
=== PDF PAGE 1 ===
  2022
ANNUAL FINANCIAL REPORT  ANNUAL
FOR THE FISCAL YEAR ENDED JUNE 30, 2024REPORT

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Central Texas Regional
Mobility Authority

Basic Financial Statements
Year Ended June 30, 2024

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  Contents

Financial Section

  Independent auditor’s report  1-2

  Management’s discussion and analysis  3-8

Basic Financial Statements

  Statement of net position  9-10

  Statement of revenues, expenses and changes in net position  11

  Statement of cash flows  12

  Statement of fiduciary net position—fiduciary funds  13

  Statement of changes in fiduciary net position—fiduciary funds  14

  Notes to financial statements  15-44

Required supplementary information—pension plan  45-49

Supplementary information—indenture cash flow and debt service coverage  50

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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, 2024, 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, 2024, 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 audit 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 subs tantial doubt about the Authority’s ability to continue
as a going concern for 12 months beyond the financial statement date, includ  ing 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 to
  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 the
  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 supplementary information consisting of the
indenture cash flow and debt service coverage information 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
October 30, 2024
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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis
June 30, 2024


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, 2024. 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, including the notes to the financial statements, the required supplementary
information and other 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 presents 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 Statement of Net Position can be found on pages 9-10 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, 2024. 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 Statement of
Revenues, Expenses and Changes in Net Position can be found on page 11 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 12 of this
report. The Statement of Cash Flows, along with the related notes and information in other financial
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, 2024


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 government’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 confor mity 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:

  Pension 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
  funds 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 15 of this report.

FINANCIAL HIGHLIGHTS—Business type activities

  Total operating revenue increased to $238.6 million in 2024 from $225.7 million in 2023 or a 5.7%
  increase.

  Total operating expenses were approximately $122.7 million and $106.3 million in 2024 and 2023,
  respectively.

  Total construction in progress was approximately $503.3 million and $351.8 million as of June 30, 2024
  and 2023, respectively. Construction in progress increased from June 30, 2023 by approximately
  $151.4 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
  two toll lanes in each direction.

  Total restricted cash and cash equivalents decreased from $692.6 million in 2023 to $609.7 million in
  2024. 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, 2024


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
$769.0 million and $685.4 million as of June 30, 2024 and 2023, respectively (see Table A-1). As of
June 30, 2024 and 2023, the largest portion of the Authority’s net position is reflected in 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, 2024 and 2023, is 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 Statements of Net Position Information
  (In Thousands of  Dol lars)


  2024  2023

  Current assets  450,797  $  391,784  $
  Restricted assets  595,477  721,380
  Pension asset  -  1,046
  Capital assets  2,320,895  2,203,299
  Total assets  3,367,169  3,317,509
  Deferred outflows of resources  163,960  170,252
  T otal assets and def erred outf lows of  resources  3,531,129  $  3,487,761  $

  Current liabilities  119,573  117,598
  Noncurrent liabilities  2,642,508  2,684,664
  Total liabilities  2,762,081  2,802,262
  Deferred inflows of resources  33  79
  Total liabilities and def erred inf lows of  resources  2,762,114  2,802,341

  Net position:
  Net investment in capital assets  313,969  206,821
  Restricted for other purposes  167,862  179,426
  Unrestricted  287,184  299,173
  Total net position  769,015  $  685,420  $

For fiscal year 2024, 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 years 2024, excluding accumulated depreciation, depreciable capital assets increased as a result
of the ongoing construction and current period additions to $2.2 billion in fiscal year 2024.









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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis
June 30, 2024


Changes in net position: The operating revenues increased in 2024 compared to 2023. For 2024, the
tolling activity increased tolling revenue by $12.9 million or 6%. For both 2024 and 2023, the tolling activity
includes the toll system which is comprised of 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 549.1  thousand per day in 2024 from
approximately 529.9 thousand per day in 2023 or from an annual transaction total of approximately 193.4
million to 200.4 million from 2023 to 2024. The total revenue increase in 2024 is attributable to sustained
economic growth.

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 2024 and 2023, activity of the MoPac Improvement
Project consisted of approximately 12 million and 10.2 million transactions, respectively, and approximately
$16.7 million and $14.8 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, 2024 (which as of June 30, 2024, 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






















As noted in Table A-2, operating expenses increased by $16.7 million from 2023 to 2024. The increases
from 2023 to 2024 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 $55.1 million in fiscal year 2023 to $32.7 million in fiscal
year 2024. The decrease is related to an increase in interest income in 2024 compared to 2023 offset by
the interest expenses.

The change in net position before capital grants and contributions is an increase of $83.1 million in 2024
and $64.2 million in fiscal year 2023. See Table A-2.


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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis (Continued)
June 30, 2024


  Table A-2
  Condensed Statements of Revenue, Expenses and Changes in Net Position Information
  (In Thousands of  Dol lars)

  2024  2023
  Operating revenues:
  Toll revenue  238,575  $  225,664  $
  Other operating  42  20
  Total operating revenues  238,617  225,684
  Expenses:
  Adm inistrative expenses  15,677  9,277
  Operations and m aintenance  39,040  32,517
  Other operating expenses  8,244  7,504
  Depreciation and am ortization  59,722  57,091
  Total expenses  122,683  106,389
  Operating income  115,934  119,295
  Total net nonoperating revenue (expenses)  (32,759)  (55,143)
  Change in net position—before capital grants
  and contributions  83,175  64,152
  Capital grants and contributions, net  420  345
  Change in net position  83,595  64,497
  Total net position at beginning of year  685,420  620,923
  Total net position at end of year  769,015  $  685,420  $


CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital assets: As of June 30, 2024 and 2023, the Authority had invested approximately $503.3 million
and $351.7 million, respectively, in construction in progress. Of the total $503.3 million in FY 2024, the
183 North Project and the 183A Phase III Project were primary contributors to the additions. See Table A-
3 and Note 3.

  Table A-3
  Capital Assets Information
  (Net of  Depreci ation, in Thousands of  Dol lars)

  2024  2023

  Property and equi pm ent  14,737  $  9,429  $
  Toll road  2,227,122  2,206,619
  Accum ulated depreciation  (424,258)  (364,536)
  Construction in progress  503,294  351,786
  Net capi tal assets  2,320,895  $  2,203,298  $

Long-term debt: As of June 30, 2024, and 2023, the Authority had total debt outstanding of approximately
$2.67 billion, and $2.72 billion, respectively. See Table A-4.




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Central Texas Regional Mobility Authority

Management’s Discussion and Analysis (Continued)
June 30, 2024


  Table A-4
  Long T erm Debt Information
  (In Thousands of  Dol lars)

  2024  2023
 Long-term  debt:
  Total bonds and other obligations  2,670,213  $  2,716,100  $
  Long term  debt outstanding  2,670,213  $  2,716,100  $

 Debt serv ice paym ents:
  Principal paym ents  40,930  $  31,279  $
  Interest paym ents  84,925  83,143


Additional information on the Authority’s long-term debt can be found in Note 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- from BBB+.

