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Annual
financial report





































  For the Fiscal Year Ended June 30, 2023

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Central Texas Regional
Mobility Authority

Basic Financial Statements
June 30, 2023

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  Contents

Financial Section

  Independent auditor’s report  1-2

  Management’s discussion and analysis  3-9

Basic Financial Statements

  Statement of net position  10-11

  Statement of revenues, expenses and changes in net position  12

  Statement of cash flows  13

  Statement of fiduciary net position—  fiduciary funds  14

  Statement of changes in fiduciary net position—  fiduciary funds  15

  Notes to financial statements  16-46

  Required supplementary information—  pension plan  47-51

  Supplementary information—  indenture cash flow and debt service coverage  52




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  Independent Auditor’  s Report


Board of Directors
Central Texas Regional Mobility Authority


Opinions
We have audited the financial statements of the business-type activities and fiduciary activities of Central
Texas Regional Mobility Authority (the Authority), as of and for the year ended June 30, 2023  , and the
related notes to the financial statements, which collectively comprise the Authority’s basic  financial
statements as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the business-  type activities and fiduciary activities of the
Authority as of June 30, 2023, and the respective changes in financial position and, where applicable,
cash flows thereof for the year then ended in accordance with accounting principles generally accepted in
the United States of America.

Basis for Opinions
We conducted our audits in accordance with auditing standards generally accepted in the United States
of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the  Audit of the Financial Statements section of our report. We are required to be
independent of the Authority and to meet our other ethical responsibilities, in accordance with the relevant
ethical requirements relating to our audit. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.

In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Authority’s ability to continue
as a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions  . Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a
material misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood  that, individually or in the aggregate, they would influence the judgment
made by a reasonable user based on the financial statements.





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In performing an audit in accordance with GAAS, we

•  Exercise professional judgment and maintain professional skepticism throughout the audit.

•  Identify and assess the risks of material misstatement of the financial statements, whether due t  o
  fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
  include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
  statements.

•  Obtain an understanding of internal control relevant to the audit in order to design audit procedures
  that are appropriate in the circumstances, but not for the purpose of expressing an opinion on t he
  effectiveness of the Authority’s internal control. Accordingly, no such opinion is expressed.

•  Evaluate the appropriateness of accounting policies used and the reasonableness of significant
  accounting estimates made by management, as well as evaluate the overall presentation of the
  financial statements.

•  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that
  raise substantial doubt about the Authority’s ability to continue as a going concern for a reasonable
  period of time.

We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings and certain internal control -related
matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the  management’s
discussion and analysis and the required supplementary information—pension plan, be presented to
supplement the basic financial statements. Such information is the responsibility of management and,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the basic
financial statements in an appropriate operational, economic or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Authority's basic financial statements. The indenture cash flow and debt service coverage is
presented for purposes of additional analysis and is  not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial statements. The information
has been subjected to the auditing procedures applied in the audit of the basic financial statements and
certain  additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used  to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with GAAS. In our
opinion, the indenture cash flow and debt service coverage  is fairly stated, in all material respects, in
relation to  the basic financial statements as a whole.




Austin, Texas
November 16, 2023

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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis
June 30, 2022

MANAGEMENT DISCUSSION AND ANALYSIS (MD&A)

The Central Texas Regional Mobility Authority (the  Authority) presents the following discussion and  analysis
of the Authority’s financial activities during the fiscal year that ended  June 30, 2023  . This section is intended
to be read in conjunction with the Authority’s financial statements, which immediately follow this section.

OVERVIEW OF THE FINANCIAL STATEMENTS

The financial section of this annual report consists of four parts: management’s discussion and analysis,
the basic financial statements, the notes to the financial statements and the required supplementary
information.

The financial statements provide both long-  term and short-term information about the Authority’s overall
financial status. The financial statements also include notes that explain some of the information in the
financial statements and provide more detailed data.

Basic financial statements:  The financial statements are designed to provide readers with an overview
of the Authority’s finances in a manner similar to private-sector business.

The Statement of Net Position present information on all of the Authority’s assets and deferred outflows, as
well as the Authority’s liabilities and deferred inflows with the difference reported as net position. Over time,
increases or decreases in net position may serve as a useful indicator of whether the financial position of
the Authority is improving or deteriorating. The Statements of Net Position can be found on pages 10-11 of
this report.

The Statement of Revenues, Expenses and Changes in Net Position present information showing how the
Authority’s net position changed during the fiscal year  ended June 30, 2023  . All changes in net position are
reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related
cash flows. Therefore, revenues and expenses are reported in this statement for some items that will only
result in cash flows in future fiscal periods. The increase or decrease in net position may serve as an
indicator of the effect of the Authority’s current year operations on its financial position. The Statements of
Revenues, Expenses and Changes in Net Position can be found on page 12  of this report.

The  Statement of Cash Flows summarize all of 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. The Statement of Cash Flows can be found on page 13  of this
report. The Statements  of Cash Flows, along with the related notes and information in other financi al
statements, can be useful in assessing the following:

•  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 flows and operating income

•  The impact of the Authority’s financial position of cash and noncash transactions from investing,
  capital and financing activities






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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis (Continued)
June 30, 2023

Fiduciary Funds are used to account for resources that a government holds as a trustee or agent on  behalf
of an outside party that cannot be used to support the governme  nt’s own programs. The  Statement of
Fiduciary Net Position and Statement of Changes in Fiduciary Net Position reports the assets, liability and
related activity of the Nationwide Retirement Solutions Governmental Profit Sharing Plan and Trust Defined
Contribution Plan and custodial funds  held in trust for construction projects  of other local governments. The
fiduciary funds are reported using the economic resources measurement focus and are prepared on the
accrual basis of accounting in conformity with U.S. Generally Accepted Accounting Principles. Contributions
and income are recorded when earned and benefits and expenses are recorded when a liability is incurred,
regardless of the timing of the related cash flow. The Authority is reporting fiduciary fund financial
statements in the following two fund categories:

  Other Employee Benefit Trust Funds  are used  to report fiduciary activities that are other employee benefit
  plans for which resources are held in trust that meet the criteria outlined by the Governmental Accounting
  Standards Board (GASB).

  Custodial funds  are used to report fiduciary activities for resources that are held in trust  that meet the
  criteria outlined by GASB and that are not required to be reported  in pension trust funds, investment trust
  fund or private purpose trust funds.

The Notes to Financial Statements provide additional information that is essential to a full understanding of
the data provided in the basic financial statements. The Notes to Financial Statements can be found starting
on page 16  of this report.

FINANCIAL HIGHLIGHTS—Busine  ss type activities

•  Total operating revenue in  creased to $225.7 million in 2023 from $175.0  million in 2022  or  a  29%
  increase.

•  Total operating expenses were  approximately  $106.3  million and $  105.4  million  in  2023  and  2022,
  respectively.

•  Total construction in progress was approximately  $351.8  million and $265.7 million as of June 30, 2023
  and 2022  , respectively.  Construction in progress increased from June 30, 2022  by approximately
  $86  million  due to the continued construction  of the 183 North Project which is nine  miles of
  two variably-priced express lanes in each direction in the existing median along US 183 in northwest
  Austin. Additionally, the 183A Phase III project is also under construction  which will add six miles of tw  o
  toll lanes in each direction.

•  Total restricted cash and cash equivalents decreased  from $745.2  million in 2022  to  $692.6  million in
  2023  . The overall decrease in restricted cash and cash equivalents  was largely due to spending on
  ongoing projects and debt service on long term debt.













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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis (Continued)
June 30, 2023

FINANCIAL ANALYSIS OF THE AUTHORITY

Net position:  As noted above, net position may serve over time as a useful indicator of the Authority’s
financial position. The net position reflects an un-expendable and expendable portion of net position. The
Authority’s assets and deferred outflows exceeded liabilities and deferred inflows by approximately
$685.4  million  and  $  620.9  million  as of June 30, 2023  and  2022, respectively (see Table A-1). As of
June 30,  2023  and  2022  , the largest portion of the Authority’s net position is reflected its investment in
capital assets (the Tolling System infrastructure and related assets) net of any outstanding debt used to
acquire those assets. The restricted  portion of net position, as of June  30,  2023  and 2022  , is proceeds
restricted for debt service or construction expenditures. Although the Authority’s investment in its capital
assets is reported net of related debt, it should be noted that the resources needed to repay this debt must
be provided from other sources, since the capital assets themselves cannot be used to liquidate these
liabilities.

  Table A-1
  Condensed Schedules of Net Position Information
  (In Thousands of Dollars)


  2023  2022

  Current assets  391,784  $  327,427  $
  Restricted assets  721,380  827,966
  Pension asset  1,046  2,549
  Capital assets  2,203,299  2,136,294
  Total assets  3,317,509  3,294,236
  Deferred outflows of resources  170,252  180,258
  Total assets and deferred outflows of resources  3,487,761  $  3,474,494  $

  Total liabilities  2,802,262  2,851,754
  Deferred inflows of resources  79  1,817
  Total liabilities and deferred inflows of resources  2,802,341  2,853,571

  Net position:
  Invested in capital assets  206,821  269,891
  Restricted for other purposes  179,426  78,396
  Unrestricted  299,173  272,636
  Total net position  685,420  $  620,923  $

For fiscal year 2023, the restricted asset decrease is mainly attributable to ongoing projects which include
the 183 North Project and 183A Phase III in addition to the servicing of long term debt. For fiscal year 2022,
the restricted asset decrease is mainly attributable to ongoing projects which include the 183 North Project
and 183A Phase III.












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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis (Continued)
June 30, 2023

For fiscal years 2023  and 2022, excluding accumulated depreciation, depreciable capital assets  remained
about the same at  $2.18  billion,  as a result of the ongoing construction and current period additions of
approximately $2.  1 million in fiscal year 2023.

Changes in net position: The operating revenues increased  in  2023  compared to 2022.  For  2023,  the
tolling activity increased significantly which increased tolling revenue by $50.6  million or 29%.  For both
2023  and 2022  , the tolling activity includes the 183A Turnpike Project (Phases I and II), the  290E Project
(Phases I,  II  and  III),  the SH 71 Express Project,  SH 45 Southwest Project  and 183 South Project.  The
average daily Tolling System transactions increased to approximately 529.9  thousand per  day in 2023 from
approximately  481.3  thousand per day in 2022  or from an annual transaction  total of approximately
175.6  million to 193.4  million from 202  2  to  2023.  The  total  revenue  increase  in 2023  is attributable to  the
traffic rebounding above  pre-pandemic level in 2023  compared to 2022.

Activity in the MoPac Improvement Project  is  not  reflected in the total Tolling System transactions above
and  is  not included in the Authority’s Tolling System established by the bond indenture securing the
Authority’s toll revenue obligations.  For fiscal year 202  3  and  2022  , activity of the MoPac Improvement
Project consisted of approximately 10.2  million and 10.6  million transactions, respectively,  and
approximately $14.8  million and $9.7  million in revenue, respectively.

The chart below includes transactions for the completed projects of the Authority’s Tolling System  for the
period ending June 30, 2023  (which as of June 30, 2023,  includes the 183A Turnpike Project (Phases I
and  II), the 290E Project (Phases I, II and III), the SH 71 Express Project, the SH 45 Southwest Project and
183  South Project.

