ===
  A.  Custodial Credit Risk
  Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, the
  Authority will not be able to recover the value of its investment or collateral securities that are in the possession of an
  outside party. Investment securities are exposed  to  custodial risk if the securities are uninsured,  are not  registered in
  the  name  of  the  Authority  and are held by the counterparty, its trust or agent, but not in the Authority’s name. The
  Authority’s investment securities  are  not  exposed  to  custodial  credit  risk  because  all  securities  are  held  by  the
  Authority’s  custodial bank in the Authority’s  name.
  B.  Concentration of C  redit Risk
Concentration of credit risk is the risk of loss attributed to the magnitude of the  Authority’s  investment  in  a  single  issuer.  The
Authority  is  authorized  to  invest  funds  in  accordance  with its  investment policy,  bond  indentures,  and  the  Texas Public  Funds
Investment  Act.  Authorized  investments include, but are not limited to: United States Treasury and federal agency issues,
certificates of deposit issued  by a state or  national bank domiciled in the state of Texas,  repurchase  agreements collateralized
by United States Treasury or federal agency securities, guaranteed investment contracts (GICs), state and local government
series (SLGS) demand deposits  , obligations of states  and municipalities, Securities and Exchange  Commission (SEC)  registered
no-load money market mutual funds and local government investment pools. The Authority does not have a specific investment
policy related to concentration of credit risk.
The Authority’s investment policy states local government investment pools may not exceed 80% of the total investment
portfolio less bond funds. Bond funds may be invested at 100% of the total  investment portfolio. The Authority’s portfolio
consists of the following:

  T  ab  l e 3 . 3 :  P or t  fol io Com  p  os  it  ion
  Tex STA R Investment P ool  30,835,339$  3.4%
  Goldman Sachs Financial Square Government Fund  530,778,819  57.7%
  State and Local Government Series (SLGS) demand deposits  189,075,879  20.5%
  Federal Home Loan Bank  39,596,260  4.3%
  F e de ra l A gric ultura l Mortga ge  Corp.  80,092,100  8.7%
  U S Tre a sury  Note s  49,828,374  5.4%
  T  ot  al  A u  t  h  or it  y p  or t  fol io com  p  os  it  ion  920,206,771$
  Goldman Sachs Financial Square Government Fund - Custodial  6,941,947  100%
  T  ot  al  p  or t  fol io com  p  os  it  ion  927,148,718$

  C.  Interest rate risk
Interest  rate risk is the risk that the changes in interest  rates will adversely affect the fair value of an investment. Interest rate risk
may be mitigated by investing operating funds primarily in  shorter term securities, money market funds or similar investment
pools and limiting the average maturity of the portfolio.
With regard to maximum maturities, the Authority’s investment policy states  the attempts will be made to match investments
with anticipated cash flow requirements. Unless matched to a specific cash flow, the Authority will not directly invest opera  ting
or general funds in securities maturing more than 16 months from the date of purchase, unless approved by the Authority’s
Board. Investment of bond proceeds shall not exceed the projected expenditure schedule of the related project. Reserve funds
may be invested in securities exceeding 12 months if the maturities of such investments are made to coincide as nearly as
practicable with the expected use of the funds.  The  Authority’s investments in debt securities mature as follows:

  T  ab l e 3.4:  I n ves t men t  M at u ri  t i  es  ( i  n  D ays )
  In ves tmen t T ype  < 90 Days  < a Y ear  1-5 Yrs  5-10 Yrs  Carryi  n g  Valu e
  U  . S  .  Tr  e a sur  y  N ote s  $  -  $  49,828,374  $  -  $  -  $  49,828,374
  Farmer MAC  -  80,092,100  -  -  80,092,100
  F e d  e r al HOME Loan Bank  -  39,596,260  -  -  39,596,260
  T  o  t al  U . S.  g  o  vern m en t  s  p o  n s  o  red  en t erp ri  s  e
  s  ecu ri  t i  es  an d  t reas  u ry n o  t es  $  -  169,516,734$  $  -  $  -  169,516,734$

=== PDF PAGE 42 ===
  D.  Credit risk
  Credit risk is the risk that  an issuer or other counterparty to an investment will not fulfill its obligations to the Authority.
  To help mitigate credit risk, credit quality guidelines are incorporated into the investment policy  . The  Authority limits
  investments to the safest types of securities, as listed above under the concentration of credit risk  section  and pre-
  qualifies  the financial institutions, brokers/dealers, intermediaries, and advisors with which the Authority will do
  business. The  Authority’s  investments had the following credit  risk structure, based on  Standard & Poor’s  ratings:

  T  ab l e 3.5:  St an d ard  &  Po o r’s  C red i  t R i  s k R ati  n g
  I n ves t men t
  U . S.  Go  vern m en t  Sp o  n s  o  red  E  n t erp ri  s  e  Grad e R at i  n g  C arry Val u e
  F e d  e r  a l H OME Loa n Ba nk  AA+  $  39,596,260
  U  S  T r  e a sur  y  N ote  AA+  49,828,374
  Farmer MAC  N ot Ra te d  80,092,100
  T  o tal  $  169,516,734
Note 4.  Capital Assets
Capital assets are presented at historical cost or, if not purchased, at acquisition value. When appropriate, straight  -line
depreciation and amortization have been charged over the shorter of the estimated useful lives of the assets or the lease period.
All capital assets belong  to  the Authority. Asset and depreciation balances, capitalization thresholds, and depreciable lives for
all capital asset classes are show  n in the following tables.

  Table 4.1 Capitalization  of Assets
  Cap italization  Estimated
  Asset Class  Threshold  Useful Life
  Building s  a nd T oll Fa cilitie s  100,000  10-30 years
  Fur nitur e  a nd Equipme nt  5,000  5 years
  Infrastructure  500,000  10-50 years
  Vehicles  5,000  7 years
  Leasehold Improvements  100,000  3 years
  Internally Generated Computer Software  1,000,000  5 years
  Inta ng ible  Rig ht to U s e  Building  100,000  3 years


=== PDF PAGE 43 ===
  Note 4.2: Capi tal A ssets
  Disposals/
  July 1, 2024  Additions  A dj ustments  T ran s f er  June 30, 2025
  No n d ep reci  ab l e as s et s :
  Co n s tructi o n  i n  pro g res s  503,293,810$  182,689,335$  (10,985,333)$  (231,673,267)$  443,324,545$
  L an d  -  972,235  -  -  972,235
  Right of way  88,149,606  -  -  -  88,149,606
  T  o t al  n o n d ep reci  ab l e as s et s  591,443,416$  183,661,570$  (10,985,333)$  (231,673,267)$  532,446,386$
  D ep reci  ab l e as s et s :
  Property and equi pment  14,736,605$  33,243$  -$  152,542$  14,922,390$
  T oll Road
  Build ing and  toll facilities  7,073,225  -  -  -  7,073,225
  Highway s and  b  r id  ge s  2,041,238,233  67,926  -  226,923,792  2,268,229,951
  Toll e q  uip  m  e nt  55,430,325  6,408,505  -  4,596,933  66,435,763
  S igns  19,700,123  4,800  -  -  19,704,923
  Land  im  p  r ov e m  e nts  14,243,759  -  -  -  14,243,759
  Ri ght to use  a sse t -  le a se  1,286,881  -  -  -  1,286,881
  T  o t al  d ep reci  ab l e as s et s  2,153,709,151$  6,514,474$  -$  231,673,267$  2,391,896,892$
  A  ccu mu l at ed  D ep reci  at i  o n
  P r op  e r ty  and  e q  uip  m  e nt  (8,447,033)$  (1,473,842)$  41,075$  -$  (9,879,800)$
  Build ing and  toll facilities  (3,020,012)  (176,747)  -  -  (3,196,759)
  Highway s and  b  r id  ge s  (360,307,891)  (53,801,620)  -  -  (414,109,511)
  Toll e q  uip  m  e nt  (34,128,549)  (4,047,274)  -  -  (38,175,823)
  S igns  (8,214,518)  (851,384)  -  -  (9,065,902)
  Land  im  p  r ov e m  e nts  (9,499,329)  (542,323)  -  -  (10,041,652)
  Le ase hold  im  p  r ov e m  e nts  (297,427)  -  -  -  (297,427)
  Ri ght to use  a sse t -  le a se s  (343,168)  (514,753)  -  -  (857,921)
  T otal accumulated depreci ati on  (424,257,927)$  (61,407,943)$  41,075$  -$  (485,624,795)$
  Net Capi tal A ssets  2,320,894,640$  128,768,101$  (10,944,258)$  -$  2,438,718,483$

  Note 5.  Bond  and Note Payables
The  series  of  obligations  and loans described  below  were issued or incurred by the System  pursuant  to  a  bond  indenture
between  the Authority and the trustee named therein.  Obligations  and loans are  secured  by and payable from the trust  estate
established in the manner described and subject to the terms and conditions of the bond indenture. The trust  estate established
by the bond indenture includes the revenues from the System.  The Non-System loan  is secured by and payable  established in
a manner described and subject to the terms and conditions of the loan agreement.  The Authority is required to establish and
maintain toll rates to be sufficient to  satisfy rate covenants under  the bond indenture  and loan agreements .  Terms capitalized
within the this note refer to terms with  in the Authority’s  master trust indenture statement.
The Authority has no unused lines of credit,  and no termination events  nor  acceleration  are allowed on its debt obligations. As
of June 30, 2025,  the Authority has $296.0 million in escrow for the  2015A defeased and refunded bonds. The Authority  ’s assets
are pledged as collateral under the Indenture and are special, limited obligations of the Authority payable solely from and
secured solely by a lien on, pledge of and security interest in the Trust Estate granted in the Indenture.
The Trust Estate consists of (i) all Revenues (subject to the requirements for transfers of Revenues to the Rebate Fund and
Operating Fund set forth in the Indenture, and to the extent set forth in a Supplemental Indenture, any Supplemental Security  ,
(ii) all moneys, including investment earnings, deposited into the accounts or funds created by the Master Trust Indenture or in
a Supplemental Indenture to be held by or on behalf of the Trustee subject to the provisions of the Indenture relating to each of
such funds and accounts (but excluding moneys on deposit in the Operating Fund and the Rebate Fund and amounts held in
an account or subaccount of the Construction Fund containing moneys that are restricted to another use, such as right  -of-way
contributions  that may be used for only that purpose), (iii) any insurance proceeds and other moneys required to be deposited
in the pledged funds listed in (ii) above, and (iv) all payments received by the Authority pursuant to Swap Agreements, if any.

=== PDF PAGE 44 ===
  The occurrence and continuation of any of the following constitutes an “event of default” under the Indenture:
  •  Failure by the Authority to pay the principal or Maturity Amount, as applicable, of, premium, if any, or interest on
  any of the Obligations when the same shall become due and payable, either at maturity or by redemption, other
  than at the election or direction of the Authority or pursuant to the terms of the Obligation, or (2) any failure of the
  Authority to purchase or cause to be purchased any Variable Rate Obligations, including any applicable Tender
  Obligations, upon any optional or mandatory tender to the Authority or a tender agent of the Authority; or
  •  The occurrence and continuance of an event of default under a Credit Facility, Senior Lien Debt Service Reserve Fund
  (DSRF)  Security, Junior Lien DSRF Security, Subordinate Lien DSRF Security, Swap Agreement or Reimbursement
  Agreement; or
  •  Judgment for the payment of money rendered against the Authority if such judgment is under any circumstances
  payable from Revenues and is in an amount that its payment would, in the opinion of the Trustee, have a materially
  adverse effect upon the financial condition of the System and any such judgment is not discharged within 90 days from
  the entry thereof or an appeal is not taken therefrom or from the order, decree or process upon which or pursuant to
  which such judgment will have been granted or entered, in such manner as to set aside or stay the execution of or levy
  under such judgment, decree or process or the enforcement thereof; or
  •  The occurrence of a Bankruptcy Related Event (as defined in the Master Trust Indenture) that has not been cured,
  vacated, discharged,  or stayed within 60 days after the occurrence thereof:  or
  •  Failure of the Authority to duly and punctually perform any other of the covenants, conditions, agreements and
  provisions contained in any Obligations or in the Indenture on the part of the Authority to be performed, and the
  continuation of such failure for 60 days after written notice specifying such failure and requiring same to be remedied
  has been given to the Authority by the Trustee, which may give such notice in its discretion and must give such notice
  at the written request of the Holders of not less than 10% in principal amount of the Obligations then Outstanding.
Remedies Applicable :  The Holders will be entitled to the remedies provided in the Indenture; provided, however, acceleration
of the principal or Maturity Amount, as applicable, of or interest on the Obligations or any of the Obligations upon the occu  rrence
of an Event of Default is not a remedy available under the Indenture and in no event will the Trustee, the Holders or other parties
have the ability, upon the occurrence of an Event of Default, to declare immediately due and payable the principal or Matu  rity
Amount, as applicable, of or interest on the Obligations or any of the Obligations.  To the extent that a Series of Obligations is
secured by a Credit Facility, municipal bond insurance policy, a Senior Lien DSRF Security, a Junior Lien DSRF Security or a
Subordinate Lien DSRF Security, the provider of such Credit Facility, municipal bond insurance policy, or DSRF Security will be
considered the Holder of such Obligation for all purposes of exercising any remedy or giving any directions to the Trustee
pursuant to the provisions of the Indenture.
 Series 2010 Obligations
The Authority issued its Senior Lien Revenue Bonds, Series 2010 (Series  2010 Bonds or  Series 2010  Obligations)  on  March 11,
2010. The  Series 2010 Bonds outstanding were  issued as capital appreciation bonds  (CABs).
The  proceeds of the Series 2010  Bonds were  used to  (i)  finance a  portion  of the costs  of the 183A Phase II Project; (ii) refund and
redeem certain outstanding obligations of the Authority; (iii) pay capitalized interest with respect to the Series 2010 Bonds  ; (iv)
make a deposit to the Senior Lien Debt Service Reserve Fund and (v) pay certain issuance costs of the Series 2010  Bonds.
The Series 2010 Bonds are scheduled to mature in 2025 through 2040 at an aggregated maturity amount of $176.1 million. The
principal amount of $31.8  million of the Series 2010 Bonds represents the total amount of principal outstanding  before the
accreted and compounded interest as of June 30, 2025.
Interest on the Series 2010 Bonds will accrete from the date of initial delivery to stated maturity at rates ranging  from 7.20% to
7.85% and will compound on each July 1 and January 1, commencing July 1, 2010. Such accreted and compounded interest  will
be paid as part of the maturity amount at stated maturity.
The amount of accumulated accreted interest on the Series 2010 Bonds as of June 30, 202  5, was  $68.4  million. The
accumulated accreted interest is added to the outstanding principal on July 1 and January 1 of each year beginning July 1, 20  10.


