
=== PDF PAGE 1 ===
  basiC FinanCial
  s  tat  emen  t  s

  Fiscal Year Ending:
  September 30, 2024

  Prepared By:
  Michael Post, CPA, CIA
  Harris County Auditor











































HARRIS COUNTY TOLL ROAD AUTHORITY  |  ENTERPRISE FUND  |  A DEPARTMENT OF HARRIS COUNTY, TX

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  Toll Road Authority

  Enterprise Fund of Harris
  County, Texas
  Financial Statements As of September  30, 2024
  and for the Year Then Ended and Independent
  Auditor’s Report


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  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  BASIC FINANCIAL STATEMENTS
  FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
  TABLE OF CONTENTS

  PAGE
Introductory Section
County Auditor’s Letter of Transmittal  1

Financial Section
Independent Auditor’  s Report  5
Management’s Discussion and Analysis  8

Basic Financial Statements:

S  tatement of Net Position  15
Statement of Revenues, Expen  ses and Changes in Net Position  16
St  atement of Cash Flows  17

Notes to the Financial Statements
  1.  Summary of Significant Accounting Policie  s  18
  2. De  posits and Investments  22
  3.  Other Receivables  and Unearned Revenue  28
  4.  Prepaids and Other Assets  28
  5.  Capital Assets  29
  6.  Long-  term Liabilities  30
  7.  Retirement Plan  34
  8.Other Poste  mployment Benefits  40
  9.Commitments  and Contingencies  46
  10.Transfers and Advances  47
  11. Recent Accounting Pronouncements  47

Required Supplementary Information
Schedule of Changes in  Total OPEB Liability and  Related Ratios  48
Schedule of Changes in Net PensionLiability/(  Asset) and Related Ratios  49
Texas County and District Retirement System -  Schedule of Employer Contributions  50


Other Information  Schedule  PAGE

Traffic Count Table  1  53
Toll Rate Schedule  2  54
Toll Road Selected Financial Information  3  55
Historical Toll Road Operating Results and Coverages  4  56
Revenues by Toll Road Components/Segments  5  57
Toll Road Bonds Debt Service Requirements  6  58
Outstanding Toll Road Tax Bonds  7  59
Outstanding Toll Road Senior & First Lien Revenue Bonds  8  60



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  TOLL ROAD AUTHORITY ENTERPRISE  FUND OF HARRIS COUNTY, TEXAS
  BASIC FINANCIAL STATEMENTS
  FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024
  TABLE OF CONTENTS (Continued)


Other Information (Continued)  Schedule  PAGE

Operating Funds Budget for the County’s Fiscal Y  ear 2024-  2025  9  61
County Capital Projects Funds Budgeting  10  62
County Tax Debt Outstanding  11  63
Schedule of County-  wide Ad Valorem Tax Debt Service Requirements  12  64
County-  wide Authorized but Unissued Bonds  1365
Full-Time Equivalent County Employees by Function/Program -  Last
  Ten Fiscal Years  1466













































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Leslie Wilks Garcia, M.Jur., CPA, CFE  Glenn Holloway, CPA, CIA, CFE
First Assistant County Auditor  Chief Assistant County Auditor –  Audit Division

  Sharon Brantley Smith, MBA, CIA, CFE
  Chief Assistant County Auditor –  Harris Health



  M  ICHAEL  P  OST  ,  CPA,  CIA
  HARRIS  COUNTY  AUDITOR



  March 28, 2025

  Honorable District Judges of Harris County,  Honorable Members of the Harris County Commissioners
  Court , and Citizens of Harris County, Texas

  The Harris County Auditor's Office (the “Auditor’s Office”) is pleased to present the  Basic Financial
  Statements of the Harris County Toll Road Authority Enterprise Fund (the “  Authority”), a department of
  Harris County, Texas (the “  County”)  for the fiscal year ended  September 30,  2024  .  This report is
  submitted in accordance with Section 114.025 of the Texas Local Government Code and was prepared
  by the staff of the County Auditor's Office.The  Basic Financial Statement s of the Authority includes all
  disclosures necessary to enable the reader to gain an understanding of the Authority’s  financial activities.
  The information and data contained herein are accurate in all material respects and are reported in a
  manner designed to present fairly the financial position and result  s  of operations of the  Authority  in
  accordance with generally a  ccepted accounting  principles  in the United States of America  (“GAAP”).

  The  Financial Statements  consist of management’s representations concerning the finances of  the
  Authority, a department of  the County, and management assumes full responsibility for the completeness
  and reliability of all of the information presented in this report.  To provide a  reasonable basis for making
  these represen tations,  management of the Authority  has established a comprehensive internal control
  framework that is designed both to protect the government’s assets from loss, theft, or  misuse, and to
  compile sufficient reliable information for the preparation of the Authority’s  financial statements in
  conformity with GAAP.  Because the cost of internal controls should not outweigh their benefits, the
  Authority’s  comprehensive framework of internal controls has been designed to provide reasonable,
  rather than absolute, assurance that the financial statements are free from material misstatement.

  The Authority’s  financial statements were audited by Deloitte & Touche LLP, an independent audit firm.
  The goal of the independent audit was to provide reasonable assurance that the financial statements of
  the  Authority  for  the  fiscal year ended September 30, 2024,  are free of material misstatement.  The
  independent auditor concluded based upon the audit that there was a reasonable basis for rendering an
  unmodified  opinion  that the  Authority’s  financial statements are fairly presented in conformity with
  GAAP  in all material respects.  The independent auditor’  s report is presented as the first component of
  the financial section of this report.  Management’s  discussion and a  nalysis (MD&A), which immediately
  follows the independent auditor  ’  s report, provides a narrative introduction, overview, and analysis of the
  basic financial statements.  The MD&A complements this letter of transmittal and should be read in
  conjunction with it.







  1001 Preston, Suite 800
  Houston, Texas 77002-1817
  (832)  927-4600 | Fax (713) 755  -8932 | Help Line (832) 927-4558

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  PROFILE OF THE AUTHORITY

History, Location, and Population
The Authority was established in 1983 by the Harris County Commissioners Court pursuant to Chapter
284 of the Texas Transportation Code.  Also in 1983, Harris County voters authorized  issuance of up to
$900 million in bonds to construct, operate and maintain toll roads in Harris County.

The Authority operates and maintains the following  roadways.  The six -mile  Tomball Tollway  opened
in 2015  along the State Highway  249 corridor between  Spring Cypress Road and Farm to Market Road
2920.  The Katy Managed Lanes extend 12 miles from State Highway 6 to  Interstate  610.The Sam
Houston Tollway is the second  -most outer loop encompassing the City of Houston and surrounding areas
within Harris County and spans a distance of approximately  70 miles.  Harris County’s  13 mile segment
of the Westpark Tollway begins at I  nterstate 610 and extends to the  County line and  offers an alternative
east-west corridor for West Houston residents.  The Hardy Toll Road generally parallels Interstate 45
and spans approximately 21 miles with an additional 2-mile connecti  on to George Bush Intercontinental
Airport.  The Fort Bend Parkway extension (Spur 90A) covers a distance of approximately 2 miles.

Harris County is located in the upper Gulf Coast in Southeast Texas approximately 50 miles from the
Gulf of Mexico.  The County’s populati  on has grown to an estimated  4.8  million residents.  Harris County
continues to be the nation’s third largest county in terms of population and one of the fastest growing
counties with  35%  growth since 2003  .  Over a 20-  year period, Harris County’s population has grown
more than twice as fast as the nation’s population.  This growth has created  transportation challenges that
the Authority is  responding  to by connecting communities  and improving mobility through a commitment
to excellence in the operation of a toll road system.

  Population Growth 2003-  2023



  15%
  35%
  -1%
  -4%


  -5%  0%  5%  10%  15%  20%  25%  30%  35%

  USA  Harris County  LA County  Cook County

Authority Structure and Services
The Authority relies on charges from users of the toll road system to fund operations, debt service, and
future projects.

The Authority is organized into multiple operating units, all of which report directly to the Executive
Director, as follows: (i) Administration; (ii) Capital Planning; (iii) Capital Projects & Infrastructure  ; (iv)
Tolling Operations; (v) Public Safety & Operations; (vi)  Communications  ; and (vii) Finance & Strategic
Operations Support  . The Authority is  provided legal services by the County Attorney’s Office and other
support services, such as law enforcement and traffic incident management, by the County  . As of
September 30, 2024, the Authority had 949  full-time employees; in addition, the Authority had  138 ope n
full-time positions that it plans to fill during the next fiscal year.





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Budget Process
In accordance with Chapter 111 of the  Texas  Local Government Code, the County prepares and adopts
an annual operating  budget, which  serves as a financial plan for the Authority  for the new fiscal year
beginning  October  1.  The County Auditor is responsible for the preparation of the annual estimate of
available resources for the County (including the  Authority) to be used in the preparation of the annual
budget.  The County budget (  including the  Authority’s  budget)  may not exceed the available resources
of the County funds as determined by the County  Auditor.  After adoption of the budget by
Commissioners Court, the County Auditor is responsible for ensuring the expenditures  /expenses  are
made in compliance with budgeted appropriations.  The level of budgetary control for the A  uthority is at
the  fund level.  Commissioners Court may also adopt supplemental budgets for the limited purposes of
spending grant or aid money, for capital projects through the issuance of  debts,  for  intergovernmental
contracts, and  for  new source s of  revenue not anticipated at the original budget adoption.  Encumbrance
accounting is utilized to ensure effective budge  tary control and accountability.

  INFORMATION USEFUL IN ASSESSING ECONOMIC CONDITION

Local Economy
Economic conditions have a direct impact on the County’s revenues and demand for services.  Harris
County has experienced tremendous growth since the start of the 21st century with an expanding,
diversified local economy that has outperformed most of the country.  The energy business has played a
large  part in this growth, along with the relatively low cost of living, affordable housing, and an
expanding transportation system.

The Houston region is designated as the Houston-The Woodlands-Sugar Land Metropolitan Statistical
Area (MSA), and it comprises Harris County and eight other counties. The U.S. Bureau of Economic
Analysis estimates metro Houston’s Gross Domestic Product (GD  P) at approximately $696.9  billion.
Twenty-four  companies on the 2024  Fortune 500 list are headquartered in the  Houston area.  No single
industry dominates Houston employment.

The current price of West Texas Intermediate (WTI) crude oil as of  September  2024  is approximately
$70  per barrel, which is a  decrease from September 2023 per the U.S. Energy Information Administration.
Oil prices decreased  in the last year due to many factors in the economy.

The  preliminary  September  2024  unemployment rate for the Houston MSA was 4.4%  compared to the
national average of 4.1  %.  The State’s preliminary  unemployment rate for  September 202  4was 4.  1%.

The Houston-  The Woodlands-Sugar Land, Texas area had a Consumer Price Index (CPI) that was .2%
higher than other large urban areas as calculated for September  2024  by the Bureau of Labor Statistics.  The
Houston area’s higher  CPI-Urban is due in part to a higher  CPI for all items less food and energy than other
large urban areas.

Houston has one of  the world’s busiest ports and an excellent airport system that are integral components
of the regional economy. The Port of Houston is one of the largest ports in the world.  The Port of Houston
includes the Houston ship channel, which connects the Houston area terminals and the Gulf of Mexico, and
is the location of one of the world’s largest petrochemical complexes.  The Houston Airport System includes
three airports and has nonstop flights from Houston to more than 182  destinations and  five continents.  The
airport system served over 62.6  million passengers in the 12 months ending October  2024, and is recognized
worldwide as a key global gateway with strong connectivity to Latin America.

Per the Multiple Listing Service of the Houston Association of Realtors, sales of single-family homes
increased  1.7% in  September of 2024  versus September of 2023.  Inventory expanded from a 3.4-  months
supply to 4.4-  months over the last 12 months, remaining unchanged from the previous month and the
highest since September 2012.


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Financial  Policies and Long-  Term Financial Planning
Key elements in maintaining the County’s financial strength and high bond rating are the County’s
management of investments and debt (including the investments and debt of the  Authority).  The Harris
County Investment Policy,  including investment strategies,  is reviewed and approved at least annually by
Commissioners Court.  Additional information regarding the County’s investment and debt management
has been included in Note 2 of the notes to the Authority’s  financial statements, Deposits and Investments,
and Note 6 of the notes to the  Authority’s  financial statements  , Long-Term Liabilities.

Risk management and self-insurance with stop-  loss policies (as applicable) for medical, workers’
compensation, and property continue to be effective.  Various actuarial studies are periodically performed
to aid in liability calculation  , as well as financial planning.

The  County provides retirement for all of its employees (excluding temporary employees) through the
Texas County and District Retirement System (TCDRS).  The County’s net pension liability  at  September
30,  2024,  was  $411,921,227  which includes the Authority’  s net pension liability  of  $16,033,757.The
County currently provides a postemployment healthcare plan; the Total OPEB liability  was $3,889,013,413
at September 30, 2024, which includes $166,679,414  for the Authority.  Additional information regarding
the County’s retirement plan and post  employment healthcare plan is located in Notes 7 and 8  of the notes
to the Authority’s  financial statements .

Major Initiatives
The Authority’s conversion of the County’s toll road system to an all  -electronic tolling implementation is
currently underway as approved by Commissioners Court. In January 2023 Commissioners Court approved
a Toll Setting Policy to address the Authority’s current operational structure, specifically the elimination of
cash tolls in the lanes, and approved to lower the proposed tolls by providing a 10% discount for 2-  axle EZ
Tag account holders, the updated policy with the discount went into effect September 4, 2023. The
Authority foresees that the updated Toll Setting Policy and the EZ Tag discount will encourage additional
customers to sign up to obtain an EZ Tag and the traffic in the toll road to increase  In addition, the Authority
continues to focus on a strategic plan to chart a roadmap for the future of the agency with these main areas
of focus: a framework for resiliency and sustainability programming, and long-  range capital planning which
advances projects in line with Commissioners Court’s overall vision for transportation for the County.

  ACKNOWLEDGMENTS

The timely completion of this report could not have been achieved without the dedicated efforts of the
Auditor’s Office  and the professional services provided by our independent auditor, Deloitte & Touche
LLP.  I wish to express my gratitude to  Commissioners Court, District Judges, and other County officials
and departments for their interest and support in planning and conducting the financial affairs of the
Authority in a responsible and professional manner.

  REQUEST FOR INFORMATION

This financial report is designed to provide an overview of the Authority’s  finances for individuals who are
interested in this information.  Questions concerning any of the data provided in this report should be
addressed to the County Auditor’s Office, 1001 Preston,  Suite 800, Houston, Texas 77002. Additional
financial information is provided on the County Auditor’s webpage, which  can be accessed from the
County’s  website, www.co.harris.tx.us.




  Michael Post, CPA, CIA
  County Auditor


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INDEPENDENT AUDITOR’ S REPORT

County Judge Lina Hidalgo
and Members of Commissioners
Court of Harris County, Texas:

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of the  Toll Road Authority Enterprise Fund (the “  Authority”  ) of
Harris County, Texas (the “  County”  ), as of and for the year  ended September  30,  2024  , and the related
notes to the 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 financial position of the  Authority of Harris County, Texas,  as of September  30,  2024, and
the changes in its financial position, and cash flows thereof for the  year then ended in accordance with
accounting principles generally accepted in the United States of America.

Basis for Opinion

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 County,  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 opinion.

Emphasis of Matter—  Presentation

As discussed in Note  1, the financial statements present only the Authority and do not purport to, and
do not, present fairly the financial position of Harris County, Texas, as of Septembe  r 30,  2024, the
changes in its financial position, or, where applicable, its cash flows for the year then ended in
accordance with accounting principles generally accepted in the United States of America. Our opinion is
not modified with respect to this matter.

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.






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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 opinion. 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.

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.

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 Management’s
Discussion and Analysis, Schedule of Changes in Total  OPEB liability and Related Ratios, Schedule of
Changes in Net Pension Liability/(Asset) and Related Ratios, and the Texas County and District
Retirement System—  Schedule of Employer Contributions 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 GAAS, 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.




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Other Information

Management is responsible for the other information included in the annual report. The other
information comprises the Introductory Section and Other Information sections but does not include the
basic financial statements and our auditor’ s report thereon. Our opinion on the basic financial
statements does not cover the other information, and we do not express an opinion or any form of
assurance thereon.

In connection with our audit of the  basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and
the basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.






March 28, 2025






































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Toll Road Authority Enterprise Fund of Harris County, Texas
Management’s Discussion and Analysis
For the Fiscal Year  End  ed September 30, 2024

This  section of the  Toll Road Authority  Enterprise Fund  of Harris County  financial statements presents
management’s discussion and analysis (MD&A) of the financial performance of the Harris County Toll
Road Authority (the “Authority”)  during the fiscal year en  ded September 30, 2024.

The Authority is an enterprise fund of Harris County, Texas (the “County”) and is included in the County’s
financial statements.  This analysis presents information about the Authority and its operations and activities
only and is not intended to provide information about the entire County. Please read this section in
conjunction with the financial statements and related notes following this section.

FINANCIAL HIGHLIGHTS

•  Total net position is  comprised of the following:

  (1)  Net investment  in  capital assets  of  $995,684,516  ,  includes  total capital assets, less accumulated
  depreciation/amortization  , less all outstanding principal of capital-related borrowings, capital
  related liabilities, plus capital-related deferred outflows and any unspent debt  proceeds.This
  category of net position  decreased $69,256  ,497 from the previous year, primarily due to an increase
  in bonds payable.

  (2)  Net position of $366,194  ,071  is  restricted by constraints imposed from outside the Authority suc  h
  as debt obligations, laws, or regulations. Restricted net position  increased  by $110,462,534  from
  the prior year  , primarily due to a larger debt issuance in the current year.

  (3)  Unrestricted net position  of $781,988,574  represents  the portion available to meet ongoing
  obligations of the Authority.  Unrestricted net position  increased  $172,443,755  from the previous
  year.
  Net  Position Comparison


  $1,000,000,000

  $800,000,000

  $600,000,000

  $400,000,000

  $200,000,000

  $0
  Net investment in capital assets  Restricted net position  Unrestricted net position
  9/30/2024  9/30/2023


OVERVIEW OF THE FINANCIAL STATEMENTS

MD&A  is  intended to serve as an introduction to the Authority’s basic financial statements.  The
Authority’s basic financial statements  are comprised of 1) Financial Statements  and 2) Notes to the
Financial Statements.




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Toll Road Authority Enterprise Fund of Harris County, Texas
Management’s Discussion and Analysis
For the Fiscal Year  End  ed September 30, 2024

Financial Statements for the Authority include the Statement of Net Position, the Statement of Revenues,
Expenses and Changes in Net Position, and the Statement of Cash Flows.  Since the Authority is an
enterprise fund, its financial statements are presented with a flow of economic resources measurement focus
and use the accrual basis of accounting.  Funds are a self -balancing set of accounts used to maintain control
over resources that have been segregated for specific activities or objectives.  Fund accou nting is  used to
account for resources that are segregated for specific purposes in accordance with special reg  ulations,
restrictions, or limitations.  The Authority is used to account for the acquisition, operation and maintenance
of toll roads within Harris County.

Notes to the Financial Statements  provide additional information that is essential to a full understanding
of the data provided in the financial statements.  The notes can be found  beginning on page 18 of this report.


FINANCIAL ANALYSIS

The total net position  of the Authority  as of September 30, 2024  was $2,143,867,161 and $1,930,217,369
as of September 30  ,  2023.  Revenues exceeded expenses  and transfers out,  increasing  net position by
$213,649,792  from last year  .

  Harris County Toll Road Authority Enterprise Fund
  Condensed Statement of Net Position
  September 30, 2024 and September 30, 2023
  (Amounts in thousands)

  9/30/2024  9/30/2023
  Current assets  2,085,771$  1,181,479$
  Capital assets, net  3,491,158  3,322,409
  Other non-current assets  193,432  177,194
  Total assets  5,770,361  4,681,082

  Deferred outflows of resources  113,251  93,152

  Current liabilities  406,832  365,386
  Non-current liabilities  3,286,345  2,423,003
  Total liabilities  3,693,177  2,788,389

  Deferred inflows of resources  46,568  55,628

  Net position:
  Net investment in capital assets  995,685  1,064,941
  Restricted  366,194  255,731
  Unrestricted  781,988  609,545
  Total net position  2,143,867$  1,930,217$


The largest portion of the Authority’s current fiscal year  net position is net investment in capital assets. The
remaining balance of the Authority’s current  fiscal year net position represents unrestricted, which is used
for the ongoing operations of the Authority,  and restricted net position, which is subject to external
restrictions on how it may be used. The Authority’s restricted net position is for capital projects, debt
service, and operating reserve per debt covenant s and other purposes.