  Total Monthly Tolling System Transactions































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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis (Continued)
June 30, 2023

As noted at Table A  -2, operating expenses increased by $1.0  million from 202  2  to  2023.  The increases
from 2022  to 2023  are related to the increase in the number of tolling transactions which result in additional
expenses for license plate imaging  and tag collection fees.

The nonoperating expenses (net) decreased from $86.1 million in fiscal year 202  2 to $55.1 million in fiscal
year  2023.  The  decrease is related to additional interest income in 2023  compared to 2022  offset by
increase in interest expenses.

The change in net position before capital grants and contributions is a gain  of $64.1 million in 2023 and a
loss of $16.4 million in fiscal year 202  2. See Table A-2.

  Table A-2
  Condensed Schedules of Revenue, Expenses and Changes in Net Position Information
  (In Thousands of Dollars)

  2023  2022
  Revenues:
  Toll revenue  225,664  $  174,812  $
  Other operating  20  227
  Total revenues  225,684  175,039
  Expenses:
  Administrative expenses  9,277  8,338
  Operations and maintenance  32,517  30,681
  Other operating expenses  7,504  7,514
  Depreciation and amortization  57,091  58,885
  Total expenses  106,389  105,418
  Operating income  119,295  69,621
  Total net nonoperating revenue (expenses)  (55,143)  (86,101)
  Change in net position—before capital grants
  and contributions  64,152  (16,480)
  Capital grants and contributions, net  345  923
  Change in net position  64,497  (15,557)
  Total net position at beginning of year  620,923  636,480
  Total net position at end of year  685,420  $  620,923  $

FINANCIAL ANALYSIS OF THE AUTHORITY—FIDUCIARY ACTIVITIES

•  Total assets in the pension trust fund decreased  in 2023  compared to 2022  . Total assets we  re
  approximately $792 thousand in 2023 and 1.5 million in 2022.  The decrease is related to the investment
  decrease from market decline.

•  Total  assets in the custodial fund de  creased from $5.8  million in 2022  to $4.3  million in 2023. The
  decrease is the result of the ongoing county construction projects.









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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis (Continued)
June 30, 2023


CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital assets: As of  June 30, 2023  and 2022  , the Authority had invested approximately  $3  51.7  million
and  $265.7  million, respectively, in construction in progress. Of the total $351.7  million  in  FY 2023  , the
183  North Project and the 183A  Phase III Project were primary contributors to the additions.  Of the
$265.7  million  in FY 2022,  the 183A Phase III and 183 North Project projects  continued to incur Project
costs. See Table A-3 and Note 3.

  Table A-3
  Capital Assets Information
  (Net of Depreciation, in Thousands of Dollars)

  2023  2022

  Property and equipment  9,429 $  7,740 $
  Toll road  2,206,619  2,170,658
  Accumulated depreciation  (364,536)  (307,813)
  Construction in progress  351,786  265,709
  Net capital assets  2,203,298 $  2,136,294 $

Long-term debt: As of  June 30, 2023  , and 2022  , the Authority had total debt outstanding of approximately
$2.72  billion, and $2.75 billion, respectively. See Table A-4.

  Table A-4
  Long Term Debt Information
  (In Thousands of Dollars)

  2023  2022
  Long-term debt:
  Total bonds and other obligations  2,716,101 $  2,750,132 $
  Long term debt outstanding  2,716,101 $  2,750,132 $

  Debt service payments:
  Principal payments  27,820 $  27,211 $
  Interest payments  83,143  77,720

Excluding the TxDOT Reimbursement Amount obligation related to the SH  71 E  xpress Project  , the total
debt obligations include the current portion of the obligations, which totaled $  32.4 million and $26.2 million,
for 2023  , and 2022  , respectively.

Additional informatio  n on t  he Authority’s long-t  erm debt c  an be fou  nd i  n Not  e 4 of this report.

On May 11, 2023,  S&P Global Ratings  has upgraded the Authority  ’s senior lien revenue bonds and the
subordinate lien TIFIA bonds to A from A- and the Authority's remaining  subordinate lien revenue bonds
to A- f  rom BBB+.






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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis (Continued)
June 30, 2023

Economic Factors and Next Year’s Budget
The FY 2024 Operating Budget reflects a return-  to-normal budget as compared to the prior year
conservative budget. Revenue recovery from the impact of the pandemic occurred more quickly than
anticipated and economic growth has continued to expand, resulting in transaction and revenue growth.
Interest earnings recorded were much higher than what was forecasted when the FY23 budget was crafted
and interest rates continue to hold steady, in part due to the actions of the Federal Reserve. The FY 2024
revenue estimate of $257.2 million, which consists primarily of toll revenues and interest earnings, is an
approximate 39% increase from the FY 2023 budget. The revenues were projected using the most recent
System  Traffic and Revenue estimates and historic data, including a conservative approach on interest
earnings which can vary quickly. Expense estimates for FY 2024 are $168.7 million, representing an
increase of 19.7% as compared to the FY 2023 budget. The FY 2024 reflects an approach to meet the
service level needs resulting from an active local economy and addressing escalating debt service schedule
while maintaining more than sufficient debt service coverage than is prescribed in the CTRMA indenture
covenants. Inflation increases contained in certain contractual arrangements, as well as in materials and
labor, have had an impact on maintenance, operating, and capital costs for the organization.

CONTACTING THE AUTHORITY’S FINANCIAL MANAGEMENT

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.



































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  Central Texas Regional Mobility Authority

  Statement of Net Position
  June 30, 2023

  2023
  Current assets:
  Cash and cash equivalents (Note 2)  174,834,983  $
  Investments (Note 2)  84,860,730
  Due from other governments and accounts receivable (net of allowance) (Note 8)  21,584,006
  Accrued interest receivable  693,342
  Prepaid expenses and other assets  147,093
  Total unrestricted  282,120,154

  Restricted:
  Cash and cash equivalents (Note 2)  109,664,549
  Total restricted  109,664,549

  Total current assets  391,784,703

  Noncurrent assets:

  Restricted assets:
  Cash and cash equivalents (Note 2)  582,940,848
  Investments (Note 2)  138,438,658
  Total restricted assets  721,379,506

  Net pension asset (Note 7)  1,046,634
  Total capital assets, net (Note 3)  2,203,298,809
  Total assets  3,317,509,652

  Total deferred outflows of resources (Notes 5 and 7)  170,252,050

  Total assets and deferred outflow s of resources  3,487,761,702  $


  See notes to financial statements.




















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  Central Texas Regional Mobility Authority

  Statement of Net Position (Continued)
  June 30, 2023

  2023

  Current liabilities:
  Payable from current assets:
  Accounts payable  2,968,176  $
  Due to other governments  4,238,615
  Lease liability  336,977
  Accrued expenses  389,840
  Total payable from current assets  7,933,608

  Payable from restricted current assets:
  Construction accounts payable  36,499,356
  Accrued interest payable  40,778,717
  Bonds, notes payable and other obligations, current portion
  (Note 4)  32,386,476
  Total payable from restricted current assets  109,664,549

  Total current liabilities  117,598,157

  Noncurrent liabilities:
  Lease liability  949,903
  Bonds, notes payable and other obligations, net of current portion
  (Note 4)  2,683,714,350
  Total noncurrent liabilities  2,684,664,253

  Total liabilities  2,802,262,410

  Total deferred inflows of resources (Notes 5 and 7)  79,232
  Total liabilities and deferred inflow s of resources  2,802,341,642

  Net position:
  Net investment in capital assets  206,821,387
  Restricted for net pension asset  2,405,721
  Restricted for debt service  177,019,531
  Unrestricted  299,173,421

  Total net position  685,420,060  $


  See notes to financial statements.










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  Central Texas Regional Mobility Authority

  Statement of Revenues, Expenses and Changes in Net Position
  Year Ended June 30, 2023

  2023
  Operating revenues:
  Tolls  225,664,426  $
  Other operating  20,356
  Total operating revenues  225,684,782

  Operating expenses:
  Administrative expenses  9,277,281
  Operations and maintenance  32,517,452
  Other operating expenses  7,504,510
  Depreciation and amortization  57,090,620
  Total operating expenses  106,389,863

  Operating income  119,294,919

  Nonoperating revenues (expenses):
  Interest income  36,275,753
  Undeveloped project loss  (2,148,142)
  Financing expense  (32,000)
  Interest expense  (89,238,160)
  Total nonoperating revenues (expenses), net  (55,142,549)
  Change in net position before capital grants and
  contributions  64,152,370

  TxDOT capital grants and contributions  344,737
  Change in net position  64,497,107

  Total net position at beginning of year,  620,922,953

  Total net position at end of year  685,420,060  $



  See notes to financial statements.
















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  Central Texas Regional Mobility Authority

  Statement of Cash Flow s
  Years Ended June 30, 2023

  2023
  Cash flows from operating activities:
  Receipts from toll fees  222,519,790  $
  Receipts from other income  20,356
  Payments to vendors  (44,035,987)
  Payments to employees  (5,740,777)
  Net cash flows provided by operating activities  172,763,382

  Cash flows from capital and related financing activities:
  Contributions on refunded obligations  -
  Payments on interest  (87,911,113)
  Payments on obligations  (30,186,640)
  Payments for capital assets  (8,171,615)
  Payments for construction in progress  (128,264,538)
  Proceeds from capital grants  344,737
  Net cash flows used in capital and related financing activities  (254,189,169)

  Cash flows from investing activities:
  Interest income  36,277,772
  Purchase of investments  (305,761,522)
  Proceeds from sale or maturity of investments  383,044,448
  Net cash flows provided by investing activities  113,560,698

  Net increase in cash and cash equivalents  32,134,911

  Cash and cash equivalents at beginning of year  835,305,469

  Cash and cash equivalents at end of year  867,440,380  $

  Reconciliation of change in net position to net cash provided by operating activities:
  Operating income  119,294,919  $
  Adjustments to reconcile change in net position to net cash provided by operating activities:
  Depreciation and amortization  57,090,620
  Changes in assets and liabilities:
  Decrease in due from other governments  (3,144,636)
  Decrease in prepaid expenses and other assets  (19,030)
  Decrease in accounts payable  (498,286)
  Increase in accrued expenses  744,266
  Increase in pension asset  1,503,184
  Increase in deferred outflow of resources  (2,007,357)
  Decrease in deferred inflow of resources  (200,298)
  Total adjustments  53,468,463

  Net cash flows provided by operating activities  172,763,382  $

  Reconciliation of cash and cash equivalents:
  Unrestricted cash and cash equivalents  174,834,983  $
  Restricted cash and cash equivalents:
  Current  109,664,549
  Noncurrent  582,940,848

  Total  867,440,380  $



  See notes to financial statements.





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  Central Texas Regional Mobility Authority

  Statement of Fiduciary Net Position—Fiduciary Funds
  June 30, 2023

  2023
  Pension Trust  Custodial
  Fund  Fund
  Assets:
  Restricted:
  Cash and cash equivalents (Note 2)  -$  4,304,883  $
  Investments (Note 2):
  Collective Investment Fund  792,373  -
  Total assets  792,373  4,304,883

  Payable:
  Account payable  -  113,000
  113,000  -
  Net position:
  Restricted:
  Other governments  -  4,191,883
  Pension  792,373  -
  Total net position  792,373  $  4,191,883  $



  See notes to financial statements.


