Economic Factors and Next Year’s Budget
The FY 2025 Operating Budget reflects a similar pattern to the prior year budget, with adjustments made
considering ongoing economic activity in the region. A significant factor in developing the FY 2025 budget
is the opening of the 183A Phase III midway through the fiscal year, affecting bot  h revenues and
expenditures.  The FY 2025 revenue estimate of $302.5 million, which consists primarily of toll revenues
and interest earnings, is an approximate 17.6% increase from the FY 2024 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 ca n change quickly. The regional economy has continued
to expand, resulting in forecasted transaction and revenue growth. Interest earnings forecasted for FY 2025
show a progressive, slow decline as compared to last fiscal year’s results, particularly in the second half of
the fiscal year.  This estimate follows the general expectations of the broader fixed income market due in
part to the expected actions of the Federal Reserve to gradually lower short term rates.

Expense estimates for FY 2025 are $191.5 million, representing an increase of 13.5% as compared to the
FY 2024 budget. The FY 2025 reflects an approach to meet the service level needs resulting from an active
local economy and the new roadway opening.  It also addresses escalating de  bt 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, 2024


  Current assets:
  Cash and cash equi v alents (Note 2)  168,239,721  $
  Inv estm ents (Note 2)  142,948,431
  Due f rom  other gov  ernm ents and accounts receiv able (net of  allowance) (Note 8)  29,486,794
  Accrued interest receiv able  1,079,630
  Prepaid ex penses and other assets  241,428
  T otal unrestricted  341,996,004

  Restri cted:
  Cash and cash equi v alents (Note 2)  108,801,407
  T otal restricted  108,801,407

  T otal current assets  450,797,411

  Noncurrent assets:

  Rest ri ct ed asset s:
  Cash and cash equi v alents (Note 2)  500,953,156
  Inv estm ents (Note 2)  94,522,800
  T otal restricted assets  595,475,956

  Total capital assets, net (Note 3)  2,320,894,640
  T otal assets  3,367,168,007

  Total def erred outf lows of  resources (Notes 5 and 7)  163,959,847

  T otal assets and deferred outflows of resources  3,531,127,854  $


  See notes to f inancial statem ents.






















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  Central Texas Regional Mobility Authority

  Statement of Net Position (Continued)
  June 30, 2024


  Current liabil ities:
  Payable f rom  current assets:
  Accounts payable  8,265,884  $
  Due to other gov ernm ents  1,623,335
  Lease liability  539,329
  Accrued ex penses  342,699
  T otal payable from current assets  10,771,247

  Payable f rom restricted current assets:
  Construction accounts payable  34,914,973
  Accrued interest payable  43,799,692
  Bonds, notes payable and other obli gations, current portion
  (Note 4)  30,086,742
  T otal payable from restricted current assets  108,801,407

  Total current liabilities  119,572,654

  Noncurrent liabilities:
  Lease liabil ity  410,575
  Net pension liability (Note 7)  1,971,627
  Bonds, notes payable and other obligations, net of  current portion
  (Note 4)  2,640,126,147
  Total noncurrent liabilities  2,642,508,349

  Total liabilities  2,762,081,003

  Total def erred inf lows of  resources (Notes 5 and 7)  32,820
  Total liabilities and deferred inflows of resources  2,762,113,823

  Net position:
  Net inv estment in capital assets  313,968,000
  Restri cted f or debt serv ice  167,861,614
  Unrestricted  287,184,417

  Total net position  769,014,031  $


  See notes to f inancial statem ents.











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  Central Texas Regional Mobility Authority

  Statement of Revenues, Expenses and Changes in Net Position
  Year Ended June 30, 2024


  Operati ng rev enues:
  Tolls  238,575,248  $
  Other operating  42,396
  T otal operating revenues  238,617,644

  Operati ng ex penses:
  Adm inistrativ e ex penses  15,676,930
  Operations and m aintenance  39,040,353
  Other operating ex penses  8,245,137
  Depreciation and am ortization  59,722,352
  Total operating expenses  122,684,772

  Operating income  115,932,872

  Nonoperating rev enues (ex penses):
  Interest income  53,351,765
  Other ex penses  (391,292)
  Interest ex pense  (85,719,004)
  Total nonoperating revenues (expenses), net  (32,758,531)
  Change in net position before capital grants and
  contributions  83,174,341

  Tx DOT capital grants and contributions  419,630
  Change in net position  83,593,971

  Total net position at beginning of  year,  685,420,060

  Total net position at end of  year  769,014,031  $


  See notes to f inancial statem ents.



















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  Central Texas Regional Mobility Authority

  Statement of Cash Flows
  Year Ended June 30, 2024




  Cash flows from operating activities:
  Receipts from toll fees  234,208,920  $
  Receipts from other income  42,396
  Payments to vendors  (50,704,242)
  Payments to em ployees  (5,704,863)
  Net cash flows provided by operating activities  177,842,211

  Cash flows from capital and related financing activities:
  Payments on interest  (84,925,355)
  Payments on obligations  (40,930,131)
  Payments for capital assets  (7,040,617)
  Payments for construction in progress  (173,295,140)
  Proceeds from capital grants  419,630
  Net cash flows used in capital and related financing activities  (305,771,613)

  Cash flows from investing activities:
  Interest income  52,965,477
  Purchase of investments  (641,964,713)
  Proceeds from sale or m aturity of investments  627,482,542
  Net cash flows provided by investing activities  38,483,306

  Net decrease in cash and cash equivalents  (89,446,096)

  Cash and cash equivalents at beginning of year  867,440,380

  Cash and cash equivalents at end of year  777,994,284  $

  Reconciliation of c  hange in net position to net cash provided by operating activities:
  Operating incom e  115,932,872  $
  Adjustm ents to reconcile change in net position to net cash provided by operating activities:
  Depreciation and am ortization  59,722,352
  Changes in assets and liabilities:
  Increase in due from other governments  (4,390,539)
  Increase in prepaid expenses and other assets  (94,335)
  Increase in accounts payable  5,297,708
  Decrease in accrued expenses  (1,811,545)
  Increase in pension liability  3,018,261
  Decrease in deferred outflow of resources  353,685
  Increase in deferred inflow of resources  (186,248)
  Total adjustments  61,909,339

  Net cash flows provided by operating activities  177,842,211  $


  Reconciliation of cash and cash equivalents:
  Unrestricted cash and cash equivalents  168,239,721  $
  Restricted cash and cash equivalents:
  Current  108,801,407
  Noncurrent  500,953,156

  Total  777,994,284  $

  Supplemental schedule of noncash investing, capital and financing activities:
  Accounts payable change  3,020,975  $
  Accretion on capital appreciation bonds  8,128,898
  Accretion on T IFIA bonds  4,399,669



  See notes to financial statements.


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  Central Texas Regional Mobility Authority

  Statement of Fiduciary Net Position—Fiduciary Funds
  June 30, 2024


  Pension Trust  Custodial
  Fund  Fund
  Assets:
  Restri cted:
  Cash and cash equi v alents (Note 2)  -$  7,361,090  $
  Inv estm ents (Note 2):
  Collecti v e Inv  estm ent Fund  1,101,081  -
  T otal assets  1,101,081  7,361,090

  Payable:
  Account payable  -  294,521
  294,521  -
  Net position:
  Restri cted:
  Other gov  ernm ents  -  7,066,569
  Pension  1,101,081  -
  Total net position  1,101,081  $  7,066,569  $


  See notes to f inancial statem ents.

































