
=== PDF PAGE 1 ===
ANNUAL 2023
COMPREHENSIVE
FINANCIAL  REPORT

NORTH TEXAS TOLLWAY SYSTEM
An Enterprise Fund of the North Texas Tollway Authority























FISCAL YEAR ENDED
DECEMBER 31, 2023



  S-1

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  INTRODUCTION  Dallas North Tollway at Night

  NT  TA BRIDGES TO THE FUTURE

  As travel and business activity returned to pre-Covid levels, NTTA
  continued driving the region's expansion to keep people and commerce
  moving. NTTA’s project work, technological advancements and customer-
  centric service supported one of the fastest-growing regions in the nation.

  In spring of 2023, NTTA completed construction on the latest Dallas North
  Tollway (DNT) extension –  the main lane bridge over US 380 into Prosper.
  This marks an important milestone in the northern expansion of the DNT,
  creating economic development opportunities in Collin and Denton
  counties that will stimulate growth for decades to come. This project is
  the first part of the DNT Phase 4 project, which will ultimately extend the
  DNT main lanes to the Grayson County line. Additionally, NTTA continued
  work on the DNT widening in Frisco between Sam Rayburn Tollway and
  US  380,  helping  reduce  traffic  congestion  and  supporting  the  growing
  population.

  Beyond North Texas, the tolling industry recognizes NTTA for its leadership
  in innovation. This year, our agency won two Toll Excellence Awards from
  the International Bridge, Tunnel and Turnpike Association. The first award
  recognizes  the  success  of  NTTA’s  new  enterprise  back-office  system,
  which annually processes 1 billion transactions. NTTA shared the second
  award  with  several  tolling  entities  for  creating  the  United  States’  first
  “hub-to-hub connection” between two separate regional hubs (Central
  and Southeast). This interstate compatibility enables TollTag customers to
  conveniently use toll roads in Oklahoma, Kansas, all of Texas, and parts
  of Florida while receiving the lowest toll rate. Visitors from these states
  using their own transponder also receive the lowest rates on NTTA roads.

  NTTA continues investing in the future economic development and growth
  of North Texas, spurred through the connectivity and reliability of a strong
  transportation system. Year after year, NTTA delivers on its commitment
  to provide transportation solutions and technological innovations for its
  millions of customers.

























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  TABLE OF CONTENTS

  INTRODUCTION  FINANCIAL STATEMENTS  STATISTICAL SECTION  (Unaudited)
  S-6  CFO Horatio Porter's Letter  14  Statement of Net Position  59  Introduction to Statistical Section
  to Chairman16  Statement of Revenues, Expenses and  60  Net Position by Component
  S-8  Mission and Strategic Goals  Changes in Net Position  61  Statement of Revenues & Expenses
  S-10  2023 By the Numbers  17  Statement of Cash Flows  and Changes in Net Position by Net
  S-12  System Capacity and  18  Notes to Financial Statements  Component
  Improvements  62  Traffic and Toll Revenue
  S-14  Business Diversity and  REQUIRED SUPPLEMENTARY  63  Toll Rates (by Toll Plaza and Class of
  Vendor Outreach  Vehicle)
  S-16  NTTA Organization  INFORMATION  68  Ratio of Outstanding Debt by Type
  S-17  Board of Directors  50  Modified Approach-Infrastructure  69  Ratio of Revenue-Backed Debt
  S-18  NTTA Roads  52  Schedule of Changes in Net Pension  Outstanding  CONTINUING FINANCIAL
  S-19  Government Finance Officers  Liability/(Asset) and Related Ratios  70  Schedule of Pro Forma Debt Service  DISCLOSURE SCHEDULES  (Unaudited)
  Association Award53  Schedule of Employer Pension  Requirements  80  Schedule 2 - Schedule of Budget and
  Contributions  71  Schedule of Estimated Toll Revenues,  Actual Revenues and Expenses on Trust
  54  Schedule of Changes in PEBC Total  Expenses, Other Income and Estimated  Agreement Basis
  OPEB Liability and Related Ratios  Debt Service Coverage Ratio  82  Schedule 3 - Schedule of Changes in Net
  FINANCIAL SECTION  55  Schedule of Authority’s Share of ERS  72  Demographic and Economic Statistical  Position by Trust Account
  1  Independent Auditor’s Report  Net OPEB Liability  Data  84  Schedule 4 - Schedule of Toll Revenue
  4  Management’s Discussion and  55  Schedule of Authority’s Contributions to  75  North Texas Four County Region’s Top  and Traffic Analysis
  Analysis (MD&A)  ERS OPEB  10 Employers  85  Schedule 5 - Schedule of Toll Rates
  56  Schedule 1 - Schedule of Net Position  76  Contribution to Infrastructure Assets  86  Schedule 6 - Schedule of Historical
  by Trust Account  77  Toll Collection Variance  Traffic, Toll Revenues and Net Revenues

  78  Total Lane Miles Operating and  87  Schedule 7 - Schedule of Capitalized
  Number of Employees by Department  Costs by Project























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  LET TER TO CHAIRMAN
  MARCUS KNIGHT AND THE BOARD OF DIRECTORS

  The North Texas Tollway Authority (NTTA) is pleased to submit the Annual Comprehensive Financial  Management’s Discussion and Analysis (MD&A)  of  bad  debt  expense.  These  revenues  allow  the
  Report (ACFR or Report) for the year ended December 31, 2023, in compliance with Section 711 of  (pages  4-13)  provides  an  introduction  to  analysis  of  Authority to maintain its commitment to preserve
  the Amended and Restated Trust Agreement. The Report is intended to provide detailed information  the  financial  statements.  The  MD&A  complements  current assets, fund capital improvement projects,
  on the financial condition of the North Texas Tollway System (the System), an enterprise fund of the  this letter of transmittal and should be read in  satisfy  debt-service  obligations  and  invest  in  safety
  Authority, on December 31, 2023, including the System and the Non-System Fund.  conjunction with it.  and  technology  to  provide  our  customers  best-in-
  class service.
  PROFILE OF THE NORTH  Section 501 of the Amended and Restated Trust
  TEXAS TOLLWAY AUTHORITY  Agreement mandates the Authority will keep in effect
  In 1997, the Texas Legislature created NTTA with  a Toll Rate Schedule, which will raise and produce
  the charge to improve mobility in the North Texas  Net Revenues (Gross Revenues less Operating and
  region. The Authority is committed to being a careful  Maintenance  Expenses)  sufficient  to  satisfy  the
  steward of all resources placed in its care – financial,  greater of (1), (2) or (3) below:
  physical and environmental.
  The NTTA System consists of the Dallas North Tollway  (1) 1.35 times the scheduled debt service requirements
  (DNT), President George Bush Turnpike (PGBT), Sam  on  all  outstanding  First  Tier  Bonds  for  the  fiscal
  Rayburn  Tollway  (SRT),  previously  known  as  State year; or
  We appreciate our
  Highway  121,  Mountain  Creek  Lake  Bridge  (MCLB),  (2) 1.20 times the scheduled debt service requirements
  Board of Directors  Addison  Airport  Toll  Tunnel  (AATT),  Lewisville  Lake  on all outstanding First Tier Bonds and all outstanding
  Toll Bridge (LLTB), Chisholm Trail Parkway (CTP) and  Second Tier Bonds for the fiscal year; or
  for providing  the 360 Tollway (360T).  (3) 1.00 times the scheduled debt service requirements
  leadership as  The  Non-System  Fund  is  a  Tolling  Services on all outstanding First Tier Bonds, all outstanding
  Agreements  (TSAs)  fund.  The  following  represents  Second Tier Bonds, all outstanding Third Tier Bonds
  NTTA delivers  the three types of TSAs: (1) Developer TSAs where  and all other outstanding obligations of the Authority
  NTTA remits amounts for each transaction, has  secured by net revenues for the fiscal year.
  transportation  collection exposure, and is paid a fee to process the  NTTA met all coverage requirements in 2023.
  transactions, (2) Developer TSAs where NTTA remits
  solutions for  only amounts collected and is paid a fee to process  AWARDS AND ACKNOWLEDGMENTS
  each transaction, and (3) Regional TSAs facilities
  customers in the  where NTTA remits only amounts collected and is  The Government Finance Officers Association (GFOA)
  reimbursed for operating expenses by the Texas  awarded  a  Certificate  of  Achievement  for  Excellence
  region.  Department of Transportation (TxDOT).  in Financial Reporting to the North Texas Tollway

  Developer TSA (type  1) facilities presently consist  Authority for its Annual Comprehensive Financial
  Horatio Porter, Chief Financial Officer  of Interstate Highway 635 (LBJ) and North Tarrant  Report for the fiscal year ended December 31, 2022.
  Express 1&2W (NTE 1&2W). Developer TSA (type 2)  We appreciate our Board of Directors for providing
  facilities presently consist of North Tarrant Express  leadership as NTTA delivers transportation solutions
  3A/3B (NTE 3A/3B) and Toll 49, Dallas/Fort Worth  for  customers  in  the  region.  We  also  wish  to  thank
  The operations of the System are accounted for as an enterprise fund in accordance with United  International Airport, Dallas Love Field Airport and  NTTA staff and the Finance team for their contributions
  States  Generally  Accepted  Accounting  Principles  (GAAP).  Management  confirms  that  the  financial  toll  roads  used  by  NTTA  customers  in  Oklahoma, to the production of this report.
  statements  are  presented  fairly  and,  in  all  material  respects,  represent  the  financial  position  of  the  Kansas,  Texas  and  most  toll  roads  in  Florida.
  System  as  of  December  31,  2023.  Management  assumes  full  responsibility  for  the  completeness  Regional TSA (type 3) facilities presently consist of  Respectfully submitted,
  and  reliability  of  the  information  contained  in  this  report,  based  upon  a  comprehensive  framework  DFW  Connector  (DFWC),  I-30,  I-35E,  I-635E  (LBJ
  of  internal  controls  that  it  has  established  for  this  purpose.  Because  the  cost  of  internal  controls  East)  and  Midtown  Express  (SH-114,  Loop  12  and
  should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute,  SH-183).
  assurance  that  the  financial  statements  are  free  of  any  material  misstatements.  In  keeping  with  that  RELEVANT FINANCIAL POLICIES
  responsibility, these statements are presented on a consolidated basis and include the NTTA System
  and  the  Non-System  Fund  for  Tolling  Services  Agreements  (TSAs).  Crowe  LLP,  an  independent Toll revenues in 2023, net of bad debt expense, were  Horatio Porter
  audit firm, has issued an unmodified (“clean”) opinion on the North Texas Tollway System’s financial  $1,177,042,133  representing  an  increase  of  11.45%  Chief Financial Officer
  statements  for  the  year  ended  December  31,  2023.  This  independent  auditors’  report  is  located  at  over  the  2022  toll  revenues  of  $1,056,129,628,  net
  the front of the financial section of this report.



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  NT  TA'S MISSION
  To provide a safe and reliable toll road
  system, increase value and mobility options
  for our customers, operate the Authority in a
  businesslike manner, protect our bondholders,
  and partner to meet our region’s growing
  transportation infrastructure.

  STRATEGIC GOALS
  • Customer-driven organization
  • Delivering innovative
  transportation solutions
  • Financially sound and vibrant
  • Respected leader and partner
  • Highly-qualified, energized and
  engaged team

  NT  TA SYSTEM
  Connecting North Texas through
  reliable, convenient and smoother roads













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  NORTH TEXAS TOLLWAY AUTHORITY  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT





  Tollmate App
  2023 BY THE NUMBERS  891,208  381,615

  total members  customers
  NTTA manages 1,194 lane miles  downloaded the
  110%  Tollmate app

  growth
  7M  14.3M  since 2019
  Active TollTags  Unique Customers  2019 2020  2021 2022 2023


  Average Daily  Total
  3.1M  Transactions*  1.1B  Transactions*  Traffic Incident Management

  Roadside Safety Services
  *Numbers for all transactions processed by NTTA (including Interoperable, TSAs)
  Assisted  Cleared
  Customer  Maintenance  50,265  10,165
  Satisfaction  95%  93.8%  Program  customers with an  pieces of debris
  Rating  Rating  average response  from NTTA roads
  Third-party verified  time of 17 minutes


























































S-10  S-11

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  The 2023 updates for NTTA projects are as follows:
  SYSTEM CAPACIT Y  DALLAS NORTH TOLLWAY (DNT )

  • DNT extension over US 380:  Extension of the DNT  • Phase 4A: Extension of DNT from US 380 to FM
  AND IMPROVEMENTS  over US 380. Opened to traffic in March 2023.  428. Three lanes in each direction from US 380
  • Sam Rayburn Tollway (SRT) to US 380: DNT fourth  to FM 428 in Celina. On schedule; design work
  Work continued across the entire NTTA system to improve and maintain existing  lane expansion work in progress. On schedule;  completed; construction is scheduled to start
  facilities to meet the needs of one of the fastest-growing areas in the US.  construction started late 2022.  in 2024.

  360 TOLLWAY  CHISHOLM TRAIL  PRESIDENT GEORGE

  360 Tollway Section Two:  PARKWAY (CTP)  BUSH TURNPIKE (PGBT )
  Extension of 360 Tollway  CTP widening: Addition of two  East Branch: Extension of the
  south from US 287 to US 67,  main lanes from FM 1187 to  PGBT south from I-30 to I-20,
  approximately 5.5 miles. In  US 67. On schedule; design  approximately 11 miles. In planning;
  planning; NTTA is conducting  work underway; anticipate  NTTA is continuing environmental
  the environmental study.  construction to start in late 2025.  study to select a route alignment
  and seek environmental clearance.





















  360 Tollway  President George Bush Turnpike




















  Dallas North Tollway  Dallas North Tollway  Chisholm Trail Parkway







S-12  S-13

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  BUSINESS DIVERSIT Y AND  ROAD PROGRAM EVENTS

  Quarterly networking mixers for the mentor-protégé
  ROAD Program participants
  VENDOR OUTRE ACH
  ADVOCACY TRADE
  DRIVING DIVERSITY  ASSOCIATION PARTICIPATION
  NTTA believes working with business  Staff participation in 78 in-person and virtual
  representatives in the communities we serve  external outreach events hosted by advocacy
  is a key element of improving mobility in  groups and trade partners
  North Texas. We regularly seek to maximize
  participation of disadvantaged, minority-  INDUSTRY-SPECIFIC PROCUREMENT
  and woman-owned business enterprises  AND DIVERSITY EVENTS
  (D/M/WBE) in all phases of NTTA’s
  purchasing and contracting.  Focus group and community engagement events
  In 2023, NTTA’s Business Diversity  with the Conference of Minority Transportation
  Department (BDD) hosted 32 D/M/WBE  Officials North Texas, Greater Dallas Planning
  outreach events attended by more than  Council, and Regional Hispanic Contractors
  1,800 prospective vendors and participated  Association Heavy Highway and Transportation
  in more than 72 pre-proposal conferences  Forum in collaboration with TxDOT

  to ensure competitive procurements. Efforts
  resulted in the registration of more than 570  AWARDS AND RECOGNITIONS  DIVERSITY CONTRACTS
  new vendors seeking to do business with
  NTTA.  DFW Minority Supplier Development Council  *In 2022, 36 cents per dollar were spent with
  E-Awards: NTTA - 2023 Public Sector Agency of  DMWBE vendors.
  Our Relationships and Opportunities  the Year
  Advancing Diversity (ROAD) Program  *2023 data available in September 2024
  networking group meets quarterly to
  improve camaraderie, information-sharing
  and personal connections. The ROAD
  Program’s mentor-protégé system has paved
  the way for business collaboration in pursuit
  of projects for more than 14 years.
  Chairman Marcus Knight

  VENDOR OUTREACH EVENTS
  NTTA's BDD hosted 32 virtual vendor outreach events, including:

  • Second-Wednesday Business Chat Sessions –  • Inaugural Access-to-Funding Workshop in
  D/M/WBE business promotion to NTTA staff,  collaboration with financial institutions
  contractors, and contractor associations  • First-Thursday Vendor Consultations to
  • Cooperative Inclusion Plan Workshops –  onboard new and prospective suppliers
  Partnership with the Texas Department  • Business Opportunities Stakeholders Sessions
  of Transportation and regional contractor  (BOSS) with NTTA leadership, advocacy  NTTA Business Diversity team with
  associations to expand vendor outreach  Board Director George “Tex” Quesada and
  partners and vendor communities to connect  DFW Minority Supplier Development Council -
  • Information and Outreach Session for the  and engage  2023 Public Sector Agency of the Year award
  2024-2026 ROAD class application and  • Targeted outreach events focused on specific
  recruitment  procurement opportunities






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  NT  TA ORGANIZATION  BOARD OF DIRECTORS







  Board of Directors




  Sr. Director of  Board
  Internal Audit  Secretary



  Executive Director/CEO


  Marcus Knight  Mojy Haddad  Scott Levine
  Chairman  Vice Chairman  Collin County
  Dallas County  Tarrant County

  CFO/Assistant  Assistant  Assistant
  Executive  Executive  Executive  General
  Director of  Director of  Director of  Counsel
  Finance  Operations  Infrastructure





  Director  Director of
  Controller  of Contact  Director of  Human
  Center &  Maintenance  Resources
  Collections

  Jane Willard  George “Tex” Quesada  Pete Kamp
  Collin County  Dallas County  Denton County

  Director of  Director of  Director
  Treasury  Information  of Traffic  Director of
  Management  Technology  & Incident  Public Affairs
  Management





  Sr. Director of  Director of  Director of  Director of
  Procurement  Customer  Project  Government
  & Business  Care  Delivery  Affairs
  Diversity

  John Mahalik  Glen Whitley  Lynn Gravley
  Denton County  Tarrant County  Gubernatorial
  Appointee

  Director of
  Business
  Diversity



  James Hofmann, Executive Director/CEO  |  Horatio Porter, Chief Financial Officer





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  NT  TA ROADS  GFOA AWARD
  • 360 Tollway  • Lewisville Lake Toll Bridge (LLTB)
  • Addison Airport Toll Tunnel (AATT)  • Mountain Creek Lake Bridge (MCLB)
  • Chisholm Trail Parkway (CTP)  • President George Bush Turnpike (PGBT)
  • Dallas North Tollway (DNT)  • Sam Rayburn Tollway (SRT)



  KEY  35  377  121
  NTTA roads  Denton County  Collin County
  Customer Service Centers  380
  Government Finance Officers Association

  287

  35W  35E  75  Certificate of
  5
  Wise County  11 4
  Achievement

  Tarrant County  Rockwall
  377  County  for Excellence
  4

  121  161  11 4  635  30  in Financial

  Parker  199  183  6
  County  360  Reporting
  FORT WORTH  12  DALLAS  80
  820  30

  20
  303  20
  1  3  175  Presented to
  2
  377  35W  287  45  Kaufman
  35E  County
  Dallas County  North Texas Tollway Authority
  67
  Johnson County  Ellis County
  For its Annual Comprehensive

  171  Financial Report
  For the Fiscal Year Ended

  December 31, 2022
  CUSTOMER SERVICE CENTERS

  1  4825 Overton Ridge Blvd., Suite 304  4  5555 President George Bush Turnpike
  Fort Worth, 76132  Irving, 75038

  2  5244 S State Highway 360, Suite 384  5  5900 W Plano Pkwy.
  Grand Prairie, 75052  Plano, 75093 (NTTA Headquarters)  Executive Director/CEO

  3  39025 LBJ Service Road  6  2110 N Galloway Ave., Suite 120
  Dallas, 75232  Mesquite, 75150



S-18  S-19




  IV

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  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY










  Crowe LLP
  Independent Member Crowe Global
  FINANCIAL SECTION

  INDEPENDENT AUDITOR'S REPORT



  To the Board of Directors
  North Texas Tollway Authority


  Report on the Audit of the Financial Statements

  Opinions

  We have audited the financial statements of each major fund of the North Texas Tollway System (the System),
  enterprise funds of the North Texas Tollway Authority (the Authority), as of and for the year ended December 31,
  2023, and the related notes to the financial statements, which collectively comprise the System’s 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 each major fund, as of December 31, 2023, and the changes in financial position and its
  cash flows for the year then ended in accordance with accounting principles generally accepted in the United
  States of America.

  Basis for Opinions

  We conducted our audits in accordance with auditing standards generally accepted in the United States of
  America (GAAS) and the standards applicable to financial audits contained in  Government Auditing Standards
  (Government Auditing Standards), issued by the Comptroller General of the United States. 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 System, 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 Matters

  As discussed in note 1(a), the financial statements present only the System, two enterprise funds of the Authority
  and do not purport to, and do not, present fairly the financial position of the Authority as of December 31, 2023,
  and the changes in its financial position and its cash flows for the year then ended, in accordance with accounting
  principles generally accepted in the United States of America. Our opinions are not modified with respect to this
  matter.

  As discussed in Note 1(q) to the consolidated financial statements, in 2023, the Authority adopted new accounting
  guidance GASB Statement 94, Public-Private and Public-Public Partnerships and Availability Payments
  Arrangements. The adoption resulted in the restatement of net position of the System as of January 1, 2023 for
  adjustments made to capital assets and deferred outflows as  well as recording a Public- Public-Public Partnership
  liability. Our opinion is not modified with respect to this matter.

  As discussed in Note 1(q) to the consolidated financial statements, in 2023, the Authority adopted new accounting
  guidance GASB Statement 96, Subscription-Based Information Technology Arrangements. The adoption
  resulted in recording a right-to-use subscription asset and obligation. The impact of this adoption was a
  restatement of the System net position as of January 1, 2023. Our opinion is not modified with respect to this
  matter.




  1  (Continued  )
S-20  1

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  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY








  Responsibilities of Management for the Financial Statements  Supplementary Information

  Management is responsible for the preparation and fair presentation of the financial statements in accordance  Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively
  with accounting principles generally accepted in the United States of America, and for the design,  comprise the System’s financial statements. The Schedule 1 is presented for purposes of additional analysis and
  implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial  is not a required part of the financial statements. Such information is the responsibility of management and was
  statements that are free from material misstatement, whether due to fraud or error.  derived from and relates directly to the underlying accounting and other records used to prepare the financial
  statements. The information has been subjected to the auditing procedures applied in the audit of the financial
  In preparing the financial statements, management is required to evaluate whether there are conditions or events,  statements and certain additional procedures, including com  paring and reconciling such information directly to
  considered in the aggregate, that raise substantial doubt about the System’s ability to continue as a going concern  the underlying accounting and other records used to prepare the financial statements or to the financial
  for twelve months beyond the financial statement date, including any currently known information that may raise  statements themselves, and other additional procedures in accordance with auditing standards generally
  substantial doubt shortly thereafter.  accepted in the United States of America. In our opinion, the Schedule 1 is fairly stated, in all material respects,
  Auditor’s Responsibilities for the Audit of the Financial Statements  in relation to the financial statements as a whole.

  Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free  Other Information
  from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our  Management is responsible for the other information included in the annual report. The other information
  opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not  comprises the introductory section, the supplementary schedules 2 through 7, and statistical section but does
  a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always  not include the financial statements and our auditor's report thereon. Our opinion on the financial statements
  detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from  does not cover the other information, and we do not express an opinion or any form of assurance thereon.
  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  In connection with our audit of the financial statements, our responsibility is to read the other information and
  substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a  consider whether a material inconsistency exists between the other information and the financial statements, or
  reasonable user based on the financial statements.  the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude
  In performing an audit in accordance with GAAS and Government Auditing Standards  , we: that an uncorrected material misstatement of the other information exists, we are required to describe it in our
    Exercise professional judgment and maintain professional skepticism throughout the audit.  report.

    Identify and assess the risks of material misstatement of the financial statements, whether due to fraud  Other Reporting Required by  Government Auditing Standards
  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.  In accordance with Government Auditing Standards,  we have also issued our report dated June 7, 2024 on our
    Obtain an understanding of internal control relevant to the audit in order to design audit procedures that  consideration of the System’s internal control over financial reporting and on our tests of its compliance with
  are appropriate in the circumstances, but not for the purpose of expressing an opinion on the  certain provisions of laws, regulations, contracts, and grant agreements and other matters.  The purpose of that
  effectiveness of the System’s internal control. Accordingly, no such opinion is expressed.  report is solely to describe the scope of our testing of internal control over financial reporting and compliance and
    Evaluate the appropriateness of accounting policies used and the reasonableness of significant  the results of that testing, and not to provide an opinion on the effectiveness of the System’s internal control over
  accounting estimates made by management, as well as evaluate the overall presentation of the financial  financial reporting or on compliance.  That report is an  integral part of an audit performed in accordance with
  statements.  Government Auditing Standards in considering the System’s internal control over financial reporting and
    Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that  compliance.

  raise substantial doubt about the System’s ability to continue as a going concern for a reasonable period
  of time.

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

  Required Supplementary Information  Dallas, Texas
  June 7, 2024
  Accounting principles generally accepted in the United States of America require that the Management’s
  Discussion and Analysis on pages 4-13, Modified Approach – Infrastructure Assets on pages 50-51, Schedule
  of Changes in Net Pension Liability/(Asset) and Related Ratios on page 52, Schedule of Employer Pension
  Contributions, on page 53, Schedule of Changes in PEBC Total OPEB Liability and Related Ratios on page 54,
  Schedule of Authority’s Share in ERS Net OPEB Liability, on page 55, and Schedule of Authority’s Contributions
  to ERS OPEB on page 55, be presented to supplement the financial statements. Such information is the
  responsibility of management and, although not a part of the financial statements, is required by the
  Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for
  placing the financial statements in an appropriate operational, economic, or historical context. We have applied
  certain limited procedures to the required supplementary information in accordance with auditing standards
  generally accepted in the United States of America, which consisted of inquiries of management about the
  methods of preparing the information and comparing the information for consistency with management's
  responses to our inquiries, the financial statements, and other knowledge we obtained during our audit of the
  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.







2  (Continued  )  3  3
  2

=== PDF PAGE 13 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEM
  Management’NORTH TEXAS TOLLWAY s Discussion and AnalysisSYSTEM  Management’(An Enterprise Fund of the North Texas Tollway Authority)s Discussion and Analysis
  (An Enterprise Fund of the North Texas Tollway Authority)  Management’s Discussion and Analysis
  Management’s Discussion and AnalysisDecember 31, 2023  December 31, 2023December 31, 2023
  December 31, 2023  Financial Results and Analysis

  As Management of North Texas Tollway Authority (Authority), we offer readers the  financial statements for  2023 Highlights
  the  System,  which consists of  DNT,  PGBT,  CTP,  SRT, MCLB, AATT,  LLTB,  and the 360T.  These toll •  The total  net position  increased  by  $424,542,731  over  fiscal y  ear  2022,  mainly due  to  a  14.6%
  roads  make  up  the  North  Texas  Tollway  System  fund.  The Non-System Fund is a fund for  TSAs. The increase  in total o  perating r  evenues.
  following represent the three types  of TSAs: (1)  Developer TSAs  where NTTA  remits amounts for each
  transaction,  has collection exposure,  and is paid a fee to process the tra  nsactions (2) Developer  TSAs  •  The System’s total  traffic  transactions  (excluding non-revenue transactions)  for fiscal year  2023
  where NTTA remits only amounts collected and is paid a fee to process each transaction and (3) Regional  were 930,931,745  an  increase of 53,675,315 o  r  6.1%  over  fiscal  year  2022  transactions.
  TSAs  facilities where NTTA remits only amounts collected and is reimbursed for operating expenses from  •  The Non-System  Fund  total  traffic t  ransactions f  or f  iscal y  ear 2  023  were  205,397,004, an  increase
  TxDOT.  Developer  TSA (type1) facilities presently  consist  of Interstate Highway 635 (LBJ) and North  of  38,693,610,  or 23.2%  over f  iscal y  ear 2  022  transactions.
  Tarrant Express 1&2 (NTE 1&2). Developer TSA (type 2) facilities presently consist of North Tarrant Express
  3A/3B  (NTE 3A/3B) and Toll 49. Regional TSA (type 3) facilities presently consist of DFW Connector  •  Approximately 7,005,276  toll tags were active at the end of fiscal year  2023, an increase of 4  85,211
  (DFWC), I-30  , I-35  E, I-63  5E (LBJ East) and Midtown Express (SH-11  4, Loop 12 and SH-18  3).or 7.4% over fiscal year  2022 active toll tags.

  We  have included an overview and analysis of the financial activities of the  System  for the year ended  •  In 2007, the  System  received  a toll equity grant  in the amount of $160,270,000  from TxDOT  for
  December  31, 2023  .  This discussion and analysis is designed to assist the reader in focusing on the  Right of Way acquisition and other costs related to the PGBT Eastern Extension (PGBT EE).  In
  financial issues and activities and to identify any significant changes in financial position. Please read it in  return for the grant, the Authority agreed to share 20% of the tolls received on the PGBT EE  with
  conjunction with the financial statements, which immediately follow this section.  TxDOT over the life of PGBT EE.  The extension opened  in  late  December 2011. In  fiscal year  2023
  Using This Annual Report  TxDOT received $11  ,553,956  on 41,941,863  transactions in comparison to $1  0,267,938  on
  40,388,888 transactions in 2022.
  Overview of the  Financial Statements  •  The System’s toll revenues of $1,131,351,793, net of bad debt expense,  increased by $96,372,074
  or 9.3%  over  fiscal year 202  2, due to a 6.1% in  crease in traffic transactions.
  This discussion and analysis is intended to serve as an introduction to the System  financial statements,  •  The  Non-System Fund total operating revenues of $110,909,447 increased by
  notes to the financial statements, and required  supplementary information. The  financial statements of the  $32,307,100 or 41.1% over fiscal year 2022, due to a 23.2% increase in overall TSA transactions,
  System  report information using accounting methods consistent with reporting for an e  nterprise  activity  a  10.2% increase in the average developer TSA transaction value, and an increase in the video toll
  similar to those used by private sector companies.  premium from 50% to 100% effective July 1, 2023.

  Statement of Net  Position:  This statement presents information on  the  System  and the Non-System  •  The System’s A  dministration and Operations expenses of  $210,367,666  increased  by  $11,301,923
  fund  assets and liabilities. The difference between  the assets and liabilities is  reported as net position.  or 5.7  %  over  fiscal year 2  022.  (See Budget t  o Actual S  chedule  –  page 80)
  Over time, changes i  n the net position a  re useful indicators of how t  he System i  s performing.•  The Non-System Fund administration and operations expenses of $92,399,721  increased  by
  Statement  of Revenues, Expenses and Changes in Net  Position:  This statement presents information  $26,948,738 or 41.2% over  fiscal year  2022, due to  the increase  in overall TSA  transactions,
  showing the System  and the Non-System fund  revenues, expenses, and how the net position  changed  developer TSA transaction values, and the video toll premium increase.
  during the year.

  Statement of  Cash Flows:  This statement presents information about the  System  and the Non-
  System  fund cash receipts and cash payments,  or,  the sources and uses of the System  and the Non-
  System fund c  ash. It also presents  the change in cash b  alance during the fiscal year.

  Notes to the Financial Statements  :  The notes to the financial statements provide additional information
  that is essential to a full understanding of the data provided in the financial statements.

  Other:  Certain required supplementary information is presented to disclose trend data on the System
  infrastructure condition.  Additionally, certain financial schedules are presented by Trust Account and in
  accordance with the Authority’s Trust Agreement.















  5
  4



4  5

=== PDF PAGE 14 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Management’NORTH TEXAS TOLLWAY s Discussion and AnalysisSYSTEM  Management’s Discussion and Analysis
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023  NORTH TEXAS TOLLWAY December 31, 2023SYSTEM
  Management’s Discussion and Analysis
  December 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)
  Management’s Discussion and Analysis
  Summary of Summary of OperationsOperation s  Summary of OperationsDecember 31, 2023



  Ta  ble  A- 1Table A-1  Ta  ble  A- 2Table A-2
  Net Pos  ition Net Position  Changes in Net PositionChange in Net Pos  ition


  2023  2022*  Revenues  2023  2022*
  Current unres  tr  icted as  s  ets  $  964,317,271  $  847,548,182  Tolls  $  1,177,042,133  $  1,056,129,628
  Current res  tricted as  s  ets  637,176,809  512,735,580  Other revenues  150,981,401  102,965,095
  Noncurrent as  s  ets  Operating revenues  1,328,023,534  1,159,094,723
  Inves  tm  ents  475,618,195  347,761,417Operating expens  es  before depreciation  383,111,012  319,328,857
  Res  tricted inves  tm  ents  278,497,732  332,574,171  Incom  e from  operations  before depreciation  944,912,522  839,765,866
  Other as  s  ets  1,957,139  25,369,635Am  ortization of intangibles  (110,858,844)  (73,294,282)
  Capital as  s  ets  :  Depreciation  (9,694,133)  (13,172,002)
  Nondepreciable  7,077,687,938  7,034,320,151Operating incom  e  824,359,545  753,299,582
  Depreciable (net)  106,114,989  108,592,618Nonoperating revenue (expens  es  ):
  Right-to-us  e as  s  et (net)  1,575,314,965  1,621,871,829  Decreas  e in fair value of inves  tm  ents  30,293,655  (57,892,197)
  Total as  s  ets  11,116,685,038  10,830,773,583Interes  t expens  e  (451,229,164)  (460,067,137)
  Deferred outflow of res  ources  1,939,368,828  2,099,080,793  Oth e r  1,475,616  (149,634)
  Current unres  tricted liabilities  193,724,420  181,493,884  Net nonoperating revenue (expens  es  ):  (419,459,893)  (518,108,968)
  Current liabilities  payable from  res  tricted as  s  ets  480,066,663  419,399,181  Res  tatem  ent GASB96  -  3,801,960
  Noncurrent liabilities  1,658,110,014  1,672,799,197  BAB's  s  ubs  idy  19,643,079  19,680,386
  Long-term  debt  9,461,922,119  9,811,016,548Change in net pos  ition  424,542,731  258,672,961
  Total liabilities  11,793,823,216  12,084,708,810Net pos  ition - beginning  745,937,728  742,135,767
  Deferred inflow of res  ources  91,750,191  99,207,839  Res  tatem  ent for GASB 96  -  3,801,961
  Net pos  ition:  Net pos  ition - ending  $  1,170,480,459  $  745,937,728
  Inves  tm  ent in capital as  s  ets  (2,355,657,820)  (885,913,717)  *  Restated - s  ee note 1(q  )

  Res  tricted for debt s  ervice  1,920,365,072  1,655,824,883  Total operating revenues were $1,328,  023,534  for fiscal year  2023  and  $1,159,094,723  for fiscal year  2022  .
  Unres  tricted  1,605,773,207  (23,973,438)Toll revenues  in fiscal year  2023  were $1,177,042,133  (net of bad debt expense  of $1  83,643,641)  , a 11.45%
  Total net pos  ition  $  1,170,480,459  $  745,937,728increase in comparison to  fiscal  year  2022  toll revenues of $1,056,129,628  (net of bad debt expense of
  *  Restated -  see note  1(q  )  $125,710,825)  . Traffic on the System  and the Non-M  ajor Enterprise Fund increased  with average daily
  transactions of 2,550,498  and  562,732  in fiscal year 2023  as compared to 2,403,442  and  456,722  in fiscal
  The  net position indicates  an unrestricted current ratio of 4.  98 and 4.67  for fiscal year  2023 and fiscal year  year  2022, respectively.
  2022,  respectively. Working capital was  $770,592,851  and  $666,054,298  in fiscal year  2023 and fiscal year  Total operating expenses, including the Operation and Maintenance Fund, Reserve Maintenance Fund,
  2022  , respectively. Total unrestricted current assets were $964,317,271  in fiscal year  2023  , compared to  Capital Improvement Fund,  and Construction Improvement expenses  before depreciation for fiscal year
  $847,548,182  in fiscal year  2022  . Total unrestricted and restricted current assets were $1,601,494,080  at  2023  were $383,111,012  representing  a  20%  increase over  fiscal year  2022  operating expenses of
  the end of fiscal year  2023  .  Cash  and investments of $1,398,748,928  represent the largest component of  $319,328,857. Interest expense, inclusive of  capitalized interest, for  fiscal year  2023  was  $451,229,164  a
  current assets. The remaining $202,745,152  is comprised of accrued interest receivable of $8,026,326  ,  1.9%  decrease from fiscal year  2022  interest expense of $4  60,067,137.  The  System’s debt service
  accounts receivable of $154,822,985,  inter-project/interagency receivables of $38,894,498, and prepaid  coverage for all debt for fiscal year  2023  and fiscal year  2022  were  1.57 and 1.49  times, respectively.  The
  expenses of $1,001,343.  Trust Agreement and the Authority’s Debt Policy both require bond principal and interest coverage of 1.35
  Total unrestricted current liabilities were $1  93,724,420  at the end of fiscal year 2023  , consisting of  for first tier debt.  For  fiscal year  2023  ,  the  debt service coverage for first tier debt was  2.44.  Please see
  $3,288,586  of accounts payable, $1  18,646,471  of deferred revenue, $  39,070,122 of accrued liabilities and  Footnote 2 on 26.
  interagency payables of $32,719,241.  The overall financial position  in fiscal year  2023  increased  by $424,542,731  from  fiscal year  2022.