  14

=== PDF PAGE 18 ===
  Central Texas Regional Mobility Authority

  Statement of Changes in Fiduciary Net Position—Fiduciary Funds
  Year Ended June 30, 2023

  2023
  Pension Trust  Custodial
  Additions:  Fund  Fund
  Contributions:
  Employer  122,954  $  -$
  Total contributions  122,954  -
  Investment earnings:
  Net (decrease) in fair value of investments  (359,676)  -
  Interest and dividends  -  175,507
  Other additions
  Deposits from other governments  -  102,000
  Total additions  (236,722)  277,507


  Deductions:
  Benefits paid to participants and beneficiaries  497,703  -
  Construction withdrawals other governments  -  1,354,698
  Total deductions  497,703  1,354,698

  Net decrease in fiduciary net position  (734,425)  (1,077,191)

  Net position, beginning  1,526,798  5,269,074
  Net position, ending  792,373  $  4,191,883  $



  See notes to financial statements.

























  15

=== PDF PAGE 19 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 1.  Organization and Summary of Significant Accounting Policies
The financial statements of the Central Texas Regional Mobility Authority (the Authority  ) have been
prepared in conformity with accounting principles generally accepted in the United States of America
(GAAP) as applied to government units. The Governmental  Accounting Standards Board (GASB) is the
accepted standard-  setting body for establishing governmental accounting and financial reporting principles.
The more significant of the Authority’s accounting policies are described below:

A.  Reporting  entity:  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 its revenues from tolls, fees and reimbursement grants from the operation of turnpike
projects and reimbursement grants for the construction of toll projects. The Authority may issue revenue
bonds for the purpose of paying the costs of turnpike projects.

The Authority was formed through the joint efforts of Travis and Williamson Counties (the Counties). Their
efforts 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 Authority was held  in January 2003.
Each County appoints  three directors and the Governor appoints  the presiding officer. The members are
appointed in belief that the composition of the Board and the common interest in the region shared by all
Board members will result in adequate representation of all political subdivisions within the geographic area
of the RMA and the members will serve without pay for terms of two years. The Authority has full control
over all operations, but must comply with certain bond indentures and trust agreements. The Authority
employs an Executive Director who manages the day-  to-day operations.

In evaluating how to define the Authority for financial reporting purposes, management has determined
there are no entities over which the Authority exercises significant influence. Significant influence or
accountability is based primarily on operational or financial relationships with the Authority. Since the
Authority does not exercise significant influence or accountability over other entities, it has no component
units.

In accordance with the provisions of GASB Statement No. 84, Fiduciary Activities, the Authority determined
that reporting a statement of fiduciary net position and a statement of changes in fiduciary net position in
the fiduciary fund financial statements of the basic financial statements would be appropriate for the
following funds that meet the outlined criteria:

  Other Employee Benefit  Trust Funds  are used to report fiduciary activities, on a calendar year basis or
  December 31, for which resources are held in trusts that meet the criteria outlined by GASB.  The Other
  Employee Benefit Trust Fund is administered by Nationwide Retirement Solutions 401(a) Governmental
  Profit-Sharing  Plan and Trust as a Defined Contribution Plan. The  Authority offers discretionary
  contributions to its employees  and all contributions made are vested immediately. For the Plan year
  ending December 31, 2022, the Authority made $122,000 in discretionary employer contributions.

  Custodial funds  are used to report fiduciary activities for resources that are held in trust that meet the
  criteria outlined by GASB and that are not required to be reported in pension trust funds, investment trust
  funds or private purpose trust funds.






  16

=== PDF PAGE 20 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 1.  Organization and Summary of Significant Accounting Policies (Continued)
B.  Basis of accounting:  The operations of the Authority  are accounted for within a single proprietary
(enterprise) fund through which all non-fiduciary financial activities are recorded. The measurement focus
for an enterprise fund is the flow of economic resources. An enterprise fund follows the accrual basis of
accounting. With this measurement focus, all assets, liabilities and deferred inflows and outflows of
resources associated with the operations are included on the Statements of Net Position. Net position
(i.e., total assets and deferred outflows net of total liabilities and deferred inflows) is segregated into
amounts of net investment in capital assets, amounts restricted for capital activity and debt service pursuant
to the bond indenture and  amounts which are unrestricted. Under the accrual basis of accounting, revenues
are recognized in the period in which they are earned, expenses are recognized in the period in which the
liability is incurred regardless of the timing of related cash flows, and depreciation of capital assets is
recognized. Revenue from grants and contracts specifying allowable costs to be incurred are recognized
as revenue when all eligibility requirements imposed by the provider are met and qualifying expenditures
have been incurred.

The fiduciary fund financial statements of the Pension Plan and the Custodial Fund  are reported using  the
economic resources measurement focus and are prepared on the accrual basis of accounting in conformity
with U.S. GAAP. Contributions and income are recorded when earned and benefits and  expenses are
recorded when a liability is incurred, regardless of the timing of the related cash flow.

C.  Pledged revenue:  In accordance with the bond indenture, as amended, between the Authority and
the trustee named therein, the Authority has designated the following projects as part of the “CTRMA
Turnpike System” (the Tolling System)  as of June 30, 2023: the 183A Turnpike Project, the 290E  Project,
the 183 South Project, the SH 71 Express Project  and the SH 45 Southwest Project. The trust estate
established by the bond indenture is pledged to secure certain outstanding obligations of the Authority, and
such trust estate includes the revenues from the Tolling System. The Tolling System may also include any
future  projects  and other  roads, bridges or other toll facilities for which  the Authority has operational
responsibility that the Authority designates as part of the Tolling System by official action of its Board of
Directors.

D.  Cash, cash equivalents and investments:  Cash and cash equivalents include cash on hand,
demand deposits, investments in the money market mutual fund  and short-term investments with original
maturities of 12  months or less from the date of acquisition. Bank deposits are fully collateralized or covered
by federal depository insurance. Investments  in debt securities are reported at fair value based on pricing
service modeling for fixed income securities. Fair value is the price that would be received to sell an asset
in an orderly transaction between market participants. Investment in local government investment pools is
reported at amortized cost. The net change in fair value of investments is recorded on the Statements of
Revenues, Expenses and Changes in Net Position and includes the unrealized and realized gains and
losses on investments. The Authority’s investment practices for the enterprise fund and the custodial fund
are governed by State statutes, the Authority’s own investment policy and bond indentures and the Texas
Public Funds Investment Act.  The Pension Trust Fund investments are restricted by investment options
provided in the Collective Investment Fund.











  17

=== PDF PAGE 21 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 1.  Organization and Summary of Significant Accounting Policies (Continued)
E.  Compensated  absences:  Full-time regular employees are eligible for vacation, which accrues
monthly  . The maximum paid accrual is from 180 hours for one to two years of service and up to 336 hours
for 10  plus years of service. Vested vacation leave is recorded as an expense and a liability as the benefits
accrue to employees. Except for executive level benefits which allows for vesting, t  here are no accumulating
sick leave benefits that vest for which any liability must be recognized. Accrued vacation leave is  $240,954
and is part of the total accrued expenses of $389,840  on the Statements of Net Position as of June 30,
2023.

F.  Capital assets:  Capital assets, which include property and equipment, right of way and toll roads, are
reported at cost. Capital assets acquired through contributions, such as those from developers or other
governments, are recorded at estimated acquisition value at the date of donation. Capital assets are defined
as assets with initial, individual costs exceeding $5,  000  to $20,000, depending on the asset category.
Depreciation is computed on the straight-line method over the following estimated useful lives:

  Estimated
  Useful Lives

 Roads and bridges  40 years
 Improvements  5-20 years
 Buildings  20-30 years
 Equipment  3-10 years

A full month’s depreciation is taken in the month an asset is placed in service. When property and equipment
are disposed, the cost and accumulated depreciation are removed from the respective accounts, and  the
resulting gain or loss, if any, is recorded in operations.

The Authority evaluates  for impairment of capital assets when significant unexpected decline in service
utility occurs. There were no asset impairments in fiscal year 2023.

G.  Grants and contributions:  Revenues from grants and contributions are cash and noncash which
include the following: (1) Capital 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) Operating grants
and contributions which are restricted in the way they may be spent for operations of a particular program.

The Authority has entered into several construction contracts with TxDOT for the construction of roadways
using Highway Planning and Construction federal funding and certain state funding for transportation
improvements. During the years ended June  30,  2023  , the Authority recognized capital grants and
contributions of $344,736  from TxDOT. 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.












  18

=== PDF PAGE 22 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 1.  Organization and Summary of Significant Accounting Policies (Continued)
H.  Restricted assets:  Certain assets of the Authority are classified as restricted assets in the Statement
of Net Position because their use is limited by applicable bond covenants or TxDOT construction contracts.
When the proceeds are restricted for the acquisition  or construction of noncurrent assets or are restricted
for liquidation of long-  term debt, they are further classified as noncurrent restricted assets. The Authority’s
policy is to first apply restricted resources when an expense is incurred for purposes for which both
restricted and unrestricted net position are available. In the financial statements, restricted net position is
reported for amounts that are externally restricted by creditors (e.  g., bond covenants), grantors, contributors
or laws and regulations of other governments or law through constitutional provision or enabling legislation.

I.  Income  taxes:  The Authority is an instrumentality of the state of Texas. As such, income earned in
the exercise of its essential government functions is exempt from federal income taxes.

J.  Pensions:  The net pension liability, deferred outflows  and deferred inflows of resources related to
pensions,  pension expense, information about the fiduciary net position of the Authority’s participation in
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.

K.  Deferred outflows and inflows of resources:  The Authority has classified as deferred inflows of
resources items that represent acquisition of net position that applies to future periods and will not be
recognized as a revenue until then. The  Authority has classified as deferred outflows of resources certain
items that represent a consumption of resources that applies to a future period and, therefore, will not be
recognized as an expense until then. Bond issuance cost, other than prepaid insurance, is expensed as
incurred, in accordance with GASB Statement No. 65, Items Previously Reported as Assets and Liabilities.
Deferred gains/losses on refunding (the difference between the reacquisition price and the carrying value
of the existing debt) are recorded as deferred outflows of resources and amortized over the shorter of the
life of the original bonds or the life of the refunding bonds.

L.  Leases: The Authority follows GASB Statement No. 87, Leases, which defines the Authority’s leasing
arrangement as the right to use an underlying asset as a lessor or lessee.

As lessee, the Authority  recognizes a lease liability and an intangible right-of-use lease asset at the
beginning of a lease unless the lease is considered a short-term lease or transfers ownership of the
underlying asset. The right-of-use lease assets are measured based on the net present value of the future
lease payments at inception using the incremental borrowing rate. Remeasurement of a lease liability
occurs when there is a change in the lease term and/or other changes that are likely to have a significant
impact on the lease liability. The Authority calculates the amortization of the discount on the lease liability
and report that amount as outflows of resources. Payments are allocated first to accrued interest liability
and then to the lease liability. As a lessee, the Authority does not consider variable lease payments in the
lease liability calculations but are recognized as outflows of resources in the period in which the obligation
was incurred.

For lease contracts that are short-term, the Authority  recognizes short-term lease payments as outflows of
resources (expenses) based on the payment provisions of the lease contract.