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  Central Texas Regional Mobility Authority

  Statement of Changes in Fiduciary Net Position—Fiduciary Funds
  Year Ended June 30, 2024


  Pension Trust  Custodial
  Fund  Fund
  Ad d i t i o n s:
  Contri butions:
  Em ployer  141,683  $  -$
  Total contributions  141,683  -
  Inv estm ent earnings:
  Net increase in f ai r v alue of  inv estm ents  195,823  -
  Interest and div idends  -  408,560
  Other additions
  Deposits f rom  other gov  ernm ents  -  6,334,321
  T otal additions  337,506  6,742,881


  Deductions:
  Benef its paid to participants and benef iciari es  28,798  -
  Construction withdrawals other gov ernm ents  -  3,868,195
  Total deductions  28,798  3,868,195

  Net increase in f iduciary net posi tion  308,708  2,874,686

  Net position, beginning  792,373  4,191,883
  Net position, ending  1,101,081  $  7,066,569  $


  See notes to f inancial statem ents.


























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

Notes to Financial Statements
June 30, 2024


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 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:

  Pension 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 ended December 31, 2023, the
  Plan membership consisted of 20 active members and 11 nonactive and the Authority made $142,000 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.






  15

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

Notes to Financial Statements
June 30, 2024


Note 1.  Organization and Summary of Significant Accounting Policies (Continued)
B.  Basis of accounting: The operations of the Authority are ac  counted 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 Statement 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 spec ifying 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 statement 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, 2024: 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. Highly liquid debt instruments purchased within 12 months
from the date of maturity are reported at cost. 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 Statement 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.

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, there are no accumulating
sick leave benefits that vest for which any liability must be recognized. Accrued vacation leave is $222,227
and is part of the total accrued expenses on the Statement of Net Position as of June 30, 2024.


  16

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

Notes to Financial Statements
June 30, 2024


Note 1.  Organization and Summary of Significant Accounting Policies (Continued)
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 val ue at the date of donation. Capital assets are defined
as assets with initial, individual costs exceeding $5,000 to $100,000, depending on the asset category.
Depreciation is computed on the straight-line method over the following estimated useful lives:

  Capitalization Estimated
  Asset Class  Threshold  Usef ul Liv es

  Buildings and Toll Facilities  100,000  $  10-30 years
  Furniture and Equipm ent  5,000  5 years
  Inf rastructure  500,000  10-50 years
  Vehicles  5,000  7 years
  Leasehol d im prov  em ents  100,000  3 years
  Internally Generated Com puter Sof tware  1,000,000  5 years
  Intangible Right to Use Building  100,000  3 years
  Roads and bridges  500,000  40 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.

The Authority evaluates for impairment of capital assets when significant unexpected decline in service
utility occurs. There were no asset impairments in fiscal year 2024.

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, 2024, the Authority recognized capital grants and
contributions of $419,630 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.

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.





  17

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

Notes to Financial Statements
June 30, 2024


Note 1.  Organization and Summary of Significant Accounting Policies (Continued)
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 items as deferred inflows
of resources that represent acquisition of net position that app  lies 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 reports 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.

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.










  18

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

Notes to Financial Statements
June 30, 2024


Note 1.  Organization and Summary of Significant Accounting Policies (Continued)
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 Reporting
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 statement of cash flows: The Authority’s outstanding 2021A TIFIA Bonds
and the capital appreciation bonds Series 2010 and 2011 included accreted interest of $4.4 million and
$8.1 million, respectively for the period ended June 30, 2024.

Q.  Issued but not yet effective pronouncements:  GASB Statement No. 103, Financial Reporting
Model Improvements: The objective of this Statement is to improve key components of the financial
reporting model to enhance its effectiveness in providing information that is essential for decision making
and assessing a government’s accountability. This Statement continues the requirement of the following:
(1) the basic financial statements be preceded by management’s discussion and analysis (MD&A), which
is presented as required supplementary information (RSI).; (2) the statement al  so addresses the reporting
of unusual or infrequent items as transactions and other events that are either unusual in nature or
infrequent in occurrence; (3) the Statement also requires that the proprietary fund statement of revenues,
expenses, and changes in fund net position continue to distinguish between operating and nonoperating
revenues and expenses; (4) requires governments to pr esent each major component unit separately in the
reporting entity’s statement of net position and statement of activities if it does not reduce the readability of
the statements and (5) also requires governments to present budgetary comparison information using a
single method of communication—RSI.

The requirements of this Statement are effective for fiscal years beginning after June 15, 2025, and all
reporting periods thereafter. Management has not determined the impact of this Statement.

GASB Statement No. 102, Certain Risk Disclosures: The objective of this Statement is to provide users of
government financial statements with essential information about risks related to a government’s
vulnerabilities due to certain concentrations or constraints.

This Statement requires a government to assess whether a concentration or constraint makes the primary
government reporting unit or other reporting units that report a liability for revenue debt vulnerable to the
risk of a substantial impact. Additionally, this Statement requires a government to assess whether an event
or events associated with a concentration or constraint that could cause the substantial impact have
occurred, have begun to occur, or are more likely than not to begin to occur within 12 months of the date
the financial statements are issued.






  19

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

Notes to Financial Statements
June 30, 2024


Note 1.  Organization and Summary of Significant Accounting Policies (Continued)
If a government determines that those criteria for disclosure have been met for a concentration or constraint,
it should disclose information in notes to financial statements in sufficient detail to enable users of financial
statements to understand the nature of the circumstances disclosed and the government’s vulnerability to
the risk of a substantial impact.

The requirements of this Statement are effective for fiscal years beginning after June 15, 2024, and all
reporting periods thereafter. Management has not determined the impact of this Statement.

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 fiscal years beginning after June 15, 2024, and all reporting periods thereafter. Management
has not determined the impact of this Statement.

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, state 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, Goldman Sachs Fund and Agency securities balances that mature within one
year of the maturity date 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, 2024:

  Sum m ary of Investm ents by Type

  Cash and cash equivalents:
  Cash  156,605  $
  Goldm an Sachs Financial Square Governm ent Fund  495,899,581
  TexSTAR Investm ent Pool  57,393,240
  Treasury SLGS  224,544,858
  U.S. governm ent sponsored enterprises and treasury notes  237,471,231
  Total cash and investm ents  1,015,465,515  $

  Unrestricted cash and cash equivalents  168,239,721  $
  Unrestricted investm ents  142,948,431

  Restricted cash and cash equivalents:
  Current  108,801,407
  Noncurrent  500,953,156
  Restricted noncurrent investm ents  94,522,800
  Total cash and cash equivalent and investm ent, as
  reported on the Statement of Net Position  1,015,465,515  $




  20

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

Notes to Financial Statements
June 30, 2024


Note 2.  Cash and Investments (Continued)
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.

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, 2024, for the Authority’s investments
measured at fair value:


  Fair Value Hierarchy at June 30, 2024
  Investment T ype  Level 1  Level 2  Level 3  Balance

  Federal Agricultural Mortgage Corp.  -$  59,826,800  $  -$  59,826,800  $
  Federal Home Loan Bank  -  74,913,900  -  74,913,900
  US T reasury Note  -  11,936,710  -  11,936,710
  T otal U.S. government sponsored enterprise
  securities and treasury notes  -$  146,677,410  $  -$  146,677,410


 US T reasury Note and Agencies at cost  90,793,821
 T reasury SLGS at cost  224,544,858
 Investments at net asset value (NAV) based on amortized cost:
  Goldman Sachs Financial Square Government Fund  495,899,581
  T exST AR Investment Pool  57,393,240
  Total  1,015,308,910  $



  21

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

Notes to Financial Statements
June 30, 2024


Note 2.  Cash and Investments (Continued)
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.