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Toll Road Authority Enterprise Fund of Harris County, Texas
Management’s Discussion and Analysis
For the Fiscal Year  End  ed September 30, 2024


The following table reflects how the Authority’s  net position  changed during the year  :

  Harris Co unty To ll Ro ad Autho rity Enterprise Fund
  Statement o f Revenues, Expenses and Changes in Net Po sitio n
  (In Tho usands)
  Fo r the Fiscal Year Ended September 30, 2024 and September 30, 2023

  9/30/2024  9/30/2023
  Revenues:
  Operating revenues:
  T oll revenues  874,475$  896,351$
  Nonoperating Revenues:
  Investment income  86,026  36,901
  Lease income  8  8
  Miscellaneous income  1,777  1,944
  Gain on disposal of capital assets  337  -
  T otal revenues  962,623  935,204
  Expenses:
  Operating Expenses:
  Salaries  95,939  80,707
  Materials and supplies  23,358  29,376
  Services and fees  210,496  213,417
  U t ilit ie s  4,503  4,255
  T ransportation and travel  4,165  4,356
  Depreciation and amortization  126,783  113,765
  Nonoperating Expenses:
  Interest expense  84,303  73,092
  Debt service fees  4,926  1,435
  Amortization expense  1,098  1,315
  Loss on disposal of capital assets  -  3,392
  T otal expenses  555,571  525,110

  Income before transfers  407,052  410,094
  T ransfers out  (193,402)  (369,300)
  Change in net position  213,650  40,794
  Net position - beginning  1,930,217  1,889,423
  Net position - ending  2,143,867$  1,930,217$


Revenues

Total revenues for fiscal year 2024  were $962,623,848  an  increase of $27,  419,134  compared to the previous
fiscal year. Revenues  for  fiscal year  202  3  were  $935,204,714.  This  increase  was largely related to t he
investment income and gain on disposal of c  apital a  ssets.

The largest revenue source is toll revenue of $874,474,774 or 90.8% of total revenues. This revenue
category decreased $21,876,320 from fiscal year 2023 due to an increase in allowance for toll violations,
which aged past  120 days and have become deemed uncollectible.

Investment income  for  fiscal year 2024  totaled $86,026,416  and comprises  approximately  9.  0% of total
revenues.  This revenue source  increased  by  $49,125,  434  compared to $36,900,982  for  fiscal year  2023,
due to a  n  increasein  interest earned from  investments.  Other revenues totaled $  2,1  22,658  or 0.2  % of total




  10

=== PDF PAGE 17 ===
Toll Road Authority Enterprise Fund of Harris County, Texas
Management’s Discussion and Analysis
For the Fiscal Year  End  ed September 30, 2024

revenues.  Other revenues include lease revenue of $7,840,  gain on disposal of capital assets of $337  ,771,
and miscellaneous revenue of  $1,777  ,047  for reimbursements and recovery of revenue losses.
  REVENUES BY SOURCE
  Fiscal Year Ended September 30,  2024

  Toll Revenues
  90.8%









  Investment Income
  Other revenues  9.0%
  0.2%


Expenses

For  the fiscal year ended  September  30,  202  4,  expenses totaled $555  ,571,88  2  an increase  of  $30  ,461,45  8
compared to the prior fiscal year.  For the prior fiscal year  ended September 30, 2023, expenses totaled
$525,110,424.

Services and fees of $210,496  ,049  is the largest expense category and is 37.9  % of total expenses. This is a
decrease  of  $2,920  ,693  from  the  prior  year  due to reducing the timing of temp-  to-hire contracts and the
associated labor costs.

Interest expense of $84,302,579  is  15.1  % of total expenses. Interest expense reflects the interest incurred
on outstanding debt balances and activities during  the year.

Salaries  expense  is  $95,939  ,282  or  17.3  % of  total expenses. This represents an increase of $  15,232  ,268
over the fiscal year 2023.  This increase is largely  related to countywide cost  -of-living adjustment (COLA)
increase in fiscal year 2024  approved by Harris County Commissioners Court along with a slight increase
in employee headcount.

The remaining 29  .7%  of expenses represent depreciation/amortization (22.8%  ), and  other expenses (6.  9%)
which  consists of outlays relative to  materials and supplies, utilities, transportation and travel  ,  bond
refunding  loss amortization,  and  debt service fees.  All of these expense categories are necessary for the
operation of the toll road.











  11

=== PDF PAGE 18 ===
Toll Road Authority Enterprise Fund of Harris County, Texas
Management’s Discussion and Analysis
For the Fiscal Year  End  ed September 30, 2024

  EXPENSES
  For the Fiscal Year Ended September 30, 2024


  Depreciation/amortization
  22.8%

  Interest expense
  15.1%

  Materials &
  supplies
  4.2%


  Utilities
  0.8%


  Other  Transportation
  expenses  & travel
  6.9%  0.8%


  Debt service
  0.9%

  Bond refunding
  0.2%

  Salaries
  Services  and fees  17.3%
  37.9%

Transfers

Transfers out in the amount of $193,402,174  consisted of transfers of surplus revenue of the Authority  ,
including the annual mobility transfer, approved by Commissioners Court in accordance with the existing
Authority  bond indenture and Section 284.0031, Transportation Code, to pay or finance costs of roads,
streets, highways, or other related facilities that are not part of the  Authority’s  toll road system.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets

The Authority’s capital assets net of depreciation  /amortization  as of September  30, 2024  and  September
30, 2023, amounted to  $3,4  91,157,620  and $3,322  ,409,  141 respectively.  These  capital assets include land,
construction in progress, intangibles,  buildings, equipment, and infrastructure.  The A  uthority’s  capital
assets, net of accumulated depreciation/amortization  increased  $1  68,748,  479  from  prior fiscal year  ended
September 30, 2023.






  12

=== PDF PAGE 19 ===
Toll Road Authority Enterprise Fund of Harris County, Texas
Management’s Discussion and Analysis
For the Fiscal Year  End  ed September 30, 2024

  Balance  Balance
  September 30, 2024  September 30, 2023
  Land  392,291,184$  384,825,003$
  Easement  1,989,062  1,989,062
  Construction in progress  1,241,228,962  1,007,521,731
  License agreement  237,500,000  237,500,000
  Intangible assets - software  43,537,966  43,537,966
  Land improvements  18,865,805  18,865,805
  Infrastructure  3,630,829,022  3,599,020,502
  Other tangible assets  6,898,941  6,898,941
  Buildings  30,550,414  20,728,052
  Equipment  57,081,213  58,381,234
  Lease right-to-use assets  22,086,785  28,726,247
  Subscription right-to-use assets  23,223,714  12,026,238
  5,420,020,7815,706,083,068
  Less:  Accumulated depreciation/amortization  (2,214,925,448)  (2,097,611,640)
  Total capital assets, net  3,491,157,620$  3,322,409,141$
  For further information regarding capital assets, see Note 5 to the financial statements.

Long-term liabilities

At the end  of the fiscal year, the balance of the Authority’s  total  outstanding  long-  term liabilities  was
$3,395,536  ,989.Refer to Note  6  to the financial statements for further detail on the Authority’s long-  term
liabilities.

  Outstanding at  Outstanding at
  September 30, 2024  September 30, 2023
  Bonds payable  3,113,867,962$  2,245,527,863$
  Commercial paper payable  62,380,000  111,930,000
  Compensatory time payable  1,401,551  1,522,873
  Arbitrage rebate payable  4,118,449  -
  Lease payable  16,659,668  25,809,497
  Subscription payable  13,702,024  8,326,158
  Total OPEB liability  166,679,414  120,276,191
  Net pension liability  16,033,757  24,261,768
  Pollution remediation obligation  694,164  1,224,000
  Totals  3,395,536,989$  2,538,878,350$


















  13

=== PDF PAGE 20 ===
Toll Road Authority Enterprise Fund of Harris County, Texas
Management’s Discussion and Analysis
For the Fiscal Year  End  ed September 30, 2024

The  Authority  has a continuing goal to upgrade or maintain the  Authority’s debt rating.  The bond rating
services of Moody’s Investor’s Service, Inc., Standard & Poor’s Ratings Services, and Fitch IBCA, Inc.
have assigned the Authorit  y long term bond ratings of A  a2,  and AA, respectively, for First Lien Bonds and
Aa1, AA-  , and AA, respectively, for the Senior Lien Revenue Bonds.

See  Note  7  and Note 8  to the financial statements for further information on the Authority’s  Net Pension
Liability/(  Asset) and Total OPEB Liability.

ECONOMIC FACTORS


  •  Harris County has a vibrant and diverse economy driven largely by the region’s energy industry,
  international export and import shipping through the Port of Houston, two major airports, the
  Medical Center, and a variety of other industries.  These other industries primarily include banking,
  technology, construction, manufacturing,and education.
  •  The Houston region has experienced dramatic changes in its population size and composition over
  the last few decades, and these trends are expected to continue.  In the 2020  , the Houston region
  had  7.2  million residents and 3.5  million jobs.  According to  a forecast provided by the Houston
  Galveston Area Council, population  is expected to reach 10.72  million by 2050, growing by nearly
  3.6  million people over the next 30  years (2020-  2050).  That is an average increase of 1.4  percent
  growth each year. Similarly for jobs, the region is expected to create an additional 2  million jobs.
  Theseunderlying factors drive strong demand for transportation infrastructure in the region.

  •  METRO, a regional transit authority, currently operates an extensive bus  and rail  fleet serving
  Harris County and the City of Houston. METRO  also  offers “park  -and-ride” services, which
  include free automobile parking at suburban METRO  lots and bus service to and from Houston’s
  various employment centers. METRO  ’s  High Occupancy Toll (“HOT”) lanes and expanded rail
  service provide some  additional alternatives to the Toll RoadSystem.

Major Construction Projects by  the Authority:
The Authority continues to move forward with projects authorized by Commissioners Court including the
Hardy Toll Road Downtown Connector, the Ship Channel Bridge, and  the widening of portions of the Sam
Houston Tollway.

REQUEST FOR INFORMATION
This financial report is designed to provide a general overview of the Authority’s finances for all those with
an interest in the Authority’s finances.  Questions concerning any of the information provided in this report
or requests for additional financial information should be addressed to the County Auditor’s Office, 1001
Preston, Suite 800, Houston, Texas 77002, or visit the  County’s website at www.co.harris.tx.us.














  14

=== PDF PAGE 21 ===
BASIC FINANCIAL STATEMENTS

=== PDF PAGE 22 ===
TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  STATEMENT OF NET POSITION
  SEPTEMBER 30, 2024

  ASSETS
  Current assets:
  Cash and cash equivalents  1,223,022,136$
  Investments  697,093,975
  Receivables, net  36,658
  Accrued interest receivable  5,660,315
  Other receivables, net  154,896,595
  Due  from other funds  65,413
  Prepaids and other assets  3,725,452
  Inventories  1,270,465
  Total current assets  2,085,771,009
  Non-current assets:
  Restricted cash and cash equivalents  81,718,115
  Restricted investments  111,714,430
  Capital Assets:
  Land and construction in progress  1,635,509,208
  License agreement/Intangibles/Right-to-use, net of amortization  172,643,316
  Other capital assets, net of depreciation  1,683,005,096
  Total non-current assets  3,684,590,165
  Total assets  5,770,361,174
  DEFERRED OUTFLOWS OF RESOURCES
  Deferred charge on refundings  34,526,340
  Pension contributions after measurement date  6,859,520
  Differences between expected and actual pension experience  375,747
  Net difference between projected and actual earnings on pension assets  998,305
  Changes of pension assumptions  5,642,420
  Changes of OPEB assumptions and differences between
  expected and actual experience  64,848,955
  Total deferred outflows of resources  113,251,287
  LIABILITIES
  Current liabilities:
  Vouchers payable  96,688,634
  Accrued payroll  5,310,223
  Retainage payable  15,816,576
  Customer deposits  161,411
  Due to primary government  11,940,960
  Due to other governmental units  46,325,392
  Unearned revenue  96,549,826
  Accrued Interest  24,847,046
  Current portion of long-term liabilities  109,192,282
  Total current liabilities  406,832,350
  Non-current liabilities:
  Bonds payable  3,017,182,962
  Pollution remediation payable  694,164
  Commercial paper payable  62,380,000
  Compensatory time payable  679,083
  Arbitrage rebate payable  4,118,449
  Lease liability  12,846,726
  Subscription liability  8,579,152
  Total OPEB liability  163,830,414
  Net pension liability  16,033,757
  Total non-current liabilities  3,286,344,707
  Total liabilities  3,693,177,057
  DEFERRED INFLOWS OF RESOURCES
  Differences between expected and actual pension experience  1,246,596
  Changes of OPEB assumptions  45,321,647
  Total deferred inflows of resources  46,568,243
  NET POSITION
  Net investment in capital assets  995,684,516
  Restricted for capital projects  111,601,801
  Restricted for debt service  162,832,249
  Restricted for bond covenant and other purposes  91,760,021
  Unrestricted  781,988,574
  Total net position  2,143,867,161$

  See notes to the financial statements.
  15

=== PDF PAGE 23 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
  FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024



OPERATING REVENUES
  Toll revenues  874,474,774$
  Total operating revenues  874,474,774

OPERATING EXPENSES
  Salaries  95,939,282
  Materials and supplies  23,358,441
  Services and fees  210,496,049
  Utilities  4,503,268
  Transportation and travel  4,164,769
  Depreciation and amortization  126,782,879
  Total operating expenses  465,244,688

  Operating income/(loss)  409,230,086

NONOPERATING REVENUES (EXPENSES)
  Earnings on investments  86,026,416
  Lease income  7,840
  Interest expense  (84,302,579)
  Debt service fees  (4,926,267)
  Gain (Loss) on disposal of capital assets  337,771
  Bond refunding loss amortization  (1,098,348)
  Miscellaneous income  1,777,047
  Total nonoperating revenues (expenses)  (2,178,120)


  Income (loss) before transfers  407,051,966

  Transfers out  (193,402,174)

  Change in net position  213,649,792

Net position, beginning  1,930,217,369
Net position, ending  2,143,867,161$














  See notes to the financial statements.
  16

=== PDF PAGE 24 ===
TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  STATEMENT OF CASH FLOWS
  FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024

  CASH FLOWS FROM OPERATING ACTIVITIES
  Receipts from customers  $  838,122,744
  Payments to employees for salaries and benefits  (87,826,850)
  Payments to suppliers and providers  (224,501,023)
  Receipts from other governmental units  5,340,208
  Receipts from other sources  1,777,047
  Net cash provided by operating activities  532,912,126

  CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
  Transfers to other funds  (193,402,174)
  Net cash used for noncapital financing activities  (193,402,174)
  CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
  Receipts from lease of capital assets  11,181
  Acquisition and construction of capital assets  (307,803,372)
  Proceeds from sale of capital assets  44,809
  Principal paid on capital debt  (93,440,000)
  Interest paid on capital debt  (100,112,620)
  Bond proceeds  1,001,338,838
  Lease payable  (9,149,829)
  Subscription payable  5,375,866
  Commercial paper proceeds  168,880,000
  Commercial paper paid  (218,430,000)
  Pollution payable  (529,836)
  Bond issuance cost  (4,926,267)
  Net cash provided by capital and related financing activities  441,258,770
  CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of investments  (1,122,879,709)
  Proceeds from sale and maturity of investments  969,857,107
  Interest on investments  83,827,504
  Net cash used for investing activities  (69,195,098)

  Net increase in cash and cash equivalents  711,573,624

  Cash and cash equivalents, beginning  593,166,627
  Cash and cash equivalents, ending  $  1,304,740,251

  Reconciliation of operating income to net cash
  provided by operating activities:
  Operating income  $  409,230,086

  Adjustments to reconcile operating income to net cash
  provided by (used for) operating activities:
  Depreciation and amortization expenses  126,782,879
  Other nonoperating revenues  1,777,047
  (Increase) in accounts receivable  (19,044)
  (Increase) in other receivables  (37,685,534)
  Decrease in due from other funds  77,287
  (Increase) in prepaid items  (940,284)
  Decrease in inventories  613,040
  Decrease in pension deferred outflows  4,584,781
  (Increase) in OPEB deferred outflows  (25,782,010)
  Increase in vouchers payable  26,193,425
  Increase in accrued payroll  311,073
  (Decrease) in retainage payable  (1,265,173)
  (Decrease) in due to primary government  (10,697,953)
  Increase in due to other governmental units  5,340,208
  Increase in customer deposits  1,305
  Increase in unearned revenue  1,273,956
  (Decrease) in compensated absences  (121,322)
  (Decrease) in net pension liability/Asset  (8,228,011)
  Increase in Arbitrage rebate payable  4,118,449
  Increase in total OPEB liability  46,403,223
  (Decrease) in pension deferred inflows  (307,738)
  (Decrease) in OPEB deferred inflows  (8,747,564)
  Total adjustments  123,682,040
  Net cash provided by operating activities  $  532,912,126

  Noncash capital and related financing and investing activities:
  Incease  in fair value of investments  $  15,788,706
  Purchases of capital assets on account  (2,125,382)

  See notes to the financial statements.
  17

=== PDF PAGE 25 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Organization  -  The Harris County Toll Road Authority (the “Authority” or “Toll Road”) was created by
  Harris County, Texas, (the “County”) by order of the Harris County Commissioners Court on September  22,
  1983, with the Commissioners Court designated as the governing body and the operating board of the
  Authority.  The Authority is a department and fund of the County and is charged with overseeing the
  acquisition, construction, improvement, operation and maintenance of the County toll road facilities (the “Toll
  Road Project”).  The Commissioners Court has full oversight responsibility for the Authority, and the Toll
  Road Project is an integral part of the County’s financial statements.  Construction of the Hardy Toll Road,
  the Sam Houston Tollway, Westpark Tollway, Fort Bend Parkway extension (  Spur 90A),  Tomball Tollway,
  and acquisition of the Jesse H. Jones Toll Bridge, now referred to as the “Sam Houston Ship Channel Bridge”
  (the “Toll Roads”) have been financed with a combination of unlimited tax and subordinate lien r  evenue bonds
  and senior lien revenue bonds.  When all of the debt service, as discussed in Note6  , has been paid or provided
  for in a trust fund, the Toll Roads will become a part of the State of Texas Highway System.

  Implementation of New Standards -  In the current fiscal year  , the Authority implemented the following
  standards issued by the Governmental Accounting Standards Board (“GASB”):

  GASB Statement No. 99, Omnibus 2022 –  (“GASB 99”), the objectives of this Statement are to enhance
  comparability in accounting and financial reporting and to improve the consistency of authoritative
  literature by addressing (1) practice issues that have been identified during implementation and
  application  of certain GASB Statements and (2) accounting and financial reporting for financial
  guarantees.  Other than what was implemented as of September 30, 2022, GASB 99 was implemented by
  the Authority and had no material impact on the Authority’s financial statements.

  GASB Statement No. 100, Accounting Changes and Error Corrections  —  an amendment of GASB Statement
  No. 62 –  (“GASB 100”),  the primary objective of this Statement is to enhance accounting and financial
  reporting requirements for accounting changes and error corrections to provide more understandable, reliable,
  relevant, consistent, and comparable information for making decisions or assessing accountability. GASB
  100 was implemented by the Authority  and had no material impact on the Authority’s financial statements.

  Basis of Presentation and Measurement Focus-  The accompanying basic financial statements have been
  prepared on the full accrual basis of accounting as prescribed by the GASB.  Full accrual accounting uses a
  flow of economic resources measurement focus.

  The basic financial statements of the Authority consist of Stateme  nt of Net Position, Statement of Revenues,
  Expenses and Changes in Net Position, Statement of Cash Flows, and Notes to the Financial Statements.

  Enterprise Fund  –  Revenues are recognized in the period earned.  The Authority’s operating revenues are
  derived from charges to users of the Toll Roads in the County.  When both restricted and unrestricted resources
  are available for use, it is the Authority’s policy to use restricted resources first, then unrestricted resources to
  the extent they are needed.

  Expenses are recognized in the period incurred.  The Authority’s operating expenses consist primarily of
  direct charges attributable to the operations of the Authority, including depreciation/amortization  .  Interest
  expense and other charges not directly related to the Authority’s operations are reported as non-  operating
  expenses.

  Deposits and Investments  –Cash and cash equivalents include amounts in demand deposits as well as short  -
  term investments with a maturity date of 90 days or less from date of purchase. All investments are recorded
  at amortized cost or at fair value  based upon quoted market prices as of the Authority’s  fiscal year ended, with
  the difference between the purchase price and market price being recorded as investment income /loss.
  18

=== PDF PAGE 26 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  Restricted Assets and Restricted Net Position  –  Certain assets of the Authority are required to be segregated
  under terms of various bond indentures.  These assets are legally restricted for certain purposes, including
  operations and maintenance, debt service and construction. The Authority purchased surety policies to satisfy
  certain reserve fund requirements.  During the fiscal year  ended  September 30, 2024, the Authority was in
  compliance with these covenants.