  19

=== PDF PAGE 23 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 1.  Organization and Summary of Significant Accounting Policies (Continued)
M.  Long-term obligations:  Long-  term obligations are reported as liabilities in the statement of net
position and consist of notes and bonds payable and related 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.

N.  Classification of operating and nonoperating revenue and expenses:  The Authority defines
operating revenues and expenses as those revenues and expenses generated by the Authority’s Tolling
System  and non-  System  Project  (the  MoPac  Improvement  Project). It also includes all revenues and
expenses not related to capital and related financing, noncapital financing or investing activities. This
definition is consistent with the Codification of Governmental Accounting and Financial Reporti ng
Standards, which defines operating receipts as cash receipts from customers and other cash receipts that
do not result from transactions defined as capital and related financing, noncapital financing or investing
activities. All revenues and expense not meeting this definition are reported as nonoperating revenue and
expenses.

O.  Estimates:  The preparation of the financial statements in conformity with accounting principles
generally accepted in the United States 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.

P.  Noncash disclosures for statements of cash flows:  The Authority’s outstanding 2021A TIFIA
Bonds and the capital appreciation bonds Series 2010 and 2011 included accreted interest of $7.7  million
and $7.9 million, respectively for the period ended June 30, 2023. The Authority added a right to use asset
for a long term lease in the amount of $1.2 million as of June 30, 2023.

Q.  Issued but not yet effective pronouncements: In June 2022, the GASB issued Statement No. 101,
Compensated Absences. This Statement clarifies the  recognition and measurement guidance for
compensated absences. This Statement requires that liabilities for compensated absences be recognized
for (1) leave  that has not been used and (2) leave that  has been used but not yet paid in cash or settled
through noncash means. The requirements of this  statement are effective for financial statements for
reporting periods beginning after December 15, 2023. The Authority is evaluating the impact that adoption
of this Statement will have on its financial position, results of operations and cash flows.

R.  Implemented pronouncement:  Effective July 1, 2022, the Authority implemented GASB Statement
No. 96 Subscription Based Information Technology Arrangements. The implementation of the standard
resulted in no impact for the period ending June 30, 2023.

















  20

=== PDF PAGE 24 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 2.  Cash and Investments
The Authority’s Board has adopted an Investment Policy to set forth the factors involved in the management
of investment assets for the Authority. The Authority seeks to mitigate risk by investing in compliance with
the investment policy, s  tate statutes and bond indenture provisions by qualifying the  broker or financial
institution with whom the Authority will transact business, maintaining sufficient collateralization, portfolio
diversification and limiting maturities.

TexSTAR Investment Pool and Goldman  Sachs Fund balances are carried at amortized cost, which does
not require categorization under GASB Statement No. 72, Fair Value Measurements and Application.

The Authority’s enterprise fund  had the following investments as of June 30:

  Summary of Investments by Type  2023

  Cash and cash equivalents:
  Cash  299,596  $
  Goldman Sachs Financial Square Government Fund  860,313,355
  TexSTAR Investment Pool  6,827,429
  U.S. government sponsored enterprises and treasury notes  223,299,388
  Total cash and investments  1,090,739,768  $

  Unrestricted cash and cash equivalents  174,834,983  $
  Unrestricted investments  84,860,730

  Restricted cash and cash equivalents:
  Current  109,664,549
  Noncurrent  582,940,848
  Restricted noncurrent investments  138,438,658
  Total cash and cash equivalent and investment, as
  reported on the Statement of Net Position  1,090,739,768  $

The Authority utilizes various methods to measure the fair value of investments on a recurring basis. GASB
Statement No. 72, Fair Value Measurement and Application, establishes a hierarchy that prioritizes inputs
to valuation methods. The three levels of inputs are:

Level 1:  Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that the
Authority has the ability to access.

Level 2:  Inputs are observable other than quoted prices included in Level 1 that are observable  for the
asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical
instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit
risk, yield curves, default rates and similar data.

Level 3:  Inputs are unobservable for the asset or liability, to the extent relevant observable inputs are not
available, representing the Authority’s own assumptions about the assumptions a market participant would
use in valuing the  asset or liability, and would be based on the best information available.

Hierarchy:  The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to
Level 3 inputs.


  21

=== PDF PAGE 25 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 2.  Cash and Investments (Continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of
factors, including, for example, the type of security, whether the security is new and not yet established in
the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent
that valuation is based on models or inputs that are less observable or unobservable in the market, the
determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in
determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases,
for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls
in its entirety, is determined based on the lowest level input that is significant to the fair value measurement
in its entirety. Investments measured at net asset value do not have significant terms or conditions for
redemption or commitment for additional funding. The inputs or methodology used for valuing securities
are not necessarily an indication of the risk associated with investing in those securities.

The following tables summarize the inputs used as of June 30, 2023,  for the Authority’s investments
measured at fair value:

  Fair Value Hierarchy at June 30, 2023
  Investment Type  Level 1  Level 2  Level 3  Balance

  Farmer MAC  -$  39,846,400  $  -$  39,846,400  $
  Federal HOME Loan Bank  -  19,913,600  -  19,913,600
  Total U.S. government sponsored enterprise
  securities and treasury notes  -$  59,760,000  $  -$  59,760,000

  US Treasury Note and Farmer MAC at cost  163,539,388
  Investments at net asset value (NAV) based on amortized cost:
  Goldman Sachs Financial Square Government Fund  860,313,355
  TexSTAR Investment Pool  6,827,429
  Total  1,090,440,172  $

Custodial credit risk—deposits:  Custodial credit risk for deposits is the risk that, in the event of the failure
of a depository financial institution, the Authority will not be able to recover its deposits or will not be able
to recover its collateral securities that are in the possession of an outside party. The Authority has a formal
policy specific to custodial credit risk, which requires bank deposit accounts to be collateralized with pledged
securities equal to 105% of the carrying value.



















  22

=== PDF PAGE 26 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 2.  Cash and Investments (Continued)
The Authority was fully collateralized with pledged securities held in the name of the pledging financial
institution for amounts in excess of the Federal Deposit Insurance Corporation limit as of June 30,  2023  .
Cash deposits as of June 30, 2023,  was $299,596.

Custodial credit risk—i  nvestments:  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.

Concentration of credit 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), 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 does have a policy related to portfolio
diversification.

With regards to investment composition, the Authority’s investment policy currently states that local
government investment pools may not exceed 80% of the total investment portfolio less bond funds. Bond
funds may be invested at 100%  of total investment portfolio. No other parameters for investment
composition are stated in the approved investment policy.

The Authority’s portfolio consisted of the following as of June 30  and includes investments in Federal
Agricultural Mortgage Corp. (Farmer MAC) which represents 8% of the total portfolio:

  2023

 TexSTAR Investment Pool  6,827,429  $  0.6%
 Goldman Sachs Financial Square
  Government Fund  860,313,355  78.9%
 U.S government sponsored enterprises and treasury notes  223,299,388  20.5%
  Total  1,090,440,172  $

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.








  23

=== PDF PAGE 27 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 2.  Cash and Investments (Continued)
The Authority’s investment policy notes that with regard to maximum maturities, the Authority will attempt
to match its investments with anticipated cash flow requirements. Unless matched to a specific cash flow,
the Authority will not directly invest operating 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.

As of June 30, 2023  , the Authority’s investments in debt securities mature as follows:

  Investment Maturities (in Days)—2023
  90 Days  91 to  191 to  Greater Than
  Investment Type  or Less  180 Days  365 Days  365 Days  Carrying Value


 U.S. Treasury Notes  -$  73,575,451  $  44,963,937  $  -$  118,539,388  $
 Farmer MAC  -  -  45,000,000  39,846,400  84,846,400
 Federal HOME Loan Bank  -  -  -  19,913,600  19,913,600
  Total U.S. government
  sponsored enterprise
  securities and treasury
  notes  -$  73,575,451  $  89,963,937  $  59,760,000  $  223,299,388  $


Local Government Investment Pool: The Texas Short-Term Asset Reserve Fund (TexSTAR)  is a public
funds investment pool created pursuant to the Interlocal Cooperation Act, Chapter 791, of the Texas
Government Code, and the Public Funds Investment Act, Texas Government Code, Chapter 2256.
TexSTAR is managed by a five-member board of trustees who has contracted with JPMorgan Investment
Management, Inc. and First Southwest Asset Management, Inc. to administer the operations of the fund.
TexSTAR is rated AAA by Standard & Poor’s and maintains a weighted average maturity of 60 days or
less, with a maximum maturity of 13 months for any individual security. The amounts can be withdrawn with
limited notice.

The Authority has investments of $6.83 million in TexSTAR as of June 30, 2023.

Money market  mutual  fund:  The  Goldman Sachs Financial Square Government  Fund is a government
money market fund.  The  fund values its securities using net asset value  and is rated Aaa-mf  by Moody’s
and AAAm by Standard & Poor’  s Rating Group.  The fund has a balance of $860.3  million  as of June 30,
2023.  The redemption frequency is one day and there are no unfunded commitments.
















  24

=== PDF PAGE 28 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 2.  Cash and Investments (Continued)
Credit risk:  Credit risk is the risk than 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, as follows:

•  Limiting investments to the safest types of securities, as listed above under the concentration of credit
  risk section

•  Pre-qualifying 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 as of June 30, 202  3, based on Standard  &
Poor’s ratings:

  Standard & Poor’s
  Investment
  U.S. Government Sponsored Enterprise  Grade Rating  2023

 Federal HOME Loan Bank  AA+  19,913,600  $
 US Treasury Note  Aaa  118,539,388
 Farmer MAC  Not Rated  84,846,400
  Total  223,299,388  $

Fiduciary Fund Investments
As of June 30, 2023, the  investments in the Pension Trust Fund totaled  $792,373. The inves  tments  are
held in  Nationwide Collective Investment Fund and are  reported at fair value.  The investments are level 2
investments in that the Collective Investment Fund uses observable market data for the underlying
investments that support the Collective Investment Fund to determine the fair value  net of applicable
contract fees.

As of June 30, 2023, the C  ustodial Fund investment in Goldman Sachs totaled $4,304,833.  The Goldman
Sachs Financial Square Government  Fund is a government money market fund. The fund values its
securities using net asset value. The fund is rated Aaa-mf  by Moody’s and AAAm  by Standard & Poor’s
Rating Group as of June  30, 2023. The redemption frequency is one day and there are no unfunded
commitments.

The following address interest rate risk exposure by investment type, concentration of credit risk, credit risk
and foreign  currency risk. 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.

The  Custodial Fund assets are invested in accordance with the investment policy  of the Authority.
Accordingly, the interest rate risk exposure by investment type, concentration of credit risk, credit risk and
foreign  currency risk are addressed with the Authority’s disclosure for amount held in Goldman Sachs.







  25

=== PDF PAGE 29 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 2.  Cash and Investments (Continued)
Interest rate risk: Interest rate risk is the risk that the changes in interest rates will adversely affect the fair
value of an investment. The Plan does not have an interest rate risk policy. However, the investments held
in the Plan are not exposed to interest rate risk  as of June 30, 202  3.