=== PDF PAGE 45 ===
  Series 2011 Obligations
  The Authority issued its Senior Lien Revenue Bonds, Series 2011 (Series  2011 Bonds or Series 2011 Obligations) on
  June 29, 2011. The Series 2011 Bonds outstanding  were issued as capital appreciation bonds  (CABs).
The proceeds of the Series 2011 Obligations were used to (i) prepay and redeem certain outstanding obligations  of the Authority;
(ii)  finance  a  portion  of  the  costs  of  the  290E  Phase  II  Project  and  as  otherwise authorized in the Indenture; (iii) pay capitalized
interest with respect to the Series 2011 Bonds; (iv) make  a deposit  to  the  Senior  Lien  Debt  Service  Reserve  Fund  and  (v)  pay
certain issuance costs  of the Series 2011 Bonds.
The Series 2011 Bonds are scheduled to mature in 2023 through 2026 at an aggregated maturity amount of $22.1 million. The
principal amount of $1.1  million for the Series 2011 Bonds represents the total amount of principal outstanding  before the
accreted and compounded interest as of June 30, 202  5.
Interest on the Series 2011 Bonds will accrete from the date of initial delivery to stated maturity at rates ranging from 5.9  % to
6.5% and will compound on each July 1 and January 1, commencing July 1, 2011. Such accreted and compounded interest will
be paid as part of the maturity amount at stated maturity.
The amount of accumulated accreted interest on the Series 2011 Bonds as of June 30, 2025,  was $1.6 million. The accumulated
accreted interest is added to the principal outstanding  on July 1 and January 1 of each year beginning July 1, 2011.
Series 2015 Obligations
The Authority issued its  Senior Lien Revenue Bonds, Series  2015A (  Series 2015A Bonds or Series 2015 Obligations) on
November 19,  2015.
The proceeds of the Series 2015A Bonds were used to (i) finance and refinance the costs of designing, engineering,  developing
and  constructing  the  183  South  Project;  (ii)  refund  and  redeem  certain  outstanding obligations of the Authority; (iii) pay
capitalized interest with respect to the Series 2015A Bonds; (iv) make a deposit to the Senior Lien Debt Service Reserve Fund
and (v) pay certain issuance costs of the Series 2015A  Bonds.
The Series 2015A Bonds were issued as current interest bonds and are scheduled to mature in 2025 through  2028. Interest  on
the Series 2015A Bonds is calculated  on  the basis  of a 360-  day year of 12, 30-day months at a rate of 5%. Interest on the Series
2015A Bonds is payable on each July 1 and January 1, commencing January 1, 2016. During fiscal year 202  1, $288.8 million in
principal amount of the Series 2015A Bonds was refunded and used to defease the debt with a portion of the proceeds of the
Series 2021E Bonds.  As of June  30, 2025, the principal  outstanding amount  of the Series 2015A Bonds was $9 million.
Series 2016 Obligations
The Authority issued its Senior Lien Revenue Refunding Bonds, Series 2016 (Series 2016 Senior Lien Bonds) on June 1, 2016,
and its Subordinate Lien Revenue Refunding Bonds, Series 2016 (Series 2016 Subordinate Lien Bonds) on August 9, 2016,
collectively called the Series 2016 Obligations. The proceeds of the Series 2016 Obligations were used to (i) refund and redeem
certain outstanding obligations of the Authority; (ii) make a deposit to the Subordinate Lien Debt Service Reserve Fund and (iii)
pay certain issuance costs of the Series 2016 Obligations.
The Series 2016 Senior Lien Bonds were issued as current interest bonds and are scheduled to mature in 2023 through 2027
and in 2041. Interest on the Series 2016 Senior Lien Bonds is calculated on the basis of a 360  -day year of 12, 30-day months at
rates ranging from 3.375% to 5%. Interest on the Series 2016 Senior Lien Bonds is payable twice a year on each July 1 and
January 1, commencing July 1, 2016. During fiscal year 2022, $266.9  million in principal  amount  of the Series  2016  Senior Lien
Bonds  was  refunded  with  a  portion of the proceeds of the Series 2021D Bonds. As of June 30, 202  5, the outstanding principal
amount of the Series 2016 Senior Lien Bonds was  $42.9  million.
The Series 2016 Subordinate Lien Bonds were issued as current interest bonds and are scheduled to mature  in  2023  through
2036  and in 2041. Interest  on  the Series 2016 Subordinate  Lien Bonds is calculated on the basis of a 360-day year of 12, 30 -day
months at rates ranging from 3.125% to 5%. Interest on the Series 2016 Subordinate Lien Bonds is payable on each July 1 and
January 1, commencing January 1, 2017. As of June 30, 2024, the principal amount  outstanding was $66.3 million.

=== PDF PAGE 46 ===
  Series 2018 Obligations
  The Authority issued its Senior Lien Revenue Bonds, Series 2018 (Series  2018 Senior Lien Bonds) and its Subordinate
  Lien Revenue Bond Anticipation Notes, Series 2018 (Series 2018 Sub Lien BANs) on November 20, 2018, collectively
  called the Series 2018 Obligations. The proceeds of the Series 2018 Obligations were used to (i) finance the costs of
  designing, engineering, developing,  and constructing  the  290  E  Phase  III  Project;  (ii)  pay  capitalized  interest  with
  respect  to  the Series 2018  Senior Lien Bonds and  (iii) pay certain issuance costs of the Series 2018Obligations.
The Series 2018 Senior Lien Bonds were issued as current interest bonds and are scheduled to mature in 2025 through 2039
and in 2043 and 2048. Interest on the Series 2018 Senior Lien Bonds is calculated on the basis of a 360  -day year of 12, 30-day
months at rate of 5%. Interest on the Series 2018 Senior Lien Bonds is payable on each July 1 and January 1, commencing
January 1, 2019. As of June 30, 2025  , the principal amount outstanding  was $43.3 million.
Series 2020 Obligations
The Authority issued its  Senior Lien Revenue Bonds, Series  2020A (  Series 2020A Bonds) on January 22, 2020. The Authority
issued its Senior Lien Revenue Refunding Bonds, Series 2020B (Series 2020B Bonds), its Senior Lien  Revenue Refunding Bonds,
Taxable Series 2020C (Series 2020C Bonds) and its Subordinate Lien Revenue Refunding Bonds,  Taxable Series  2020D (Series
2020D Bonds) on  September 23, 2020. The  Authority issued its Senior  Lien Revenue Bonds,  Series 2020E (Series 2020E Bonds),
its  Subordinate  Lien  Revenue  Bond  Anticipation  Notes,  Series 2020F (Series 2020F BANs) and its Subordinate Lien Revenue
Refunding Bonds, Series 2020G (Series 2020G Bonds) on November 19, 2020. The Series 2020A Bonds, the Series 2020B Bonds,
the Series 2020C Bonds, the Series 2020D Bonds, the Series 2020E Bonds, the Series 2020F BANs and the Series 2020G Bonds
are referred to as the Series 2020  Obligations.
  E.  Series 2020A Senior Lien Revenue Bonds
The proceeds of the Series 2020A Bonds were used to (i) prepay certain outstanding obligations of the Authority and (ii) pay
certain issuance costs of the Series 2020A  Bonds.  The  Series  2020A  Bonds  were  issued  as  current  interest  bonds  and  are
scheduled to  mature in 2026  through  2040 and in 2044  and 2049. Interest  on  the Series 2020A Bonds is calculated  on  the basis
of a 360-day year of 12, 30-  day months at rate of 5%. Interest on the Series 2020A Bonds is payable on each January 1 and July
1, commencing July 1, 2020. As of June 30, 2025  , the principal amount outstanding  was $50.3 million.
  F.  Series 2020B Senior Lien refunding Bonds
Proceeds of the Series 2020B Bonds were used to (i) refund  and redeem  certain outstanding obligations of the Authority and (ii)
pay  certain  issuance  costs  of  the Series 2020B Bonds. The Series 2020B Bonds were issued as current interest bonds and are
scheduled to  mature  in  2023  through  2040  and  in  2045.  Interest  on  the  Series  2020B  Bonds  is  calculated  based on  a  360-  day
year  of  12,  30-day  months  at  a rate  of  4%  to  5%.  Interest  on  the  Series  2020B  Bonds  is  payable on  each  January  1  and  July  1,
commencing January 1, 2021. As of June 30, 2025, the principal amount outstanding  was $53.6 million.
  G.  Series 2020C Senior Lien refunding Bonds
The proceeds of the Series 2020C Bonds were used to (i) refund  and redeem  certain outstanding obligations of the Authority and
(ii) pay certain issuance costs  of the Series 2020C Bonds. The Series 2020C Bonds were issued as current interest bonds and
are scheduled to  mature  in  2024  through  2035  and  in  2042.  Interest  on  the  Series  2020C  Bonds  is  calculated  based on  a 360-
day year of 12, 30-day months at  a rate of 1.345% to 3.293%. Interest on the Series 2020B Bonds is payable on each January 1
and July 1, commencing January 1, 2021. As of June 30, 2025  , the principal amount outstanding  was $128.1 million.
  H.  Series 2020D Sub-  lien refunding Bonds
The proceeds of the Series 2020D Bonds were used to (i) refund and redeem certain outstanding obligations of the Authority;
(ii) make a deposit to the Subordinate Lien Debt Service Reserve Fund and (iii) pay certain issuance costs of the Series 2020  D
Bonds. The Series 2020D Bonds were issued as current interest bonds and are scheduled to mature in 2023 through 2031 and
in 2035 and 2042. Interest on the Series 2020D Bonds is calculated on the basis of a 360  -day year of 12, 30-day months at a rate
of 1.486% to 3.593%. Interest on the Series 2020D Bonds is payable each January  1  and  July  1,  commencing  January  1,  2021.
As of June 30, 2025,  the outstanding principal  amount was $  89.3 million.


=== PDF PAGE 47 ===
  I.  Series 2020E Senior Lien Revenue Bonds
  The proceeds of the Series 2020E Bonds will be used to (i) finance the costs of various improvements and extensions
  of the System, including the costs of the 183A Phase III Project, (ii) pay capitalized interest with respect to the Series
  2020E Bonds, (iii) make a deposit to the Senior Lien Debt Service Reserve Fund and (iv) pay certain issuance costs of
  the Series 2020E Bonds. The Series 2020E Bonds were issued as current interest bonds and are scheduled to mature
  in 2029 through 2040 and in 2045 and 2050. Interest on the Series 2020E Bonds is calculated on the basis of a 360  -day
  year of 12, 30-day months at a rate  of 4% to 5%. Interest on the Series 2020E Bonds is payable on each January 1 and
  July 1, commencing January 1, 2021. As of June 30, 2025  , the principal amount outstanding  was $167.1 million.
  J.  Series 2020F BANs
The  proceeds of the Series 2020F Bond  Anticipation  Notes (BANs) will be used to  (i)  finance  the costs  of various improvements
and extensions of the System, including the costs  of the  183A Phase III  Project, and (ii) pay certain issuance costs  of the Series
2020F BANs. The Series 2020F BANs were  issued as current  interest notes and are scheduled to mature in 2025. Interest on the
Series 2020F BANs is calculated based on  a 360-  day year of 12, 30-day months at the rate  of 5%. Interest on the Series 2020F
BANs is payable each on  January 1 and July 1, commencing January 1, 2021. As of June 30, 2025, the outstanding principal
amount  was $0. The  Series 2020F BANs were  paid in January 2025 w  ith the 2021A TIFIA Bonds.
  K.  Series 2020G Sub-lien Refunding Bonds
The  proceeds of the Series 2020G Bonds were  used to  (i)  refund and redeem  certain outstanding obligations of the Authority and
(ii) pay certain issuance costs  of the Series 2020G Bonds. The  Series 2020G Bonds were issued as current interest  bonds and are
scheduled to  mature in 2028 through  2040 and in 2045 and 2050. Interest  on  the Series 2020G Bonds is calculated  on  the basis
of a 360-  day year of 12, 30-  day months at the rate  of 4% to 5%. Interest  on the Series 2020G Bonds is payable each January 1 and
July 1, commencing January 1, 2021. As of June 30, 2025,  the outstanding principal amount was  $61.6  million.
Series 2021 Obligations
The Authority issued its Subordinate Lien Revenue Bonds  , Taxable  Series 2021A (2021A TIFIA Bonds) on February 26, 2021. The
Authority issued its Senior Lien Revenue Bonds, Series 2021B (Series 2021B Bonds) and its Subordinate Lien Revenue Bond
Anticipation Notes, Series 2021C (Series 2021C BANs) o n April 14, 2021. The Authority issued its Senior Lien Revenue Refunding
Bonds, Series 2021D (Series 2021D Bonds) and its Senior Lien Revenue Refunding Bonds, Taxable Series 2021E (Series 2021E
Bonds) on October 26, 2 021.  The 2021A TIFIA Bonds, the  Series 2021B Bonds, the Series 2021C BANs, the Series 2021D Bonds
and the Series 2021E Bonds are collectively referred to as the Series 2021  Obligations.
  A.  2021A TIF IA Bonds
In February 2021, the Authority entered into a secured loan agreement (the 2021A TIFIA Loan Agreement) with the United States
Department of Transportation, pursuant to which the Authority  is  authorized  to  borrow  an  aggregate  amount  not  to  exceed
$448,383,623  (the 2021A TIFIA Loan), excluding interest that is capitalized, to pay or reimburse the Authority for eligible project
costs of the 183 South Project, the 290E Phase III Project and the 183A Phase III Project. The 2021A TIFIA Loan is comprised of
the 183-  S Tranche (in an aggregate principal amount not to exceed $302,980,387 relating to the 183 South Project), the Manor
Expressway Tranche (in an aggregate principal amount not to  exceed $38,690,346 relating to  the 290E Phase III  Project) and the
183A Tranche  (in an aggregate principal  amount not to  exceed $106,712,890  relating to  the 183A Phase III  Project).
The Authority’s obligations to repay amounts borrowed under the 2021A TIFIA Loan Agreement are evidenced by the Authority’s
Subordinate Lien Revenue Bonds, Taxable Series 2021A (the 2021A TIFIA Bonds). The 2021A TIFIA Bonds are comprised of the
183-  S TIFIA  Bond (which evidences the Authority’s obligations  with  respect  to  the  183-S  Tranche  of  the  2021A  TIFIA  Loan),  the
Manor  Expressway  TIFIA  Bond (which evidences the Authority’s obligations with respect to the Manor Expressway Tranche of
the 2021A TIFIA Loan) and the 183A TIFIA Bond (which evidences the Authority’s obligations with respect to the 183A Tranche
of the 2021A TIFIA Loan).
The  183-S  TIFIA Bond,  the Manor  Expressway TIFIA Bond and the 183A TIFIA Bond bear interest  at 2.19%, 2.20% and 2.20% per
annum, respectively. The final maturity date of the 183  -S TIFIA Bond is January 1, 2049. The final maturity date of the Manor
Expressway TIFIA Bond is January 1, 2054. The final maturity date of the 183A TIFIA Bond will be the earlier of (a) the date that is
thirty-five (35) years from the date of substantial  completion of the 183A Phase III  Project and (b)  January 1, 2055.