The Authority was fully collateralized with pledged securities held by the financial institution in the name of
the Authority for amounts in excess of the Federal Deposit Insurance Corporation limit as of June 30, 2024.
Cash deposits as of June 30, 2024, were $156,605.

Custodial credit risk—investments: Custodial credit risk for investments is the risk that, in the event of
the failure of the counterparty to a transaction, the Author  ity 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, 2024 and includes investments in State
and Local Government Series, Federal Home Loan Bank and Federal Agricultural Mortgage Corp. (Farmer
MAC) which represent 22.1%, 10.3% and 10.9%, respectively, of the total portfolio:

 TexSTAR Investm ent Pool  57,393,240  $  5.7%
 Goldm an Sachs Financial Square
  Governm ent Fund  495,899,581  48.8%
 State and Local Governm ent Series (SLGS)  224,544,858  22.1%
 Federal Hom e Loan Bank  104,379,726  10.3%
 Federal Agricultural Mortgage Corp.  111,152,420  10.9%
 U.S. Treasury Notes  21,939,085  2.2%
  Total 1,015,308,910 $






  22

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

Notes to Financial Statements
June 30, 2024


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. 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.

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, 2024, the Authority’s investments in debt securities mature as follows:

  Investment T erm
  Less than
  Investment T ype  1 yr  1 - 5 yrs  6 - 10 yrs  Carrying Value


 U.S. T reasury Notes  9,999,375  $  11,939,710  $  -$  21,939,085  $
 State and Local Government Series (SLGS)  224,544,858  -  -  224,544,858
 Federal Home Loan Bank  29,639,926  74,739,800  -  104,379,726
 Federal Agricultural Mortgage Corp.  51,152,420  60,000,000  -  111,152,420
  T otal U.S. government
  sponsored enterprise
  securities and treasury
  notes  315,336,579  $  146,679,510  $  -$  462,016,089  $


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 $57.4 million in TexSTAR as of June 30, 2024.

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 investments  of $495.9 million as of June 30,
2024. The redemption frequency is one day and there are no unfunded commitments.








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

Notes to Financial Statements
June 30, 2024


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, 2024, based on Standard  &
Poor’s ratings:

  Standard & Poor’s
  Inv  estm ent
  U.S. Gov ernm ent Sponsored Enterprise  Grade Rating  2024

 Federal Hom e Loan Bank  AA+  104,379,726  $
 State and Local Gov ernm ent Seri es (SLGS)  AA+  224,544,858
 US Treasury Note  Aaa  21,939,085
 Federal Agri cultural Mortgage Corp.  Not Rated  111,152,420
  Total  462,016,089  $

Fiduciary Fund Investments
As of June 30, 2024, the investments in the Pension Trust Fund (the Plan) totaled $1,101,081. The
investments 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, 2024, the Custodial Fund investment in Goldman Sachs totaled $7,361,090. 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, 2024. 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 invest ment type, concentration of credit risk, credit risk and
foreign currency risk are addressed with the Authority’s disclosure for amount held in Goldman Sachs.






  24

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

Notes to Financial Statements
June 30, 2024


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 in mutual funds invested in equity securities and are not subject to the disclosure
requirements as of June 30, 2024.

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 mutual funds holding equity securities and the mutual funds are not rated as of June 30, 2024.

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, 2024.

Note 3.  Capital Assets
The following schedule summarizes the capital assets of the Authority as of June 30, 2024:


  Disposals/
  2023  Additions  Adjustments  T ransfers  2024
  Nondepreciable assets:
  Construction in progress  351,786,027  $  169,526,880  $  (1,228,306)  $  (16,790,791)  $  503,293,810  $
  Right of way  88,149,606  -  -  -  88,149,606
  T otal nondepreciable assets  439,935,633  169,526,880  (1,228,306)  (16,790,791)  591,443,416

  Depreciable assets:
  Property and equipment  9,429,130  150,270  (1,868,117)  7,025,322  14,736,605
  T oll road:
  Building and toll facilities  7,073,225  -  -  -  7,073,225
  Highways and bridges  2,033,626,963  4,490,234  -  3,121,036  2,041,238,233
  T oll equipment  43,926,636  3,861,460  1,868,117  5,774,112  55,430,325
  Signs  18,312,157  517,645  -  870,321  19,700,123
  Land improvements  14,243,759  -  -  -  14,243,759
  Right to use—lease  1,286,881  -  -  -  1,286,881
  T otal depreciable assets  2,127,898,751  9,019,609  -  16,790,791  2,153,709,151
  Accumulated depreciation:
  Property and equipment  (7,683,735)  (1,749,249)  985,951  -  (8,447,033)
  Building and toll facilities  (2,843,264)  (176,748)  -  -  (3,020,012)
  Highways and bridges  (308,644,384)  (51,663,507)  -  -  (360,307,891)
  T oll equipment  (29,202,227)  (3,940,371)  (985,951)  -  (34,128,549)
  Signs  (6,943,580)  (1,270,938)  -  -  (8,214,518)
  Land improvements  (8,929,424)  (569,905)  -  -  (9,499,329)
  Right to use-lease  (288,961)  (351,634)  -  -  (640,595)

  T otal accumulated depreciation  (364,535,575)  (59,722,352)  -  -  (424,257,927)
  Net property and equipment  2,203,298,809  $  118,824,137  $  (1,228,306)  $  -$  2,320,894,640  $

Construction in progress as of June 30, 2024, consists of the following:


  2023  Additions  Disposals  T ransfers  2024
  Construction in progress:
  Preliminary and construction costs  332,222,158  $  164,944,769  $  (769,214)  $  (3,089,063)  $  493,308,650  $
  Collection system  19,563,869  4,582,111  (459,092)  (13,701,728)  9,985,160
  Net construction in progress  351,786,027  $  169,526,880  $  (1,228,306)  $  (16,790,791)  $  503,293,810  $




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

Notes to Financial Statements
June 30, 2024


Note 3.  Capital Assets (Continued)
Including amortization expense, depreciation expense for the years ended June 30, 2024, totaled
$59,722,352.