  6

  7
6  7

=== PDF PAGE 15 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Management’NORTH TEXAS TOLLWAY s Discussion and AnalysisSYSTEM  Management’NORTH TEXAS TOLLWAY s Discussion and AnalysisSYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)NORTH TEXAS TOLLWAY SYSTEM  (An Enterprise Fund of the North Texas Tollway Authority)
  (An Enterprise Fund of the North Texas Tollway Authority)Management’s Discussion and AnalysisNORTH TEXAS TOLLWAY December 31, 2023NORTH TEXAS TOLLWAY SYSTEMSYSTEM  Management’s Discussion and AnalysisDecember 31, 2023
  (An Enterprise Fund of the North Texas Tollway Authority)Management’s December 31, 2023 Discussion and Analysis  December 31, 2023
  (An Enterprise Fund of the North Texas Tollway Authority)Management’s December 31, 2023 Discussion and Analysis
  Management’s Discussion and AnalysisDecember 31, 2023
  Investments: Investments at  December  31, 2023  and 2022  were approximately $2,103,313,381  and Investments: Investments at  December  31, 2023  and 2022  were approximately $2,103,313.381  and December 31, 2023 Chart A-4  below shows  revenue in  fiscal year  2023 by revenue source type.
  $1,841,289,468  respectively. $1,841,289,468  respectively. Investments: Investments at  December  31, 2023  and 2022  were approximately $2,103,313.381  and Chart A  -3  below shows the types of authorized investments  in the December Chart A  -3  below shows the types of authorized investments  in the December
  31, 31, Investments: Investments at  December  31, 2023  and 2022  were approximately $2,103,313.381  and 20  23 portfolio.  20  23 portfolio.  $1,841,289,468  respectively. Chart A  -3  below shows the types of authorized investments  in the December Chart A-4
  $1,841,289,468  respectively. 31, 20  23 portfolio.  Chart A  -3  below shows the types of authorized investments  in the December
  31, 20  23 portfolio.  Chart A-3 Chart A-3
  Chart A-3
  U.S. Agencies  Chart A-3  Gross Revenue by Type  Toll Revenues
  U.S. TreasuriesU.S. AgenciesU.S. Agencies  Investments by  Type  Interest Income
  U.S. TreasuriesU.S. Agencies  Investments by  TypeInvestments by  Type  Other Revenues  Other Revenues
  Government PoolsGovernment PoolsU.S. TreasuriesInvestments by  Type  7.0%
  Money Market FundsMoney Market FundsU.S. TreasuriesGovernment Pools
  Interest Bearing AccountsInterest Bearing AccountsGovernment PoolsMoney Market FundsInterest Bearing
  Money Market FundsInterest Bearing Accounts  Interest Bearing AccountsInterest Bearing
  Interest Bearing Accounts  Interest Bearing Accounts0%Accounts  Interest Income
  Accounts0%  0%  4.4%
  Money Market FundsMoney Market Funds  0%  U.S. Agencies
  Money Market Funds24%24%  U.S. AgenciesU.S. Agencies
  Money Market Funds24%  U.S. Agencies43%43%
  24%  43%
  43%



  Toll Revenues
  88.6%



  Net revenues  for  fiscal year  2023  were $1,  328,023,534, an 14.6% in  crease from  fiscal year  2022  net
  revenues of $  1,159,094,723. Toll revenues of $1,177,042,133  (net of bad debt expenses  of $1  83,643,641)
  account for 88.6% of total revenue.  The remaining 11.4% of total revenue consisted of:  Interest income
  (excluding Construction Fund interest)  of $58,162,340  or 4.4%,  and  Other  Revenues  of $92,819,061  or
  7.0% (which was  mostly administrative and statement fees for collection of tolls from violators  and
  U.S. TreasuriesU.S. Treasuries  interoperability fees).
  Government PoolsGovernment Pools  3%3%U.S. Treasuries
  30%30%Government Pools  U.S. Treasuries3%
  Government Pools30%  3%
  30%























  8
  8  8
  8  9


8  9

=== PDF PAGE 16 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Management’NORTH TEXAS TOLLWAY s Discussion and AnalysisSYSTEM  Management’NORTH TEXAS TOLLWAY s Discussion and AnalysisSYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  Management’s Discussion and AnalysisDecember 31, 2023  Management’s Discussion and AnalysisDecember 31, 2023
  December 31, 2023  December 31, 2023


  Chart A-5 below shows the  System’s actual toll revenue for fiscal year  2023 compared to the estimated toll  Engineering Estimates
  revenue of  the  Authority’s traffic and toll revenue engineer, CDM Smith Inc. (  CDM).  Toll revenue is more
  than  CDM’s  estimates  by  8.2%.  The annual estimates by CDM for the  System  are displayed in comparison to the actual revenue of the
  System for the years of 2014 through 2023 in Table A-6 below:
  Chart A-5
  Table A-6
  A c t ual vs  E s t imat ed Revenue

  $1,300,000,000  Year  Actu a  l  Esti  m  a  te  Variance

  2023  $  1, 131, 351, 793  $  1, 045, 777, 500  $  85, 574, 293
  $1,100,000,000  2022  1, 034, 979, 719  954, 195, 800  80, 783, 919

  $900,000,000  2021  898, 653, 592  786, 903, 700  111, 749, 892
  2020  714, 035, 883  928, 342, 600  (214, 306, 717)
  $700,000,000  Actual Toll Revenue  2019  886, 843, 141  886, 656, 101  187, 040
  CDM Estimate  2018  841, 491, 016  843, 189, 300  (1, 698, 284)
  $500,000,000  2017  712, 551, 456  721, 068, 400  (8, 516, 945)
  2016  665, 212, 316  636, 987, 300  28, 225, 016
  $300,000,000  2015  617, 488, 044  588, 534, 400  28, 953, 644
  2014  580, 045, 215  520, 318, 600  59, 726, 615
  $100,000,000
  Actual vs. Estimated Toll Revenue  The System’s fiscal year  2023  toll revenues  of $1,  131,351,793  (net of bad debt expense of $1  51,374,172)
  increased by  9.3%  from  fiscal year  2022  toll revenue  of $1,034,979,719  (net of bad debt expense of
  $105,030,966)  .  The  System’s  total revenues produced  a debt  coverage  ratio  of  1.57  for  all debt.  Please
  see  the Historical Debt Coverage T  able  (A-8) on page 13.
  Traffic on the System  increased to  approximately 2,550,498  average daily transactions in  fiscal year  2023,  Capital Assets –  The System’s  investment in capital assets includes land, buildings, right-of-way, roadway,
  up 6.1% from the 2,403,442  daily averages in fiscal year  2022.  bridges, equipment,  computer systems  , right-to-use leased and  Subscription-  Based Information

  Technology Arrangement (SBITA) assets.  Capital assets at  December 31, 2023  were $8,759,117,892
  decreasing from  December 31, 2022 by $5,666,706.  For additional information on capital assets see Note
  (1) (f) and Note (4)  and information on Subscription-  Based Information Technology Arrangements (SBITA)
  is presented in Note (1)(g) and Note (6).
  The Authority utilizes GASB No.  34, Modified Approach of reporting infrastructure assets. Each year a
  comprehensive assessment is conducted on all the Authority’s infrastructure assets which affect the
  following fiscal year’s maintenance budget.  For fiscal year 2023  , the Authority estimated it would need to
  spend $77,544,501  for infrastructure maintenance and preservation, but actually expens  ed $4  8,136,654.
  Fluctuations from year to year between the amount spent to preserve and maintain the Authority’s
  infrastructure assets and the estimated amount result from the timing of work activities. For additional
  information and results of the 2023  assessment, please  see the Required Supplementary Information on
  pages 50 and 51 of this report.  The Authority’s Condition Index for 2023 is 8.9 versus the 8.0 goal.
  The  Sam Rayburn Tollway (SRT)  which is  a right-to-use asset is  projected to revert to TxDOT in 2058
  according to the project agreement.












  10  11



10  11

=== PDF PAGE 17 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Management’s Discussion and Analysis  Management’s Discussion and Analysis
  December 31, 2023  NORTH TEXAS TOLLWAY December 31, 2023SYSTEM
  NORTH TEXAS TOLLWAY SYSTEM  (An Enterprise Fund of the North Texas Tollway Authority)NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)Management’s Discussion and Analysis
  Management’s Discussion and Analysis  Management’s Discussion and AnalysisDecember 31, 2023
  December 31, 2023  December 31, 2023

  The Authority uses the straight-line to amortize the cost of the acquisition  and the construction costs of the  Table A-8 sets forth debt service coverage for all debt  outstanding for the years 2014  through 20  23.
  SRT over the term of the p  roject. The effect of such amortization r  educes  the Authority’s net revenues  as  Table A-8 sets forth debt service coverage for all debt  outstanding for the years 2014  through 20  23.
  reported on the G  enerally Accepted Accounting Principles (GAAP)  basis.  Since the amortization  is  a non-  Table A-8
  cash item, it does  not impact the Authority’s calculation of net revenues available per the Trust Agreement.  Hi s  t ori c  al  Debt  CoverageTable A-8
  Long-  Term Debt –  At the end of fiscal year  2023  , the Authority’s total bonded debt outstanding was  Y ear  CoverageHi s  t ori c  al  Debt  Coverage
  $9,258,311,219  compared to $9,466,478,834  in fiscal year 2022  (See Table A -7). This debt represents  2023  1.  57x
  Y ear  Coverage
  bonds secured solely by toll revenue. For detailed information see Note (5) and the  schedule of revenue  2022  1.  49x
  bonds  outstanding  as of December  31, 2023  , on page 32.  2023  1.  57x
  2021  1.  43x
  2022  1.  49x
  2020  1.  28x
  Ta ble  A-7  2021  1.  43x
  2019  1.  42x
  2020  1.  28x
  Revenue B onds  Out s t anding  2018  1.  37x
  2019  1.  42x
  2017  1.  49x
  2018  1.  37x
  Series  2023  2022  2016  1.  48x
  2017  1.  49x
  S eries  2008D  $  1, 005, 676, 219  $  948, 478, 834  2015  1.  48x
  2016  1.  48x
  2014  1.  41x
  S eries  2009B  825, 000, 000  825, 000, 000  2015  1.  48x
  S eries  2010B  *  48, 855, 000  50, 000, 000  2014  1.  41x
  S eries  2014A  106, 915, 000  137, 320, 000
  S eries  2014B  -  146, 420, 000Contacting the NTTA’s  Financial Management
  S eries  2015A  802, 860, 000  811, 925, 000  Contacting the NTTA’s  Financial Management
  S eries  2015B  369, 290, 000  375, 655, 000  This financial report is designed to provide overview information to our bondholders, customers  , and other
  interested parties. Should you have questions about this report, please contact the North Texas Tollway
  S eries  2016A  501, 835, 000  883, 605, 000  This financial report is designed to provide overview information to our bondholders, customers  , and other
  Authority’s Chief Financial Officer, 5900 W. Plano Parkway, Suite 100, Plano, Texas 75093.
  S eries  2017A  1, 376, 205, 000  1, 420, 625, 000  interested parties. Should you have questions about this report, please contact the North Texas Tollway
  Authority’s Chief Financial Officer, 5900 W. Plano Parkway, Suite 100, Plano, Texas 75093.
  S eries  2017B  587, 840, 000  624, 190, 000
  S eries  2018A  356, 085, 000  356, 085, 000
  S eries  2019A  376, 490, 000  395, 620, 000
  S eries  2019B  192, 670, 000  219, 780, 000
  S eries  2020A  192, 105, 000  192, 105, 000
  S eries  2020B  376, 725, 000  517, 145, 000
  S eries  2020C  25, 205, 000  25, 205, 000
  S eries  2021A  402, 110, 000  402, 110, 000
  S eries  2021B  446, 045, 000  446, 045, 000
  S  e  r i  e  s  2022A  501, 515, 000  501, 515, 000
  S  e  r i  e  s  2022B  187, 650, 000  187, 650, 000
  S  e  r i  e  s  2023A  439, 795, 000  -
  S  e  r i  e  s  2023B  137, 440, 000  -
  Revenue B onds  Out s t anding  $  9, 258, 311, 219  $  9, 466, 478, 834


  * Is  s  ued out of the Capital Im  provem  ent Fund (CIF).  This  debt is  s  upported
  s  olely out of exces  s  revenues  flowing into the CIF.












  12  13
12  13  13

=== PDF PAGE 18 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEMNORTH TEXAS TOLLWAY SYSTEM  NORTH TEXAS TOLLWAY SYSTEMNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)
  Statement of Net PositionStatement of Net PositionStatement of Net Position  Statement of Net PositionStatement of Net PositionStatement of Net Position
  December 31, 2023December 31, 2023  December 31, 2023December 31, 2023
  December 31, 2023  December 31, 2023






  North Texas  North Texas  Non-SystemNon-System  North Texas  North Texas  Non-SystemNon-System
  AssetsAssets  Tollway System Tollway System  Fund  Fund  Total  Total  LiabilitiesLiabilities  Tollway System Tollway System  Fund  Fund  Total  Total
  Current assets:Current assets:  Current liabilities:Current liabilities:
  Cash and cash equivalents (note 3)Cash and cash equivalents (note 3)  $  33,120,926  $  11,164,578  $  44,285,504$  33,120,926  $  11,164,578  $  44,285,504Accounts payable Accounts payable  $  3,288,586  $  -  $  3,288,586$  3,288,586  $  -  $  3,288,586
  Investments (note 3)  695,878,274  34,418,838  730,297,112  Accrued liabilitiesAccrued liabilities  39,070,122  -  39,070,12239,070,122  -  39,070,122
  Investments (note 3)  695,878,274  34,418,838  730,297,112  Unearned revenueUnearned revenue  118,646,471  -  118,646,471118,646,471  -  118,646,471
  Accounts receivable (net of allowance for uncollectibles) (note 10) Accounts receivable (net of allowance for uncollectibles) (note 10)  102,591,552  42,407,131  144,998,683102,591,552  42,407,131  144,998,683Other liabilitiesOther liabilities  28,119,038  4,600,203  32,719,24128,119,038  4,600,203  32,719,241
  Other assetsOther assets  30,312,987  14,422,985  44,735,97230,312,987  14,422,985  44,735,972Total current unrestricted liabilitiesTotal current unrestricted liabilities  189,124,217  4,600,203  193,724,420189,124,217  4,600,203  193,724,420
  Total current unrestricted assetsTotal current unrestricted assets  861,903,739  102,413,532  964,317,271861,903,739  102,413,532  964,317,271Payable from restricted assets:Payable from restricted assets:
  Current restricted assets:Current restricted assets:  Construction-related payables:  Construction-related payables:
  Restricted for construction:  Restricted for construction:  Accounts PayableAccounts Payable  5,844,016  -  5,844,0165,844,016  -  5,844,016
  Cash and cash equivalents (notes 3 and 5)  Cash and cash equivalents (notes 3 and 5)  5,265,970  -  5,265,9705,265,970  -  5,265,970Retainage payable Retainage payable 7,807,852  -  7,807,8527,807,852  -  7,807,852
  Investments (notes 3 and 11)  Investments (notes 3 and 11)  5,278,819  -  5,278,8195,278,819  -  5,278,819  Debt service-related payables:  Debt service-related payables:
  Restricted for debt service:  Restricted for debt service:  Accrued interest payableAccrued interest payable  186,690,487  -  186,690,487186,690,487  -  186,690,487
  Investments (notes 3 and 5)  Investments (notes 3 and 5)  610,197,221  -  610,197,221610,197,221  -  610,197,221Revenue bonds payable, current portion (note 5)Revenue bonds payable, current portion (note 5)275,805,000  -  275,805,000275,805,000  -  275,805,000
  Accrued interest receivable  Accrued interest receivable  3,186,195  -  3,186,1953,186,195  -  3,186,195Other liabilities-NTE 3A/3BOther liabilities-NTE 3A/3B  -  3,424,302  3,424,302-  3,424,302  3,424,302
  Accounts receivable  Accounts receivable  9,824,302  -  9,824,3029,824,302  -  9,824,302  OPEB related payables:  OPEB related payables:
  Restricted for NTE 3A/3B:  Restricted for NTE 3A/3B:  PEBC current portion (note 9)PEBC current portion (note 9)  185,497  -  185,497185,497  -  185,497
  Investments (notes 3 and 11)  Investments (notes 3 and 11)  -  3,424,302  3,424,302-  3,424,302  3,424,302ERS current portion (note 9)ERS current portion (note 9)  309,509  -  309,509309,509  -  309,509
  Total current restricted assetsTotal current restricted assets  633,752,507  3,424,302  637,176,809633,752,507  3,424,302  637,176,809Total current liabilities payable from restricted assetsTotal current liabilities payable from restricted assets  476,642,361  3,424,302  480,066,663476,642,361  3,424,302  480,066,663
  Total current assetsTotal current assets  1,495,656,246  105,837,834  1,601,494,0801,495,656,246  105,837,834  1,601,494,080Total current liabilitiesTotal current liabilities  665,766,578  8,024,505  673,791,083665,766,578  8,024,505  673,791,083
  Noncurrent assets:Noncurrent assets:  Noncurrent liabilities:Noncurrent liabilities:
  Investments (note 3)  Investments (note 3)  475,618,195  -  475,618,195475,618,195  -  475,618,195 SBITA's (note 6) SBITA's (note 6)  9,970,404  -  9,970,4049,970,404  -  9,970,404
  Investments restricted for debt service (notes 3 and 5)  Investments restricted for debt service (notes 3 and 5)  278,497,732  -  278,497,732278,497,732  -  278,497,732 PPP - SRT (note 1(p)) PPP - SRT (note 1(p))  1,632,147,005  1,632,147,0051,632,147,005  1,632,147,005
  Net pension asset (note 7)  Net pension asset (note 7)  1,957,139  -  1,957,1391,957,139  -  1,957,139Total other post-employment benefits liability - PEBC plan (note 9)Total other post-employment benefits liability - PEBC plan (note 9)13,386,589  -  13,386,58913,386,589  -  13,386,589
  Net other post-employment benefit liability - ERS plan (note 9)Net other post-employment benefit liability - ERS plan (note 9)  2,606,016  -  2,606,0162,606,016  -  2,606,016
  Capital assets:  Capital assets:  Dallas North Tollway System revenue bonds payable, net of Dallas North Tollway System revenue bonds payable, net of
  Nondepreciable (note 4)  Nondepreciable (note 4)  7,077,687,938  -  7,077,687,9387,077,687,938  -  7,077,687,938  bond discount (premium) costs of $479,415,900 (note 5)  bond discount (premium) costs of $479,415,900 (note 5) 9,461,922,119  -  9,461,922,1199,461,922,119  -  9,461,922,119
  Depreciable (net of depreciation) (note 4)  Depreciable (net of depreciation) (note 4)  106,114,989  -  106,114,989106,114,989  -  106,114,989Total noncurrent liabilitiesTotal noncurrent liabilities  11,120,032,133  -  11,120,032,13311,120,032,133  -  11,120,032,133
  Right-to-use assets, net of amortization (note 4)  Right-to-use assets, net of amortization (note 4)  1,575,314,965  -  1,575,314,9651,575,314,965  -  1,575,314,965Total liabilitiesTotal liabilities  11,785,798,711  8,024,505  11,793,823,21611,785,798,711  8,024,505  11,793,823,216
  Total noncurrent assetsTotal noncurrent assets  9,515,190,958  -  9,515,190,9589,515,190,958  -  9,515,190,958
  Total assetsTotal assets  11,010,847,204  105,837,834  11,116,685,03811,010,847,204  105,837,834  11,116,685,038  Deferred inflow of resourcesDeferred inflow of resources
  Gain on refundingGain on refunding  60,216,654  -  60,216,65460,216,654  -  60,216,654
  Deferred outflow of resourcesDeferred outflow of resources  Difference in expected and actual ERS OPEB experienceDifference in expected and actual ERS OPEB experience  91,988  -  91,98891,988  -  91,988
  Loss on refundingLoss on refunding  333,093,323  -  333,093,323333,093,323  -  333,093,323Change in actuarial assumptions used to determine ERS OPEB liabilityChange in actuarial assumptions used to determine ERS OPEB liability901,216  -  901,216901,216  -  901,216
  Deferred Outflow-PPP SRTDeferred Outflow-PPP SRT  1,586,385,874  -  1,586,385,8741,586,385,874  -  1,586,385,874Change in proportionate share on ERS OPEB liabilityChange in proportionate share on ERS OPEB liability  1,895,557  -  1,895,5571,895,557  -  1,895,557
  ERS OPEB contributions after measurement dateERS OPEB contributions after measurement date  309,509  -  309,509309,509  -  309,509Change in actuarial assumptions used to determine PEBC OPEB liabilityChange in actuarial assumptions used to determine PEBC OPEB liability8,298,078  -  8,298,0788,298,078  -  8,298,078
  Changes in actuarial assumptions used to determine ERS OPEB liabilityChanges in actuarial assumptions used to determine ERS OPEB liability  171,299  -  171,299171,299  -  171,299Difference in expected and actual PEBC OPEB experienceDifference in expected and actual PEBC OPEB experience19,345,258  -  19,345,25819,345,258  -  19,345,258
  Difference in projected and actual earnings on ERS OPEB liabilityDifference in projected and actual earnings on ERS OPEB liability  502  -  502502  -  502Difference in expected and actual pension experienceDifference in expected and actual pension experience1,001,440  -  1,001,4401,001,440  -  1,001,440
  PEBC OPEB contributions after measurement datePEBC OPEB contributions after measurement date  185,497  -  185,497185,497  -  185,497Total deferred inflow of resourcesTotal deferred inflow of resources91,750,191  -  91,750,19191,750,191  -  91,750,191

  Changes in actuarial assumptions used to determine PEBC OPEB liabilityChanges in actuarial assumptions used to determine PEBC OPEB liability  5,860,964  -  5,860,9645,860,964  -  5,860,964Net PositionNet Position
  Changes in actuarial assumptions used to determined pension liablilityChanges in actuarial assumptions used to determined pension liablility  2,726,623  -  2,726,6232,726,623  -  2,726,623Net investment in capital assetsNet investment in capital assets(2,355,657,820)  -  (2,355,657,820)(2,355,657,820)  -  (2,355,657,820)
  Deferred Outflow Pension EarningsDeferred Outflow Pension Earnings  4,677,090  4,677,0904,677,090  4,677,090Restricted for:Restricted for:
  Pension contributions after measurement datePension contributions after measurement date  5,010,202  -  5,010,2025,010,202  -  5,010,202  Debt service  Debt service1,920,365,072  -  1,920,365,0721,920,365,072  -  1,920,365,072
  Difference in expected and actual pension experienceDifference in expected and actual pension experience  947,945  -  947,945947,945  -  947,945UnrestrictedUnrestricted1,507,959,878  97,813,329  1,605,773,2071,507,959,878  97,813,329  1,605,773,207
  Total deferred outflow of resourcesTotal deferred outflow of resources  1,939,368,828  -  1,939,368,8281,939,368,828  -  1,939,368,828Total net positionTotal net position  $  1,072,667,130$  1,072,667,130$97,813,329$  97,813,329$  1,170,480,459$  1,170,480,459






















See accompanying notes to basic financial statements.See accompanying notes to basic financial statements.  14  14  See accompanying notes to basic financial statements.See accompanying notes to basic financial statements.  15  15





  See accompanying notes to financial statements.  See accompanying notes to financial statements.

14  15

=== PDF PAGE 19 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEMNORTH TEXAS TOLLWAY SYSTEM
  Statement of Revenues, Expenses and Changes in Net Position(An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)  Statement of Cash Flows
  Statement of Revenues, Expenses and Changes in Net PositionStatement of Revenues, Expenses and Changes in Net Position  NORTH TEXAS TOLLWAY SYSTEMNORTH TEXAS TOLLWAY SYSTEMNORTH TEXAS TOLLWAY SYSTEM
  December 31, 2023Year ended December 31, 2023Year ended December 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023
  Statement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows
  Year Ended December 31, 2023Year Ended December 31, 2023Year Ended December 31, 2023


  North Texas  North Texas  Non-System  Non-System  North Texas  North Texas  North Texas  Non-SystemNon-SystemNon-System
  Tollway System Tollway System  Fund  Fund  Total  Total  Tollway System Tollway System Tollway System  FundFundFund  Total  Total  Total
  Operating revenues:Operating revenues:  Cash flows from operating activities:Cash flows from operating activities:Cash flows from operating activities:
  Tolls  Tolls  $  1,131,351,793  $  45,690,340  $  1,177,042,133$  1,131,351,793  $  45,690,340  $  1,177,042,133Receipts from customers and usersReceipts from customers and users  $  1,197,597,536  $  93,235,969  $  1,290,833,505Receipts from customers and users$  1,197,597,536  $  93,235,969  $  1,290,833,505$  1,197,597,536  $  93,235,969  $  1,290,833,505
  TSA Compensation f  or  TSA Compensation f  or S  ervices  S  ervices -  35,760,351  35,760,351-  35,760,351  35,760,351Receipts from other sourcesReceipts from other sources  327,944  -  327,944Receipts from other sources327,944  -  327,944327,944  -  327,944
  Other  Other  85,762,294  29,458,756  115,221,05085,762,294  29,458,756  115,221,050Payments to contractors and suppliersPayments to contractors and suppliers  (233,594,188)  (88,607,607)  (322,201,795)Payments to contractors and suppliers(233,594,188)  (88,607,607)  (322,201,795)(233,594,188)  (88,607,607)  (322,201,795)
  Payments to employeesPayments to employees  (64,118,768)  -  (64,118,768)Payments to employees(64,118,768)  -  (64,118,768)(64,118,768)  -  (64,118,768)
  Total op  Total operating revenueserating revenues  1,217,114, 087  110,909,447  1,328,023, 5341,217,114,087  110,909,447  1,328,023,534Net cash provided by operating activitiesNet cash provided by operating activities  900,212,524  4,628,362  904,840,886Net cash provided by operating activities900,212,524  4,628,362  904,840,886900,212,524  4,628,362  904,840,886

  Operat ing expenses:Operating expenses:  Cash flows from capital and related financing activities:Cash flows from capital and related financing activities:Cash flows from capital and related financing activities:
  General  General  Acquisition and construction of capital assetsAcquisition and construction of capital assets  (60,820,102)  -  (60,820,102)Acquisition and construction of capital assets(60,820,102)  -  (60,820,102)(60,820,102)  -  (60,820,102)
  Administration  Administration  25,266,064  -  25,266,06425,266,064  -  25,266,064Refunding of revenue bondsRefunding of revenue bonds  (55,970,000)  -  (55,970,000)Refunding of revenue bonds(55,970,000)  -  (55,970,000)(55,970,000)  -  (55,970,000)
  Operations  Operations  205,408,798  64,538,933  269,947,731205,408,798  64,538,933  269,947,731Principal paid on revenue bondsPrincipal paid on revenue bonds  (222,503,371)  -  (222,503,371)Principal paid on revenue bonds(222,503,371)  -  (222,503,371)(222,503,371)  -  (222,503,371)
  Allocated expenses  Allocated expenses  (27,860,788)  27,860,788  - (27,860,788)  27,860,788  - Capital contributions - BAB's SubsidyCapital contributions - BAB's Subsidy  21,483,171  -  21,483,171Capital contributions - BAB's Subsidy21,483,171  -  21,483,17121,483,171  -  21,483,171
  Preservation  Preservation  Deferred financing costsDeferred financing costs  54,026,133  -  54,026,133Deferred financing costs54,026,133  -  54,026,13354,026,133  -  54,026,133
  Reserve maintenance  Reserve maintenance  48,119,358  -  48,119,35848,119,358  -  48,119,358Interest paid on revenue bonds Interest paid on revenue bonds  (403,949,491)  -  (403,949,491)Interest paid on revenue bonds (403,949,491)  -  (403,949,491)(403,949,491)  -  (403,949,491)
  Capital improvement  Capital improvement  39,777,859  -  39,777,85939,777,859  -  39,777,859Net cash used by capital and related financing activitiesNet cash used by capital and related financing activities  (667,733,660)  -  (667,733,660)Net cash used by capital and related financing activities(667,733,660)  -  (667,733,660)(667,733,660)  -  (667,733,660)
  Amortization of intangibles  Amortization of intangibles  110,858,844  -  110,858,844110,858,844  -  110,858,844Cash flows from investing activities:
  Depreciation  Depreciation  9,694,133  -  9,694,1339,694,133  -  9,694,133Cash flows from investing activities:Cash flows from investing activities:Purchase of investments  (8,921,160,804)  (1,752,693)  (8,922,913,497)
  Operating expenses  Operating expenses  411,264,268  92,399,721  503,663,989411,264,268  92,399,721  503,663,989Purchase of investmentsPurchase of investments  (8,921,160,804)  (1,752,693)  (8,922,913,497)(8,921,160,804)  (1,752,693)  (8,922,913,497)
  Proceeds from sales and maturities of investmentsProceeds from sales and maturities of investments  8,693,602,993  -  8,693,602,993Proceeds from sales and maturities of investments8,693,602,993  -  8,693,602,9938,693,602,993  -  8,693,602,993
  Operating income  Operating income  805,849,819  18,509,726  824,359,545805,849,819  18,509,726  824,359,545Net cash used by investing activitiesNet cash used by investing activities  (227,557,811)  (1,752,693)  (229,310,504)Net cash used by investing activities(227,557,811)  (1,752,693)  (229,310,504)(227,557,811)  (1,752,693)  (229,310,504)
  Net increase (decrease) in cash and cash equivalentsNet increase (decrease) in cash and cash equivalents  4,921,053  2,875,669  7,796,722Net increase (decrease) in cash and cash equivalents4,921,053  2,875,669  7,796,7224,921,053  2,875,669  7,796,722
  Cash and cash equivalents, beginning of the yearCash and cash equivalents, beginning of the year  33,465,843  8,288,909  41,754,752Cash and cash equivalents, beginning of the year33,465,843  8,288,909  41,754,75233,465,843  8,288,909  41,754,752
  Nonoperating r  evenues (expenses):Nonoperating r evenues (expenses):  Cash and cash equivalents, end of the yearCash and cash equivalents, end of the year  38,386,896  11,164,578  49,551,474Cash and cash equivalents, end of the year38,386,896  11,164,578  49,551,47438,386,896  11,164,578  49,551,474
  Net increase (decrease) in fair value of investments  Net increase (decrease) in fair value of investments  30,293,655  -  30,293,65530,293,655  -  30,293,655Classified as:Classified as:Classified as:
  Interest expense  Interest expense  (451,054,273)  -  (451,054,273) (451,054,273)  -  (451,054,273) Current assetsCurrent assets  33,120,926  11,164,578  44,285,504Current assets33,120,926  11,164,578  44,285,50433,120,926  11,164,578  44,285,504
  Interest expense-SBITA's  Interest expense-SBITA's  (174,891)  -  (174,891)(174,891)  -  (174,891)Restricted assetsRestricted assets  5,265,970  -  5,265,970Restricted assets5,265,970  -  5,265,9705,265,970  -  5,265,970
  Other  Other  1,475,616  -  1,475,6161,475,616  -  1,475,616TotalTotal  38,386,896  11,164,578  49,551,474Total38,386,896  11,164,578  49,551,47438,386,896  11,164,578  49,551,474
  Net nonoperat  ing expenses  Net nonoperat  ing expenses  (419,459,893)  -  (419,4(419,459,893)  -  (419,459,893) 59,893)
  Noncash financing, capital, and investing activities:Noncash financing, capital, and investing activities:Noncash financing, capital, and investing activities:
  Incom  e before subsidies  Income before subsidies  386,389,926  18,509,726  404,899,652386,389,926  18,509,726  404,899,652Reconciliation of operating income to net cash provided by operating activities:Reconciliation of operating income to net cash provided by operating activities:Reconciliation of operating income to net cash provided by operating activities:
  Operating incomeOperating income  805,849,819  18,509,726  824,359,545Operating income805,849,819  18,509,726  824,359,545805,849,819  18,509,726  824,359,545
  Buil  Build America Bonds Subsidy (BAB's)d America Bonds Subsidy (BAB's)  19,643,079  -  19,643,07919,643,079  -  19,643,079Adjustments to reconcile operating income to net cash provided by operating activities:Adjustments to reconcile operating income to net cash provided by operating activities:Adjustments to reconcile operating income to net cash provided by operating activities:
  Change in net posit  ionChange in net posit  ion  406,033,005  18,509,726  424,542,731406,033,005  18,509,726  424,542,731DepreciationDepreciation  9,694,133  -  9,694,133Depreciation9,694,133  -  9,694,1339,694,133  -  9,694,133
  AmortizationAmortization  110,858,844  -  110,858,844Amortization110,858,844  -  110,858,844110,858,844  -  110,858,844
  Beginning net pos ition (restated, see note 1(q))Beginning net pos ition (restated, see note 1(q))  666,634,125  79,303,603  745,937,728666,634,125  79,303,603  745,937,728Bad debt expenseBad debt expense  151,374,172  32,269,469  183,643,641Bad debt expense151,374,172  32,269,469  183,643,641151,374,172  32,269,469  183,643,641
  Ending net position  $  1,072,667,130  $  97,813,329  $  1,170,480,459Ending net position  $  1,072,667,130  $  97,813,329  $  1,170,480,459Miscellaneous nonoperating incomeMiscellaneous nonoperating income  327,944  -  327,944Miscellaneous nonoperating income327,944  -  327,944327,944  -  327,944
  Changes in assets and liabilities:Changes in assets and liabilities:Changes in assets and liabilities:
  Increase in accounts r  eceivableIncrease in accounts r  eceivableIncrease in accounts r  eceivable(176,625,934)  (49,942,947)  (226,568,881)(176,625,934)  (49,942,947)  (226,568,881)(176,625,934)  (49,942,947)  (226,568,881)
  Increase  in accounts  and retainage payable Increase  in accounts  and retainage payable Increase  in accounts  and retainage payable  5,030,071  3,792,114  8,822,1855,030,071  3,792,114  8,822,1855,030,071  3,792,114  8,822,185
  Decrease in net pension assetDecrease in net pension assetDecrease in net pension asset  23,347,772  -  23,347,77223,347,772  -  23,347,77223,347,772  -  23,347,772
  Decrease in OPEBDecrease in OPEBDecrease in OPEB r  elated deferred outflows r  elated deferred outflows r  elated deferred outflows  806,395  -  806,395806,395  -  806,395806,395  -  806,395
  Increase in otherIncrease in otherIncrease in other post  -employment post  -employment post  -employment benef  its liability  benef  its liability  benef  its liability  8,518,108  -  8,518,1088,518,108  -  8,518,1088,518,108  -  8,518,108
  Increase in pension related deferred outflowsIncrease in pension related deferred outflowsIncrease in pension related deferred outflows  (665,346)  -  (665,346)(665,346)  -  (665,346)(665,346)  -  (665,346)
  Decrease in pension related deferred inflowsDecrease in pension related deferred inflowsDecrease in pension related deferred inflows  (22,836,206)  -  (22,836,206)(22,836,206)  -  (22,836,206)(22,836,206)  -  (22,836,206)
  Decrease in accrued liabilitiesDecrease in accrued liabilitiesDecrease in accrued liabilities  (9,446,412)  -  (9,446,412)(9,446,412)  -  (9,446,412)(9,446,412)  -  (9,446,412)
  Increase in prepaid expensesIncrease in prepaid expensesIncrease in prepaid expenses  (974,623)  -  (974,623)(974,623)  -  (974,623)(974,623)  -  (974,623)
  Increase in accrued interest receivableIncrease in accrued interest receivableIncrease in accrued interest receivable  (3,110,251)  -  (3,110,251)(3,110,251)  -  (3,110,251)(3,110,251)  -  (3,110,251)
  Decrease in OPEBDecrease in OPEBDecrease in OPEB r  elated deferred inflows r  elated deferred inflows r  elated deferred inflows  (10,781,424)  -  (10,781,424)(10,781,424)  -  (10,781,424)(10,781,424)  -  (10,781,424)
  Increase in unearned revenueIncrease in unearned revenue  8,845,462  -  8,845,462Increase in unearned revenue8,845,462  -  8,845,4628,845,462  -  8,845,462
  Total adjustmentsTotal adjustments  94,362,705  (13,881,364)  80,481,341Total adjustments94,362,705  (13,881,364)  80,481,34194,362,705  (13,881,364)  80,481,341
  Net cash provided by operating activitiesNet cash provided by operating activities  $  900,212,524  $  4,628,362  $  904,840,886Net cash provided by operating activities$  900,212,524  $  4,628,362  $  904,840,886$  900,212,524  $  4,628,362  $  904,840,886

  Noncash financing activities:Noncash financing activities:Noncash financing activities:
  Increase in the fair value of investmentsIncrease in the fair value of investments  30,293,655  -  30,293,655Increase in the fair value of investments30,293,655  -  30,293,65530,293,655  -  30,293,655
  Interest accretion on CABSInterest accretion on CABS  (57,197,385)  -  (57,197,385)Interest accretion on CABS(57,197,385)  -  (57,197,385)(57,197,385)  -  (57,197,385)


  On November 9, 2023, the Authority issued $439,795,000 of North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series 2023A, for the purpose On November 9, 2023, the Authority issued $439,795,000 of North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series 2023A, for the purpose On November 9, 2023, the Authority issued $439,795,000 of North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series 2023A, for the purpose
  of refunding $340,795,000 of Series 2016A Bonds, $5,570,000 of Series 2017A Bonds and $140,420,000 of Series 2020B Bonds.of refunding $340,795,000 of Series 2016A Bonds, $5,570,000 of Series 2017A Bonds and $140,420,000 of Series 2020B Bonds.of refunding $340,795,000 of Series 2016A Bonds, $5,570,000 of Series 2017A Bonds and $140,420,000 of Series 2020B Bonds.

  See accompanying notes to basic financial statements.See accompanying notes to basic financial statements.  16  16  On November 9, 2023, the Authority issued $137,440,000 of North Texas Tollway Authority Second Tier Revenue Refunding Bonds, Series 2023B, for the On November 9, 2023, the Authority issued $137,440,000 of North Texas Tollway Authority Second Tier Revenue Refunding Bonds, Series 2023B, for the On November 9, 2023, the Authority issued $137,440,000 of North Texas Tollway Authority Second Tier Revenue Refunding Bonds, Series 2023B, for the
  purpose of refunding all of Series 2014B. The Series 2023B Bonds were issued as serial bonds maturing January 1, 2030 through January 1, 2031.  purpose of refunding all of Series 2014B. The Series 2023B Bonds were issued as serial bonds maturing January 1, 2030 through January 1, 2031.  purpose of refunding all of Series 2014B. The Series 2023B Bonds were issued as serial bonds maturing January 1, 2030 through January 1, 2031.

  171717
  See accompanying notes to financial statements.  See accompanying notes to financial statements.See accompanying notes to financial statements.See accompanying notes to financial statements.See accompanying notes to financial statements.