  In the financial statements, restricted net position is reported for amounts that are externally restricted by 1)
  creditors (e.g. bond covenants), grantors, contributors, or laws and regulations of other governments or 2) law
  through constitutional provision or enabling legislation.

  Inventories  –  Inventory is stated at the lower of cost or market value, using the first-in, first-out method.  EZ
  tags are recorded as inventory based on the number of tags by type (sticker, license plate, or motorcycle) as
  of September  30, 20  24  multiplied by the cost per tag type.

  Capital Assets  –  Capital assets include land, construction in progress, intangibles, buildings, equipment and
  infrastructure that are used in the Authority’s operations and benefit more than a single fiscal year.
  Infrastructure assets are long-lived assets that are generally stationary in nature and can typically be preserved
  for a significantly greater number of years than most other capital assets.  Infrastructure assets of the Authority
  include roads, bridges, sewers and right-of-way.

  Capital assets of the Authority are defined as assets with individual costs of $5,000 or more and estimated
  useful lives in excess of one year.  Exceptions to the $5,000 capitalization threshold are as follows:  all land
  and easements over $1 are capitalized.  Purchased software greater than $100,000 is capitalized and internally
  developed software greater than $1,000,000 is capitalized.  The threshold for capitalizing buildings is
  $100,000 and the threshold for infrastructure ranges from $25,000 to $250,000, depending on the asset.

  All capital assets are stated at historical cost or estimated fair value at the date of purchase.  Donated capital
  assets are stated at their estimated acquisition value on the date donated.  Depreciation is computed using the
  straight-line method over the estimated useful life of the asset ranging from 3 to 45 years.  Infrastructure is
  depreciated over a 30-  year useful life. Equipment is depreciated over 3 to 20 years, depending on the type.
  Buildings are depreciated over 45 years.  Amortization of the intangible license agreement is based upon the
  revenues received and will continue until the license in fully amortized.

  Harris County (acting through the Harris County Toll Road Authority) entered into a tri-party agreement in
  March 2003 with the Texas Department of Transportation (“TxDOT”) and Federal Highway Administration
  to participate in the reconstruction of a portion  of the IH10 Katy Freeway.  Under this agreement, the
  Authority funded $237.5 million for the license to the real property for the right to operate a toll facility known
  as the Katy Tollway (Managed Lanes) and paid an additional $12.5 million for the design and construction,
  and other allowable expenses related to such toll facility.

  In April 2012, the County approved a memorandum of understanding with TxDOT (the “MOU”) that
  contained a general outline regarding the development, funding, construction, operation and maintenance of
  various transportation projects in the region, including proposed toll projects along US 290 and SH 288 and
  Grand Parkway toll segments being constructed by TxDOT.  The County’s responsibilities were further
  clarified in subsequent correspondence between the parties in March 2018 and June 2019. As a result of the
  MOU and subsequent negotiations with TxDOT, the County agreed to contribute an aggregate of $400 million
  in Project revenues, in multiple installments over the span of several years, to assist in the funding of certain
  TxDOT projects in the region, including the reconstruction of the US 290 corridor, frontage road and
  watershed improvements along SH 249, and interchange improvements at SH 249 and the Grand Parkway
  and SH 225 and Beltway 8.


  19

=== PDF PAGE 27 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  The County also agreed to waive its primacy development rights for certain toll projects in the region,
  including a proposed toll project along US 290 that was ultimately removed from the corridor reconstruction
  plans and the northern segment of a toll project in the SH 288 corridor that was ultimately financed and
  constructed by a private developer pursuant to a TxDOT comprehensive development agreement. In addition
  to agreeing to fund certain Medical Center related infrastructure in connection with the Co unty’s waiver of
  primacy on the SH 288 toll project, TxDOT agreed that the County could provide tolling services on TxDOT’s
  tolled segments of the Grand Parkway, subject to a mutually agreeable fee. The County and TxDOT have had
  intermittent discussions about terms for a Grand Parkway tolling services agreement but to date have been
  unable to reach a final agreement.

  Lease Assets  –  Lease assets are initially recorded at the initial measurement of the lease liability, plus lease
  payments made at or before the commencement of the lease term, less any lease incentives received from the
  lessor at or before the commencement of the lease, plus initial direct costs that are ancillary to place the asset
  into service.  Lease assets are amortized on a straight -line basis over the shorter of the lease term or the useful
  life of the underlying asset.

  Subscription Assets –  Subscription assets are initially recorded at the initial measurement of the subscription
  liability, plus payments made at or before the commencement of the subscription term.  Subscription assets
  are amortized on a straight-line basis over the shorter of  the subscription term or the useful life of the
  underlying asset.

  Asset Impairments  -  The  Authority  evaluates capital and lease assets for impairment whenever events or
  circumstances indicate a significant, unexpected decline in the service utility of a capital and lease asset has
  occurred.  If a lease asset is tested for impairment and the magnitude of  the decline in service utility is
  significant and unexpected, the capital asset historical cost and related accumulated depreciation  /amortization
  are decreased proportionately such that the net decrease equals the impairment loss.

  No asset impairment was recognized during the fiscal year  ended September 30, 2024.

  Premiums (Discounts) on Bonds Payable  - Premiums (discounts) on bonds payable are amortized using the
  effective interest method over the term of the bonds.

  Risk Management  -  The Authority’s risk-  of-loss exposures include exposure to liability and accidental loss
  of real and personal property as well as human resources.  Toll Road operations involve a variety of high-  r i sk
  activities including, but not limited to, cash collections, construction and maintenance activities.  The
  County’s Office of Risk Management is responsible for identifying, evaluating and managing the Authority’s
  risk in order to reduce the exposure from liability and accidental loss of property and human resources.  The
  Authority is treated as a County department by the County’s Risk Management Office and is assessed
  premiums and charges similar to those assessed to other County departments.

  The Authority is covered by the Harris County workers’ compensation program.  The County is self  -insured
  for workers’ compensation medical and indemnity payments.  Claims adjusting services are provided by a
  third-party administrative claims adjusting service.  Interfund premiums on workers’ compensation are
  determined by position class code, at actuarially determined rates.

  The County has excess insurance coverage for medical liability.  No claims settled during the last three fiscal
  years have exceeded this coverage.

  Through the County, the Authority provides medical, dental, vision and basic life and disability insurance to
  eligible employees  and retirees.  The Authority pays a flat monthly rate of $1,502.  50  per employee based on
  the estimated full cost of health benefits.

  20

=== PDF PAGE 28 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  The Authority’s group insurance premiums, as well as employee payroll deductions for premiums for
  dependents and optional coverage, are paid into the County’s Health Insurance Management Fund, which in
  turn makes disbursements to contracted insurance providers based upon monthly enrollment and premium
  calculations.

  Billings to the Authority for property insurance, professional liability insurance and crime and fidelity policies
  are handled through the County’s  General  Fund as are payments to the insurance carriers.  Claim payments
  made up to the deductible limit are expensed by the Authority when paid by the General  Fund.  Payments for
  the Authority’s general, vehicle and property damage liability claims, for which the County is self  -insured,
  are made through the General  Fund and billed to the Authority.

  Compensated Absences - Accumulated compensatory absences are recorded as an expense and liability as the
  benefit accrues for the employee.

  Regular employees accrue  13  days of sick leave per year.  Sick leave benefits are recognized as they are used
  by the employees.  Employees may accumulate up to 720 hours of sick leave.  Unused sick leave benefits are
  not paid at termination.  Employees accrue from 3.08  to  7.7  hours of vacation per pay period depending on
  years of service  and  may accumulate a maximum of 280 hours of vacation benefits.  Upon termination,
  employees are paid the balance of unused vacation benefits.

  Non-exempt employees earn compensatory time at one and one-  half times their worked hours in excess of 40
  hours per week.  Non-  exempt employees may accrue up to 240 hours of compensatory time.  Compensatory
  time in excess of the 240 hours maximum is paid at the regular rate of pay on the current  pay period.  Upon
  termination, non-  exempt employees will be paid for any compensatory time balances.

  Exempt employees earn compensatory time at a rate of one times their worked hours in excess of 40 hours a
  week.  Exempt employees can accumulate up to 240 hours of compensatory time.  Upon termination, exempt
  employees are paid one-half of the compensatory  time earned at the wage rate at time of termination.

  Statement of Cash Flows –  All highly liquid investments (including restricted assets) with a maturity of three
  months or less when purchased are considered to be cash equivalents.

  Deferred Outflows/Inflows of Resources –  In addition to assets, the statement of net  position reports a separate
  section for deferred outflows of resources.  This separate financial statement element, deferred outflows of
  resources, represents a consumption of net assets  that applies to a future period(s) and therefore,  will not be
  recognized as an outflow of resources (expense) until that time  .  The Authority’s deferred outflows, when
  applicable, consist  of deferred charge on refundings, pension contributions made  after measurement date,
  difference between expected and actual pension  experience,  net difference between projected and actual
  investment earnings on pension assets,changes of pension  assumptions, and  changes of OPEB assumptions and
  differences  between expected and actual experience.  A deferred charge on refunding results from the difference
  in the carrying value of refunded debt and its reacquisition price.  This amount is deferred and amortized over the
  shorter of the life of the refunded debt or refunding debt.  The pension contributions made after measurement date
  are deferred and recognized in the following fiscal year.  Pension and OPEB assumption  changes,  differences
  between expected and actual experience  and net differences between projected and actual earnings for pension
  are amortized over a closed 5-year period.

  In addition to liabilities, the statement of net position reports a separate section for deferred inflows of resources.
  This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets
  that applies to a future period(s) and therefore, will not be recognized as an inflow of resources (revenue) until
  that time.  These amounts are deferred and recognized as an inflow of resources in the period that the amounts
  become available. The Authority’s deferred inflows,  when applicable, consist of the deferred revenue  related to
  leases (related to GASB 87), the differences between expected and actual experience for Pension and changes of
  21

=== PDF PAGE 29 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  OPEB  assumptions  for  which are amortized over the average of the expected remaining service lives of all
  employees that are provided with pension benefits through the pension plan (active employees and inactive
  employees).  Leases are amortized over the life of the lease.

  Use of Estimates-  The preparation of financial statements in conformity with generally accepted accounting
  principles requires management to make estimates and assumptions that affect the reported amounts of assets
  and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and
  the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from
  these estimates.

  2.  DEPOSITS AND INVESTMENTS

  Deposits:  Chapter 2257 of the Texas Government Code is known as the Public Funds Collateral Act.  This act
  provides guidelines for the amount of collateral that is required to secure the deposit of public funds.  Federal
  Depository Insurance (FDIC) is available for funds deposited at a financial institution up to a maximum of
  $250,000 each for demand deposits, time and savings deposits, and deposits pursuant to indenture.  The Public
  Funds Collateral Act requires that the deposit of public funds be collateralized in an amount not less than the total
  deposit, reduced by the amount of FDIC insurance available.

  The custodial credit risk for deposits is the risk that the Authority will not be able to recover deposits that are in
  the possession of an outside party.  Deposits are exposed to custodial credit risk if they are not insured or
  collateralized.  As of September  30, 2024, the balance per various financial institutions was $  181,477,443.  The
  Authority’s deposits are not exposed to custodial credit risk since all deposits are either covered by FDIC
  insurance or an irrevocable standby letter of credit with the Federal Home Loan Bank, in accordance with the
  Public Funds Collateral Act.

  Investments:  Chapter 2256 of the Texas Government Code is known as the Public Funds Investment Act.  This
  act authorizes Harris County to invest its funds pursuant to a written investment policy which primarily
  emphasizes the safety of principal and liquidity, and addresses investment diversification, yield, and maturity.

  The Harris County Investment policy is reviewed and approved annually by Commissioners Court.  The
  Investment Policy includes a list of authorized investment instruments, a maximum allowable stated maturity by
  fund type, and the maximum weighted average maturity of the overall portfolio.  Guidelines for diversification
  and risk tolerance are also detailed within the policy.  Additionally, the policy includes specific investment
  strategies for fund groups that address each group’s investment options and describes the priorities for suitable
  investments.

  AUTHORIZED INVESTMENTS

  Funds of Harris County (including Authority funds) may be invested as authorized by the Public Funds
  Investment Act which is located in Chapter 2256 of the Texas Government Code.  Allowable investments include:

  1.  Direct obligations of the United States, its agencies and instrumentalities.

  2.  Other obligations, the principal and interest of which are unconditionally guaranteed, insured or backed
  by the full faith and credit of the State of Texas, the United States, or any obligation fully guaranteed or
  fully insured by the FDIC.

  3.  Direct obligations of the State of Texas or its agencies provided the agency has the same debt rating as
  the State of Texas.

  22

=== PDF PAGE 30 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  4.  Obligations of states, agencies, counties, cities, and other political subdivisions located in the United
  States, rated not less than A, or its equivalent, by a nationally recognized investment rating firm.

  5.  Fully insured or collateralized certificates of deposit/share certificates issued by state and national banks,
  or a savings bank, a state or federal credit union (having its main or branch office in Texas) guaranteed or
  insured by the FDIC or its successor; and secured by obligations in number 1 above.  In addition to the
  County’s authority to invest funds in certificates of deposit and share certificates as stated above, made in
  accordance with the following conditions is an authorized investment under Texas Gov  ernment  Code
  Section 2256.010(b): (1) the funds are invested by the County through a clearing broker registered with
  the Securities and Exchange Commission (SEC) and operating pursuant to SEC rule 15c3  -3 (17 C.F.R.
  Section 240.15c3-  3) with its main office or branch office in Texas and selected from a list adopted by the
  County as required by Section 2256.025; or a depository institution that has its main office or a branch
  office in this state and that is selected by the County; (2) the broker or the depository institution selected
  by the County arranges for the deposit of the funds in certificates of deposit in one or more federally
  insured depository institutions, wherever located, for the account of the County; (3) the full amount of the
  principal and accrued interest of each of the certificates of deposit is insured by the United States or an
  instrumentality of the United States; (4) the broker or depository institution selected by the County acts
  as custodian for the County with respect to the certificates of deposit issued for the account of the County.

  6.  Fully collateralized repurchase agreements, provided the County has on file a signed Master Repurchase
  Agreement detailing eligible collateral, collateralization ratios, standards for collateral custody and
  control, collateral valuation, and conditions for agreement termination.  The repurchase agreement must
  have a defined termination date and be secured by obligations in number 1 above.  It is required that the
  securities purchased as part of the repurchase agreement must be assigned to the County, hel d in the
  County’s name, and deposited at the time the investment is made with the County’s custodian or with a
  third-party approved by the County.  Securities purchased as part of a repurchase agreement shall be
  marked-to-market no less than weekly.  All repurchase agreements must be conducted through a primary
  government securities dealer as defined by the Federal Reserve or a financial institution doing business
  in Texas.  Maturities shall be limited to 90 days.  The 90-  day limit may be exceeded in the case of flexible
  repurchase agreements (“  flex repos”) provided the investment type is specifically authorized within
  individual bond ordinances and final maturity does not exceed the anticipated spending schedule of bond
  proceeds.

  7.  Securities lending programs if the loan is fully collateralized, including accrued income, by securities
  described in Texas Government  Code, Section 2256.009, by irrevocable bank letters of credit issued by a
  bank under the laws of the United States or any other state, continuously rated not less than A by at least
  one nationally recognized investment rating firm, or by cash invested in accordance with the Investment
  Act.  Securities held as collateral must be pledged to the investing entity, held in the investing entity’s
  name, and deposited at the time the investment is made.  A loan must be placed through a primary
  government securities dealer or a financial institution doing business in Texas.  A loan must allow for
  termination at any time and must have a term of one year or less.

  8.  Commercial paper with a stated maturity of 270 days or less from the date of issuance, rated A  -1 or P-1
  or an equivalent rating by at least two nationally recognized agencies, and not under review for possible
  downgrade at the time of purchase. Regardless of whether commercial paper is purchased directly from the
  issuer or from a broker/dealer in the secondary market, a competitive bid process is required, in which the
  investment yield is compared to other available commercial paper having a comparable maturity and credit
  rating.  An exception may be made to the competitive offer process when seeking to purchase municipal
  commercial paper securities due to very limited quantity.


  23

=== PDF PAGE 31 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  9.  Local government investment pools with a dollar weighted average maturity of 60 days or less, approved
  through resolution of Commissioners Court to provide services to the County, continuously rated no lower
  than AAA or equivalent by at least one nationally recognized rating service.  The County may not invest
  an amount that exceeds 10 percent of the total assets of any one local government investment pool.  On a
  monthly basis, the Investment Officer shall review a list of securities held in the portfolio of any pool in
  which County funds are being held.  To be eligible to receive funds from and invest funds on behalf of
  the County an investment pool must furnish to the Investment Officer or other authorized representative
  an offering circular or other similar disclosure instrument that contains information required by Texas
  Government Code Section 2256.016.  Investments will be made in a local government investment pool
  only after a thorough investigation of the pool and review by the Finance Committee.

  10.  A Securities and Exchange Commission (SEC) registered, no load money market mutual fund which has
  a dollar weighted average stated maturity of 60 days or less.  Furthermore, it must be rated not less than
  AAA or equivalent by at least one nationally recognized rating service and the County must be provided
  with a prospectus and other information required by the SEC Act of 1934 or the Investment Company Act
  of 1940.  The County may not invest an amount that exceeds 10 percent of the total assets of any one
  fund.  Investments will be made in a money market mutual fund only after a thorough investigation of the
  fund and review by the Finance Committee.

  11.Interest  -bearing banking deposits that are guaranteed or insured by: (A) the Federal Deposit Insurance
  Corporation or its successor; or (B) the National Credit Union Share Insurance Fund or its successor; and
  interest-bearing banking deposits other than described above if: (A) the funds invested in the banking
  deposits are invested through: (i) a broker with a main office or branch office in Texas that the County
  selects from a list of its governing body or designated investment committee adopts as req uired by Section
  2256.025; or (ii) a depository institution with a main office or branch office in Texas that the County
  selects; (B) the broker or depository institution selected as described above arranges for the deposit of the
  funds in one or more federally insured depository institutions, regardless of where located, for the
  County’s account; (C) the full amount of the principal and accrued interest of the deposits is insured by
  the United States or an instrumentality of the United States; and (D) the County appoints as the custodian
  of the bank deposits issued for the County’s account: (i) the depository institution selected as described
  above; (ii) an entity described by Section 2257.041(d); or (iii) a clearing broker dealer registered with the
  Securities and Exchange Commission and operating under Securities and Exchange Commission Rule
  15c3-  3 (17 C.F.R. Section 240.15c3-  3).

  Summary of Cash and Investments
  The Authority’s cash and investments are stated at fair value or amortized cost.  The following is a summary of
  the Authority’s cash, cash equivalents and investments at September 30, 2024.

  Totals
  Cash and Cash Equivalents  1,223,022,136$
  Investments  697,093,975
  Restricted Cash and Cash Equivalents  81,718,115
  Restricted Investments  111,714,430
  Total Cash, Cash Equivalents & Investments  2,113,548,656$








  24

=== PDF PAGE 32 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  The table below indicates the fair value and maturity value of the Authority’s investments as of September  30,
  2024, summarized by security type.  Also demonstrated are the percentages of the total portfolio, the modified
  duration in years, and the credit ratings for each summarized security type.