As of June 30, 2024, 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:


  Capital assets in non-System  project:
  Bui ldi ng and toll f aci liti es, net of  depreciation  186,292,336  $
  Toll equipm ent, net of  depreciation  2,572,841
  Total non-System  project in operati on  188,865,177  $


Note 4.  Notes and Bonds Payable
The following schedule summarizes total notes and bonds payable for the year ended June 30, 2024:


  Additions/  Amortization/  Due W ithin
  2023  Accretion  Deductions  2024  One Year

  Series 2010 Obligations (CAB bonds)  34,999,710  $  -$  -$  34,999,710  $  3,158,010  $
  Series 2010 CAB accretion  59,385,675  7,309,260  -  66,694,935  -
  Total 2010 Obligations  94,385,385  7,309,260  -  101,694,645  3,158,010

  Series 2011 Obligations (CAB Bonds)  7,651,138  -  (3,346,476)  4,304,662  3,183,732
  Series 2011 CAB accretion  8,551,200  819,638  (3,878,525)  5,492,313  -
  Total 2011 Obligations  16,202,338  819,638  (7,225,001)  9,796,975  3,183,732

  Series 2015A Bonds  10,000,000  -  10,000,000  1,000,000
  Total 2015 Obligations  10,000,000  -  -  10,000,000  1,000,000

  Sub Lien Refunding Bonds, Series 2016  71,435,000  -  (2,380,000)  69,055,000  2,770,000
  Sr. Lien Refunding Bonds, Series 2016  59,340,000  -  (12,295,000)  47,045,000  4,105,000
  Total 2016 Obligations  130,775,000  -  (14,675,000)  116,100,000  6,875,000

  Sr. Lien Revenue Bonds, Series 2018  44,345,000  -  -  44,345,000  1,000,000
  Total 2018 Obligations  44,345,000  -  -  44,345,000  1,000,000

  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  193,405,000  -  (5,890,000)  187,515,000  5,800,000
  Sub Lien Refunding Bonds, Series 2020  159,010,000  -  (4,010,000)  155,000,000  4,085,000
  Total 2020 Obligations  680,715,000  -  (9,900,000)  670,815,000  9,885,000


  Sub Lien Revenue Bonds, Series 2021A-TIFIA (183S)  318,847,509  3,510,420  -  322,357,929  -
  Sub Lien Revenue Bonds Series, 2021A-TIFIA (290E)  40,195,839  889,249  -  41,085,088  -
  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  332,585,000  -  (3,040,000)  329,545,000  3,185,000
  Senior Lien Revenue Bonds, Series 2021D  274,150,000  -  (500,000)  273,650,000  525,000
  Total 2021 Obligations  1,465,038,348  4,399,669  (3,540,000)  1,465,898,017  3,710,000


  71E Toll Project Obligation  51,918,221  -  (4,665,131)  47,253,090  -
  2022 MoPac Note  24,690,900  -  (925,000)  23,765,900  1,275,000
  Total Other Obligations  76,609,121  -  (5,590,131)  71,018,990  1,275,000

  Total notes, bonds and other obligations payable  2,518,070,192  12,528,567  (40,930,132)  2,489,668,627  30,086,742
  Net premium (discount) on rev enue bonds payable  198,030,634  -  (17,486,372)  180,544,262  -
  Total notes, bonds and other obligations payable, net  2,716,100,826  12,528,567  $  (58,416,504)  $  2,670,212,889  30,086,742  $
  Less current maturities of notes and bonds payable  (32,386,476)  (30,086,742)
  Total  2,683,714,350  $  2,640,126,147  $







  26

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

Notes to Financial Statements
June 30, 2024


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, 2024.

Interest on the Series 2010 Bonds will accrete from the date of initial delivery to stated maturity at rates
ranging from 7.20% to 7.85% and will compound on each July 1 and January 1, commencing July 1, 2010.
Such accreted and compounded interest will be paid as part of the maturity amount at stated maturity.

The amount of accumulated accreted interest on the Series 2010 Bonds as of June 30, 2024, was
$66.7 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 were used to (i) prepay and redeem certain outstanding
obligations of the Authority; (ii) finance a portion of the costs of the 290E Phase II Project and as otherwise
authorized in the Indenture; (iii) pay capitalized interest with respect to the Series 2011 Bonds; (iv) make a
deposit to the Senior Lien Debt Service Reserve Fund and (v) pay certain issuance costs of the Series  2011
Bonds.

The Series 2011 Bonds are scheduled to mature in 2023 through 2026 at an aggregated maturity amount
of $22.1 million. The principal amount of $4.3 million for the Series 2011 Bonds represents the total amount
of outstanding principal before the accreted and compounded interest as of June 30, 2024.

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.




  27

=== PDF PAGE 31 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 4.  Notes and Bonds Payable (Continued)
The amount of accumulated accreted interest on the Series 2011 Bonds as of June 30, 2024 was
$5.5 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 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 2023, $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, 2024, the outstanding principal amount 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.

The Series 2016 Senior Lien Bonds were issued as current interest bonds and are scheduled to mature in
2023 through 2027 and in 2041. Interest on the Series 2016 Senior Lien Bonds is calculated on the basis
of a 360-day year of 12, 30-day months at rates ranging from 3.375% to 5%. Interest on the Series 2016
Senior Lien Bonds is payable 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, 2024, the outstanding principal amount of the
Series 2016 Senior Lien Bonds was $47.05 million.

The Series 2016 Subordinate Lien Bonds were issued as current interest bonds and are scheduled to
mature in 2023 through 2036 and in 2041. Interest on the Series 2016 Subordinate Lien Bonds is calculated
on the basis of a 360-day year of 12, 30-day months at rates ranging from 3.125% to 5%. Interest on the
Series 2016 Subordinate Lien Bonds is payable on each July 1 and January 1, commencing January 1,
2017. As of June 30, 2024, the outstanding principal amount was $69.1 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.




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=== PDF PAGE 32 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 4.  Notes and Bonds Payable (Continued)
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, 2024, the
outstanding principal amount was $44.3 million.

Series 2020 Obligations: The Authority issued its Senior Lien Revenue Bonds, Series 2020A
(Series 2020A Bonds) on January 22, 2020. The Authority issued its Senior Lien Revenue Refunding
Bonds, Series 2020B (Series 2020B Bonds), its Senior Lien Revenue Refunding Bonds, Taxable
Series 2020C (Series 2020C Bonds) and its Subordinate Lien Revenue Refunding Bonds, Taxable
Series  2020D (Series 2020D Bonds) on September 23, 2020. The Authority issued its Senior Lien Revenue
Bonds, Series 2020E (Series 2020E Bonds), its Subordinate Lien Revenue Bond Anticipation Notes, Series
2020F (Series 2020F BANs) and its Subordinate Lien Revenue Refunding Bonds, Series 2020G (Series
2020G Bonds) on November 19, 2020. The Series 2020A Bonds, the Series 2020B Bonds, the Series
2020C Bonds, the Series 2020D Bonds, the Series 2020E Bonds, the Series 2020F BANs and the Series
2020G Bonds are collectively referred to as the Series 2020 Obligations.

Series 2020A Senior Lien Revenue Bonds:  The proceeds of the Series 2020A Bonds were used to (i)
prepay certain outstanding obligations of the Authority and (ii) pay certain issuance costs of the Series
2020A Bonds. The Series 2020A Bonds were issued as current interest bonds and are scheduled to mature
in 2026 through 2040 and in 2044 and 2049. Interest on the Series 2020A Bonds is calculated on the basis
of a 360-day year of 12, 30-day months at rate of 5%. Interest on the Series 2020A Bonds is payable on
each January 1 and July 1, commencing July 1, 2020. As of June 30, 2024, the outstanding principal
amount was $50.26 million.

Series 2020B Senior Lien refunding 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, 2024, the outstanding principal
amount was $54.3 million.