16  17

=== PDF PAGE 20 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Notes to Financial Statements  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023
  December 31, 2023  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023
  NOTE  CONTENTS  (1)  Nature of the Organization and Summary of Significant Accounting Policies(1) Nature of the Organization and Summary of Significant Accounting Policies
  (a)  Reporting Entity
  Note 1.  Nature of the Organization and Summary of Significant Accounting Policies  In June 1997, the Texas Legislature approved a bill to create the North Texas Tollway Authority
  (a)  Reporting Entity  .....................................................................................................................  19(the  Authority), a regional tollway authority under Chapter  366, Transportation Code. Effective September  1,
  (b)  Basis of Accounting  ..............................................................................................................  191997, the Authority became the successor entity  to the Texas Turnpike Authority (TTA) and assumed
  ownership of the system of toll roads then owned and operated by the TTA and all obligations of the TTA
  (c)  Budget  ....................................................................................................................................  20related to such system of toll roads.
  (d)  Restricted Assets  ..................................................................................................................  20The Authority is a political subdivision of the State of Texas, authorized and empowered by the Regional
  Tollway Authority Act (the Act) to construct, maintain, repair, and operate turnpike projects at such locations
  (e)  Cash, Cash Equivalents and Investments  ..........................................................................  21within Collin, Dallas, Denton, and Tarrant Counties  (the “Member Counties”) and  Ellis and  Johnson Counties
  (f)  Capital Assets  ........................................................................................................................  21(together with the Member Counties, the “Project Counties”), as may be determined by the Authority. The
  Authority is further authorized to issue turnpike revenue bonds, payable solely from tolls and other revenue
  (g)  Subscription-  Based Information Technology Arrangements (SBITA).  ………………..  …  22  of the Authority, for the purpose of paying all or any part of the cost of a turnpike project. Under the provisions
  (h)  Compensated Absences  .......................................................................................................  22of the Act, these revenue bonds shall not be deemed to constitute a debt or a pledge of the faith and credit
  of the State of Texas or of any other political subdivision thereof  or the Project Counties.
  (i)  Pension  ...................................................................................................................................  23The North Texas Tollway System  is an enterprise fund  and does not purport to be the entire activity  of the
  (j)  Other Post-  Employment Benefits  ........................................................................................  23Authority.  The  Dallas North Tollway (DNT), Addison Airport  Toll  Tunnel (AATT),  President George Bush
  (k)  Retainage Payable  .................................................................................................................  23Turnpike (PGBT),  Mountain Creek Lake Bridge (MCLB),  Sam Rayburn Tollway (SRT),  Lewisville Lake Toll
  Bridge (LLTB),  Chisholm Trail Parkway (CTP),  and  360 Tollway (360T)  currently constititute and are
  (l)  Deferred Outflows/Inflows of Resources  ............................................................................  23collectively  referred to as the System.  The  Non-System Fund is a fund for  Tolling  Services  Agreements
  (TSAs)  . The following represent the three types  of TSAs: (1) Developer TSAs where NTTA remits
  (m)  Bond Discounts  and  Premiums  ...........................................................................................  24amounts  for each transaction, has collection exposure,  and is paid a fee to process the transactions  (2)
  (n)  Arbitrage Rebate Payable  .....................................................................................................  24Developer  TSAs where NTTA remits only amounts collected and is paid a fee to process each transaction
  and  (3) Regional TSAs facilities where NTTA remits only amounts collected and is reimbursed for operating
  (o)  Estimates  ................................................................................................................................  24expenses from the Texas Department of Transportation (TxDOT).
  (p)  Public-Public Partnership (PPP) ...........................................................................................  24Developer TSA (type1) facilities presently consist of Interstate Highway 635 (LBJ) and North Tarrant Express
  (q)  New Accounting Pronouncements  .........  ……………………………………………………….  251&2  (NTE 1&2). Developer TSA (type 2) facilities presently consist of North Tarrant Express 3A/3B (NTE
  3A/3B) and Toll 49. Regional TSA (type 3) facilities presently consist of DFW Connector (DFWC), I-30, I-35E,
  Note 2.  Legal Compliance -  Budgets  ................................................................................................  26I-635E (LBJ East) and Midtown Express (SH-114, Loop 12 and SH-183).
  Note 3.  Deposits and Investments  ....................................................................................................  27(b)  Basis of Accounting
  Note 4.  Capital Assets  ........................................................................................................................  30The operations of the System  are accounted for as enterprise funds  on an accrual basis in order to recognize
  Note 5. Revenue Bonds,  Loans Payable,  and Revolving Note Program  the flow of economic resources.
  Under this basis, revenues are recognized in the period in which they are earned, expenses are recognized
  Revenue Bonds  .....................................................................................................................  31in the period in which they are incurred, and all assets and liabilities associated with the operation of the
  Revolving Note Program  ......................................................................................................  35System  are included in the Statement of Net Position. The assets of the System  are stated at cost with the
  exception of certain investments, which are stated at fair value.
  Note 6.  Subscription-  Based Information Technology Arrangements (SBITA)  ............................  35  The principal revenues of the System  are toll revenues received from customer  s. Operating expenses for the
  Note 7.  Employees’ Retirement Plan  System  include the costs of operating and maintaining the Authority  and administrative expenses. All
  revenues and expenses not meeting this definition are reported as non-  operating revenues and expenses.
  Defined Benefit Pension  Plan  ..............................................................................................  36The principal revenues of the Non-System Fund are fees from processing of interoperability
  401(k) Plan  ..............................................................................................................................  40payments,  and fees charged for billing services on managed lanes for the Tolling  Services
  Note  8.  Risk Management  ..................................................................................................................  41Agreements.Operating expenses for the Non-System Fund include the costs of billing and
  collections of managed lane transactions.
  Note 9.  Other Post Employment Benefits  ........................................................................................  41The Trust Agreement also requires that certain funds and accounts be established and maintained. The
  Note 10.  Disaggregation of Receivable  Balances  ...........................................................................  49System  consolidates these funds and accounts for the purpose of enterprise fund presentation in its external
  financial statements.
  Note  11.  Commitments and Contingencies  .....................................................................................  49In  accordance with House Bill 749, an act of the 72nd Legislature of Texas, the Authority may transfer an
  amount from a surplus fund (currently Capital Improvement Fund) established for a turnpike project to North
  Texas Tollway Feasibility Study Fund (Feasibility Study Fund),  each a sub-  fund included in the System.
  However, the Authority may not transfer an amount that results in a balance in the surplus fund that is less
  than the minimum balance required in the Trust Agreement for that project, if any.When the feasibility of a
  project is determined, pursued project costs are capitalized, and the related study costs are reimbursed to
  18  the sub-  fund Feasibility Study Fund from the proceeds of the project’s bond issue.  Unfeasible projects are
  written off to expense when approved by the Executive Director.
  19



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=== PDF PAGE 21 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  December 31, 2023  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023
  NOTES TO FINANCIAL STATEMENTS  December 31, 2023
  December 31, 2023
  (c)  Budget  •  Bond Interest Accounts – The Bond Interest Account  s were  created to account for the payment
  Operating budgets are established in accordance with the practices set forth in the provisions of the Trust  of the semiannual interest requirements of the revenue bonds.
  Agreement for the North Texas Tollway Authority  System  Revenue Bonds, as interpreted by the Authority.  •  Reserve Accounts –  The Reserve Accounts were  created for the purpose of paying interest and
  These practices follow the Generally Accepted Accounting Principles  (GAAP)  for an enterprise fund on an  principal of the bonds whenever and to the extent that the monies held for the credit of the Bond
  accrual basis. Exceptions are:  Interest Account and the Redemption Account shall be insufficient for such purpose. The required
  •  Depreciation and amortization of certain non-  infrastructure capital assets and related acquisition andreserve is an amount equal to the average annual debt service requirements of all bonds
  revenue bond issuance costs that  are not included as an operating expense or otherwise provided.  outstanding. At December  31,  2023,  according to staff calculations the Authority  was in compliance
  with this requirement.
  •  Capitalized interest accrued on certain bond issues  as allowed by the Trust Agreement and bond  •  Redemption Accounts  –  The Redemption Accounts were  created to account for the  payment of
  resolutions.  the annual principal requirements of the revenue bonds.
  Revenues are recognized when they are earned, expenses are recognized in the period in which they are
  incurred, and all assets and liabilities associated with the operation of the System  are included in the  (e)  Cash, Cash Equivalents and Investments
  Statement of N  et Position in accordance with the Trust Agreement as described above.  Cash includes amounts in demand deposits. Cash equivalents are amounts included in any  overnight sweep
  Each year the Authority completes a review of its financial condition for the purpose of estimating whether  from  the  demand deposit  accounts. These deposits are fully collateralized or covered by federal deposit
  the net revenues of the System  for the year will meet its debt covenants. See additional information regarding  insurance.
  legal compliance for budgets in Note  (2).  The Authority considers other money market funds along with State & Local Government Investment Pools
  (d)  Restricted A  ssets(“Pool”)  to be investments. The carrying amount of the investments is fair value. The carrying amount of the
  Certain proceeds of the Revenue Bonds are restricted by applicable bond covenants for construction or  Pool is amortized cost.  The net change in fair value of investments is recorded on the Statement of Revenues,
  restricted as  reserves to ensure repayment of the bonds. Also, certain other assets are accumulated and  Expenses and Changes in Net Position  and includes the unrealized and realized gains and losses on
  restricted on a monthly basis in accordance with the Trust Agreement for the purpose of paying interest and  investments.
  principal payments that are due on a semiannual and annual basis, respectively, and for the purpose of  (f)  Capital Assets
  maintaining the reserve funds at the required levels. Payments from these restricted accounts are strictly  All capital assets are stated at historical cost  , except for donated assets, which are valued at the estimated
  governed by the Trust Agreement and can only be made in compliance with the Trust Agreement. When both  acquisition cost  at the date of donation.  This includes  costs for infrastructure assets (rights-of-way, highways,
  restricted and unrestricted amounts are available for use, the Authority’s policy is to use restricted amounts  bridges, and highway and bridge  substructures), toll equipment, buildings, land, toll  facilities  and  other related
  first, with unrestricted resources utilized as needed.  costs,  including  property  and equipment  with a value greater than $5,000  and software with a value greater
  Limited types of expenses may be funded from these accounts. Expenses that do not meet these  than $1,000,000.  Highway and bridge substructure includes road sub-  base, grading, land clearing,
  requirements are funded from unrestricted accounts. The sub-  funds and accounts that have been established  embankments, and other related costs. Also included in capital assets are the costs of certain real estate for
  in accordance with the Trust Agreement are as follows:  right-of-way requirements and administrative and legal expenses incurred during the construction period.
  •  Construction and Property Fund – The Construction and Property Fund was created to account  The costs to acquire additional capital assets, which replace existing assets or improve the efficiency of the
  for that portion of the proceeds from the sale of the  Authority  Revenue Bonds, which is  required to  Authority, are capitalized. Under the Authority’s  policy of accounting for infrastructure assets pursuant to the
  be deposited with the trustee in order to pay all costs of construction. There also may be deposited  “preservation method of accounting” or “modified approach,” property costs represent an historical
  in the Construction and Property Fund any monies received from any other source for paying the  accumulation of costs expended to acquire rights-of-way and to construct, improve, and place in operation
  cost of the Authority  .  the various projects and related facilities. These infrastructure assets are considered to be “indefinite lived
  •  Revenue Fund –  The Revenue Fund was created to account for all revenues (all tolls, other  assets,” that is, the assets themselves will last indefinitely and are, therefore, not depreciated.
  revenues, and income) arising or derived by the Authority  from the operation and ownership of the  Costs related to renewing and maintaining these assets are not capitalized, but instead are considered to be
  System. All revenues of this fund are distributed to other funds in accordance with the Trust  period costs and are included in preservation expense classified as part of reserve maintenance and capital
  Agreement.  improvement expenses.
  •  Operation and Maintenance Fund – The Operation and Maintenance Fund was created to  Additional charges to preservation expense occur whenever the condition of the infrastructure assets is
  account for and pay current operating expenses of the System.  determined to be at a level that is below the standards adopted by the Board of Directors of the Authority.
  Depreciation  and amortization  are  computed  using a straight-line method over the following estimated useful
  •  Reserve Maintenance Fund – The Reserve Maintenance Fund was created to account for those  lives:
  expenses of maintaining the Authority that do not recur on an annual or shorter basis. As defined  M ac hinery  and E quipm ent  3 - 10 y ears
  in the Trust Agreement, such items include repairs, painting, renewals, and replacements
  necessary for safe or efficient operation of the Authority or to prevent loss of revenues, engineering  B ui l di ngs  20 - 50 y ears
  expenses relating to the functions of the Authority, equipment, maintenance expenses, and
  operating expenses not occurring at annual or shorter periods.
  •  Capital Improvement Fund – The Capital Improvement Fund  (CIF)  was created to account for the  Int angi bl es  5- 15 y ears

  cost of repairs, enlargements, extensions, resurfacing, additions, renewals, improvements,  Information on right to use assets is presented in Note 1(p)  and Subscription-  Based Information Technology
  reconstruction and replacements, capital expenditures, engineering, and other expenses relating  Arrangements (SBITA) is presented in Note 6.
  to the System  , or for any other  purpose now or hereafter authorized by law.



  20  21



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=== PDF PAGE 22 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023  December 31, 2023
  December 31, 2023  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023
  (g)  Subscription-  Based  Information Technology Arrangements (SBITA)  (i)  Pension
  The  Authority  is a subscriber of certain subscription-  based information technology arrangements (SBITA). A  For purposes of measuring the net pension liability  (asset), deferred outflows of resources and deferred
  SBITA is a contract that conveys control of the right to use a vendor’s software, alone or in combination with  inflows of resources related to pensions, and pension expense, information about the fiduciary net position
  hardware. In each case, the Authority recognizes both a liability and an intangible right to use asset in the  of the Texas County and District Retirement System (TCDRS)  and additions to/deductions from TCDRS’s
  financial statements. The right-to-use asset of a SBITA is reported with depreciable capital assets (see Note  fiduciary net position have been determined on the same basis as they are reported by TCDRS. For this
  4)  and the liabilities for SBITA’s are reported with the long-  term liabilities when the  SBITA contract is greater  purpose, benefit payments (including refunds of employee contributions) are recognized when due and
  than 12 months. In general, SBITAs with a contract term of 12 months or less are recognized as outflows of  payable in accordance with the benefit terms. Investments are reported at fair value.
  resources or expense.  (j)  Other  Post-Em  ployment Benefits  (OPEB)
  At the commencement of a SBITA contract, the Authority initially measures the SBITA asset as the initial  For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
  amount of the SBITA liability  , adjusted f  or subscription payments made at or before the subscription  resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Authority’s
  commencement date, plus certain initial direct costs. The SBITA asset is amortized on a straight-line basis  Postemployment Benefit Fund (ERS OPEB Plan) and additions to/deductions from ERS OPEB Plan fiduciary
  over the shorter of the subscription term or useful life. The SBITA liability initially is measured  at the present  net position have been determined on the same basis as they are reported by ERS OPEB Plan.  For this
  value of payments expected to be made during the subscription term  and reduced  by the principal portion of  purpose, benefit payments (including refunds of employee contributions) are recognized when due and
  the subscription payments made.  payable in accordance with benefit terms.  Investments are reported at fair value.
  The key estimates and judgments related to SBITAs are as follows:  (k)  Retainage Payable

  •  The Authority uses the interest charged by the vendor as a discount rate, when available. If the  Retainage payable represents amounts  billed to the Authority  by contractors for which payment is not due
  interest rate charged by the vendor is not available, the Authority generally uses its estimated  pursuant to retained percentage provision in construction contracts until substantial completion of
  incremental borrowing rate.  performance by contractor and acceptance by the Authority  .
  •  The subscription term includes the noncancellable period of the SBITA. In determining the  (l)  Deferred O  utflows/Inflows o  f  Resources
  subscription term, management considers all facts and circumstances that create an economic
  incentive to exercise an extension option or not exercise a termination option. Extension options or  In addition to assets, the statement of financial position will sometimes report a separate section for deferred
  periods after termination options are only included in the subscription term if it is reasonably certain  outflows of resources. This separate financial statement element, deferred outflows of resources “  represents
  that the SBITA will be extended or not terminate.  a consumption of net assets  that applies to future periods”  and so will not be recognized as an outflow of
  Liabilities arising from a SBITA are initially measured on a present value basis. SBITA liabilities include the  resources (expenses) until then. The Authority has the following five  items that qualify for reporting in this
  net present value of the contract payments, less any SBITA vendor incentives received from the SBITA  category in the statement of net position.
  vendor at the commencement of the subscription term:  •  Loss on refunding –  The loss  on refunding results from the difference in the carrying value of refunded
  •  Fixed payments;  debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of
  •  Variable payments that depend on an index or a rate (such as the Consumer Price Index or a marked  the refunded or refunding debt.
  interest rate), measured using the index or rate as of the commencement of the subscription term;  •  PPP deferred outflow –  the  value of a toll road that is amortized for the remaining  term  of the
  •  Variable payments that are fixed in-  substance;  agreement.
  •  Payments for penalties for terminating the SBITA, if the subscription term reflects the Authority  •  Pension/OPEB  contributions after measurement date – T  hese contributions are deferred and
  exercising and option to terminate the SBITA or a fiscal funding or cancellation clause; and  recognized in the following fiscal year.
  •  Any other payments to the SBITA vendor associated with the SBITA contract that are reasonably  •  Difference in projected and actual earnings on pension  or OPEB  assets  –  This difference is deferred
  certain of being required based on an assessment of all relevant factors.  and amortized over a closed five year period.
  Assets arising from a SBITA are initially measured using the sum of the following, less any SBITA vendor  •  Difference in  expected and actual pension or OPEB experience –  This difference is deferred and
  incentives received from the SBITA vendor  at the commencement of the subscription term:  recognized over the estimated average remaining lives of all members determined as of the
  •  The amount of the initial measurement of the subscription liability;  measurement date.
  •  Payments associated with the SBITA contract made to the SBITA vendor at the commencement of  •  Changes in actuarial assumptions used to determine pension  or OPEB  liability  –  This difference is
  the subscription term, if applicable; and  deferred and amortized over the estimated average remaining lives of all members determined as of
  •  Capitalizable initial implementation costs.  the measurement date.
  The Authority monitors changes in circumstances that may require a remeasurement of its SBITAs and will  In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred
  remeasure the SBITA asset and liability balances if certain changes occur that are expected to significantly  inflows of resources. This separate financial statement element, deferred inflows of resources “  represents an
  affect those balances.  acquisition of net assets  that applies to future periods”  and so will not be recognized as an inflow of resources
  (h)  Compensated Absences  (revenue) until that time. The Authority has the following f  ive  items that qualify for reporting in this category.
  •  Gain  on refunding – A  gain on refunding results from the difference in the carrying value of refunded
  Vested or accumulated vacation leave is recorded as an expense and liability as the benefits accrue to  debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of
  employees. No liability is recorded for non-  vesting accumulating rights to receive sick pay benefits.  the refunded or refunding debt.







  22  23




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=== PDF PAGE 23 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY

  NORTH TEXAS TOLLWAY SYSTEM  NORTH TEXAS TOLLWAY  SYSTEM
  Notes to Financial Statements  Notes to Financial Statements
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023
  NOTES TO FINANCIAL STATEMENTS  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023  December 31, 2023

  •  Difference in expected and actual pension  or OPEB  experience  –  This difference is deferred and  (q)  New Accounting Pronouncements
  recognized over the estimated average remaining lives of all members determined as of the  The System has implemented the following  new accounting pronouncements:
  measurement date.
  •  Difference in projected and actual earnings on pension or OPEB assets –  This difference is deferred  GASB Statement No. 94, Public  -Private and Public-Public Partnerships and Availability Payment
  and amortized over a closed five year period.  Arrangements.  The primary objective of this Statement is to improve financial reporting by addressing issues
  •  Changes in actuarial assumptions used to determine OPEB liability –  This difference is deferred and  related to public-private and public-public partnership arrangements (PPPs). As used in this Statement, a PPP is
  amortized over the estimated average remaining lives of all members determined as of the  an arrangement in which a government (the transferor) contracts with an operator (a governmental or
  measurement date.  nongovernmental entity) to provide public services by conveying control of the right to operate or use a
  •  Change in proportionate share used to determine ERS OPEB liability – This difference is deferred and  nonfinancial asset, such as infrastructure or other capital asset (the underlying PPP asset), for a  period of time in
  amortized over the estimated average remaining lives of all members  determined as of the  an exchange or exchange-  like transaction. See Note 1(  p)  for further information on the impact of the adoption of
  measurement date.  GASB 94. The table below reflects the net effect of the restatement of net position for the North Texas Tollway
  (m)  Bond Discounts  and Premiums  System due to the implementation of GASB 94.

  Revenue  bonds payable  are reported net of unamortized bond discount or premium.  Nort h Tex as
  (n)  Arbitrage Rebate Payable  Tollway  S y s t em
  The Tax Reform Act of 1986 imposed additional restrictive regulations, reporting requirements, and arbitrage  Ne  t P osi ti on a  t 12/ 31/ 2022,  a  s pre  vi ousl y
  rebate liability on issuers of tax-exempt debt. This represents interest earnings on bond proceeds in excess  re  porte  d  $  662, 832, 164
  of amounts allowed under the Act. This Act requires the remittance to the Internal Revenue Service (IRS) of  S ervic e Conc es s ion A rrangement  - Int angible A s s et  (2, 301, 673, 021)
  90% of the cumulative arbitrage rebate within 60 days of the end of each five-  year reporting period following  Capit al A s s et  - Non Deprec iable  697, 793, 437
  the issuance of governmental bonds. The System’s cumulative arbitrage rebate liabilities for the year ended  Right  t o Us e A s s et  - S RT  1, 603, 879, 584
  December 31, 2023 i  s $0.  Deferred Out flow - S RT P P P  1, 631, 339, 878
  (o)  Estimates  SRT PPP Liability  (1, 631, 339, 878)
  The preparation of financial statements in accordance with GAAP  requires management to make estimates  Ne  t P osi ti on a  t 12/ 31/ 2022,  Re  sta  te  d  662, 832, 164$
  and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ
  from those estimates.
  (p)  Public-Public Partnership (PPP) for Sam Rayburn Tollway (SRT)
  In October 2007, the Authority entered in an agreement with the Texas Department of Transportation  GASB Statement No. 96,  Subscription-  Based Information Technology Arrangements (SBITAs), provides
  (TxDOT) to construct a continuous main lane and service roads within the State Highway 121 corridor  guidance  on the accounting and financial reporting for SBITAs for government end users (governments). This
  extending between Business SH 121 in Denton County to US 75 in Collin County consisting of 26 miles.  Statement (1) defines a SBITA; (2) establishes that a SBITA results in a right-to-use subscription asset-an
  Under the agreement, the Authority provided an upfront payment to TxDOT in the amount of $3.2 billion. A  intangible asset-and a corresponding subscription liability; (3) provides the capitalization criteria for outlays other
  right to use asset was recorded and is being amortized over the remaining term of the agreement for  the  than subscription payments, including implementation costs of a SBITA; and (4) requires note disclosures
  upfront payment.  A deferred outflow has been recorded for the value of the Sam Rayburn Tollway, which  isregarding a SBITA. As a result of the implementation of GASB Statement No. 96, the SBITA capital assets and
  also being amortized over the remaining term of the agreement.  A PPP liability has been recorded for the  SBITA long-term liabilities were each restated on January 1, 2023. The table below reflects the net effect of the
  capital asset to be returned to TxDOT at the conclusion of the  agreement in 2058 subject to the hand back  restatement on net position for the North Texas Tollway System due to the implementation of GASB 96.
  requirements in the agreement. The revenue generated from the operation of the toll road will be shared
  between TxDOT and the Authority in accordance with the limits and calculations in the agreement. In the  Nort h Tex as
  current year, the amount of revenue given to TxDOT was $0.  The table below shows the right to use asset,  Tollway  S y s t em
  deferred outflow, PPP liability, and the corresponding capital asset value.  Ne  t P osi ti on a  t 12/ 31/ 2022,  a  s pre  vi ousl y
  Ja nua ry 1,  Depreciation/  De ce m be r 31,  reported  662, 832, 164$
  2023*  Additions  D i  sp  o  sa  l  sAm orti z a  ti on  2023  Right  t o us e S B ITA  as s et  13, 772, 365
  Right t  o Us e A s s et -  SRT  $  1, 603, 879, 584  -  -  (44,968, 586)$1, 558, 910, 998SBITA liabilty  (9, 970, 404)
  Deferred Outflow -  SRT P  PP1, 631, 339, 878  -  -  (44, 954, 004)  1, 586, 385, 874Ne  t P osi ti on a  t 12/ 31/ 2022,  Re  sta  te  d  666, 634, 125$
  Capital A  sset -  SRT (  see  note  4)1, 631, 339, 878  807, 127  -  -  1, 632, 147, 005
  SRT P  PP L  iability  (1, 631, 339, 878)  (807, 127)  (1, 632, 147, 005)
  Tota l  $  3, 235, 219, 462  -  -  (89, 922, 590)$3, 145, 296, 872GASB Statement No. 99, Omnibus  2022 –  The requirements related to leases, PPPs, and SBITAs are effective
  *As rest  at ed due t o adopt ion of GA S B 94  for fiscal years beginning after June 15, 2022, and all reporting periods thereafter and have been implemented.
  The requirements related to financial guarantees and the classification and reporting of derivative instruments
  within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting
  periods thereafter.





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=== PDF PAGE 24 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023  December 31, 2023
  December 31, 2023  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023
(2) Legal Compliance –  Budgets(2) Legal Compliance - Budgets  (3)  Deposits and Investments(3) Deposits and Investments
  The Authority is required to prepare a preliminary  budget of current expenses, deposits to the Reserve  The Authority’s investment policy conforms  with the laws of the State of Texas. The Authority may purchase
  Maintenance Fund, and the purposes for which the monies held in the Reserve Maintenance Fund will be  investments as authorized by the Trust Agreement and as further authorized by the investment policy and strategy
  expended for the ensuing year.  approved by the Board of Directors in March 2023  . These investments include:
  Copies of the preliminary budget must be filed with the bond trustee, and mailed to the consulting engineers,    Government Obligations - shall mean (i) direct obligations of the United States of America, including
  traffic engineers, principal underwriters, and all bondholders who have filed their names and addresses with the  obligations that are unconditionally guaranteed by the United States of America, (ii) obligations of an agency
  secretary and treasurer of the Authority 60 days prior to year-end. The Authority is required by the Trust  or instrumentality of the United States of America, including obligations that are unconditionally guaranteed
  Agreement to adopt  or insured by the agency or instrumentality and that, on the date of the purchase thereof,  are  rated as to
  a final budget for the Authority on or before December  31 prior to the beginning of the year.  The budget is  investment quality  by two  nationally recognized credit rating agencies  not less than "A" or its equivalent, and
  prepared at the Department level and is  based upon the Trust Agreement.  The Authority may not expend any  (iii) obligations of a state,  agency,  county, municipality, or other political subdivision of a state that have been
  amount or incur any  obligations for maintenance, repairs, and operations in excess of the total amount of the  refunded and that, on the date purchased,  are rated as to investment quality by two  nationally recognized
  budgeted expenses in the Annual Budget unless the funding source is other than revenues received from the  credit rating agencies  not less than  "A" or its equivalent, with a stated maturity not to exceed 5 years.
  Authority.    Certificates of deposit, including certificates of deposit of the Trustee, where the certificates are collaterally
  The Authority  may expend additional monies from the Reserve Maintenance Fund in excess of the annual  secured by Government Obligations and held by a third party as escrow agent or custodian, of a fair  value
  deposits. Budget amendments must be approved by the Board Members of the Authority in a manner similar to  not less than the amount of the certificates of deposit so secured, including interest, but this collateral is not
  the adoption of the annual budget. There were no occurrences of budget noncompliance in 2023.  required to the extent the certificates of deposit are insured  by an agency of the United States with a stated
  maturity not to exceed one year.
  Pursuant to the Trust Agreement, the Authority has agreed that it will at all times keep in effect a plan for toll    Direct and reverse repurchase agreements as defined by the Public Funds Investment Act (PFIA) under the
  collecting facilities and a schedule of rates of tolls, which will raise and produce net revenues during each  fiscal  terms of a Securities Industry and Financial Markets Association Master Repurchase Agreement and
  year sufficient to satisfy the greatest of (1), (2), or (3) below:  collateralized in accordance with this i  nvestment p  olicy.
  1)  1.35  times the scheduled debt service requirements on  all outstanding First Tier Bonds for the fiscal year;  or    Banker's acceptances with a stated maturity of 180  days or less and whose endorsing banks are constantly
  2)  1.20  times the scheduled debt service requirements on  all outstanding First Tier Bonds and Second  Tier  monitored as to financial solvency by the Investment Officers.
  Bonds for the fiscal year;  or    Commercial paper rated not less than "A1"/"P1" (or an equivalent rating) by at least two nationally recognized
  3)  1.00 times the scheduled debt service requirements on  all outstanding First Tier Bonds, Second Tier Bonds,  credit rating agencies with a stated maturity of 365  days or less.
  Third Tier Bonds and all other obligations secured by net revenues for the fiscal year.    Money market funds, including money market funds affiliated with the Trustee, that invest solely in obligations
  of the United States, its agencies and instrumentalities, and have an S&P rating of AAAm-G or AAA-m,  or a
  The  Authority was in compliance in 2023.  Moody’s rating of Aaa.
  2023    AAA-  rated, SEC registered, no-  load mutual funds with an average weighted maturity of less than two years
  (unaudited)  and invested exclusively in obligations authorized in the Authority’s i  nvestment p  olicy, continuously rated as
  to investment quality by at least one nationally recognized credit rating agency.  Such no-  load mutual funds
  GA A P  bas is  operat ing inc ome  805, 849, 819$are not authorized for bond proceeds, reserves and funds held for debt service in accordance with the PFIA.
  Gros s  Inc ome  805, 849, 819  Investments may be made in Permitted Investments through an eligible investment pool as permitted by
  A dd:  Texas Government Code, Chapter 2256, as amended.  An eligible investment pool is a constant dollar, Texas
  Deprec iat ion  9, 694, 133local government investment pool as described by the PFIA and authorized by the Board.
  A mort iz at ion (ex c luding Operat ing Maint enanc e Fund)  103, 790, 514  Collateralized guaranteed investment contracts (GICs), with a defined termination date and secured by direct
  Capit al and c ons t ruc t ion improvement  funds  ex pens es  39, 777, 859obligations of the United States  or its agencies and instrumentalities and pledged to the Authority.  GICs are
  restricted to use for investment of bond proceeds.
  Res erve maint enanc e fund ex pens es  48, 119, 358  Interest bearing bank savings deposits issued by state and national banks,  a savings bank,  or  a state or
  Net  revenues  available for debt  s ervic e  1, 007, 231, 683federal credit union (having their main or branch office in Texas) that are guaranteed or insured by the Federal
  B ond int eres t  ex pens e  374, 163, 254Deposit Insurance Corporation or the National Credit Union Share Insurance Fund (or their successor
  S c heduled princ ipal amount  due  271, 070, 000organizations). Also included are collateralized interest bearing savings deposits that have secured the
  uninsured portion of deposits with obligations of the United States  Treasury and/or federal agencies an  d
  Calc ulat ed debt  s ervic e requirement  645, 233, 254$  (*)instrumentalities.
  Coverage rat io (for 1s t  t ier debt )  2. 44
  Coverage rat io (for 1s t  and 2nd t ier debt )  1. 58
  Coverage rat io (for all debt )  1. 57


  ( *)  Debt s er v ic e r equir ement f  or  1s t tier - $415,053,623  2nd tier - $226,319,907 and other - $3,859,724




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=== PDF PAGE 25 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  NORTHNotes to Financial Statements TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023
  NOTES TO FINANCIAL STATEMENTS  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023  December 31, 2023

  The Authority does not invest in financial instruments other than those authorized by the Authority’s Trust  The weighted average maturity in days was 334  days for 2023  , compared to 389  days for 2022  .
  Agreement and the investment  policy.  The Authority reports all securities and debt instruments with readily  Approximately  64% of the investments are maturing within one year and 36  % are maturing one year or
  determinable  fair  values to be carried at fair value, with changes in fair value reflected in the Statements of  greater.  The Authority does not have a formal policy on interest  rate r  isk.
  Revenues, Expenses and Changes in Net Position.  The exception to this is the Debt Service Reserve account  (d)  Credit Risk
  which is required by the Trust Agreement to be valued at amortized value.
  (a)  Deposits  As of December 31, 2023,  the Authority invested  24% in AAA rated money market funds, 30% in AAAm rated
  State and Local Government Pools, 43% in Government Sponsored Entities (GSE)  and  3.5% in
  The Authority’s deposits were fully insured or collateralized at December 31, 2023.  The carrying amount of  U.S.  Treasuries backed by the full faith and credit of the U.S. Government.
  the Authority’s deposits was $49,  538,37  4  (which does not include $13,100  of petty cash)  and the respective  The Authority participates in three local government investment pools, each of which carry investments at
  bank balances totaled $36,580,  414.  As of December 31, 2023  ,  Federal Depository Insurance Corporation  amortized cost:  TexPool Prime, TexasCLASS and LOGIC.  The State Comptroller oversees TexPool Prime,
  (FDIC)  provided $250,000 of coverage for deposits. All balances in excess of the $250,000 were fully  with Federated Hermes, Inc. managing the daily operations of the pool under a contract with the State
  collateralized in accordance with the Authority’s investment policy and the Public Funds Investment Act.  Comptroller. Public Trust Advisors, LLC serve as administrators for TexasCLASS, with UMB Bank, N.A. as
  (b)  Investments  Custodian, under an agreement with the TexasCLASS board of directors. Hilltop Securities, Inc.  serve  as
  As of December 31, 2023  the maturity values are as follows:  administrators for LOGIC, with  JPMorgan Investment Management, Inc. as Investment Manager and
  Custodian, under an agreement with  the LOGIC Board of Directors.
  2023  TexPool  Prime  and LOGIC  were established in conformity with the I  nterlocal Cooperation Act,  Chapter 791
  Matur i ty  Value ( i n Yr s)  W  A M(  *  )  of the Texas Government Code and pursuant to Section 2256  of the Public Funds Investment Act, Texas
  Desc r i pti on  Fair  ValueLess Than 1  Yr  1 Yr  or  Mor eGovernment Code (PFIA).  T  exas CLASS  was created as an  LGIP  pursuant to Section 2256  of the PFIA.
  Gover nment Sponsor ed Entities ( GSE) :  These pools  allow shareholders the ability to deposit or withdraw funds on a daily basis.  Interest rates are
  Feder al Home Loan Bank  $  497, 229, 855$77, 947, 155  419, 282, 700also adjusted on a daily basis.  These pool  s seek to maintain a constant net asset value of $1.00, although
  Feder al National Mor tgage Assoc iation  95, 982, 221  49, 563,221  46, 419, 000this cannot be fully guaranteed.  TexPool  Prime,  TexasCLASS  and  LOGIC  are rated AAAm and must
  Feder al Far m Cr edit Bank  129, 117, 293  -  129, 117, 293maintain a dollar weighted average maturity not to exceed a 60-  day limit.
  Feder al Home Loan Mor tgage Cor por ation  123, 520, 698  77, 558, 238  45, 962, 460(e)  Concentration of Credit Risk
  Feder al Agr ic ultur al Mor tgage Cor por ation  63, 944, 826  -  63, 944, 826
  Total GSE  909, 794, 893  205, 068, 614  704, 726, 279  696The Authority policy is to diversify its investment portfolios.  Assets held in the particular funds shall be
  Money  Mar ket Funds  494, 476, 822  494, 476, 822  -  1diversified to minimize the risk of loss resulting from over concentration of assets in a specific maturity, a
  U. S.  Tr easur ies  72, 681, 408  23, 291, 760  49, 389, 648  747specific issuer or a specific class of securities.  As of D  ecember 31, 2023  ,  investments in U.S.  Bank
  Gover nment Pool  626, 255, 135  626, 255, 135  -  1Government Money Market Fund, LOGIC  and TexPoolPrime  exceeded 5% of the total portfolio.
  Cash( * * )  105, 123  105, 123  - -More than 5% of the Authority’s investments are invested in  each of the following institutions:  Federal Farm
  Tot al Invest ment s  $  2, 103, 313, 381$1, 349, 197, 454  $  754, 115, 927  334Credit Bank (FFCB),  Federal Home Loan Bank (FHLB)  and  Federal Home Loan Mortgage Corporation
  *WAM = W  eighted Aver age Matur i ty  ( in day s)  (FHLMC).
  * * Cash held i n Tr ust Ac c ounts f or  next busi ness day  tr ansf er s.  The Authority categorizes its fair value measurements within the fair value hierarchy established by GAAP.
  The hierarchy is based on the valuation inputs used to measure the fair value of the asset.  Level 1 inputs
  Investments are as follows:  are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs
  Constr uc  ti on and Pr oper ty A  c  c  ount  $  5, 419, 578and Level 3 inputs are significant unobservable inputs.  The Authority has the following recurring fair value
  Revenue Ac  c  ount  130, 999, 178  measurements as of December 31, 2023  using a matrix pricing model:
  Oper ati ons  and Mai ntenanc  e Ac  c  ount  55, 008, 938  Fair V alue Meas urement s  Us ing
  Reser ve Mai ntenanc  e Ac  c  ount  47, 726, 764  Dec ember 31,  2023  Level 1  Level 2  Level 3
  Consoli dated Capi tal I  mpr ovement A  c  c  ount  944, 915, 522  Inves t ment s  by  fair value level:
  Bond I nter est Ac  c  ount  184, 978, 527  Debt  s ec urit ies
  Bond Reser ve Ac  c  ount  426, 496, 734  Federal Home Loan B ank  497, 229, 855$  -$  497, 229, 855$  -$
  Bond Redemption Account  269, 925, 000  Federal  Nat ional M  ort gage As s n.  95, 982, 221  -  95, 982, 221  -
  Non-System Account  34, 418, 838  Federal F  arm Credit Bank  129, 117, 293  -  129, 117, 293  -
  NTE  3A/ 3B A  c  c  ount  3, 418, 754  Federal H  ome Loan Mort gage Corp.  123, 520, 698  -  123, 520, 698  -
  Souther n States I  nter oper abi li ty A  c  c  ount  5, 548Federal A  griculture Mortgage Corp.63, 944, 826  -  63, 944, 826  -
  Tot al Invest ment s  $  2, 103, 313, 381US T  reasury N  otes  72, 681, 408  -  72, 681, 408  -
  Tot al debt  s ec urit ies  982, 476, 301  -  982, 476, 301  -
  (c)  Interest Rate Risk  Total investments measured at fair value level:  982, 476, 301$  -$  982, 476, 301$  -$
  Investment portfolios are designed with the objective of attaining the best possible rate of return
  commensurate with the Authority’s investment risk constraints and the cash flow characteristics of the
  portfolio.  Return on investments, although important, is subordinate to the safety and liquidity objectives.
  The weighted average yield-to-maturity of the portfolio for December 31, 2023 was 3.77%  in comparison to
  2.55% in 20  22.

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=== PDF PAGE 26 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023  December 31, 2023
  December 31, 2023  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023

(4)  Capital Assets(4)  Capital Assets  (5)  Revenue(5) Revenue Bonds , Loans Payable, and Revolving Note Program B  onds,  Loans Payable  and  Revolving  Note P  rogram
  Capital assets are summarized as follows:  Revenue Bonds
  Upon the happening of any event of default as specified in the Amended and Restated NTTA System Trust
  January 1,  Retirements /  December 31,  Agreement dated April 1, 2008, Section 802, the Trustee may take actions and upon the written request of the
  2023*  Additions  Adjustments  2023  holders of not less than twenty percent (20%)  in principal amount of the bonds then outstanding shall proceed to:
  Capital Assets not being depreciated:  (i)  protect and enforce its rights and the rights of the bondholders under the Turnpike Act and under the
  Land  $  7,293,755  $  - $  - $  7,293,755Trust Agreement by such suits actions or special proceedings in equity or at law or by proceedings in
  Right-of-way  301,235,727  -  -  301,235,727the office of any board or officer having jurisdiction, either for mandamus or the specific performance,
  Construction in Progress  114,573,220  31,486,806  (88,140,665)  57,919,361of any covenant or agreement contained in the Trust Agreement or in aid or execution of any power
  Roadway  6,053,393,223  11,880,981  88,140,665  6,153,414,869herein granted or for the enforcement of any proper legal or equitable remedy, as the Trustee, being
  Infrastructure - Other  557,824,226  -  -  557,824,226advised by counsel, shall deem most effectual to protect and enforce such rights.
  Total Capital Assets not being depreciated  7,034,320,151  43,367,787  -  7,077,687,938(ii)  In the enforcement of any remedy under the Trust Agreement, the Trustee shall be entitled to sue for,

  Capital Assets being depreciated  enforce payment of and receive any and all amounts then or during any default becoming, and at any
  Buildings  30,376,159  -  -  30,376,159time remaining, due from the Authority for principal, interest or otherwise under any of the provisions
  Machinery and Equipment  51,743,034  14,433,425  (12,279,332)  53,897,127of the Trust Agreement or of the bonds.
  Intangibles  92,386,130  4,024,320  -  96,410,450The full Amended and Restated NTTA System Trust Agreement can be found at:
  Total Capital Assets being depreciated  174,505,323  18,457,745  (12,279,332)  180,683,736https://www.ntta.org/whatwedo/fin_invest_info/NTTAsystem/Documents/NTTAAmdRestdTrustagtwithFirstSupplement.pdf
  Less accumulated depreciation for:  The Authority has issued and refunded various Revenue Bond Series to construct the North Texas Tollway System
  Buildings  (14,294,871)  (1,044,279)  -  (15,339,150)and to fund reserves and expenses associated with the bond issues.  The Authority follows the provisions of GASB
  Machinery and Equipment  (36,792,090)  (8,404,521)  10,445,116  (34,751,495)No.  23,  Accounting and Financial Reporting for Refunding of Debt Reported by Proprietary Activities  (Statement
  Intangibles  (14,825,744)  (9,652,358)  -  (24,478,102)No.  23). Under the provisions of Statement No.  23, the difference between the reacquisition price and the net
  Total accumulated depreciation  (65,912,705)  (19,101,158)  10,445,116  (74,568,747)carrying amount of the old debt is recorded as a deferred  outflow  and amortized over the life of the new debt or the
  Total Capital Assets being depreciated, net  108,592,618  (643,413)  (1,834,216)  106,114,989life of the old debt (had it not been refunded), whichever is shorter, as an adjustment to the bond interest expense.
  Right to use - assets  Revenue bonds are used to finance the acquisition and construction of major capital improvements for the North
  Roadways  1,603,879,584  -  -  1,603,879,584Texas Tollway System  toll roads and related facilities. These revenue bonds constitute  special obligations of the
  SBITA  17,992,445  8,888,291  -  26,880,736Authority solely secured by a lien on and pledge of the net revenues of the toll road system. The revenue bonds
  Total right-to-use assets  1,621,872,029  8,888,291  -  1,630,760,320are collateralized by the revenue of the toll roads and the various special funds established by the bond ordinances.
  Less accumulated amortization for:  The ordinances provide that the revenue of the System is to be used, first, to pay operating and maintenance
  Roadways  -  (44,968,586)  -  (44,968,586)expenses of the system, and second, to establish and maintain the revenue bond funds. Remaining revenues may
  SBITA  -  (10,476,769)  -  (10,476,769)then be used for any lawful purpose.
  Total accumulated amortization  -  (55,445,355)  -  (55,445,355)
  Total right-to-use assets, net  1,621,872,029  (46,557,064)  -  1,575,314,965
  Total Capital Assets, net  $  8,764,784,798  $  (3,832,690)  $  (1,834,216)  $  8,759,117,892

  * The January 1, 2023 balances were restated due to the implementation of GASB 96, Subscription-Based Information Technology Arrangements (SBITA)
  and GASB 94, Public-Public Partnerships and Availability Payment Arrangements (PPP)  .




