  Credit
  Mo dified  Rating
  Percentage  Maturity  Duratio n  S&P/
  Security  Fair Value  o f Po rtfo lio  Amo unt  (Years)  Mo o dy's/Fitch
  US Agency Notes
  FFCB  53,050,606$  2.60%  53,000,000$  0.0037  AA+ / AAA
  FHLB  72,715,882  3.57%  73,000,000  0.0257  AA+ / Aa a
  FHLMC  11,813,926  0.58%  12,000,000  0.0004  AA+ / Aa a
  FNMA  7,997,440  0.39%  8,000,000  0.0002  AA+ / Aa a
  Total US Agency Notes  145,577,854  146,000,000

  Commerci al Paper
  BARCLAYS CAP IT AL INC DISC CP  11,724,033  0.58%  12,000,000  0.0003  A1
  BARCLAYS US DISC CP  29,902,530  1.47%  30,000,000  0.0003  A1+/P -1
  BAYERISCHE LANDESBK GIRO DISC CP  49,355,650  2.42%  50,000,000  0.0036  P1
  Total Commerci al Paper  90,982,213  92,000,000

  Local Governments
  AVERILL P ARK NY CENT RL SCH DIST  16,144,320  0.79%  16,000,000  0.0057  MIG1
  BAT AVIA NY BANS  14,262,660  0.70%  14,160,000  0.0020  MIG1
  BLOOMFIELD CT  10,787,088  0.53%  10,750,000  0.0017  SP -1
  DALLAS T X ISD  4,181,148  0.21%  4,100,000  0.0013  AAA/ Aa a
  DUBLIN OH CIT Y SCH DIST  6,016,889  0.30%  5,900,000  0.0025  AAA
  GRAND P RAIRIE T X LT  GO  2,153,606  0.11%  2,160,000  0.0004  AAA/ AA+
  HURST  EULESS BEDFORD T X ISD  1,048,200  0.05%  1,000,000  0.0009  AAA
  LYNDHURST  T WP  NJ  10,029,100  0.49%  10,000,000  0.0016  SP -1+
  NEW BRAUNFELS T X UT IL REV  1,549,463  0.08%  1,515,000  0.0004  Aa 1
  NORT H EAST  ISD T X UT  GO  290,058  0.01%  290,000  0.0001  AAA
  NORT H MIDDLESEX MA REGL SCH DIST  10,753,233  0.53%  10,721,711  0.0017  MIG1
  OREGON ST  LOT T ERY REV  2,228,360  0.11%  2,250,000  0.0007  AAA/ Aa 2
  SAN DIEGO CA CMNT Y CLG DIST  525,175  0.03%  500,000  0.0004  AAA/ Aa 1
  SAN FRANCISCO CIT Y & CO CA GO  2,033,920  0.10%  2,000,000  0.0007  AAA/ Aa a
  SAUQUOIT  VLY NY CENT RL SCH DIST  10,829,142  0.53%  10,740,000  0.0013  MIG1
  ST  OF MASSACHUSET T S *ESG*  2,989,260  0.15%  3,000,000  0.0004  Aa 1
  SUMIT OMO MIT /SINGAP ORE  39,680,600  1.95%  40,000,000  0.0031  A1/P 1
  T EXAS A&M UNIV REV  4,099,690  0.20%  4,195,000  0.0053  AAA/ Aa a
  T EXAS ST  T RANSP RT N COMMISSION  21,001,400  1.03%  20,000,000  0.0195  AAA/ Aa a
  UNIV OF T EXAS  2,058,650  0.10%  2,000,000  0.0009  AAA/ Aa a
  Total Local Governments  162,661,962  161,281,711

  US Treasury Bi lls
  US T reasury Bills  3,953,021  0.19%  4,000,000  0.0005  AA+ / Aa a
  Total US Treasury Bi lls  3,953,021  4,000,000

  US Treasury Notes
  US T reasury Notes  405,249,841  19.91%  410,000,000  0.1525  AA+ / Aa a
  Total US Treasury Notes  405,249,841  410,000,000






  25

=== PDF PAGE 33 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  Credit
  Mo dified  Rating
  Percentage  Maturity  Duratio n  S&P/
  Security  Fair Value  o f Po rtfo lio  Amo unt  (Years)Mo o dy's/Fitch
  Money Market Funds
  LOGIC P ool  477,305,581  23.45%  477,305,581  N/A  AAAm
  LoneStar P ool  68,132,818  3.35%  68,132,818  N/A  AAAm/AAAmmf
  T exasCLASS P ool  498,642,146  24.49%  498,642,146  N/A  AAAm
  T RA Cadence (DDA)  97,103,328  4.77%  97,103,328  N/A  NA
  T RA DSR (BKNY)  13,250,304  0.65%  13,250,304  N/A  NA
  US Bank (T rust)  61,883,430  3.04%  61,883,430  N/A  NA
  State and Local Government Series  11,029,221  0.54%  11,029,221  N/A  NA
  Total Money Market Funds  1,227,346,828  1,227,346,828
  T otal Investments & Cash Equivalents  2,035,771,719  100.00%  2,040,628,539$
  Outstandi ng i tems/deposi ts  77,776,937
  To tal Cash, Cash Equivalents & Investments  2,113,548,656$


  Fair Value Measurements
  The County categorizes its fair value measurements within the fair value hierarchy established by general
  accepted accounting principles.  The hierarchy is based on the valuation inputs used to measure the fair value of
  the asset.  Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant
  other observable inputs; Level 3 inputs are significant unobservable inputs.

  As of September  30, 2024, the County has the recurring fair value measurements for U.S. Agency Notes,
  Commercial Paper, Local Governments, U.S. Treasury Bills and Notes totaling $808,424,891 all of which are
  valued using quoted prices for similar assets in active markets (Level 2 inputs).  The Money Market Funds
  through External Investment Pools totaling $1,227,346,828  have been valued at amortized cost or  fair value in
  accordance with GASB Nos. 72 and  79.  LOGIC and Lone Star Investment pools and BKNY Money Market
  Funds are valued at amortized cost, which approximates fair value. The recorded position of the pool for Texas
  CLASS  is measured at net asset value to approximate fair value, which is designed to approximate the share
  value; however, the net asset value is not guaranteed or insured.  TRA-Demand Deposit Accounts at Cadence  ,
  Trust at US Bank and State and Local Government Series preserves cash and liquidity and is considered cash
  value.

  RISK DISCLOSURES

  Interest Rate Risk:  All investments carry the risk that changes in market interest rates will adversely affect the
  fair value of an investment.  Generally, the longer the maturity of an investment the greater the sensitivity of its
  fair value to changes in market interest rates.  One of the ways that the County manages its exposure to interest
  rate risk is by purchasing a combination of shorter and longer term investments and by matching cash flows from
  maturities so that a portion of the portfolio is maturing evenly over time as necessary to provide the cash flow and
  liquidity needed for operations.

  According to the County investment policy, no more than 50% of the portfolio, excluding those investments held
  for construction/capital projects, special revenue, flood control, proprietary and enterprise, Public Improvement
  Contingency, District Clerk Registry, County Clerk Registry, and bond reserves may be invested beyond three
  years.  Additionally,  at least 15% of the portfolio, excluding those investments held for future major capital
  expenditures, debt service payments, bond fund reserve accounts, and  capitalized interest funds, shall be invested
  in overnight instruments or in marketable securities which can be sold to raise cash within one day’s notice.
  Overall, the average maturity of the portfolio, with the previous exceptions, shall not exceed three years.

  26

=== PDF PAGE 34 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  As of September 30  , 2024, the Authority was in compliance with all of these guidelines to manage interest rate
  risk.

  Credit Risk and Concentration of Credit Risk:  Credit risk is the risk that an issuer or other counterparty to an
  investment will not fulfill its obligations.  Concentration of credit risk is the risk of loss attributed to the magnitude
  of an investment in a single issuer.  The County mitigates these risks by emphasizing the importance of a
  diversified portfolio.  All funds must be sufficiently diversified to minimize the risk of loss resulting from over-
  concentration of assets in a specific maturity, a specific issuer, or a specific class of securities.  In particular, no
  more than 25% of the overall portfolio may be invested in time deposits, including certificates of deposit, of a
  single issuer.  Concentration by issuer for other investment instruments is  not specifically addressed in the
  investment policy.  However, the policy does specify that acceptable investment instruments must have high
  quality credit ratings and, consequently, risk is minimal.

  The County’s investment policy establishes minimum acceptable credit ratings for certain investment instruments.
  Securities of states, agencies, counties, cities and other political subdivisions must be rated as to investment quality
  by a nationally recognized investment rating firm as A or its equivalent.  Money market mutual funds and public
  funds investment pools must be rated AAA or its equivalent by at least one nationally recognized rating firm.

  Custodial Credit Risk:Investments are exposed to custodial credit risk if the investments are uninsured, are not
  registered in the County’s name and are held by the counterparty.  In the event of the failure of the counterparty,
  the County may not be able to recover the value  of its investments that are held by the counterparty.  As of
  September 30, 2024, all of the Authority’s investments are held in the County’s name.

  Foreign Currency Risk:  Foreign currency risk is the risk that fluctuations in the exchange rate will adversely
  affect the value of investments denominated in a currency other than the US dollar.  The County Investment
  Policy does not list securities denominated in a foreign currency among the authorized investment instruments.
  Consequently, the Authority is not exposed to foreign currency risk.

  FUND INVESTMENT CONSIDERATIONS

  The Investment Policy outlines specific investment strategies for each fund or group of funds identified on the
  Harris County and Authority’s financial statements.  The three investment strategies employed by Harris County
  are the Matching Approach, the Barbell Approach and the Laddered Approach.  The Matching Approach is an
  investment method that matches maturing investments with disbursements.  Matching requires an accurate
  forecast of disbursement requirements.  The Barbell Approach is an investment method where maturities are
  concentrated at two points, one at the short end of the investment horizon and the other at the long end.  The
  Laddered Approach is an investment method that positions maturities that occur in regular intervals, providing a
  known stream of cash.  The investment strategies and maturity criteria are outlined in the following table.

  Maximum  Average
  Investment  Maturity P er P olicy  Maturity  Remaining Years
  Fund T ype  Strategy  (Years)  Amount  T o Maturity
  T oll Road P roject Funds  Matching/Barbell/Laddered  5  546,605,000$  0.76
  T oll Road Renewal/Replacement  Matching/Barbell/Laddered  5  157,000,000  1.45
  T oll Road Bond Reserve  Matching  Final maturity of the bonds  109,676,711  1.00
  Money Market Mutual Funds  N/A  N/A  1,227,346,828  N/A
  T otal  2,040,628,539$

  Note:  Money Market Mutual Funds are excluded from the various fund types, which may affect the average
  remaining days to maturity.


  27

=== PDF PAGE 35 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

3.  OTHER RECEIVABLES AND UNEARNED REVENUE

  Other  receivables as of September 30  , 2024  are comprised of credit card receivables and toll violations for
  EZ tag collections.  The other receivables amount of $154,896,595  is reported net of allowance for doubtful
  accounts of $748,655,366.

  Proprietary funds report unearned revenue in connection with resources that have been received, but not yet
  earned.  At the end of the fiscal year September 30, 2024, the Authority reported  $96,549,826  in unearned EZ
  tag revenues.

4.  PREPAIDS AND OTHER ASSETS

  Prepaids and other assets as of September 30, 2024,  are $3,725,452 which includes the costs of hardware and
  software subscriptions as well as the unexpired portion of insurance premiums  paid upfront for future  fiscal
  years.






































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=== PDF PAGE 36 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

5.  CAPITAL ASSETS

  Capital asset activity for the  fiscal year ended September  30, 2024,was as follows:

  B  alanc e  T rans  fe  rs  /  B  alanc e
  Octobe r 1, 2023  A dditio ns  De  le  tio ns  O the  r  Se pte mbe r 30, 2024

  Capital assets not being depreciated:
  La nd  384,825,003$  7,466,181$  -$  -$  392,291,184$
  Easement  1,989,062  -  -  -  1,989,062
  C  o  ns t r uc t io  n in p  r o  gr e s s  1,007,521,731  265,515,750  -  (31,808,519)  1,241,228,962
  Total capital assets not depreciated  1,394,335,796  272,981,931  -  (31,808,519)  1,635,509,208
  Depreciable capital assets:
  License agreement  237,500,000  -  -  -  237,500,000
  Intangible assets -  software  43,537,966  -  -  -  43,537,966
  L a  nd  imp  r  o  ve  me  nt  s  18,865,805  -  -  -  18,865,805
  Infrastructure  3,599,020,502  -  -  31,808,520  3,630,829,022
  O ther tangible assets  6,898,941  -  -  -  6,898,941
  B uild  ings  20,728,052  9,822,362  -  -  30,550,414
  E q  uip  me  nt  58,381,234  8,229,182  (9,529,203)  -  57,081,213
  Total depreciable capital assets:  3,984,932,500  18,051,544  (9,529,203)  31,808,520  4,025,263,361
  Less accumulated depreciation for:
  License agreement/Intangible asset  (128,730,466)  (9,160,875)  -  -  (137,891,341)
  L a  nd  imp  r  o  ve  me  nt  s  (10,986,329)  (916,361)  -  -  (11,902,690)
  Infrastructure  (1,891,764,841)  (102,953,092)  -  -  (1,994,717,933)
  O ther tangible assets  (6,894,999)  (1,101)  -  -  (6,896,100)
  B uild  ings  (6,203,753)  (636,542)  -  -  (6,840,295)
  E q  uip  me  nt  (45,973,047)  (4,333,749)  9,443,515  -  (40,863,281)
  (118,001,720)(2,090,553,435)  9,443,515  -  (2,199,111,640)
  Total capital assets being
  depreciated, net  1,894,379,065  (99,950,176)  (85,688)  31,808,520  1,826,151,721
  Lease right- to- use assets:
  B uild  ings  28,604,717  5,034,052  (13,882,260)  2,258,200  22,014,709
  E q  uip  me  nt  121,530  -  (44,477)  (4,977)  72,076
  Total lease right- to- use assets  28,726,247  5,034,052  (13,926,737)  2,253,223  22,086,785
  Less accumulated amortization for:
  B uild  ings  (3,156,108)  (3,118,777)  507,868  (527,478)  (6,294,495)
  E q  uip  me  nt  (72,631)  (15,503)  44,477  689  (42,968)
  Total accumulated amortization  (3,228,739)  (3,134,280)  552,345  (526,789)  (6,337,463)
  Lease right- to- use assets, net  25,497,508  1,899,772  (13,374,392)  1,726,434  15,749,322

  S  ub  s c r ip  t io  n r ight -  t o  -  us e  a s s e t s :
  Subscriptions  12,026,238  7,868,597  -  3,328,879  23,223,714
  Less accumulated amortization for:
  S  ub  s c r ip  t io  n r ight -  t o  -  us e  a s s e t s  (3,829,466)  (5,646,879)  -  (9,476,345)-
  S  ub  s c r ip  t io  n r ight -  t o  -  us e  a s s e t s ,  ne t  8,196,772  2,221,718  -  3,328,879  13,747,369

  Total capital assets, net  3,322,409,141$  177,153,245$  (13,460,080)$  5,055,314$  3,491,157,620$








  29

=== PDF PAGE 37 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

6.  LONG-TERM LIABILITIES

  The Authority has financed the Toll Road Projects with a combination of unlimited tax and subordinate lien
  revenue bonds, senior and first lien revenue bonds, and commercial paper.  The proceeds from such  debts,
  including the interest earned thereon, are being used to finance the construction costs, the related debt service,
  and a portion of the maintenance and operating expenses.


  Changes in the Authority’s Long-  Term Liabilities  for  the fiscal year ended September 30, 2024were as
  follows:


  Outstanding  Paid/  Outstanding  Due Within One
  October 1, 2023  Issued/ Increased  Decreased  September 30, 2024  Year
  Senior Lien Revenue Bonds  1,151,415,000$  -$  (60,635,000)$  1,090,780,000$  42,015,000$
  First Lien Revenue Bonds  717,340,000  950,000,000  (11,640,000)  1,655,700,000  42,600,000
  Tax Bonds  130,635,000  -  (21,165,000)  109,470,000  12,070,000
  Total Bond Principal  1,999,390,000  950,000,000  (93,440,000)  2,855,950,000  96,685,000
  Unamortized Premium, Senior Revenue Bonds  116,452,391  -  (13,195,674)  103,256,717  -
  Unamortized Premium, First Revenue Bonds  114,427,842  51,338,838  (14,046,356)  151,720,324  -
  Unamortized Premium, Tax Bonds  3,573,524  -  (632,603)  2,940,921  -
  Accrued Interest Payable  11,684,106  106,635,784  (118,319,890)  -  -
  Total Bonds Payable  2,245,527,863  1,107,974,622  (239,634,523)  3,113,867,962  96,685,000
  Commercial Paper Payable  111,930,000  168,880,000  (218,430,000)  62,380,000  -
  Compensatory Time Payable  1,522,873  1,195,836  (1,317,158)  1,401,551  722,468
  Arbitrage Rebate Payable  -  4,118,449  -  4,118,449  -
  Lease Payable  25,809,497  5,034,052  (14,183,881)  16,659,668  3,812,942
  Subscription Payable  8,326,158  7,868,597  (2,492,731)  13,702,024  5,122,872
  Total OPEB Liability  120,276,191  46,403,223  -  166,679,414  2,849,000
  Net Pension Liability  24,261,768  -  (8,228,011)  16,033,757  -
  Pollution Remediation Obligation  1,224,000  -  (529,836)  694,164  -
  Totals - Toll Road Fund Liabilities  2,538,878,350$  1,341,474,779$  (484,816,140)$  3,395,536,989$  109,192,282$





















  30

=== PDF PAGE 38 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

A.  Outstanding Bonded Debt –September 30  ,2024  –  Pertinent Information by Issue

  Interest  Outstanding
  Original  Rate  Year  Maturity  Balance
  Issue  Issue Amount  Range %  Issued  Range  September 30, 2024
  Senior Lien Revenue Bonds
  Refunding Series 2015B  161,575,000$  5.00  2015  2020-2036  121,450,000$
  Refunding Series 2016A  530,105,000  2.75-5.00  2016  2019-2047  432,080,000
  Refunding Series 2018A  559,900,000  4.00-5.00  2018  2019-2048  457,500,000
  Refunding Series 2019A  90,255,000  3.00-5.00  2019  2020-2049  79,750,000
  Total Principal Senior Lien Revenue Bonds  1,090,780,000
  Unamortized Premiums and Discounts  103,256,717
  Total Senior Lien Revenue Bonds  1,194,036,717$

  First Lien Revenue Bonds
  Refunding Series 2021  424,925,000$  3.00-5.00  2021  2021-2050  398,145,000$
  Refunding Series 2022A  194,030,000  5.00  2022  2022-2033  190,060,000
  Refunding Series 2023A  119,495,000  5.00  2023  2024-2035  117,495,000
  Refunding Series 2024A  950,000,000  4.00-5.25  2024  2025-2054  950,000,000
  Total Principal First Lien Revenue Bonds  1,655,700,000
  Unamortized Premiums and Discounts  151,720,324
  Total First Lien Revenue Bonds  1,807,420,324$

  Unlimited Tax and Subordinate
  Lien Bonds (Tax Bonds)
  Refunding Series 2007C  321,745,000$  5.25  2007  2014-2033  109,470,000$
  Total Principal Tax Bonds  109,470,000
  Unamortized Premiums and Discounts  2,940,921
  Total Tax Bonds  112,410,921$


  B.  Covenants and Conditions
  The Senior Lien Revenue Bonds and First Lien Revenue Bonds are payable from operating revenues
  generated from the Toll Roads.  The Tax Bonds are secured by and payable from a pledge of the County’s
  unlimited ad valorem taxing power and are also secured by a pledge of and lien on the revenues of the Toll
  Roads, subordinate to the lien of the Senior Lien Revenue Bonds  and First Lien Revenue Bonds.  The
  Authority has covenanted to assess a maintenance tax to pay project expenses if revenues, after paying debt
  service, are insufficient.  The Authority also has covenanted to collect tolls to produce revenues at the
  beginning of the third fiscal year following completion of the Toll Roads equal to at least 1.25 times the
  aggregate debt service on all Senior Lien Revenue Bonds  and First Lien Revenue Bonds  accruing in such
  fiscal year.  The 1.25 revenue coverage covenant went into effect during fiscal year 1994.  The revenue
  coverage ratio was 6.06 as  of September 30  , 20  24.














  31

=== PDF PAGE 39 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  C.  Debt Service Requirements
  Total interest expense was $84,302,579  for the fiscal year  ended  September 30, 2024.  The following are
  the debt service requirements for bonds payable:

  Fiscal
  Year  Principal  Interest  Total
  2025  96,685,000$  141,437,821$  238,122,821$
  2026  109,890,000  128,621,925  238,511,925
  2027  114,750,000  123,147,200  237,897,200
  2028  119,880,000  117,379,413  237,259,413
  2029  125,305,000  111,355,075  236,660,075
  2030-2034  645,520,000  456,539,537  1,102,059,537
  2035-2039  441,600,000  323,145,925  764,745,925
  2040-2044  439,300,000  227,177,425  666,477,425
  2045-2049  477,620,000  123,582,301  601,202,301
  2050-2054  285,400,000  38,344,674  323,744,674
  $  1,790,731,2962,855,950,000$  4,646,681,296$

  D.  Unissued Authorized Bonds
  In an election held on September 13, 1983, the voters of the County endorsed using toll roads to alleviate
  the County’s traffic problems by authorizing the County to issue up to $900,000,000 of bonds secured by a
  pledged of its unlimited ad valorem taxing power. As of September 30, 2024, the  unissued authorized bonds
  for the toll road project are $15,148,000.