=== PDF PAGE 48 ===
  Payments of principal and interest on the 2021A TIFIA Bonds are payable each January 1 and July 1, commencing on
  July 1, 2024,  for the 183-S TIFIA Bond, January 1, 2025,  for the Manor Expressway TIFIA Bond,  and January 1, 2029, for
  the 183A TIFIA Bond.
The Authority has received 2021A TIFIA loan proceeds from the 183  -S Tranche of approximately $282.2 million and the Manor
Expressway Tranche of $38.6 million, which  were  used  to  refinance  certain  outstanding  obligations  of  the  Authority  relating  to
the  183  South Project and the 290E Phase III Project. The Authority has received loan proceeds from the 183A Tranche of the
2021A TIFIA Loan of approximately $106.7 million, which were used to provide long  -term financing for  the 183A Phase III Project .
As of June 30, 2025, the Manor Expressway TIFIA Bond had an outstanding  balance  of  $41.1  million,  which  included  accreted
interest  of  approximately  $2.4  million.  As  of  June  30,  2025,  the  183-S  TIFIA  Bond  had  a balance outstanding  of  $322.4 million
which included accreted interest of approximately $19.4  million.  As of June 30, 2025, the 1  83A Phase III  TIFIA  Bond had an
outstanding balance of $106.7 million.
  B.  Series 2021B Bonds and Series 2021 BANs
A portion of the proceeds of the Series 2021B Bonds and Series 2021C BANs will be used to finance and refinance the costs of
designing, engineering, developing,  and constructing the 183 North Mobility Project. The remaining proceeds of the Series
2021B Bonds and Series 2021C BANs were used to (i) pay capitalized interest with respect to the Series 2021B Bonds and the
Series 2021C BANs, (ii) make a deposit to the Senior Lien Debt Service Reserve Fund and (iii) pay certain issuance costs of the
Series 2021B Bonds and the Series 2021C BANs.
The Series 2021B Bonds were issued as current interest bonds and are scheduled to mature in 2029 through 2041 and in 2046
and 2051. The Series 2021C BANs were issued as current interest bonds and are  scheduled  to  mature  in  2027.  Interest  on  the
Series 2021B Bonds and Series 2021C BANs are calculated based on  a 360-day year of 12, 30-day months at rates of 4% to 5%.
Interest on Series  2021B Bonds and Series 2021C BANs are  payable on January  1 and July 1, commencing July 1, 2021. As of
June  30,  2025,  the  principal  amount  outstanding  on  the  Series  2021B  Bonds  and  Series  2021C  BANs  were  $  255.1  million and
$244.2 million, respectively.
  C.  Series 2021D and Series 2021E Bonds
The  proceeds  of  the  Series  2021D  and  Series  2021E  Bonds  were used to advance refund $288,790,000 of the Series 2015A
Bonds and $266,900,000 of the Se  ries  2016 Bonds which had rates of 5% and 3.125% to 5%, respectively. Proceeds of
$660,083,871 were deposited in an irrevocable trust with an escrow agent to provide funds for the future debt service on the
refunded bonds. As a result, $288,790,000 of the Series  2015A Bonds and $266,900,000 of the Series  2016 Bonds are
considered defeased and the liability for those bonds has been  removed from the statement of net position.
The  reacquisition price exceeded the net  carrying amount  of the old debt by $107,825,767. This amount is reported as deferred
inflows of resources and is being amortized over the remaining life of the refunding debt.  The  Authority  advance  refunded  a
portion  of the 2015A and 2016  Bonds to  reduce  its total debt service payments by $80,473,964 and to obtain an economic gain
(difference between the present values of the debt service payments on the old and new debt) of  $50,003,238.
The Authority defeased previously issued debt obligations in  2021  by placing the proceeds of the new bonds in an irrevocable
trust account to provide for all future debt service payments of the old bonds.  Accordingly,  the  trust  account  assets  and  the
liability  for  the  defeased  bonds  are  not  included  in  the Authority’s  financial  statements.  As  June  30,  2025,  the defeased bond
balance outstanding was $288,790,000.
The Series 2021D Bonds and Series 2021E Bonds were issued as current interest bonds and are scheduled  to  mature  in  2023
through  2041,  and  in  2044,  through  2046.  Interest  on  the  Series  2021D  Bonds and Series 2021E Bonds are  calculated on the
basis of a 360-  day year of 12, 30-day months at rates of 0.221%  to  5%.  Interest  on  the  Series  2021D  Bonds  and  Series  2021E
Bonds  are  payable  on  each  January  1 and July 1, commencing January 1, 2022. As of June 30, 2025  , the principal amount
outstanding on the Series 2021D Bonds was $ 273.1 million and the Series 2021E Bonds was $  326.4 million.

=== PDF PAGE 49 ===
  183N TIFIA Note
  In  December  2021,  the  Authority  entered  into  a  secured  loan  agreement  (the  183N  TIFIA Loan Agreement) with the
  United States Department of Transportation, pursuant to which the Authority is authorized to borrow an amount not
  to exceed $250,289,625 (excluding interest that is capitalized) to pay eligible  project  costs  of  the  183  North  Mobility
  Project.  The Authority’s  obligation to  repay amounts borrowed under  the 183N TIFIA Loan Agreement  is evidenced by
  a Subordinate  Lien  Revenue  Promissory Note (the 183N TIFIA Note). The 183N TIFIA Note bears interest at 1.89% per
  annum and the final maturity date thereof will be the earlier of (i) the date that is 35 years from the date of substantial
  completion of the  183 North Mobility Project and (ii) January 1, 2056. Payments of  principal and  interest due  on  the
  183N TIFIA Note are payable in the amounts set forth in the 183N TIFIA Loan Agreement on each January 1 and July 1,
  commencing on the earlier of (i) January 1, 2029,  and (ii) the semiannual payment date on (or immediately preceding)
  the fifth anniversary of the date of substantial completion of the  183 North Mobility Project. The Authority has not
  received any loan proceeds pursuant to the 183N TIFIA Loan Agreement. As of June 30, 202  5, the principal amount
  outstanding of the 183N TIFIA Note was  $0.
71E Toll Project Obligation to TxDOT
The  Authority,  the  Capitol  Area  Metropolitan  Planning  Organization (CAMPO) and TxDOT approved the execution of a Project
Agreement (the SH 71 Agreement) for the development  of toll lanes on SH  71  extending from Presidential Boulevard to  just east
of SH 130, including the realignment  of FM 973  where  that  road intersects with SH 71, which is referred  to  as the SH 71 Express
Project.
Pursuant to a resolution adopted by the Authority’s Board, the Authority waived and declined to exercise its option to develo  p,
finance, and construct the SH 71 Express Project, and retained (and did not waive) its option to operate any potential toll l  anes
on the SH 71 Express Project and to retain the revenues generated therefrom. Upon completion of the SH 71 Express Project,
the SH 71 Agreement obligates the Authority to operate and maintain the toll lanes and related infrastructure of the SH 71
Express  Project developed,  financed,  and  constructed  by  TxDOT.  The  Authority  will  retain  the  revenue  generated  from  the SH
71 Express Project, which will be used to pay operation and maintenance costs of the toll lanes, toll facilities,  and related
equipment. After payment of such operation and maintenance costs, one-  half of the remaining  revenues from  the SH  71
Express Project mustbe used to  reimburse  TxDOT  for  up  to  $65.0  million of the costs  of the SH 71  Express Project (the TxDOT
Reimbursement  Amount), plus interest thereon at 3.62% per  annum.
The SH 71 Agreement obligates the Authority to repay the TxDOT Reimbursement Amount solely from one-  half  of  the  net
revenues  of  the  SH  71  Express  Project  over  a  35-  year  term.  The  first  payment  was  due on the first anniversary of substantial
completion of the SH 71 Express Project and continues every year thereafter  for  a  total  of  35  years  or  until  the  TxDOT
Reimbursement  Amount  and  all  accrued  interest  is  paid. The SH 71 Express Project was substantially completed on March 8,
2017, and, accordingly, the first payment  payable  by  the  Authority  to  TxDOT  under  the  SH  71  Agreement  was  due  on  March  8,
2018.  In  the  event that  any  annual  payment  is  not  sufficient  to  pay  for  all  accrued  interest  due,  the  unpaid  amount  of  accrued
interest  is  added  to  the  TxDOT  Reimbursement  Amount.  Under  the  SH  71  Agreement,  TxDOT  is  obligated to operate and
maintain all other aspects of the SH 71 Express Project, the general  -purpose lanes,  and the FM 973 realigned intersection with
SH 71.
As  of  June  30,  2017,  the  toll  lanes  of  the  SH  71  Express  Project  were  operational  and  the  Authority  recorded a capital
contribution of $96.0 million and a note payable to TxDOT of $65.0 million; however, payments made by the Authority in respec  t
of the TxDOT Reimbursement Amount are paid as, and constitute, Operating  Expenses under  the terms of the Authority’s  bond
indenture  securing its outstanding toll revenue obligations.  During fiscal year 2025, the  Authority made principal  payments on
the  TxDOT  Reimbursement Amount of approximately $ 4.8  million. As of June 30, 202 5, the TxDOT Reimbursement Amount
outstanding was approximately $42.4 million.

=== PDF PAGE 50 ===
  2022 MoPac Note -  Non-System (Private Placement)
  On May 10, 2022, the Authority borrowed $24,990,900 pursuant to a secured loan agreement entered into between
  the Authority and a bank, which is evidenced by a promissory note (the 2022 MoPac Note). The proceeds of the 2022
  MoPac Note were used to prepay the 2017 MoPac Note in full. No additional amounts may be borrowed pursuant to
  the 2022 MoPac Note. Interest  on  the 2022 MoPac Note is payable on  January 1 and July 1, commencing July 1, 2022.
  The 2022  MoPac  Note  bears  interest  at  a  fixed  rate  of  3.18%,  which  is  subject  to  adjustment  in  accordance  with the
  terms thereof. The principal amount of the 2022 MoPac Note is payable in annual installments, which vary  in amount,
  on  July 1, beginning on  July 1, 2022, and continuing through  July 1, 2027.
The  2022  MoPac  Note  includes  an  event  of  default  with  finance-  related  consequences.  An  event  of  default is  considered  to
occur if the Authority fails to make debt  service  payments on  the 2022  MoPac Note,  defaults on other Authority debt obligations,
or another creditor of the Authority obtains, or seeks to obtain possession of the net revenues from the MoPac Improvement
Project. In the event of default, the 2022 MoPac  Note will become immediately payable, and the interest  rate will be increased
by 4%.
The net revenues from the MoPac Improvement Project have been pledged as collateral for the 2022 MoPac Note.  At fiscal year
end, the outstanding principal amount was $ 22.5 million.
The following schedule summarizes total notes and bonds payable:

  No te 5.1: No tes  an d  B  o n d s  Payab le
  A ddi ti ons /  A morti zati on /  Due Within
  July 1, 2024  A ccreti o n  Ded u cti o n s  June 30, 2025  O  n e Y ear
  S eries 2010 Ob ligations  34,999,710  -  (3,158,010)  31,841,700  3,516,022
  S eries 2010 CAB accr etion  66,694,935  7,551,705  (5,841,990)  68,404,651  -
  T otal 2010 B onds O bli gati ons  101,694,645  7,551,705  (9,000,000)  100,246,350  3,516,022
  S eries 2011 Ob ligations  4,304,663  -  (3,183,732)  1,120,931  1,120,931
  S eries 2011 CAB accr etion  5,492,312  403,779  (4,271,268)  1,624,822  -
  T otal 2011 B onds O bli gati ons  9,796,975  403,779  (7,455,000)  2,745,754  1,120,931
  S eries A and  B  - 2015 Bond s  10,000,000  -  (1,000,000)  9,000,000  2,000,000
  T otal 2015 B onds O bli gati ons  10,000,000  -  (1,000,000)  9,000,000  2,000,000
  S e nior  Lie n Re fund  ing Bond  s,  S e r ie s 2016  47,045,000  -  (4,105,000)  42,940,000  5,865,000
  S ub  Lie n Re fund  ing Bond  s,  S e r ie s 2016  69,055,000  -  (2,770,000)  66,285,000  2,955,000
  T otal 2016 B onds O bli gati ons  116,100,000  -  (6,875,000)  109,225,000  8,820,000
  Senior Lien Revenue Bond s, Series 2018  44,345,000  -  (1,000,000)  43,345,000  1,045,000
  T otal 2018 B onds O bli gati ons  44,345,000  -  (1,000,000)  43,345,000  1,045,000
  Senior Lien Revenue Bond s, Series 2020 A  50,265,000  -  -  50,265,000  1,130,000
  S e nior  Lie n Re v e nue  Re fund  ing Bond  s,  S e r ie s 2020 B  54,305,000  -  (695,000)  53,610,000  730,000
  S e nior  Lie n Re v e nue  Re fund  ing Bond  s,  S e r ie s 2020 C  133,210,000  -  (5,105,000)  128,105,000  6,325,000
  Senior Lien Revenue Bond s, Series 2020 E  167,160,000  -  -  167,160,000  -
  S ub  or d  inate d  Lie n Re v e nue  Re fund  ing Bond  s,  S e r ie s 2020 D  93,430,000  -  (4,085,000)  89,345,000  4,155,000
  Sub ord inated  Lien Revenue Bond  BAN, Series 2020 F  110,875,000  -  (110,875,000)  -  -
  S ub  or d  inate d  Lie n Re v e nue  Re fund  ing Bond  s,  S e r ie s 2020 G  61,570,000  -  -  61,570,000  -
  T otal 2020 B onds O bli gati ons  670,815,000  -  (120,760,000)  550,055,000  12,340,000
  Senior Lien Revenue Bond s, Series 2021 B  255,075,000  -  -  255,075,000  -
  Sub ord inated  Lien Revenue Bond  BAN, Series 2021 C  244,185,000  -  244,185,000  -
  Senior Lien Revenue Bond s, Series 2021 D  273,650,000  -  (525,000)  273,125,000  550,000
  Senior Lien Revenue Bond s, Series 2021 E  329,545,000  -  (3,185,000)  326,360,000  3,230,000
  TIFIA Ob ligation, 2021A - 290E  41,085,088  3,493  -  41,088,581  -
  TFIA Ob ligation, 2021A - 183S  322,357,929  -  (3,492)  322,354,437  705,023
  TFIA Ob ligation, 2021A - 183A, Phase III  -  106,712,890  -  106,712,890  -
  T otal 2021 B onds O bli gati ons  1,465,898,017  106,716,383  (3,713,492)  1,568,900,908  4,485,023
  S H 71 Toll Lane s -  P r oje c t Ob  ligation  47,253,090  -  (4,820,351)  42,432,739  -
  Re gions 2022 MoP ac  Loan  23,765,900  -  (1,275,000)  22,490,900  1,400,000
  T otal O ther O bli gati ons  71,018,990  -  (6,095,351)  64,923,639  1,400,000

  T otal Notes, B onds, and O ther O bli gati ons Payable  2,489,668,627  114,671,867  (155,898,843)  2,448,441,651  34,726,976
  Ne t (P r e m  ium  )/ D isc ount on r e v e nue  b  ond  s p  ay ab  le  180,544,262  -  (15,999,279)  164,544,983  -
  T otal Notes and B onds Payable O bli gati ons  2,670,212,889  114,671,867  (171,898,122)  2,612,986,634  34,726,976
  Le ss c ur  r e nt m  a tur i ti e s of note s a nd  b  ond  s p  a y a b  le  (30,086,742)  -  -  (34,726,976)  -
  T o tal  2,640,126,147  114,671,867  (171,898,122)  2,578,259,658  34,726,976

=== PDF PAGE 51 ===
  Future payments on debt  obligations
  As  described  above,  the  Series  2010  Bonds  and  the  Series  2011  Bonds  were  issued  as  capital  appreciation bonds.
  Additionally, the 2021A TIFIA Bonds also included accreted interest reflected on the  Statement  of  Net  Position  as
  additional principal  and is  reflected in the interest  column in this table.  The accreted interest on these obligations is
  reflected on the Statement of Net Position as additional principal and is reflected in the principal  column in the table
  below.
Debt service requirements on the  Authority’s  bonds and notes are presented below:

  C u rren t  I n t eres t  B  o n d s  Capital Appreciation B onds  No tes  Payable  T otal Debt Servi ce
  Year  Principal  In teres t  Principal  In teres t  Principal  In teres t  Principal  In teres t
  2026  $  28,690,023  $  81,535,751  $  4,636,953  $  9,118,047  $  1,400,000  $  725,144  $  34,726,976  $  91,378,942
  2027  277,473,345  80,558,716  3,264,322  7,805,678  1,500,000  680,005  282,237,667  89,044,399
  2028  36,232,498  67,115,641  3,171,378  8,553,622  19,590,900  631,643  58,994,776  76,300,906
  2029  55,527,347  66,993,696  2,932,886  8,907,114  -  -  58,460,233  75,900,810
  2030  69,316,929  66,092,243  2,702,667  9,252,333  -  -  72,019,596  75,344,576
  2031-2035  395,189,730  291,227,961  9,945,014  46,439,988  -  -  405,134,744  337,667,949
  2036-2040  488,268,569  214,911,532  6,309,413  46,915,587  -  -  494,577,982  261,827,119
  2041-2045  558,299,553  123,307,493  -  -  -  -  558,299,553  123,307,493
  2046-2050  316,693,620  36,523,904  -  -  -  -  316,693,620  36,523,904
  2051-2055  54,834,292  2,927,678  -  -  -  -  54,834,292  2,927,678
  S H 71E Ob ligation  -  -  -  -  42,432,738  -  42,432,738  -
  Accreted interest—CABs  -  -  70,029,473  -  -  -  70,029,473  -
  T otal Debt O bli gati ons  $ 2,280,525,906  $ 1,031,194,615  $  102,992,106  $  136,992,369  $  64,923,638  $  2,036,792  $  2,448,441,650  $ 1,170,223,776
Note 6.  Commitments and Contingent Liabilities
Commitments
The Authority has a capital improvement program for roadway construction projects extending  into  future years. T  he  183  North
Project  is a significant  ongoing  toll  project  with  a  capital  budget  of  approximately  $612  million.  The  Authority’s  construction
commitment  related  to  the  183  North  P  roject  is  approximately $492.0  million.  All contracts  contain  a  termination  for
convenience  clause in which such contracts may be terminated,  in whole or in part, for the convenience of the  Authority.
CAMPO Interlocal Agreement
Capital Area Metropolitan Planning Organization (CAMPO) is the designated metropolitan planning organization for Central
Texas. As part of the designated planning organization, CAMPO received approximately $136 million in grant funds of which
$130 million was allocated to the MoPac Improvement Project. The funding received was made available for transportation
projects in the Austin area. As part of the construction of the MoPac Improvement Project, the Authority executed an agreement
with CAMPO. The agreement executed  calls for the sharing of surplus revenue generated  from the MoPac Improvement  Project
by setting up a Regional Infrastructure  Fund (RIF)  account. The RIF account was created upon the execution of the agreement
with CAMPO. The Authority contributed deposits  into  the RIF account from the surplus  revenue  from the MoPac Improvement
Project.  The amounts placed in the RIF account in accordance  with the agreement  are to  be used to fund other  CAMPO identified
transportation projects in the region. T  he Authority has contributed  $37,000,000, which is deposited in the RIF account. The
commitment to the RIF account is dependent  upon surplus revenue  of the MoPac Improvement  Project.  The remaining amount
payable to the RIF account pursuant to the CAMPO agreement of $230 million  , may be paid through fiscal year 2041. The
Authority’s contribution to the R  IF is due annually on September 1 and resulted in a RIF  contribution of $10.0 mil lion.
Leases
The Authority has obtained office space with fixed periodic payments over a lease term of three years. The r  ight to use asset is
reported as property and equipment net of accumulated amortization.  Estimated future lease payments consist of the following:
  Table 6 .1  Leases
  Prin cip al  In terest
  2026  410,575$  6,196$
  Total  410,575$  6,196$

=== PDF PAGE 52 ===
  The Authority leases space  in  the  headquarters building t  o  two  outside parties  under  separate  lease  agreements.
  Rental income related to the  leases for the fi scal year ended June 30,  2025,  was  $186,343.  Estimated future  non-
  cancelable  lease rental income is presented in the table below  :
  T  ab l e 6. 2 L eas e Ren  t  al  I n  com  e
  Fis cal  Y ear  Amount
  2026  174,199$
  2027  117,699
  2028  40,016
  T  ot  al  I  n  c om  e  331,914$
Litigation
The Authority engages in various contract disputes related to construction projects. Based on the status of the claims and the
information available, the Authority believes  no  liability has not been incurred as of the date of the financial statements. The
Authority believes it has substantial defenses against any  claims,  and  any  resolution of these matters will not have a material
adverse effect on its financial statements.
Note 7.  Disaggregation of Receivable and Payable Balances
Receivables are comprised of current intergovernmental receivables for maintenance and construction reimbursements and
amounts due from other entities related to toll tag transactions on the Authority’s toll roads. The Authority does not issue toll
tags; however, the Authority has contracted other tolling entities to manage customer service and operations related to the toll
tag transactions. The total balances for receivables and payables are presented below:
  T  ab l e 7 . 1  -  D i  s  ag  g  reg  at i  o  n  o  f  R ecei  vab l es
  Consoli dated
  Tx  D OT  16,354,365$  32.10%
  H a r  r  is C ounty  Toll Roa d  A uthor  ity  ( H C TRA )  15,876,395  31.16%
  G r  oss b  i lle d  tolls-  ne t ( a llowa nc e  of $ 9 1 . 9  m  i lli on)  13,736,952  26.96%
  Othe r  gov  e r  nm  e nts  4,983,006  9.78%
  T o tal  50,950,718$

  T  ab le 7.2 -  D i  s ag  g  reg  ati  o n  o f  Payab les
  Consoli dated
  A c c ounts P  a y  a b  le  10,645,447$  21.66%
  C onstr  uc tion P a y  a b  le  36,809,180  74.89%
  Othe r  Gov  e r  nm  e nts  1,695,974  3.45%
  T o tal  49,150,601$
Note 8.  Risk Management
The  Authority  is  exposed  to  risks  related  to  the  damage  or destruction of its assets from both natural and manufactured
occurrences; tort/liability claims; error and omission claims; and professional liability claims. To reduce the risk of exposure,
the Authority carries insurance with a governmental risk pool under an “all risks” policy. All categories of insurance coverag  e in
place were  maintained at current levels or  increased to  overall limits of coverage  and reduction  of self-retained risk. There  were
no settlements more than  insurance  coverage during the  fiscal year.



=== PDF PAGE 53 ===
  Note 9.  Deferred Outflow and Inflow of Resources
  The Authority’s reported deferred outflows and inflows of resources related to refundings, pensions  , OPEB, and le ases
  from the following sources :

  T  ab l e 9 . 1 :  D ef  erred  O  u t f  l o  w  an  d  D ef  erred  I n  f  l o  w  o  f  R  es  o  u rces
  O utflows  Inflows
  Deferred outflows from bond refundings  $159,186,473  -$
  Pen s i  o  n - rel at ed  amo  u n t s :
  Em  p  loy e r  p  e nsion c ontr ib  ution  421,403  -
  Net d ifference in p ension investm ent ex p erience  -  (151,587)
  Ex p erience changes  407,937  (7,912)
  A ssum  p  tion c hange s  302,671  -
  O PEB -related amounts:
  Ex p erience changes  1,885  (3,709)
  A ssum  p  tion c hange s  12,036  (19,448)
  D ef  erred  o  u t f  l o  w  f  ro  m  l es  s  o  r:  -  (335,336)
  T  o  t al  D ef  erred  O  u t f  l o  w  an  d  D ef  erred  I n  f  l o  w  o  f  R  es  o  u rces  $160,332,405  $  (517,992)
Note 10.  Employee Retirement Plan
Plan description
The Authority participates as one of the plans in joint contributory, defined benefit plan administered by the  Texas County and
District Retirement System (TCDRS). TCDRS  acts as an agent multiple -employer retirement system for county and district
employees in the State of Texas. The TCDRS Act is the basis for administration of the pension system. The pension system is
governed by a nine-  member Board of Trustees and is managed by an administrative staff in Austin. Although the Governor, with
the advice and consent of the Senate, appoints the Board, TCDRS is not fiscally dependent on the State of Texas.
TCDRS  is  a  nonprofit public trust providing pension, disability, and death benefits for the eligible employees of participating
counties and districts. TCDRS was established by legislative act in 1967 under authority of Article XVI of the Texas Constitu  tion
(Subtitle F, Title 8, Texas Government Code)  . TCDRS’s defined benefit pension plan is a tax  -qualified plan under Section 401(a)
of the Internal Revenue Code. TCDRS issues a publicly available annual comprehensive financial report  (ACFR) that can be
obtained at  www.tcdrs.org.
All eligible employees of the Authority are required to participate in TCDRS.
Benefits provided
Effective  the  date  of  participation,  the  Authority  provides  retirement,  disability,  and  death benefits. A percentage of each
employee’s paycheck is deposited into his or her TCDRS account. The Authority  set the percentage rate at 7% and has elected
a matching rate of $2.50  to $1.00. The employees’ savings grow at a rate of 7%, compounded annually. At retirement, the
employee’s account balance  is  combined  with  the  Authority’s  matching  and  converted  into  a  lifetime  monthly  benefit.
Employees receive a  month of service  time for each month that they make a deposit into  their account.  The  amount  of service
an employee needs to earn a future benefit is called the vesting requirement. When an employee is vested, he or she has the
right to a monthly benefit, which includes the employer matching contribution, at age 60 or  older.
The  Authority adopted a five year/Age 60  Retirement  Eligibility described in Section  844.207  of the TCDRS Act, under which: (a)
any TCDRS member who has 5 or more years of service credit with the Authority  and other subdivisions that have adopted the
provisions of Section 844.207 or 844.210, is a vested member and  shall have the right  to  retire  and receive a  service  retirement
annuity  after  attaining  age  60.  In  addition, employees  may  retire  before  age  60  if  they  meet  one  of  the  following requirements:
vested employees may retire if their age plus years or service time add up to at least 75 or employees are allowed to retire at any
age when they have at least 30 years of service  time.

=== PDF PAGE 54 ===
  Any  TCDRS  member  who  is  a  vested  member  may  terminate  employment  with  all  participating subdivisions prior  to
  attaining age 60  and remain eligible to  retire and receive a  service  retirement  annuity after attaining age 60 provided his
  or her membership is not terminated other than by  retirement.  Any  TCDRS  member  who  is  a  vested  member  under
  Section 844.207(d)  may retire and receive a  disability retirement annuity if he or she is certified as disabled, as defined
  by the plan. Any TCDRS member who has four or more years of service credit with the  Authority and other subdivisions
  is eligible for purposes of the Survivor Annuity Death Benefit.
Retirees elect to receive their lifetime benefit by choosing one of seven actuarially equivalent payment options. Prior servi  ce
gives employees monetary credit for time worked for an eligible organization before it joined the system. Buybacks allow current
employees to re-  establish a closed TCDRS account from previous service with an employer. Partial lump sum payments at
retirement allow employees to withdraw part of their TCDRS account balance as a lump sum at retirement with a reduced
monthly benefit. In  addition, the Authority may choose  to adopt a cost-of-living adjustment (COLA) for its retirees.  This adjusts
retiree  benefits to  restore  purchasing power  lost due to the effects  of inflation.
Employees covered by benefit terms
The following employees were covered by the benefit terms as of the valuation dated  December 31, 2024.
  T  ab l e 1 0 . 1 :  E  m p l o  yees  C o  vered
  Inactive em p loyees or b eneficiaries currently receiving b enefits  12
  Inactive em p loyees entitled  to, b ut not yet receiving b enefits  15
  Active em p loyees  29
  T  o tal  56
Contributions
Plan members and the Authority are required to contribute at a rate set by statute. The contribution requirements of plan
members and the Authority are established and may be amended. For 202  4, the contribution rate for the plan members was
7% of gross pay. The Authority pays a matching portion to the pension plan totaling 18% of gross pay, which totaled $1,026,966.
Net pension liability
The  Authority’s  net  pension  asset was measured as of December  31, 2024,  and the total pension liability used to calculate the
net pension asset was determined by an actuarial valuation as of that  date.
Actuarial assumptions
The actuarial assumptions that determined the total pension liability as of December 31, 202  4, were based on the results of an
actuarial experience study for the period January 1, 2017, through December 31, 2020, except where required to be different by
GASB Statement No. 68.
The  total  pension  liability  on  December  31,  2024,  actuarial  valuation  was  determined by  using  the  following actuarial
assumptions, applied to all periods included in the  measurement.

  Table 10.2: Actuarial Assumptions
  Inf la tion  2.50%
  Sa la ry  Inc re a se s*  4.70%
  Inve stme nt Rate  of Re turn  7.50%
  *i nc ludi ng i nflat i on

=== PDF PAGE 55 ===
  Mortality rates for active members, retirees, and beneficiaries were based on the following:

  Table 10.3: Mortality Rates
  Depositing members  135%  of  Pub-2010  General  Employe e s  A mount- W e i g hte d  M or ta li ty  T a ble
  for  ma le s  and  120%  Pub-2010  General  Employe e s  A mount- W e i g hte d
  M or ta li ty  T a ble  for  females,  both  projected  wi th  100%  of  the  MP-2021
  Ultimate scale after 2010.
  Service retirees, beneficiaries and  135%  of  Pub-2010  General  He a lthy  Retirees  A mount- W e i g hte d  M or ta li ty
  non-de positing me mbe rs  T a ble  for  ma le s  and  120%  Pub-2010  General  He a lthy  Retirees  Amount
  Weighted  M or ta li ty  T a ble  for  females,  both  projected  wi th  100%  of  the
  MP2021 Ultimate scale after 2010.
  Disabled retirees  160%  of  Pub-2010  General  Disabled  Retirees  A mount- W e i g hte d
  M or ta li ty  T a ble  for  ma le s  and  125%  Pub-2010  General  Disabled  Retirees
  Amount  Weighted  M or ta li ty  T a ble  for  females,  both  projected  wi th  100%
  of the MP2021 Ultimate scale after 2010.

Long-term rate of return on assets
The long-term expected rate of return on TCDRS assets is determined  by adding expected inflation to  expected long-term  real
returns and reflecting expected volatility and correlation. The capital market assumptions and information shown below are
provided by TCDRS’ investment consultant. The valuation assumption for long  -term expected return is reassessed  at a
minimum of every four years, and the most recent analysis was performed in  2021.
The capital market assumptions and information shown below are provided by TCDRS’ investment consultant based on
December 31, 2024, information for a seven-  to ten-year time horizon.