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=== PDF PAGE 27 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  NORTH TEXAS Notes to Financial StatementsTOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023
  December 31, 2023  December 31, 2023

  The following schedule summarizes the revenue bonds outstanding as of December  31, 2023:  Outstanding Bonded Debt –  Pertinent Information by Issue

  Beginning  Matured or  Due within  Interest  Outsta nding
  Description of Issue  Balance  Additions  Retired  Ending Balance  one year  Origina l  Ra  te  Te  rm  M a  tu ri ty  Balance
  Series 2008D  $  948,478,834  $  57,197,385  $  -  $  1,005,676,219  $  -  I  ssu  e  Issue  Amount  Ra nge  %  I  ssu  e  Ra  n g e  De  ce  m be  r 31,  2023
  Series 2009B  825,000,000  -  -  825,000,000  - S eries  2008D  399, 999, 394$  5. 90 - 5. 97  2008  2028-2038  1, 005, 676, 219$
  Series 2010B  50,000,000  -  (1,145,000)  48,855,000  5,880,000  S eries  2009B  825, 000, 000  6. 718  2009  2049  825, 000, 000
  Series 2014A  137,320,000  -  (30,405,000)  106,915,000  41,020,000  S eries  2010B  310, 000, 000  8. 41  2010  2030  48, 855, 000
  Series 2014B  146,420,000  -  (146,420,000)  -  - S eries  2014A  310, 415, 000  5. 00  2014  2020-2025  106, 915, 000
  Series 2015A  811,925,000  -  (9,065,000)  802,860,000  9,515,000  S eries  2015A  862, 920, 000  2. 00 - 5. 00  2015  2016-2038  802, 860, 000
  Series 2015B  375,655,000  -  (6,365,000)  369,290,000  7,150,000  S eries  2015B  764, 090, 000  4. 00 - 5. 00  2015  2040-2045  369, 290, 000
  Series 2016A  883,605,000  -  (381,770,000)  501,835,000  42,550,000  S eries  2016A  987, 790, 000  4. 00 - 5. 00  2016  2017-2039  501, 835, 000
  Series 2017A  1,420,625,000  -  (44,420,000)  1,376,205,000  5,210,000  S eries  2017A  1, 743, 320, 000  2. 00 - 5. 00  2017  2019-2048  1, 376, 205, 000
  Series 2017B  624,190,000  -  (36,350,000)  587,840,000  2,140,000  S eries  2017B  765, 995, 000  2. 00 - 5. 00  2017  2019-2048  587, 840, 000
  Series 2018  356,085,000  -  -  356,085,000  - S eries  2018  356, 085, 000  4. 00 - 5. 00  2018  2030-2050  356, 085, 000
  Series 2019A  395,620,000  -  (19,130,000)  376,490,000  20,325,000  S eries  2019A  429, 870, 000  4. 00 - 5. 00  2019  2020-2044  376, 490, 000
  Series 2019B  219,780,000  -  (27,110,000)  192,670,000  28,430,000  S eries  2019B  222, 510, 000  4. 00 - 5. 00  2019  2022-2029  192, 670, 000
  Series 2020A  192,105,000  -  -  192,105,000  - S eries  2020A  192, 105, 000  3. 00 - 5. 00  2020  2025-2038  192, 105, 000
  Series 2020B  517,145,000  -  (140,420,000)  376,725,000  17,835,000  S eries  2020B  517, 145, 000  . 92 - 3. 33  2020  2024-2052  376, 725, 000
  Series 2020C  25,205,000  -  -  25,205,000  5,850,000  S eries  2020C  52, 705, 000  5. 00  2020  2021-2027  25, 205, 000
  Series 2021A  402,110,000  -  -  402,110,000  - S eries  2021A  402, 110, 000  1. 83 - 3. 01  2021  2029-2043  402, 110, 000
  Series 2021B  446,045,000  -  -  446,045,000  - S eries  2021B  446, 045, 000  2. 25 - 5. 00  2021  2025-2051  446, 045, 000
  Series 2022A  501,515,000  -  -  501,515,000  39,245,000  S eries  2022A  501, 515, 000  4. 125 - 5. 25  2022  2024-2040  501, 515, 000
  Series 2022B  187,650,000  -  -  187,650,000  50,655,000  S eries  2022B  187, 650, 000  5. 00  2022  2024-2029  187, 650, 000
  Series 2023A  -  439,795,000  -  439,795,000  - S eries  2023A  439, 795, 000  5. 00  2023  2026-2042  439, 795, 000
  Series 2023B  -  137,440,000  -  137,440,000  - S eries  2023B  137, 440, 000  5. 00  2023  2030-2031  137, 440, 000
  Total Bond Principal  9,466,478,834  634,432,385  (842,600,000)  9,258,311,219  275,805,000  Tot al P rinc ipal Revenue B onds  9, 258, 311, 219
  Unamortized Premium  (552,787,714)  (24,554,327)  97,926,141  (479,415,900)  -  Unamort iz ed P remiums  and Dis c ount s  (479, 415, 900)
  Total Bonds Payable  $  10,019,266,548  $  658,986,712  $  (940,526,141)  $  9,737,727,119  $  275,805,000  $  9, 737, 727, 119

  Amortization of Premium/Discounts
  Premiums and discounts  related to the issuance of the bonds and other loans are being amortized  using  the bonds
  outstanding method, which is materially  consistent with the effective interest method. The  unamortized premium
  cost  for the year ended on December 31, 2023 was $479,415,900.


















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=== PDF PAGE 28 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial Statements
  (An Enterprise Fund of the North Texas Tollway Authority)  NORTH TEXAS TOLLWAY SYSTEM
  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023
  December 31, 2023  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023
  The revenue bond debt service requirements below are prepared as of December  31, 2023:  Debt Issuances
  On November 9, 2023, the Authority issued $439,795,000 of North Texas Tollway Authority First Tier Revenue
  Tota l Re ve nue  Bonds  Refunding Bonds, Series 2023A, for the purpose of refunding $340,795,000 of Series 2016A Bonds, $5,570,000
  Principa  l  Interest  BABof Series 2017A Bonds and $140,420,000 of Series 2020B Bonds. The Series 2022A Bonds were issued as serial
  Year  a  m ount  a  m ount  Subsidy *  Tota  lbonds maturing January 1, 2026 through January 1, 2042.  The bonds have an interest rate of 5.00%.
  Due January  1  The refunding results for 2016A, 2017A, and 2020B resulted in a decrease the aggregate debt service between
  2024  275, 805, 000$  377, 696, 169$  (19, 566, 998)$  633, 934, 171$the refunding debt and refunded debt. The difference between the reacquisition price and the net carrying amount
  2025  332, 085, 000  373, 146, 032  (19, 399, 206)  685, 831, 826of  the 2016A, 2017A, and 2020B Bonds refunded by 2023A Revenue Refunding Bonds of $24,754,757  was
  2026  344, 620, 000  356, 450, 824  (19, 221, 907)  681, 848, 918deferred  and is being amortized over the stated term of the Series 2017A Bonds. Amortization of the deferred
  inflow in resources on the refunding was ($301,887) for the year ended December 31, 2023. The deferred inflow
  2027  364, 105, 000  338, 894, 135  (19, 034, 476)  683, 964, 659in resources ending balance for the year ended December 31, 2023  was $24,452,870. The refunding reduced
  2028  279, 946, 277  426, 225, 587  (18, 836, 429)  687, 335, 435total debt service payments over the next 19 years by nearly $23.4 million. This results in an economic gain
  2029-2033  1, 661, 497, 974  1, 932, 237, 642  (91, 910, 910)  3, 501, 824, 707(difference between the present values of the debt service payments on the old and new debt) of nearly $17.9
  2034-2038  1, 879, 655, 144  1, 744, 011, 819  (91, 462, 631)  3, 532, 204, 332million.
  2039-2043  2, 194, 780, 000  615, 435, 870  (79, 009, 966)  2, 731, 205, 904On November 9, 2023, the Authority issued $137,440,000 of North Texas Tollway Authority Second Tier Revenue
  2044-2048  1, 071, 375, 000  217, 073, 765  (36, 066, 099)  1, 252, 382, 666Refunding Bonds, Series 2023B, for the purpose of refunding all of Series 2014B. The Series 2023B Bonds were
  2049-2052  248, 765, 000  8, 486, 176  (1, 099, 991)  256, 151, 185issued as serial bonds maturing January 1, 2030 through January 1, 2031.  The bonds have an interest rate of
  5.00%.
  Int eres t  A c c ret ion  605, 676, 825  (605, 676, 825)  -  - The refunding results for 2014B resulted in a decrease the aggregate debt service between the refunding debt
  $  5, 783, 981, 1959, 258, 311, 219$  (395, 608, 612)$  14, 646, 683, 802$ and refunded debt. The difference between the reacquisition  price and the net carrying amount of the 2014B
  (*) Not e:  Due t o S eques t rat ion,  B A B 's  S ubs idy  is  reduc ed by  5. 7% .  Bonds refunded by 2023B Revenue Refunding Bonds of $8,547,298 was deferred and is being amortized over
  the stated term of the Series 2023B Bonds. Amortization of the deferred inflow in resources on the refunding was
  ($449,858) for the year ended December 31, 2023. The deferred inflow in resources ending balance for the year
  The  Interest and Sinking and Reserve Accounts required by the Trust Agreement have been established with the  ended December 31, 2023 was $8,097,440. The refunding reduced total debt service payments over the next 8
  Trustee. The balances as of December 31, 202  3 were:  years by nearly $9.4 million. This results in an economic gain (difference between the present values of the debt
  service payments on the old and new debt) of nearly $8.5 million.
  Cas h and  Tr u s  t  Revolving Note Program
  Inves t ment  B alanc e  Requirem ent
  B ond Int eres t  A c c ount  184, 978, 527$  184, 978, 527$In order to maintain short -term liquidity options, the Authority contacted the underwriter pool for proposals to
  Debt  S ervic e Res erve A c c ount (* )  426, 496, 734  449, 935, 067support $200,000,000 in liquidity for the next three years whether through commercial  paper or other financing
  Redempt ion A c c ount  269, 925, 000  269, 925, 000facilities.  The Authority secured a Credit Facility with RBC Capital Markets with an issuance of up to
  Total  881, 400, 261$  904, 838, 594$$200,000,000 aggregate principal amount of revolving notes (Revolving Notes).  The Revolving Notes are
  S  ervice Reserve account per t  he trust agreement i  s not v  alued at  fair  value but amortized value. T  hesecured as Second Tier Bonds. Pursuant to the Note Purchase Agreement executed under the program, RBC
  (*)  The Debtamort iz ed value at D  ec em ber 31,  2023  was  $450,075, 732.  Capital Markets is obligated to purchase Revolving Notes upon request by the  Authority that allow periodic
  draws and repayments in an amount up to $200,000,000. This agreement expires on December 14, 2024.  The
  Defeasance of Debt  Authority has not made any withdrawals on the Program in fiscal year 2023.
  The Authority  has defeased various  revenue  bonds  issues by placing funds and securities in irrevocable trusts with  (6)  (6) Subscription-Based Information Technology Arrangements (SBITA)Subscription-  Based Information Technology Arrangements (SBITA)
  external financial institutions to provide for all future debt service payments on the bonds through the earlier of the  The Authority is obligated under contracts covering certain subscription-ba  sed information technology
  maturity date or the first call date. As of December 31, 2023  , the amounts of defeased bonds, at par, that remain  arrangements (SBITA) that expire at various dates during the next  3 years. Most SBITA contracts have initial
  outstanding was $992,895,000.  terms of up to five years and contain one or more renewal options. The Authority generally includes these renewal
  periods in the subscription term when it is reasonably certain that the Authority will exercise the renewal option
  and the contract is not deemed cancellable. The Authority SBITA contracts do not contain any material variable
  payments not previously included in the measurement of the subscription liability. As the interest rate implicit in
  the Authority’s agreements are not readily determinable, the Authority utilizes its incremental borrowing rate to
  discount the SBITA payments to the present value.  As of December 31, 2023, the SBITA net asset and payable
  totaled $16,403,967  and  $9,970,404, r  espectively.  Future minimum payments are:
  Principal  Interest  Total
  Payments  Payments  Payments
  2024  6,675,520$  259,795$  6,935,315$
  2025  1,888,034  86,851  1,974,885
  2026  1,406,850  37,383  1,444,233
  $  384,0299,970,404$  10,354,433$

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=== PDF PAGE 29 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEM
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  (An Enterprise Fund of the North Texas Tollway Authority)Notes to Financial Statements
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023
  NOTES TO FINANCIAL STATEMENTS  December 31, 2023
  December 31, 2023

(7)  Employees’  Retirement(7) Employees' Retirement Plan P  lan  Contributions
  Defined Benefit Pension  Plan  Under the state law governing TCDRS, the contribution rate  is determined annually by the consulting actuary, using
  the Replacement Life Entry Age (RLEA) cost method, a conservative cost method and an industry standard.
  As discussed in Note  1, effective September  1, 1997, the Authority, a regional tollway authority under Chapter 366,  Employees for the Authority contributed 6% of their annual gross earnings during  each  fiscal ye  ar. The contribution
  Transportation Code, became the successor agency to the Texas Turnpike Authority. In connection with this  rates for the Authority were 10.71% and 9.44  % in fiscal years 2022  and 2023, respectively.  The Authority’s
  transition, the Authority changed from being a participant in the plans administered by the Employees Retirement  contributions to TCDRS for the year ended December 31, 2023  , was $5,010,202  and were equal to the required
  System  of Texas (ERS), which are considered single employer defined benefit pension plans, to being a participant  contributions.
  in the Texas County and District Retirement System  (TCDRS), which is a nonprofit public trust fund that provides
  pension, disability and death benefits to eligible employees of the counties and districts that participate in TCDRS.  Net Pension Asset
  Information related to the TCDRS, the Authority’s 401(k) plan and its refrain from participation in Social Security is  The Authority’s Net Pension Asset  (NPA)  was measured as of December 31, 2022, and the Total Pension Liability
  included herein.  (TPL) used to calculate the Net Pension  Asset  was determined by an actuarial valuation as of that  date.
  Plan Description  Actuarial assumptions
  The Authority participates as one of more than  830  plans in the joint contributory, defined benefit plan administered  The Total Pension Liability in  the  December 31, 2022  actuarial valuation was determined using the following
  by TCDRS.  TCDRS acts as an agent multiple-  employer retirement system for county and district employees in the  assumptions:
  State of Texas.  The TCDRS Act is the basis for administration of the  pension system.  The  pension system is
  governed by a nine-  member Board of Trustees and is managed by an administrative staff in Austin.  Inflation  2.50%
  Although the Governor, with the advice and consent of the S  enate, appoints the Board, TCDRS is not fiscally  Overall Payroll Growth  2.0  0%
  dependent on the State of Texas. TCDRS’s defined benefit pension plan is a tax-qualified plan under Section 401(a)  Investment Rate of Return  7.60%  ,  long-  term rate of return 7.5  0%, plus 0.10% administrative expenses
  of the Internal Revenue Code. TCDRS issues a publicly available annual  comprehensive financial report (ACFR)  Salary increases were based on a service-  related table.  Mortality rates for active members were based on  135%
  that can be obtained at www.tcdrs.org  .  of the  Pub-2010 General Employees Amount-Weighted  Mortality Table for males and 120% of the Pub-  2010
  All eligible employees of the Authority are required to participate in TCDRS.  General Employees Amount-Weighted  Mortality  Table for females,  both  projected with 100% of the  MP-2021
  Ultimate scale after 2010.
  Benefits Provided  Mortality rates for retirees, beneficiaries  and non-  depositing members  were based on 135  % of the Pub  -2010
  TCDRS provides retirement, disability and death benefits. Benefit provisions  are adopted by the governing body of  General Retirees  Table  for males and 120% of the Pub  -2010 General Retirees Table  for females, both projected
  the Authority, within the options available in the state statutes  governing TCDRS.  with 100% of the MP-2021  Ultimate scale after 2010  .
  At retirement, the benefit is calculated as if  the sum of the employee’s contributions, with interest, and the Authority-  Mortality rates for disabled retirees were based on 16  0% of the Pub-  2010 General  Disabled  Retirees Amount-
  financed monetary credits, with interest, were used to purchase an annuity. Members may choose to receive their  Weighted  Mortality Table  for males and 125  % of the Pub-2010 General  Disabled  Retirees Amount-Weighted
  retirement benefit in one of three  actuarially equivalent payments options. A summary of plan provisions for the  Mortality  Table for females, both projected  with 100% of the MP-2021  Ultimate scale after 2010.
  Authority are as follows:  The long-  term expected rate of return on TCDRS assets is determined by adding expected inflation to expected
  Employee deposit rate  6%  of Earningslong-term real returns, and reflecting expected volatility and correlation. The capital market assumptions and
  Authority matching rate  250% information shown below are provided by TCDRS’ investment consultant, Cliffwater LLC. The numbers shown are
  Vesting period  10 Years  based on January 2023  information for a 10-  year time horizon.
  Retirement years (age/years of service)  60/10, Any/30, Rule of 75, age+service
  Prior  Service Credit  0%
  Annuity Increase to retirees:  0%
  Employees covered by benefit terms
  At t  he December 3  1, 2  022  valuation and  measurement date, t  he following employees  were c  overed  by t  he b  enefit
  terms:


  Inac t ive employ ees  or benefic iaries  c urrent ly  rec eiving benefit s  274
  Inac t ive employ ees  ent it led t o but  not  y et  rec eiving benefit s  1,19  4
  A c t ive employ ees  702
  Tot al  2,170











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=== PDF PAGE 30 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023  December 31, 2023
  December 31, 2023  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023
  Note that the valuation assumption for long-  term expected return is re-  assessed at a minimum of every four years,  Changes in the Net Pension Liability  / (Asset)
  and is set based on a long-term  time horizon. The TCDRS Board of Trustee adopted the current assumption at
  their March 2022  meeting.  The target allocation and best estimates of geometric  real rates of return for each major  Tot al Pension  Fiduciar y  Net  Pension
  asset class are summarized in the following table:  Liabilit  y  Net  Posit  ion  Liabilit y /  ( Asset )
  ( a)  ( b)  (a)-(b )
  Geomet ric  Real  Balanc es as of  J anuar y  01,  2022  $171, 149, 660  $196, 454, 571  ( $25, 304, 911)
  Rat e of Ret urn (2)  Changes f or  the y ear :
  A s s et  Target  (E x pec t ed minus  Ser vi c e c ost  5, 824, 041  -  5, 824, 041
  Cl as  s  A lloc at ion (1)  Inflat ion)  I nter est  13, 262, 076  -  13, 262, 076

  US  E quit ies  11. 50%  4. 95%  Ef f ec t of  plan c hanges  2, 066, 775  -  2, 066, 775
  P rivat e E quit y  25. 00%  7. 95%  Ef f ec t of  ec onomi c / demogr aphi c  gai ns or  losses  1, 421, 917  -  1, 421, 917
  Global E quit ies  2. 50%  4. 95%  Ef f ec t of  assumpti ons c hanges or  i nputs  -  -  -
  Int ernat ional E quit ies  - Developed Mark et s  5. 00%  4. 95%  Ref und of  c ontr i buti ons  ( 522, 048)  ( 522, 048)  -
  Int ernat ional E quit ies  - E merging Mark et s  6. 00%  4. 95%  Benef i t pay ments  ( 4, 515, 601)  ( 4, 515, 601)  -
  Inves t ment -Grade B onds  3. 00%  2. 40%  Admi ni str ati ve expenses  -  ( 111, 721)  111, 721
  S t rat egic  Credit  9. 00%  3. 39%  Member  c ontr i buti ons  -  2, 895, 686  ( 2, 895, 686)
  Direc t  Lending  16. 00%  6. 95%  Net i nvestment i nc ome  -  ( 11, 973, 223)  11, 973, 223
  Dis t res s ed Debt  4. 00%  7. 60%  Employ er  c ontr i buti ons  -  7, 498, 032  ( 7, 498, 032)
  RE IT E quit ies  2. 00%  4. 15%  Other  c hanges  -  918, 263  ( 918, 263)
  Balanc es as of  Dec ember  31,  2022  $188, 686, 820  $190, 643, 959  ( $1, 957, 139)
  Mas t er Limit ed P art ners hips  (MLP s )  2. 00%  5. 30%
  P rivat e Real E s t at e P art ners hips  6. 00%  5. 70%
  Hedge Funds  6. 00%  2. 90%  Sensitivity Analysis
  Cas h E quivalent s  2. 00%  0. 20%  The following presents the net pension liability of the Authority  , calculated using the discount rate of 7.6  0%, as well
  Tot al  100. 00%  as what the Authority’s  net pension liability would be if it were calculated using a discount rate that is 1 percentage


  (1)  Target asset allocation adopted at the March 202  point lower (6.60%) or 1 percentage point higher (  8.60%) than the current rate.
  3  TCDRS Board meeting.
  (2)  Geometric real rates of return equal the expected return minus the assumed inflation rate of 2.  3%, per Cliffwater’s
  2023  capital market assumptions.  1%  Cur r ent  1%
  Discount Rate  Decr ease  Discount  Rat e  Incr ease
  The discount rate used to measure the Total Pension Liability was 7.60%. The projection of cash  flows used to  6. 60%  7. 60%  8. 60%
  determine the discount rate assumed that employee contributions will remain at the  current  6% and employer  Total pensi on li abi li ty  $216, 135, 698  $188, 686, 820  $165, 864, 067
  contributions will be made at the rates specified in statute. Based on that  assumption, the pension plan’s Fiduciary  Fi duc i ar y  net posi ti on  190, 643, 959  190, 643, 959  190, 643, 959
  Net Position was projected to be available to make all  projected future benefit payments of current plan members.  Net pensi on li abi li ty  /  ( asset)  $25, 491, 739  ( $1, 957, 139)  ( $24, 779, 892)
  Therefore, the long-  term expected rate  of return on pension  plan investments was applied to all periods of projected
  benefit payments to  determine the Total Pension Liability.  Pension Plan Fiduciary Net Position
  Detailed information about the pension plan’s Fiduciary Net Position is available in a separately issued TCDRS
  financial report. That report may be obtained on the Internet at www.tcdrs.org  .



















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=== PDF PAGE 31 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023
  December 31, 2023  December 31, 2023

  Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources :  Grandfathered Employer,  and  is adopting a cash or deferred arrangement substantially similar to the Texas
  For the year ended December 31, 2023, the Authority recognized pension expense  of $5,185,565.  Turnpike Authority’s cash or deferred arrangement.
  At December 31, 2023, the Authority reported deferred  outflows  and inflows  of resources related to  pensions from  Effective September  1, 1997, each Authority employee became eligible to participate in the North Texas Tollway
  the following sources:  Authority 401(k) plan, a defined contribution plan. The plan requires that each employee be required to make a
  mandatory employee contribution, deposited by the Authority towards the cost of the 401(k) plan, in an amount
  Deferred Out flows  Deferred Inflows  equal to 4% of total wages. All mandatory employee contributions to the 401(k) plan for payroll periods following
  of Res ourc es  of Res ourc es  September  1, 1997 shall be made on a pretax basis, provided they are subject to the Hospital Insurance portion of
  Cont ribut ions  m ade s ubs equent  t o  the Federal Insurance Contributions Act and the Federal Unemployment Tax Act and the withholding of those Acts.
  Employee contributions and plan earnings are vested at all times and a terminating employee shall be paid all
  t he m eas urem ent  dat e  5, 010, 202$  -$mandatory contributions and plan earnings pursuant to the plan’s terms. The Authority is authorized to make
  Net  differenc e bet ween projec t ed  discretionary employer matching contributions in such amounts as may be determined by the board, and Authority
  and ac t ual  earnings  4,677,090  - employees are vested in employer contributions at 100% after five years services. Former Texas Turnpike Authority
  Differenc es  bet ween ex pec t ed  employees employed by the Authority on or before October  31, 1997 shall receive past service credit for service
  with the Texas Turnpike Authority for purposes of determining the vested percentage and the Authority’s Board of
  and ac t ual ex perienc e  947, 945  1, 001, 440Directors is allowed to further amend or terminate the plan at any time.
  Changes  of as s um pt ions  2, 726, 623  - Total 401(k) contributions allocated to the System by the Authority for the year ended December  31,  2023  were
  Tot al  13, 361, 860$  1, 001, 440$$1,742,870  based on a covered payroll of $50,819,429  .
  Social Security
  $5,010,202  reported as deferred outflows of resources  related to pensions  resulting from contributions subsequent  Effective September  1, 1997, the Authority elected to refrain from participation in Social Security and instead
  to the measurement date  will be recognized  as a reduction of the net pension liability in the year ended December  participated in both the TCDRS and the Authority 401(k) plan. The Authority requires mandatory employee
  31, 2024.  The remainder of the total deferred outflows/inflows, $  7,350,218  related to pensions  will be recognized  participation in both of these plans.
  in pension expense as follows:  (8) Risk Management
  Y ear ended Dec em ber 31:  (8)  Risk Management
  2024  441, 783$The Texas Municipal League (TML) Intergovernmental Risk Pool  insures the Authority for workers’ compensation.
  2025  668,805The Authority purchases insurance policies for all major areas of operation including buildings and contents,
  bridges, general liability, commercial umbrella, crime, directors and officers liability, and boiler and machinery
  2026  812,896coverage.  There have not been any settlements exceeding insurance coverage in the years 2014-2  023.  There
  2027  5, 426, 734has not been any significant reduction of coverage.
  Thereaft er (1)  - The  Authority self-insures health benefits utilizing a third-  party benefit administrator.  The Authority pays claims
  Tot al  7, 350, 218$based on actual claims reported.  Funds are available to pay claims and administrative costs associated with the
  program.  Reserves for these liabilities are included in current liabilities in the Statement of Net  Position.
  (1)  Total remaining balance to be recognized in future years, if any. Note that additional future deferred inflows and  outflows of
  resources may impact these numbers.  Current year
  claims and
  Fiscal  Beginning  changes in  Claim  Ending
  401(k) Plan  Year  Balance  estimates  Payments  Balance
  As a state agency of the State of Texas, the Texas Turnpike Authority was a participating employer in the State of  2014  711,120  10,246,833  10,081,288  876,665
  Texas Texa$aver 401(k) Profit Sharing Plan sponsored by the Employees Retirement  System of Texas. The Texas  2015  876,665  10,903,339  11,780,004  -
  2016  -  12,393,455  11,354,397  1,039,058
  Turnpike Authority, as a state agency, was permitted to participate in the Employees Retirement System  of Texas  2017  1,039,058  12,294,775  10,587,347  2,746,486
  under Section  812.003 of the Texas Government Code.  2018  2,746,486  11,331,252  10,937,466  3,140,272
  2019  3,140,272  12,846,380  11,303,573  4,683,079
  Because the Act established the Authority as a political subdivision of the State of Texas instead of a state agency,  2020  4,683,079  14,059,984  11,456,537  7,286,526
  2021  7,286,526  12,902,542  11,343,430  8,845,638
  it is no longer eligible to participate in the Texa$aver 401(k) Plan maintained by the Employees Retirement System  2022  8,845,638  7,497,453  10,130,121  6,212,970
  of Texas. As a successor of the Texas Turnpike Authority, however, the Authority is eligible under current IRS rules  2023  6,212,970  14,839,126  17,574,297  3,477,799
  and regulations to adopt the North Texas Tollway Authority 401(k) Plan as a successor qualified cash  or deferred  (9)(9) Post-Employment Benefits Other Than Pensions (OPEB)Post-E  mployment  Benefits  Other T  han  Pensions  (OPEB)
  arrangement to the Texa$aver 401(k) Plan.
  Prior to 1986, the IRC of 1986 permitted state or local governments and tax-exempt organizations to maintain  General Information PEBC OPEB Plan
  qualified cash or deferred arrangement. The Tax Reform Act (TRA) of 1986 amended IRC to provide that a cash  Plan  description.  The Authority ’s  group  medical plans (“Plan”) are administer  ed  through the Public Employees
  or deferred arrangement shall not be treated as a “qualified cash or deferred arrangement” if it is part of a retirement  Benefits Cooperative (PEBC). The plan is a single-  employer defined healthcare plan funded on a pay-as-you-  go
  plan maintained by a governmental unit. However, TRA 1986 provides specific exception for cash or deferred  basis. Other post-employment benefits (OPEB) include health insurance and Medicare supplements.
  arrangements  adopted by a governmental unit prior to 1986 “Grandfather Employer”. The Authority, a government  Benefits provided.  The Authority annually adopts a premium structure for retirees and their eligible dependents who
  entity is eligible to adopt the 401(k) plan because it is a successor entity to the Texas Turnpike Authority, a  participate in the various plans offered.  An employee must be eligible for retirement with the Authority for insurance
  eligibility. The Authority currently supplements premiums between 60% to 71% for employees eligible for retirement
  with the Authority with 10 years or more service credit with the Authority.

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=== PDF PAGE 32 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEM  NORTH TEXAS TOLLWAY SYSTEM
  Notes to Financial Statements  (An Enterprise Fund of the North Texas Tollway Authority)Notes to Financial Statements
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023  December 31, 2023
  NOTES TO FINANCIAL STATEMENTS  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023  December 31, 2023

  Those  eligible for retirement with less than 10 years service credit with the Authority contribute 100% of the total  Changes in the Total OPEB Liability
  premium.
  The Authority does not maintain a trust to pay for future OPEB expenses.  The Authority is not required by Texas
  law  or by contractual agreement to provide funding for OPEB other than the pay-as-you-  go amount necessary to  Tot al OPEB
  provide current budget year benefits to retirees and their eligible dependents. Contributions, adjustment or  Liabilit  y
  elimination of the contributions, and adjustments to eligibility are subject to the Board of Directors annual budgetary  Balance at  December  31,  2021  23, 353, 291$
  discretion.  Changes for  t he year :
  Employees covered by benefit terms.  At  December 31, 2022  , the following employees were covered by the benefit  Ser vi c  e c  ost  2, 757, 930
  terms:  I nter est  536, 336
  Inactive employees or beneficiaries currently receiving benefit payments  29  Di f f er enc  es between expec  ted and ac  tual exper i enc  e  ( 6, 966, 345)
  Inactive employees entitled to but not yet receiving benefit payments  -  Change of  assumpti ons  ( 5, 958, 149)
  Active employees  695  Employ  er  c  ontr i buti ons  -
  Total  724  Benef i t pay  ments  ( 150, 976)
  Total OPEB Liability  Net  changes  ( 9, 781, 205)
  The Authority’s Total OPEB liability of $13,572,086  was measured as of December 31, 2022, and was determined  Balance at  December  31,  2022  13, 572, 086$
  by an actuarial valuation as of that date.  Cover ed employ  ee pay  r oll  44, 384, 634$
  Acturial assumptions and other inputs.  The  Total OPEB liability in the December 31, 2022 actuarial valuation was  Total OPEB li abi li ty  as a per c  entage of  c  over ed- employ  ee pay  r oll  31%
  determined using the following actuarial assumptions and other inputs, applied to all periods including the  Changes of assumptions: Changes of assumptions and other inputs reflect the effects of changes in the discount
  measurement, unless otherwise indicated:  rate each period:
  Actuarial Cost Method  Entry Age Normal based on level percentage of projected salary  The following are the discount rates  used in each period:

  Salary increases  3.50%  2022  3. 72%
  Discount Rate  3.72%  2021  2. 06%
  Healthcare cost trend rates  6.75% for 2023 decreasing 0.25% per year to an ultimate  rate of  2020  2. 12%
  4.0% for later years  . (pre-65retirees) 6.75% for 202  3 decreasing  2019  2. 74%
  .25% per year to an ultimate rate of 4.  0% for later years. (post-65  2018  4. 09%
  retirees)  The discount rate was based on 20-  year tax exempt general obligation bonds with an average rating of AA/Aa or
  Retirees’ s  hare of  benefit r  elated costs  45.00%  of projected health insurance premiums f  or pre  and post-6  5higher or equivalent quality on another rating scale. This rate was obtained on the Bond Buyer  20-Bond GO  Index
  retirees  as reported in the Bond Buyer.
  The discount rate for post-retirement welfare cost purposes is a single rate reflecting the yield or index rate for 20  Sensitivity of the total OPEB liability to changes in the discount rate.  The following presents the total OPEB liability
  -year, tax exempt general obligation bonds with an average rating of AA/Aa or higher (or equivalent quality on  of the Authority, as well as what the Authority’s total OPEB liability would be if it were calculated using a discount
  another rating scale). This rate was obtained based on the  Bond Buyer  20-  Bond GO  Index as reported in the Bond  rate that is 1-  percentage-  point lower (2.72%) or 1  -percentage-  point higher (4.72%) than the current rate:
  Buyer.  1% Dec r ease  Di sc ount Rate  1% I nc r ease
  Mortality rates were based on the PUB  -2010  generational table scaled using MP-21  and applied on a gender-  2. 72%  3. 72%  4. 72%
  specific basis.  Total OPEB li abi li ty  $  16,215,000  $  13,572,086 $  11,492,000
  The actuarial assumptions employed in the development of the other post-retirement benefit cost and other financial
  reporting have been selected by NTTA and in accordance with the Actuarial Standards of Practice. The Actuarial
  Standards of Practice require that each significant assumption is appropriate for the purpose of the measurement;  Sensitivity of the total OPEB liablity to changes in the healthcare cost trend rate.  The following presents the total
  takes into account historical and current economic data that is relevant as of the measurement date; reflects  OPEB liablity of the Authority, as well as what the Authority’s total OPEB liability would be if it were calculated using
  expected future experience and has no significant bias (i.e., it is not significantly optimistic or pessimistic).  the healthcare cost trend rates that are 1-  percentage-point lower or 1-  percentage-  point higher than the current
  healthcare cost trend rates:
  Healthc  ar e
  Cost Tr end
  1% Dec  r ease  Rates  1% I nc  r ease
  Total OPEB li abi li ty  $  11,114,000  $  13,572,086  $ 16,794,000



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=== PDF PAGE 33 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023
  NOTES TO FINANCIAL STATEMENTS  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023  December 31, 2023

  OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB  Authority’s ERS OPEB Plan
  For the year ended December 31, 2022, t  he Authority  recognized OPEB expense of  $1,229,770.  Plan description. The Authority’s Other Post  -Employment Benefits under  the  Texas Employees Group Benefits
  Program (GBP) are administered by the Employees Retirement System of Texas (ERS).  This plan  is a cost sharing
  multiple-employer plan with a special funding situation  (which applies to certain other employers, but does not apply
  OPEB Expense  to the Authority).  The Authority reports its allocated proportional share of the GBP in the Authority’s annual financial
  Service cost  $  2,757,930  report.  The GBP plan  covers retired employees of the state, and other entities (including the prior Texas Turnpike
  Interest c  ost  536,336  Authority, now the North Texas Tollway Authority) as specified by the State Legislature.  The benefit and contribution
  provisions of the GBP are authorized by state law and may be amended by the Legislature.
  Difference between  expected and actual experience  (2,049,902)Benefits provided. The GBP provides self  -funded group health (medical and prescription drug) benefits for eligible
  Changes of assumptions  1 (14,594)  retirees under HealthSelect. The GBP also provides a fully insured medical benefit option for Medicare-  primary
  $  1,229,770  participants under the HealthSelect Medicare Advantage Plan. An eligible retiree who has retired from full-time
  employment does not contribute toward the cost of coverage for himself/herself, but he/she pays a portion of the

  1  cost if he/she covers an eligible spouse or dependent child. An eligible retiree who has retired from part-time
  Changes of assumptions and other inputs reflect a change in the discount rate of 2.06% in 2021 to 3.72% in 2022.  employment contributes toward the cost of coverage for himself/herself, as well as paying a portion of the cost if
  At  December 31, 2023  , the Authority  recognized deferred outflows  and inflows of resources related to OPEB from  he/she covers an eligible spouse or dependent child.  The GBP also provides life insurance benefits to eligible
  the following sources:  retirees via a premium funding arrangement.  The authority under which the obligations of the Plan  Members and
  Employer are established and/or may be amended is Chapter 1551, Texas Insurance Code.  The Authority’s GBP
  Def er r ed Outf lows  Def er r ed I nf lows  plan is closed to new entrants. The plan does not provide automatic cost of living adjustments (COLAs).
  of  Resour c  es  of  Resour c  es  The Employer and member contribution  rates are determined annually by the ERS Board Trustees based on the
  Contr i buti ons af ter  measur ement date  185, 497$  -$recommendations of the ERS staff and consulting actuary. The contribution rates are determined based on (i) the
  Di f f er enc  es between expec  ted and ac  tual exper i enc  e  -  ( 19, 345, 258)benefit and administrative costs expected to be incurred, (ii) the funds appropriated and (iii) the funding policy
  established by the Texas Legislature in connection with benefits provided through the GBP. The Trustees revise
  Changes of  assumpti ons/ i nputs  5, 860, 964  ( 8, 298, 078)benefits when necessary to match expected benefit and administrative costs with the revenue expected to be
  Total  6, 046, 461$  ( 27, 643, 336)$generated by the appropriated funds.
  During the measurement period of 2022 for fiscal year 2023  reporting, the amount of the Authority’s contributions
  Amounts reported as deferred outflows of resources related to OPEB will be recognized in OPEB expense  as  recognized by the ERS OPEB plan was $309,509. The following table summarizes the monthly employer and  plan
  follows:  member contributions toward eligible retiree’s health and basic life premium.

  E m pl oy  er  Pl an Me mbe r
  Fiscal year  ended December  31,  Ret iree Only  $  624. 82 $  -
  2024  ( 2, 064, 497)$Retiree and Spouse  $  982. 82 $  358. 00
  2025  (2,064, 497)Ret iree and Children  $  864. 52 $  239. 70
  2026  ( 2, 064, 497)Ret iree and Fam ily  $  1, 222. 52  $  597. 70
  2027  ( 2, 064, 497)
  2028  ( 2, 064, 497)Employees covered by benefit terms.  At December 31, 2022  the following employees were covered by the benefit
  Ther eaf ter  ( 11, 459, 887)terms:
  Total  ( 21, 782, 372)$Inac t ive employ ees  or benefic iaries  c urrent ly  rec eiving benefit s  35
  Deferred outflows of resources totaling $185,497  related to OPEB contributions after the measurement date will  Inac t ive employ ees  ent it led but  not  y et  rec eiving benefit s  0
  be recognized as a reduction of the Total OPEB liability in the year ended December 31, 2024.  A c t ive employ ees  0
  Tot al members  35

  Detailed information about the GBP’s  fiduciary net positon is available in a separately issued  ERS  Annual
  Comprehensive Financial Report (ACFR) that includes financial statements, notes to the financial statements, and
  required supplementary information. That report may be obtained on the internet at
  https://www.ers.texas.gov/About-  ERS/GASB-  Requirements;  or by writing to ERS at: 200 East 18th  Street, Austin
  Texas 78701.
  Net  ERS OPEB Liability
  The Authority’s Net  ERS OPEB Liability  of $2,915,524  was measured as of August 31, 2022, and was determined
  by an actuarial valuation as of August 31, 2022.  No actuarial valuation is available for December 31, 2022  and the
  Authority’s management deems any difference in the net ERS OPEB liability between these two dates are too
  immaterial to be consider.