  E.  Defeasance of Debt
  In prior years, the Authority has defeased certain bonds by placing the proceeds of the refunding bonds in
  an irrevocable trust to provide for all future debt service on the refunded bonds.  Accordingly, the trust
  account assets and the liability for the defeased bonds are not included in the financial statements.  As of
  September 30, 2024  there was no outstanding principal balance  of these defeased bonds  in trust.

  F.  Debt Issuances
  On June 11, 2024, the County issued $950,000,000 in Toll Road First Lien Revenue Refunding Bonds,
  Series 2024A, to defease the County’s outstanding Series K & K  -2 Toll Road System First Lien Revenue
  Commercial Paper Notes, to fund Harris County Toll Road projects and to pay cost of such issuance. The
  issuance had a premium of $51,338,838. The interest accrues semiannually, and the bonds mature in 2054.
  No savings or economic loss is recognized due to the defeasance of commercial paper.

  G.  Commercial Paper
  In addition to the outstanding long-  term debt of the Toll Road, the Commissioners Court has established a
  commercial paper program secured by and payable from Toll Road revenues. On March 22, 2022,
  Commissioners Court authorized a new commercial paper program, for $200 million, designated as the
  Harris County Toll Road System First Lien Revenue Commercial Paper Notes, Series K, to finance capital
  projects of Toll Road.  On May 16, 2023, Commissioners Court authorized a second commercial paper
  program, for $150 million, designated as the Harris County Toll Road System First Lien Revenue
  Commercial Paper Notes, Series K-2.  As of September 30, 2024, Toll Road had outstanding  $62,380,000
  of commercial paper combinedin Series K and Series K  -2 Notes.

  For Commercial Paper Series K, Toll Road entered into a Letter of Credit Reimbursement Agreement (the
  “Series K Letter of Credit”) with PNC Bank, National Association, whereby the Bank supports the Series
  K Notes by issuing a letter of credit in the origin  al stated amount of $214,794,521 (representing an amount
  supporting the total aggregate principal amount of $200,000,000 plus $14,794,521 which is 270 days’
  32

=== PDF PAGE 40 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  accrued interest on such principal amount at the rate of ten percent (10%)  per annum computed on a 365
  day basis) for the timely payment of the principal of and interest on the Series K Notes at maturity. The
  Series K Letter of Credit expires April 22, 2025. For this reimbursement agreement the Authority will be
  assessed a fee of 0.25% per annum on the stated amount of the letter of credit. The Authority also agrees to
  pay the Bank a non-  refundable drawing fee of $350 for each drawing under the letter of credit. If converted
  to a term loan, the principal amount of each term loan will be paid in twelve (12) substantially equal
  quarterly installments on each Amortization Payment Date, commencing with the first such installment on
  the Term Loan Commencement Date.

  For Commercial Paper Series K-2, Toll Road entered into a Letter of Credit Reimbursement Agreement
  (the “Series K  -2 Letter of Credit”) with Barclays Bank PLC, whereby the Bank supports the Series K  -2
  Notes by issuing a letter of credit in the original stat ed amount of $161,095,891 (representing an amount
  supporting the total aggregate principal amount of $150,000,000 plus $11,095,891 which is 270 days’
  accrued interest on such principal amount at the rate of ten percent (10%)  per annum calculated on the basis
  of a 365 day year) for the timely payment of the principal of and interest on the Series K-2 Notes at maturity.
  The Series K-2 Letter of Credit expires June 19, 2026.  For this reimbursement agreement the Authority
  will be assessed a fee of 0.29% per annum on the stated amount of the letter of credit. The Authority also
  agrees to pay the Bank a non-refundable drawing fee of $250 for each drawing under the letter of credit. If
  converted to a term loan, the principal amount of each term loan will be paid  in equal semi-annual
  installments.

  DEBT SERVICE TO MATURITY  -COMMERCIAL PAPER
  As of September 30  , 2024, the Authority had $62,380,000  outstanding principal balance on the commercial
  paper lines of credit.

  Fiscal year  Principal  Interest  Total
  2025  -$  662,830$  662,830$
  2026  8,716,667  3,258,913  11,975,580
  2027  17,774,167  5,721,364  23,495,531
  2028  20,793,333  4,051,331  24,844,664
  2029  12,076,666  1,607,077  13,683,743
  2030  3,019,167  114,791  3,133,958
  $  15,416,30662,380,000$  77,796,306$
  H.  Arbitrage Rebate Liability

  The Tax Reform Act of 1986 established regulations for the rebate to the federal government of arbitrage
  earnings on certain local government bonds issued after December 31, 1985, and all local governmental bonds
  issued after August 31, 1986. Issuing governments must calculate any rebate due and remit the amount due at
  least every five years.  There were no arbitrage rebate payments  made during fiscal year 202  4.  As of September
  30,  2024, the arbitrage rebate liability amounted  to the total of $4,118,449 for the Toll Road.  The Debt Service
  Funds have typically been used to liquidate arbitrage liabilities in previous years.

  I.  Subsequent Debt Related Activity
  No subsequent events noted.







  33

=== PDF PAGE 41 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  J.  Lease Liability
  The  Authority  leases buildings and equipment, the terms of which expire in various years through 2034.
  Variable payments of certain leases are based upon the Consumer Price Index (  CPI).  The leases were
  measured based upon the CPI  at lease commencement. Variable payments based upon the use of the
  underlying asset are not included in the lease liability because they are not fixed in substance.

  The following is a schedule of payments under the leases as of September 30, 2024:

  Fis  c al Ye  ar Ending  To tal to  B  e
  Se  pt e  mbe  r 3  0  ,  Paid  Princ ipal  Interest
  2025  $  3,812,9424,180,627$  367,685$
  2026  3,381,3903,661,971  280,581
  2027  3,441,8143,639,255  197,441
  2028  2,673,2292,792,521  119,292
  2029  1,842,0711,900,567  58,496
  2030- 2034  1,508,2221,564,694  56,472
  $  16,659,66817,739,635$  1,079,967$

  K .  SubscriptionLiability
  The Authority  has multi-year information technology subscriptions, the terms of which expire in various years
  through 2029  .  Variable payments of certain subscriptions  are based upon the CPI  .  The  subscriptions  were
  measured based upon the CPI at lease commencement. Variable payments based upon the use of the underlying
  asset are not included in the subscription  liability because they are not fixed in substance.

  The following is a schedule of payments under the subscriptions  as of September 30, 2024  :

  Fis  c al Ye  ar Ending  To tal to  B  e
  Se  pte  mbe  r 3  0  ,  Paid  Princ ipal  Interest
  2025  $  5,122,8725,431,276$  308,404$
  2026  3,772,1723,950,953  178,781
  2027  2,259,9182,353,924  94,006
  2028  2,388,8092,415,281  26,472
  2029  158,253158,714  461
  $  13,702,02414,310,148$  608,124$


7.  RETIREMENT PLAN

  Plan Description.Harris County provides retirement, disability, and survivor benefits for all of its employees
  (excluding temporary) through a non-  traditional defined benefit pension plan in the statewide Texas County and
  District Retirement System (“TCDRS”). This is accou  nted for as an agent multiple employer  defined benefit
  pension plan.  The Board of Trustees of TCDRS is responsible for the administration of the statewide agent
  multiple-employer public employee retirement system. TCDRS in the aggregate issues an annual comprehensive
  financial report on a calendar year basis.  The annual report  is available upon written request from the TCDRS  ,
  Finance Division, Barton Oaks Plaza IV, Ste. 500, 901 S. MoPac Expy., Austin, TX 78746 or the website at
  www.TCDRS.org.


  34

=== PDF PAGE 42 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  Harris County’s pension plan includes Toll Road and three other participating employers.  Toll Road Authority
  has reported its participation in the Harris County plan as a cost sharing employer.  The Harris County plan is
  allocated to participating employers based upon contributions.  The Authority’s allocated share was 3.80%.

  Benefits Provided.  The plan provisions are adopted by Commissioners Court of the County, within the options
  available in the state statutes governing TCDRS (“TCDRS Act”).  Members can retire at ages 60 and above with
  eight or more years of service, with 30 years of service regardless of age, when the sum of their age and years of
  service equals 75 or more, or if they become disabled.  Members are vested after eight years of service but must
  leave their accumulated contributions in the plan to receive any employer-financed benefit.  Members who
  withdraw their personal contributions in a lump sum are not entitled to any amounts contributed by the County.

  Benefit amounts are determined by the sum of the employee’s contributions to the plan, with interest and
  employer-financed monetary credits. The level of these monetary credits is adopted by Commissioners Court,
  within the actuarial constraints imposed by the TCDRS Act so that the resulting benefits can be expected to be
  adequately financed by the employer’s commitment to contribute.  By law, employee accounts earn 7% interest.
  At retirement, death, or disability, the benefit is calculated by converting the sum of the employee’s accumulated
  contributions and the employer-financed monetary credits to a monthly annuity using annuity purchase rates
  prescribed by the TCDRS Act.  The County’s current match is 225%.

  Employees Covered by Benefit Terms.  At the measurement date, the following employees were covered by the
  benefit terms of the Harris County plan:

  12/31/22  12/31/23
  Inactive employees or beneficiaries currently receiving benefits  10,705  11,202
  Inactive employees entitled but not yet receiving benefits  11,802  11,836
  Active employees  19,088  20,346
  To ta l  41,595  43,384


  Contributions.  The County has elected the annually determined contribution rate (“ADCR”) plan provisions
  of the TCDRS Act.  The plan is funded by monthly contributions from both employee members and the
  County based on the covered payroll of employee members.  Under the TCDRS Act, the contribution rate of
  the County is actuarially determined annually as of December 31, two years prior to the end of the fiscal year
  in which contributions are reported. The County contributed using an actuarially determined rate of 15.7  % of
  covered payroll for the months of the calendar year 2022,  15.1% for the calendar year 2023  and the first 9
  months of 2024  .

  The contribution rate payable by the employee members for 2023 and 2024 is 7% as adopted by Commissioners
  Court.  The employee contribution rate and the employer contribution rate may be changed by Commissioners
  Court, within the options available in the TCDRS Act.

  Actuarial Assumptions.  For the County’s  fiscal year ended September 30, 2024  , the net pension (asset)/liability
  was measured as of December 31, 2023, and the total pension  liability used to calculate the net pension
  (asset)/liability was determined by an actuarial valuation as of that date.







  35

=== PDF PAGE 43 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  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:

  I  n f  la  t  io n  2.  5%
  Salary Increases (average)  4.  7%
  I nve  s tme  nt r a  te  of  r e  tur n  7.  5%
  ( I nve  s tme  nt r a  te  of  r e  tur n is  ne  t of
  a  dminis tr a  tive  e  xpe  ns e  s )

  The County has no automatic cost  - of -living adjustments (“COLA”) and one is not considered to be
  substantively automatic under GASB No. 68, Accounting and Financial Reporting for Pensions  (“GASB 68”)  .
  Therefore, no assumption for future COLA  is included in the GASB calculation or in the funding valuation.
  Each year, the County may elect an ad-  hoc COLA for its retirees.

  The annual salary increases rates assumed for individual members vary by length of service and by entry-  age
  group.  The annual rates consist of a general wage inflation component of 3.00% (made up of 2.50% inflation
  and 0.5% productivity increase assumptions) and a merit, promotion,  and longevity component that on
  average approximates 1.7% per year for a career employee.

  Mortality rates for depositing members were 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 non-  depositing members were 135% of Pub-  2010 General Retirees Amount-Weighted Mortality Table
  for males and 120% Pub-2010 General Retirees Amount-Weighted Mortality Table for females, both
  projected with 100% of the MP  -2021 Ultimate scale after 2010. Disabled retirees were 160% of Pub-  2010
  General Disabled Retirees Amount-Weighted Mortality Table for males and 125% Pub-  2010 General
  Disabled Retirees Amount-Weighted Mortality Table for females, both projected with 100% of the MP-2021
  Ultimate scale after 2010.

  The actuarial cost method was Entry Age Normal, as required by GASB 68. The actuarial assumptions used
  in the December 31, 2023  valuation for the County were developed from an actuarial experience investigation
  of TCDRS over the years 2017-  2020, except where required to be different by GASB 68.

  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 numbers shown are
  based on January 2024  information for a 10-  year time horizon and are re-assessed at a minimum of every four
  years, and is set based on a long -term time horizon.  The TCDRS Board of Trustees adopted the current
  assumption at their March 2021 meeting. The assumption is reviewed annually for continued compliance with
  relevant standards of practice.














  36

=== PDF PAGE 44 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024


  The following target asset allocation was adopted by the TCDRS board in March 2024. The geometric real
  rate of return is net of inflation, assumed at 2.2%.

  Ta rge t  Geometric Real
  Asset Class  A  llo c  a  t  io n  Rate of Return
  U  .  S  .  E  q u it  ie  s  11.  50%  4.  75%
  Glo b a  l E  q u it  ie  s  2.  50%  4.  75%
  I nte  r na  tiona  l Equitie  s  -  D e  ve  lope  d Ma  r ke  ts  5.  00%  4.  75%
  I nte  r na  tiona  l Equitie  s  -  Eme  r ging Ma  r ke  ts  6.  00%  4.  75%
  I nve  s tme  nt- Gr a  de  B onds  3.  00%  2.  35%
  Strategic Credit  9.  00%  3.  65%
  D ir e  c  t Le  nding  16.  00%  7.  25%
  Distressed Debt  4.  00%  6.  90%
  REIT Equitie s  2.  00%  4.  10%
  Master Limited Partnerships  2.  00%  5.  20%
  Private Real Estate Partnerships  6.  00%  5.  70%
  P  r iva  te  Equity  25.  00%  7.  75%
  H e  dge  Funds  6.  00%  3.  25%
  C a  s h Equiva  le  nts  2.  00%  0.  60%
  100.  00%
  Discount Rate.  The discount rate used to measure the total pension  liability was 7.6%.  Using the alternative

  method, the projected fiduciary net position is determined to be sufficient compared to projected benefit
  payments based on the funding requirements under the County’s funding policy and the legal requirements
  under the TCDRS Act.

  1.  TCDRS has a funding policy where the unfunded actuarial accrued liability (“UAAL”) is  amortized
  on  a level-dollar basis as of and after December 31, 2023, and on a level percent of pay basis prior to
  December 31, 2023, over a  20-  year closed periodusing a layered approach  .
  2.  Under the TCDRS Act, the County is legally required to make the contribution specified in the
  funding policy.
  3.  The County’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.

  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
  (asset)/liability of the employer is equal to the long-  term assumed rate of return on investments.












  37

=== PDF PAGE 45 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  Changes in Net Pension Liability/(Asset) (amounts in thousands):

  H  arri s  C  o  unt y
  Tota  l P  e  ns ion  F  id  u  c  ia  r  y  N e  t P  e  ns ion
  L  ia  b  ilit  y  N  e  t  P  o s  it  io n  L  ia  b  ilit  y  /  (  A  s  s  e  t  )
  (a )  ( b)  (a) - (b)
  Balances as of December 31, 2022  8,419,267$  7,705,899$  713,368$
  C ha  nge  s  f or  the  ye  a  r :
  Service cost  198,189  -  198,189
  I nte  r e  s t on tota  l pe  ns ion lia  bility  638,180  -  638,180
  Ef f e  c  t of  e  c  onomic  /de  mogr a  phic  ga  ins  or  los s e  s  2,150  -  2,150
  R e  f und of  c  ontr ibutions  ( 19,748)  ( 19,748)  -
  B e  ne  f it pa  yme  nts  ( 429,172)  ( 429,172)  -
  A dminis tr a  tive  e  xpe  ns e  s  -  ( 4,379)  4,379
  Me  mbe  r  c  ontr ibutions  -  93,188  ( 93,188)
  N e  t inve  s tme  nt inc  ome  -  845,347  ( 845,347)
  Employe  r  c  ontr ibutions  -  200,510  ( 200,510)
  O the  r  -  ( 5,059)  5,059
  Balances as of December 31, 2023  8,808,866$  8,386,586$  422,280$
  T he net pension liability allocated  to the Authority at December 31, 2023, was $  16,033,757  and the Authority

  contributions for the same period was $7,613,260.

  Sensitivity Analysis.  The following presents the net pension (asset)/liability of the County, calculated using
  the discount rate of 7.6%, as well as what the County’s net pension  (asset)/liability would be if it were
  calculated using a discount rate that is 1 -percentage-  point lower (6.6%) or 1-  percentage-point higher (8.6%)
  than the current rate (amounts in thousands):

  H a  r r is  C ounty:
  Curre nt
  1% Decrease  D is c  ount R a  te  1% Increase
  6.  60%  7.  60%  8.  60%
  T  o t  a  l p e  n s  io n  lia  b ilit  y  9,969,370$  8,808,866$  7,837,193$
  Fiduc  ia  r y ne  t pos ition  8,386,586  8,386,586  8,386,586
  N  e  t  p e  n s  io n  (  a  s  s  e  t  )  /  lia  b ilit  y  1,582,784$  422,280$  ( 549,393)$


  Toll R oa  d A uthor ity:
  Current
  1% Decrease  D is c  ount R a  te  1% Increase
  6.  60%  7.  60%  8.  60%
  T  o t  a  l p e  n s  io n  lia  b ilit  y  378,532$  334,468$  297,574$
  Fiduc  ia  r y ne  t pos ition  318,434  318,434  318,434
  N  e  t  p e  n s  io n  (  a  s  s  e  t  )  /  lia  b ilit  y  60,098$  16,034$  ( 20,860)$

  Pension Plan Fiduciary Net Position.  Detailed information about the pension plan’s fiduciary net position is
  available in the separately issued TCDRS financial report.



  38

=== PDF PAGE 46 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  Pension Expense and Deferred Inflows/Outflows of Resources Related to Pension.  For the  fiscal year ending
  September 30, 2024, the County recognized pension expense  of $88,585,295, the Authority’s share was
  $3,229,172  . The County reported deferred outflows of resources and deferred inflows of resources related to
  pension from the following sources (amounts in thousands):

  Harris  County:  De fe rre d Inflows  De fe rre d Outflows
  of  R e  s our c  e  s  of  R e  s our c  e  s
  Differences between expected and actual experience  32,831$  9,896$
  C ha  nge  s  of  a  s s umptions  -  148,604
  Net difference between projected and actual earnings  -  26,292
  C ontr ibutions  ma  de  s ubs e  que  nt to the  me  a  s ur e  me  nt da  te  -  174,298
  To t al  32,831$  359,090$

  T oll Road Authority's  Allocation:  De fe rre d Inflows  De fe rre d Outflows
  of Resources  of Resources
  Differences between expected and actual experience  1,247$  376$
  C  ha  nge  s  o f  a  s  s  u mp t i o ns  -  5,642
  Net difference between projected and actual earnings  -  998
  Contributions made subsequent to the measurement date  -  6,860
  T otal  1,247$  13,876$

  Amounts  currently  reported as deferred outflows of resources and deferred inflows of resources related to
  pensions  ,  excluding  contributions  made  subsequent to the measurement date, will be recognized in pension
  expense for the Harris County plan as follows (amounts in thousands):

  County  T oll Road
  Fiscal Year Ending September 30:  Fiscal Year Ending September 30:
  2025  9,550$  2025  363$
  2026  36,733  2026  1,395
  2027  158,416  2027  6,015
  2028  (52,738)  2028  (2,004)
  T otal  151,961$  T otal  5,769$
  Payable to the Pension Plan.At  September 30, 2024, the County reported a payable of $25,836,201  for the
  outstanding amount of contributions to the pension plan.

  The above information includes four participating employers to the agent multiple employer defined benefit
  pension plan.  One of the employers, Community Supervision (“CS”) is not considered a department or a
  component unit of the County  and thus is presented below for consideration as part of the total pension
  balances.  The net pension  liability for CS at September 30, 2024wa  s $10,139,271.







  39

=== PDF PAGE 47 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  The deferred inflows and outflows of resources reported for CS at September 30, 2024were (amounts in
  thousands):

  Deferred Inflows  Deferred Outflows
  of  R e  s our c  e  s  of  R e  s our c  e  s
  Differences between expected and actual experience  788$  238$
  C ha  nge  s  of  a  s s umptions  -  3,568
  Net difference between projected and actual earnings  -  631
  C ontr ibutions  ma  de  s ubs e  que  nt to the  me  a  s ur e  me  nt da  te  -  4,292
  Tota l  788$  8,729$
  For the measurement period ended December 31, 2023, CS recognized pension expense  of $  1,418,509.

  The Required Supplementary Information (“RSI”) following the notes to the financial statements contains:
  the schedule of changes in the County’s net pension  (asset)/liability and related ratios, and the schedule of
  County contributions.