Credit risk:  Credit risk is the risk than an issuer or other counterparty to an investment will not fulfill its
obligations to the Plan.  The Plan does not have a credit risk policy.  However, the investments held in the
Plan are not exposed to credit risk as of June 30, 2023.

Concentration of credit risk:  Concentration of credit risk is the risk of loss attributed to the magnitude of
the Plan’s investment in a single issuer.  The Plan does not have a concentration of credit risk policy.
However, the Plan does not have concentration of credit risk  as of June 30, 2023.

Foreign currency risk:  The Plan does not have a foreign currency risk policy. There were no nondollar
foreign investments held directly as of June 30, 2023.

Note 3.  Capital Assets
The following schedule summarizes the capital assets of the Authority as of June 30, 2023:

  Disposals/
  2022  Additions  Adjustments  Transfers  2023
  Nondepreciable assets:
  Construction in progress  265,708,973  $  124,652,186  $  -$  (38,575,132)  $  351,786,027  $
  Right of way  88,149,606  -  -  -  88,149,606
  Total nondepreciable assets  353,858,579  124,652,186  -  (38,575,132)  439,935,633


  Depreciable assets:
  Property and equipment  7,739,990  -  -  1,689,140  9,429,130
  Toll road:
  Building and toll facilities  7,062,332  10,893  -  -  7,073,225
  Highways and bridges  1,996,970,603  -  -  36,656,360  2,033,626,963
  Toll equipment  45,500,040  -  (1,803,036)  229,632  43,926,636
  Signs  18,731,544  -  (419,387)  -  18,312,157
  Land improvements  14,243,759  -  -  -  14,243,759
  Right to use—leased equipment  -  1,286,881  -  -  1,286,881
  Total depreciable assets  2,090,248,268  1,297,774  (2,222,423)  38,575,132  2,127,898,751
  Accumulated depreciation:
  Property and equipment  (5,711,686)  (1,983,788)  11,739  -  (7,683,735)
  Building and toll facilities  (2,645,314)  (187,057)  (10,893)  -  (2,843,264)
  Highways and bridges  (260,521,670)  (48,475,755)  353,041  -  (308,644,384)
  Toll equipment  (25,284,313)  (3,917,914)  -  -  (29,202,227)
  Signs  (5,605,571)  (1,641,173)  303,164  -  (6,943,580)
  Land improvements  (8,044,490)  (884,934)  -  -  (8,929,424)
  Leased equipment  -  (288,961)  -  -  (288,961)
  Total accumulated depreciation  (307,813,044)  (57,379,582)  657,051  -  (364,535,575)
  Net property and equipment  2,136,293,803  $  68,570,378  $  (1,565,372)  $  -$  2,203,298,809  $

Construction in progress as of June 30, 2023, consists of the following:

  2022  Additions  Disposals  Transfers  2023
  Construction in progress:
  Preliminary and construction costs  247,556,306  $  112,639,582  $  -$  (27,973,730)  $  332,222,158  $
  Collection system  12,796,163  12,012,604  -  (10,362,059)  14,446,708
  Capitalized interest  5,356,504  -  -  (239,343)  5,117,161
  Net construction in progress  265,708,973  $  124,652,186  $  -$  (38,575,132)  $  351,786,027  $


  26

=== PDF PAGE 30 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 3.  Capital Assets (Continued)
Including amortization expense, depreciation expense for the years ended June 30,  2023,  totaled
$57,379,582.

As of June 30, 2023  , the Authority has the following other non-System capital assets  (capital assets other
than the 183A  Turnpike Project, 45SW,  the 290E Project, the 183 South Project  and the SH 71 Express
Project) in operation:

  2023
  Capital assets in non-System project:
  Building and toll facilities, net of depreciation  191,744,795  $
  Toll signs net of depreciation  223,825
  Toll equipment, net of depreciation  2,255,092
  Total non-System project in operation  194,223,712  $


Note 4.  Notes and Bonds Payable
The following schedule summarizes total notes and bonds payable for the year ended June 30,  2023  :

  Additions/  Amortization/  Due W ithin
  2022  Accretion  Deductions  2023  One Year

  Series 2010 Obligations (CAB bonds)  34,999,710  $  -$  -$  34,999,710  $  -$
  Series 2010 CAB accretion  52,602,342  6,783,333  -  59,385,675  -
  Total 2010 Obligations  87,602,052  6,783,333  -  94,385,385  -

  Series 2011 Obligations (CAB Bonds)  9,519,495  -  (1,868,357)  7,651,138  3,346,476
  Series 2011 CAB accretion  9,320,439  1,092,404  (1,861,643)  8,551,200  -
  Total 2011 Obligations  18,839,934  1,092,404  (3,730,000)  16,202,338  3,346,476

  Series 2013 Obligations  6,200,000  -  (6,200,000)  -  -

  Series 2015A Bonds  10,000,000  -  10,000,000  -
  Total 2015 Obligations  10,000,000  -  -  10,000,000  -

  Sub Lien Refunding Bonds, Series 2016  72,605,000  -  (1,170,000)  71,435,000  2,380,000
  Sr. Lien Refunding Bonds, Series 2016  70,790,000  -  (11,450,000)  59,340,000  12,295,000
  Total 2016 Obligations  143,395,000  -  (12,620,000)  130,775,000  14,675,000

  Sr. Lien Revenue Bonds, Series 2018  44,345,000  -  -  44,345,000  -
  Total 2018 Obligations  44,345,000  -  -  44,345,000  -

  Sr. Lien Revenue Bonds, Series 2020  217,425,000  -  -  217,425,000  -
  Sub Lien Revenue BANs, Series 2020  110,875,000  -  -  110,875,000  -
  Sr. Lien Refunding Bonds, Series 2020  194,035,000  -  (630,000)  193,405,000  5,890,000
  Sub Lien Refunding Bonds, Series 2020  160,150,000  -  (1,140,000)  159,010,000  4,010,000
  Total 2020 Obligations  682,485,000  -  (1,770,000)  680,715,000  9,900,000


  Sub Lien Revenue Bonds, Series 2021A-TIFIA (183S)  311,977,866  6,869,643  -  318,847,509  -
  Sub Lien Revenue Bonds Series, 2021A-TIFIA (290E)  39,325,835  870,004  -  40,195,839
  Sr. Lien Revenue Bonds, Series 2021B  255,075,000  -  -  255,075,000  -
  Sub Lien Revenue BANs, Series 2021C  244,185,000  -  -  244,185,000  -
  Senior Lien Revenue Bonds, Series 2021E  335,610,000  -  (3,025,000)  332,585,000  3,040,000
  Senior Lien Revenue Bonds, Series 2021D  274,625,000  -  (475,000)  274,150,000  500,000
  Total 2021 Obligations  1,460,798,701  7,739,647  (3,500,000)  1,465,038,348  3,540,000


  71E Toll Project Obligation  55,077,265  -  (3,159,044)  51,918,221  -
  2022 MoPac Note  24,990,900  -  (300,000)  24,690,900  925,000
  Total Other Obligations  80,068,165  -  (3,459,044)  76,609,121  925,000

  Total notes, bonds and other obligations payable  2,533,733,852  15,615,384  (31,279,044)  2,518,070,192  32,386,476
  Net premium (discount) on revenue bonds payable  216,398,310  -  (18,367,676)  198,030,634  -
  Total notes, bonds and other obligations payable, net  2,750,132,162  15,615,384  $  (49,646,720)  $  2,716,100,826  32,386,476  $
  Less current maturities of notes and bonds payable  (26,258,357)  (32,386,476)
  Total  2,723,873,805  $  2,683,714,350  $



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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 4.  Notes and Bonds Payable (Continued)
The Series 2010 Obligations, the Series 2011 Obligations, the Series 2013 Obligations, the Series 2015
Obligations,  the Series 2016 Obligations,  the Series 2018  Obligations,  the  Series 2020 Obligations,  and
the Series 2021 Obligations  each as further described below, were issued or incurred by the Authority
pursuant to a bond indenture between the Authority and the trustee named therein, and are secured by and
payable from the trust estate established thereby, in the manner described in and subject to the terms and
conditions of the bond indenture.  The trust estate established by the bond indenture includes the revenues
from the Tolling System. The Authority is required to establish and maintain toll rates in connection with the
Tolling System as shall be sufficient to satisfy its rate covenant under the bond 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 outstanding Series 2010 Bonds 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 $34.9 million of the Series 2010  Bonds  represents the total
amount of outstanding principal before the accreted and compounded interest as of June 30,  2023.

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  Bond  s as of June 30, 2023, was
$52.6  million. The accumulated accreted interest is added to the outstanding principal on July 1 and
January 1 of each year beginning July 1, 2010.

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 outstanding Series 2011 Bonds were issued as
capital appreciation bonds (CABs).

The proceeds of  the Series 2011 Obligations w  ere  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 $9.9 million  for the Series 2011 Bonds represents the total amount
of outstanding principal before the accreted and compounded interest as of June 30, 2023.

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.




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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 4.  Notes and Bonds Payable (Continued)
The amount of accumulated accreted interest on the Series 2011 Bond  s as of June 30, 2023  was
$8.5  million. The accumulated accreted interest is added to the outstanding principal on July 1 and
January 1 of each year beginning July 1, 2011.

Series 2013 Obligations: The Authority issued its Senior Lien Revenue Refunding  Bonds, Series 2013A
(Series 2013A Senior Lien Bonds), and Subordinate Lien Revenue Refunding Bonds, Series 2013
(Series 2013 Subordinate Lien Bonds), collectively called the Series 2013 Obligations, on May 16, 2013.

The proceeds of  the Series 2013 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 2013 Obligations.

The Series 2013A Senior Lien Bonds were issued as current interest bonds and are scheduled to mature
in 2023. Interest on the Series 2013A Senior Lien 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 2013A Senior Lien Bonds is payable on  each
July 1 and January 1, commencing July 1, 2013. As of June 30, 2023, the bonds were paid back in full .

The  Series 2013 Subordinate Lien Bonds were issued as current interest bonds and  are scheduled to
mature in 2023. Interest on the Series 2013 Subordinate Lien Bonds is calculated on the basis of a 360-  day
year of 12, 30-day months at the rate of 5%  . Interest on the Series 2013 Subordinate Lien Bonds is payable
on each July 1 and January 1, commencing July 1, 2013. As of June 30, 2023, the bonds were paid back
in full.

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 2022, $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, 2023, the outstanding principal am  ount  of the Series 2015A Bonds was
$10  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.






  29

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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 4.  Notes and Bonds Payable (Continued)
The Series 2016 Senior Lien Bonds were issued as current interest bonds and are scheduled to mature in
2023  through 2027 and in 2041. Interes  t 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 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, 2023, the outstanding principal amount of the
Series 2016 Senior Lien Bonds was $59.3 million.

The  Series  2016 Subordinate Lien B  onds 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, 2023, the outstanding principal amount was $71.5 million.

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 2018 Obligations.

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,  2023  , the
outstanding principal amount was $44.3  million.

The  Series  2018 Sub Lien BANs  were issued as current interest bonds and  were  scheduled to mature in
2022. Interes  t on the Series  2018 Sub Lien BANs is calculated on the basis of a 360-  day year of 12, 30-  day
months at rate of 4%. Interest on the Series 2018 Sub Lien BANs is payable on each July 1 and January 1,
commencing January 1, 2019.  During fiscal year 2022, the Series 2018 Sub Lien BANs were refunded and
redeemed in whole with a portion of the proceeds of the 2021A TIFIA Bonds .  As of June 30, 2023, the
outstanding principal amount of the Series 2018 Sub Lien BANs was $0.