  Table 10.4: Capital Market Assumptions
  T  ar g et  Geom et r ic Real  Rat e
  Asset Class  Benchmark  A l l oc at  ion (1)  of Ret u r n  (2)
  U nite d State s Equitie s  Dow Jones U. S.  Total Stock Market Index  13.00%  5.35%
  Globa l Equitie s  MSC I W  orld ( ne t)  Inde x  4.00%  5.16%
  International Equities—Developed  MSC I W  orld Ex  U SA  ( ne t)  6.00%  4.75%
  International Equities—Emerging  MSC I EM Sta nda rd ( ne t)  inde x  0.00%  4.75%
  Investment—Grade Bonds  B loombe rg B a rc la y s U . S.  A ggre ga te  B ond Inde x  3.00%  2.55%
  Stra te gic  C re dit  F TSE High-Yie ld Ca sh-P  a y  Ca ppe d Inde x  9.00%  3.70%
  Direct Lending  S&P/LSTA Leveraged Loan Index  16.00%  6.85%
  D istre sse d D e bt  Ca mbridge  A ssoc ia te s D istre sse d Inde x (3)  4.00%  6.80%
  R EIT Equitie s  6 7 %  F TSE NA  R EIT Equity  R EITs Inde x  plus 3 3 %  S&P  2.00%  3.95%
  Globa l R e a l Esta te  Inde x
  Ma ste r Limite d P  a rtne rships ( MLP  s)  A  le ria n MLP  Inde x  2.00%  4.95%
  Commoditie s  Bloomberg Commodities Index  2.00%  1.00%
  P rivate  Re al Estate  P artne rships  Cambridge Associates Real Estate Index  (4 )  6.00%  5.75%
  P rivate  Equity  Cambridge Associates Global P rivate Equity and  25.00%  8.15%
  Venture Capital Index (5)
  He dge  Funds  Hedge F und Research,  Inc.  F und of F unds Composite  6.00%  3.60%
  Inde x
  Cash Equivalents  9 0 -D a y  U . S.  Tre a sury  2.00%  1.10%

  (1)  Tar get  asset  alloc at i on adopt ed at  t he M ar c h 2025 TC D R S B oar d meet i ng.
  (2 )  G e ome t  r i c  r e a l  r a t  e s of r e t  ur n e qua l  t  he  e x pe c t  e d r e t  ur n for  t  he  a sse t  c l a ss mi nus t  he  a ssume d i nfl a t  i on r a t  e  of 2 .3 5 %,  pe r  C l i ffwa t  e r ’s 2 0 2 5  c a pi t  a l  ma r ke t
  (3)  Inc ludes vi nt age year s 2005- pr esent  of Quar t er  Pooled H or i zon IR R s.
  (4)  Inc ludes vi nt age year s 2007- pr esent  of Quar t er  Pooled H or i zon IR R s.
  (5)  Inc ludes vi nt age year s 2006- pr esent  of Quar t er  Pooled H or i zon IR R s


=== PDF PAGE 56 ===
  Discount rate
  The discount rate used to measure the total pension liability was 7.6  0% for December 31, 2024.  To  determine the
  discount rate to be used by the employer, the TCDRS used an alternative method to determine the sufficiency of the
  fiduciary net position in all future years. The alternative method reflects  the  funding  requirements  under  the
  employer’s  funding policy and the legal requirements under  the TCDRS Act.
  •  TCDRS has a funding policy where the Unfunded Actuarial Accrued Liability shall be amortized as a level
  percent of pay over 20-year closed layered periods.
  •  Under the TCDRS Act, the employer is legally required to make the contribution specified in the funding  policy.
  •  The employer’s assets are projected to exceed its accrued liabilities in 20 years or less. When this point  is
  reached,  the employer is still required to  contribute at least the normal cost.
  •  Any  increased  cost  d ue  to  the  adoption  of  a  COLA  is  required  to  be  funded  over  a  period  of  15  years, if
  applicable.
Discount Rate Sensitivity analysis
The following presents the net pension asset/liability of the Authority as of December 31, 202  4, calculated using the discount
rate of 7.60%, as well as what the net pension asset/liability would be if it were calculated using a discount rate that is
percentage point lower (6.6 0%) or one percentage point higher (8.6  0%) than the current rate.
  T able 10.5 - Sensi ti vi ty A nalysi s
  Curren t
  1 % D ecreas  e  Di scount Rate  1 % I n  creas  e
  6.60%  7.60%  8.60%
  Tota l P e nsion Lia b  ility  25,516,506$  22,339,612$  19,702,379$
  Fid uciar y  Net Position  20,778,101  20,778,101  20,778,101
  Net Pensi on Li abi li ty (A sset)  4,738,405$  1,561,511$  (1,075,722)$
Changes in net pension liability (asset)
The projected fiduciary net position is determined to be sufficient compared to projected benefit payments. Based on the
expected level of cash flow  and investment returns to the system, the fiduciary net position as a percentage of total pension
liability is projected to increase from its current level in future years.
Since the projected fiduciary net position is projected to be sufficient to pay projected benefit payments in all future  years, the
discount rate for purposes of calculating the total pension liability and net pension liability of the Authority is equal to the long  -
term assumed rate of return on investments. This long  -term assumed rate of return should be net of investment expenses, but
gross of administrative expenses .  Therefore, the system has used a discount rate of 7.6  0%. This rate reflects the long  -term
assumed rate of return on assets for funding purposes of 7.5  0%, net of all expenses,
increased by 0.10% to be gross of administrative expenses .

  T able 10.6 - Chages i n Net Posi ti on Li abi li ty (A sset)
  I n creas e ( D ecreas e)
  Net  Pen s  i  o  n
  T otal Pensi on  Fiduciary Net  Li abi li ty (A sset)
  Changes in Net Pension Liablity (Asset)  Liability (a)  Position (b)  (a)-(b)
  Balance as of D ecem b er 31, 2023  $  20,267,375  $  18,295,748  $  1,971,627
  C hanges for  the Year :
  Service cost  990,670  -  990,670
  Inter est on total p  ension liab  ility  (1)  1,587,564  -  1,587,564
  Effec t of p  lan c hanges (2)  -  -  -
  Effec t of ec onom  ic / d  em  ogr ap  hic  (gains) or  losses  245,857  -  245,857
  Benefit paym ents  (751,853)  (751,853)  -
  Adm inistrative ex penses  -  (11,311)  11,311
  Mem  b  er  c ontr ib  utions  -  304,051  (304,051)
  Net inv estm  ent inc om  e  -  1,877,206  (1,877,206)
  Em  p  loy er  c ontr ib  utions  -  1,026,966  (1,026,966)
  Othe r  (3)  -  37,295  (37,295)
  B alances as of December 31, 2024  $  22,339,613  $  20,778,102  $  1,561,511
  (1)  Reflects the change in the liability due to the time value of money.  TCDRS does not charge fees or interest.
  (2)  No plan changes valued.
  (3)  Relates to allocation of system-wide items.

=== PDF PAGE 57 ===
  Pension plan fiduciary net position
  Detailed information about the pension plan’s fiduciary net position is available in the separate issued TCDRS
  financial report, which may be obtained at www.tcdrs.org  .
Pension Expense
The Authority recognized the following pension-  related expenses  for the period ending December 31, 202  4.
  T  ab l e 1 0 .7  -  Pen s i  o n  E xp en s e
  Pen  s  i  o  n  E  xp en  s  e ( I n co  m e)
  Service cost  990,670$
  Inte r e st on total p  e nsion liab  ility(1)  1,587,564
  Ad m inistrative ex p enses  11,311
  Me m  b  e r  c ontr ib  utions  (304,051)
  Ex p ected  investm ent return net of investm ent ex p enses  (1,413,051)
  Re c ognition of d  e fe r r e d  inflows/ outflows of r e sour c e s
  Re c ognition of e c onom  ic /  d  e m  ogr ap  hic  gains or  losse s  99,437
  Re c ognition of assum  p  tion c hange s or  inp  uts  88,436
  Re c ognition of inv e stm  e nt gains or  losse s  (155,400)
  Othe r (2)  (37,294)
  Pen s i  o n  E xp en s e ( I n co me)  867,622$
  (1)  Reflects the change in the liability due to the time value of money. TCDRS does not charge
  fees or interest.
  (2)  Relates to allocation of system-wide items.
Pension Deferred Inflows/Outflows of Resources
At  June  30, 2025, the Authority  reported deferred outflows of resources and deferred inflows of resources related to pension
benefits from the following sources :

  T  ab l e 1 0 . 8  -  D ef  erred  I n f  l o  w s  /  O  u t f  l o  w s  o  f  R  es  o  u rces
  D ef  erred  I n  f  l o  w s  D ef  erred  O  u t f  l o  w s
  o  f  R  es  o  u rces  o  f  R  es  o  u rces
  Differences b etween ex p ected  and  actual ex p erience  $  7,912  $  407,937
  C hange s of assum  p  tions  -  302,671
  Net d ifference b etween p rojected  and  actual earnings  151,857  -
  C  ontr  i b  uti ons m  a d  e  sub  se q  ue nt to m  e a sur  e m  e nt d  a te(3)  -  421,403
  T  o  t al  D ef  erred  i  n f  l o  w s  /  O  u t f  l o  w s  o  f  res  o  u rces  $  159,769  $  1,132,011
  (3) Any eligible employer contributions made subsequent to the measurement date through the employer’s fiscal year end.

Of the $1,132,011  total for deferred outflows of resources, $421,403 for the Authority contributions made subsequent to the
measurement  date will be recognized as a reduction of net pension liability in the fiscal year ending June 30, 2026.  The
remainder of total net deferred outflows  will be recognized in pension expense as follows  :

  T  ab l e 1 0 . 9 :  Net  D ef  erred  O  u t f  l o  w s  ( I n f  l o  w s  )
  o  f  R  es  o  u rces
  Y ears  en d i  n g  D ecemb er 3 1 :  A mount
  2025  89,354$
  2026  443,640
  2027  (12,065)
  2028  30,180
  2029  (270)
  T  o tal  550,839$

=== PDF PAGE 58 ===
  Note 11.  Other Pension Employee Benefits  (OPEB)
  Plan Description
  The  Authority  voluntarily participates in the Texas County & District Group Term  Life Fund (TCDRS GTLF). GTLF is a
  single employer defined Other Post  -Employment Benefit  (OPEB) plan as defined by GASB Statement No. 75,
  Accounting and Financial Reporting for  Postemployment Benefits Other Than Pensions. No assets are accumulated
  in a trust that meets  the criteria in paragraph 4 of GASB Statement No. 75. It is established and administered in
  accordance with the TCDRS Act.
For the Texas County & District Retirement System (TCDRS), the retiree death benefit paid from the Group Term Life (GTL)
program is an OPEB benefit. The OPEB program is treated as an unfunded trust because  the GTL trust covers both active and
retired employees and is not segregated.
The TCDRS Group Term Life program has been determined to be an unfunded OPEB plan as the GTL fund does not meet the
requirements of a trust under Paragraph 4b of GASB 75, because the assets of the GTL fund can be used to pay active GTL
benefits which are not part of the OPEB plan. For GASB 75 purposes, the OPEB plan is not a cost sharing plan, so the annual
benefit payments are treated as being equal to the employer’s actual retiree GTL contributions for the year.
Benefits Provided
The death benefit for active employees provides a lump  -sum payment approximately equal to the employee’s most recent
annualized salary. Employers may also choose to cover retirees. Retirees are insured for $5,000. Life insurance proceeds are
payable as a lump sum. The coverage provided to retirees is a postemployment benefit other than pension benefits.
Employees Covered by Benefit Terms
The number of employees currently covered by the benefit terms is as follows:

  T  ab l e 1 1 . 1 :  E  mp l o  yees  C o  vered
  Inactive em p loyees or b eneficiaries currently receiving b enefits  29
  Inactive em p loyees entitled  to, b ut not yet receiving b enefits  10
  Active em p loyees  11
  T  o tal  50
Contributions
The Authority contributes to the GTL  F  at a contractually required rate as determined by an annual actuarial valuation, which
was 0.18%  as of December  31,  2024, of which 0.01%, represented the retiree-only portion for each year, as a percentage of
annual covered payroll. The rate is equal to the cost of providing one-year term life insurance. The funding policy for the GTLF
program is to assure that adequate resources are available to meet all death benefit payments for the upcoming year; the intent
is not to prefund retiree term life insurance during employees’ entire careers.
The  Authority’s  contributions to the GTLF  for the year ended June  30, 2025  , were $ 8,252, representing contributions for both
active and retiree coverage, which equaled the required contributions each year.
Total OPEB Liability
The Authority’s  total OPEB liability (TOL) was measured as of December 31, 2024,  as determined by an actuarial valuation as of
that date.

=== PDF PAGE 59 ===
  Actuarial Assumptions
  The total OPEB liability on  December 31, 202  4,  actuarial valuation was determined using the following actuarial
  assumptions:

  Table 11.2: Actuarial Assumptions
  Inve stme nt rate  of re turn  4. 08%  based on or 20 Year Bond GO  Index  as of
  December 31, 2024.
  A c tuarial c ost me thod  Entry age level percent of salary

Mortality rates for active members, retirees, and beneficiaries were based on the following:

  Table 11.3: Mortality Rates
  De positing me mbe rs  135%  of  P ub-2010  General  Employees  A mount-W eighted  Mortality  Ta ble  for  ma le s
  and  120%  P ub-2010  General  Employees  A mount-W eighted  Mortality  Ta ble  for
  females, both projected with 100% of the MP -2021 Ultimate scale after 2010.
  Service retirees, beneficiaries and  135%  of  P ub-2010  General  He a lthy  Retirees  A mount-W eighted  Mortality  Ta ble  for
  non-depositing members  ma le s  and  120%  P ub-2010  General  He a lthy  Retirees  A mount  Weighted  Mortality
  Ta ble  for  females,  both  projected  with  100%  of  the  MP 2021  U ltima te  sc a le  afte r
  2010.
  Disabled retirees  160%  of  P ub-2010  General  D isa ble d  Retirees  A mount-W eighted  Mortality  Ta ble  for
  ma le s  and  125%  P ub-2010  General  D isa ble d  Retirees  A mount  Weighted  Mortality
  Ta ble  for  females,  both  projected  with  100%  of  the  MP 2021  U ltima te  sc a le  afte r
  2010.

All actuarial assumptions and methods that determined the total OPEB liability as of December 31, 2024,  were based on the
results of an actuarial experience study for the period January 1, 2017 –  December 31, 2020, except where required to be
different by GASB 75.
Discount Rate
The TCDRS GTL program is treated as an unfunded OPEB plan because the GTL trust covers both actives and retirees,  and the
assets are not segregated for these groups. Under GASB 75 (paragraph 155), the discount rate for an unfunded OPEB plan
should be based on 20-year tax-exempt AA or higher Municipal Bonds. Therefore, a discount rate of  4.08% based on the 20 Year
Bond GO Index is used as of the measurement date of December 31, 202  4.
Discount Rate Sensitivity Analysis
The following schedule shows the impact of the total OPEB Liability if the discount rate used was 1% less than and 1% greater
than the discount rate that was used in measuring the total OPEB Liability.

  T able 11.4 - Sensi ti vi ty A nalysi s
  Cu rren t
  1 % D ecreas  e  Di scount Rate  1 % I n  creas  e
  3.08%  4.08%  5.08%
  T ota l OP  EB Li a b  i li ty  68,008$  56,550$  47,572$



=== PDF PAGE 60 ===
  OPEB Liability
  At  June  30, 2025, the Authority  reported an OPEB  liability of $56,550  . The total OPEB l  iability was determined by an
  actuarial valuation as of December 31, 202 4.

  T able 11.5 - Chang e i n T otal O PEB  Li abi li ty (A sset)
  B alance as o f  December 31, 2023  61,537$
  C ha nge s for  the  Ye a r  :
  Service cost  4,774
  Inte r  e st on tota l OP  EB li a b  i li ty (1)  2,155
  C ha nge s in b  e ne fit te r  m  s (2)  -
  Effe c t of  e c onom  ic /  d  e m  ogr  a p  hic  e x  p  e r  ie nc e  (2,303)
  Effe c t of a ssum  p  tions c ha nge s or  inp  uts (3)  (9,179)
  Be ne fit c ha nge s  (434)
  T otal O PEB  Li abi li ty  56,550$
  (1)  Reflects the change in liability due to time value of money.  TCDRS does not charge
  fees or interest.
  (2)  No plan changes valued.
  (3)  Reflects change in discount rate.
OPEB Expense
For the year ended June  30, 2024  , the Authority  recognized OPEB expense of $ 4,270. There were no changes of benefit terms
that affected measurement of the total OPEB liability during the measurement period.

  T able 11.6 - O PEB  Expense
  OPEB Expense and Income
  Service cost  4,774$
  Inte r  e st on tota l OP EB li a b  i li ty (1)  2,155
  Re c ognition of d  e fe r r e d  inflows/ outflows of r e sour c e s:
  Effe c t of  e c onom  ic /  d  e m  ogr ap  hic  e x  p  e r ie nc e  (152)
  Effe c t of assum  p  tions c hange s or  inp  uts  (2,507)
  OPEB Expense  4,270$
  (1)  Reflects the change in liability due to time value of money. TCDRS does not charge fees or interest.
OPEB Deferred Inflows/Outflows of Resources
At June 30, 2025  , the Authority  reported deferred outflows of resources and deferred inflows of resources related to other post  -
employment benefits from the following sources:

  T  ab l e 11.7 -  D ef erred  I n f l o w s  /  O  u t f l o w s  o f  R es o u rces
  D ef  erred  O  u  t f  l o  w s  D ef  erred  I n  f  l o  w s
  o  f  R  es  o  u  rces  o  f  R  es  o  u  rces
  Differences b etween ex p ected  and  actual ex p erience  $  3,709  $  1,885
  C hange s of assum  p  tions  19,448  12,036
  C  ontr  i b  uti ons m  a d  e  sub  se q  ue nt to m  e a sur  e m  e nt d  a te *  -  -
  T  o  t al  D ef  erred  i  n  f  l o  w s  /  O  u  t f  l o  w s  o  f  res  o  u  rces  $  23,157  $  13,921
  *Any eligible employer contributions made subsequent to the measurement date through the employer's fiscal year end.