Series 2020C Senior Lien refunding Bonds:  The proceeds of the Series 2020C Bonds were used to (i)
refund and redeem certain outstanding obligations of the Authority and (ii) pay certain issuance costs of the
Series 2020C Bonds. The Series 2020C Bonds were issued as current interest bonds and are scheduled
to mature in 2024 through 2035 and in 2042. Interest on the Series 2020C Bonds is calculated 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, 2024, the
outstanding principal amount was $133.2 million.

Series 2020D Sub-lien refunding Bonds: The proceeds of the Series 2020D Bonds were used to (i) refund
and redeem certain outstanding obligations of the Authority; (ii) make a deposit to the Subordinate Lien
Debt Service Reserve Fund and (iii) pay certain issuance costs of the Series 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, 2024, the outstanding principal amount
was $93.4 million.



  29

=== PDF PAGE 33 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 4.  Notes and Bonds Payable (Continued)
Series 2020E Senior Lien Revenue Bonds: The proceeds of the Series 2020E Bonds will be used to (i)
finance the costs of various improvements and extensions of the System, including the costs of the 183A
Phase III Project, (ii) pay capitalized interest with respect to the Series 2020E Bonds, (iii) make a deposit
to the Senior Lien Debt Service Reserve Fund and (iv) pay certain issuance costs of the Series 2020E
Bonds. The Series 2020E Bonds were issued as current interest bonds and are scheduled to mature in
2029 through 2040 and in 2045 and 2050. Interest on the Series 2020E Bonds is calculated on the basis
of a 360-day year of 12, 30-day months at 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, 2024, 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. T he 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, 2024, the outstanding principal
amount was $110.8 million. The Series 2020F BANs will be refunded with the 2021A TIFIA Bonds.

Series 2020G Sub-lien refunding Bonds: The proceeds of the Series 2020G Bonds were used to (i) refund
and redeem certain outstanding obligations of the Authority and (ii) pay certain issuance costs of the Series
2020G Bonds. The Series 2020G Bonds were issued as current interest bonds and are scheduled to mature
in 2028 through 2040 and in 2045 and 2050. Interest on the Series 2020G Bonds is calculated on the basis
of a 360-day year of 12, 30-day months at 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, 2024, the outstanding principal
amount was $61.6 million.

Series 2021 Obligations: The Authority issued its Subordinate Lien Revenue Bonds, Taxable
Series 2021A (2021A TIFIA Bonds) on February 26, 2021. The Authority issued its Senior Lien Revenue
Bonds, Series 2021B (Series 2021B Bonds) and its Subordinate Lien Revenue Bond Anticipation Notes,
Series 2021C (Series 2021C BANs) 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 pr incipal 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).








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

Notes to Financial Statements
June 30, 2024


Note 4.  Notes and Bonds Payable (Continued)
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
2023, which were used to refinance certain outstanding obligations of the Authorit  y relating to the 183  South
Project and the 290E Phase III Project. The Authority has not receiv  ed any loan proceeds from the
183A Tranche of the 2021A TIFIA Loan. As of June 30, 2024, the Manor Expressway TIFIA Bond had an
outstanding balance of $41.1 million, which included accreted interest of approximately $2.5 million, as part
of the outstanding balance. As of June 30, 2024, the 183-S TIFIA Bond had an outstanding balance of
$322.4 million which included accreted interest of approximately $40.2 million as part of the outstanding
balance.

Series 2021B Bonds and Series 2021 BANs: A portion of the proceeds of the Series 2021B Bonds and
Series 2021C BANs will be used to finance and refinance the costs of designing, engineering, developing
and constructing the 183 North Mobility Project. The remaining proceeds of the Series 2021B Bonds and
Series 2021C BANs were used to (i) pay capitalized interest with respect to the Series 2021B Bonds and
the Series 2021C BANs, (ii) make a deposit to the Senior Lien Debt Service Reserve Fund and (iii) pay
certain issuance costs of the Series 2021B Bonds and the Series 2021C BANs.

The Series 2021B Bonds were issued as current interest bonds and are scheduled to mature in 2029
through 2041 and in 2046 and 2051. The Series 2021C BANs were issued as current interest bonds and
are scheduled to mature in 2027. Interest on the Series 2021B Bonds and Series 2021C BANs 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, 2024, the outstanding principal amount on the Series 2021B Bonds and Series 2021C BANs was
$255.07 million and $244.18 million, respectively.








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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 4.  Notes and Bonds Payable (Continued)
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, 2024, $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, 2024, the outstanding principal amount on the
Series 2021D Bonds was $273.7 million. As of June 30, 2024, the outstanding principal amount on the
Series 2021E Bonds was $329.5 million.

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, 2024, 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.






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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 4.  Notes and Bonds Payable (Continued)
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 2024, the Authority made principal payments on the TxDOT Reimbursement
Amount of approximately $4.7 million. As of June 30, 2024, the outstanding TxDOT Reimbursement
Amount was approximately $47.3 million.

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, 2024, the outstanding principal amount was $23,765,900.



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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 4.  Notes and Bonds Payable (Continued)
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, 2024, are as follows:


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

  2025  133,345,000  $  87,339,222  $  6,341,742  $  10,113,258  $  1,275,000  $  715,211  $
  2026  28,690,023  81,535,752  4,636,952  9,118,048  1,400,000  670,691
  2027  277,473,345  80,558,714  3,264,322  7,805,678  21,090,900  622,991
  2028  36,232,498  67,115,642  3,171,378  8,553,622  -  -
  2029  56,142,667  65,725,272  2,932,886  8,907,114  -  -
  2030-2034  375,636,838  292,074,093  10,901,927  45,788,073  -  -
  2035-2039  450,338,787  220,250,062  6,944,287  46,905,713  -  -
  2040-2044  504,695,032  133,740,035  1,110,878  9,914,121  -  -
  2045-2049  376,705,638  44,542,416  -  -  -  -
  2050-2054  67,898,189  3,384,756  -  -  -  -
  $  1,076,265,964  2,307,158,017  $  39,304,372  $  147,105,627  $  23,765,900  $  2,008,893  $


  Total Debt Service
  Principal  Interest


  2025 *  140,961,742  $  98,167,691  $
  2026  34,726,975  91,324,491
  2027  301,828,567  88,987,383
  2028  39,403,876  75,669,264
  2029  59,075,553  74,632,386
  2030-2034  386,538,765  337,862,166
  2035-2039  457,283,074  267,155,775
  2040-2044  505,805,910  143,654,156
  2045-2049  376,705,638  44,542,416
  2050-2054  67,898,189  3,384,756
  2055-2059  -  -
  Total 2,370,228,289  1,225,380,484  $
  SH 71E Obligation  47,253,090
  Accreted interest—CABs  72,187,248
  119,440,338
  $  2,489,668,627

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 $72,187,248. Additionally, the 2021A TIFIA Bonds also included accreted interest reflected on
the Statement of Net Position as additional principal and is reflected in the interest column in this table.

*  The Authority has executed an agreement with the U.S. Department of Transportation (2021A TIFIA
Bonds) for the refunding 2020F BANs due in 2025 in the amount of $110.8 million.  Accordingly, the related
balance is excluded from current portion on the Statement of Net Position.