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 (Serie  s 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 collectively referred to as the Series 2020 Obligations.

Series 2020A 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, 2023, the outstanding principal amount was $50.26 million.

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=== PDF PAGE 34 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 4.  Notes and Bonds Payable (Continued)
Series 2020B Bonds: The 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 on the basis of a 360-  day year of
12, 30-  day months at 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, 202  3, the outstan  ding principal amount was
$54.97 million.

Series 2020C 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 on the basis of a 360-  day year of
12, 30-  day months at 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, 2023  , the outstanding principal amount
was $138.4  million.

Series 2020D 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 2020D 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 rate of
1.486% to 3.593%  .  Interest on the Series 2020D Bonds is payable on each January 1 and July  1,
commencing January 1,  2021. As of June 30,  2023  , the outstanding principal amount was $97.44  million.

Series 2020E 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 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, 2023, the outstanding principal amount was
$167.1  million.

Series 2020F BANs: The proceeds of the Series 2020F 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
bonds and are scheduled to mature in 2025. Interest on the Series 2020F  BANs is calculated on the basis
of a  360-  day year of 12, 30-  day months at rate of  5%.  Interest on the Series 2020F BANs is payable on
each January 1 and July 1, commencing January  1,  2021. As of June 30,  2023, the outstanding principal
amount was $110.8 m  illion.

Series 2020G 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 rate of  4% to  5%.  Interest on the Series 2020G Bonds is payable on each
January 1 and July 1, commencing January  1, 2021. As of June 30,  2023, the o  utstanding principal amount
was $61.5  million.


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=== PDF PAGE 35 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 4.  Notes and Bonds Payable (Continued)
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) on 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, 2021. 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.

2021A TIFIA 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.

Payments of principal and interest on the 2021A TIFIA Bonds are payable on 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 for the 183A TIFIA Bond, the earlier of (i) January 1, 2029 and (ii) the semiannual payment date
immediately  preceding the fifth anniversary of the date of substantial completion of the 183A Phase  III
Project.

The Authority has received loan proceeds from the 183-  S Tranche and the Manor Expressway Tranche of
the 2021A TIFIA Loan of approximately $282.2 million and  $38.6 million,  respectively, through fiscal year
2022, 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 not received any loan proceeds from  the
183A Tranche of the 2021A TIFIA Loan. As of June 30, 2023  , the Manor Expressway TIFIA Bond had an
outstanding balance of $40.2 million, which included accreted  interest of approximately $1.5 million, as part
of the outstanding  balance.  As of June 30, 2023, the 183  -S TIFIA Bond  had an outstanding balance of
$318.8  million  which  included accreted  interest of approximately $35.9  million  as part of the outstanding
balance.



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=== PDF PAGE 36 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 4.  Notes and Bonds Payable (Continued)
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 20 29
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 is calculated
on the basis of a 360-  day year of 12, 30-  day months at rates of  4% to 5%.  Interest on the Series 2021B
Bonds and Series 2021C BANs is payable on each January 1 and July 1, commencing July  1, 2021  . As of
June 30, 2023, the outstanding principal amount on the Series 2021B Bonds and Series 2021C BANs was
$255.07 million and $244.18 million, respectively.

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 series 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 the current year 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, 2023, $288,790,000  of defeased bonds remain outstanding.

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 is 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 is payable on each January 1
and July 1, commencing January  1,  2022. As of June 30,  2023  , the outstanding principal amount on the
Series 2021D Bonds was $274.1 million.  As of June 30, 2023, the o  utstanding principal amount on the
Series 2021E Bonds was $332.6 million.











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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 4.  Notes and Bonds Payable (Continued)
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, 2023  , the outstanding principal amount 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 develop, finance, and construct the SH 71 Express Project, and  retained (and did not waive)
its option to operate any potential toll lanes 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 revenues 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  must be 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 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, including but not limited to, 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 respect 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 2023, the Authority made  principal payments on the TxDOT Reimbursement
Amount of approximately $3.2 million  .  As of June 30, 2023, the outstanding TxDOT Reimbursement
Amount was approximately $51.1 million.

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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 4.  Notes and Bonds Payable (Continued)
2022 MoPac Note  (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 each 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 each 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. As of June 30, 2023, the outstanding principal amount was $24,690,900.

Future payments on debt obligations: Future payments of principal and interest on the Authority’s bonds
and notes described in this Note 4 (based on the scheduled payments) as of June 30, 2023, are as follows:

  Current Interest Bonds  Capital Appreciation Bonds  Notes Payable
  Principal  Interest  Principal  Interest  Principal  Interest

  2024  28,115,000  $  80,460,527  $  3,346,476  $  3,878,525  $  925,000  $  755,756  $
  2025  133,697,585  87,211,597  6,341,742  10,113,258  1,275,000  715,211
  2026  28,696,593  81,339,127  4,636,952  9,118,048  1,400,000  670,691
  2027  277,480,060  80,259,089  3,264,322  7,805,678  21,090,900  622,991
  2028  36,238,839  66,112,938  3,171,378  8,553,622  -  -
  2029-2033  357,664,584  304,794,860  11,974,257  45,080,743  -  -
  2034-2038  434,945,820  235,675,539  7,621,437  46,858,563  -  -
  2039-2043  503,495,808  151,485,147  2,294,284  19,575,715  -  -
  2044-2048  421,447,472  59,752,208  -  -  -  -
  2049-2053  108,938,908  7,500,578  -  -  -  -
  2054-2058  152,680  34,283  -  -  -  -
  $  1,154,625,893  2,330,873,349  $  42,650,848  $  150,984,152  $  24,690,900  $  2,764,649  $



















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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 4.  Notes and Bonds Payable (Continued)

  Total Debt Service
  Principal  Interest



  2024  32,386,476  $  85,094,808  $
  2025  141,314,327  98,040,066
  2026  34,733,545  91,127,866
  2027  301,835,282  88,687,758
  2028  39,410,217  74,666,560
  2029-2033  369,638,841  349,875,603
  2034-2038  442,567,257  282,534,102
  2039-2043  505,790,092  171,060,862
  2044-2048  421,447,472  59,752,208
  2049-2053  108,938,908  7,500,578
  2054-2058  152,680  34,283
  Total  2,398,215,097  1,308,374,694  $
  SH 71E Obligation  51,918,220
  Accreted interest—CABs  67,936,875
  119,855,095
  $  2,518,070,192

As described above, the Series 2010 Bonds and the Series 2011 Bonds were issued as capital
appreciation bonds. The accreted interest on the Series 2010 Bonds and Series 2011 Bonds  are reflected
on the Statement of Net Position as additional principal and is reflected in the interest column in this table
in the amount of $67,936,875.  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.

Note 5.  Deferred Outflow and Inflow of Resources
In accordance with GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources,
Deferred Inflows of Resources and Net Position, the Authority has classified the difference between the
reacquisition price and the net carrying amount of the defeased debt as a deferred outflow of resources.
The deferred outflow of resources is amortized over the term of the defeased bonds and recognized as a
component of interest expense annually. The Authority has also deferred outflows and inflows of resources
for certain pension related items in accordance with applicable pension standards as noted under Note 7.
The Authority’s deferred outflow of resources balance as of June 30 is composed of the following:

  2023

  Deferred outflows from bond refundings  168,813,731  $
  Pension-related amounts:
  Employer pension contribution  367,959
  Net difference in pension investment experience  456,341
  Experience changes  129,804
  Assumption changes  484,215
  $  170,252,050

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=== PDF PAGE 40 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 5.  Deferred Outflow and Inflow of Resources (Continued)
The Authority’s deferred inflow of resources balance as of June 30 is composed of the following:

  2023
 Pension-related amounts:
  Experience changes  79,232  $
  Net difference in pension investment experience  -
  $  79,232


Note 6.  Risk Management
In conjunction with its normal operations, the Authority is exposed to various risks related to the damage or
destruction of its assets from both natural and man-  made occurrences; tort/liability claims; errors and
omissions claims; and professional liability claims. As a result of these exposures, the Authority carries
insurance with a governmental risk pool under an “all risks” policy. All categories of insurance coverage  in
place were either maintained at current levels or increased as to overall limits of coverage and reduction of
self-retained risk so as to reduce the overall exposure of risk to the Authority. There were no settlements in
excess of insurance coverage during fiscal years 2023.

Note 7.  Employee Retirement Plan
Plan  description  :  The Authority participates in Texas County  and District Retirement System (TCDRS).
TCDRS is a statewide, agent multiple-  employer, public employee retirement system. 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 Constitution. The TCDRS Act (Subtitle F, Title 8, Texas Government Code) is the basis for
TCDRS administration. TCDRS issues a publicly available annual financial report that includes fi nancial
statements and required supplementary information for the plan. That annual report may be downloaded
at http://www.tcdrs.com.

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.  That
percentage has been set by the Authority at 7%  and has elected a matching rate of $2 to $1.  The
employee’s 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 District 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 employee s 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.





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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 7.  Employee Retirement Plan (Continued)
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 District 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 service 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 date December 31:

  2022

  Inactive employees or beneficiaries currently receiving benefits  10
  Inactive employees entitled to, but not yet receiving benefits  17
  Active employees  27
  Total  54

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
2022  , the contribution rate for the p  lan  members was 7%  of gross pay.  The  Authority pays a matching
portion to the pension plan totaling 18%  of gross pay for  2022,  which totaled  $902,280.

Net  pension  asset:  The Authority’s net pension asset  was measured as of December 31,  2022,  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, 2022,  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 in the December 31, 2022, actuarial valuation was determined using the following
actuarial assumptions, applied to all periods included in the measurement:

  2022
  Inflation  2.00%
  Salary increases (excluding inflation—varies by age and
  service—average over career)  1% to 5.25%
  Investment rate of return  7.6%

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=== PDF PAGE 42 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 7.  Employee Retirement Plan (Continued)
Mortality rates were based on the following:

Depositing members:  For the December 31, 2022, valuation, 135% of Pub-  2010 General Employees
Amount-Weighted Mortality Table for males and 120% Pub-2010 General Employees Amount  -Weighted
Mortality Table for females, both projected with 100% of the MP- 2021 Ultimate scale after 2010.  For the
December 31, 2021,  valuation, 135% of the Pub-2010 General Retirees Table for males and 120% of the
Pub-2010 General Retirees Table for females, both projected with 100%  of the MP-2021  Ultimate scale
after 2010.

Service retirees, beneficiaries  and nondepositing members:  For the December 31, 2022,  valuation,
135% of Pub-  2010 General Healthy Retirees Amount-Weighted Mortality Table for males and 120%
Pub-2010 General Healthy Retirees Amount-Weighted Mortality Table for females, both projected  with
100% of the MP-2021 Ultimate scale after 2010.  For the December 31, 202  1  valuation, 13  5%  of the
Pub-2010 General Retirees Amount-Weighted Mortality Table for males and 120%  of the Pub  -2010  General
Retirees Amount-Weighted Mortality Table for females, both projected with 100%  of the MP-2021  Ultimate
scale after 2010.