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=== PDF PAGE 34 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2023
  NOTES TO FINANCIAL STATEMENTS  NOTES TO FINANCIAL STATEMENTS
  December 31, 2023  December 31, 2023

  Actuarial assumptions and other inputs. The total OPEB liability in the August 31, 2022  actuarial valuation was  Sensitivity of the Authority’s Proportionate Share of the ERS Net OPEB Liability to Changes in the H  ealthcare Cost
  determined  using the following actuarial assumptions, applied to all periods included in the measurement, unless  Trend  Rates  .  The following presents the ERS Net OPEB liability of the Authority, as well as what the Authority’s
  otherwise specified:  ERS Net OPEB liability would be if it were calculated using the healthcare cost trend rates that are 1-  percentage-
  Inflation  2.30%  point lower (4.60  percent decreasing to 3.30 percent) or 1-  percentage-  point higher (  6.60  percent decreasing to 5.30
  Salary increases  2.30% to 8.95% (including inflation)  percent) than the current healthcare cost trend rates:
  Discount rate  3.59%  Current
  Healthcare cost trend rates  5.60% for FY2024, 5.30% for FY20254, 5.00% for FY2026, 4.7  Healthcare
  FY2027, 4.60% for FY2028, decreasing 10 basis points per yea  Cost Trend
  1% Decrease  Rates  1% Increase
  an ultimate rate of 4.30% for FY2031 and later years  (4.60%  (5.60%  (6.60%
  The discount rate used to measure the total ERS  OPEB liability was the municipal bond rate of 3.59%.  T  he source  decreasing to  decreasing to  decreasing
  of the municipal bond rate is the Bond Buyer Index of general obligation bonds with 20 years to maturity and mixed  3.30%)  4.30%)  to 5.30%)
  credit quality. In describing their index, the Bond Buyer notes that the bonds’ average credit quality is roughly  ERS Net OPEB Liability  2,496,746$  2,915,524$  3,450,191$
  equivalent to Moody’s Investors Service’s Aa2 rating and Standard & Poor’s Corp.’s AA.
  Mortality rates for service retirees, survivors and other inactive members were based on the 2020  State Retirees of  OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
  Texas mortality table with a 1 year set forward for male CPO/CO members and Ultimate MP Projection Scale
  projected from year 2020  .  For the year ended December 31, 2023, the Authority recognized ERS OPEB expense of $ (  106,198).
  Mortality rates for disabled retires were based on the 2020 State Retirees of Texas mortality table with a 3 year set  Service cost  165,499$
  forward for males and females with Ultimate MP Projection Scale projected from year 2020.
  Mortality rates  for active members  were based on the PUB  -2010 General Employees Active Member Mortality table  Interest cost  81,645
  for non-  CPO/CO members  with Ultimate MP Projection Scale from the year 2010.  Amortization of differences between expected and actual experience  (47,471)
  The actuarial assumptions used in this valuation were based on the results of actuarial experience studies  Amortization of changes of assumptions  (306,636)
  performed by the ERS retirement plan actuary as of August 31, 2022  and the TRS retirement plan actuary as of  Employee contributions  (19,513)
  August 31, 2022.
  At December 31 2023, the Authority reported a liability of $2,  915,524  for its proportionate share of the collective  Other  (11,414)
  ERS net OPEB liability. The collective OPEB liability was measured as of August  31, 2022  , and the total OPEB  Benefit payments  30,928
  liability used to calculate the net liability was determined by an actuarial valuation as of that date.  At August 31,  Projected earnings  (326)
  2022  , the Authority’s proportional percentage was 0.0  1023459  % which was an decrease of 0.00068022% from its
  proportional percentage measured as of August 31, 2021  . The Authority’s proportion of the collective ERS net  Amortization of differences between projected and actual earnings  397
  OPEB liability was based on its contributions to the OPEB plan relative to the contributions of all the  employers and  Administrative expense  693
  non-  employer contributing entities to the plan for the period September  1, 2021  through August  31, 2022.  ERS OPEB Expense  (106,198)$
  Change of Assumptions.  Changes of assumptions and other inputs reflect the effects of changes in the discount
  rate each period. The following are the discount rates used in each period.  At December 31, 2023  , the Authority reported deferred outflows and inflows of resources related to ERS OPEB
  2018  3.96%  from the following sources:
  2019  2.97%
  2020  2.20%  Outstanding Deferred Outflows and Deferred Inflows Related to ERS OPEB at December 31, 2023
  2021  2.14%
  2022  3.59%  Deferred Outflows  Deferred Inflows
  Sensitivity of the Authority’s Proportionate Share of the ERS Net OPEB Liability to C  hanges in the D  iscount Rate.  of Resources  of Resources
  The following presents the ERS Net OPEB liability of the Authority, as well as what the Authority’s ERS Net OPEB  Difference between expected and actual experience  -$  91,988$
  liability would be if it were calculated using a discount rate that is 1-  percentage-  point lower (2.59%) or 1-percentage-  Changes in assumptions  171,299  901,216
  point higher (4.59%) than the current rate:
  Change in proportionate share on ERS OPEB liability  -  1,895,557
  Current  Net difference between projected and actual earnings on
  Discount  ERS OPEB plan investments  502  -
  1% Decrease  Rate  1% Increase  Contributions subsequent to the measurement date  309,509  -
  2.59%  3.59%  4.59%  Total  481,310$  2,888,761$
  ERS Net OPEB Liability  3,400,382$  2,915,524$  2,527,754$





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=== PDF PAGE 35 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM  Notes to Financial StatementsNORTH TEXAS  TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023  NOTES TO FINANCIAL STATEMENTSDecember 31, 2023
  December 31, 2023  December 31, 2023

  The  $309,509  reported as deferred outflows of resources resulting from contributions subsequent to the  (10)  Disaggregation(10) Disaggregation of Receivable Balances o  f Receivable B  alances
  measurement date will be recognized as a reduction in the net OPEB liability for the year ending December 31,
  2024.  The unrestricted accounts receivable balance is $144,998,683, and the restricted accounts receivable balance is
  Amounts reported as deferred outflows of resources related to ERS OPEB will be recognized in OPEB expense as  $9,824,302. The unrestricted balance consists of $116,601,045  for billed video tolls (net of the allowance for
  follows:  doubtful accounts of $471,008,961), and $2  8,397,638  for unbilled video tolls (net of the allowance for doubtful
  accounts of $24,317,994).  The restricted balance consists of BAB’s subsidy receivable of $9,824,302.
  Fisca l Ye a r e nding:
  2024  (1, 707, 306)$  Based upon the payment history for each 30 day bucket of aged billed  toll receivables, an allowance is calculated
  2025  (358, 308)  for the expected percentage that will remain unpaid based upon these historical trends.  The allowance for
  2026  (302, 490)  uncollectible receivables currently ranges from a minimum of 20% on invoices that are current (age of 0-  30 days)
  2027  (234, 917)  to a maximum of 100% for invoices that have met the business rules for write-o  ff with an overall average of 80.2%
  reserved for all invoices.
  2028  (113, 938)  NTTA  books as an account receivable the value of uninvoiced Zip Cash transactions that are matched with the
  Thereaft er  -  Department of Motor Vehicles (DMV) with an overall historical average of 46.1% reserved.
  Tot al  (2, 716, 959)$


  Transactions and aggregate amounts for all plans  for the year ended December 31, 2023  are summarized  below:  Allowance  North Texas  Non-System
  Video Toll Transactions  Method  Tollway System  Fund  Total

  B alanc e  B alanc e  Due wit hin
  January  1  A ddit ions  Reduc t ions  Dec ember 31  one y ear  Recorded Billed Video Tolls:
  Ot her P os t employ ment  B enefit s  Liabilit y  - P E B C  $  4, 018, 28423, 353, 291$  (13, 799, 489)$  13, 572, 086$  185, 497$

  Ot her P os t employ ment  B enefit s  Liabilit y  - E RS  3, 915, 744  434, 439  (1, 434, 658)  2, 915, 525  309, 509Gross Billed Video Tolls  412,689,946$  174,920,060$  587,610,006$

  Tot al  27, 269, 035$  4, 452, 723$  (15, 234, 147)$  16, 487, 611$  495, 006$Allowance for Uncollectible  age based  (329,776,580)  (141,232,381)  (471,008,961)
  Net Billed Video Tolls  82,913,366$  33,687,679$  116,601,045$


  Deferred  Deferred  Recorded Unbilled Video Tolls:
  P lans  LiabilityOut flows  Infl ows  E x pens e  Total Gross Unbilled Video Tolls  age based  31,443,635$  21,271,998$  52,715,633$
  E RS  2, 915, 525$  481, 311$  2, 888, 761$  (106, 198)$Allowance for Uncollectible  (11,765,449)  (12,552,546)  (24,317,995)
  PEBC  13, 572, 086  5, 860, 964  27, 643, 336  1, 229, 770Net Recorded Unbilled Video Tolls  19,678,186$  8,719,452$  28,397,638$
  A ggreggat e
  Tot al  16, 487, 611$  6, 342, 275$  30, 532, 097$  1, 123, 572$
  (11  )(11) Commitments and ContingenciesCommitments a  nd C  ontingencies
  At the end of fiscal year 20 23, there was $2,152,864,855  in cash and investments with $  888,694,953  restricted for
  debt service, $10,544,789  restricted for construction, $3,424,302  restricted for NTE 3A/3B  and  $1,250,200,811
  available for operation. The System has  $16,940,454  in  account and retainage payable that are comprised primarily
  of construction-  related payables at December  31, 2023.  Additionally,  the System has contract and purchase order
  commitments at December  31, 2023  aggregating $9,132,602.
















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=== PDF PAGE 36 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Required Supplementary Infor mationNORTH TEXAS TOLLWAY SYSTEM  Required Supplementary Infor mationNOR  TH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  Required Supplementary InformationDecember 31, 2023  December 31, 2023
  December 31, 2023  Required Supplementary Information
  December 31, 2023
  Modified Approach - Infrastructure  BRIDGES
  The Authority has elected to use the Modified Approach to account for maintenance of the Authority’s infrastructure  A condition assessment was performed on the Authority’s bridges using the Recording and Coding Guide for the
  assets. As required by the Trust Agreement, an annual inspection of the Authority’s roadways has occurred,  Structure Inventory and Appraisal of the Nation’s Bridges,  published by the Federal Highway Administration
  conducted by the Authority’s General Engineering Consultant, VRX, Inc.  This inspection was supplemented with  (FHWA).  A  Sufficiency Rating was determined using the Sufficiency  Rating  Formula,  a method of evaluating
  specialized inspections  by  VRX, Inc., and Texas Department of Transportation.  The results of the various  highway bridge data by calculating the four factors to obtain a numeric value, which is indicative of bridge
  inspections are utilized to calculate an overall rating, indicating the average condition of the Authority’s infrastructure  sufficiency.
  assets (roadways and bridges). The assessment of conditions is made by visual and mechanical tests designed to
  reveal any condition that would reduce user benefits below the maximum level of service. The Authority’s goal is to  The four factors are structural adequacy and safety (55% of the total rating), serviceability and functional
  maintain the Authority’s infrastructure assets at a rating of 8 or better (1 to 10 scale) and  has established a minimum  obsolescence (30% of the total rating), essentiality for public use (15% of the total rating), and special reductions
  level for GASB No.  34 purposes of a condition level of 6 or greater. These condition levels were adopted by the  (total can be reduced by up to 13%).
  Board of Directors for the North Texas Tollway Authority (NTTA) by Resolution No.  02-31 on June  19, 2002 and  Roadways
  further clarified by Resolution No. 07-  169 on December 19, 2007  .  In accordance with GASB 34, the Capital
  Assessment and Inspection Report is due every three years.  The last Capital Assessment and Inspection Report  The Authority’s Maintenance Management Consultant assessed  pavement conditions on all of the Authority’s
  for the North Texas Tollway Authority was completed in 2023.  roadways using the Condition Rating System (CRS) developed by Applied Research Associates (ARA).  The CRS
  The infrastructure assets include PGBT,  DNT,  AATT, MCLB, SRT, LLTB,  CTP  and 360T main  lane  plazas,  ramp  methodology assesse d conditions based on both surface distress (e.g., cracking) and ride quality.  The CRS data
  plazas, maintenance shops, administration buildings, and IT lane equipment. The roadways are a major  was  utilized  to update  models that project future pavement conditions and repair needs based on roadway type,
  transportation network consisting of 149  centerline miles of high-  speed roadways, 15 major interchanges, 44  main  age, current condition, and level of traffic.
  lane toll plazas/gantries, 162  ramp toll plazas/gantries, 603  bridges, one tunnel, and other structures and  Additionally, a  monthly condition assessment, consisting of visual inspection of the Authority’s roadways,
  appurtenances. A  ll assets combined totaled approximately $7.18 b  illion in current replacement value for FYE 2023.appurtenances, and edge conditions, was performed on sections of the Authority’s roadways.  This assessment is
  Condition Index  based on methodology from the Highway Maintenance Condition Assessment Program (HMCAP), as developed
  A Condition Index is a measure of the “intrinsic value” of the asset as opposed to the book value. A Condition Index  by Roy Jorgensen Associates, Inc.  A Maintenance Rating Program (MRP) Index was determined from the monthly
  with a value of 10.0 is considered “like new”; conversely  , a Condition Index with a value of 0.0 is considered  assessment.  It would have been impractical to perform a MRP evaluation over the entire length; therefore, 10% of
  “unusable.” Evaluations were  performed on all of the infrastructure  assets under Authority jurisdiction. The  the Authority’s total roadways were randomly selected for MRP evaluation. These values were then weighted and
  evaluation resulted in an average Condition Index of  8.9 for all of the assets combined.  The following table shows  totaled to determine an overall MRP Index. Of this total MRP Index, travel lanes and shoulders account for 70%,
  the Condition Index for the years 2014  through 2023.  roadside components accounted for 15%, and other items account for 15%.

  Currently, t  he  149  centerline miles (  approximately  1,194  main lane miles)  of  main  lane roadways have a R  oadway
  Condi ti on I ndex Table  Index o  f 8.9.
  Condi ti on I ndex  The budget-to-actual expenditures for preservation and other infrastructure maintenance costs were as follows for
  Fi sc  al Year  Cur r ent  Goal  the years 20  14 through 2023.
  2023  8. 9  8. 0Fiscal Year  Budget  Act ual
  2022  8. 9  8. 02023  $  77, 544, 501  $  48, 136, 654
  2021  8. 9  8. 02022  63, 373, 270  28, 350, 231
  2020  8. 9  8. 02021  51, 147, 702  23, 576, 241
  2019  8. 8  8. 02020  61, 391, 775  28, 906, 955
  2018  8. 8  8. 02019  58, 126, 144  20, 627, 996
  2017  8. 9  8. 02018  48, 128, 568  22, 311, 736
  2016  8. 7  8. 02017  52, 299, 280  23, 308, 416
  2015  8. 8  8. 02016  38, 511, 676  19, 890, 127
  2014  8. 9  8. 02015  22, 572, 948  12, 041, 778
  2014  27, 394, 112  11, 144, 585

  Condition Assessment and Inventory
  A comprehensive condition assessment on all the Authority’s  infrastructure  assets was conducted in  July 2023. The
  Authority’s Maintenance Management Consultant performed condition assessments of the Authority’s roadway
  pavement and the Texas Department of Transportation provided condition assessments for bridges as  part of the
  National Bridge Inspection Program. Assessment  procedures and representative work samples were reviewed by
  NTTA’s General Engineering Consultants, VRX  , Inc.




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=== PDF PAGE 37 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Required Supplementary Infor mation  NORTH TEXAS TOLLWAY SYSTEM  Required Supplementary Infor mation
  (An Enterprise Fund of the North Texas Tollway Authority)
  Required Supplementary InformationDecember 31, 2023  NORTH TEXAS TOLLWAY SYSTEMNORTH TEXAS TOLLWAY SYSTEMDecember 31, 2023
  December 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)
  Required Supplementary InformationRequired Supplementary Information
  Schedule  ofSchedule of Changes in Net Pension Liability / (Asset) and Related Ratios C  hanges  in Net Pension Liability  / (Asset)  and Related Ratios  Schedule of Employer Pension ContributionsDecember 31, 20December 31, 2023  23
  Last Ten Fiscal  YearsLast Ten Fiscal Years  Schedule of Employer  Pension  ContributionsSchedule of Employer  Pension  ContributionsLast Ten Fiscal Years
  (Unaudited)(Unaudited)  Last Ten Fiscal YearsLast Ten Fiscal Years(Unaudited)
  (Unaudited)(Unaudited)
  Year Ended December 31  Year  Actuarially  Actual  Contribution  Pensionable  Actual ContributionYear  Actuarially  Actual  Contribution  Pensionable  Actual Contribution
  2023  2022  2021  2020  2019  2018  2017  2016  2015Ending  Determined  Employer  Deficiency  Covered  as a % of CoveredEnding  Determined  Employer  Deficiency  Covered  as a % of Covered
  December 31  ContributionDecember 31  Contribution(1)  Contribution(1)  (Excess)(3,4)  Payroll(2)  Payroll(1)Contribution(1)(Excess)(3,4)Payroll(2)  Payroll
  Total Pension Liability:  2014  3,197,9332014  3,197,933$  3,197,933$  3,197,933$  -$  -$  38,669,085$  38,669,085$  8.3%$  8.3%
  Service cost  $  6,763,7525,824,041$  6,255,644$  5,731,204$  5,797,476$  6,013,434$  6,194,580$  5,982,873$  5,624,416$2015  3,304,846  3,304,846  -  41,518,172  8.0%2015  3,304,846  3,304,846  -  41,518,172  8.0%
  Interest on total pension liability  13,262,076  12,402,575  11,329,198  10,201,243  9,342,784  8,456,928  7,402,223  6,720,140  6,043,983  2016  3,148,616  3,148,616  -2016  3,148,616  3,148,616  -  41,266,265  7.6%  41,266,265  7.6%
  Effect of plan changes  2,066,775  -  -  1,118,722  -  -  -  (1,136,084)  -2017  3,416,686  3,416,686  -  42,233,445  8.1%2017  3,416,686  3,416,686  -  42,233,445  8.1%
  Effect of assumption changes or inputs  -  756,247  9,898,160  -  -  390,009  -  907,438  -2018  3,586,802  3,586,802  -  43,214,528  8.3%2018  3,586,802  3,586,802  -  43,214,528  8.3%
  Effect of economic/demographic (gains) or  2019  3,525,070  4,792,134  (1,267,064)  45,602,463  10.5%2019  3,525,070  4,792,134  (1,267,064)  45,602,463  10.5%
  2020  3,835,196  3,835,196  -  47,820,393  8.0%2020  3,835,196  3,835,196  -  47,820,393  8.0%
  losses  1,421,917  (2,833,660)  (227,544)  297,520  (935,269)  (633,015)  (1,073,578)  (1,956,006)  (1,153,799)  2021  3,426,300  3,426,300  -  43,043,971  8.0%2021  3,426,300  3,426,300  -  43,043,971  8.0%
  Benefit payments/refunds of contributions  (5,037,649)  (4,649,412)  (4,230,224)  (3,676,093)  (3,410,005)  (2,752,605)  (2,215,107)  (2,408,086)  (2,059,927)  2022  5,168,800  7,498,032  (2,329,232)  48,261,438  15.5%2022  5,168,800  7,498,032  (2,329,232)  48,261,438  15.5%
  Net change in total pension liability  17,537,160  12,439,502  23,025,233  13,672,596  10,794,986  11,474,751  10,308,118  8,110,275  8,454,673  2023  5,010,202  5,010,202  -  54,037,533  9.3%2023  5,010,202  5,010,202  -  54,037,533  9.3%
  (1)  (1)  TCDRS calculates actuarially determined contributions on a calendar year basis. GASB Statement
  TCDRS calculates actuarially determined contributions on a calendar year basis. GASB Statement
  Total pension liability, beginning  158,710,158  135,684,925  122,012,329171,149,660  111,217,343  99,742,592  89,434,474  81,324,199  72,869,526No. 68 indicates the employer should report employer contribution amounts on a fiscal year basis. No. 68 indicates the employer should report employer contribution amounts on a fiscal year basis.
  (2)  Payroll is calculated based on contributions as reported to TCDRS(2)  Payroll is calculated based on contributions as reported to TCDRS
  Total pension liability, ending (a)  171,149,660  158,710,158  135,684,925188,686,820  122,012,329  111,217,343  99,742,592  89,434,474  81,324,199(3)  2019 Contribution Excess relates to 2020 COLA retirees that was fully prepaid in 2019(3)  2019 Contribution Excess relates to 2020 COLA retirees that was fully prepaid in 2019

  (4)  2022 Contribution Excess relates to 2023 COLA retirees that was fully prepaid in 2022(4)  2022 Contribution Excess relates to 2023 COLA retirees that was fully prepaid in 2022
  Plan Fiduciary Net Position:  Notes to Schedule:Notes to Schedule:
  Employer contributions  7,498,032  3,426,300  3,835,196  4,792,134  3,586,802  3,416,686  3,148,616  3,304,846  3,197,933Valuation Date: Actuarially determined contribution rates are calculated each December 31, two years prior to the Valuation Date: Actuarially determined contribution rates are calculated each December 31, two years prior to the
  Member contributions  2,895,686  2,582,638  2,869,224  2,736,148  2,592,872  2,534,007  2,475,976  2,491,090  2,320,145end of the fiscal year in which contributions are reported. end of the fiscal year in which contributions are reported.
  Investment income net of investment expenses  35,267,693  14,743,140  19,570,700  (2,178,710)  14,749,679  6,711,695  (2,151,146)  5,330,438(11,973,223)Methods and assumptions used to determine contribution rates:Methods and assumptions used to determine contribution rates:
  Benefit payments/refunds of contributions  (5,037,649)  (4,649,412)  (4,230,224)  (3,676,093)  (3,410,005)  (2,752,605)  (2,215,107)  (2,408,086)  (2,059,927)  A c t uarial Cos t  Met hod  E nt ry  A ge (level perc ent age of pay )A c t uarial Cos t  Met hod  E nt ry  A ge (level perc ent age of pay )
  Administrative expenses  (111,721)  (106,284)  (116,966)  (108,715)  (95,740)  (78,878)  (72,943)  (64,794)  (65,461)A mort iz at ion Met hod  Level perc ent age of pay roll,  c los edA mort iz at ion Met hod  Level perc ent age of pay roll,  c los ed
  Other  918,263  82,538  87,352  151,653  94,381  42,116  267,541  78,087  (32,293)Remaining A mort iz at ion P eriod  18. 2 y ears  (bas ed on c ont ribut ion rat e c alc ulat ed in 12/ 31/ 2021 valuat ion)Remaining A mort iz at ion P eriod  18. 2 y ears  (bas ed on c ont ribut ion rat e c alc ulat ed in 12/ 31/ 2021 valuat ion)
  Net change in fiduciary net position  (5,810,612)  36,603,474  17,187,721  23,465,827  589,599  17,911,005  10,315,778  1,249,997  8,690,835  A s s et  V aluat ion Met hod  5-y ear s moot hed mark etA s s et  V aluat ion Met hod  5-y ear s moot hed mark et
  Fiduciary net position, beginning  159,851,097  142,663,375  119,197,549196,454,571  118,607,949  100,696,945  90,381,167  89,131,170  80,440,335Inflat ion  2. 50%Inflat ion  2. 50%
  Fiduciary net position, ending (b)  196,454,571  159,851,097  142,663,375190,643,959  119,197,549  118,607,949  100,696,945  90,381,167  89,131,170S alary  Inc reas es  V aries  by  age and s ervic e.  4. 7%  avg.  over c areer inc luding inflat ionS alary  Inc reas es  V aries  by  age and s ervic e.  4. 7%  avg.  over c areer inc luding inflat ion

  Inves t ment  Rat e of Ret urn  7. 50% ,  net  of adminis t rat ive and inves t ment  ex pens es ,  inc luding inflat ionInves t ment  Rat e of Ret urn  7. 50% ,  net  of adminis t rat ive and inves t ment  ex pens es ,  inc luding inflat ion
  Net pension liability / (asset), ending = (a) - (b)  $  (25,304,911)(1,957,139)$  (1,140,938)$  (6,978,451)$  2,814,780$  (7,390,607)$  (954,353)$  (946,693)$  (7,806,971)$Ret irement  A geRet irement  A ge  Members  who are eligible for s ervic e ret irement  are as s umed t o Members  who are eligible for s ervic e ret irement  are as s umed t o

  Fiduciary net position as a % of total pension  101.04%  114.79%  100.72%  105.14%  97.69%  106.65%  100.96%  101.06%  109.60%  c ommenc e rec eiving benefit  pay ment s  bas ed on age.  The averagec ommenc e rec eiving benefit  pay ment s  bas ed on age.  The average
  age at  s ervic e ret irement  for rec ent  ret irees  is  61.age at  s ervic e ret irement  for rec ent  ret irees  is  61.
  liability  M ort alit yM ort alit y  135%  of t he P UB -2010 General Ret irees  Table for males  and 120%  of t he135%  of t he P UB -2010 General Ret irees  Table for males  and 120%  of t he

  P ub-2010 General Ret irees  Table for  females ,  bot h projec t ed wit h 100%P ub-2010 General Ret irees  Table for  females ,  bot h projec t ed wit h 100%
  Pensionable covered payroll  $  43,043,97148,261,438$  47,820,383$  45,602,463$  43,214,528$  42,233,445$  41,266,268$  41,518,172$  38,669,085$of t he MP -2021 Ult imat e s c ale aft er 2010.of t he MP -2021 Ult imat e s c ale aft er 2010.
  Changes  in A s s umpt ions  and Changes  in A s s umpt ions  and  2015:  New inflat ion,  mort alit y  and ot her as s umpt ions  were reflec t ed.  2017:  2015:  New inflat ion,  mort alit y  and ot her as s umpt ions  were reflec t ed.  2017:
  Net pension liability / (asset) as % of covered payroll  -4.06%  -58.79%  -2.39%  -15.30%  6.51%  -17.50%  -2.31%  -2.28%  -20.19%Met hods  Reflec t ed in t he S c hedule Met hods  Reflec t ed in t he S c hedule New mort alit y  as s umpt ions  were reflec t ed.  2019:  New inflat ion,  mort alit y  New mort alit y  as s umpt ions  were reflec t ed.  2019:  New inflat ion,  mort alit y
  *FNP may be off a dollar due to rounding  of E mploy er Cont ribut ions *of E mploy er Cont ribut ions *  and ot her as s umpt ions  were reflec t ed.  2022:  New inves t ment  ret urn and and ot her as s umpt ions  were reflec t ed.  2022:  New inves t ment  ret urn and
  inflat ion as s umpt ions  were reflec t ed.inflat ion as s umpt ions  were reflec t ed.
  Note: This schedule is presented to illustrate the requirement to show information for 10 years. However,  Changes  in P lan P rovis ions  Changes  in P lan P rovis ions  2015:  No c hanges  in plan provis ions .  2016:  No c hanges  in plan provis ions .  2015:  No c hanges  in plan provis ions .  2016:  No c hanges  in plan provis ions .
  recalculations of prior years are not required, and if prior years are not reported in accordance with the  Reflec t ed in t he S c hedule of Reflec t ed in t he S c hedule of  2017:  New A nnuit y  P urc has e Rat es  were reflec t ed for benefit s  earned aft er 2017:  New A nnuit y  P urc has e Rat es  were reflec t ed for benefit s  earned aft er
  standards of GASB 68, they should not be shown here.  The Authority implemented GASB 68 in fiscal  E mploy er Cont ribut ions *E mploy er Cont ribut ions *  2017.  2018:  No c hanges  in plan provis ions .  2019:  No c hanges  in plan 2017.  2018:  No c hanges  in plan provis ions .  2019:  No c hanges  in plan
  year 2015, therefore the required information for this schedule will be built over the next year  . The  provis ions .  2020:  E mploy er c ont ribut ions  reflec t  t hat  a 50%  CP I COLA  was  provis ions .  2020:  E mploy er c ont ribut ions  reflec t  t hat  a 50%  CP I COLA  was
  amounts presented for each fiscal year were determined as of the year-end that occurred one year prior.  adopt ed.  2021:  No c hanges  in plan provis ions .  2022:  No c hanges  in plan adopt ed.  2021:  No c hanges  in plan provis ions .  2022:  No c hanges  in plan
  provis ions .provis ions .
  52  *  Only changes that affect the benefit amount and that are effective 2015 and later are shown in the Notes to Schedule.*  Only changes that affect the benefit amount and that are effective 2015 and later are shown in the Notes to Schedule.


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=== PDF PAGE 38 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Required Supplementary Infor mationNORTH TEXAS TOLLWAY SYSTEM  Required Supplementary Infor mationNORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)NORTH TEXAS TOLLWAY SYSTEM  (An Enterprise Fund of the North Texas Tollway Authority)
  (An Enterprise Fund of the North Texas Tollway Authority)Required Supplementary InformationDecember 31, 2023  Required Supplementary InformationDecember 31, 2023
  Required Supplementary InformationDecember 31, 2023  December 31, 2023
  December 31, 2023
  Schedule  ofSchedule of Changes in PEBC Total OPEB Liability and Related Ratios C  hanges  in  PEBC  Total  OPEB Liability  and Related Ratios  Schedule  of  Authority’s Share of Schedule of Authority’s Share of ERS Net OPEB LiabilityERS Net OPEB  Liability
  Schedule  of C  hanges  in  PEBC  Total  OPEB Liability  and Related RatiosLast Last 10 Calendar Years10 Calendar  Years  Last 10 Calendar  YearsLast 10 Calendar Years
  Last 10 Calendar  Years(Unaudited)(Unaudited)  (Unaudited)(Unaudited)
  (Unaudited)
  2018  2019  2020  2021  2022  2023Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023
  Tota l PEBC OPEB Lia bility - Be ginning  22, 215, 020$  27, 310, 0862018  2019  2020  2021  2022  2023$  17, 134, 836$  24, 178, 808$  20, 078, 303$  23, 353, 291$
  Changes for the year:Tota l PEBC OPEB Lia bility - Be ginning  22, 215, 020$  27, 310, 086$  17, 134, 836$  24, 178, 808$  20, 078, 303$  23, 353, 291$ Authority's proportional share of collective net ERS OPEB liability (%)  0.04181875%  0.01289561%  0.01248723%  0.01171220%  0.01091481%  0.01023459%
  Servic e c os t  2, 342, 914  2, 892, 226  2, 194, 343  2, 878, 051  2, 658, 532  2, 757, 930Changes for the year:
  Interes t  926, 699  1, 035, 731  786, 170  739, 440  480, 466  536, 336  Servic e c os t  2, 342, 914  2, 892, 226  2, 194, 343  2, 878, 051  2, 658, 532  2, 757, 930Authority's proportional share of collective net ERS OPEB liability ($)  14,248,907$  3,821,968$  4,315,921$  3,870,254$  3,915,743$  2,915,524$
  Differenc es  between ex pec ted and ac tual ex perienc e  -  (9, 321, 849)  -  (9, 902, 635)  -  (6, 966, 346)  Interes t  926, 699  1, 035, 731  786, 170  739, 440  480, 466  536, 336
  Changes  of as s umptions  1, 909, 633  (4, 593, 662)  4, 278, 289  2, 324, 617  282, 695  (5, 958, 149)  Differenc es  between ex pec ted and ac tual ex perienc e  -  (9, 321, 849)  -  (9, 902, 635)  -  (6, 966, 346)Covered Payroll  4,911,742$  1,553,556$  1,538,430$  1,482,208  1,373,781  1,303,286
  Employ er c ontributions  -  -  -  -  -  -  Changes  of as s umptions  1, 909, 633  (4, 593, 662)  4, 278, 289  2, 324, 617  282, 695  (5, 958, 149)
  Benefit pay ments  (84, 180)  (187, 696)  (214, 830)  (139, 978)  (146, 705)  (150, 976)  Employ er c ontributions  -  -  -  -  -  -ERS Net OPEB Liability as a Percentage of Covered Payroll  290.10%  246.01%  280.54%  261.11%  285.03%  223.71%
  Net changes  5, 095, 066  (10, 175, 250)  Benefit pay ments  (84, 180)  (187, 696)  (214, 830)  (139, 978)  (146, 705)  (150, 976)  7, 043, 972  (4, 100, 505)  3, 274, 988  (9, 781, 205)ERS Plan Fiduciary Net Position as a Percentage of Total ERS OPEB Liability  2.04%  1.27%  0.17%  0.32%  0.38%  0.57%

  Tota l PEBC OPEB Lia bility - Ending  27, 310, 086  Net changes  5, 095, 066  (10, 175, 250)$  17, 134, 836$  24, 178, 808  7, 043, 972  (4, 100, 505)  3, 274, 988  (9, 781, 205)$  20, 078, 303$  23, 353, 291$  13, 572, 086$
  Covered employ ee pay roll  38, 100, 336Tota l PEBC OPEB Lia bility - Ending  27, 310, 086$  39, 991, 740$  17, 134, 836$  44, 045, 562$  24, 178, 808$  41, 948, 063$  20, 078, 303$  39, 332, 632$  23, 353, 291$  44, 384, 634$  13, 572, 086$ $
  Total PEBC OPEB liability  as  a perc entage of c overed-employ ee pay roll  71. 68%  42. 85%  55. 00%  48. 00%  59. 00%  31. 00%Covered employ ee pay roll  38, 100, 336$  39, 991, 740$  44, 045, 562$  41, 948, 063$  39, 332, 632$  44, 384, 634$
  Total PEBC OPEB liability  as  a perc entage of c overed-employ ee pay roll  71. 68%  42. 85%  55. 00%  48. 00%  59. 00%  31. 00%
  Note: This schedule is presented to illustrate the requirement to show information for ten years. However,
  recalculations of prior years are not required, and if prior years are not reported in accordance with the standards Note: This schedule is presented to illustrate the requirement to show information for ten years. However,  Schedule of Authority’s Contributions to ERS OPEB
  of GASB 75, they should not be shown here. The Authority implemented GASB 75 in fiscal year 2018, therefore recalculations of prior years are not required, and if prior years are not reported in accordance with the standards  S  chedule  of  Authority’s Contributions to ERS OPEB
  the required information for this schedule will be built over the next four  years. The amounts presented for each of GASB 75, they should not be shown here. The Authority implemented GASB 75 in fiscal year 2018, therefore  Last 10 Calendar Years
  fiscal year were determined as of the year-end that occurred one year prior. the required information for this schedule will be built over the next four  years. The amounts presented for each  Last (Unaudited)10 Calendar  Years
  fiscal year were determined as of the year-end that occurred one year prior.  (Unaudited)
  The Authority has no assets accumulated in a trust that meets the criteria of GASB codification P22.101 or P52.101
  to pay related benefits for the pension/OPEB plan. The Authority has no assets accumulated in a trust that meets the criteria of GASB codification P22.101 or P52.101
  to pay related benefits for the pension/OPEB plan.  Fiscal Year Ending December 31,  2018  2019  2020  2021  2022  2023


  Ac tuarially  determined c ontributions  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)
  Ac tual c ontributions  369, 614$  369, 401$  342, 271$  319, 996$  299, 468$  309, 509$
  Contribution defic ienc y  (ex c es s )  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)  N/ A  (*)


  Covered Pay roll  4, 911, 742$  1, 553, 556$  1, 538, 430$  1, 482, 208$  1, 373, 781$  1, 303, 286$
  Ratio of ac tual c ontributions /employ er c overed pay roll amount  7. 53%  23. 78%  22. 25%  21. 59%  21. 80%  23. 75%



  (*) N/A –  Not Available

  Note: The above  schedules  are  presented to illustrate the requirement to show information for ten years. However,
  recalculations of prior years are not required, and if prior years are not reported in accordance with the standards
  of GASB 75, they should not be shown here. The Authority implemented GASB 75 in fiscal year 2018, therefore
  the required information for this schedule will be built over the next four  years. The amounts presented for each
  fiscal year  in the top table  were determined as of the year-end that occurred one year prior.

  The Authority has no assets accumulated in a trust that meets the criteria of GASB codification P22.101 or P52.101
  to pay related benefits for the pension/OPEB plan.





  55
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=== PDF PAGE 39 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY



  NORTH TEXAS TOLLWAY SYSTEM  Schedule 1
  (An Enterprise Fund of the North Texas Tollway Authority)Schedule of Net Position by Trust Account  Schedule of Net Position by Trust Account
  Schedule of Net Position by Trust Account
  December 31, 2023  December 31, 2023  December 31, 2023

  Non-System  North Texas  Interfund Interfund  ConstructionConstruction and  Revenue  Operations and Operation and  Reserve  Capital  Debt service accountsReserve Capital  Debt  Service Accounts
  Non-System  North Texas  eliminations/  and property  RevenueFundTollway SystemEliminations/  Property Account  Account  Maintenancemaintenance  maintenance  Improvement  Bond interest  Reserve  RedemptionMaintenance Improvement FundBond Interest  Reserve  Redemption  Schedule 1
  AssetsAssets  Total  Fund  Tollway System  reclassifications  account  accountTotalReclassifications  Accountaccount  account  Fund  account  account  accountAccountAccountAccount  Account
  Current assets:

  Cash and cash equivalents  $  44,285,504  $  11,164,578  $  33,120,926  $  -  $  -  $  25,316,481  $  7,831,186  $  (15,102)$  (11,639)  $  -  $  -  $  -
  Investments  730,297,112  34,418,838  695,878,274  -  140,759  113,171,078  55,008,938  47,726,764  479,830,735  -  -  -
  Accrued interest receivable  4,840,131  -  4,840,131  -  630  658,678  -  -  4,180,823  -  -  -
  Interproj ect/agency receivables  38,894,498  14,422,985  24,471,513  -  -  24,406,610  20,903  -  44,000  -  -  -
  Accounts receivable (net of allowance for uncollectibles)  116,601,045  33,687,679  82,913,366  -  -  82,913,366  -  -  -  -  -  -
  Unbilled accounts receivable (net of allowance for uncollectibles)  28,397,638  8,719,452  19,678,186  -  -  19,678,186  -  -  -  -  -  -
  Prepaid expenses  1,001,343  -  1,001,343  -  -  -  1,001,343  -  -  -  -  -
  Total current unrestricted assets  964,317,271  102,413,532  861,903,739  -  141,389  266,144,399  63,862,370  47,711,662  484,043,919  -  -  -
  Current restricted assets:
  Restricted assets:
  Restricted for construction:
  Cash and cash equivalents  5,265,970  -  5,265,970  -  5,265,970
  Investments  5,278,819  -  5,278,819  -  5,278,819  -  -  -  -  -  -  -
  Restricted for debt service:
  Investments  610,197,221  -  610,197,221  -  -  -  -  -  7,294,692  184,978,527  147,999,002  269,925,000
  Accrued interest receivable  3,186,195  -  3,186,195  -  -  -  -  -  -  786,673  1,187,409  1,212,113
  Accounts receivable  9,824,302  -  9,824,302  -  -  -  -  -  -  9,824,302  -  -
  Restricted for NTE 3A/3B:
  Investments  3,424,302  3,424,302  -  -  -  -  -  -  -  -  -  -
  Total current restricted assets  637,176,809  3,424,302  633,752,507  -  10,544,789  -  -  -  7,294,692  195,589,502  149,186,411  271,137,113
  Total current assets  1,601,494,080  105,837,834  1,495,656,246  -  10,686,178  266,144,399  63,862,370  47,711,662  491,338,611  195,589,502  149,186,411  271,137,113
  Noncurrent assets:  `
  Investments  475,618,195  -  475,618,195  -  -  17,828,100  -  -  457,790,095  -  -  -
  Investments restricted for debt service  278,497,732  -  278,497,732  -  -  -  -  -  -  -  278,497,732  -
  Net pension asset  1,957,139  -  1,957,139  -  -  -  1,957,139  -  -  -  -
  Capital assets:  -
  Nondepreciable  7,077,687,938  -  7,077,687,938  479,415,900  6,598,272,038  -  -  -  -  -  -  -
  Depreciable (net of depreciation)  106,114,989  -  106,114,989  -  106,114,989  -  -  -  -  -  -  -
  Right-to-use assets, (net of amortization)  1,575,314,965  -  1,575,314,965  -  1,558,910,998  -  10,186,795  11,646  6,205,526  -  -  -
  Total noncurrent assets  9,515,190,958  -  9,515,190,958  479,415,900  8,263,298,025  17,828,100  12,143,934  11,646  463,995,621  -  278,497,732  -
  Total assets  11,116,685,038  105,837,834  11,010,847,204  479,415,900  8,273,984,203  283,972,499  76,006,304  47,723,308  955,334,232  195,589,502  427,684,143  271,137,113
  Deferred outflow of resources
  Loss on refunding  333,093,323  -  333,093,323  -  333,093,323  -  -  -  -  -  -  -
  Deferred Outflow-PPP SRT  1,586,385,874  -  1,586,385,874  -  1,586,385,874  -  -  -  -  -  -  -
  ERS OPEB contributions after measurement date  309,509  -  309,509  -  -  -  309,509  -  -  -  -  -
  Deferred outflow in OPEB assumption ERS  171,299  -  171,299  -  -  -  171,299  -  -  -  -  -
  Changes in actuarial assumptions used to determine PEBC OPEB liability  5,860,964  -  5,860,964  -  -  -  5,860,964  -  -  -  -  -
  PEBC OPEB contributions after measurement date  185,497  -  185,497  -  -  -  185,497  -  -  -  -  -
  Changes in actuarial assumptions used to determined pension liability  2,726,623  -  2,726,623  -  -  -  2,726,623  -  -  -  -  -
  Difference in proj ected and actual earnings on ERS OPEB liability  502  -  502  -  -  -  502  -  -  -  -  -
  Pension contributions after measurement date  5,010,202  -  5,010,202  -  -  -  5,010,202  -  -  -  -  -
  Deferred Outflow-Pension Earns  4,677,090  -  4,677,090  -  -  -  4,677,090  -  -  -  -  -
  Difference in expected and actual pension experience  947,945  -  947,945  -  -  -  947,945  -  -  -  -  -
  Total deferred outflow of resources  1,939,368,828  -  1,939,368,828  -  1,919,479,197  -  19,889,631  -  -  -  -  -

  Liabilities
  Current liabilities:
  Accounts payable  3,288,586  -  3,288,586  -  -  3,288,586  -  -  -  -  -  -
  Accrued liabilities  39,070,122  -  39,070,122  -  58,153  -  21,189,737  7,209,885  10,612,347  -  -  -
  Interproj ect/agency payables  32,719,241  4,600,203  28,119,038  -  -  28,119,038  -  -  -  -  -
  Deferred revenue  118,646,471  -  118,646,471  -  -  118,646,471  -  -  -  -  -  -
  Total current unrestricted liabilities  193,724,420  4,600,203  189,124,217  -  58,153  150,054,095  21,189,737  7,209,885  10,612,347  -  -  -
  Payable from restricted assets:

  Construction-related payables:
  Accounts Payable  5,844,016  -  5,844,016  -  5,844,016  -  -  -  -  -  -  -
  Retainage payable  7,807,852  -  7,807,852  -  5,788,176  -  -  1,019,735  999,941  -  -
  Debt service-related payables:
  Accrued interest payable  186,690,487  -  186,690,487  -  -  -  -  -  1,711,961  184,978,526  -  -
  Revenue bonds payable, current portion  275,805,000  -  275,805,000  -  269,925,000  -  -  -  5,880,000  -  -  -
  OPEB related payables:
  PEBC current portion  185,497  -  185,497  -  -  -  185,497  -  -  -  -  -
  ERS current portion  309,509  -  309,509  -  -  -  309,509  -  -  -  -  -
  Restricted for NTE 3A/3B:
  Intergovernmental payable  3,424,302  3,424,302  -  -  -  -  -  -  -  -  -  -
  Total current liabilities payable from restricted assets  480,066,663  3,424,302  476,642,361  -  281,557,192  -  495,006  1,019,735  8,591,902  184,978,526  -  -
  Total current liabilities  673,791,083  8,024,505  665,766,578  -  281,615,345  150,054,095  21,684,743  8,229,620  19,204,249  184,978,526  -  -
  Noncurrent liabilities:
  SBITA's  9,970,404  -  9,970,404  -  -  6,574,286  -  3,396,118  -  -  -
  PPP - SRT  1,632,147,005  -  1,632,147,005  1,632,147,005
  Total other post-employment benefits liability - PEBC plan  13,386,589  -  13,386,589  -  -  -  13,386,589  -  -  -  -  -
  Net other post-employment benefit liability - ERS plan  2,606,016  -  2,606,016  -  -  -  2,606,016  -  -  -  -  -
  Dallas North Tollway System revenue bonds payable, net of bond
  discount (premium) costs of $479,415,900  9,461,922,119  -  9,461,922,119  479,415,900  8,936,503,936  -  -  -  42,975,000  3,027,283  -  -
  Total noncurrent liabilities  11,120,032,133  -  11,120,032,133  479,415,900  10,568,650,941  -  22,566,891  -  46,371,118  3,027,283  -  -
  Total liabilities  11,793,823,216  8,024,505  11,785,798,711  479,415,900  10,850,266,286  150,054,095  44,251,634  8,229,620  65,575,367  188,005,809  -  -

  Deferred inflow of resources
  Gain on refunding  60,216,654  -  60,216,654  -  60,216,654  -  -  -  -  -  -  -
  Difference in expected and actual ERS OPEB experience  91,988  -  91,988  -  -  -  91,988  -  -  -  -  -
  Change in actuarial assumptions used to determine ERS OPEB liability  901,216  -  901,216  -  -  -  901,216  -  -  -  -  -
  Change in proportionate share on ERS OPEB liability  1,895,557  -  1,895,557  -  -  -  1,895,557  -  -  -  -  -
  Change in actuarial assumptions used to determine PEBC OPEB liability  8,298,078  -  8,298,078  -  -  -  8,298,078  -  -  -  -  -
  Difference in expected and actual PEBC OPEB experience  19,345,258  -  19,345,258  -  -  -  19,345,258  -  -  -  -  -
  Difference in expected and actual pension experience  1,001,440  -  1,001,440  -  -  -  1,001,440  -  -  -  -  -
  Total deferred inflow of resources  91,750,191  -  91,750,191  -  60,216,654  -  31,533,537  -  -  -  -  -
  Net Position
  Net investment in capital assets  (2,355,657,820)  -  (2,355,657,820)  (4,052,979,354)  1,697,321,534  -  -  -  -  -  -  -
  Restricted for:
  Debt service  1,920,365,072  -  1,920,365,072  1,343,428,832  -  133,918,404  -  -  7,750,000  7,583,693  427,684,143  -
  Unrestricted  1,605,773,207  97,813,329  1,507,959,878  2,709,550,522  (2,414,341,073)  -  20,110,764  39,493,688  882,008,865  -  -  271,137,113
  Total net position  $  1,170,480,459  $  97,813,329  $  1,072,667,130  $  -  (717,019,539)  $  133,918,404  $  20,110,764  $  39,493,688  $  889,758,865  $  7,583,693  $  427,684,143  $  271,137,113
56  56  (continued)(continued)  57  (conclued)  (concluded)  57

=== PDF PAGE 40 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORTNORTH TEXAS TOLLWAY SYSTEM
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM (An Enterprise Fund of the North Texas Tollway Authority) AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY

  INTRODUCTION TO STATISTICAL SECTIONIntroduction to
  Statistical Section(Unaudited)

  (unaudited)


  INTRODUCTION

  Governmental Accounting Standards Board (GASB) Statement 44 "Economic Condition Reporting":
  The Statistical Section requires that certain detailed statistical information be presented in this section,
  typically in ten year trends, to assist users in utilizing the basic financial statements, notes to the
  STATISTICAL SECTION  financial statements and required supplementary information in order to assess the economic condition
  of the System.
  (unaudited)
  FINANCIAL TRENDS

  These tables contain information to help the reader understand how the Authority’s financial
  performance and well being have changed over time.