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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


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, 2024 is composed of the following:



 Def erred outf lows f rom  bond ref undings  162,735,377  $
 Pension-related am ounts:
  Em ployer pension contribution  389,774
  Net dif f erence in pension inv estm ent experience  157,166
  Ex perience changes  286,423
  Assum ption changes  391,107
  $  163,959,847

The Authority’s deferred inflow of resources balance as of June 30, 2024 is composed of the following:

 Pension-related am ounts:
  Ex perience changes  32,820  $
  $  32,820


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 ri sks” 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 year 2024.

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 financial
statements and required supplementary information for the plan. That annual report may be downloaded
at http://www.tcdrs.com.





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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 7.  Employee Retirement Plan (Continued)
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 employees may
retire if their age plus years or service time add up to at least 75 or employees are allowed to retire at any
age when they have at least 30 years of service time.

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 Dist  rict 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, 2023:

  2023

 Inactiv e employees or benef iciaries currently receiv ing benef its  12
 Inactiv e employees entitled to, but not yet receiv ing benefits  15
 Activ e em ployees  29
  Total  56

Contributions: Plan members and the Authority are required to contribute at a rate set by statute. The
contribution requirements of plan members and the Authority are established and may be amended. For
2023, the contribution rate for the plan members was 7% of gross pay. The Authority pays a matching
portion to the pension plan totaling 18% of gross pay for 2023, which totaled $1,481,929.

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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 7.  Employee Retirement Plan (Continued)
Net pension liability: The Authority’s net pension asset was measured as of December 31, 2023, 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, 2023, were based on the results of an actu arial 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, 2023, actuarial valuation was determined using the following
actuarial assumptions, applied to all periods included in the measurement:

  2023
 Inflation  2.50%
 Salary increases (ex cluding inf lation—v aries by age and
  serv ice—av erage ov er career)  1% to 5.25%
 Inv estment rate of return  7.6%


Mortality rates were based on the following:

Depositing members: For the December 31, 2023, valuatio  n, 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.

Service retirees, beneficiaries and nondepositing members: For the December 31, 2023, 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. scale after 2010.

Disabled retirees: For the December 31, 2023, valuations, 160% of the Pub-2010 General Disabled
Retirees Amount-Weighted Mortality Table for males and 125% of the Pub-2010 General Disabled Retirees
Amount-Weighted Mortality Table for females, both projected with 100% 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.














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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 7.  Employee Retirement Plan (Continued)
The capital market assumptions and information shown below are provided by TCDRS’ investment
consultant based on December 31, 2023, 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. T otal Stock Market Index  11.5%  4.75%
  Global Equities  MSCI W  orld (net) Index  2.5%  4.75%
  International Equities—Developed  MSCI W  orld Ex USA (net)  5.0%  4.75%
  International Equities—Emerging  MSCI EM Standard (net) index  6.0%  4.75%
  Investment—Grade Bonds  Bloomberg Barclays U.S. Aggregate Bond Index  3.0%  2.35%
  Strategic Credit  FT SE High-Yield Cash-Pay Capped Index  9.0%  3.65%
  Direct Lending  Morning Star LST A US Leveraged Loan T R USD Index  16.0%  7.25%
  Distressed Debt  Cambridge Associates Distressed Index (3)  4.0%  6.90%
  REIT  Equities  67% FT SE NAREIT  Equity REIT s Index plus 33%  2.0%  4.10%
  S&P Global Real Estate Index
  Master Limited Partnerships (MLPs)  Alerian MLP Index  2.0%  5.20%
  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%  7.75%
  Capital Index (5)
  Hedge Funds  Hedge Fund Research, Inc. Fund of Funds Composite
  Index  6.0%  3.25%
  Cash Equivalents  90-Day U.S. T reasury  2.0%  0.60%


(1)  Target asset allocation adopted at the March 2024 TCDRS Board meetings.

(2)  Geometric real rates of return equal the expected return for the asset class minus the assumed
  inflation rate of 2.2%, per Cliffwater’s 2024 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,
2023. 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.

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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 7.  Employee Retirement Plan (Continued)
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.

  Changes in Net Pension Liability (Asset) 2023
  I nc r eas e ( D ec r eas e)
  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, 2022  14,393,683  $  15,440,317  $  (1,046,634)  $
  C han ges  f or  t h e year :
  Service cost  699,095  -  699,095
  Interest on total pension liability (1)  1,121,730  -  1,121,730
  Ef f ect of  plan changes (2)  4,495,140  -  4,495,140
  Ef f ect of  economic/demographic (gains) or losses  236,488  -  236,488
  E f  f ec t  of  as s ump t ions  c han ges  or  inp ut s  -  -  -
  Ref und of  contributions  (12,547)  (12,547)  -
  Benef it payments  (666,215)  (666,215)  -
  Administrative expenses  -  (9,553)  9,553
  Member contributions  -  292,994  (292,994)
  Net investment income  -  1,707,754  (1,707,754)
  E mployer  c ont r ib ut ion s  -  1,481,929  (1,481,929)
  Other (3)  -  61,068  (61,068)
  Balances as of  December 31, 2023  20,267,374  $  18,295,747  $  1,971,627$

(1)  Reflects the change in the liability due to the time value of money. TCDRS does not charge fees or
  interest.

(2)  Reflects the increase in substantively automatic COLA value and, if any, plan changes in 2024.

(3)  Relates to allocation of system-wide items.














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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 7.  Employee Retirement Plan (Continued)
Sensitivity analysis: The following presents the net pension asset/liability of the Authority as of
December 31, 2023, 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.

  Decem ber 31, 2023
  Current
  1.0% Decrease  Discount Rate  1.0% Increase
  6.6%  7.6%  8.6%

  Total pension liability  23,188,279  $  20,267,374  $  17,851,369  $
  Fiduciary net positi on  18,295,748  18,295,747  18,295,748
  Net pension liability (asset)  4,892,531  1,971,627  (444,379)

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, 2023:

  Pension Expense (Incom e)  2023

  Service cost  699,095  $
  Interest on total pension liability (1)  1,121,730
  Effect of plan changes  4,495,140
  Adm inistrative expenses  9,553
  Mem ber contributions  (292,994)
  Expected investm ent return net of investment expenses  (1,216,277)
  Recognition of deferred inflows/outflows of resources
  Recognition of econom ic/ dem ographic gains or losses  33,456
  Recognition of assum ption changes or inputs  93,108
  Recognition of investm ent gains or losses  (192,304)
  Other( 2)  (61,068)
  Pension expense  4,689,439  $

(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.











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Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


Note 7.  Employee Retirement Plan (Continued)
Deferred inflows and outflows of resources: the deferred inflows and outflows of resources are as
follows:

  December 31, 2023
  Deferred Inflows/  Deferred Outflows  Deferred Inflows
  Outflows of Resources  of Resources  of  R es our c es

  D i f f er enc es  bet ween expec t ed and ac t ual exper ienc e  286,423$  32,820$
  Changes of assumptions  391,107  -
  N et  dif f  er en c e bet ween pr ojec t ed  and  ac t u al ear ning s  157,166  -
  Contributions made subsequent to measurement date  389,774  -
  $  32,8201,224,470$

Contributions made subsequent to the measurement date are eligible employer contributions made from
January 1, 2024 through June 30, 2024 and will reduce the net pension liability for the year ended June 30,
2025. Amounts 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 Decem ber 31:
  2025  76,133  $
  2026  133,014
  2027  487,300
  2028  31,595
  2029  73,834
  $  801,876


Note 8.  Disaggregation of Receivable and Payable Balances
Due from other agencies are comprised of current intergovernmental receivables for maintenance and
construction reimbursements and amounts due from other entities related to toll tag transactions on the
Authority’s toll roads. The Authority does not issue toll tags; however, the Authority has contracted 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, 2024 and 2023. Accounts payable
balances are comprised of 100% current payables to  contractors and vendors at June 30, 2024.