Disabled retirees:  For the December 31, 2022,  valuations, 1  60% of the Pub-2010  General Disabled
Retirees Amount-Weighted Mortality Table for males and 12  5% of the Pub-2010 General Disabled
Retirees Amount-Weighted Mortality Table for females, both projected with 10  0% of the MP-2021
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 re-assessed 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, 2022, information for a seven- to 10-year time horizon.

  Geometric Real Rate
  Target  of Return (Expected
  Asset Class  Benchmark  Allocation (1)  Minus Inflation) (2)

  United States Equities  Dow Jones U.S. Total Stock Market Index  11.5%  4.95%
  Global Equities  MSCI World (net) Index  2.5%  4.95%
  International Equities—Developed  MSCI World Ex USA (net)  5.0%  4.95%
  International Equities—Emerging  MSCI EM Standard (net) index  6.0%  4.95%
  Investment—Grade Bonds  Bloomberg Barclays U.S. Aggregate Bond Index  3.0%  2.40%
  Strategic Credit  FTSE High-Yield Cash-Pay Capped Index  9.0%  3.39%
  Direct Lending  S&P/LSTA Leveraged Loan Index  16.0%  6.95%
  Distressed Debt  Cambridge Associates Distressed Index (3)  4.0%  7.60%
  REIT Equities  67% FTSE NAREIT Equity REITs Index plus 33%  2.0%  4.15%
  S&P Global Real Estate Index
  Master Limited Partnerships (MLPs)  Alerian MLP Index  2.0%  5.30%
  Private Real Estate Partnerships  Cambridge Associates Real Estate Index (4)  6.0%  5.70%
  Private Equity  Cambridge Associates Global Private Equity and Venture  25.0%  7.95%
  Capital Index (5)
  Hedge Funds  Hedge Fund Research, Inc. Fund of Funds Composite
  Index  6.0%  2.90%
  Cash Equivalents  90-Day U.S. Treasury  2.0%  0.20%


  39

=== PDF PAGE 43 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 7.  Employee Retirement Plan (Continued)
(1)  Target asset allocation adopted at the March 2023  TCDRS Board meetings.

(2)  Geometric real rates of return equal the expected return for the asset class minus the assumed
  inflation rate of 2.3%, per Cliffwater’s 2023 capital market assumptions.

(3)  Includes vintage years 2005-  present of Quarter Pooled Horizon IRRs.

(4)  Includes vintage years 2007-  present of Quarter Pooled Horizon IRRs.

(5)  Includes vintage years 2006-  present of Quarter Pooled Horizon IRRs.

Discount rate:  The discount rate used to measure the total pension liability was 7.6% for  December 31,
2022.  In order 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.
(1)  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.

(2)  Under the TCDRS Act, the employer is legally required to make the contribution specified in the
  funding policy.

(3)  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.

(4)  Any increased cost due to the adoption of a  COLA is required to  be funded over a period of 15  years,
  if applicable.

Changes in net pension liability (asset):  Based on the above, the projected fiduciary net position is
determined to be sufficient compared to projected benefit payments. Based on the expected level of cash
flows 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 for
GASB Statement No. 68 purposes. Therefore, the system has  used a discount rate of 7.6%. This rate
reflects the long-  term assumed rate of return on assets for funding purposes of 7.5%, net of all expenses,
increased by 0.1%  to be gross of administrative expenses.











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=== PDF PAGE 44 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 7.  Employee Retirement Plan (Continued)

  Changes in Net Pension Liability (Asset) 2023
  Increase (Decrease)
  Net Pension
  Total Pension  Fiduciary Net  Liability (Asset)
  Changes in Net Pension Liability (Asset)  Liability (a)  Position (b)  (a) - (b)

  Balances as of December 31, 2021  13,238,991  $  15,788,809  $  (2,549,818)  $
  Changes for the year:
  Service cost  660,031  -  660,031
  Interest on total pension liability (1)  1,033,125  -  1,033,125
  Effect of plan changes (2)  -  -  -
  Effect of economic/demographic (gains) or losses  83,464  -  83,464
  Effect of assumptions changes or inputs  -  -  -
  Refund of contributions  (7,265)  (7,265)  -
  Benefit payments  (614,663)  (614,663)  -
  Administrative expenses  -  (9,048)  9,048
  Member contributions  -  262,445  (262,445)
  Net investment income  -  (971,853)  971,853
  Employer contributions  -  902,280  (902,280)
  Other (3)  -  89,612  (89,612)
  Balances as of December 31, 2022  14,393,683  $  15,440,317  $  (1,046,634)$

(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.

Sensitivity  analysis:  The following presents the net pension asset/liability of the Authority  as of
December 31, 2022, calculated using the discount rate of 7.6%, 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%) or
one  percentage point higher (8.6%) than the current rate.

  December 31, 2022
  Current
  1.0% Decrease  Discount Rate  1.0% Increase
  6.6%  7.6%  8.6%

  Total pension liability  16,272,531  $  14,393,683  $  12,816,059  $
  Fiduciary net position  15,440,317  15,440,317  15,440,317
  Net pension liability (asset)  832,214  (1,046,634)  (2,624,258)










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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 7.  Employee Retirement Plan (Continued)
Pension plan fiduciary net position: Detailed information about the pension plan’s fiduciary net position
is available in the separate  issued TCDRS report.

Pension expense: the Authority recognized the following pension related expense for the periods ending
December 31:

  Pension Expense (Income)  2022


  Service cost  660,031  $
  Interest on total pension liability (1)  1,033,125
  Effect of plan changes  -
  Administrative expenses  9,048
  Member contributions  (262,445)
  Expected investment return net of investment expenses  (1,223,203)
  Recognition of deferred inflows/outflows of resources
  Recognition of economic/ demographic gains or losses  (13,840)
  Recognition of assumption changes or inputs  93,107
  Recognition of investment gains or losses  62,024
  Other( 2)  (89,616)
  Pension expense  268,231  $

(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.

Deferred inflows and outflows of resources: the deferred inflows and outflows of resources are as
follows:
  December 31, 2022

  Deferred Inflows/  Deferred Outflows  Deferred Inflows
  Outflows of Resources  of Resources  of Resources

  Differences between expected and actual experience  129,804$  79,232$
  Changes of assumptions  484,215  -
  Net difference between projected and actual earnings  456,341  -
  Contributions made subsequent to measurement date  367,959  -
  $  79,2321,438,319$












  42

=== PDF PAGE 46 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 7.  Employee Retirement Plan (Continued)
Contributions made subsequent to the measurement date are eligible employer contributions made from
January 1, 2023 through June 30, 2023. Amounts currently reported as deferred outflows of resources and
deferred inflows of resources related to pensions, excluding contributions made subsequent to the
measurement date, will be recognized in pension expense as follows:

  Years ending December 31:
  2023  (14,743)  $
  2024  127,130
  2025  184,011
  2026  538,297
  2027  82,596
  Thereafter  73,837
  $  991,128


Note 8.  Disaggregation of Receivable and Payable Balances
Due from other agencies  are comprised of current intergovernmental receivables 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 with TxDOT and other tolling entities located both within and
outside the State of Texas to handle customer service and operations related to the toll tag transactions  at
June 30,  2023 and 2022.  Accounts payable balances are comprised of 100%  current payables to
contractors and vendors at June 30, 2023  .

As of June 30, 2023  , the receivable from TxDOT comprises  59.2%. The total balances  are as follows:

  June 30
  2023

  TxDOT  12,772,274  $
  Gross billed tolls net of allowance (allowance of $28.1 million)  4,979,871
  Other governments  3,831,861
  Total  21,584,006  $


Note 9.  Commitments and Contingent Liabilities
Commitments:  The Authority has a capital improvement program for roadway construction projects
extending into future years. As of June 30, 2023  , the Authority has the 183 North Project and the 183A PH
III Project which are significant ongoing toll projects with capital budgets of approximately $612 million and
$259  million, respectively. The Authority’s construction commitments related to its 183 North and 183A PH
III toll projects are  approximately  $315.8  million  and $85.9 million, respectively as of  June 30, 2023  . 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.








  43

=== PDF PAGE 47 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 9.  Commitments and Contingent Liabilities (Continued)
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 executed agreement 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 execution of the agreement with CAMPO. The Authority funded 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. As of June 30, 2023, the Authority has funded inception to date
amounts of  $21,206,000, which is deposited in the RIF account. The commitment to the RIF account is
dependent upon there being surplus revenue of the MoPac Improvement Project in the future such that 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 funding into the RFI is  done annually on September 1 and
such funding resulted in RIF expense of $5.0 million for fiscal year ended June 30, 2023.

Leases:  The Authority has obtained office space with fixed periodic payments over a lease term of
three  years. The Right to use asset is reported as part of property and equipment net of accumulated
amortization. As of June 30, 2023, lease payments consistent of the following:

  Principal  Interest


 2024  336,977  $  28,533  $
 2025  539,329  26,465
 2026  410,575  6,196
  $  61,194  1,286,881  $

Litigation:  As of June 30, 2023  , the Authority is involved in various contract disputes on its construction
projects.  Based on the status of the claims and the information available, the Authority believes that a
liability has not been incurred as of the date of the financial statements.  The Authority believes it has
substantial defenses  against these claims and the resolution of these matters will not have a material
adverse effect on its financial statements.

Note 10.  Authority’s Tolling System Disclosure
During fiscal years 2023, the Authority had non-  System assets generating revenue (the MoPac
Improvement Project). For fiscal years 2023, activity of the MoPac Improvement Project consisted of
approximately 10.2 million, transactions, and approximately $14.8 million in revenue.

Governments that report enterprise funds or that use enterprise fund accounting and reporting standards to
report their activities are required to present segment information for defined activities in the notes to the financial
statements. For purposes of this disclosure, a segment is an identifiable activity reported as or within an
enterprise fund or other stand-  alone entity for which one or more revenue bonds or other revenue-backed debt
instruments outstanding with a revenue pledge to support that debt.  In addition, the activities, revenue,
expenses, gains and losses, assets and liabilities are required to be accounted for separately.




  44

=== PDF PAGE 48 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 10.  Authority’s Tolling System Disclosure (Continued)
The requirement for separate accounting for the Authority’s Tolling System is also imposed by the bond
indenture. A segment has a specific identifiable revenue stream pledged in support of revenue bonds or other
revenue backed debt and has related expenses, gains and losses, assets, and liabilities that can be identified.