  Amounts currently reported as deferred outflows of resources related to OPEB resulting from contributions subsequent to the
  measurement date will be recognized as a reduction of the total OPEB liability for the year ending June  30, 2026. Other amounts
  of the reported as deferred outflows and inflows of resources related to OPEB will be recognized in OPEB expense as follows:

=== PDF PAGE 61 ===
  T  ab l e 1 1 . 8 :  Net  D ef  erred  O  u t f  l o  w s  ( I n f  l o  w s )
  o  f  R es o  u rces
  Y ears  en d i  n g  D ecemb er 3 1 :  A mount
  2025  (2,659)$
  2026  (2,659)
  2027  (3,256)
  2028  444
  2029  (1,106)
  T o tal  (9,236)$
Note 12 .  Deferred Compensation  Plan
The Authority offers employees a deferred compensation plan created in accordance with the Internal Revenue Code Section
457. The plan, available to all Authority employees, permits them to defer a portion of their salary until future years. Part  icipation
in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death,  or
unforeseeable emergency.
The funds in the plan are held by Nationwide Retirement Solutions, Inc. as the plan administrator for the Authority  . The funds
are held in trust for the exclusive benefits of the employees and beneficiaries who will receive funds directly remitted by
Nationwide Retirement Solutions, Inc. to the  Authority’s  employees or  beneficiaries. The  Authority no longer owns the amounts
deferred by the employees or related income on these amounts. Therefore, since the plan does not qualify to be included with
the Authority’s  fiduciary funds there are not any plan assets included in the Authority’s  financial statements.
Note 13.Change  within Reporting Entity
Historically,  the Authority has presented System and Non-  System  business-  type activities  in total, resulting in financial
statements that may have been considered to be those of the same reporting entity.  To alleviate any misunderstanding the
Authority  has decided to present System and Non-  System assets separately as major funds.  The effect of this segregated
reporting does not change financial results. In addition to totals, net income will be presented in separate columns for Syst  em
and Non-  System.
The effects of the change within  reporting entity are shown in the table below:
  Table 13.1 Change within Reporting Entity
  Business-Type
  Sys t em  No n - Sys t em A cti vi ti es T otal
  Change in Net Position  $  94,749,457  $  849,203  95,598,660$
  Net Position, J uly  1, 2024  769,014,031  -  769,014,031
  Change in Net Position  (191,675,917)  191,675,917  -
  N e t P  osi ti on,  J  uly  1 ,  2 0 2 4 ,  a s a d  j uste d  577,338,114  191,675,917  769,014,031
  Net Po si ti o n, June 30, 2025  $  672,087,571  $  192,525,120  864,612,691$
Note 14.  Subsequent Events
Subsequent events have been  evaluated through  the date the financial statements were available to  be issued.
On August 28, 2025, The Authority  entered into a buyout agreement for one of the tenant leases in the Headquarters building.
The lease was originally set to end in February 2027 and  will now end on December 31, 2025  .
On  September 8, 2025, Moody’s Ratings upgraded  the  Authority’s  senior  lien  revenue bonds and the subordinate lien TIFIA
bonds to A2 from A3 and the Authority’s remaining subordinate lien bonds to A  3 from Baa1.




=== PDF PAGE 62 ===
  Required Supplementary Information
  Pension
  unaudited



  Schedule of Changes in Net Pension Assets and Related Ratios
  For the Fiscal Years Ended December 31
  Last Ten Fiscal Years
  (Dollars in  Th ou san ds)
  2024  2023  2022  2021  2020  2019  2018  2017  2016  2015
Total Pen sion  Liability
  Se r vi ce  cos t  990,670$  699,095$  660,031$  846,844$  791,930$  714,326$  623,080$  621,685$  636,083$  474,778$
  Inte r e s t on tota l pe ns i on li a bi li ty  1,587,564  1,121,730  1,033,125  940,060  825,944  705,006  599,756  512,318  417,633  361,003
  Effect of plan changes  -  4,495,140  -  14,249  16,761  16,858  -  -  -  (33,691)
  Effect of assump. changes or inputs  -  -  -  76,337  642,701  -  -  15,820  -  42,041
  Effect of economic/demographic (gains) or losses  245,857  236,488  83,464  (20,688)  21,833  49,571  32,484  (34,008)  (152,926)  (193,519)
  Benefit payments/refunds  (751,853)  (678,762)  (621,928)  (275,318)  (91,355)  (50,070)  (44,409)  (31,286)  (51,685)  (2,212)
  Net ch an ge in  total pen sion  liability  2,072,238$  5,873,691$  1,154,692$  1,581,484$  2,207,814$  1,435,691$  1,210,911$  1,084,529$  849,105$  648,400$
Total pen sion  liability, begin n in g  20,267,374  14,393,683  13,238,991  11,657,507  9,449,693  8,014,002  6,803,091  5,718,562  4,869,457  4,221,057
Total pen sion  liability, en din g (a)  22,339,612$  20,267,374$  14,393,683$  13,238,991$  11,657,507$  9,449,693$  8,014,002$  6,803,091$  5,718,562$  4,869,457$

Fidu ciary Net Position
  Employer contributions  1,026,966  1,481,929  902,280  721,277  604,572  560,263  484,115  457,484  422,157  361,493
  M e mbe r  contr i buti ons  304,051  292,994  262,445  301,698  302,284  280,130  242,056  228,848  211,078  180,742
  Investment income net of inv exp  1,877,206  1,707,754  (971,853)  2,776,384  1,070,532  1,344,360  (134,521)  897,084  378,134  (162,009)
  Benefit payments/refunds  (751,853)  (678,762)  (621,928)  (275,317)  (91,356)  (50,069)  (44,409)  (31,286)  (51,685)  (2,211)
  Administrative expenses  (11,311)  (9,553)  (9,048)  (8,542)  (8,963)  (7,885)  (6,579)  (5,074)  (4,113)  (3,541)
  O the r  37,295  61,068  89,612  24,558  25,157  28,500  21,078  8,731  46,648  955
  Net ch an ge in  f idu ciary n et p osition  2,482,354$  2,855,430$  (348,492)$  3,540,058$  1,902,226$  2,155,299$  561,740$  1,555,787$  1,002,219$  375,429$
Fidu ciary n et position , begin n in g  18,295,747  15,440,317  15,788,809  12,248,751  10,346,525  8,191,226  7,629,486  6,073,699  5,071,480  4,696,051
Fidu ciary n et position , en din g (b)  20,778,101  18,295,747  15,440,317  15,788,809  12,248,751  10,346,525  8,191,226  7,629,486  6,073,699  5,071,480
  NPL / (asset), ending = (a) - (b)  1,561,511$  1,971,627$  (1,046,634)$  (2,549,818)$  (591,244)$  (896,832)$  (177,224)$  (826,395)$  (355,137)$  (202,023)$

Fiduciary net position as a % of total pension liability  93.01%  90.27%  107.27%  119.26%  105.07%  109.49%  102.21%  112.15%  106.21%  104.15%
Pensionable covered payroll  4,343,591  4,185,632  3,749,215  4,309,967  4,318,340  4,001,855  3,457,946  3,269,251  3,015,395  2,582,032
NPL/(asset) as % of covered payroll  35.95%  47.10%  -27.92%  -59.16%  -13.69%  -22.41%  -5.13%  -25.28%  -11.78%  -7.82%





  Pen  sion  S c h  ed u  l e of  Em p l oy er Con  trib u  tion  s
  Actuarially  Con  trib u  tion  Actu al Con tribu tion
  Year Ending  Determin ed  Ac tu al  Def icien cy  Covered  as a % of  Covered
  Decemb er 3 1  Con  trib u  tion(1)  Con  trib u  tion(1)  ( Ex cess)  Pa y rol l(2)  Pa y rol l
  2015  $  302,614  $  361,493  $  (58,879)  $  2,582,032  14.0%
  2016  341,041  422,157  (81,115)  3,015,395  14.0%
  2017  383,156  457,484  (74,328)  3,269,251  14.0%
  2018  402,505  484,115  (81,610)  3,457,946  14.0%
  2019  461,814  560,263  (98,449)  4,001,855  14.0%
  2020  519,928  604,572  (84,644)  4,318,340  14.0%
  2021  515,903  721,277  (205,374)  4,309,967  16.7%
  2022  537,263  902,280  (365,017)  3,749,215  24.1%
  2023  470,884  1,481,929  (1,011,045)  4,185,632  35.4%
  2024  486,917  1,026,966  (540,049)  4,343,591  23.6%
  (1)  TCDRS calculates actuarially determined contributions on a calendar year basis. GASB Statement No. 68 indicates the employer should
  report employer contribution amounts on a fiscal year basis.
  (2)  Payroll is calculated based on contributions as reported to TCDRS.

=== PDF PAGE 63 ===
  Pension Notes to Schedule of Employer Contributions

Me thod  s and   assum  p  tions use d  :  the  following ar e  ke y  assum  p  tions and  m  e thod  s use d  in d  e te r m  ining the  ac tuar ially
d  e te r  m  ine d  c ontr  ib  ution.
  Valu ati  o n  D ate  A c tua r  i a lly  d  e te r  m  i ne d  c ontr  i b  uti on r  a te s a r  e  c a lc ula te d  a s of  D  e c e m  b  e r  3 1 ,
  two y  e a r  s p  r  ior  to the  e nd  of the  fisc a l y  e a r  in whic h the  c ontr  ib  utions a r  e
  A ctuari al Cost Method(1)  Entry Age (level p ercent of p ay)
  A morti zati on Method  Re c ognition of e c onom  ic / d  e m  ogr  a p  hic  ga ins/ losse s,  a ssum  p  tion,  c ha nge s,  or
  inp  uts -  S  tr  a ight- line  a m  or  tize d  ov  e r  e x  p  e c te d  wor  king life .

  Remaining Amortization Period  0.0 y ear s (b ased  on contr ib ution r ate calculated  in 12/31/2024 v aluation)
  A sset Valuati on Method  5- y  e a r  sm  oothe d  m  a r  ke t
  Inflati on  2.50%
  Salary I n creas es  Varies b y age and  service. 4.7% average over career includ ing inflation.
  I n  ves  t m en  t  R  at e o  f  R  et u rn  7. 50% ( ne t of a d  m  inistr  a tiv  e  a nd  inv  e stm  e nt e x  p  e nse s,  inc lud  ing infla tion)
  R  et i  rem en t  A  g  e  Mem b ers who are eligib le for service retirem ent are assum ed  to com m ence
  receiving b enefit p aym ents b ased  on age. The average age at service retirem ent
  for recent retirees is 61.
  Mortali ty  135% of the Pub -2010 General Retirees Tab le for m ales and
  120% of the Pub -2010 General Retirees Tab le for fem ales,
  b oth p r ojected  with 100% of the MP-2021 U ltim ate scale after  2010.
  Changes in Assumptions and  2015:  N e w infla tion,  m  or  ta lity  a nd  othe r  a ssum  p  tions we r  e  r  e fle c te d  .
  M et h o  d s  R ef  l ect ed  i  n  t h e  2017: New m ortality assum p tions were reflected .
  Sch ed u l e o  f  E  m p l o  yer  2019:  N e w infla tion,  m  or  ta lity  a nd  othe r  a ssum  p  tions we r  e  r  e fle c te d  .
  Contri buti ons*  2022:  N e w inv  e stm  e nt r  e tur  n a nd  infla tion a ssum  p  tions we r  e  r  e fle c te d  .

  Changes in Plan Provisions  2017: New Annuity Purchase Rates, reflected  for b enefits earned  after 2017.
  R ef  l ect ed  i  n  t h e Sch ed u l e o  f  2 0 2 0 :  Em  p  loy  e r  c ontr  i b  uti ons r  e f le c t tha t a  1 0 0 %  C  P I C  OLA  wa s a d  op  te d  .
  Employer Contributions*  2 0 2 1 :  Em  p  loy  e r  c ontr  i b  uti ons r  e f le c t tha t a  2 %  f la t C  OLA  wa s a d  op  te d
  2 0 2 2 :  Em  p  loy  e r  c ontr  i b  uti ons r  e f le c t tha t a  1 0 0 %  C  P I C  OLA  wa s a d  op  te d
  2 0 2 4 :  Em  p  loy  e r  c ontr  i b  uti ons r  e f le c t tha t a  1 0 0 %  C  P I C  OLA  wa s a d  op  te d
  * Only  changes t hat  affect  t he benefit  am ount  and t hat  are effect iv e 2015 and lat er are show n in t he N ot es t o Schedule.

=== PDF PAGE 64 ===
  Required Supplementary Information
  OPEB
  unaudited


  Schedule of Changes i n T otal O PEB  A ssets and Related Rati os
  Fo  r t h e Fi  s  cal  Y ears  E  n d ed  D ecem b er 3 1
  L as t T en  Fi  s cal Y ears *
  (Dollars in Thousands)
  2024  2023  2022  2021  2020  2019  2018  2017
T otal O PEB  Li abi li ty
  Service cost  4,774$  3,968$  4,861$  5,571$  4,666$  3,156$  2,982$  2,693$
  Inte r  e st on tota l OP EB li a b  i li ty  2,155  2,070  1,471  1,316  1,299  1,335  1,165  991
  Effe c t of assum  p  .  c hange s or  inp  uts  (9,179)  5,201  (21,052)  1,045  7,233  10,309  (4,242)  1,767
  Effe c t of e c onom  ic / d  e m  ogr ap  hic  (gains) or  losse s  (2,303)  (1,178)  275  2,495  791  (1,465)  (1,394)  1,905
  Benefit p aym ents/refund s  (434)  (419)  (375)  (431)  -  -  -  -
  Net change i n total O PEB  li abi li ty  (4,987)$  9,642$  (14,820)$  9,996$  13,989$  13,335$  (1,489)$  7,356$
T otal O PEB  li abi li ty, begi nni ng  61,537  51,895  66,715  56,719  42,730  29,395  30,884  23,528
T otal O PEB  li abi li ty, endi ng (a)  56,550$  61,537$  51,895$  66,715$  56,719$  42,730$  29,395$  30,884$

P e nsionab  le  c ov e r e d  p  ay r oll  4,343,591$  4,185,632$  3,749,215$  4,309,967$  4,318,340$  4,001,855$  3,457,946$  3,269,251$

Tota l OP EB Li a b  i li ty  / ( A sse t)  a s %  of c ov  e r  e d  p  a y  r  oll  1.30%  1.47%  1.38%  1.55%  1.31%  1.07%  0.85%  0.94%

  *This schedule is persented to illustrate the requirement to show information for 10 years.  However, recalculations of prior years are not required, and if prior years are not reported in accordance with the
  standards of GASB 74/75, they should not be shown.  Therefore, only the years for which the new GASB statements have been implemented are shown.



  Employers in the TCDRS Group Term Life (GTL) Program make a combined contribution for both active and retiree coverage;
  however, only the retiree coverage is considered an OPEB plan and therefore only the contributions associated with retiree
  coverage are included under GASB 75. For GASB 75 purposes, the employer’s benefit payments for the year are treated as
  being equal to the  annual retiree GTL contributions.


  OPEB Schedule of Employer Contributions
  Employer Contribution
  Year Endi ng  Rate A ppli cable to  R et i  ree  Pen s i  o  n ab l e
  D ecem b er 3 1  R et i  rees  Contri buti ons  C o  vered  Payro  l l
  2017  0.00%  $  -  $  3,269,251
  2018  0.00%  -  3,457,946
  2019  0.00%  -  4,001,855
  2020  0.00%  -  4,318,340
  2021  0.01%  431  4,309,967
  2022  0.01%  375  3,749,215
  2023  0.01%  419  4,185,632
  2024  0.02%  434  4,343,591

  Note:  This schedule is intended to show ten years of information.  A dditional years'  information will be
  displayed as it becomes available.