As of June 30, 2024, the receivable from TxDOT comprises 57.2%. The total balances are as follows:

  2024

  TxDOT  16,876,779  $
  Gross billed tolls net of allowance (allowance of $50.3 million)  8,167,796
  Other governm ents  4,442,219
  Total  29,486,794  $







  41

=== PDF PAGE 45 ===
Central Texas Regional Mobility Authority

Notes to Financial Statements
June 30, 2024


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, 2024, the Authority has the 183 North Project and the 183A PH
III Project which are significant ongoing toll projects with capital budgets of appr  oximately $612 million and
$259 million, respectively. The Authority’s construction commitments related to its 183 North and 183A PH
III toll projects are approximately $324.4 million and $185.2 million, respectively as of June 30, 2024. All
contracts contain a termination for convenience clause in which such contracts may be terminated, in whole
or in part, for the convenience of the Authority.

CAMPO Interlocal Agreement: Capital Area Metropolitan Planning Organization (CAMPO) is the
designated metropolitan planning organization for Central Texas. As part of the designated planning
organization, CAMPO received approximately $136 million in grant funds of which $130 million was
allocated to the MoPac Improvement Project. The funding received was made available for transportation
projects in the Austin area. As part of the construction of the MoPac Improvement Project, the Authority
executed an agreement with CAMPO. The 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 CA  MPO. The Authority contributed
deposits into the RIF account from the surplus revenue from the MoPac Improvement Project. The amounts
placed in the RIF account in accordance with the agreement are to be used to fund other CAMPO identified
transportation projects in the region. As of June 30, 2024, the Authority has contributed 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 contribution into the RFI is done annually on September 1
and resulted in RIF contribution of $6.0 million for fiscal year ended June 30, 2024.

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, 2024, lease payments consistent of the following:

  Principal  Interest

 2025  539,329  $  26,465  $
 2026  410,575  6,196
  $  32,661  949,904  $

Litigation:  As of June 30, 2024, 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.












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

Notes to Financial Statements
June 30, 2024


Note 10.  Authority’s Tolling System and Segment Disclosure
During fiscal year 2024, the Authority had non-System assets, the MoPac Improvement Project, which
generated approximately 12 million transactions, and approximately $16.3 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.

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


  Assets and Def erred Outf l ows  2024

  Current assets  427,354,760  $
  Restricted assets  595,475,956
  Capital assets  2,132,029,462
  Total assets  3,154,860,178
  Def erred outf lows of  resources  163,959,847
  Total assets and def erred outf lows of  resources  3,318,820,025 $
  Liabi lities and Def erred Inf l ows

  Current liabili ties  119,111,280 $
  Noncurrent liabilities  2,618,742,449
  Total liabilities  2,737,853,729
  Def erred inf lows of  resources  32,820
  Total liabilities  and def erred inf lows of  resources  2,737,886,549
  Net position:
  Total net positi on  580,933,476
  Total liabilities, deferred inflows of resources
  and net position  3,318,820,025 $











  43

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

Notes to Financial Statements
June 30, 2024


Note 10.  Authority’s Tolling System and Segment Disclosure (Continued)
  Statem ents of  Rev  enues, Ex penses and Changes i n Net Position


  2024

  Operating rev  enues  222,237,543  $
  Operating ex penses, including depreciation and amortization  107,048,984
  Operating incom e  115,188,559
  Total net nonoperati ng rev  enues (ex penses)  (32,787,997)
  Change in net position bef ore capital grants and contributions  82,400,562
  Total capital grants and contributions  -
  Change in net position  82,400,562

  Total net position at beginni ng of  year  498,532,914
  Total net position at end of  year  580,933,476  $


  Statem ent of  Cash Flows

  2024

  Net cash f lows prov ided by operating activ ities  170,695,247  $
  Net cash f lows prov ided by capital  and related f inancing activ  ities  (304,013,367)
  Net cash f lows used in i nv esting activ ities  37,685,490
  Net decrease in cash and cash equiv alents  (95,632,630)
  Cash and cash equiv alents at begi nning of  year  853,544,827
  Cash and cash equiv alents at end of  year  $  757,912,197


Note 11.  Subsequent Events
Subsequent events have been evaluated through October 30, 2024, the date the  financial statements were
available to be issued. On August 9, 2024, S&P Global Ratings 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
bonds to A from A-.

















  44

=== PDF PAGE 48 ===


=== PDF PAGE 49 ===
  Central T exas Regional Mobility Authority

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


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

  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%
  2023  470,884  1,481,929  (1,011,045)  4,185,632  35.4%

(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.


































  46

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

Required Supplementary Information—Pension Plan (Continued)
Notes to Schedule of Employer Contributions and Net Pension Liability
June 30, 2024

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 increase 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 is considered to be
  substantively automatic under GASB Statement
  No. 68. Therefore, an annual 100% CPI
  cost-of-living adjustments is included in the GASB
  calculations. No assumption for future cost-of-living
  adjustments is included in the funding valuation.



















  47

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

Required Supplementary Information—Pension Plan (Continued)
Notes to Schedule of Employer Contributions and Net Pension Liability
June 30, 2024

Demographic assumptions—related to December 31, 2023 and 2022 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.











  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, 2024

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 Withdrawal
  Years of Service  Probability  Years of Service  Probability

  0  100%  15  26
  110016  25
  210017  24
  310018  23
  410019  22
  54020  21
  63821  20
  73622  19
  83423  19
  93324  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.




























  49

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

  Supplementary Information—Indenture Cash Flow and Debt Service Coverage
  June 30, 2024


  Toll  rev enues*  150,742,331  $
  Video and Fee Rev enues*  71,452,816
  Interest incom e av ail able to pay debt serv ice  52,962,508
  T otal revenues  275,157,655
  Less system  operating ex penses  (35,646,469)

  Rev  enues av  ailable f or rate cov enant and additional bonds tests  239,511,186

  Net senior lien debt serv ice  63,542,651  $
  Net subordinate lien debt serv ice  32,879,096
  T otal net debt service  96,421,747

  Debt serv ice cov erage ratios f or rate cov enant and addi tional bonds test:
  Senior lien obligations  3.77
  Senior and subordi nate lien obligations  2.48
  Less  system  m aintenance ex penses  (5,536,620)
  Revenues available for debt service  233,974,566

  Debt serv ice cov erage ratios f or rev enues av ail able f or debt serv  ice:
  Senior lien obligations  3.68
  Senior and subordi nate lien obligations  2.43
  Less total net debt serv ice  (96,421,747)

  Annual excess**  137,552,819  $

*  Total operating revenue for segment reporting of $222.2 million consists of toll revenue and excludes
  miscellaneous revenue and interest income.

**  Subject to reserve policies.























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=== PDF PAGE 54 ===
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  AUSTIN, TX 78705
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