The following  is condensed financial information for the Authority’s Tolling System activities:

  Statement of Net Position

  June 30
  Assets and Deferred Outflows  2023

  Current assets  374,398,156  $
  Restricted assets  721,389,506
  Pension asset  1,046,634
  Capital assets  2,000,132,595
  Total assets  3,096,966,891
  Deferred outflows of resources  170,289,615
  Total assets and deferred outflows of resources  3,267,256,506  $
  Liabilities and Deferred Inflows

  Current liabilities  116,150,015  $
  Noncurrent liabilities  2,660,310,331
  Total liabilities  2,776,460,346
  Deferred inflows of resources  116,797
  Total liabilities and deferred inflows of resources  2,776,577,143
  Net position:
  Total net position  490,679,363
  Total liabilities, deferred inflows of resources
  and net position  3,267,256,506  $

  Statements of Revenues, Expenses and Changes in Net Position
  June 30
  2023

  Operating revenues  210,863,261  $
  Operating expenses, including depreciation and amortization  97,032,488
  Operating income  113,830,773
  Total net nonoperating revenues (expenses)  (48,739,298)
  Change in net position  65,091,475

  Total net position at beginning of year  425,587,888
  Total net position at end of year  490,679,363  $





  45

=== PDF PAGE 49 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2023

Note 10.  Authority’s Tolling System Disclosure (Continued)
  Statement of Cash Flows
  June 30
  2023

  Net cash flows provided by operating activities  166,115,951  $
  Net cash flows provided by capital and related financing activities  (254,557,778)
  Net cash flows used in investing activities  113,547,086
  Net decrease in cash and cash equivalents  25,105,259
  Cash and cash equivalents at beginning of year  828,439,568
  Cash and cash equivalents at end of year  853,544,827  $


Note 11.  Subsequent Events
Subsequent events have been evaluated through  November 16, 2023,  the date the financial statements
were available to be issued.







































  46

=== PDF PAGE 50 ===
  Central Texas Regional Mobility Authority

  Required Supplementary Information—Pension Plan
  Schedule of Changes in Net Pension Assets and Related Ratios
  As of Years Ended December 31



  2022  2021  2020  2019  2018  2017  2016  2015
  Total pension liability:
  Service cost  660,031  $  846,844  $  791,930  $  714,326  $  623,080  $  621,685  $  636,083  $  474,778  $
  Interest on total pension liability  1,033,125  940,060  825,944  705,006  599,756  512,318  417,633  361,003
  Effect of plan changes  -  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  83,464  (20,688)  21,833  49,571  32,484  (34,008)  (152,926)  (193,519)
  Benefit payments/refunds  (621,928)  (275,318)  (91,355)  (50,070)  (44,409)  (31,286)  (51,685)  (2,212)
  Net change in total pension liability  1,154,692  1,581,484  2,207,814  1,435,691  1,210,911  1,084,529  849,105  648,400

  Total pension liability, beginning  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 pension liability, ending ( a)  14,393,683  13,238,991  11,657,507  9,449,693  8,014,002  6,803,091  5,718,562  4,869,457

  Fiduciary net position:
  Employer contributions  902,280  721,277  604,572  560,263  484,115  457,484  422,157  361,493
  Member contributions  262,445  301,698  302,284  280,130  242,056  228,848  211,078  180,742
  Investment income net of inv exp  (971,853)  2,776,384  1,070,532  1,344,360  (134,521)  897,084  378,134  (162,009)
  Benefit payments/ refunds  (621,928)  (275,317)  (91,356)  (50,069)  (44,409)  (31,286)  (51,685)  (2,211)
  Administrative expenses  (9,048)  (8,542)  (8,963)  (7,885)  (6,579)  (5,074)  (4,113)  (3,541)
  Other  89,612  24,558  25,157  28,500  21,078  8,731  46,648  955
  Net change in fiduciary net position  (348,492)  3,540,058  1,902,226  2,155,299  561,740  1,555,787  1,002,219  375,429

  Fiduciary net position, beginning  15,788,809  12,248,751  10,346,525  8,191,226  7,629,486  6,073,699  5,071,480  4,696,051

  Fiduciary net position, ending ( b)  15,440,317  15,788,809  12,248,751  10,346,525  8,191,226  7,629,486  6,073,699  5,071,480

  Net pension liability (asset), ending = ( a) - ( b)  (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  107.27%  119.26%  105.07%  109.49%  102.21%  112.15%  106.21%  104.15%
  Pensionable covered payroll  3,749,215  $  4,309,967  $  4,318,340  $  4,001,855  $  3,457,946  $  3,269,251  $  3,015,395  $  2,582,032  $
  Net pension asset as a percentage of covered payroll  (27.92%)  (59.16%)  (13.69%)  (22.41%)  (5.13%)  (25.28%)  (11.78%)  (7.82%)




The Schedule of Changes in Net Pension Assets and related Ratio disclosure is required for 10 years. The schedule noted above is only for the years  which the new GASB Statements have been
implemented.







  47

=== PDF PAGE 51 ===
  Central Texas Regional Mobility Authority

  Required Supplementary Information—Pension Plan (Continued)
  Schedule of Employer Contributions


  Actual
  Actuarially  Actual  Contribution  Contribution as
  Determined  Employer  Deficiency  Covered  a Percentage of
  Year Ending  Contribution (1)  Contribution  (Excess)  Payroll (2)  Covered Payroll

  2013  261,182  $  304,447  $  (43,265)  $  2,174,701  $  14.0%
  2014  284,621  327,807  (43,186)  2,342,556  14.0%
  2015  302,614  361,493  (58,879)  2,582,032  14.0%
  2016  341,041  422,157  (81,116)  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%

(1)  TCDRS calculates actuarially determined contributions on a calendar year basis. GASB No.  68 indicates the
  Authority should report contribution amounts on a fiscal year basis.

(2)  Payroll is calculated based on contributions as reported for the fiscal year to TCDRS.

































  48

=== PDF PAGE 52 ===
Central Texas Regional Mobility Authority

Required Supplementary Information—Pension Plan  (Continued)
Notes to Schedule of Employer Contributions and Net Pension Liability
June 30, 2023

Actuarial methods and assumptions used: Following are the key assumptions and methods used in
determining the actuarially determined contribution:

  Valuation Timing  Actuarially determined contribution rates are
  calculated as of December 31, two years prior to the
  end of the fiscal year in which the contributions are
  reported.

  Actuarial Cost Method  Individual entry age normal cost method, as
  required by GASB Statement No. 68, used for
  GASB calculations. A slightly different version of the
  entry age normal cost method is used for the funding
  actuarial valuation.

  Asset Valuation Method
  Smoothing period  5 years
  Recognition method  Non-asymptotic
  Corridor  None

  Economic Assumptions
  Inflation  2.50%
  Salary increases  3.00%  (made up of 2.5%  inflation and 0.50%
  productivity inc  rease assumptions) and a merit,
  promotion and longevity component that on average
  approximates 1.70% per year for a career employee.

  7.50%  (net of administrative and investment
  Investment rate of return  expenses, including inflation

  COLAs  COLAs  for  the  Authority are not considered to be
  substantively automatic under GASB  Statement
  No. 68.  Therefore, no assumption for future
  cost-of-living adjustments is included in the GASB
  calculations. No assumption for future cost-of-living
  adjustments is included in the funding valuation.


















  49

=== PDF PAGE 53 ===
Central Texas Regional Mobility Authority

Required Supplementary Information—Pension Plan  (Continued)
Notes to Schedule of Employer Contributions and Net Pension Liability
June 30, 2023

Demographic assumptions—related to  December 31, 2022 and 2021  valuation:

  Annual Rates of Service Retirement*
  Active  Active  Active  Active  Deferred
  Age  Svc. < 15  Svc. 15-24  Svc. 25-29  Svc. 30+  All Svc.

  40–49  5.3%  6.3%  7.7%  8.8%  0.0%
  50  5.6  6.8  8.3  9.4  0.0
  51  5.6  6.8  8.3  9.4  0.0
  52  6.0  7.2  8.8  10.0  0.0
  53  6.0  7.2  8.8  10.0  0.0
  54  6.8  8.1  9.9  11.3  0.0
  55  6.8  8.1  9.9  11.3  0.0
  56  6.8  8.1  9.9  11.3  0.0
  57  7.5  9.0  11.0  12.5  0.0
  58  7.5  9.0  11.0  12.5  0.0
  59  7.5  9.0  11.0  12.5  0.0
  60  9.0  10.8  13.2  15.0  12.0
  61  9.0  10.8  13.2  15.0  12.0
  62  13.5  16.2  19.8  22.5  18.0
  63  11.3  13.5  16.5  18.8  15.0
  64  11.3  13.5  16.5  18.8  15.0
  65  22.5  22.5  27.5  27.5  25.0
  66  22.5  22.5  27.5  27.5  25.0
  67  21.6  21.6  26.4  26.4  24.0
  68  18.9  18.9  23.1  23.1  21.0
  69  18.9  18.9  23.1  23.1  21.0
  70  20.7  20.7  25.3  25.3  23.0
  71  20.7  20.7  25.3  25.3  23.0
  72  20.7  20.7  25.3  25.3  23.0
  73  20.7  20.7  25.3  25.3  23.0
  74  20.7  20.7  25.3  25.3  23.0
  75 and above  100.0  100.0  100.0  100.0  100.0

*For all eligible members ages 75 and later, retirement is assumed to occur immediately.

Other terminations of employment:  The rate of assumed future termination from active participation in
the plan for reasons other than death, disability or retirement  vary by length of service, entry-age group
(age at hire),  and sex. No termination after eligibility for retirement is assumed.










  50

=== PDF PAGE 54 ===
Central Texas Regional Mobility Authority

Required Supplementary Information—Pension Plan  (Continued)
Notes to Schedule of Employer Contributions and Net Pension Liability
June 30, 2023

Withdrawals:  Members  who terminate may either elect to leave their account with TCDRS or withdraw
their funds.  The probability  that a member elects a withdrawal varies by length of service and vesting
schedule.  Rates applied to your plan are shown in table below.  For nondepositing members who are not
vested, 100% are assumed to elect a withdrawal.

  Probability of Withdraw al
  Years of Service  Probability  Years of Service  Probability

  0  100%  15  26
  1  100  16  25
  2  100  17  24
  3  100  18  23
  4  100  19  22
  5  40  20  21
  6  38  21  20
  7  36  22  19
  8  34  23  19
  9  33  24  18
  10  32  25  18
  11  31  26  17
  12  30  27  17
  13  29  28  16
  14  27  29*  16

*Members with more than 29  years of service are not assumed to refund.




























  51

=== PDF PAGE 55 ===
  Central Texas Regional Mobility Authority

  Supplementary Information—Indenture Cash Flow  and Debt Service Coverage
  June 30, 2023


  Toll revenues*  135,899,139  $
  Video and Fee Revenues*  74,964,122
  Interest income available to pay debt service  35,479,922
  Total revenues  246,343,183
  Less system operating expenses  (32,130,032)

  Revenues available for rate covenant and additional bonds tests  214,213,151

  Net senior lien debt service  56,824,486  $
  Net subordinate lien debt service  31,735,786
  Total net debt service  88,560,272

  Debt service coverage ratios for rate covenant and additional bonds test:
  Senior lien obligations  3.77
  Senior and subordinate lien obligations  2.42
  Less  system maintenance expenses  (2,521,489)
  Revenues available for debt service  211,691,662

  Debt service coverage ratios for revenues available for debt service:
  Senior lien obligations  3.73
  Senior and subordinate lien obligations  2.39
  Less total net debt service  (88,560,272)

  Annual excess**  123,131,390  $

*  Total  operating revenue for segment reporting of $210,863,261  consists  of toll revenue  and  excludes
  miscellaneous revenue  and interest income.

**  Subject to reserve policies.





















  52

=== PDF PAGE 56 ===
  3300 N IH-35, Suite 300
  Austin, TX 78705

  www.MobilityAuthority.com









+123 456 7890

www.example.com

123 Street Name City Name, State, Country, 12345