=== PDF PAGE 65 ===
  Supplementary Information
  System
  Indenture Cash Flow and Debt Service Coverage
  For the Fiscal Year ended June 30, 2025



  System Debt Servi ce Calculati on
  Toll Revenues  166,000,997$
  Vid eo and  Fee Revenues  85,995,494
  Inte r  e st Ea r  ni ngs  40,599,592
  Misc Revenue  28,439
  T ota l S  y  ste m  Re v  e nue  292,624,522
  Le ss S  y  ste m  Op  e r  a ti ng C  osts  (40,411,357)
  R even u e avai  l ab l e f  o  r rat e co  ven an t  an d  ad d i  t i  o  n al  b o  n d  t es t s  $  252,213,165
  D  e b  t S  e r  v  i c e  S  e ni or  Li e n Bond  s  66,408,916
  D  e b  t S  e r  v  i c e  S  ub  or  d  i na te  Li e n Bond  s  40,684,106
  T otal Debt Servi ce  $  107,093,022
  Less Maintenance ex p enses  (7,649,493)
  R  even u e A  vai  l ab e f  o  r D eb t  Servi  ce  $  244,563,672
  Le ss tota l D  e b  t S  e r  v  i c e  (107,093,022)
  Annual Excess*  $  137,470,650
* Subject to reserve policies
  D eb t  s  ervi  ce co  verag  e rat i  o  s  f  o  r rat e co  ven an ce an d  ad d i  t i  o  n al  b o  n d s  t es  t
  S  e ni or  Li e n C ov  e r  a ge  3.80
  S  e nior  a nd  S  ub  or  d  i na te  Li e n C ov  e r  a ge  2.36
  D eb t  s  ervi  ce co  verag  e rat i  o  s  f  o  r reven u es  avai  l ab l e f  o  r d eb t  s  ervi  ce
  S  e ni or  Li e n C ov  e r  a ge  3.68
  S  e nior  a nd  S  ub  or  d  i na te  Li e n C ov  e r  a ge  2.28
  B ond Ratings
  S& P Global Rati ng s
  S  e ni or  Li e n Re v  e nue  Bond  s  A+
  S  ub  or  d  i na te  Li e n TIF IA  Bond  s  A+
  S  ub  or  d  i na te  Li e n Bond  s  A
  M o  o  d y' s  I n ves  t o  r Servi  ces
  S  e ni or  Li e n a nd  TIF IA  loa ns  A3
  S  ub  or  d  i na te  Li e ns  Baa1

=== PDF PAGE 66 ===
  Supplementary Information
  Non-System
  Cash Flow and Debt Service Coverage
  For the Fiscal Year ended June 30, 2025



  Non-System Debt Servi ce Calculati o n
  Toll Revenues  24,383,925
  Inte r  e st Ea r  ni ngs  1,061,960
  Tota l N on-  S  y  ste m  Re v  e nue  25,445,885
  Le ss N on-  S  y  ste m  Op  e r  a ti ng C  osts  (4,773,000)
  R  even  u e avai  l ab l e  20,672,885
  Le ss tota l D  e b  t S  e r  v  i c e  1,400,000
  A nnual Excess*  19,272,885
* Subject to reserve policies
  D eb t  s  ervi  ce co  verag  e rat i  o
  Loa n C  ov  e r  a ge  14.77

=== PDF PAGE 67 ===
S  TAT I  S  T IC  AL SE  C  T ION

=== PDF PAGE 68 ===
  Introduction  to Statistical Section
  (unaudited)


Introduction
Governmental Accounting Standards Board (GASB) Statement 44 "Economic Condition Reporting":  The Statistical Section
requires that certain detailed statistical information be presented in this section, typically in ten  -year trends, to assist users in
utilizing the basic financial statements, notes to the financial statements and required supplementary information in order t  o
assess the economic condition of the Authority  .
Financial Trends
These tables contain information to help the reader understand how the Authority’s financial performance and well  -being have
changed over time.
Revenue Capacity
These tables contain information to help the reader assess the Authority’s most significant revenue sources.
Debt Capacity
These tables present information to help the reader assess the affordability of the Authority’s current level of outstanding debt
and the Authority’s ability to issue additional debt in the future.
Demographic and Economic Information
These tables offer demographic and economic indicators to help the reader understand the environment within which the
Authority’s financial activities take place.
Operating Information
These tables contain service and infrastructure data to help the reader understand how the information in the Authority’s
financial report relates to the services the Authority provides and the activities it perform  s.


Sources: Unless otherwise  noted, the information in the following tables is derived from the annual  financial reports for the
relevant years and is reported on a consolidated basis .

=== PDF PAGE 69 ===
  Consolidated  Net Position by Component
  Last Ten Fiscal Years  (in 000s)
  (unaudited)





  Component  2025  2024  2023  2022  2021  2020  2019  2018  2017  2016
N e t Inve stm  e nt i n C a p  i ta l A sse ts  $  208,831  $  187,163  $  206,821  $  269,891  $  404,560  $  446,275  $  439,875  $  447,015  $  436,282  $  200,628
Restricted  for Deb t Service  180,272  167,862  177,020  76,695  76,872  122,723  118,363  106,764  141,068  227,787
Restricted  for Net Pension Asset  -  -  2,406  1,701  -  -  -  -  -  -
U  nr e str ic te d  475,510  413,990  299,173  272,636  155,048  100,731  105,582  82,372  57,806  38,345
  T otal Net Posi ti on  $  864,613  $  769,015  $  685,420  $  620,923  $  636,480  $  669,729  $  663,820  $  636,151  $  635,156  $  466,760

=== PDF PAGE 70 ===
  Consolidated  Statement of Revenues,
  Expenses and Changes in Net Position
  Last Ten Fiscal Years  (in 000s)
  (unaudited)




  2025  2024  2023  2022  2021  2020  2019  2018  2017  2016
O p erat in g  reven u e
  Tolls  $  276,380  $  238,575  $  225,664  $  174,812  $  115,321  $  116,927  $  108,314  $  91,492  $  75,651  $  64,312
  O the r O pe rating  203  42  20  227  159  8  41  682  1,569  1,486
  T ot al O p erat in g  reven u e  $  276,583  $  238,617  $  225,684  $  175,039  $  115,480  $  116,935  $  108,355  $  92,174  $  77,220  $  65,798
O p erat in g  exp en s e
  Administrative expense  14,245  15,677  9,277  8,338  8,494  8,859  9,582  7,671  12,145  9,296
  O perations and Maintenance  44,749  39,040  32,517  30,681  23,826  22,773  18,943  19,196  8,356  7,425
  Other Operating expense  1,039  2,245  7,505  7,514  7,026  6,295  6,100  3,689  2,371  2,579
  Depreciation and A mortization  64,957  59,722  57,091  58,885  40,555  39,983  29,934  28,045  22,099  21,692
  Total Operating expense  $  124,990  $  116,684  $  106,390  $  105,418  $  79,901  $  77,910  $  64,559  $  58,601  $  44,971  $  40,992
  Operating Income  $  151,593  $  121,933  $  119,294  $  69,621  $  35,579  $  39,025  $  43,796  $  33,573  $  32,249  $  24,806
Non op erat in g  reven u e (exp en s e)
  Interest Income  42,452  53,352  36,276  1,398  492  4,463  5,274  2,542  847  487
  CA MP O  RIF Contribution  (10,000)  (6,000)
  P roject Contribution Expense  (10,661)  (391)  (2,148)  (3,224)  (4,469)  -  -  -  -
  Gain on Sale of A ssets  12  -  -  -  -  11  4  -  -  -
  Financing Expense  -  -  (32)  (4,869)  (10,729)  (1,614)  (2,529)  (227)  (1,359)  (9,385)
  Interest Expense  (78,393)  (85,719)  (89,238)  (79,406)  (54,975)  (39,228)  (35,551)  (34,909)  (31,949)  (41,939)
  Capital Grants and Contributions  595  420  345  923  852  3,250  16,676  17  168,608  173,714
  T ot al  Non op er at in g  r even u e
  (exp en s e)  ($  55,995)  ($  38,338)  ($  54,797)  ($  85,178)  ($  68,829)  ($  33,118)  ($  16,126)  ($  32,577)  $  136,147  $  122,877
  Ch an g e in  Net  P os it ion  $  95,598  $  83,595  $  64,497  ($  15,557)  ($  33,250)  $  5,907  $  27,670  $  996  $  168,396  $  147,683

=== PDF PAGE 71 ===
  Consolidated  Traffic and Toll Revenue
  Last Ten Fiscal Years  (in 000s)
  (unaudited)


  Annual  A  verag  e T  o l l
  Veh i  cl e  A nnual T oll  rat e p er
  Y ear  T  ran s acti  o n s  R even u e*  tran s acti  o n
  2025  226,048  $  270,822  1.20
  2024  212,354  $  235,402  1.11
  2023  204,587  $  219,940  1.08
  2022  185,694  $  174,474  0.94
  2021  126,032  $  115,322  0.92
  2020  111,173  $  115,262  1.04
  2019  110,100  $  106,666  0.97
  2018  99,376  $  91,140  0.92
  2017  82,038  $  74,440  0.91
  2016  71,407  $  64,312  0.90
*Excludes accruals

=== PDF PAGE 72 ===
  Consolidated Traffic and Toll Revenue
  Last Ten Fiscal Years  (in 000s)
  (unaudited)



  Co n s o li dated T ran s acti o n s
  July  August  Sep temb er  O cto b er  No vemb er  Decemb er  Jan uary  February  March  A pri l  May  June  T o tal
FY 2016  5,807  5,781  5,689  5,951  5,618  5,906  5,695  5,787  6,348  6,195  6,318  6,312  71,407
FY 2017  6,228  6,410  6,341  6,657  6,366  6,423  6,279  6,114  7,882  7,583  7,994  7,761  82,038
FY 2018  7,483  7,631  7,555  8,410  8,060  8,132  7,833  7,743  9,202  8,931  9,411  8,985  99,376
FY 2019  8,782  9,414  8,566  9,492  9,097  8,791  8,960  8,492  9,716  9,602  9,875  9,313  110,100
FY 2020  9,500  10,996  10,291  11,048  10,237  10,106  10,521  10,575  8,367  4,913  6,761  7,858  111,173
FY 2021  8,014  8,534  8,496  9,680  9,032  9,640  9,749  7,494  13,261  13,465  14,000  14,667  126,032
FY 2022  14,971  14,756  14,938  16,224  15,424  15,570  13,282  13,224  16,925  16,911  17,192  16,277  185,694
FY 2023  15,840  16,894  17,014  17,910  16,929  16,588  15,709  15,192  18,748  17,647  18,438  17,678  204,587
FY 2024  17,039  18,098  17,299  18,669  17,715  17,134  16,013  17,044  18,576  18,839  18,550  17,378  212,354
FY 2025  17,642  18,444  17,862  20,048  18,168  17,703  16,550  16,774  19,405  20,859  21,998  20,595  226,048

=== PDF PAGE 73 ===
  System Net Position by Component
  Last Ten Fiscal Years  (in 000s)*
  (unaudited)



  Com  p  on  en  t  2025  2024
Ne t Inve stme nt in Capital A sse ts  $  45,759  $  20,790
R e stric te d f or D e bt Se rv ic e  159,181  145,370
U nre stric te d  467,147  411,178
  T  ot  al  Net  P os  it  ion  $  672,087  $  577,338
*The schedule of Net Positon disclosure is required for 10 years.  The schedule
above  i s only for  ye ar s i n whi c h t  he  c hange  wi t  hi n r e por t  i ng e nt  i t  y oc c ur r e d.

=== PDF PAGE 74 ===
  System Statement of Revenues,
  Expenses and Changes in Net Position
  Last Ten Fiscal Years  (in 000s)*
  (unaudited)


  2025  2024
O p er at in  g  r even  u e
  Tolls  $  251,996  $  222,195
  O  the r O  pe ra ting  203  42
  T ot al  O p er at in  g  r even  u e  $  252,199  $  222,237
O p er at in  g  exp en  s e
  A dministrative ex pense  $  14,241  $  15,676
  O perations and Maintenanc e  40,212  36,004
  Other Operating expense  807  2,048
  Deprec iation and A mortiz ation  58,993  53,319
  Total Operating expense  $  114,253  $  107,047
  Operating Income  $  137,946  $  115,190
Non  op er at in  g  r even  u e ( exp en  s e)
  Interest Inc ome  $  41,390  $  52,554
  P rojec t Contribution Ex pense  (7,526)  (391)
  Gain on Sale of A ssets  12  -
  Interest Expense  (77,668)  (84,951)
  Capital Grants and Contributions  595  420
  T ot al  Non  op er at in  g  r even  u e ( exp en  s e)  ($  43,197)  ($  32,368)
  Ch  an  g  e in  Net  P os  it  ion  $  94,749  $  82,822
*The schedule of Net Positon disclosure is required for 10 years.  The schedule above
i s only for  ye ar s i n whi c h t he  c hange  wi t hi n r e por t i ng e nt i t y oc c ur r e d.

=== PDF PAGE 75 ===
  System Traffic and Toll Revenue
  Last Ten Fiscal Years  (in 000s)
  (unaudited)


  Annual Vehicle  A nnual T oll  A  verag e T  o l l  rat e
  Y ear  T ran s acti  o n s  R even u e*  p er tran s acti  o n
  2025  213,398  $  247,599  1.16
  2024  200,364  $  218,856  1.09
  2023  193,290  $  205,547  1.06
  2022  175,122  $  164,846  0.94
  2021  119,294  $  110,975  0.93
  2020  101,508  $  100,964  0.99
  2019  97,554  $  89,242  0.91
  2018  92,027  $  82,719  0.90
  2017  81,314  $  74,273  0.91
  2016  71,407  $  64,312  0.90
*Excludes accruals

=== PDF PAGE 76 ===
  System Traffic and Toll Revenue
  Last Ten Fiscal Years  (in 000s)
  (unaudited)



  Sys tem T ran s acti o n s
  July  August  Sep temb er  O cto b er  No vemb er  Decemb er  Jan u ary  February  March  A pri l  May  June  T o tal
FY 2016  5,807  5,781  5,689  5,951  5,618  5,906  5,695  5,787  6,348  6,195  6,318  6,312  71,407
FY 2017  6,228  6,410  6,341  6,619  6,283  6,346  6,197  6,037  7,788  7,494  7,900  7,671  81,314
FY 2018  7,402  7,539  7,473  8,046  7,331  7,418  7,118  6,977  8,278  8,008  8,401  8,036  92,027
FY 2019  7,888  8,356  7,624  8,390  8,053  7,802  7,914  7,485  8,602  8,460  8,734  8,246  97,554
FY 2020  8,435  9,882  9,251  9,887  9,220  9,126  9,514  9,550  7,762  4,807  6,547  7,527  101,508
FY 2021  7,697  8,168  8,082  9,159  8,561  9,121  9,276  7,119  12,498  12,660  13,180  13,773  119,294
FY 2022  14,102  13,910  14,059  15,272  14,529  14,706  12,616  12,476  15,946  15,913  16,224  15,369  175,122
FY 2023  15,015  15,946  16,055  16,917  16,033  15,722  14,852  14,328  17,681  16,649  17,406  16,686  193,290
FY 2024  16,137  17,081  16,341  17,620  16,710  16,185  15,153  16,103  17,513  17,702  17,452  16,367  200,364
FY 2025  16,643  17,377  16,837  18,858  17,143  16,723  15,639  15,779  18,247  19,715  20,874  19,563  213,398