8.  OTHER POSTEMPLOYMENT BENEFITS

  THE PLAN:

  Plan Description
  Harris County administers an agent multiple  -employer  defined benefit postemployment healthcare plan that
  covers retired employees of participating governmental entities.  The employers in the plan are: Harris County,
  Flood Control District, Toll Road Authority, Juvenile Board, Community Supervision, and Emergency  911.
  The plan provides medical, dental, vision, and basic life insurance benefits to plan members.  Local
  Government Code Section 157.101 assigns the authority to establish and amend benefit provisions to
  Commissioners Court.  Harris County’s defined OPEB plan is not considered a trust.

  Benefits Provided
  The County maintains the same healthcare plans for its retirees as for its active employees. As of September
  30, 2024, KelseyCare plan became available to employees and a  Medicare Advantage PPO and Prescription
  Drug (MAPD)  plan became available to retirees effective January 1, 2025.  The County's contribution depends
  on age and years of service with the County at the time of retirement. Employees of Harris County are eligible
  to retire from the County either: (i) upon being vested with 8 years of creditable Texas County and District
  Retirement System (TCDRS) service and reaching age 60, or (ii) upon satisfying the "Rule of 75" (age plus
  vested service equals at least 75.)

  As a separate Harris County requirement for eligibility for retiree healthcare benefit contributions, after March
  1, 2002 an employee's age plus Harris County service must equal 75 with a minimum of 10 years of County
  service in order to receive 100% of the County contribution for retiree and dependent coverage.

  Retirees whose age plus Harris County service equals 70 but less than 75 are required to pay 20% of the
  County contribution for retiree and dependent coverage. Employees who retire and whose age plus Harris
  County service is less than 70 are required to pay 50% of the County contribution for retiree and dependent
  coverage.

  In addition, there are other scenarios where employees may retire using other creditable service such as time
  from other retirement systems, reinstated service, or disability retirement and still qualify for partial County
  healthcare contributions. For retirements after March 1, 2002, retirees are required to have a minimum of 4
  consecutive years of County service while covered under the County's medical plan immediately prior to
  retirement to be eligible for County healthcare contributions.
  40

=== PDF PAGE 48 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  The level of the County's contribution varies by age at retirement and years of service completed according
  to the following schedule:

  Years of Service  0-3  4-7  89  10+
  Less then 70 Points  0%  50%  50%  50%  50%
  70-74 Points  0%  50%  80%  80%  80%
  75 Points or More  0%  50%  80%  80%  100%

  Harris County only pays 50% of the dependent premium if:  1) the dependent was insured at least one year
  before the employee retired; and 2) if the retiree qualifies for 100% contribution.  If an employee retires paying
  a portion of their own premium (i.e., 20%) then they would pay a proportionately higher premium for their
  dependents.

  Changes pursuant to Commissioners Court Order dated September 26, 2006:
  1.  Current retirees are grandfathered under the contribution rule under which they retired;
  2.  Employees who were eligible to retire by February 28, 2011 are grandfathered under the rule they would
  have been entitled to had they retired as of that date;
  3.  All other employees must have age plus service of at least 80 points or be at least age 65 and have at least
  10 years of creditable County service to receive 100% of the County approved contribution for retiree and
  dependent coverage. They must also pay a contribution for retiree healthcare prior to Medicare eligibility
  as determined by the Commissioners Court each year. In 2016, Commissioners Court approved this
  amount to be $100; and
  4.  Employees hired after February 28, 2007 must pay a monthly contribution for retiree healthcare as
  determined by the Commissioners Court each year. The Court's policy also required this group of retirees
  to pay the full premiums (for both retiree and dependents) for all coverages.

  Retiree Healthcare Contribution Policy Update dated October 3, 2011:
  Beginning March 1, 2012, retiree-paid premiums for the medical/prescription plans are greater for non-
  Medicare retirees than for retirees with Medicare, and a new tier was added (retiree plus child and retiree plus
  spouse now have separate rates).

  Retiree Healthcare Contribution Policy Update dated February 14, 2017:
  Effective March 1, 2017, employees hired after February 28, 2007 are entitled to retiree healthcare
  contributions upon reaching eligibility. They must have age plus creditable County service of at least 80 points
  or be at least age 65 and have at least 10 years of creditable County service to receive 100% of the County
  contribution for retiree and dependent coverage. They must also pay a monthly contribution of $100 for retiree
  healthcare.

  Retiree Healthcare Contribution Policy Update dated October 23, 2018:
  The following contribution rules are effective March 1, 2019.

  Current retirees are “grandfathered” under the contribution rule they retired under.

  Employees hired prior to March 1, 2007 have to attain a combination of age plus a minimum of 10 years of
  non-  forfeited Harris County/TCDRS service equal to 80 or be at least age 65 or Medicare age, with a minimum
  of 10 years of non-  forfeited Harris County/TCDRS service to receive the approved County contribution for
  retiree and dependent healthcare coverage.

  Employees hired after March 1, 2007 have to attain a combination of age plus a minimum of 20 years of non-
  forfeited Harris County/TCDRS service equal to 80 or be at least age 65 or Medicare age, with a minimum of

  41

=== PDF PAGE 49 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  15 years of non-  forfeited Harris County/TCDRS service to receive the approved County contribution for
  retiree and dependent healthcare coverage.

  All employees will be required to have had continuous employment as a Regular employee or to have been
  covered under the Harris County medical plan as an Active Employee for four consecutive years prior to
  retirement to be eligible for any County premium contribution. When calculating whether the retiree meets
  this requirement, the following absences are included: 1) Qualified leave of absence (LOA) only if the person
  elected COBRA coverage during the LOA; (2) Approved Military Leave; and (3) A break in ser  vice of no
  more than four months only if the person elected COBRA coverage.

  Effective March 1, 2019, employees who have fully repurchased previously forfeited Harris County/TCDRS
  service are allowed to have that service included towards eligibility for County retiree healthcare
  contributions. Repurchased amounts must be the minimum of what the employee had withdrew from their
  account at the time of separation. Partial repayments of previously forfeited service are eligible if made prior
  to October 23, 2018.

  Grandfathered employees are those who were retired or eligible to retire under the existing rules as of February
  28, 2011. It was assumed that an additional contribution for non-  grandfathered, under age 65 retirees would
  be a minimum of the Federal Medicare Part B premium at the beginning of the plan year. In 2016
  Commissioners Court approved this amount to be $100.

  On February 22, 2022, Commissioners Court approved to provide Harris County retiree health benefits and
  contributions to Harris County Sheriff’s Office correctional healthcare employee  s  who become employed
  with Harris Health System or the University of Houston and who are within 10 years of their retiree health
  eligibility date and have at least 10 years of Harris County service. Changes in membership or the impact of
  extending retiree benefit will be reflected in the Total OPEB Liability when the change or impact can be
  determinable.

  The County has reserved the right to amend its benefits (including required contributions) at any time.

  Plan Membership
  At September 30, 2024, the most recent valuation date, membership consisted of the following:

  Inactive plan members or beneficiaries
  currently receiving benefit payments  6,524
  Active plan members  18,362
  T otal  24,886

  Contributions
  Local Government Code Section 157.102 assigns to Commissioners Court the authority to establish and
  amend contribution requirements of the plan members and the participating employers.

  Total OPEB Liability
  The County’s  Total  OPEB Liability was measured as of  September 30,  2024,  and  was determined by an
  actuarial valuation as of September 30, 2024.  Standard actuarial update procedures were used to
  project/discount from valuation to measurement dates.




  42

=== PDF PAGE 50 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  Actuarial Assumptions
  The total OPEB liability was determined using the following actuarial assumptions, applied to all periods
  included in the measurement, unless otherwise specified:

  Actuarial cost method  Entry Age, Level Percent of Pay

  Valuation of fiduciary net position  No assets held in an irrevocable trust as of the measurement date.
  Recognition of deferred inflows and outflows of  Closed period equal to the average of the expected remaining
  resources  service lives of all employees provided with OPEB
  Salary increases (average)  3.00 percent
  Inflation rate  2.50 percent
  Healthcare cost trend rate  7.50 percent for 2024 decreasing to 5.40 percent for 2029, 5.25
  percent for 2030-2034, 4.60 percent for 2035-2049, 4.50 percent
  for 2050-2064, 4.25 percent for 2065-2074, and 4.00 percent for
  2075 and later years; Medicare ages: 4.50 percent for all years.
  Preretirement Mortality
  Males  135% of Pub-2010 General Employees Headcount-Weighted.
  Females  120% of Pub-2010 General Employees Headcount-Weighted.
  Postretirement Mortality
  Males  135% of Pub-2010 General Retirees Headcount-Weighted.
  Females  120% of Pub-2010 General Retirees Headcount-Weighted.
  Mortality Improvement:  100% of the MP-2021 Ultimate Projection Scale.

  Actuarial assumptions used in the September 30, 2024  valuation were based on a review of plan experience
  during the period March 1, 2022 to September 30, 2024.
  .

  Discount Rate
  For OPEB Plans That Are Not Administered through Trusts That Meet the Criteria in Paragraph 4, GASB 75
  requires a discount rate that is a yield or index rate for 20-year, tax-exempt general obligation municipal bonds
  with an average rating of AA/Aa or higher. The discount rate used to measure the County’s Total OPEB
  liability is based on the following information:

  Fidelity GO AA
  20 Years
  Reporting Date  Measurement Date  Municipal Index  Dis count Rate a
  September 30, 2023  September 30, 2023  4. 63%  4. 75%
  September 30, 2024  September 30, 2024  3. 81%  3. 75%

  a Municipal Index rounded to nearest 25 basis points










  43

=== PDF PAGE 51 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  Schedule of Changes in Total  OPEB Liability (  September 30, 2023  to September  30, 2024  )

  Tota l OP  EB
  L  ia  b ilit  y
  B a  la  nc  e  s  a  s  of  Se  pte  mbe  r  30, 2023  2,822,480,679$
  C ha  nge  s  f or  the  ye  a  r :
  Service cost  100,940,826
  Interest  136,995,833
  Differences between expected and actual experience  189,832,338
  C ha  nge  s  of  a  s s umptions  739,705,132
  B e  ne  f it pa  yme  nts  (1)  ( 79,519,941)
  B a  la  nc  e  s  a  s  of  Se  pte  mbe  r  30, 2024  3,910,434,867$




  (1)  Includes $79,519,941of pay-  as-you-go contributions.

  There was an increase in the  total OPEB liability mainly due to changes of assumptions  during the fiscal year.

  Sensitivity of the Total OPEB liability to changes in the discount rate. The following presents the Total  OPEB
  liability, as well as what the Total  OPEB liability would be if it were calculated using a discount rate that is
  1-  percentage point lower (2.75percent) or 1  -percentage-  point higher (4.75percent) than the current discount
  rate:
  Harris County:  1% Decrease  Discount Rate  1% Increase
  2.75%  3.75%  4.75%
  T otal OPEB liability  4,669,473,102$  3,910,434,867$  3,311,157,889$


  Toll Road:  1% Decrease  Discount Rate  1% Increase
  2.75%  3.75%  4.75%
  T otal OPEB liability  198,907,983$  166,679,414$  141,155,296$

  Sensitivity of the Total  OPEB liability to changes in the healthcare cost trend rates. The following presents
  the  Total  OPEB liability, as well as what the Total  OPEB liability would be if it were calculated using
  healthcare cost trend rates that are 1-percentage-  point lower or 1-  percentage-point higher than the current
  healthcare cost trend rates:
  Harris County:
  1% Decrease(2)  Trend Rate  1% Increase(3)
  Total OPEB liability  3,247,215,678$  3,910,434,867$  4,783,290,719$


  Toll Road:  1% Decrease(2)  Trend Rate  1% Increase(3)
  Total OPEB liability  138,192,828$  166,679,414$  204,000,452$


  (2) Trend rate for each future year reduced by 1.00%.

  (3) Trend rate for each future year increased by 1.00%.








  44

=== PDF PAGE 52 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  OPEB Expense and Deferred Inflows/  Outflows of Resources Related to OPEB
  For the  fiscal year  ended September 30, 2024, the County recognized OPEB expense of $339,254,473, and
  the Authority’s share was $  14,855,071. At September 30, 2024, the County’s deferred outflows of resources
  and deferred inflows of resources related to OPEB from the following sources are:

  Harris County:  De fe rre d Inflows  De fe rre d Outflows
  of Resources  of Resources
  Differences between expected and actual experience  -$  317,359,824$
  C  ha  nge  s  i n a  s  s  u mp t i o ns  o r  o t he  r  i np u t s  1,057,521,563  1,219,597,692
  T otal  1,057,521,563$  1,536,957,516$



  T oll Road's Allocation:  Deferred Inflows  Deferred Outflows
  of Resources  of Resources
  Differences between expected and actual experience  -$  13,390,384$
  C  ha  nge  s  i n a  s  s  u mp t i o ns  o r  o t he  r  i np u t s  45,321,647  51,458,571
  T otal  45,321,647$  64,848,955$

  Amounts reported as deferred inflows/outflows of resources will be recognized in OPEB expense as follows:

  H a rri s  C o unty  Toll Road
  Fiscal Year Ending September 30:  Fiscal Year Ending September 30:
  2025  101,317,814$  2025  4,126,650$
  2026  101,317,814  2026  4,126,650
  2027  94,125,044  2027  3,833,690
  2028  15,004,533  2028  611,131
  2029  (16,344,096)  2029  (665,691)
  Thereafter  184,014,844  Thereafter  7,494,878
  T otal  479,435,953$  T otal  19,527,308$


  The above information includes five participating employers to the agent multiple employer defined benefit
  postemployment healthcare plan.  Two of the employers, Community Supervision (“CS”) and Emergency 911
  (“911”) are not considered departments or component units of the County.  The Total  OPEB liability for CS
  and 911 at September 30, 2024is $  21,421,454.

  The deferred inflows and outflows reported for CS and 911 at September 30, 202  4, were:

  Deferred Inflows  Deferred Outflows
  of Resources  of Resources
  Differences between expected and actual experience  -$  1,650,722$
  C  ha  nge  s  i n a  s  s  u mp t i o ns  o r  o t he  r  i np u t s  4,272,316  6,343,641
  T otal  4,272,316$  7,994,363$






  45

=== PDF PAGE 53 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

  Additional Disclosures
  Texas Local Government Code, Chapter 175 allows counties to make available continued health benefits
  coverage under certain circumstances to retirees and their dependents beyond the end of an individual's
  employment with the County ("Continuation Coverage" ) by permitting covered employees to purchase
  continued health benefits coverage in retirement. Texas Law does not require counties to fund all or any
  portion of such coverage.

  Because the County is given the authority to pay OPEB for its retired employees, it may incur a debt obligation
  to pay for OPEB so long as the County follows the constitutional requirement that it have sufficient taxing
  authority available at the time such  debt is incurred to provide for the  payment of the debt and has in fact
  levied a tax for such purpose concurrently with the incurrence of the debt. Any debt incurred in contravention
  of this constitutional requirement is considered void and payment will not be due.  The County has not incurred
  a legal debt obligation for OPEB and has not levied a tax for the same and this is not a practice the County
  participates in. The County funds the costs associated with OPEB on a current “pay as you go” basis for a
  single fiscal year through an annual appropriation authorized by Commissioners Court during the County’s
  annual budget adoption process.

  GASB Statement No. 75 requires governmental organizations to recognize an actuarially calculated accrued
  liability for OPEB, even though it may not have a legally enforceable obligation to pay OPEB benefits.
  Accordingly, information and amounts presented in the County’s Annual Comprehensive Financial Report
  relative to OPEB expense/expenditures, related liabilities (assets), note disclosures, and supplementary
  information are only intended to achieve compliance with the requirements of generally accepted accounting
  principles and does not constitute or imply that the County has made a commitment or is legally obligated to
  provide the OPEB benefit.

9.  COMMITMENTS AND CONTINGENCIES

  Construction Commitments
  The Authority is committed under various contracts in connection with the construction of Authority facilities,
  buildings, and roads of $201,655,472.

  Litigation and Claims
  The Authority is involved in lawsuits and other claims in the ordinary course of operations.  Although the outcome
  of such pending lawsuits and other claims are not presently determinable, management of the Authority believes
  that the resolution of these matters is not expected to have a materially adverse effect on the financial condition
  of the Authority.  There are several civil cases that have resulted in settlements, consent decrees or are expected
  to have financial impact on the Authority in subsequent fiscal years.

  Pollution Remediation
  The Authority is subject to numerous Federal, State and Local environmental laws and regulations.  GAAP
  established standards for the accounting and reporting of obligations incurred to address current or potential
  detrimental effects of existing pollution.  The Authority recorded pollution remediation liabilit  y  of  $694,164  in
  the financial statements.

  METRO Agreement
  An  amended  agreement between METRO  and the County related to the Westpark Corridor was  approved by
  Commissioners Court on May 7, 2013.  Per this agreement  the County  is obligated  to reimburse METRO  for
  certain increased project costs if incurred. The County’s liability to M  ETRO under the agreement shall not exceed
  the cap of $41 million and the escalation thereof.  Ad valorem taxes are irrevocably pledged to the payment.

  46

=== PDF PAGE 54 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  NOTES TO THE FINANCIAL STATEMENTS
  September 30, 2024

10.  TRANSFERS AND ADVANCES

  Transfers out amount  ed  to $193  .4  million for the  fiscal year  ended  September  30, 202  4  which consisted of
  transfers of surplus revenue of the HCTRA toll road system, including the annual mobility transfer, approved by
  Commissioners Court in accordance with the existing bond indenture and Section 284.0031, Transportation Code,
  to pay or finance costs of roads, streets, highways, or other related facilities that are not part of the Authority’s
  toll road system.

11.  RECENT ACCOUNTING PRONOUNCEMENTS

  GASB Statement No. 101, Compensated Absences –  (“GASB 101”), The primary objective of this Statement is
  to better meet the information needs of financial statement users by updating the recognition and measurement
  guidance for compensated absences. That objective is achieved by aligning the recognition and measurement
  guidance under a unified model and by amending certain previously required disclosures. GASB 101 will be
  implemented by the Authority  as of the year ended September 30, 2025 and the impact has not yet been
  determined.

  GASB Statement No. 102, Certain Risk Disclosures –  (“GASB 102”), 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.  GASB 102 will be implemented by the Authority as
  of the year ended September 30, 2025 and the impact has not yet been determined.

  GASB Statement No. 103, Financial Reporting Model Improvements  –  (“GASB 103”), 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
  also addresses certain application issues. GASB 103 will be implemented by the Authority as of the year ended
  September 30, 2026 and the impact has not yet been determined.

  GASB Statement No. 104, Disclosure of Certain Capital Assets  –  (“GASB 104”), State and local governments
  are required to provide detailed information about capital assets in notes to financial statements. Statement No.
  34,  Basic Financial Statements—  and Management’s Discussion and Analysis—  for State and Local
  Governments, requires certain information regarding capital assets to be presented by major class. The objective
  of this Statement is to provide users of government financial statements with essential information about certain
  types of capital assets. GASB 104 will be implemented by the Authority as of the year ended September 30, 2026
  and the impact has not yet been determined.

















  47

=== PDF PAGE 55 ===
REQUIRED SUPPLEMENTARY INFORMATION


=== PDF PAGE 56 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  A DEPARTMENT OF HARRIS COUNTY, TEXAS
  REQUIRED SUPPLEMENTARY INFORMATION
  SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS
  (Amounts in thousands)



  Year Ended  Year Ended  Year Ended  Year Ended  Period Ended  Year Ended  Year Ended
  February 28  February 29  February 28  February 28  September 30  September 30  September 30
  2019  2020  2021  2022  2022  2023  2024
TOTAL OPEB LIABILITY
Service cost  79,163$  81,736$  251,727$  209,843$  118,068$  105,268$  100,941$
Interest cost  70,460  74,038  69,221  91,781  53,688  128,192  136,996
Difference between expected and actual experience  -  -  85,687  -  165,734  -  189,832
Effect of assumption changes or inputs  -  733,663  397,977  215,789  (1,461,485)  (117,205)  739,705
Benefit payments  (55,161)  (58,457)  (62,087)  (67,710)  (40,931)  (73,614)  (79,520)
Net change in total OPEB liability  94,462  830,980  742,525  449,703  (1,164,926)  42,641  1,087,954
Total OPEB liability, beginning  1,827,096  1,921,558  2,752,538  3,495,063  3,944,766  2,779,840  2,822,481
Total OPEB liability, ending (a)  $  1,921,558  $  2,752,538  $  3,495,063  $  3,944,766  $  2,779,840  $  2,822,481  $  3,910,435

Covered payroll  1,042,892$  1,112,112$  1,164,474$  1,195,886$  1,214,294$  1,337,993$  1,384,395$

Total OPEB liability as a % of covered payroll  184.25%  247.51%  300.14%  329.86%  228.93%  210.95%  282.47%

Notes to schedule

There are no assets in a qualifying trust, as defined by GASB 75, to pay related benefits.