  REVENUE CAPACITY

  These tables contain information to help the reader assess the Authority’s most significant revenue
  sources.

  DEBT CAPACITY

  These tables present information to help the reader assess the affordability of the Authority’s current
  current level of outstanding debt and the Authority’s ability to issue additional debt in the future.

  DEMOGRAPHIC AND ECONOMIC INFORMATION

  These tables offer demographic and economic indicators to help the reader understand the environment
  within which the Authority’s financial activities take place.

  OPERATING INFORMATION
  `
  These tables contain service and infrastructure data to help the reader understand how the information
  in the Authority’s financial report relates to the services the Authority provides and the activities it perform




  Sources:  Unless other noted, the information in the following tables is derived from the annual
  financial reports for the relevant years.

















  59







58  59

=== PDF PAGE 41 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Net Position by Component  Statement of Revenues,
  NORTH TEXAS TOLLW AY SYSTEMNORTH TEXAS TOLLW AY SYSTEMLast Ten Fiscal Years  Expenses and Changes in Net Position
  (An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)
  Net Position by ComponentNet Position by Component(unaudited)  Last Ten Fiscal Years  (unaudited)
  Last Ten Fiscal Years Last Ten Fiscal Years  NORTH TEXAS TOLLW AY SYSTEM
  (Unaudited)(Unaudited)  (An Enterprise Fund of the North Texas Tollway Authority)
  Statement of Revenues, Expenses and Changes in Net Position
  Last Ten Fiscal Years
  (Unaudited)

  Business-Type ActivitiesBusiness-Type Activities
  Component  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023Component  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023Business-Type Activities
  Revenues:  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023
  Tolls  580,524,810$621,424,682$  675,005,210  $  722,357,187  $  850,437,774  $  899,647,241  $  723,227,962  $  916,944,616  $  1,056,129,628  1,177,042,133
  Other (1)  34,526,543  46,390,402  66,126,285  75,709,488  99,516,486  111,615,382  62,445,123  62,675,006  102,965,095  150,981,401
  Net investment in capital assets  (4,234,262,561)$  (4,277,956,501)$  (4,154,462,248)$  (3,737,708,369)$  (3,710,464,076)$  (3,573,033,890)$  (3,412,862,784)$  (3,339,239,957)$  (3,191,388,701)$  (2,355,657,820)$  Total operating revenues  615,051,353  667,815,084  741,131,495  798,066,675  949,954,260  1,011,262,623  785,673,085  979,619,622  1,159,094,723  1,328,023,534
  Net investment in capital assets  (4,234,262,561)$  (4,277,956,501)$  (4,154,462,248)$  (3,737,708,369)$  (3,710,464,076)$  (3,573,033,890)$  (3,412,862,784)$  (3,339,239,957)$  (3,191,388,701)$  (2,355,657,820)$Operating expenses:
  Restricted  3,580,531,205  3,612,159,144  3,561,843,338  3,674,470,077  3,790,162,535  3,854,775,424  3,748,224,884  3,845,870,018  3,957,497,906  1,920,365,072  Administration  22,206,400  21,736,431  24,293,402  26,451,640  30,702,404  30,327,124  27,666,875  25,201,531  21,776,699  25,266,064
  Restricted  3,580,531,205  3,612,159,144  3,561,843,338  3,674,470,077  3,790,162,535  3,854,775,424  3,748,224,884  3,845,870,018  3,957,497,906  1,920,365,072  Operations  97,917,442  120,046,594  129,445,852  145,235,564  172,403,902  188,145,331  174,151,195  200,957,989  242,740,027  269,947,731
  Unrestricted  (23,192,391)  (7,176,940)  12,928,827  30,609,769  26,776,383  16,887,701  (38,162,645)  (19,365,294)  (23,973,438)  1,605,773,207Unrestricted  (23,192,391)  (7,176,940)  12,928,827  30,609,769  26,776,383  16,887,701  (38,162,645)  (19,365,294)  (23,973,438)  1,605,773,207  Reserve maintenance  11,144,585  12,041,778  19,890,127  23,308,416  22,311,612  20,627,996  28,906,955  30,565,525  28,350,231  48,119,358
  Capital improvement  38,848,449  33,127,787  23,182,888  46,178,658  20,018,305  43,977,371  41,284,138  20,840,450  26,461,900  39,777,859
  Total operating expenses before depreciation  150,224,601  170,116,876  186,952,590  196,812,269  241,174,278  245,436,223  272,009,163  277,565,495  319,328,857  383,111,012
  Total net position  (676,923,747)Total net position  (676,923,747)$  (672,974,297)$  (672,974,297)$  (579,690,083)$  (579,690,083)$  (32,628,523)$  (32,628,523)$  106,474,842$  106,474,842$  298,629,235$  298,629,235$  297,199,455$  297,199,455$  487,264,767$  487,264,767$  742,135,767$  742,135,767$  1,170,480,459$  1,170,480,459$$Operating income before amortization/depreciation  444,934,477  480,862,494  544,319,226  556,892,397  704,518,037  728,184,801  513,663,922  702,054,127  839,765,866  944,912,522
  Amortization of intangible (SRT)  (64,403,243)  (65,385,114)  (64,916,168)  (64,841,672)  (64,788,513)  (64,788,513)  (64,788,513)  (66,194,256)  (73,294,282)  (110,858,844)
  Depreciation  (6,159,420)  (6,889,660)  (8,716,326)  (10,412,946)  (10,059,970)  (9,372,351)  (8,703,870)  (7,177,019)  (13,172,002)  (9,694,133)
  Operating income  374,371,814  408,587,720  470,686,732  481,637,779  629,669,554  654,023,937  440,171,539  628,682,852  753,299,582  824,359,545
  Nonoperating revenues (expenses):
  Interest earned on investments  348,383  421,910  441,289  721,020  1,843,976  1,769,637  180,937  -  -  -
  Gain (loss) on sale of investments  -  -  (707,009)  (489,356)  (161,717)  27,133  22,672  4,710  44  -
  Net increase(decrease) in the fair value of investments  2,118,111  (967,545)  (2,528,460)  (732,342)  (1,061,515)  6,539,882  1,525,356  (9,933,865)  (57,892,197)  30,293,655
  Loss on disposal of assets  -  -  (582,400)  (51,644,820)  (12,641,833)  (1,441,660)  (136,492)  (667,244)  (5,559,732)  (648,179)
  Interest expense on revenue bonds  (432,986,781)  (417,678,947)  (411,682,552)  (420,979,364)  (454,787,857)  (462,355,738)  (473,961,155)  (458,425,156)  (457,084,998)  (451,054,273)
  Net Position By Component  Interest expense on loan  (5,714,934)  (5,618,961)  (5,518,957)  (5,531,495)  (5,264,173)  (5,044,268)  (4,741,628)  (4,297,235)  (2,982,139)  -
  Net Position By Component  Interest Expense-SBITA's  -  -  -  -  -  -  -  -  -  (174,891)
  Bond premium/discount amortization  4,343,844  14,914,793  32,736,459  47,207,780  71,840,236  74,231,553  79,216,458  80,113,344  81,406,178  71,990,644
  Bond issuance cost amortization  (5,728,236)  (12,125,235)  (6,313,133)  (13,556,163)  (3,192,510)  (4,437,637)  (5,083,444)  (6,025,009)  (4,654,713)  (4,124,732)
  $4,200,000,000  Deferred amount on refunding amortization  (4,013,052)  (12,471,595)  (19,868,665)  (30,800,504)  (87,427,695)  (85,697,949)  (70,183,396)  (79,486,903)  (73,237,565)  (66,070,060)
  $3,800,000,000  Gain on refunding  -  -  -  -  -  900,900  -  -  -  -
  $4,200,000,000  SW AP termination payment  -  -  -  -  (11,212,000)  -  -  -  -  -
  $3,400,000,000$3,800,000,000  Interest expense on other debt-CIF fund  -  -  -  -  (32,996,000)  (24,244,400)  -  -  -  -
  $3,000,000,000$3,400,000,000  Capital contribution  32,166,870  -  63,291  512,742,812  -  -  -  18,462,580  -  -
  $2,600,000,000$3,000,000,000  Payments from (to) other governments  1,790,774  5,074,087  379,642  83,912  (2,000,000)  -  -  -  -  -
  BAB's Subsidy  26,877,164  26,935,120  26,993,077  27,022,055  27,123,478  23,706,752  19,659,516  19,680,386  19,680,386  19,643,079
  $2,200,000,000$2,600,000,000  Arbitrage rebate  -  -  -  -  100,868  (45,275)  -  -  -  -
  $1,800,000,000$2,200,000,000  Net investment in capital  Other (reimbursement of damaged claims)  4,179,180  (13,890,635)  9,184,900  1,380,247  31,075,832  14,221,526  11,899,857  1,956,852  1,896,154  327,944
  $1,400,000,000  assets  Net investment in capital  Net nonoperating revenues (expenses)  (376,618,677)  (415,407,008)  (377,402,518)  65,423,782  (478,760,910)  (461,869,544)  (441,601,319)  (438,617,540)  (498,428,582)  (399,816,813)
  $1,000,000,000$1,800,000,000  Restrictedassets  Changes in net position  (2,246,863)  $  (6,819,288)  $  93,284,213  $  547,061,560  $  150,908,644  $  192,154,393  $  (1,429,780)  $  190,065,312  $  254,871,000  424,542,731
  $1,400,000,000  Unrestricted Restricted
  $600,000,000$1,000,000,000  (1)  Administrative fees, parking transaction fees, statement fees and miscellaneous charges.
  $200,000,000$600,000,000  Unrestricted
  -$200,000,000$200,000,000
  -$600,000,000-$200,000,000
  -$1,000,000,000  Consolidated Statement of Revenues, Expenses and  Changes in Net  Position
  -$1,400,000,000-$600,000,000
  -$1,800,000,000-$1,000,000,000  $1,400,000,000
  -$2,200,000,000-$1,400,000,000  $1,200,000,000
  -$2,600,000,000-$1,800,000,000
  -$3,000,000,000-$2,200,000,000  $1,000,000,000

  -$3,400,000,000-$2,600,000,000  $800,000,000
  -$3,800,000,000-$3,000,000,000  $600,000,000
  -$4,200,000,000-$3,400,000,000  $400,000,000
  -$4,600,000,000-$3,800,000,000  $200,000,000
  -$5,000,000,000-$4,200,000,000  $0
  -$4,600,000,0002014  2015  2016  2017  2018  2019  2020  2021  2022  2023
  -$5,000,000,000  -$200,000,000
  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023



  Revenues  Operating Expenses  Changes in Net Position




























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=== PDF PAGE 42 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Traffic and Toll Revenue  NORTH TEXAS TOLLW AY SYSTEM Toll Rates
  Traffic and Toll Revenue  (An Enterprise Fund of the North Texas Tollway Authority)
  Last Ten Fiscal Years  Last Ten Fiscal YearsToll Rates
  Last Ten Fiscal Years (unaudited)  Last Ten Fiscal Years(unaudited)
  (Unaudited)  (Unaudited)


  Annual Revenue  Average Toll  Two-axle vehicle and vehicle combination  Years
  Roadway  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023
  Vehicle Transactions  Annual Toll  Rate per  Dallas North Tollway:
  Main Lane Plaza 1  ZipCash  $2.10  $2.22  $2.22  $2.34  $2.34  $2.48  $2.48  $2.61  $2.61  $3.68
  Year  (*)  Revenue (*)  Transaction  TollTag  1.40  1.48  1.48  1.56  1.56  1.65  1.65  1.74  1.74  1.84
  Main Lane Plaza 2  ZipCash  1.52  1.59  1.59  1.68  1.68  1.77  1.77  1.88  1.88  2.64
  2014  644,669,523  580,045,215  0.90  TollTag  1.01  1.06  1.06  1.12  1.12  1.18  1.18  1.25  1.25  1.32
  2015  676,484,779  617,488,044  0.91  Main Lane Plaza 3  ZipCash  1.35  1.43  1.43  1.50  1.50  1.58  1.58  1.67  1.67  2.34
  TollTag  0.90  0.95  0.95  1.00  1.00  1.05  1.05  1.11  1.11  1.17
  2016  703,094,602  665,212,316  0.95  Main Lane Plaza 4  ZipCash  2.37  2.49  2.49  2.64  2.64  2.78  2.78  2.94  2.94  4.14
  TollTag  1.58  1.66  1.66  1.76  1.76  1.85  1.85  1.96  1.96  2.07
  2017  723,247,591  712,551,456  0.99  Addison Airport Toll Tunnel:
  2018  827,610,415  841,491,016  1.02  Mainlane Plaza  ZipCash  0.84  0.89  0.89  0.95  0.95  0.99  0.99  1.05  1.05  1.48
  TollTag  0.56  0.59  0.59  0.63  0.63  0.66  0.66  0.70  0.70  0.74
  2019  847,392,583  886,843,140  1.05  Chisholm Trail Parkway (1):
  Main Lane Plaza 1  ZipCash  -  -  -  2.15  2.15  2.27  2.27  2.39  2.39  3.36
  2020  650,219,349  714,035,883  1.10  TollTag  -  -  -  1.43  1.43  1.51  1.51  1.59  1.59  1.68
  2021  810,083,028  898,653,592  1.11  Main Lane Plaza 2  ZipCash  -  -  -  3.48  3.48  3.68  3.68  3.87  3.87  5.46
  TollTag  -  -  -  2.32  2.32  2.45  2.45  2.58  2.58  2.73
  2022  877,256,430  1,034,979,719  1.18  Main Lane Plaza 3  ZipCash  -  -  -  2.60  2.60  2.75  2.75  2.90  2.90  4.06
  TollTag  -  -  -  1.73  1.73  1.83  1.83  1.93  1.93  2.03
  2023  935,222,802  1,131,351,793  1.21  President George Bush Turnpike:
  Main Lane Plaza 5  ZipCash  2.42  2.55  2.55  2.69  2.69  2.84  2.84  3.00  3.00  4.22
  TollTag  1.61  1.70  1.70  1.79  1.79  1.89  1.89  2.00  2.00  2.11
  Main Lane Plaza 6  ZipCash  1.67  1.76  1.76  1.86  1.86  1.97  1.97  2.07  2.07  2.92
  TollTag  1.11  1.17  1.17  1.24  1.24  1.31  1.31  1.38  1.38  1.46
  Main Lane Plaza 7  ZipCash  1.80  1.91  1.91  2.01  2.01  2.12  2.12  2.24  2.24  3.12
  TollTag  1.20  1.27  1.27  1.34  1.34  1.41  1.41  1.49  1.49  1.56
  Toll RevenueToll Revenue  Main Lane Plaza 8  ZipCash  1.68  1.77  1.77  1.86  1.86  1.97  1.97  2.09  2.09  2.92
  TollTag  1.12  1.18  1.18  1.24  1.24  1.31  1.31  1.39  1.39  1.46
  Main Lane Plaza 9  ZipCash  1.34  1.41  1.41  1.49  1.49  1.56  1.56  1.65  1.65  2.30
  TollTag  0.89  0.94  0.94  0.99  0.99  1.04  1.04  1.10  1.10  1.15
  $1,200,000,000$680,000,000  Main Lane Plaza 10  ZipCash  0.77  0.81  0.81  0.86  0.86  0.90  0.90  0.96  0.96  1.40
  TollTag  0.51  0.54  0.54  0.57  0.57  0.60  0.60  0.64  0.64  0.70
  Main Lane Plaza 11 (2)  ZipCash  -  -  -  1.56  1.56  1.65  1.65  1.74  1.74  2.44
  $1,000,000,000$660,000,000  Main Lane Plaza 12 (2)  ZipCash  -  -  -  1.65  1.65  1.74  1.74  1.85  1.85  2.56TollTag  -  -  -  1.04  1.04  1.10  1.10  1.16  1.16  1.22

  TollTag  -  -  -  1.10  1.10  1.16  1.16  1.23  1.23  1.28
  $640,000,000  Mountain Creek Lake Bridge:
  Mainlane Plaza  ZipCash  0.84  0.89  0.89  0.95  0.95  0.99  0.99  1.05  1.05  1.48
  $800,000,000  TollTag  0.56  0.59  0.59  0.63  0.63  0.66  0.66  0.70  0.70  0.74
  $620,000,000  Sam Rayburn Tollway (SRT):
  Main Lane Gantry 1  ZipCash  0.80  0.84  0.84  0.89  0.89  0.95  0.95  0.99  0.99  1.40
  $600,000,000$600,000,000  TollTag  0.53  0.56  0.56  0.59  0.59  0.63  0.63  0.66  0.66  0.70
  Main Lane Gantry 2  ZipCash  2.07  2.19  2.19  2.30  2.30  2.43  2.43  2.57  2.57  3.62
  TollTag  1.38  1.46  1.46  1.53  1.53  1.62  1.62  1.71  1.71  1.81
  $580,000,000  Main Lane Gantry 3  ZipCash  2.87  3.03  3.03  3.18  3.18  3.36  3.36  3.56  3.56  5.00
  $400,000,000  TollTag  1.91  2.02  2.02  2.12  2.12  2.24  2.24  2.37  2.37  2.50
  Lewisville Lake Toll Bridge:
  $560,000,000  Mainlane Plaza  ZipCash  1.68  1.77  1.77  1.88  1.88  1.98  1.98  2.09  2.09  2.94
  TollTag  1.12  1.18  1.18  1.25  1.25  1.32  1.32  1.39  1.39  1.47
  $200,000,000  360 Tollway (3):
  $540,000,000  Main Lane Gantry 14  ZipCash  -  -  -  -  -  -  -  1.85  1.85  2.62
  TollTag  -  -  -  -  -  -  -  1.23  1.23  1.31
  $520,000,000$0  Main Lane Gantry 15  ZipCash  -  -  -  -  -  -  -  0.86  0.86  1.22
  TollTag  -  -  -  -  -  -  -  0.57  0.57  0.61
  2014  2015  2016  2017  2018  2019  2020  2021  2022  20232014  2015  2016(1) Chisholm Trail Parkway (CTP) joined the System in November 2017
  YearYear  (2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017
  (3) 360 Tollway joined the System in June 2021
  Toll rates are 21.20 cents per mile effective July 1, 2023
  Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%

  (*) S  ystem only, e  xcludes Non-System Fund












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=== PDF PAGE 43 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY



  NORTH TEXAS TOLLW AY SYSTEM Toll Rates  NORTH TEXAS TOLLW AY SYSTEM Toll Rates
  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)
  Last Ten Fiscal YearsToll Rates  Last Ten Fiscal YearsToll Rates
  Last Ten Fiscal Years  Last Ten Fiscal Years
  (unaudited)(Unaudited)  (unaudited)(Unaudited)





  Three-axle vehicle and vehicle combination  Years  Four-axle vehicle and vehicle combination  Years
  Roadway  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023  Roadway  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023
  Dallas North Tollway:  Dallas North Tollway:
  Main Lane Plaza 1  ZipCash  $4.20  $4.44  $4.44  $4.68  $4.68  $4.96  $4.96  $5.22  $5.22  $7.36  Main Lane Plaza 1  ZipCash  $6.30  $6.66  $6.66  $7.02  $7.02  $7.44  $7.44  $7.83  $7.83  $11.04
  TollTag  2.80  2.96  2.96  3.12  3.12  3.30  3.30  3.48  3.48  3.68  TollTag  4.20  4.44  4.44  4.68  4.68  4.95  4.95  5.22  5.22  5.52
  Main Lane Plaza 2  ZipCash  3.04  3.18  3.18  3.36  3.36  3.54  3.54  3.76  3.76  5.28  Main Lane Plaza 2  ZipCash  4.56  4.77  4.77  5.04  5.04  5.31  5.31  5.64  5.64  7.92
  TollTag  2.02  2.12  2.12  2.24  2.24  2.36  2.36  2.50  2.50  2.64  TollTag  3.03  3.18  3.18  3.36  3.36  3.54  3.54  3.75  3.75  3.96
  Main Lane Plaza 3  ZipCash  2.70  2.86  2.86  3.00  3.00  3.16  3.16  3.34  3.34  4.68  Main Lane Plaza 3  ZipCash  4.05  4.29  4.29  4.50  4.50  4.74  4.74  5.01  5.01  7.02
  TollTag  1.80  1.90  1.90  2.00  2.00  2.10  2.10  2.22  2.22  2.34  TollTag  2.70  2.85  2.85  3.00  3.00  3.15  3.15  3.33  3.33  3.51
  Main Lane Plaza 4  ZipCash  4.74  4.98  4.98  5.28  5.28  5.56  5.56  5.88  5.88  8.28  Main Lane Plaza 4  ZipCash  7.11  7.47  7.47  7.92  7.92  8.34  8.34  8.82  8.82  12.42
  TollTag  3.16  3.32  3.32  3.52  3.52  3.70  3.70  3.92  3.92  4.14  TollTag  4.74  4.98  4.98  5.28  5.28  5.55  5.55  5.88  5.88  6.21
  Addison Airport Toll Tunnel:  Addison Airport Toll Tunnel:
  Mainlane Plaza  ZipCash  1.68  1.78  1.78  1.90  1.90  1.98  1.98  2.10  2.10  2.96  Mainlane Plaza  ZipCash  2.52  2.67  2.67  2.85  2.85  2.97  2.97  3.15  3.15  4.44
  TollTag  1.12  1.18  1.18  1.26  1.26  1.32  1.32  1.40  1.40  1.48  TollTag  1.68  1.77  1.77  1.89  1.89  1.98  1.98  2.10  2.10  2.22
  Chisholm Trail Parkway (1):  Chisholm Trail Parkway (1):
  Main Lane Plaza 1  ZipCash  -  -  -  4.30  4.30  4.54  4.54  4.78  4.78  6.72  Main Lane Plaza 1  ZipCash  -  -  -  6.45  6.45  6.81  6.81  7.17  7.17  10.08
  TollTag  -  -  -  2.86  2.86  3.02  3.02  3.18  3.18  3.36  TollTag  -  -  -  4.29  4.29  4.53  4.53  4.77  4.77  5.04
  Main Lane Plaza 2  ZipCash  -  -  -  6.96  6.96  7.36  7.36  7.74  7.74  10.92  Main Lane Plaza 2  ZipCash  -  -  -  10.44  10.44  11.04  11.04  11.61  11.61  16.38
  TollTag  -  -  -  4.64  4.64  4.90  4.90  5.16  5.16  5.46  TollTag  -  -  -  6.96  6.96  7.35  7.35  7.74  7.74  8.19
  Main Lane Plaza 3  ZipCash  -  -  -  5.20  5.20  5.50  5.50  5.80  5.80  8.12  Main Lane Plaza 3  ZipCash  -  -  -  7.80  7.80  8.25  8.25  8.70  8.70  12.18
  TollTag  -  -  -  3.46  3.46  3.66  3.66  3.86  3.86  4.06  TollTag  -  -  -  5.19  5.19  5.49  5.49  5.79  5.79  6.09
  President George Bush Turnpike:  President George Bush Turnpike:
  Main Lane Plaza 5  ZipCash  4.84  5.10  5.10  5.38  5.38  5.68  5.68  6.00  6.00  8.44  Main Lane Plaza 5  ZipCash  7.26  7.65  7.65  8.07  8.07  8.52  8.52  9.00  9.00  12.66
  TollTag  3.22  3.40  3.40  3.58  3.58  3.78  3.78  4.00  4.00  4.22  TollTag  4.83  5.10  5.10  5.37  5.37  5.67  5.67  6.00  6.00  6.33
  Main Lane Plaza 6  ZipCash  3.34  3.52  3.52  3.72  3.72  3.94  3.94  4.14  4.14  5.84  Main Lane Plaza 6  ZipCash  5.01  5.28  5.28  5.58  5.58  5.91  5.91  6.21  6.21  8.76
  TollTag  2.22  2.34  2.34  2.48  2.48  2.62  2.62  2.76  2.76  2.92  TollTag  3.33  3.51  3.51  3.72  3.72  3.93  3.93  4.14  4.14  4.38
  Main Lane Plaza 7  ZipCash  3.60  3.82  3.82  4.02  4.02  4.24  4.24  4.48  4.48  6.24  Main Lane Plaza 7  ZipCash  5.40  5.73  5.73  6.03  6.03  6.36  6.36  6.72  6.72  9.36
  TollTag  2.40  2.54  2.54  2.68  2.68  2.82  2.82  2.98  2.98  3.12  TollTag  3.60  3.81  3.81  4.02  4.02  4.23  4.23  4.47  4.47  4.68
  Main Lane Plaza 8  ZipCash  3.36  3.54  3.54  3.72  3.72  3.94  3.94  4.18  4.18  5.84  Main Lane Plaza 8  ZipCash  5.04  5.31  5.31  5.58  5.58  5.91  5.91  6.27  6.27  8.76
  TollTag  2.24  2.36  2.36  2.48  2.48  2.62  2.62  2.78  2.78  2.92  TollTag  3.36  3.54  3.54  3.72  3.72  3.93  3.93  4.17  4.17  4.38
  Main Lane Plaza 9  ZipCash  2.68  2.82  2.82  2.98  2.98  3.12  3.12  3.30  3.30  4.60  Main Lane Plaza 9  ZipCash  4.02  4.23  4.23  4.47  4.47  4.68  4.68  4.95  4.95  6.90
  TollTag  1.78  1.88  1.88  1.98  1.98  2.08  2.08  2.20  2.20  2.30  TollTag  2.67  2.82  2.82  2.97  2.97  3.12  3.12  3.30  3.30  3.45
  Main Lane Plaza 10  ZipCash  1.54  1.62  1.62  1.72  1.72  1.80  1.80  1.92  1.92  2.80  Main Lane Plaza 10  ZipCash  2.31  2.43  2.43  2.58  2.58  2.70  2.70  2.88  2.88  4.20
  TollTag  1.02  1.08  1.08  1.14  1.14  1.20  1.20  1.28  1.28  1.40  TollTag  1.53  1.62  1.62  1.71  1.71  1.80  1.80  1.92  1.92  2.10
  Main Lane Plaza 11 (2)  ZipCash  -  -  -  3.12  3.12  3.30  3.30  3.48  3.48  4.88  Main Lane Plaza 11 (2)  ZipCash  -  -  -  4.68  4.68  4.95  4.95  5.22  5.22  7.32
  TollTag  -  -  -  2.08  2.08  2.20  2.20  2.32  2.32  2.44  TollTag  -  -  -  3.12  3.12  3.30  3.30  3.48  3.48  3.66
  Main Lane Plaza 12 (2)  ZipCash  -  -  -  3.30  3.30  3.48  3.48  3.70  3.70  5.12  Main Lane Plaza 12 (2)  ZipCash  -  -  -  4.95  4.95  5.22  5.22  5.55  5.55  7.68
  TollTag  -  -  -  2.20  2.20  2.32  2.32  2.46  2.46  2.56  TollTag  -  -  -  3.30  3.30  3.48  3.48  3.69  3.69  3.84
  Mountain Creek Lake Bridge:  Mountain Creek Lake Bridge:
  Mainlane Plaza  ZipCash  1.68  1.78  1.78  1.90  1.90  1.98  1.98  2.10  2.10  2.96  Mainlane Plaza  ZipCash  2.52  2.67  2.67  2.85  2.85  2.97  2.97  3.15  3.15  4.44
  TollTag  1.12  1.18  1.18  1.26  1.26  1.32  1.32  1.40  1.40  1.48  TollTag  1.68  1.77  1.77  1.89  1.89  1.98  1.98  2.10  2.10  2.22
  Sam Rayburn Tollway (SRT):  Sam Rayburn Tollway (SRT):
  Main Lane Gantry 1  ZipCash  1.60  1.68  1.68  1.78  1.78  1.90  1.90  1.98  1.98  2.80  Main Lane Gantry 1  ZipCash  2.40  2.52  2.52  2.67  2.67  2.85  2.85  2.97  2.97  4.20
  TollTag  1.06  1.12  1.12  1.18  1.18  1.26  1.26  1.32  1.32  1.40  TollTag  1.29  1.68  1.68  1.77  1.77  1.89  1.89  1.98  1.98  2.10
  Main Lane Gantry 2  ZipCash  4.14  4.38  4.38  4.60  4.60  4.86  4.86  5.14  5.14  7.24  Main Lane Gantry 2  ZipCash  6.21  6.57  6.57  6.90  6.90  7.29  7.29  7.71  7.71  10.86
  TollTag  2.76  2.92  2.92  3.06  3.06  3.24  3.24  3.42  3.42  3.62  TollTag  4.14  4.38  4.38  4.59  4.59  4.86  4.86  5.13  5.13  5.43
  Main Lane Gantry 3  ZipCash  5.74  6.06  6.06  6.36  6.36  6.72  6.72  7.12  7.12  10.00  Main Lane Gantry 3  ZipCash  8.61  9.09  9.09  9.54  9.54  10.08  10.08  10.68  10.68  15.00
  TollTag  3.82  4.04  4.04  4.24  4.24  4.48  4.48  4.74  4.74  5.00  TollTag  5.73  6.06  6.06  6.36  6.36  6.72  6.72  7.11  7.11  7.50
  Lewisville Lake Toll Bridge:  Lewisville Lake Toll Bridge:
  Mainlane Plaza  ZipCash  3.36  3.54  3.54  3.76  3.76  3.96  3.96  4.18  4.18  5.88  Mainlane Plaza  ZipCash  5.04  5.31  5.31  5.64  5.64  5.94  5.94  6.27  6.27  8.82
  TollTag  2.24  2.36  2.36  2.50  2.50  2.64  2.64  2.78  2.78  2.94  TollTag  3.36  3.54  3.54  3.75  3.75  3.96  3.96  4.17  4.17  4.41
  360 Tollway (3):  360 Tollway (3):
  Main Lane Gantry 14  ZipCash  -  -  -  -  -  -  -  3.70  3.70  5.24  Main Lane Gantry 14  ZipCash  -  -  -  -  -  -  -  5.55  5.55  7.86
  TollTag  -  -  -  -  -  -  -  2.46  2.46  2.62  TollTag  -  -  -  -  -  -  -  3.69  3.69  3.93
  Main Lane Gantry 15  ZipCash  -  -  -  -  -  -  -  1.72  1.72  2.44  Main Lane Gantry 15  ZipCash  -  -  -  -  -  -  -  2.58  2.58  3.66
  TollTag  -  -  -  -  -  -  -  1.14  1.14  1.22  TollTag  -  -  -  -  -  -  -  1.71  1.71  1.83
  (1) Chisholm Trail Parkway (CTP) joined the System in November 2017  (1) Chisholm Trail Parkway (CTP) joined the System in November 2017
  (2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017  (2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017
  (3) 360 Tollway joined the System in June 2021  (3) 360 Tollway joined the System in June 2021
  Toll rates are 21.20 cents per mile effective July 1, 2023  Toll rates are 21.20 cents per mile effective July 1, 2023
  Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%  Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
















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=== PDF PAGE 44 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY

  NORTH TEXAS TOLLW AY SYSTEM  NORTH TEXAS TOLLW AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Toll Rates  (An Enterprise Fund of the North Texas Tollway Authority)Toll Rates
  Toll Rates  Toll Rates
  Last Ten Fiscal YearsLast Ten Fiscal Years  Last Ten Fiscal YearsLast Ten Fiscal Years
  (Unaudited)  (Unaudited)
  (unaudited)  (unaudited)