=== PDF PAGE 77 ===
  System
  Indenture Cash Flow and Debt Service Coverage
  Last Five Fiscal Years
  (in 000s)
  (unaudited)


  System Debt Servi ce Calculati on
  Fi  s cal  Y ear  Fi  s cal  Y ear  Fi  s cal  Y ear  Fi  s cal  Y ear  Fi  s cal  Y ear
  2025  2024  2023  2022  2021
  Toll Revenues  $  166,001  $  150,742  $  135,899  $  107,204  $  76,804
  Vid eo and  Fee Revenues  85,995  71,453  74,964  57,947  34,169
  Inte r  e st Ea r  nings  40,600  52,963  35,480  1,738  492
  Misc Revenue  28  -  -  22  159
  T ota l S  y  ste m  Re v  e nue  $  292,624  $  275,158  $  246,343  $  166,911  $  111,624
  Le ss S  y  ste m  Op  e r  a ti ng C  osts  (40,411)  (35,646)  (32,130)  (26,376)  (22,767)
  R  even u e avai  l ab l e f  o  r rat e co  ven an t  an d
  addi ti onal bond tests  $  252,213  $  239,512  $  214,213  $  140,535  $  88,857
  D  e b  t S  e r  v  ic e  S  e nior  Lie n Bond  s  66,409  63,543  56,824  59,277  47,722
  D  e b  t S  e r  v  ic e  S  ub  or  d  ina te  Lie n Bond  s  40,684  32,879  31,736  19,744  10,586
  Total Debt Service  $  107,093  $  96,422  $  88,560  $  79,021  $  58,308
  Less Maintenance ex p enses  (7,649)  (5,537)  (2,521)  (4,882)  (4,549)
  R  even u e A  vai  l ab e f  o  r D eb t  Servi  ce  $  244,564  $  233,975  $  211,692  $  135,653  $  84,308
  Le ss tota l D  e b  t S  e r  v  i c e  (107,093)  (96,422)  (88,560)  (79,021)  (58,308)
  Annual Excess*  $  137,471  $  137,553  $  123,132  $  56,632  $  26,000
* Subject to reserve policies
  D eb t  s  ervi  ce co  verag  e rat i  o  s  f  o  r rat e co  ven an ce an d  ad d i  t i  o  n al  b o  n d s  t es  t
  S  e nior  Lie n C ov  e r  a ge  3.80  3.77  3.77  2.37  1.86
  S  e nior  a nd  S  ub  or  d  ina te  Lie n C ov  e r  a ge  2.36  2.48  2.42  1.78  1.52
  D eb t  s  ervi  ce co  verag  e rat i  o  s  f  o  r reven u es  avai  l ab l e f  o  r d eb t  s  ervi  ce
  S  e nior  Lie n C ov  e r  a ge  3.68  3.68  3.73  2.29  1.77
  S  e nior  a nd  S  ub  or  d  ina te  Lie n C ov  e r  a ge  2.28  2.43  2.39  1.72  1.45
  B ond Ratings
S& P Global Rati ng s
  S  e nior  Lie n Re v  e nue  Bond  s  A+  A  A-  A-  A-
  S  ub  or  d  ina te  Lie n TIF IA  Bond  s  A+  A  A-  A-  A-
  S  ub  or  d  ina te  Lie n Bond  s  A  A-  BBB  BBB  BBB
M o  o  d y' s  I n ves  t o  r Servi  ces
  S  e nior  Lie n a nd  TIF IA  loa ns  A3  A3  A3  A3  Baa1
  S  ub  or  d  i na te  Li e ns  Baa1  Baa1  Baa1  Baa1  Baa2

=== PDF PAGE 78 ===
  System
  Revenue and Debt Service
  Last Five Years
  (unaudited)























  System
Debt Service Coverage Ratios
  Last Five Years
  (unaudited)

=== PDF PAGE 79 ===
  Non-System Net Position by Component
  Last Ten Fiscal Years  (in 000s)  *
  (unaudited)


  C om  p  on  en  t  2025  2024
  Ne t Inv e stme nt in Ca pita l A sse ts  $  163,072  $  166,373
  R e stric te d f or D e bt Se rv ic e  21,091  22,492
  U  nre  stric  te  d  8,363  2,812
  T  ot  al  Net  P  os  it  ion  $  192,526  $  191,677

  *The schedule of Net  Posit on disclosure is required for 10 years.  The schedule
  a bove  i s only for  ye a r s i n whi c h t  he  c ha nge  wi t  hi n r e por t  i ng e nt  i t  y oc c ur r e d.
































=== PDF PAGE 80 ===
  Non-Sy  stem Statement of Revenues,
  Expenses and Changes in Net Position
  Last Ten Fiscal Years  (in 000s)  *
  (unaudited)


  2025  2024
O p er at in  g  r even  u e
  Tolls  $  24,384  $  16,380
  T ot al  O p er at in  g  r even  u e  $  24,384  $  16,380
O p er at in  g  exp en  s e
  A dministrative ex pense  $  4  $  1
  O perations and Maintenanc e  4,537  3,036
  Other Operating expense  232  197
  Deprec iation and A mortiz ation  5,964  6,403
  Total Operating expense  $  10,737  $  9,637
  Operating Income  $  13,647  $  6,743
Non  op er at in  g  r even  u e ( exp en  s e)
  Interest Inc ome  $  1,062  $  798
  CA MP O  RIF  Contribution  (10,000)  (6,000)
  P rojec t Contribution Ex pense  (3,135)  -
  Interest Expense  (725)  (768)
  T ot al  Non  op er at in  g  r even  u e ( exp en  s e)  ($  12,798)  ($  5,970)
  Ch  an  g  e in  Net  P os  it  ion  $  849  $  773
*The schedule of Net Positon disclosure is required for 10 years.  The schedule above is
only for  year s i n whi c h t he c hange wi t hi n r epor t i ng ent i t y oc c ur r ed.

=== PDF PAGE 81 ===
  Non-System Traffic and Toll Revenue
  Last Ten Fiscal Years  (in 000s)
  (unaudited)




  Annual  A  verag e T  o l l
  Veh i  cl e  A nnual T oll  rat e p er
  Y ear*  T ran s acti o n s  R even u e* *  tran s acti o n
  2025  12,650  $  23,223  1.84
  2024  11,990  $  16,546  1.38
  2023  11,297  $  14,393  1.27
  2022  10,572  $  9,628  0.91
  2021  6,738  $  4,347  0.65
  2020  9,665  $  14,298  1.48
  2019  12,546  $  17,424  1.39
  2018  7,349  $  8,421  1.15
  2017  724  $  167  0.23
  *Road opened in fiscal year 2017.
  **Excludes accruals.

































=== PDF PAGE 82 ===
  Non-System Traffic and Toll Revenue
  Last Ten Fiscal Years  (in 000s)
  (unaudited)



  Non-System Transactions
  July  August  September  O cto ber  No vember  December  Jan uary  February  March  A pri l  May  June  T o tal
FY 2017*  -  -  -  38  83  77  82  77  94  89  94  90  724
  FY 2018  81  92  82  364  729  714  715  766  924  923  1,010  949  7,349
  FY 2019  894  1,058  942  1,102  1,044  989  1,046  1,007  1,114  1,142  1,141  1,067  12,546
  FY 2020  1,065  1,114  1,040  1,161  1,017  980  1,007  1,025  605  106  214  331  9,665
  FY 2021  317  366  414  521  471  519  473  375  763  805  820  894  6,738
  FY 2022  869  846  879  952  895  864  666  748  979  998  968  908  10,572
  FY 2023  825  948  959  993  896  866  857  864  1,067  998  1,032  992  11,297
  FY 2024  902  1,017  958  1,049  1,005  949  860  941  1,063  1,137  1,098  1,011  11,990
  FY 2025  999  1,067  1,025  1,190  1,025  980  911  995  1,158  1,144  1,124  1,032  12,650
*Road opened in fiscal year 2017.

=== PDF PAGE 83 ===
  Non-System
  Cash Flow and Debt Service Coverage
  Last Two Fiscal Years
  (in 000s)
  (unaudited)



  Non-System Debt Servi ce Calculati o n
  Fi  s  cal  Y ear  Fi  s  cal  Y ear
  2025  2024
  Toll Revenues  $  24,384  $  16,380
  Inte r  e st Ea r  ni ngs  1,062  798
  Tota l N on-  S  y  ste m  Re v  e nue  25,446  17,178
  Le ss N on-  S  y  ste m  Op  e r  a ti ng C  osts  (4,773)  (3,036)
  R  even  u e avai  l ab l e  $  20,673  $  14,142
  Le ss tota l D  e b  t S  e r  v  i c e  1,400  1,275
  A nnual Excess*  $  19,273  $  12,867
  * Subject to reserve policies
  D eb t  s  ervi  ce co  verag  e rat i  o
  Loa n C  ov  e r  a ge  14.77  10.09



  Non-System
  Debt Service Coverage Ratios
  Last Two Years
  (unaudited)
























=== PDF PAGE 84 ===
  Ratio of Outstanding Debt by Type
  Business-Type Activities  by Transactions
  Last Ten Fiscal Years  (in 000s)
  (unaudited)

  R even u e  Bond Discount /  T IFIA  M o p ac  T xDO T  71E  T otal Debt  Annual Vehicle  D eb t  Per  D eb t  Per
  Y ear  B onds  (Premi um)  No t es  L o an  L o an  A mount  T ran s acti  o n s  T ran s acti  o n  Cap i  ta
  2016  1,140,398  104,129  -  -  -  1,244,527  71,408  17.43  0.73
  2017  1,193,555  105,961  -  -  65,000  1,364,516  82,037  16.63  0.68
  2018  1,266,803  95,290  -  17,000  62,332  1,441,425  99,376  14.50  0.69
  2019  1,572,053  90,081  50  24,991  60,728  1,747,903  110,099  15.88  0.72
  2020  1,624,949  90,502  52  24,991  58,482  1,798,976  111,173  16.18  0.73
  2021  1,624,949  90,502  52  24,991  58,482  1,798,976  126,035  14.27  0.74
  2022  2,102,362  216,398  351,304  24,991  55,077  2,750,132  185,694  14.81  0.82
  2023  2,082,418  198,031  359,043  24,691  51,918  2,716,101  204,585  13.28  0.80
  2024  2,055,207  180,544  363,443  23,766  47,253  2,670,213  212,355  12.57  0.78
  2025  1,913,362  164,545  470,156  22,491  42,433  2,612,987  226,046  11.56  0.75
  Note: Details on the A uthority's outstanding debt can be found in the notes to the financial statements.


  Ratio of Revenue-Backed Debt Outstanding
  Business-Type Activities  by Revenue
  Last Ten Fiscal Years  (in 000s)
  (unaudited)

  R even u e  Bond Discount /  T IFIA  M o p ac  T xDO T  71E  T otal Debt  A nnual T oll  Debt per T oll  D eb t  Per
  Y ear  B onds  (Premi um)  No t es  L o an  L o an  A mount  R even u e  R even u e  Cap i  ta
  2016  1,140,398  104,129  -  -  -  1,244,527  64,312  19.35  0.73
  2017  1,193,555  105,961  -  -  65,000  1,364,516  74,440  18.33  0.68
  2018  1,266,803  95,290  -  17,000  62,332  1,441,425  91,140  15.82  0.69
  2019  1,572,053  90,081  50  24,991  60,728  1,747,903  106,666  16.39  0.72
  2020  1,624,949  90,502  52  24,991  58,482  1,798,976  115,262  15.61  0.73
  2021  1,624,949  90,502  52  24,991  58,482  1,798,976  115,323  15.60  0.74
  2022  2,102,362  216,398  351,304  24,991  55,077  2,750,132  174,474  15.76  0.82
  2023  2,082,418  198,031  359,043  24,691  51,918  2,716,101  219,939  12.35  0.80
  2024  2,055,207  180,544  363,443  23,766  47,253  2,670,213  235,402  11.34  0.78
  2025  1,913,362  164,545  470,156  22,491  42,433  2,612,987  270,822  9.65  0.75
  Note: Details on the A uthority's outstanding debt can be found in the notes to the financial statements.





=== PDF PAGE 85 ===
  Contribution to Capital  Assets
  Last Ten Fiscal Years  (in 000s)
  (unaudited)




  Beginning  D el et i  o  n s /  Ending
  Y ear  B  alan ce  A ddi ti ons  D ep reci  at i  o  n  B  alan ce
  2025  $  2,320,895  $  190,176  ($  72,353)  $  2,438,718
  2024  2,203,299  178,546  (60,950)  2,320,895
  2023  2,136,294  125,950  (58,945)  2,203,299
  2022  2,056,507  141,933  (62,146)  2,136,294
  2021  1,968,134  133,169  (44,796)  2,056,507
  2020  1,810,305  197,814  (39,985)  1,968,134
  2019  1,673,629  166,609  (29,933)  1,810,305
  2018  1,491,482  229,711  (47,564)  1,673,629
  2017  1,084,996  428,585  (22,099)  1,491,482
  2016  892,639  214,060  (21,703)  1,084,996



  Total Capital Assets

3,000

2,500

2,000

1,500

1,000

  500

  0
  2025  2024  2023  2022  2021  2020  2019  2018  2017  2016

=== PDF PAGE 86 ===
  Number of Employees by Department
  Last Ten Fiscal Years
  (unaudited)



  Full-T i me Equi valent Employees
  Fu n cti o n  2016  2017  2018  2019  2020  2021  2022  2023  2024  2025
  Ad m inistration  5  5  5  8  8  9  9  5  4  4
  C om  m  unic ations  5  4  4  3  4  4  4  4  3  3
  Engine e r ing  4  5  6  9  9  9  9  9  9  8
  F inanc e  3.5  3  3  3  4  4  4  5  5  5
  Infor  m  a tion Te c hnology  1  1  1  1  1  2  2  3  4  4
  Legal Services  2  2  4  4  2  1  1  1  1  1
  Op  e r ations  3.5  6  6  4  6  5  5  5  6  7
  T o tal  24  26  29  32  34  34  34  32  32  32






























=== PDF PAGE 87 ===
  Demographic Data –  Combined Four County Region and
  State of Texas Median Household Income Estimates
  2014-2023
  (unaudited)



  F ou  r  Cou  n  t  y  Per cen t ag e Ch an g e
  Y ear  T  r  avis  Wil l iam  s  on  Hays  B as  t  r  op  Reg  ion  al  T  ot  al s  T  exas  from Prior Years
  Estimated Avg  Estimated Avg  F ou  r  State of
  Median Income  Median Income  Cou  n  t  y  T  exas
  2014  59,068  31,709  34,959  31,552  39,322  43,862  3.56%  2.87%
  2015  59,691  33,147  33,216  30,383  39,109  45,669  -0.54%  4.12%
  2016  60,041  32,705  36,182  32,723  40,413  46,745  3.33%  2.36%
  2017  65,086  34,575  37,095  33,453  42,552  46,274  5.29%  -1.01%
  2018  69,666  35,825  40,369  34,969  45,207  47,362  6.24%  2.35%
  2019  72,364  37,242  42,283  36,561  47,113  50,355  4.21%  6.32%
  2020  72,468  37,242  43,287  38,289  47,822  52,813  1.50%  4.88%
  2021  81,191  42,959  47,453  42,177  53,445  55,129  11.76%  4.39%
  2022  87,511  47,574  53,240  44,230  58,139  59,865  8.78%  8.59%
  2023  91,771  51,260  57,684  44,607  61,331  62,586  5.49%  4.55%
Aver ag ed  Y ear l y
  T  ot  al s  $  38,42471,886$  42,577$  36,894$  47,445$  51,066$
Sour ce: Tr avi s, Wi lli amson, Hays, B ast r op count i es annual fi nanci al r epor t s.

=== PDF PAGE 88 ===
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