The above schedule represents Harris County's Total OPEB Liability as a whole.

The County implemented GASB 75 in fiscal year 2019.  Information prior to fiscal year 2019
is not available; therefore, ten years of data will accumulate over time.


















  48

=== PDF PAGE 57 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  REQUIRED SUPPLEMENTARY INFORMATION
  SCHEDULE OF CHANGES IN NET PENSION LIABILITY/(ASSET) AND RELATED RATIOS
  LAST NINE MEASUREMENT YEARS
  (Amounts in thousands)


  Year Ended December 31
  2015  2016  2017  2018  2019  2020  2021  2022  2023
TOTAL PENSION LIABILITY
Service cost  131,567$  149,334$  146,841$  148,122$  151,462$  163,444$  199,137$  202,068$  198,189$
Interest on total pension liability  411,525  437,989  468,982  496,916  524,085  553,564  583,779  612,984  638,180
Effect of plan changes  (28,883)  -  -  -  -  -  -  -  -
Effect of assumption changes or inputs  51,149  -  10,614  -  -  440,283  4,607  -  -
Effect of economic/demographic (gains) or loss  (7,458)  (27,493)  (6,851)  (8,053)  11,006  19,026  (8,769)  (48,873)  2,150
Benefit payments/refunds of contributions  (220,100)  (238,220)  (263,941)  (288,552)  (321,909)  (347,776)  (382,112)  (413,279)  (448,920)
Net change in total pension liability  337,800  321,610  355,645  348,433  364,644  828,541$  396,642$  352,900$  389,599$
Total pension liability, beginning  5,113,052  5,450,852  5,772,462  6,128,107  6,476,540  6,841,184  7,669,725  8,419,2678,066,367
Total pension liability, ending (a)  5,450,852$  5,772,462$  6,128,107$  6,476,540$  6,841,184$  7,669,725$  8,066,367$  8,419,267$  8,808,866$

FIDUCIARY NET POSITION
Employer contributions  132,346$  136,391$  142,896$  149,663$  167,499$  182,824$  189,304$  198,225$  200,510$
Member contributions  66,878  68,371  71,869  72,343  77,914  85,012  88,129  88,572  93,188
Investment income net of investment expenses  (30,646)  349,499  733,526  (107,132)  908,411  656,508  1,509,284  (477,235)  845,347
Benefit payments/refunds of contributions  (220,100)  (238,220)  (263,941)  (288,552)  (321,909)  (347,776)  (382,113)  (413,279)  (448,920)
Administrative expenses  (3,419)  (3,799)  (3,797)  (4,443)  (4,844)  (5,068)  (4,504)  (4,515)  (4,379)
Other  363  (7,961)  (605)  (1,386)  (1,750)  (1,963)  (1,049)  (10,981)  (5,059)
Net change in fiduciary net position  (54,578)  304,281  679,948  (179,507)  825,321  569,537  1,399,051  (619,213)  680,687
Fiduciary net position, beginning  4,726,4814,781,059  5,030,762  5,710,710  5,531,203  6,356,524  6,926,061  8,325,112  7,705,899
Fiduciary net position, ending (b)  4,726,481$  5,030,762$  5,710,710$  5,531,203$  6,356,524$  6,926,061$  8,325,112$  7,705,899$  8,386,586$

Net pension liability/(asset), ending = (a) - (b)  724,371$  741,700$  417,397$  945,337$  484,660$  743,664$  (258,745)$  713,368$  422,280$

Fiduciary net position as a % of total pension liability  86.71%  87.15%  93.19%  85.40%  92.92%  90.30%  103.21%  91.53%  95.21%

Pension covered payroll  953,501$  974,217$  1,020,708$  1,032,142$  1,110,437$  1,211,895$  1,255,581$  1,263,558$  1,328,252$

Net pension liability/(asset) as a % of covered payroll  75.97%  76.13%  40.89%  91.59%  43.65%  61.36%  -20.61%  56.46%  31.79%

Toll Road's Portion:
Allocated share  3.655%  3.551%  3.761%  3.687%  3.547%  3.457%  3.220%  3.401%  3.797%
Employer contribution  4,836,751$  4,843,872$  5,374,391$  5,517,510$  5,940,756$  6,319,736$  6,095,363$  6,741,683$  7,613,260$
Net pension liability/(asset), ending  26,473,095$  26,341,183$  15,698,382$  34,851,024$  17,189,553$  25,706,453$  (8,331,301)$  24,261,768$  16,033,757$


Note:  The County implemented GASB 68 in fiscal year 2016.  Information prior to fiscal year 2016
is not available; ten years of data will accumulate over time.



  49

=== PDF PAGE 58 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  REQUIRED SUPPLEMENTARY INFORMATION
  TEXAS COUNTY AND DISTRICT RETIREMENT SYSTEM
  SCHEDULE OF EMPLOYER CONTRIBUTIONS
  LAST TEN FISCAL YEARS

  Actuarially  Actual  Contribution  P e  ns  i o na  b l e  Actual Contribution
  Fis cal  Determined  Employer  Deficiency  Covered  as a % of Covered
  Year  Contribution (1)  Contribution (1)  (Excess)  Payroll (2)  Payroll
  2015  $  106,802,688  $  110,837,562  (4,034,874)  871,490,916  12.7%
  2016  132,345,738  128,702,142  3,643,596  925,999,776  13.9%
  2017  132,006,399  137,799,357  (5,792,958)  984,281,203  14.0%
  2018  140,449,509  143,768,463  (3,318,954)  1,021,330,992  14.1%
  2019  148,112,422  152,053,334  (3,940,912)  1,041,771,836  14.6%
  2020  157,570,971  169,342,839  (11,771,868)  1,121,475,025  15.1%
  2021  180,814,784  185,368,474  (4,553,690)  1,227,928,655  15.1%
  2022 (3)  189,304,375  190,456,110  (1,151,735)  1,261,574,010  15.1%
  2023  198,225,380  197,327,647  897,733  1,295,515,500  15.2%
  2024  199,370,632  224,403,716  (25,033,084)  1,466,189,581  15.3%


Toll Road is an enterprise fund of the County and is included in the above table.  The following table contains Toll Road spe  cific
information:

  A  c  t  u  a  r  ia  lly  Actual  C ont r ibut ion  P  e  ns  iona  ble  A c  tua  l C ontr ibution
  F  is  c  a  l  Determined  E mploye  r  Deficiency  C ove  r e  d  as a % of Covered
  Year  C ont r ibut ion  C ont r ibut ion  (Excess)  P  a  yr oll  P  a  yr oll
  2015  $  3,970,459  $  4,112,878  $  ( 142,419)  $  32,340,485  12.  7%
  2016  4,836,615  4,696,207  140,408  33,788,248  13.  9%
  2017  4,843,872  4,905,697  ( 61,825)  35,040,708  14.  0%
  2018  5,374,391  5,410,071  ( 35,680)  38,434,810  14.  1%
  2019  5,517,510  5,562,930  ( 45,420)  38,120,469  14.  6%
  2020  5,940,756  5,994,354  ( 53,598)  39,711,011  15.  1%
  2021  6,319,736  6,330,209  ( 10,473)  41,922,038  15.  1%
  2022 (3)  6,095,363  6,101,690  ( 6,327)  40,412,464  15.  1%
  2023  6,741,683  7,260,139  ( 518,456)  47,695,046  15.  2%
  2024  7,613,260  8,852,058  ( 1,238,798)  57,844,319  15.  3%
  (1)  T  CD RS calculat  ed act  uarially  det  ermined cont  ribut  ions  on a calendar y  ear bas is .  G A SB St  at  ement  N o. 68
  indicat  es  t  he emp  loy  er s hould rep  ort  emp  loy  er cont  ribut  ion amount  s  on a fis cal y  ear bas is .
  (2)  P ay  roll is  calculat  ed bas ed on cont  ribut  ions  as  rep  ort  ed t  o T  CD RS for t  he fis cal y  ear.
  (3)  A s  of Sep  t  ember 30, 2022 t  here w as  no new  act  uarial valuat  ion for T  CD RS.  T  he act  ual emp  loy  er cont  ribut  ion for t  he 7 mont  h
  p  eriod ended Sep  t  ember 30, 2022 w as  $121,477,256 for t  he Count  y  and $4,164,508 for t  he A ut  horit  y  .
Notes to Schedule


Valuation date:  Actuarially determined contribution rates are calculated each  December 31,
  two years prior to the end of the fiscal year in which contributions are reported.
 Methods and assumptions used to determine contribution rates  :

Actuarial cost method  Entry Age

Amortization method  Level percentage of payroll, closed

  50

=== PDF PAGE 59 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  REQUIRED SUPPLEMENTARY INFORMATION
  TEXAS COUNTY AND DISTRICT RETIREMENT SYSTEM
  SCHEDULE OF EMPLOYER CONTRIBUTIONS
  LAST TEN FISCAL YEARS

Remaining amortization period  16.3 years (based on contribution rate calculated in 12/31/2023  valuation)

Asset valuation method  5-year smoothed market

Inflation  2.50%

Salary increases  Varies by age and service.  4.  7% average over career including inflation.

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

Retirement age  Members who are eligible for service retirement are assumed to commence receiving benefit
  payments based on age.  The average age at service retirement for recent retirees is 61.

Mortality  135% of the Pub-  2010 General Retirees Table for males and 120% of the Pub-  2010 General
  Retirees Table for females, both projected with 100% of the MP -2021 Ultimate scale after
  2010.

Changes in Assumpt ions and  2015:  New inflation, mortality and other assumptions were reflected.
Methods Reflected in the
Schedule of Employer  2017:  New mor tality assumptions were reflected.
Contributions*
  2019:  New inflation, mortality and other assumptions were reflected.

  2022:  New investment return and inflation assumption were reflected.

Changes in Plan Provisions  2015:  Employer contributions reflect that the member contribution rate was increased
Reflected in the Schedule of  to 7%.
Employer Contributions*
  2016:  No changes in plan provisions were reflected in the Schedule.

  2017:  New Annuity Purchase Rates were reflected for benefits earned after 2017.

  2018:  No changes in plan provisions were reflected in the Schedule.

  2019:  No changes in plan provisions were reflected in the Schedule.

  2020:  No changes in plan provisions were reflected in the Schedule.

  2021:  No changes in plan provisions were reflected in the Schedule.

  2022:  No changes in plan provisions were reflected in the Schedule.

  2023  :  No changes in plan provisions were reflected in the Schedule.


*Only changes that affect the benefit amount and that are effective 2015 and later are shown in the Notes to Schedule.









  51

=== PDF PAGE 60 ===
52

=== PDF PAGE 61 ===
OTHER INFORMATION

=== PDF PAGE 62 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  Traffic Count Table
  Schedule 1

  February 28  February 28  September 30  September 30  September 30
Component/Segment (a)  2021 (c)  2022  2022 (d)  2023  2024
Hardy Toll Road-North  17,482,032  25,733,847  17,136,593  28,958,568  29,859,649
Hardy Toll Road-South  18,020,039  28,151,054  18,400,673  32,040,280  34,653,541
Sam Houston Tollway-South  70,947,261  87,856,146  51,704,213  87,616,841  87,844,416
Sam Houston Tollway-Central  53,118,468  66,203,205  39,612,189  67,473,544  67,818,472
Sam Houston Tollway-North  71,793,756  86,962,566  52,201,005  88,597,047  88,314,470
Sam Houston Ship Channel Bridge  17,197,670  21,346,309  13,638,387  23,474,721  21,663,073
Sam Houston Tollway-NorthEast  28,650,612  36,018,557  22,352,587  38,707,342  37,493,924
Sam Houston Tollway-East  24,725,798  30,745,492  20,062,138  35,149,200  35,195,383
Sam Houston Tollway-South/East  34,045,308  43,184,077  26,541,363  45,099,587  45,965,706
Sam Houston Tollway-South/West  42,486,196  52,861,714  31,859,245  54,703,087  55,386,596
Westpark Tollway  43,279,703  59,716,443  36,744,797  63,888,381  65,648,065
Fort Bend Parkway Extension (Spur 90A)  4,377,608  5,492,986  3,347,600  5,974,632  6,445,939
Katy Managed Lanes (b)  15,361,123  28,610,665  18,671,130  34,074,955  36,711,995
Tomball Tollway  19,783,085  26,589,442  16,326,520  32,327,669  35,285,932
  Total  461,268,659  368,598,440599,472,503  638,085,854  648,287,161

(a) Some transactions occurred during toll waiver periods as approved by Commissioners Court.
(b) Katy Managed Lanes include High Occupancy Vehicle non-toll transactions.
(c) The significant decrease from 2020 to 2021 is due to the COVID-19 pandemic impact.
(d) The Authority changed its fiscal year-end from February 28/29 to September 30 year-end.  This reflects a short 7-month period,
  and then subsequent to that a full 12 months ended 9/30.

































  53

=== PDF PAGE 63 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  Toll Rate Schedule
  Schedule 2


  Toll Rate Schedule Effective September 4, 2023

  EZ TAG and  Pre-Registered  3rd Party  Invoiced
  other AVI (a) (e)  Plate (b)  Service (c)  Image (d)
Two Axle Vehicles
Sam Houston Tollway and Hardy Toll Road Plazas  $  0.45 - 1.50  $  0.65 - 1.80  $  0.70 - 1.88  $  1.00 - 3.00
Sam Houston Ship Channel Bridge  1.35 - 1.50  1.80  1.88  3.00
Westpark Tollway  0.36 - 1.50  0.55 - 1.80  0.60 - 1.88  0.90 - 3.00
Fort Bend Parkway Extension (Spur 90A)  1.35 - 1.50  1.80  1.88  3.00
Tomball Tollway  0.45 - 1.50  0.65 - 1.80  0.70 - 1.88  1.00 - 3.00

Three to Eight Axle Vehicles
Sam Houston Tollway and Hardy Toll Road Plazas  1.00 - 12.25  1.30 - 14.70  1.40 - 15.33  2.00 - 24.50
Sam Houston Ship Channel Bridge  4.00 - 14.00  4.80 - 16.80  5.00 - 17.50  8.00 - 28.00
Westpark Tollway  1.00 - 12.25  1.30 - 14.70  1.40 - 15.33  2.00 - 24.50
Fort Bend Parkway Extension (Spur 90A)  3.50 - 12.25  4.20 - 14.70  4.38 - 15.33  7.00 - 24.50
Tomball Tollway  1.00 - 12.25  1.30 - 14.70  1.40 - 15.33  2.00 - 24.50


(a)  EZ TAG and Other AVI: A ten percent EZ Tag discount rate applies solely to two-axle vehicles with EZ Tag transponders. Image
  transactions where license plates are linked to existing AVI accounts are charged the same rate as AVI transactions.
(b)  Pre-Registered Plate: Image transactions for license plate numbers which have been pre-registered in a HCTRA operated guaranteed
  payment system, which are charged a rate which is 1.2 times the AVI rate.
(c)  3rd Party Service: Image transactions for which guaranteed toll payment is made by a third-party service provider, which are charged a
  rate which is 1.25 times the AVI rate.
(d)  Invoiced Image: Image transactions which do not fall into any of the above categories and require HCTRA invoicing of vehicle owners
  and collection of payments, which are charged a rate which is 2.0 times the AVI rate.
(e)  Katy Managed Lanes: The toll rates for the Katy Managed Lanes are excluded from the table above because they are managed rates set
  based upon "time of day" pricing and vehicle occupancy, not the Toll Policy.



























  54

=== PDF PAGE 64 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  Toll Road Selected Financial Information
  Schedule 3

  February 28  February 28  September 30  September 30  September 30
  2021  2022  2022 (b)  2023  2024
Operating Revenues
  Toll revenues  $  551,278,046  $  808,931,881  $  532,151,298  $  896,351,094  $  874,474,774
  Total Operating Revenues  551,278,046  808,931,881  532,151,298  896,351,094  874,474,774

Operating Expenses
  Salaries  84,322,777  74,372,273  40,501,868  80,707,014  95,939,282
  Materials and supplies  16,626,507  26,143,034  13,233,260  29,375,689  23,358,441
  Services and fees  143,149,145  164,090,917  106,470,753  213,416,742  210,496,049
  Utilities  2,443,633  3,267,504  2,000,241  4,255,000  4,503,268
  Transportation and travel  2,636,579  3,639,196  2,430,384  4,356,186  4,164,769
  Depreciation and Amortization  76,551,284  109,661,003  52,549,680  113,765,482  126,782,879
  Total Operating Expenses  325,729,925  -  381,173,927  217,186,186  445,876,113  465,244,688
Income from Operations  225,548,121  427,757,954  314,965,112  450,474,981  409,230,086
Nonoperating Revenues
  Investment income  11,028,413  3,289,821  1,562,418  36,900,982  86,026,416
  Lease revenues  8,640  8,640  4,946  8,479  7,840
  Miscellaneous Income  1,158,968  2,571,734  1,653,068  1,944,159  1,777,047
  Gain on disposal of capital assets  22,789  56,208  181,937  454,570  359,401
  Total Nonoperating Revenues  12,218,810  5,926,403  3,402,369  39,308,190  88,170,704

Nonoperating Expenses
  Interest expense  73,769,602  83,303,263  50,466,318  73,091,761  84,302,579
  Debt service fees  2,937,367  34,537  1,540,276  1,435,466  4,926,267
  Bond refunding loss amortization  4,056,039  3,487,377  1,676,709  1,315,068  1,098,348
  Loss on disposal of capital assets  -  -  -  3,846,586  21,630
  Total Nonoperating Expenses  80,763,008  86,825,177  53,683,303  79,688,881  90,348,824
Net Income Before
  Transfers Out  157,003,923  346,859,180  264,684,178  410,094,290  407,051,966
Transfers Out (a)  (545,148,289)  (253,954,915)  (123,907,635)  (369,300,000)  (193,402,174)
Change in Net Position  $  (388,144,366)  $  92,904,265  $  140,776,543  $  40,794,290  $  213,649,792


(a)  Commissioners Court annually authorizes the transfer of Harris County Toll Road Authority net income for funding of County
  thoroughfares that enhance traffic flow to current and proposed toll facilities and to increase mobility.
(b)  The Authority changed its fiscal year-end from February 28/29 to September 30 year-end.  This reflects a short 7-month period.
  and then subsequent to that a full 12 months ended 9/30.




















  55

=== PDF PAGE 65 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  Historical Toll Road Operating Results and Coverages
  Schedule 4

  Revenues  Coverage
  Debt Service  Available For  Ratio On
  (a)  Senior & 1st  Coverage Ratio On  (b)  Unlimited  Debt  Unlimited
  FY/Period  Project  Other  Lien Revenue  Senior & 1st Lien  O & M  Subordinate  Service  Subordinate
  Ended  Revenues  Earnings  Bonds  Revenue Bonds  Expenses  Lien Tax Bonds  Tax Bonds  Lien Tax Bonds

  2016  $  759,275,927  $  18,979,897  $  142,199,571  5.473  $  203,809,584  $  432,246,669  $  58,516,811  7.387
  2017  774,025,958  26,195,433  148,479,580  5.389  215,238,531  436,503,280  42,799,012  10.199
  2018  740,272,353  14,522,053  148,108,962  5.096  184,590,613  422,094,831  41,737,732  10.113
  2019  828,453,739  37,403,371  162,106,225  5.341  208,141,566  495,609,319  41,187,050  12.033
  2020  854,849,072  41,990,110  158,131,539  5.671  226,793,851  511,913,792  40,622,562  12.602
  2021  551,278,046  11,037,053  156,572,551  3.591  226,169,213  179,573,335  40,049,775  4.484
  2022  808,931,881  5,926,403  182,769,421  4.458  241,622,422  390,466,441  28,930,612  13.497
  9/30/2022  (c)  532,151,298  3,402,369  111,310,085  4.811  144,247,701  279,995,881  24,727,591  11.323
  2023  896,351,094  38,853,620  156,393,815  5.980  266,578,207  512,232,692  28,622,863  17.896
  2024  874,474,774  88,149,074  158,900,900  6.058  280,107,669  523,615,279  28,011,944  18.693

(a) Total investment income less interest revenue from the Office Building.  Includes lease revenue income and intergovernmental income.

(b) O&M expenses are from TRA Operations and Maintenance funds.

(c) The Authority changed its fiscal year-end from February 28/29 to September 30 year-end.  This reflects a short 7-month period, and then subsequent to that a full 12 months ended 9/30.





