  Five-axle vehicle and vehicle combination  Years  Six or more-axle vehicle and vehicle combination
  Roadway  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023  Roadway  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023
  Dallas North Tollway:  Dallas North Tollway:
  Main Lane Plaza 1  ZipCash  $8.40  $8.88  $8.88  $9.36  $9.36  $9.92  $9.92  $10.44  $10.44  $14.72  Main Lane Plaza 1  ZipCash  $10.50  $11.10  $11.10  $11.70  $11.70  $12.40  $12.40  $13.05  $13.05  $18.40
  TollTag  5.60  5.92  5.92  6.24  6.24  6.60  6.60  6.96  6.96  7.36  TollTag  7.40  7.40  7.40  7.80  7.80  8.25  8.25  8.70  8.70  9.20
  Main Lane Plaza 2  ZipCash  6.08  6.36  6.36  6.72  6.72  7.08  7.08  7.52  7.52  10.56  Main Lane Plaza 2  ZipCash  7.95  7.95  7.95  8.40  8.40  8.85  8.85  9.40  9.40  13.20
  TollTag  4.04  4.24  4.24  4.48  4.48  4.72  4.72  5.00  5.00  5.28  TollTag  5.30  5.30  5.30  5.60  5.60  5.90  5.90  6.25  6.25  6.60
  Main Lane Plaza 3  ZipCash  5.40  5.72  5.72  6.00  6.00  6.32  6.32  6.68  6.68  9.36  Main Lane Plaza 3  ZipCash  7.15  7.15  7.15  7.50  7.50  7.90  7.90  8.35  8.35  11.70
  TollTag  3.60  3.80  3.80  4.00  4.00  4.20  4.20  4.44  4.44  4.68  TollTag  4.75  4.75  4.75  5.00  5.00  5.25  5.25  5.55  5.55  5.85
  Main Lane Plaza 4  ZipCash  9.48  9.96  9.96  10.56  10.56  11.12  11.12  11.76  11.76  16.56  Main Lane Plaza 4  ZipCash  12.45  12.45  12.45  13.20  13.20  13.90  13.90  14.70  14.70  20.70
  TollTag  6.32  6.64  6.64  7.04  7.04  7.40  7.40  7.84  7.84  8.28  TollTag  8.20  8.80  8.80  8.80  8.80  9.25  9.25  9.80  9.80  10.35
  Addison Airport Toll Tunnel:  Addison Airport Toll Tunnel:
  Mainlane Plaza  ZipCash  3.36  3.56  3.56  3.80  3.80  3.96  3.96  4.20  4.20  5.92  Mainlane Plaza  ZipCash  4.45  4.45  4.45  4.75  4.75  4.95  4.95  5.25  5.25  7.40
  TollTag  2.24  2.36  2.36  2.52  2.52  2.64  2.64  2.80  2.80  2.96  TollTag  2.95  2.95  2.95  3.15  3.15  3.30  3.30  3.50  3.50  3.70
  Chisholm Trail Parkway (1):  Chisholm Trail Parkway (1):
  Main Lane Plaza 1  ZipCash  -  -  -  8.60  8.60  9.08  9.08  9.56  9.56  13.44  Main Lane Plaza 1  ZipCash  -  -  -  10.75  10.75  11.35  11.35  11.95  11.95  16.80
  TollTag  -  -  -  5.72  5.72  6.04  6.04  6.36  6.36  6.72  TollTag  -  -  -  7.15  7.15  7.55  7.55  7.95  7.95  8.40
  Main Lane Plaza 2  ZipCash  -  -  -  13.92  13.92  14.72  14.72  15.48  15.48  21.84  Main Lane Plaza 2  ZipCash  -  -  -  17.40  17.40  18.40  18.40  19.35  19.35  27.30
  TollTag  -  -  -  9.28  9.28  9.80  9.80  10.32  10.32  10.92  TollTag  -  -  -  11.60  11.60  12.25  12.25  12.90  12.90  13.65
  Main Lane Plaza 3  ZipCash  -  -  -  10.40  10.40  11.00  11.00  11.60  11.60  16.24  Main Lane Plaza 3  ZipCash  -  -  -  13.00  13.00  13.75  13.75  14.50  14.50  20.30
  TollTag  -  -  -  6.92  6.92  7.32  7.32  7.72  7.72  8.12  TollTag  -  -  -  8.65  8.65  9.15  9.15  9.65  9.65  10.15
  President George Bush Turnpike:  President George Bush Turnpike:
  Main Lane Plaza 5  ZipCash  9.68  10.20  10.20  10.76  10.76  11.36  11.36  12.00  12.00  16.88  Main Lane Plaza 5  ZipCash  12.75  12.75  12.75  13.45  13.45  14.20  14.20  15.00  15.00  21.10
  TollTag  6.44  6.80  6.80  7.16  7.16  7.56  7.56  8.00  8.00  8.44  TollTag  8.50  8.50  8.50  8.95  8.95  9.45  9.45  10.00  10.00  10.55
  Main Lane Plaza 6  ZipCash  6.68  7.04  7.04  7.44  7.44  7.88  7.88  8.28  8.28  11.68  Main Lane Plaza 6  ZipCash  8.80  8.80  8.80  9.30  9.30  9.85  9.85  10.35  10.35  14.60
  TollTag  4.44  4.68  4.68  4.96  4.96  5.24  5.24  5.52  5.52  5.84  TollTag  5.85  5.85  5.85  6.20  6.20  6.55  6.55  6.90  6.90  7.30
  Main Lane Plaza 7  ZipCash  7.20  7.64  7.64  8.04  8.04  8.48  8.48  8.96  8.96  12.48  Main Lane Plaza 7  ZipCash  9.55  9.55  9.55  10.05  10.05  10.60  10.60  11.20  11.20  15.60
  TollTag  4.80  5.08  5.08  5.36  5.36  5.64  5.64  5.96  5.96  6.24  TollTag  6.35  6.35  6.35  6.70  6.70  7.05  7.05  7.45  7.45  7.80
  Main Lane Plaza 8  ZipCash  6.72  7.08  7.08  7.44  7.44  7.88  7.88  8.36  8.36  11.68  Main Lane Plaza 8  ZipCash  8.85  8.85  8.85  9.30  9.30  9.85  9.85  10.45  10.45  14.60
  TollTag  4.48  4.72  4.72  4.96  4.96  5.24  5.24  5.56  5.56  5.84  TollTag  5.90  5.90  5.90  6.20  6.20  6.55  6.55  6.95  6.95  7.30
  Main Lane Plaza 9  ZipCash  5.36  5.64  5.64  5.96  5.96  6.24  6.24  6.60  6.60  9.20  Main Lane Plaza 9  ZipCash  7.05  7.05  7.05  7.45  7.45  7.80  7.80  8.25  8.25  11.50
  TollTag  3.56  3.76  3.76  3.96  3.96  4.16  4.16  4.40  4.40  4.60  TollTag  4.70  4.70  4.70  4.95  4.95  5.20  5.20  5.50  5.50  5.75
  Main Lane Plaza 10  ZipCash  3.08  3.24  3.24  3.44  3.44  3.60  3.60  3.84  3.84  5.60  Main Lane Plaza 10  ZipCash  4.05  4.05  4.05  4.30  4.30  4.50  4.50  4.80  4.80  7.00
  TollTag  2.04  2.16  2.16  2.28  2.28  2.40  2.40  2.56  2.56  2.80  TollTag  2.70  2.70  2.70  2.85  2.85  3.00  3.00  3.20  3.20  3.50
  Main Lane Plaza 11 (2)  ZipCash  -  -  -  6.24  6.24  6.60  6.60  6.96  6.96  9.76  Main Lane Plaza 11 (2)  ZipCash  -  -  -  7.80  7.80  8.25  8.25  8.70  8.70  12.20
  TollTag  -  -  -  4.16  4.16  4.40  4.40  4.64  4.64  4.88  TollTag  -  -  -  5.20  5.20  5.50  5.50  5.80  5.80  6.10
  Main Lane Plaza 12 (2)  ZipCash  -  -  -  6.60  6.60  6.96  6.96  7.40  7.40  10.24  Main Lane Plaza 12 (2)  ZipCash  -  -  -  8.25  8.25  8.70  8.70  9.25  9.25  12.80
  TollTag  -  -  -  4.40  4.40  4.64  4.64  4.92  4.92  5.12  TollTag  -  -  -  5.50  5.50  5.80  5.80  6.15  6.15  6.40
  Mountain Creek Lake Bridge:  Mountain Creek Lake Bridge:
  Mainlane Plaza  ZipCash  3.36  3.56  3.56  3.80  3.80  3.96  3.96  4.20  4.20  5.92  Mainlane Plaza  ZipCash  4.45  4.45  4.45  4.75  4.75  4.95  4.95  5.25  5.25  7.40
  TollTag  2.24  2.36  2.36  2.52  2.52  2.64  2.64  2.80  2.80  2.96  TollTag  2.95  2.95  2.95  3.15  3.15  3.30  3.30  3.50  3.50  3.70
  Sam Rayburn Tollway (SRT):  Sam Rayburn Tollway (SRT):
  Main Lane Gantry 1  ZipCash  3.20  3.36  3.36  3.56  3.56  3.80  3.80  3.96  3.96  5.60  Main Lane Gantry 1  ZipCash  4.20  4.20  4.20  4.45  4.45  4.75  4.75  4.95  4.95  7.00
  TollTag  2.12  2.24  2.24  2.36  2.36  2.52  2.52  2.64  2.64  2.80  TollTag  2.80  2.80  2.80  2.95  2.95  3.15  3.15  3.30  3.30  3.50
  Main Lane Gantry 2  ZipCash  8.28  8.76  8.76  9.20  9.20  9.72  9.72  10.28  10.28  14.48  Main Lane Gantry 2  ZipCash  10.95  10.95  10.95  11.50  11.50  12.15  12.15  12.85  12.85  18.10
  TollTag  5.52  5.84  5.84  6.12  6.12  6.48  6.48  6.84  6.84  7.24  TollTag  7.30  7.30  7.30  7.65  7.65  8.10  8.10  8.55  8.55  9.05
  Main Lane Gantry 3  ZipCash  11.48  12.12  12.12  12.72  12.72  13.44  13.44  14.24  14.24  20.00  Main Lane Gantry 3  ZipCash  15.15  15.15  15.15  15.90  15.90  16.80  16.80  17.80  17.80  25.00
  TollTag  7.64  8.08  8.08  8.48  8.48  8.96  8.96  9.48  9.48  10.00  TollTag  10.10  10.10  10.10  10.60  10.60  11.20  11.20  11.85  11.85  12.50
  Lewisville Lake Toll Bridge:  Lewisville Lake Toll Bridge:
  Mainlane Plaza  ZipCash  6.72  7.08  7.08  7.52  7.52  7.92  7.92  8.36  8.36  11.76  Mainlane Plaza  ZipCash  8.85  8.85  8.85  9.40  9.40  9.90  9.90  10.45  10.45  14.70
  TollTag  4.48  4.72  4.72  5.00  5.00  5.28  5.28  5.56  5.56  5.88  TollTag  5.90  5.90  5.90  6.25  6.25  6.60  6.60  6.95  6.95  7.35
  360 Tollway (3):  360 Tollway (3):
  Main Lane Gantry 14  ZipCash  -  -  -  -  -  -  -  7.40  7.40  10.48  Main Lane Gantry 14  ZipCash  -  -  -  -  -  -  -  9.25  9.25  13.10
  TollTag  -  -  -  -  -  -  -  4.92  4.92  5.24  TollTag  -  -  -  -  -  -  -  6.15  6.15  6.55
  Main Lane Gantry 15  ZipCash  -  -  -  -  -  -  -  3.44  3.44  4.88  Main Lane Gantry 15  ZipCash  -  -  -  -  -  -  -  4.30  4.30  6.10
  TollTag  -  -  -  -  -  -  -  2.28  2.28  2.44  TollTag  -  -  -  -  -  -  -  2.85  2.85  3.05
  (1) Chisholm Trail Parkway (CTP) joined the System in November 2017  (1) Chisholm Trail Parkway (CTP) joined the System in November 2017
  (2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017  (2) President George Bush W estern Extension (PGBT-W E) joined the System in November 2017
  (3) 360 Tollway joined the System in June 2021  (3) 360 Tollway joined the System in June 2021
  Toll rates are 21.20 cents per mile effective July 1, 2023  Toll rates are 21.20 cents per mile effective July 1, 2023
  Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%  Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
















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=== PDF PAGE 45 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  NORTH TEXAS TOLLW AY SYSTEM AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  (An Enterprise Fund of the North Texas Tollway Authority)
  Ratio of Outstanding Debt by Type
  Ratio of Outstanding Debt by TBusiness-Type Activities  ype  Ratio of Revenue-Backed Debt Outstanding
  Last Ten Fiscal Years
  (Unaudited)  NORTH TEXAS TOLLW AY SYSTEM
  Business-Type Activities  (An Enterprise Fund of the North Texas Tollway Authority)Business-Type Activities
  Ratio of Revenue-Backed Debt Outstanding
  Last Ten Fiscal Years  Last Ten Fiscal YearsBusiness-Type Activities
  (unaudited)  Last Ten Fiscal Years(unaudited)
  (Unaudited)







  Commercial  Texas Department  Total Revenue  Debt Per
  Bond Discount /  Paper Notes  Revolving  of Transportation  Vehicle Toll  Debt Per  Debt Per  Bond  Texas Department  Annual
  Year  Revenue Bonds  (Premium)  Payable  Loan Payable  ISTEA Loan  Total Debt Amount  Transactions(1)  Transactions  Capita(2)  (Discount) /  Commercial Paper  Revolving Loan  of Transportation  Total Debt  Annual Toll  Toll  Debt Per
  2014  7,682,216,206$  (34,028,024)$  -$  -$  133,784,783$  7,781,972,965$  644,669,523  12.07  1,301Year  Revenue Bonds PremiumNotes PayablePayableISTEA LoanAmountRevenues(1)Revenue  Capita(2)
  2015  7,930,785,355  (221,868,904)  -  -  131,403,745  7,840,320,196  676,484,779  11.59  1,286  2014  7,682,216,206$  (34,028,024)$  -$  -$  133,784,783$  7,781,972,965$  580,045,215$  13$  1,301$
  2016  8,034,666,868  (396,461,074)  -  -  128,922,702  7,767,128,496  703,094,602  11.05  1,244  2015  7,930,785,355  (221,868,904)  -  -  131,403,745  7,840,320,196  617,488,044  13  1,286
  2017  10,123,709,102  (715,991,211)  -  -  125,337,455  9,533,055,346  723,247,591  13.18  1,490  2016  8,034,666,868  (396,461,074)  -  -  128,922,702  7,767,128,496  665,212,316  12  1,244
  2018  10,036,671,621  (661,405,281)  -  -  120,101,628  9,495,367,968  827,610,415  11.47  1,465  2017  10,123,709,102  (715,991,211)  -  -  125,337,455  9,533,055,346  712,551,456  13  1,490
  2019  9,897,258,875  (695,260,165)  -  -  112,895,896  9,314,894,606  847,392,583  10.99  1,413  2018  10,036,671,621  (661,405,281)  -  -  120,101,628  9,495,367,968  841,491,016  11  1,465
  2020  9,727,863,864  (628,962,399)  200,000,000  100,000,000  102,315,128  9,501,216,593  650,219,349  14.61  1,419  2019  9,897,258,875  (695,260,165)  -  -  112,895,896  9,314,894,606  886,843,140  11  1,413
  2021  10,116,437,384  (634,333,255)  -  -  91,289,967  9,573,394,096  810,083,028  11.82  1,415  2020  9,727,863,864  (628,962,399)  200,000,000  100,000,000  102,315,128  9,501,216,593  714,035,883  13  1,419
  2022  10,019,266,548  (552,787,714)  -  -  -  9,466,478,834  877,256,430  10.79  1,383  2021  10,116,437,384  (634,333,255)  -  -  91,289,967  9,573,394,096  898,653,592  11  1,415
  2023  9,737,727,119  (479,415,900)  -  -  -  9,258,311,219  935,222,802  9.90  1,330  2022  10,019,266,548  (552,787,714)  -  -  -  9,466,478,834  1,034,979,719  9  1,383
  2023  9,737,727,119  (479,415,900)  -  -  -  9,258,311,219  1,131,351,793  8  1,330

  Note----Details  on the System's outstanding debt c  an be found in t  he notes t  o the financial s  tatements.
  (1)  See Traffic  and Toll R  evenue Table on page 62  .  Note----Details  on  the  System's  outstanding  debt  can be f  ound  in  the  Notes  to  the  Financial Statements.
  (2)  See Demographic D  ata Table on page 72  .
  (1)  See T  raffic a  nd T  oll R  evenue T  able o  n page 6  2.
  (2)  See D  emographic D  ata Table on p  age 7  2.












































  68  69



68  69

=== PDF PAGE 46 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY


  NORTH TEXAS TOLLW AY SYSTEM
  Schedule of Pro For ma Debt Service Requirements(An Enterprise Fund of the North Texas Tollway Authority)  Schedule of Estimated Toll Revenues, Expenses,

  Schedule of Pro Forma Debt Service RequirementsFor the years 2023-2051  Other Income and Estimated Debt Service Coverage Ratio
  For the years 2023-2051
  (unaudited)(Unaudited)  For the years 2023-2051

  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)NORTH TEXAS TOLLWAY SYSTEM(unaudited)
  Outstanding First  Schedule of Estimated Toll Revenues, Expenses, Other Income and Estimated Debt Service Coverage Ratio(An Enterprise Fund of the North Texas Tollway Authority)
  FYE  Tier Net Debt  Outstanding Second Tier  Outstanding Subordinate  Schedule of Estimated Toll Revenues, Expenses, Other Income and Estimated Debt Service Coverage RatioFor the years 2023-2051
  (12/31)(1)(2)  Service(3)(4)(5)(6)  Net Debt Service(7)(8)  Lien Debt Service(9)  Total Net Debt Service  For the years 2023-2051(Unaudited)
  (Unaudited)
  2023  415,053,623$  226,319,907$  3,859,724$  $  645,233,254
  2024  437,478,594  247,816,263  8,636,443  693,931,300
  2025  464,619,758  217,016,263  8,641,552  690,277,573  Estimated
  Estimated  Estimated  Coverage on all Estimated
  2026  473,010,807  211,258,013  8,640,533  692,909,353 FYE  Estimated Deposit  Coverage on 1st Estimated  Coverage on 1st Estimated  Debt and RMF Coverage on all
  2027  476,332,400  207,936,013  8,642,541  692,910,953 (12/31)FYE (1)  Estimated Toll Revenues(2)  Estimated Other Revenues(3)  Estimated Expenses(4)  Estimated Net RevenueEstimated Deposit to RMF(5)  Estimated Debt Service on all DebtCoverage on 1st Tier Debt& 2nd  Tier DebtCoverage on 1st Debt and RMF Deposits
  (12/31)2023  $  1,131,351,793  $  85,762,294  $  209,882,404  $  1,007,231,683  $  48,119,358  $  645,233,254  2.44x  1.58x  1.57x  (1)  Estimated Toll Revenues(2)  Estimated Other Revenues(3)  Estimated Expenses(4)  Estimated Net Revenueto RMF(5)  Estimated Debt Service on all DebtTier Debt& 2nd  Tier DebtDeposits
  2028  491,283,871  194,755,513  8,646,166  694,685,549 2024  1,178,505,800  79,207,001  240,916,611  1,016,796,190  42,652,485  693,931,300  2.32x  1.48x  1.38x2023  $  1,131,351,793  $  85,762,294  $  209,882,404  $  1,007,231,683  $  48,119,358  $  645,233,254  2.44x  1.58x  1.57x
  2029  469,859,115  233,950,513  -  703,809,628 2025  1,233,089,100  64,282,025  248,144,109  1,049,227,016  78,203,424  690,277,573  2.26x  1.54x  1.37x2024  1,178,505,800  79,207,001  240,916,611  1,016,796,190  42,652,485  693,931,300  2.32x  1.48x  1.38x
  2030  406,517,697  297,847,620  -  704,365,317 2026  1,290,970,900  63,120,650  255,588,432  1,098,503,118  65,283,267  692,909,353  2.32x  1.61x  1.45x2025  1,233,089,100  64,282,025  248,144,109  1,049,227,016  78,203,424  690,277,573  2.26x  1.54x  1.37x
  2031  402,675,943  305,989,763  -  708,665,706 2027  1,348,140,500  58,400,475  263,256,085  1,143,284,890  66,727,810  692,910,953  2.40x  1.67x  1.51x2026  1,290,970,900  63,120,650  255,588,432  1,098,503,118  65,283,267  692,909,353  2.32x  1.61x  1.45x
  2028  1,406,294,300  57,342,075  271,153,768  1,192,482,607  77,264,000  694,685,549  2.43x  1.74x  1.54x2027  1,348,140,500  58,400,475  263,256,085  1,143,284,890  66,727,810  692,910,953  2.40x  1.67x  1.51x
  2032  445,232,064  263,431,413  -  708,663,477 2029  1,470,725,200  59,062,337  279,288,381  1,250,499,156  79,581,920  703,809,628  2.66x  1.78x  1.60x2028  1,406,294,300  57,342,075  271,153,768  1,192,482,607  77,264,000  694,685,549  2.43x  1.74x  1.54x
  2033  460,289,905  248,371,713  -  708,661,617 2030  1,538,901,800  60,834,207  287,667,032  1,312,068,975  81,969,378  704,365,317  3.23x  1.86x  1.67x2029  1,470,725,200  59,062,337  279,288,381  1,250,499,156  79,581,920  703,809,628  2.66x  1.78x  1.60x
  2031  1,610,500,300  62,659,234  296,297,043  1,376,862,490  84,428,459  708,665,706  3.42x  1.94x  1.74x2030  1,538,901,800  60,834,207  287,667,032  1,312,068,975  81,969,378  704,365,317  3.23x  1.86x  1.67x
  2034  523,996,328  184,672,513  -  708,668,840 2032  1,679,972,500  64,539,011  305,185,955  1,439,325,556  86,961,313  708,663,477  3.23x  2.03x  1.81x2031  1,610,500,300  62,659,234  296,297,043  1,376,862,490  84,428,459  708,665,706  3.42x  1.94x  1.74x
  2035  544,978,994  161,049,463  -  706,028,456 2033  1,751,708,700  66,475,181  314,341,533  1,503,842,348  89,570,152  708,661,617  3.27x  2.12x  1.88x2032  1,679,972,500  64,539,011  305,185,955  1,439,325,556  86,961,313  708,663,477  3.23x  2.03x  1.81x
  2034  1,832,841,900  68,469,436  323,771,779  1,577,539,557  92,257,257  708,668,840  3.01x  2.23x  1.97x2033  1,751,708,700  66,475,181  314,341,533  1,503,842,348  89,570,152  708,661,617  3.27x  2.12x  1.88x
  2036  570,829,934  135,202,563  -  706,032,496 2035  1,911,159,100  70,523,519  333,484,933  1,648,197,687  95,024,974  706,028,456  3.02x  2.33x  2.06x2034  1,832,841,900  68,469,436  323,771,779  1,577,539,557  92,257,257  708,668,840  3.01x  2.23x  1.97x
  2037  620,741,717  85,292,370  -  706,034,087 2036  1,989,016,200  72,639,225  343,489,480  1,718,165,945  97,875,724  706,032,496  3.01x  2.43x  2.14x2035  1,911,159,100  70,523,519  333,484,933  1,648,197,687  95,024,974  706,028,456  3.02x  2.33x  2.06x
  2038  475,696,040  83,037,363  -  558,733,403 2037  2,070,098,400  74,818,402  353,794,165  1,791,122,637  100,811,995  706,034,087  2.89x  2.54x  2.22x2036  1,989,016,200  72,639,225  343,489,480  1,718,165,945  97,875,724  706,032,496  3.01x  2.43x  2.14x
  2038  2,151,485,400  77,062,954  364,407,990  1,864,140,364  103,836,355  558,733,403  3.92x  3.34x  2.81x2037  2,070,098,400  74,818,402  353,794,165  1,791,122,637  100,811,995  706,034,087  2.89x  2.54x  2.22x
  2039  476,629,474  82,100,413  -  558,729,886 2039  2,235,783,100  79,374,842  375,340,230  1,939,817,713  106,951,446  558,729,886  4.07x  3.47x  2.91x2038  2,151,485,400  77,062,954  364,407,990  1,864,140,364  103,836,355  558,733,403  3.92x  3.34x  2.81x
  2040  481,429,768  80,176,813  -  561,606,581 2040  2,323,928,700  81,756,088  386,600,436  2,019,084,351  110,159,989  561,606,581  4.19x  3.60x  3.01x2039  2,235,783,100  79,374,842  375,340,230  1,939,817,713  106,951,446  558,729,886  4.07x  3.47x  2.91x
  2041  483,476,497  64,553,463  -  548,029,960 2041  2,413,363,800  84,208,770  398,198,450  2,099,374,121  113,464,789  548,029,960  4.34x  3.83x  3.17x2040  2,323,928,700  81,756,088  386,600,436  2,019,084,351  110,159,989  561,606,581  4.19x  3.60x  3.01x
  2042  2,506,944,000  86,735,033  410,144,403  2,183,534,630  116,868,733  550,860,948  4.45x  3.96x  3.27x2041  2,413,363,800  84,208,770  398,198,450  2,099,374,121  113,464,789  548,029,960  4.34x  3.83x  3.17x
  2042  490,531,186  60,329,763  -  550,860,948 2043  2,607,324,800  89,337,084  422,448,735  2,274,213,149  120,374,794  247,538,657  11.42x  9.19x  6.18x2042  2,506,944,000  86,735,033  410,144,403  2,183,534,630  116,868,733  550,860,948  4.45x  3.96x  3.27x
  2043  199,192,145  48,346,513  -  247,538,657 2044  2,713,054,000  92,017,197  435,122,197  2,369,949,000  123,986,038  260,552,312  12.85x  9.10x  6.16x2043  2,607,324,800  89,337,084  422,448,735  2,274,213,149  120,374,794  247,538,657  11.42x  9.19x  6.18x
  2045  2,822,263,200  94,777,713  448,175,863  2,468,865,050  127,705,619  260,594,716  17.33x  9.47x  6.36x2044  2,713,054,000  92,017,197  435,122,197  2,369,949,000  123,986,038  260,552,312  12.85x  9.10x  6.16x
  2044  184,483,549  76,068,763  -  260,552,312 2046  2,916,763,300  97,621,044  461,621,139  2,552,763,205  131,536,788  138,343,719  106.53x  18.45x  9.46x2045  2,822,263,200  94,777,713  448,175,863  2,468,865,050  127,705,619  260,594,716  17.33x  9.47x  6.36x
  2045  142,446,854  118,147,863  -  260,594,716 2047  3,013,831,900  100,549,676  475,469,773  2,638,911,802  135,482,892  115,371,563  N/A  22.87x  10.52x2046  2,916,763,300  97,621,044  461,621,139  2,552,763,205  131,536,788  138,343,719  106.53x  18.45x  9.46x
  2046  23,963,856  114,379,863  -  138,343,719 2048  3,115,151,200  103,566,166  489,733,866  2,728,983,500  139,547,378  107,643,313  N/A  25.35x  11.04x2047  3,013,831,900  100,549,676  475,469,773  2,638,911,802  135,482,892  115,371,563  N/A  22.87x  10.52x
  2049  3,215,497,100  106,673,151  504,425,882  2,817,744,369  143,733,800  4,927,342  N/A  N/A  18.95x2048  3,115,151,200  103,566,166  489,733,866  2,728,983,500  139,547,378  107,643,313  N/A  25.35x  11.04x
  2047  -  115,371,563  -  115,371,563 2050  3,256,155,400  109,873,345  519,558,659  2,846,470,087  148,045,814  -  N/A  N/A  N/A 2049  3,215,497,100  106,673,151  504,425,882  2,817,744,369  143,733,800  4,927,342  N/A  N/A  18.95x
  2048  -  107,643,313  -  107,643,313 2051  3,353,139,700  113,169,546  535,145,419  2,931,163,827  152,487,188  -  N/A  N/A  N/A 2050  3,256,155,400  109,873,345  519,558,659  2,846,470,087  148,045,814  -  N/A  N/A  N/A
  2051  3,353,139,700  113,169,546  535,145,419  2,931,163,827  152,487,188  -  N/A  N/A  N/A  $  62,087,962,093  $ 2,324,857,682  $  10,552,654,752  $  53,860,165,025  $  2,960,913,139  $  14,383,810,004
  2049  -  4,927,342  -  4,927,342  $  62,087,962,093  $ 2,324,857,682  $  10,552,654,752  $  53,860,165,025  $  2,960,913,139  $  14,383,810,004
  2050  -  -  -  - Notes:
  2051  -  -  -  - Notes:
  (1 ) For all Bonds other than the Subordinate Lien Bonds, Fiscal Year debt service includes debt service on the following January 1 (i.e. Fiscal Year 2023 includes debt service on January 1, 2024). With
  $ 10,160,750,119  $  4,175,992,926  $  47,066,959  $  14,383,810,004  respect to the Subordinate Lien Bonds, Fiscal Year debt service in each year for purposes of the table is assumed to be the required deposit to the CIF Bond Payment Account on January 1 of the following (1 ) For all Bonds other than the Subordinate Lien Bonds, Fiscal Year debt service includes debt service on the following January 1 (i.e. Fiscal Year 2023 includes debt service on January 1, 2024). With
  year for the Subordinate Lien Bonds debt service due on August 1 of that year and February 1 of the next succeeding year (e.g. Fiscal Year 2023 includes debt service on August 1, 2024, and February 1, respect to the Subordinate Lien Bonds, Fiscal Year debt service in each year for purposes of the table is assumed to be the required deposit to the CIF Bond Payment Account on January 1 of the following
  Notes:  2025).year for the Subordinate Lien Bonds debt service due on August 1 of that year and February 1 of the next succeeding year (e.g. Fiscal Year 2023 includes debt service on August 1, 2024, and February 1,
  (1)  (2)  Estimated toll revenues are provided by CDM Smith, the Traffic Engineers for the NTTA System. Estimated revenues are projected at levels to be actually collected in each year (i.e. cash basis). Historical 2025).
  Excludes any payments to be made into the Reserve Maintenance Fund (“RMF  ”) under the Trust Agreement. Payments  toll revenues and historical debt service coverage are reported by the Authority on accrual based revenues as recognized under Generally Accepted Accounting Principles. (2)  Estimated toll revenues are provided by CDM Smith, the Traffic Engineers for the NTTA System. Estimated revenues are projected at levels to be actually collected in each year (i.e. cash basis). Historical
  made into the RMF are made after debt service on the First, Second, and Third Tier Bonds but prior to debt service on the  (3)  Estimated other revenues are provided by NTTA and include interest earnings, video tolling administrative fees and other charges. toll revenues and historical debt service coverage are reported by the Authority on accrual based revenues as recognized under Generally Accepted Accounting Principles.
  ISTEA Loan and the Subordinate Lien Bonds.  (4)  (3)  Estimated other revenues are provided by NTTA and include interest earnings, video tolling administrative fees and other charges. Estimated expenses are net of inter-fund transfers and are provided by VRX, INC., the Consulting Engineers for the NTTA System.
  (2)For all Bonds other than the Subordinate Lien Bonds, Fiscal Year debt service includes debt service on the following  (4)  Estimated expenses are net of inter-fund transfers and are provided by VRX, INC., the Consulting Engineers for the NTTA System.
  (5) Deposits to the RMF are estimated by NTTA based on the current cash balance in the RMF and expenses to be paid out of the RMF as estimated by NTTA.
  January 1 (i.e. Fiscal Year 2023 includes debt service on January 1, 2024). W ith respect to the Subordinate Lien Bonds,  (5) Deposits to the RMF are estimated by NTTA based on the current cash balance in the RMF and expenses to be paid out of the RMF as estimated by NTTA.
  Fiscal Year debt service in each year includes the required deposit to the CIF Bond Payment Account on January 1 of the
  following year for the Subordinate Lien Bonds debt service due on August 1 of that year and February 1 of the next succeeding
  year (e.g. Fiscal Year 2023 includes debt service on August 1, 2024, and February 1, 2025).
  (3)Net of direct federal subsidy related to the Series 2009B Bonds issued as Build America Bonds. The federal subsidy for
  each year through final maturity is assumed to be reduced by 5.7% due to automatic federal deficit reduction spending cuts
  known as “sequestration” which took effect on March 1, 2013.  Sequestration affects certain federally funded programs,
  including the federal subsidy payable to  NTTA with respect to the Series 2009B Bonds. It is assumed that this reduction in
  Federal Subsidy Payments continues at the same rate through the final maturity. W ithout Congressional action, however,
  under the current federal budget process the sequestration rate beginning in federal fiscal year 2023-2024 could increase to
  as much as 100%.
  (4) Excludes debt service on the First Tier Defeased Bonds after the date of defeasance.

  (5)Debt service in Fiscal Years 2046-2051 is net of the cash balance in the First Tier Debt Service Reserve Fund, which is
  required by the terms of the Trust Agreement to be used to retire the last maturities of the outstanding First Tier bonds.
  (6) Excludes debt service on the Second Tier Defeased Bonds after the date of defeasance.


  (7)  Debt service in Fiscal Year 2037 is net of cash balance in the 2015 Second Tier Debt Service Reserve Subaccount  that is
  required by the terms of the Trust Agreement to be used to retire the last maturities of the North Texas Tollway Authority
  System Second Tier Revenue Refunding Bonds, Series 2015A. Debt Service in Fiscal Year 2037 is net of the cash balance in
  the 2015 Second Tier Debt Service Reserve Subaccount that is permitted by the terms of the Trust Agreement to be used to
  retire the last maturities of the North Texas Tollway Authority System  Second Tier Revenue Refunding Bonds, Series 2015A.

  (8) Debt service in Fiscal Years 2049-2051 is net of the cash balance in the Shared Second Tier Debt Service Reserve Fund
  that is required by the terms of the Trust Agreement to be used to retire the last maturities of the outstanding 2017 Shared
  Second Tier Reserve Subaccount Secured Bonds, which currently includes the North Texas Tollway Authority System Second
  Tier Revenue and Refunding Bonds, Series 2017B, the North Texas Tollway Authority System Second Tier Revenue
  Refunding Bonds, Series 2018, the North Texas Tollway Authority System Second Tier Revenue Refunding Bonds, Series
  2019B, the North Texas Tollway Authority System Second Tier Revenue Refunding Bonds, Series 2020C, the North Texas
  Tollway Authority System Second Tier Revenue Refunding Bonds, Series 2021B Bonds and the Series 2022B Bonds.
  (9)Net of direct federal subsidy related to the Series 2010B Subordinate Lien Bonds issued as Build America Bonds. The
  Federal Subsidy Payment is reduced by 5.7% due to automatic federal deficit reduction spending cuts known as
  “sequestration” which took effect on March 1, 2013. Sequestration affects certain federally funded programs, including the
  Federal Subsidy Payments payable to NTTA with respect to the Series 2010B Subordinate Lien Bonds. It is assumed that this
  reduction in Federal Subsidy Payments continues at the same rate through the final maturity. W ithout Congressional action,
  however, under the current federal budget process the sequestration rate beginning in federal fiscal year 2023-2024 could
  increase to as much as 100%.
70  71
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=== PDF PAGE 47 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Demographic Data-Combined Four County Region  Demographic Data-Combined Four County Region and
  and State of Texas Population Estimated Data  State of Texas Employment Status Estimates
  NORTH TEXAS TOLLW AY SYSTEM  NORTH TEXAS TOLLW  AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)Last Ten Fiscal Years  (An Enterprise Fund of the North Texas Tollway Authority)Last Ten Fiscal Years
  Demographic Data-Combined Four County Region and State of Texas Population Estimated Data(unaudited)  Demographic Data-Combined Four County Region and State of Texas Employment Status Estimates(unaudited)
  Last Ten Fiscal Years  Last Ten Fiscal Years
  (Unaudited)
  (Unaudited)


  Estimated Four  Four County  Texas  Estimated Four
  County Regional  Estimated Texas  Percentage Change  County
  Fiscal Year  COLLIN  D ALLAS  DENTON  TARRANTTotals  Totals  (From Prior Years)  Regional  Estimated
  Est.  2014  854,778  2,480,331  713,200  1,931,335  5,979,644  26,977,142  2.37%  1.84%  Unemployment Rate
  Est.  2015  885,241  2,518,638  734,940  1,959,449  6,098,268  27,486,814  1.98%  1.89%Year  COLLIN  D AL L AS  DENTON  TARRANTTotals  Texas Totals  Four County  Texas
  Est.  2016  914,127  2,553,385  784,840  1,991,639  6,243,991  27,937,492  2.39%  1.64%  Est.  2014  346,400  1,558,500  205,800  825,600  2,936,300  11,433,6006.0%  4.1%
  Est.  2017  939,585  2,618,148  814,560  2,023,985  6,396,278  28,322,717  2.44%  1.38%  Est.  2015  366,900  1,616,800  221,400  844,900  3,050,000  11,681,000  3.5%  4.4%
  Est.  2018  969,603  2,618,148  836,210  2,057,926  6,481,887  28,701,845  1.34%  1.34%  Est.  2016  381,500  1,662,300  228,800  860,400  3,133,000  11,830,700  3.5%  4.4%
  Est.  2019  1,005,146  2,637,772  859,064  2,092,419  6,594,401  28,995,881  1.74%  1.02%  Est.  2017  398,000  1,691,100  239,600  877,800  3,206,500  12,008,941  3.1%  4.0%
  Est.  2020  1,034,730  2,635,516  915,673  2,110,640  6,696,559  29,360,759  1.55%  1.26%  Est.  2018  416,100  1,711,900  246,500  900,500  3,275,000  12,326,967  3.4%  3.7%
  Est.  2021  1,064,465  2,613,539  941,647  2,144,653  6,764,304  29,527,941  1.01%  0.57%  Est.  2019  431,973  1,750,722  260,926  926,263  3,369,884  12,603,200  3.2%  3.4%
  Est.  2022  1,109,462  2,586,050  976,720  2,170,962  6,843,194  29,947,238  1.17%  1.42%  Est.  2020  423,000  1,653,800  257,300  877,100  3,211,200  11,926,8004.4%  5.5%
  Est.  2023  1,158,696  2,600,840  1,010,705  2,188,951  6,959,192  30,503,301  1.70%  1.86%  Est.  2021  462,900  1,747,400  277,100  922,700  3,410,100  12,613,100  3.5%  4.8%
  Increase  Est.  2022  510,500  1,819,000  293,900  978,300  3,601,700  13,371,100  3.1%  3.8%
  Total from  Est.  2023  530,200  1,836,000  308,600  998,500  3,673,300  13,731,100  3.2%  3.9%
  Year 2014 to  303,918  120,509  297,505  257,616  979,548  3,526,159  Increase
  Year 2023  Total from
  Year 2014 to  183,800  277,500  102,800  172,900  737,000  2,297,500
  Source: Collin, Dallas, Denton and Tarrant Counties, US Census Bureau
  Year 2023

  Percent Increase in Population Estimates (2014-  2023)  Source: U.S. Bureau of Labor Statistics
  4.0%
  )
  3.0%  Unemployment Rate


  2.0%  7.0%


  1.0%  6.0%


  0.0%  5.0%


  -1.0%  4.0%


  -2.0%  3.0%
  Est.  2014  Est.  2015  Est.  2016  Est.  2017  Est.  2018  Est.  2019  Est.  2020  Est.  2021  Est.  2022  Est.  2023
  Years  2.0%


  4-County Region  State of Texas  1.0%

  0.0%
  Est.  Est.  Est.  Est.  Est.  Est.  Est.  Est.  Est.  Est.
  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023