  56

=== PDF PAGE 66 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  Revenues by Toll Road Components/Segments
  Schedule 5




  February 28  February 28  September 30  September 30  September 30
Component/Segment (a)  2021  2022  2022 (d)  2023  2024
Hardy Toll Road-North  24,849,542$  40,482,057$  27,909,614$  43,683,294$  45,102,764$
Hardy Toll Road-South (b)  23,854,633  41,476,186  27,838,734  44,558,745  47,954,734
Sam Houston Tollway-South  83,248,148  120,574,460  74,704,542  116,105,595  115,785,581
Sam Houston Tollway-Central  70,099,960  101,735,211  63,790,529  99,742,384  100,535,927
Sam Houston Tollway-North  90,148,025  129,143,357  81,745,873  126,530,326  127,928,561
Sam Houston Ship Channel Bridge  26,771,401  39,015,609  26,133,519  41,310,317  39,833,297
Sam Houston Tollway-East  32,271,153  46,928,255  32,118,434  51,962,394  51,821,170
Sam Houston Tollway-South/East  43,726,878  65,054,773  42,165,941  66,099,847  66,856,876
Sam Houston Tollway-South/West  48,895,404  72,607,308  46,400,924  73,729,011  74,578,655
Sam Houston Tollway-North/East  34,141,237  49,348,796  32,190,129  51,673,029  48,147,558
Westpark Tollway  47,193,811  73,466,948  47,010,044  76,297,447  76,422,868
Fort Bend Parkway Extension (Spur 90A)  5,707,999  8,149,768  5,078,911  8,474,676  8,894,264
Katy Managed Lanes  8,867,781  18,648,110  12,399,470  20,442,233  20,967,661
Tomball Tollway  25,223,306  37,611,849  23,569,371  44,165,933  48,243,545
Administration (c)  (33,242,723)  (32,512,204)(67,179,469)  (10,553,090)  (44,699,806)
IOP-CTRMA  783,391  1,407,012  965,522  1,786,141  1,967,756
IOP-CCRMA  -  -  -  -  90,000
IOP-Fort Bend County  3,580,328  4,751,940  2,943,124  5,391,543  5,739,327
IOP-KTA  31,769  44,123  30,059  54,360  124,299
IOP-MCTRA  784,863  1,228,090  812,774  1,598,189  1,839,494
IOP-METRO  160,008  357,013  266,379  531,967  503,472
IOP-NTTA  3,300,657  4,880,037  3,507,770  6,605,113  7,794,194
IOP-TTA  10,407,622  15,601,249  10,306,606  20,454,626  21,662,660
IOP-OTA  51,538  88,696  84,288  250,664  340,757
IOP - BCTRA  114,515  794,878  632,924  1,229,074  1,319,516
IOP - BTG  306,799  2,715,625  2,058,021  4,227,276  4,719,644
  Total  551,278,046$  808,931,881$  532,151,298$  896,351,094$  874,474,774$



(a)  IOP toll revenue is accounted for in the respective Toll Road Toll Plaza for each IOP Agency during FY 2018-FY2022.  IOP toll revenue and IOP
  Revenues are attributable to the Toll Interoperability Program, pursuant to various agreements.
(b)  Includes toll revenues collected for the Airport Connector.
(c)  This line consists of allowance for uncollectible accounts on toll violation (VEC) revenue administrative fees (excluding tolls), EZ tag sales fees,
  other miscellaneous revenues.
(d)  The Authority changed its fiscal year-end from February 28 to September 30 year-end.  This reflects a short 7-month period, and then
  subsequent to that a full 12 months ended 9/30.
















  57

=== PDF PAGE 67 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  Toll Road Bonds Debt Service Requirements
  Schedule 6


  Total Toll Road Unlimited Tax &  Total Toll Road
Fiscal  Subordinate Lien Revenue Bonds  Senior & 1st Lien Revenue Bonds  Total Toll Road Bonds Debt Service
  Year  Principal  Interest  Total  Principal  Interest  Total  Principal  Interest  Total
  2025  12,070,000$  5,747,175$  17,817,175$  84,615,000$  135,690,646$  220,305,646$  96,685,000$  141,437,821$  238,122,821$
  2026  12,090,000  5,113,500  17,203,500  97,800,000  123,508,425  221,308,425  109,890,000  128,621,925  238,511,925
  2027  12,115,000  4,478,775  16,593,775  102,635,000  118,668,425  221,303,425  114,750,000  123,147,200  237,897,200
  2028  12,135,000  3,842,738  15,977,738  107,745,000  113,536,675  221,281,675  119,880,000  117,379,413  237,259,413
  2029  12,160,000  3,205,650  15,365,650  113,145,000  108,149,425  221,294,425  125,305,000  111,355,075  236,660,075
  2030  12,185,000  2,567,250  14,752,250  118,845,000  102,492,175  221,337,175  131,030,000  105,059,425  236,089,425
  2031  12,210,000  1,927,537  14,137,537  124,765,000  96,549,925  221,314,925  136,975,000  98,477,462  235,452,462
  2032  12,240,000  1,286,513  13,526,513  131,045,000  221,356,67590,311,675  143,285,000  91,598,188  234,883,188
  2033  12,265,000  643,912  12,908,912  137,565,000  83,759,425  221,324,425  149,830,000  84,403,337  234,233,337
  2034  -  -  -  84,400,000  77,001,125  161,401,125  84,400,000  77,001,125  161,401,125
  2035  -  -  -  87,630,000  72,905,975  160,535,975  87,630,000  72,905,975  160,535,975
  2036  -  -  -  94,600,000  68,654,425  163,254,425  94,600,000  68,654,425  163,254,425
  2037  -  -  -  87,200,000  64,225,825  151,425,825  87,200,000  64,225,825  151,425,825
  2038  -  -  -  90,905,000  60,581,875  151,486,875  90,905,000  60,581,875  151,486,875
  2039  -  -  -  81,265,000  56,777,825  138,042,825  81,265,000  56,777,825  138,042,825
  2040  -  -  -  84,695,000  53,022,775  137,717,775  84,695,000  53,022,775 137,717,775
  2041  -  -  -  80,800,000  49,099,625  129,899,625  80,800,000  49,099,625  129,899,625
  2042  -  -  -  87,545,000  45,547,425  133,092,425  87,545,000  45,547,425  133,092,425
  2043  -  -  -  91,255,000  41,740,425  132,995,425  91,255,000  41,740,425  132,995,425
  2044  -  -  -  95,005,000  37,767,175  132,772,175  95,005,000  37,767,175  132,772,175
  2045  -  -  -  99,260,000  33,504,025  132,764,025  99,260,000  33,504,025  132,764,025
  2046  -  -  -  103,355,000  29,191,989  132,546,989  103,355,000  29,191,989  132,546,989
  2047  -  -  -  107,695,000  24,741,175  132,436,175  107,695,000  24,741,175  132,436,175
  2048  -  -  -  96,330,000  20,097,625  116,427,625  96,330,000  20,097,625  116,427,625
  2049  -  -  70,980,000-  16,047,487  87,027,487  70,980,000  16,047,487  87,027,487
  2050  -  -  -  71,205,000  12,999,213  84,204,213  71,205,000  12,999,213  84,204,213
  2051  -  -  -  49,975,000  9,910,300  59,885,300  49,975,000  9,910,300  59,885,300
  2052  -  -  -  52,285,000  7,600,987  59,885,987  52,285,000  7,600,987  59,885,987
  2053  -  -  -  54,700,000  5,182,962  59,882,962  54,700,000  5,182,962  59,882,962
  2054  -  -  -  57,235,000  2,651,212  59,886,212  57,235,000  2,651,212  59,886,212
  Total  109,470,000$  28,813,050$  138,283,050$  2,746,480,000$  1,761,918,246$  4,508,398,246$  2,855,950,000$  1,790,731,296$  4,646,681,296$

  58

=== PDF PAGE 68 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  OUTSTANDING TOLL ROAD TAX BONDS
  Schedule 7

  The Series 2007C  Tax Bonds  is  referred to as the “Toll Road Tax Bonds”.
  Out  s  t  andi  ng
  P  r  i  nc  i  pal  Amo  unt
  Issue  Date Issued  at September 30, 2024
  Harris County, Texas, Toll Road Unlimited
  Tax and Subo  r  di  nat  e  Li  e  n Re  ve  nue
  Re  f  undi  ng Bo  nds  , Se  r  i  e  s  2  0  0  7  C  Augus  t  2  0  0  7  109,470,000$

  TO  TAL  109,470,000$













































  59

=== PDF PAGE 69 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  OUTSTANDING TOLL ROAD SENIOR& FIRST  LIEN REVENUE BONDS
  Schedule 8

The Series 2015B, Series 2016A, Series 2018A  , and Series 2019A are  referred to as the “Senior Lien Revenue Bonds”.
The Series 2021, Series 2022A  , Series 2023A and Series 2024A are referred to as the “First Lien Revenue Bonds”.
  Outstanding
  Principal Amount
  Issue  at September 30, 2024


  Harris County, Texas, Toll Road Senior Lien Revenue
  Refunding Bonds Series 2015B  121,450,000$
  Refunding Bonds Series 2016A  432,080,000
  Refunding Bonds Series 2018A  457,500,000
  Refunding Bonds Series 2019A  79,750,000

  Harris County, Texas, Toll Road First Lien Revenue
  Refunding Bonds Series 2021  398,145,000
  Refunding Bonds Series 2022A  190,060,000
  Refunding Bonds Series 2023A  117,495,000
  Refunding Bonds Series 2024A  950,000,000

  TOTAL  2,746,480,000$
































  60

=== PDF PAGE 70 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  OPERATING FUNDS BUDGET FOR THE COUNTY'S FISCAL YEAR 2024-2025
  Schedule 9



On September 19, 2024 the Commissioners Court adopted the budget for the County for the Fiscal Year 2024-2025.
The Fiscal Year budget included appropriations for some capital projects, which are financed from current revenues.
The following is a summary of the Fiscal Year 2024-2025 budget for the County's Current Operating Fund:



  Cash Balance as of October 1, 2024  289,661,547$
  Estimated Revenues:
  Ad Valorem and Miscellaneous Taxes  2,134,090,374
  Charges for Services  295,726,983
  Fines and Forfeitures  11,476,000
  Intergovernmental Revenues  85,392,690
  Interest  32,375,200
  Other  58,346,337
  Total Cash and Estimated Revenues  2,907,069,131$

  Appropriations:
  Current Operating Expenses  2,900,472,753$
  Capital Outlay:
  Roads  5,171,549
  Parks  1,424,829
  Total Appropriations  2,907,069,131$































  61

=== PDF PAGE 71 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  COUNTY CAPITAL PROJECTS FUNDS BUDGETING
  Schedule 10

  County Capital Projects Funds are used in projects including construction of roads, office and court
  buildings, jails, juvenile home facilities, parks and libraries.  Cash and investments on hand in the
  Capital Projects Funds at September 30  , 2024  derived from the sale of bonds and other sources and
  the investment income (except investment income may be used for debt service) thereon, are
  designated to be spent over a period of several years for the following purposes:

  Roads  252,697,278$
  Permanent Improvements  486,189,633
  Flood Control  255,867,840
  To ta l  994,754,751$













































  62

=== PDF PAGE 72 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  COUNTY TAX DEBT OUTSTANDING
  Schedule 11


  County's Total
  Outstanding
  Tax Debt (a)

Limited Tax Debt  1,361,694,000$
Unlimited Tax Debt  821,310,000
Flood Control  285,365,000
Toll Road Tax Bonds  109,470,000
  Total  2,577,839,000$
Less:  Toll Road Tax Bonds  (109,470,000)
Total (Approximately 0.29% of 2023 Assessed Value)  2,468,369,000$



(a) Excluding Flood Control District debt of $987,825,000 paid for by the District's
  ad valorem tax revenues.  Amounts expressed at gross value, not considering
  unamortized premium or discount or accretion of capital appreciation bonds.

































  63

=== PDF PAGE 73 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  SCHEDULE OF COUNTY-WIDE AD VALOREM TAX DEBT SERVICE REQUIREMENTS
  Schedule 12
  (amounts in thousands)



  T o ll Ro ad Unlimit ed T ax &
Fiscal  Limit ed T ax Debt  Unlimit ed T ax Debt  Subordinate Lien Revenue Bonds  Flood Control (a)  Total County-Wide Tax Debt
  Year  P r incipal  Interest  Total  P r incipal  Interest  Total  P r incipal  Interest  Total  P r incipal  Interest  Total  P r incipal  Interest  Total
2025  82,624$  77,517$  160,141$  59,130$  38,658$  97,788$  12,070$  5,747$  17,817$  57,625$  55,349$  112,974$  211,449$  177,271$  388,720$
2026  70,845  59,808  130,653  55,000  34,726  89,726  12,090  5,113  17,203  53,675  52,725  106,400  191,610  152,372  343,982
2027  98,320  55,659  153,979  59,665  31,911  91,576  12,115  4,479  16,594  58,040  50,122  108,162  228,140  142,171  370,311
2028  63,090  65,320  128,410  60,505  28,925  89,430  12,135  3,843  15,978  61,675  47,136  108,811  197,405  145,224  342,629
2029  73,365  48,468  121,833  61,510  25,895  87,405  12,160  3,206  15,366  64,385  43,992  108,377  211,420  121,561  332,981
2030  55,300  45,293  52,130100,593  23,074  75,204  12,185  2,567  14,752  65,210  40,759  105,969  184,825  111,693  296,518
2031  57,920  42,526  100,446  50,525  20,529  71,054  12,210  1,928  14,138  54,365  37,947  92,312  175,020  102,930  277,950
2032  60,615  39,647  100,262  51,685  18,027  69,712  12,240  1,286  13,526  42,750  35,696  78,446  167,290  94,656  261,946
2033  36,415  36,798  73,213  28,170  16,093  44,263  12,265  644  12,909  44,890  33,561  78,451  121,740  87,096  208,836
2034  34,385  34,977  69,362  29,575  14,692  44,267  -  -  -  47,045  31,416  78,461  111,005  81,085  192,090
2035  36,075  33,267  69,342  15,230  28,45213,222  -  -  -  49,200  29,220  78,420  100,505  75,709  176,214
2036  37,855  31,472  69,327  15,980  12,489  28,469  -  -  -  51,460  26,984  78,444  105,295  70,945  176,240
2037  37,850  29,656  67,506  16,685  11,780  28,465  -  -  -  53,700  24,699  78,399  108,235  66,135  174,370
2038  39,665  27,831  67,496  17,390  11,078  28,468  -  -  -  56,050  22,300  78,350  113,105  61,209  174,314
2039  41,565  25,929  67,494  18,120  10,345  28,465  -  -  -  58,515  19,855  78,370  118,200  56,129  174,329
2040  43,525  23,953  67,478  18,835  9,624  28,459  --  -  60,960  17,362  78,322  123,320  50,939  174,259
2041  45,560  21,900  67,460  19,585  8,873  28,458  -  -  -  48,175  15,133  63,308  113,320  45,906  159,226
2042  37,605  20,027  57,632  20,370  8,090  28,460  -  -  -  50,000  13,296  63,296  107,975  41,413  149,388
2043  39,285  18,356  57,641  21,155  7,307  28,462  -  -  -  51,870  11,321  63,191  112,310  36,984  149,294
2044  41,015  16,594  57,609  21,995  6,463  28,458  -  -  -  53,970  9,171  63,141  116,980  32,228  149,208
2045  38,630  14,847  53,477  22,925  5,541  28,466  -  -  56,190-  6,915  63,105  117,745  27,303  145,048
2046  40,240  13,238  53,478  23,915  4,539  28,454  -  -  -  58,505  4,567  63,072  122,660  22,344  145,004
2047  38,840  11,606  50,446  24,965  3,492  28,457  -  -  -  44,850  2,444  47,294  108,655  17,542  126,197
2048  38,925  9,967  48,892  23,500  2,427  25,927  -  -  -  30,085  901  30,986  92,510  13,295  105,805
2049  25,475  8,405  33,880  4,815  1,638  6,453  -  -  -  -  -  -  30,290  10,043  40,333
2050  26,550  7,335  33,885  5,060  1,397  6,457  -  -  -  -  --  31,610  8,732  40,342
2051  27,875  6,008  33,883  5,310  1,144  6,454  -  -  -  -  -  -  33,185  7,152  40,337
2052  29,275  4,614  33,889  5,575  879  6,454  -  -  -  -  -  -  34,850  5,493  40,343
2053  30,735  3,150  33,885  5,855  600  6,455  -  -  -  -  -  -  36,590  3,750  40,340
2054  32,270  1,614  33,884  6,150  308  6,458  -  -  -  -  -  -  38,420  1,922  40,342
Total  $  1,361,694  $  835,782  $  2,197,476  $  821,310  $  373,766  $  1,195,076  $  109,470  $  28,813  $  138,283  $  1,273,190  $  632,871  $  1,906,061  $  3,565,664  $  1,871,232  $  5,436,896


  (a)  Includes Flood Control District debt paid for by the District's ad valorem tax revenues and debt paid for by the County's ad valorem tax revenues as a result of refunded commercial paper.
















  64

=== PDF PAGE 74 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  COUNTY-WIDE AUTHORIZED BUT UNISSUED BONDS
  Schedule 13
  (Amounts in Thousands)

As  of  September  30,  2024,  the  following  County-wide  ad  valorem  tax  bonds  authorized  by  the  voters  at  the  elections  held  in  September
1983, November 1999, November 2007, November 2015, August 2018, and November 2022 remain unissued.

This  table  reflects  the  County’s  use  of  voted  authority  when  it  issues  general  obligation  bonds  and  commercial  paper  notes  pursuant  to
its  Series  B  (parks  and  libraries),  Series  C  and  C-2  (roads  and  bridges),  and  Series  D,  D-2,  and  D-3  (parks,  libraries,  and  public  safety)
programs.  It  also  reflects  the  Flood  Control  District's  use  of  voted  authority  when  it  issues  limited  tax  bonds  and  commercial  paper  notes
pursuant to its Series H and H-2 programs.

This  table  also  shows  Harris  County  Hospital  District  Bond  that  was  authorized  by  the  voters  at  the  election  held  in  November  2023  but
remains unissued. Harris County has no legal responsibility for repayment of this bond.

  County Ad Valorem Tax Bonds
  Limited Tax:
  Civil Justice Center  33,000$
  Parks  210,683
  Forensic Lab  5,180
  Public Safety  100,000
  Total Limited Tax Bonds  348,863$
  Unlimited Tax:
  Road Bonds  1,187,400
  Total Unlimited Tax Bonds  1,187,400
  Combination Unlimited Tax and Revenue:
  Toll Roads  15,148
  Total Toll Road Unlimited Tax Bonds  15,148
  Harris County Flood Control District Limited Tax Bonds:
  Flood Bonds  1,491,775
  Total Flood Control Limited Tax Bonds  1,491,775
  Total Harris County Ad Valorem Tax Bonds  3,043,186

  Harris County Hospital District Bonds
  Harris County Hospital District Bond  2,500,000
  Total Harris County Hospital District Bonds  2,500,000

  Total Authorized but Unissued Bonds  5,543,186$

















  65

=== PDF PAGE 75 ===
  TOLL ROAD AUTHORITY ENTERPRISE FUND OF HARRIS COUNTY, TEXAS
  FULL-TIME EQUIVALENT COUNTY EMPLOYEES BY FUNCTION/PROGRAM
  LAST TEN FISCAL YEARS
  Schedule 14




  2016  2017  2018  2019  2020  2021  2022  9/30/22 *  2023  2024
Administration of Justice  9,768  9,824  10,275  10,181  10,909  11,194  11,115  10,937  10,883  11,517
Parks  867  892  913  924  899  613  587  554  614  640
County Administration  3,280  3,406  3,460  3,481  3,054  3,222  3,331  3,416  3,587  3,870
Health and Human Services  1,432  1,450  1,488  1,487  1,622  1,582  1,653  1,667  1,793  2,098
Flood Control  287  293  290  316  325  331  347  350  329  351
Tax Administration  368  353  368  365  418  382  377  371  392  388
Roads and Bridges  451  563  568  542  659  489  364  381  371  402




Note:  (1)  As of September 30, 2024, it is estimated that approximately 5,599 of the County's employees were members of various labor organizations, some of which are unions affiliated
  with the AFL-CIO.  The County does not maintain collective bargaining agreements with any unions.

  (2)  This schedule represents the number of County employees at the end of each fiscal year.

  *The Authority changed its fiscal year-end from February 28/29 to September 30 year-end.  This reflects a short 7-month period, and then subsequent to that a full 12 months ended 9/30.

Source: Harris County HR and Payroll system





















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