  Years


  4-County Region  State of Texas




















  (continued)  (continued)(continued)
  72  (continued)  73
72  73

=== PDF PAGE 48 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Demographic Data-Combined Four County Region and  North Texas Four County Region’s
  NORTH TEXAS TOLLW AY SYSTEM  NORTH TEXAS TOLLW AY SYSTEM
  State of Texas Median Household Income Estimates(An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)TNORTH TEXAS TOLLW AY SYSTEMop Ten Employers
  Demographic Data-Combined Four County Region and State of Texas Median Household Income EstimatesFor the years 2013-2022  (An Enterprise Fund of the North Texas Tollway Authority)North Texas Four County Region's Top Ten EmployersNORTH TEXAS TOLLW AY SYSTEM(unaudited)
  For the years 2013-2022  (An Enterprise Fund of the North Texas Tollway Authority)North Texas Four County Region's Top Ten EmployersNORTH TEXAS TOLLW AY SYSTEM(Unaudited)
  (unaudited)(Unaudited)  (An Enterprise Fund of the North Texas Tollway Authority)North Texas Four County Region's Top Ten Employers(Unaudited)
  North Texas Four County Region's Top Ten Employers(Unaudited)
  (Unaudited)
  2023
  Four County  COLLIN COUNTY TOP TEN EMPLOYERS  2023
  Regional  Percentage Change  COLLIN COUNTY TOP TEN EMPLOYERS  2023  PERCENTAGE OF
  Year  COLLIN  DALLAS  DENTON  TARRANT  Totals  Texas  from Prior Years  COLLIN COUNTY TOP TEN EMPLOYERS  NUMBER OF 2023  PERCENTAGE OF TOTAL COUNTY
  EMPLOYER  EMPLOYEES NUMBER OF  PERCENTAGE OF TOTAL COUNTY EMPLOYMENT  INDUSTRY
  COLLIN COUNTY TOP TEN EMPLOYERS
  EMPLOYER  EMPLOYEES NUMBER OF  TOTAL COUNTY EMPLOYMENT  INDUSTRY
  Estimated  Estimated  STATE FARM INSURANCE CORPORATE OFFICE  10,000  1.59%  INSURANCEPERCENTAGE OF
  EMPLOYER  EMPLOYEES  EMPLOYMENT  INDUSTRY
  STATE FARM INSURANCE CORPORATE OFFICE  10,000  1.59%  INSURANCENUMBER OF TOTAL COUNTY
  Avg Median  Avg Median  JP MORGAN CHASE  9,500  1.51%  FINANCIAL SERVICES
  EMPLOYER  EMPLOYEES  EMPLOYMENT  INDUSTRY
  STATE FARM INSURANCE CORPORATE OFFICE  10,000  1.59%  INSURANCEJP MORGAN CHASE  9,500  1.51%  FINANCIAL SERVICES
  Income  Income  Four County  Texas  FRISCO INDEPENDENT SCHOOL DISTRICT  8,799  1.40%  EDUCATION
  STATE FARM INSURANCE CORPORATE OFFICE  10,000  1.59%  INSURANCEJP MORGAN CHASE  9,500  1.51%  FINANCIAL SERVICES
  FRISCO INDEPENDENT SCHOOL DISTRICT  8,799  1.40%  EDUCATION
  2013  82,762  49,481  74,155  56,853  65,813  51,900  0.40%  0.65%  CAPITAL ONE FINANCE  7,542  1.20%  FINANCIAL SERVICES
  JP MORGAN CHASE  9,500  1.51%  FINANCIAL SERVICES
  FRISCO INDEPENDENT SCHOOL DISTRICT  8,799  1.40%  EDUCATION
  CAPITAL ONE FINANCE  7,542  1.20%  FINANCIAL SERVICES
  2014  86,634  50,118  74,569  58,127  67,362  53,035  2.35%  2.19%  TOYOTA NORTH AMERICA HQ  4,573  0.73%  AUTOMOTIVE
  FRISCO INDEPENDENT SCHOOL DISTRICT  8,799  1.40%  EDUCATION
  CAPITAL ONE FINANCE  7,542  1.20%  FINANCIAL SERVICES
  TOYOTA NORTH AMERICA HQ  4,573  0.73%  AUTOMOTIVE
  2015  86,823  51,824  75,898  60,735  68,820  55,653  2.16%  4.94%  BANK OF AMERICA  4,500  0.72%  FINANCIAL SERVICES
  CAPITAL ONE FINANCE  7,542  1.20%  FINANCIAL SERVICES
  TOYOTA NORTH AMERICA HQ  4,573  0.73%  AUTOMOTIVE
  BANK OF AMERICA  4,500  0.72%  FINANCIAL SERVICES
  2016  90,382  54,429  80,841  61,553  71,801  56,565  4.33%  1.64%  RAYTHEON INTELLIGENCE & SPACE  4,347  0.69%  TECHNOLOGY
  TOYOTA NORTH AMERICA HQ  4,573  0.73%  AUTOMOTIVE
  BANK OF AMERICA  4,500  0.72%  FINANCIAL SERVICES
  RAYTHEON INTELLIGENCE & SPACE  4,347  0.69%  TECHNOLOGY
  2017  90,124  53,626  80,290  62,532  71,643  57,051  -0.22%  0.86%  UNIVERSITY OF TEXAS AT DALLAS  3,455  0.55%  EDUCATION
  BANK OF AMERICA  4,500  0.72%  FINANCIAL SERVICES
  RAYTHEON INTELLIGENCE & SPACE  4,347  0.69%  TECHNOLOGY
  UNIVERSITY OF TEXAS AT DALLAS  3,455  0.55%  EDUCATION
  2018  96,936  59,838  88,384  66,059  77,804  59,570  8.60%  4.42%  BLUE CROSS BLUE SHIELD OF TEXAS  3,100  0.49%  INSURANCE
  RAYTHEON INTELLIGENCE & SPACE  4,347  0.69%  TECHNOLOGY
  UNIVERSITY OF TEXAS AT DALLAS  3,455  0.55%  EDUCATION
  BLUE CROSS BLUE SHIELD OF TEXAS  3,100  0.49%  INSURANCE
  2019  96,847  61,807  90,910  70,130  79,924  67,444  2.72%  13.22%  MCKINNEY INDEPENDENT SCHOOL DISTRICT  2,729  0.43%  EDUCATION
  UNIVERSITY OF TEXAS AT DALLAS  3,455  0.55%  EDUCATION
  BLUE CROSS BLUE SHIELD OF TEXAS  3,100  0.49%  INSURANCE
  2020  101,560  65,770  90,880  72,064  82,569  68,093  3.31%  0.96%  MCKINNEY INDEPENDENT SCHOOL DISTRICT  2,729  0.43%  EDUCATIONTotal  58,5459.32  %
  DALLAS COUNTY TOP TEN EMPLOYERS
  BLUE CROSS BLUE SHIELD OF TEXAS  3,100  0.49%  INSURANCETotal  58,5459.32  %
  2021  102,119  63,549  98,027  71,399  83,774  67,321  1.46%  -1.13%  MCKINNEY INDEPENDENT SCHOOL DISTRICT  2,729  0.43%  EDUCATIONPERCENTAGE OF
  DALLAS COUNTY TOP TEN EMPLOYERS  Total  58,545  9.32  %
  2022  113,943  70,871  102,711  76,285  90,953  73,035  8.57%  8.49%  MCKINNEY INDEPENDENT SCHOOL DISTRICT  2,729  0.43%  EDUCATIONNUMBER OF PERCENTAGE OF TOTAL COUNTY
  DALLAS COUNTY TOP TEN EMPLOYERS  Total  58,545  9.32  %
  Averaged  EMPLOYER  EMPLOYEESNUMBER OF  PERCENTAGE OF TOTAL COUNTY EMPLOYMENT  INDUSTRY
  DALLAS COUNTY TOP TEN EMPLOYERS
  Yearly  $  94,813  $  58,131  $  85,667  $  65,574  $  76,046  $  60,967  TEXAS HEALTH RESOURCES  27,000  1.03%  NONPROFIT HEALTH CAREEMPLOYEREMPLOYEESNUMBER OF PERCENTAGE OF TOTAL COUNTY EMPLOYMENTINDUSTRY
  LOCKHEED MARTIN AERONAUTICS COMPANY  22,000  0.84%  MILITARY AIRCRAFT DESIGN & PRODUCTIONTEXAS HEALTH RESOURCES  27,000  1.03%  NONPROFIT HEALTH CARE
  Totals  EMPLOYER  EMPLOYEESNUMBER OF  TOTAL COUNTY EMPLOYMENT  INDUSTRY
  UT SOUTHW ESTERN MEDICAL CENTER  21,539  0.82%  HEALTH CARE PROVIDERLOCKHEED MARTIN AERONAUTICS COMPANY  22,000  0.84%  MILITARY AIRCRAFT DESIGN & PRODUCTION
  TEXAS HEALTH RESOURCES  27,000  1.03%  NONPROFIT HEALTH CAREEMPLOYEESEMPLOYMENT
  EMPLOYER  INDUSTRY
  Source: U.S. Census Bureau  MEDICAL CITY HEALTHCARE  17,000  0.65%  HEALTH CARE PROVIDER
  LOCKHEED MARTIN AERONAUTICS COMPANY  22,000  0.84%  MILITARY AIRCRAFT DESIGN & PRODUCTIONUT SOUTHW ESTERN MEDICAL CENTER  21,539  0.82%  HEALTH CARE PROVIDER
  TEXAS HEALTH RESOURCES  27,000  1.03%  NONPROFIT HEALTH CARE
  BANK OF AMERICA  13,850  0.53%  FINANCIAL SERVICES
  MEDICAL CITY HEALTHCARE  17,000  0.65%  HEALTH CARE PROVIDER
  UT SOUTHW ESTERN MEDICAL CENTER  21,539  0.82%  HEALTH CARE PROVIDERLOCKHEED MARTIN AERONAUTICS COMPANY  22,000  0.84%  MILITARY AIRCRAFT DESIGN & PRODUCTION
  UNIVERSITY OF NORTH TEXAS SYSTEMS  13,275  0.51%  EDUCATION
  BANK OF AMERICA  13,850  0.53%  FINANCIAL SERVICES
  MEDICAL CITY HEALTHCARE  17,000  0.65%  HEALTH CARE PROVIDER
  UT SOUTHW ESTERN MEDICAL CENTER  21,539  0.82%  HEALTH CARE PROVIDER
  PARKLAND HEALTH &HOSPITAL SYSTEMS  12,966  0.50%  HEALTH CARE PROVIDER
  UNIVERSITY OF NORTH TEXAS SYSTEMS  13,275  0.51%  EDUCATION
  BANK OF AMERICA  13,850  0.53%  FINANCIAL SERVICES
  Percentage Change in Median Household Income Estimates  MEDICAL CITY HEALTHCARE  17,000  0.65%  HEALTH CARE PROVIDER
  GENERAL MOTORS  10,512  0.40%  AUTOMOTIVE
  PARKLAND HEALTH &HOSPITAL SYSTEMS  12,966  0.50%  HEALTH CARE PROVIDER
  UNIVERSITY OF NORTH TEXAS SYSTEMS  13,275  0.51%  EDUCATION
  BANK OF AMERICA  13,850  0.53%  FINANCIAL SERVICES
  UNIVERSITY OF TEXAS AT ARLINGTON  7,938  0.31%  EDUCATION
  GENERAL MOTORS  10,512  0.40%  AUTOMOTIVE
  PARKLAND HEALTH &HOSPITAL SYSTEMS  12,966  0.50%  HEALTH CARE PROVIDER
  14.0%  UNIVERSITY OF NORTH TEXAS SYSTEMS  13,275  0.51%  EDUCATION
  JPS HEALTH NETWORK  7,010  0.27%  HEALTH CARE PROVIDERUNIVERSITY OF TEXAS AT ARLINGTON  7,938  0.31%  EDUCATION
  GENERAL MOTORS  10,512  0.40%  AUTOMOTIVE
  PARKLAND HEALTH &HOSPITAL SYSTEMS  12,966  0.50%  HEALTH CARE PROVIDERTotal  153,090  5.86%
  JPS HEALTH NETWORK  7,010  0.27%  HEALTH CARE PROVIDER
  12.0%  UNIVERSITY OF TEXAS AT ARLINGTON  7,938  0.31%  EDUCATION
  GENERAL MOTORS  10,512  0.40%  AUTOMOTIVE
  DENTON COUNTY TOP TEN EMPLOYERS  Total  153,090  5.86%
  JPS HEALTH NETWORK  7,010  0.27%  HEALTH CARE PROVIDER
  10.0%  UNIVERSITY OF TEXAS AT ARLINGTON  7,938  0.31%  EDUCATIONPERCENTAGE OF
  DENTON COUNTY TOP TEN EMPLOYERS  Total  153,090  5.86%
  JPS HEALTH NETWORK  7,010  0.27%  HEALTH CARE PROVIDERNUMBER OF PERCENTAGE OF TOTAL COUNTY
  8.0%  DENTON COUNTY TOP TEN EMPLOYERS  Total  153,090  5.86%
  EMPLOYER  EMPLOYEESNUMBER OF  PERCENTAGE OF TOTAL COUNTY EMPLOYMENT  INDUSTRY
  6.0%  DENTON COUNTY TOP TEN EMPLOYERS
  UNIVERSITY OF NORTH TEXAS  10,600  1.89%  EDUCATION
  EMPLOYER  EMPLOYEESNUMBER OF  PERCENTAGE OF TOTAL COUNTY EMPLOYMENT  INDUSTRY
  LEW ISVILLE INDEPENDENT SCHOOL DISTRICT  6,554  1.17%  EDUCATION
  4.0%  UNIVERSITY OF NORTH TEXAS  10,600  1.89%  EDUCATION
  EMPLOYER  EMPLOYEESNUMBER OF  TOTAL COUNTY EMPLOYMENT  INDUSTRY
  DENTON ISD  4,690  0.84%  EDUCATION
  LEW ISVILLE INDEPENDENT SCHOOL DISTRICT  6,554  1.17%  EDUCATION
  UNIVERSITY OF NORTH TEXAS  10,600  1.89%  EDUCATION
  2.0%  EMPLOYER  EMPLOYEES  EMPLOYMENT  INDUSTRY
  MEDICAL CITY HOSPITALS  3,729  0.66%  HEALTH CARE PROVIDER
  DENTON ISD  4,690  0.84%  EDUCATION
  LEW ISVILLE INDEPENDENT SCHOOL DISTRICT  6,554  1.17%  EDUCATION
  UNIVERSITY OF NORTH TEXAS  10,600  1.89%  EDUCATION
  PETERBILT MOTORS  3,375  0.60%  MANUFACTURING
  0.0%  MEDICAL CITY HOSPITALS  3,729  0.66%  HEALTH CARE PROVIDER
  DENTON ISD  4,690  0.84%  EDUCATION
  LEW ISVILLE INDEPENDENT SCHOOL DISTRICT  6,554  1.17%  EDUCATION
  TEXAS WOMEN'S UNIVERSITY  2,734  0.49%  EDUCATION
  PETERBILT MOTORS  3,375  0.60%  MANUFACTURING
  MEDICAL CITY HOSPITALS  3,729  0.66%  HEALTH CARE PROVIDER
  -2.0%  DENTON ISD  4,690  0.84%  EDUCATION
  CITY OF DENTON  1,967  0.35%  MUNICIPALITY
  TEXAS WOMEN'S UNIVERSITY  2,734  0.49%  EDUCATION
  PETERBILT MOTORS  3,375  0.60%  MANUFACTURING
  2013  2014  2015  2016  2017  2018  2019  2020  2021  2022  MEDICAL CITY HOSPITALS  3,729  0.66%  HEALTH CARE PROVIDER
  DENTON COUNTY  1,715  0.31%  MUNICIPALITY
  CITY OF DENTON  1,967  0.35%  MUNICIPALITY
  TEXAS WOMEN'S UNIVERSITY  2,734  0.49%  EDUCATION
  PETERBILT MOTORS  3,375  0.60%  MANUFACTURING
  DENTON STATE SCHOOL  1,312  0.23%  EDUCATION
  Years  DENTON COUNTY  1,715  0.31%  MUNICIPALITY
  CITY OF DENTON  1,967  0.35%  MUNICIPALITY
  TEXAS WOMEN'S UNIVERSITY  2,734  0.49%  EDUCATION
  ORTHOFIX  1,267  0.23%  MEDICAL
  DENTON STATE SCHOOL  1,312  0.23%  EDUCATION
  DENTON COUNTY  1,715  0.31%  MUNICIPALITY
  CITY OF DENTON  1,967  0.35%  MUNICIPALITYTotal  37,943  6.77%
  ORTHOFIX  1,267  0.23%  MEDICAL
  4-County Region  State of Texas  DENTON STATE SCHOOL  1,312  0.23%  EDUCATION
  DENTON COUNTY  1,715  0.31%  MUNICIPALITY
  TARRANT COUNTY TOP TEN EMPLOYERS  Total  37,943  6.77%
  ORTHOFIX  1,267  0.23%  MEDICAL
  DENTON STATE SCHOOL  1,312  0.23%  EDUCATIONPERCENTAGE OF
  TARRANT COUNTY TOP TEN EMPLOYERS  Total  37,943  6.77%
  ORTHOFIX  1,267  0.23%  MEDICALNUMBER OF PERCENTAGE OF TOTAL COUNTY
  TARRANT COUNTY TOP TEN EMPLOYERS  Total  37,943  6.77%
  EMPLOYER  EMPLOYEESNUMBER OF  PERCENTAGE OF TOTAL COUNTY EMPLOYMENT  INDUSTRY
  TARRANT COUNTY TOP TEN EMPLOYERS
  EMPLOYER  EMPLOYEESNUMBER OF  TOTAL COUNTY EMPLOYMENT  INDUSTRY
  AMR CORP./AMERICAN AIRLINES  35,000  3.31%  AIRLINEPERCENTAGE OF
  EMPLOYER  EMPLOYEESNUMBER OF  TOTAL COUNTY EMPLOYMENT  INDUSTRY
  LOCKHEED MARTIN AERONAUTICS COMPANY  21,600  2.04%  MANUFACTURINGAMR CORP./AMERICAN AIRLINES  35,000  3.31%  AIRLINE
  EMPLOYERLOCKHEED MARTIN AERONAUTICS COMPANY  21,600  2.04%  MANUFACTURINGEMPLOYEESEMPLOYMENT  INDUSTRY
  AMR CORP./AMERICAN AIRLINES  35,000  3.31%  AIRLINE
  DFW  INTERNATIONAL AIRPORT  14,000  1.32%  AIRPORT
  LOCKHEED MARTIN AERONAUTICS COMPANY  21,600  2.04%  MANUFACTURING
  AMR CORP./AMERICAN AIRLINES  35,000  3.31%  AIRLINE
  DFW  INTERNATIONAL AIRPORT  14,000  1.32%  AIRPORT
  TEXAS HEALTH RESOURCES  12,776  1.21%  EDUCATION
  LOCKHEED MARTIN AERONAUTICS COMPANY  21,600  2.04%  MANUFACTURING
  DFW  INTERNATIONAL AIRPORT  14,000  1.32%  AIRPORT
  TEXAS HEALTH RESOURCES  12,776  1.21%  EDUCATION
  NAS- FORT WORTH JOINT RESERVE BASE  11,000  1.04%  MILITARY
  DFW  INTERNATIONAL AIRPORT  14,000  1.32%  AIRPORT
  TEXAS HEALTH RESOURCES  12,776  1.21%  EDUCATION
  NAS- FORT WORTH JOINT RESERVE BASE  11,000  1.04%  MILITARY
  GENERAL MOTORS ARLINGTON ASSEMBLY PLANT  10,512  0.99%  AUTOMOTIVE
  TEXAS HEALTH RESOURCES  12,776  1.21%  EDUCATION
  NAS- FORT WORTH JOINT RESERVE BASE  11,000  1.04%  MILITARY
  GENERAL MOTORS ARLINGTON ASSEMBLY PLANT  10,512  0.99%  AUTOMOTIVE
  FORT W ORTH INDEPENDENT SCHOOL DISTRICT  9,956  0.94%  EDUCATION
  NAS- FORT WORTH JOINT RESERVE BASE  11,000  1.04%  MILITARY
  GENERAL MOTORS ARLINGTON ASSEMBLY PLANT  10,512  0.99%  AUTOMOTIVE
  FORT W ORTH INDEPENDENT SCHOOL DISTRICT  9,956  0.94%  EDUCATION
  COOK'S CHILDREN HEALTH CARE SYSTEM  8,777  0.83%  HEALTH CARE PROVIDER
  GENERAL MOTORS ARLINGTON ASSEMBLY PLANT  10,512  0.99%  AUTOMOTIVE
  FORT W ORTH INDEPENDENT SCHOOL DISTRICT  9,956  0.94%  EDUCATION
  COOK'S CHILDREN HEALTH CARE SYSTEM  8,777  0.83%  HEALTH CARE PROVIDER
  ARLINGTON INDEPENDENT SCHOOL DISTRICT  7,908  0.75%  EDUCATION
  FORT W ORTH INDEPENDENT SCHOOL DISTRICT  9,956  0.94%  EDUCATION
  COOK'S CHILDREN HEALTH CARE SYSTEM  8,777  0.83%  HEALTH CARE PROVIDER
  ARLINGTON INDEPENDENT SCHOOL DISTRICT  7,908  0.75%  EDUCATION
  UNIVERSITY OF TEXAS AT ARLINGTON  7,647  0.72%  EDUCATION
  COOK'S CHILDREN HEALTH CARE SYSTEM  8,777  0.83%  HEALTH CARE PROVIDER
  ARLINGTON INDEPENDENT SCHOOL DISTRICT  7,908  0.75%  EDUCATION
  UNIVERSITY OF TEXAS AT ARLINGTON  7,647  0.72%  EDUCATION139,176  13.15%
  ARLINGTON INDEPENDENT SCHOOL DISTRICT  7,908  0.75%  EDUCATION139,176  13.15%
  UNIVERSITY OF TEXAS AT ARLINGTON  7,647  0.72%  EDUCATION
  Source:  Local Counties ACFR's (Collin, Dallas, Denton and Tarrant)139,176  13.15%
  UNIVERSITY OF TEXAS AT ARLINGTON  7,647  0.72%  EDUCATION
  Source:  Local Counties ACFR's (Collin, Dallas, Denton and Tarrant)139,176  13.15%
  Source:  Local Counties ACFR's (Collin, Dallas, Denton and Tarrant)
  Source:  Local Counties ACFR's (Collin, Dallas, Denton and Tarrant)


  74  (concluded)(concluded)  75
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=== PDF PAGE 49 ===
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Toll Collection Variance
  Last Ten Fiscal Years
  (Unaudited)











  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Contribution to Infrastructure Assets  Calendar Year Toll Collection VarianceCalendar Year Toll Collection VarianceCalendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year  Calendar Year
  2014  2015  Last Ten Fiscal Years2016  2017  2018  2019  2020  2021  2022  2023
  NORTH TEXAS TOLLW AY SYSTEMLast Ten Fiscal Years  Last Ten Fiscal Years(Unaudited)
  (An Enterprise Fund of the North Texas Tollway Authority)  Value of invoiced
  Contribution to Infrastructure Assets(unaudited)  NORTH TEXAS TOLLWAY SYSTEM(unaudited)
  Last Ten Fiscal Years  ZipCash transactions  (An Enterprise Fund of the North Texas Tollway Authority)
  uncollected  $  102,767,09381,508,283$  113,455,688Toll Collection Variance$  112,820,414$  115,432,293$  119,792,083$  99,853,082$  146,603,737$  160,767,116$  221,768,526$
  (Unaudited)  Last Ten Fiscal Years
  (Unaudited)
  Value of uninvoiced
  ZipCash transactions  80,989,673  81,035,240  71,002,940  67,811,698  70,619,752  69,223,428  52,513,319  65,849,367  62,695,571  63,810,973
  Year  Beginning Balance  Additions  Deletions/Depreciation  Adjustments  Ending Balance  Total  162,497,956Calendar Year Calendar Year $  183,802,333Calendar Year $  184,458,628Calendar Year Calendar Year $  180,632,111Calendar Year $  186,052,045Calendar Year Calendar Year $  189,015,511Calendar Year $  152,366,401Calendar Year $  212,453,104$  223,462,687$  285,579,500$
  2014  3,356,689,979  11,585,674  (6,159,420)  (8,597,539)  3,353,518,694  2014201520162017201820192020202120222023
  2015  3,353,518,694  *  53,581,166  (6,889,660)  136,897  3,400,347,097  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷
  Value of invoiced
  2016  3,400,347,097  *  89,901,489  (8,903,986)  (394,739)  3,480,949,861  ZipCash transactions Value of all AVI and
  2017  3,480,949,861  *  132,744,330  (20,559,186)  2,078,500,474  (1)  5,671,635,479uncollectedZipCash transactions $  102,767,09381,508,283$  113,455,688$  894,514,347795,784,407$  112,820,414$  1,003,853,246$  115,432,293$  119,792,083$  1,530,946,455967,410,315$  99,853,082$$  146,603,737$  160,767,116$1,067,934,551$  221,768,526$1,116,552,191$$907,943,247$1,181,296,614$1,307,834,770$
  2018  5,671,635,479  *  58,751,927  (16,987,728)  854,827  5,714,254,505  Value of uninvoiced adjusted for Vtoll Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year
  ZipCash transactions  80,989,673  81,035,240  71,002,940  67,811,698  70,619,752  69,223,428  52,513,319  65,849,367  62,695,571  63,810,9732014201520162017201820192020202120222023
  2019  5,714,254,505  *  98,705,222  (10,834,049)  (6,992,667)  5,795,133,011  Total  162,497,956transactions $  183,802,333$  184,458,628$  180,632,111$  186,052,045$  189,015,511$  152,366,401$  212,453,104$  223,462,687$  285,579,500$
  2020  5,795,133,011  *  134,491,633  (12,442,509)  (71,323)  5,917,110,812  Value of invoiced ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷
  2021  5,917,110,812  *  92,634,275  (7,786,136)  312,748,531  (2)  6,314,707,482Value of all AVI and ZipCash transactions Toll collection variance  20.42%  20.55%  19.07%  17.99%  17.42%  16.93%  16.78%  17.98%  17.09%  18.65%
  ZipCash transactions uncollected  $  894,514,347$  102,767,093795,784,40781,508,283$  1,003,853,246$  113,455,688$  1,530,946,455$  112,820,414967,410,315$$  115,432,293$$  119,792,0831,067,934,551$$  99,853,0821,116,552,191$$  146,603,737907,943,247$$  160,767,1161,181,296,614$$  221,768,5261,307,834,770$$
  2022  6,314,707,482  *  71,811,752  (18,762,313)  (197,974)  6,367,558,947  Value of uninvoiced adjusted for Vtoll
  2023  6,367,558,947  *  57,801,212  (11,283,016)  697,793,436  (3)  7,111,870,579  ZipCash transactions Notes:transactions 80,989,673  81,035,240  71,002,940  67,811,698  70,619,752  69,223,428  52,513,319  65,849,367  62,695,571  63,810,973
  * does not include intangible assets and amortization (right to use ), (SBITA's) of intangible assets  Toll collection variance  20.42%  20.55%  19.07%  17.99%  17.42%  16.93%  16.78%  17.98%  17.09%  18.65%(1)  These calculations use aggregate transaction information from the NTTA System and exclude the Non-Major Enterprise Fund. Total  162,497,956$  183,802,333$  184,458,628$  180,632,111$  186,052,045$  189,015,511$  152,366,401$  212,453,104$  223,462,687$  285,579,500$
  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷  ÷
  (1) Includes transfer of assets from Special Projects System to NTTA System  Notes:Value of all AVI and Notes:
  (1)  These calculations use aggregate transaction information from the NTTA System and exclude the Non-Major Enterprise Fund. ZipCash transactions $  894,514,347795,784,407$  1,003,853,246$  1,530,946,455967,410,315$$1,067,934,551$1,116,552,191$907,943,247$1,181,296,614$1,307,834,770$
  (2) Includes transfer of assets from 360 Tollway to NTTA System  (1) These calculations use aggregate transaction information from the NTTA System and exclude the Non-System Fund.adjusted for Vtoll
  (3) restatement due to implementation of GASB 94  transactions
  Toll collection variance  20.42%  20.55%  19.07%  17.99%  17.42%  16.93%  16.78%  17.98%  17.09%  18.65%Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year
  2014  20152014  2016  20152017  20182016  2019  20172020  2021  2018  2022  20192023  2020  2021  2022  2023
  Notes:
  (1)  These calculations use aggregate transaction information from the NTTA System and exclude the Non-Major Enterprise Fund.
  $8,000,000,000  Percentage of ZipCash
  Total Infrastructure  Assets  transactions(by value) out Percentage of ZipCash
  of all NTTA transactions transactions(by value) out
  $7,000,000,000  during period  Calendar Year 30.40%  30.42%  28.90%  26.79%  25.28%  24.13%  26.22%  27.03%  25.80%  27.31%Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year Calendar Year
  Percentage of ZipCash of all NTTA transactions 2014  2015  2016  2017  2018  2019  2020  2021  2022  2023
  transactions(by value) during period  30.40%  30.42%  28.90%  26.79%  25.28%  24.13%  26.22%  27.03%  25.80%  27.31%
  $6,000,000,000  that were invoiced during Percentage of ZipCash
  transactions(by value) out Percentage of ZipCash period  64.61%  68.26%  72.68%  72.93%  71.94%  72.40%  67.19%  68.38%  70.50%  73.97%
  Percentage of ZipCash of all NTTA transactions transactions(by value)
  $5,000,000,000  transactions(by value) during period  30.40%  30.42%  28.90%  26.79%  25.28%  24.13%  26.22%  27.03%  25.80%  27.31%
  that were collected as of Percentage of ZipCash that were invoiced during
  transactions(by value) period end  period  45.03%  41.40%  41.30%  39.64%  36.57%  34.17%  33.19%  34.28%  33.88%  29.50%64.61%  68.26%  72.68%  72.93%  71.94%  72.40%  67.19%  68.38%  70.50%  73.97%
  $4,000,000,000  that were invoiced during
  Notes:  period  64.61%  68.26%  72.68%  72.93%  71.94%  72.40%  67.19%  68.38%  70.50%  73.97%
  (1) These calculations use aggregate transaction information from the NTTA System and exclude the Non-Major Enterprise Fund. Percentage of ZipCash
  (2) Uninvoiced ZipCash transactions that are paid in the reporting period are deemed to be invoiced and are reflected in the Percentage of ZipCash transactions(by value)
  $3,000,000,000  percentages in the preceding table. Uninvoiced ZipCash transactions that are invoiced in subsequent reporting periods, transactions(by value)
  and uncollected invoiced ZipCash transactions that are collected in subsequent reporting periods, are not reflected in the that were collected as of that were collected as of
  percentages in the preceding table. Furthermore, the percentages in the table do not take into account adjustments for VToll period endperiod end45.03%  41.40%  41.30%  39.64%  36.57%  34.17%  33.19%  34.28%  33.88%  29.50%
  $2,000,000,000  transactions and unassigned ZipCash invoices occurring after such reporting period. ZipCash transactions are not invoiced 45.03%  41.40%  41.30%  39.64%  36.57%  34.17%  33.19%  34.28%  33.88%  29.50%
  if the transaction (i) does not meet NTTA's business rules regarding invoicing, or (ii) is not pursuable because a readable Notes:
  license plate image was not captured or because the license plate  information could not be matched to the vehicle owner (1) These calculations use aggregate transaction information from the NTTA System and exclude the Non-Major Enterprise Fund.
  $1,000,000,000  information.(2) Uninvoiced ZipCash transactions that are paid in the reporting period are deemed to be invoiced and are reflected in the Notes:

  (3) The calculation does not include ZipCash transactions collected after the end of the calendar year in which the transaction  percentages in the preceding table. Uninvoiced ZipCash transactions that are invoiced in subsequent reporting periods, (1) These calculations use aggregate transaction information from the NTTA System and exclude the Non-Major Enterprise Fund.
  occurred, therefore NTTA reports total ZipCash collections, including invoiced and  uninvoiced payments, for the calendar  and uncollected invoiced ZipCash transactions that are collected in subsequent reporting periods, are not reflected in the
  year. This amount includes all ZipCash transactions collected regardless of the date the transactions occurred. Total unaudited  percentages in the preceding table. Furthermore, the percentages in the table do not take into account adjustments for VToll (2) Uninvoiced ZipCash transactions that are paid in the reporting period are deemed to be invoiced and are reflected in the
  $0  transactions and unassigned ZipCash invoices occurring after such reporting period. ZipCash transactions are not invoiced
  ZipCash collections for the NTTA System were approximately $78.0 million for 2014, $81.4 million for 2015,  percentages in the preceding table. Uninvoiced ZipCash transactions that are invoiced in subsequent reporting periods,
  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023  $92.0 million for 2016, $88.1 million for 2017, $92.3 million for 2018, $93.6 million for  2019, $78.4 million for 2020,  $113.9 million  if the transaction (i) does not meet NTTA's business rules regarding invoicing, or (ii) is not pursuable because a readable  and uncollected invoiced ZipCash transactions that are collected in subsequent reporting periods, are not reflected in the
  for 2021, $131.0 million  for 2022, and $138.7 million for 2023.  license plate image was not captured or because the license plate  information could not be matched to the vehicle owner
  information.  percentages in the preceding table. Furthermore, the percentages in the table do not take into account adjustments for VToll
  (3) The calculation does not include ZipCash transactions collected after the end of the calendar year in which the transaction
  occurred, therefore NTTA reports total ZipCash collections, including invoiced and  uninvoiced payments, for the calendar  transactions and unassigned ZipCash invoices occurring after such reporting period. ZipCash transactions are not invoiced
  year. This amount includes all ZipCash transactions collected regardless of the date the transactions occurred. Total unaudited  if the transaction (i) does not meet NTTA's business rules regarding invoicing, or (ii) is not pursuable because a readable
  ZipCash collections for the NTTA System were approximately $78.0 million for 2014, $81.4 million for 2015,
  $92.0 million for 2016, $88.1 million for 2017, $92.3 million for 2018, $93.6 million for  2019, $78.4 million for 2020,  $113.9 million  license plate image was not captured or because the license plate  information could not be matched to the vehicle owner
  for 2021, $131.0 million  for 2022, and $138.7 million for 2023.  information.
  (3) The calculation does not include ZipCash transactions collected after the end of the calendar year in which the transaction
  occurred, therefore NTTA reports total ZipCash collections, including invoiced and  uninvoiced payments, for the calendar
  year. This amount includes all ZipCash transactions collected regardless of the date the transactions occurred. Total unaudited
  ZipCash collections for the NTTA System were approximately $78.0 million for 2014, $81.4 million for 2015,
  $92.0 million for 2016, $88.1 million for 2017, $92.3 million for 2018, $93.6 million for  2019, $78.4 million for 2020,  $113.9 million
  for 2021, $131.0 million  for 2022, and $138.7 million for 2023.















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=== PDF PAGE 50 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Total Lane Miles Operating and
  Number of Employees by DepartmentNORTH TEXAS TOLLW AY SYSTEM
  (An Enterprise Fund of the North Texas Tollway Authority)
  Total Lane Miles Operating and Number of Employees by Department Last Ten Fiscal Years
  NORTH TEXAS TOLLW AY SYSTEMLast Ten Fiscal Years(unaudited)
  (An Enterprise Fund of the North Texas Tollway Authority)(Unaudited)
  Total Lane Miles Operating and Number of Employees by Department
  Last Ten Fiscal Years
  (Unaudited)
  Lane Miles

  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023
  Total Lane Miles  744  744  745  950  995  1,145  1,089  1,158  1,188  1194Lane Miles
  CONTINUING FINANCIAL
  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023
  Total Lane Miles  744  744  745  950  995  1,145  1,089  1,158  1,188  1194

  Full-time Equivalent Employees

  Function  2014  2015  2016  2017  2018  2019  2020  2021  2022  2023  DISCLOSURE SCHEDULES
  Full-time Equivalent Employees
  Administration  2  2  2  2  3  2  2  2  2  2
  Adminstration/Infrastructure  -  -  -  -  -  -  -  7  8  7Function  2014201520162017201820192020202120222023
  Board  1  1  1  1  1  1  1  1  1  1  (unaudited)
  Operations  5  5  6  7  5  8  8  8  12  14Administration  2  2  2  2  3  2  2  2  2  2
  Financial Planning and Analysis  -  -  6  6  -  -  -  -  -  -Adminstration/Infrastructure  -  -  -  -  -  -  -  7  8  7
  Strategic & Innovative Solutions  6  3  -  -  -  -  -  -  -  -Board  1  1  1  1  1  1  1  1  1  1The Continuing Financial Disclosure Schedules present various financial data in
  Finance  19  23  18  18  15  14  14  14  14  14Operations  5  5  6  7  5  8  8  8  12  14support of the Management’s Discussion and Analysis and Financial Statements
  Business Diversity  5  5  5  5  4  5  5  4  4  4Financial Planning and Analysis  -  -  6  6  -  -  -  -  -  -
  Communications/Public Affairs  14  15  15  12  12  14  11  10  10  10Strategic & Innovative Solutions  6  3  -  -  -  -  -  -  -  -in the Financial Section of the Annual Comprehensive Financial Report for the
  Internal Audit  7  7  8  9  8  8  6  4  7  8Finance  19  23  18  18  15  14  14  14  14  14
  Human Resources  12  11  11  11  13  13  12  11  11  15Business Diversity  5  5  5  5  4  5  5  4  4  4fiscal year ended December 31, 2023.
  Legal Services  5  5  7  6  7  6  6  6  7  8Communications/Public Affairs  14  15  15  12  12  14  11  10  10  10
  Traffic & Incident Management  94  98  103  112  132  132  124  119  122  118Internal Audit  7  7  8  9  8  8  6  4  7  8
  Information Technology  76  78  83  84  81  86  88  82  78  86Human Resources  12  11  11  11  13  13  12  11  11  15
  Procurement Services  9  10  10  11  10  11  11  6  10  8Legal Services  5  5  7  6  7  6  6  6  7  8
  Government Affairs  3  1  2  2  2  3  1  3  3  2Traffic & Incident Management  94  98  103  112  132  132  124  119  122  118
  Maintenance  167  160  165  132  127  137  159  113  126  141Information Technology  76  78  83  84  81  86  88  82  78  86
  Customer Service Center  298  325  295  321  312  349  248  232  272  305Procurement Services  9  10  10  11  10  11  11  6  10  8
  Project Delivery  16  16  16  17  16  17  15  15  14  15Government Affairs  3  1  2  2  2  3  1  3  3  2
  Treasury Management  4  3  4  3  9  9  8  7  8  7Maintenance  167  160  165  132  127  137  159  113  126  141
  Customer Service Center  298  325  295  321  312  349  248  232  272  305
  Total  743  768  757  759  757  815  719  644  709  765Project Delivery  16  16  16  17  16  17  15  15  14  15
  Treasury Management  4  3  4  3  9  9  8  7  8  7

  Note 1----Project Evaluation is now Cash and Debt Management.Total  743  768  757  759  757  815  719  644  709  765Number of Employees

  Note 2----During 2010, Accounting and Audit Revenue merged with Finance.
  Note 1----Project Evaluation is now Cash and Debt Management.  Number of Employees
  Note 2----During 2010, Accounting and Audit Revenue merged with Finance.900  Number of Employees

  800
  900900  Number of Employees
  700
  800800
  700900600
  700
  600800500
  700600
  500400
  400600500
  300
  300500400
  200
  200400300
  300100
  100200
  20000
  100  2014  2015  2016  2017  2018  2019  2020  20212014  2015  2016  2017  2018  2019  2020  2021  2022  2023
  100
  00  Year  Year
  2014  2015  2016  2017  2018  2019  2020  20212014  2015  2016  2017  2018  2019  2020  2021  2022  2023

  Year  Year







  78

78  78  79

=== PDF PAGE 51 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEM  Schedule 2
  (An Enterprise Fund of the North Texas Tollway Authority)
  Schedule of Budget and Actual Revenues andSchedule of Budget and Actual Revenues and Expenses on Trust Agreement Basis
  Expenses on TYear ended December 31, 2023rust Agreement Basis
  (Unaudited)
  Year ended December 31, 2023
  (unaudited)

  Schedule 2

  Variance
  Budget  Actual  Over (Under)
  Revenues:
  Toll revenues  $  1,045,777,500  $  1,131,351,793  $  85,574,293
  Interest income  12,000,000  56,409,647  44,409,647
  Other revenue  41,598,225  29,352,647  (12,245,578)
  Gross revenues  1,099,375,725  1,217,114,087  117,738,362

  Operating expenses:
  Salaries & Benefits  60,439,584  62,902,991  2,463,407
  Consulting & Professional Services  49,095,793  45,770,982  (3,324,811)
  Maintenance Services  55,498,211  47,607,243  (7,890,968)
  Operational Services  67,453,049  63,045,039  (4,408,010)
  Business & Marketing Services  4,707,353  3,991,764  (715,589)
  Administrative Services  9,038,925  7,356,843  (1,682,082)
  Total gross operating expenses  246,232,915  230,674,862  (15,558,053)
  Allocated Expenses:  (26,509,237)  (27,860,788)  (1,351,551)
  Total operating expenses  219,723,678  202,814,074  (16,909,604)

  Net revenues available for debt service  $  879,652,047  $  1,014,300,013  (*)$  134,647,966

  (*) Does not include $7,068,330 in amortization of SBITA assets. Net revenues available for debt service on a trust agreement
  basis including SBITA amoritization is $1,007,231,683.






































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=== PDF PAGE 52 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
NORTH TEXAS TOLLWAY SYSTEMNORTH TEXAS TOLLWAY SYSTEMNORTH TEXAS TOLLWAY SYSTEM  Schedule 3
(An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)(An Enterprise Fund of the North Texas Tollway Authority)
Schedule of Changes in Net Position by Trust AccountSchedule of Changes in Net Position by Trust AccountSchedule of Changes in Net Position by Trust AccountSchedule of Changes in Net Position by Trust Account  Schedule of Changes in Net Position by Trust Account

December 31, 2023December 31, 2023December 31, 2023  December 31, 2023  December 31, 2023
(Unaudited)  (Unaudited)(Unaudited)  (unaudited)  (unaudited)


  Schedule 3


  Debt service accounts
  Non-Major  North  Construction  Revenue  Operation and Operations and  Reserve Reserve  Capital  Debt  Service Accounts
  Non-System Enterprise  Non-System Texas Tollway North Texas  Non-System North Texas Construction and and Property North Texas Construction and Construction and  Account  maintenance Maintenance  maintenance Maintenance  ImprovementCapital  Bond interest Bond Interest  Reserve  Redemption Redemption
  TotalTotal  Total  Fund FundTotal  Fund Tollway SystemSystemFund  Tollway Systemproperty accountTollway SystemAccount  property accountRevenue accountproperty accountRevenue accountRevenue account  account (*)Account (*)  accountAccount  Improvement FundFund  accountAccount  Reserve accountAccount  accountAccount
Net positions, beginning of yearNet positions, beginning of yearNet positions, beginning of year  $  745,937,728$  $$745,937,728  79,303,603745,937,728$  $  79,303,603$  666,634,12579,303,603$  $$666,634,125  (826,615,315)666,634,125$  $(826,615,315)$  104,428,709(826,615,315)$  104,428,709$  104,428,709  10,518,578  $  30,346,933  $  711,211,847  7,439,357  $  420,438,935  $  208,865,081
Gross rev enuesGross rev enuesGross rev enues  1,328,023,534  110,909,4471,328,023,534  110,909,4471,328,023,534  1,217,114,087  110,909,447  1,217,114,087  -  1,217,114,087  -  -  1,172,985,103  1,172,985,103  1,172,985,1031,738,820  2,363,646  24,207,709  4,602,193  4,201,824  7,014,792
Net increase (decrease) in the fair v alue of inv estmentsNet increase (decrease) in the fair v alue of inv estmentsNet increase (decrease) in the fair v alue of inv estments  30,293,655  -30,293,655  -30,293,655  30,293,655  -  30,293,655  -  30,293,655  -  -  1,548,641  1,548,641  1,548,641-  -  13,123,606  -  15,621,408  -
Administration and operations expensesAdministration and operations expensesAdministration and operations expenses  (295,213,795)  (92,399,721)(295,213,795)  (92,399,721)(295,213,795)  (202,814,074)  (92,399,721)  (202,814,074)  -  (202,814,074)  -  -  -  -  -(202,814,074)  -  -  -  -  -
Depreciation on property and equipmentDepreciation on property and equipmentDepreciation on property and equipment  (9,694,133)  -(9,694,133)  -  (9,694,133)(9,694,133)  -  (9,694,133)  (9,694,133)  (9,694,133)  (9,694,133)  (9,694,133)  -  -  --  -  -  -  -  -
Bond interest expenseBond interest expenseBond interest expense  (451,054,273)  -(451,054,273)  -(451,054,273)  (451,054,273)  -  (451,054,273)  -  (451,054,273)  -  -  -  -  --  -  (4,116,730)  (446,937,543)  -  -
BAB's Subsidy  BAB's SubsidyBAB's Subsidy  19,643,079  -19,643,079  -19,643,079  19,643,079  -  19,643,079  -  19,643,079  -  -  -  -  --  -  -  19,643,079  -  -
Interest Expense-SBITA'sInterest Expense-SBITA'sInterest Expense-SBITA's  (174,891)  -(174,891)  -  (174,891)  -(174,891)  (174,891)  (174,891)  (143,255)  (31,636)
Other nonoperating expenses/ rev enue Other nonoperating expenses/ rev enue Other nonoperating expenses/ rev enue  327,945  -327,945  -  327,945  -327,945  327,945  202,883  327,945  202,883  202,883  -  -  -125,062  -  -  -  -  -
Bond discount/premium amortizationBond discount/premium amortizationBond discount/premium amortization  71,990,644  -71,990,644  -71,990,644  71,990,644  -  71,990,644  71,990,644  71,990,644  71,990,644  71,990,644  -  -  --  -  -  -  -  -
Bond issuance cost amortizationBond issuance cost amortizationBond issuance cost amortization  (4,124,732)  -(4,124,732)  -  (4,124,732)(4,124,732)  -  (4,124,732)  (4,124,732)  (4,124,732)  (4,124,732)  (4,124,732)  -  -  --  -  -  -  -  -
Loss on disposal of assetsLoss on disposal of assetsLoss on disposal of assets  (648,179)  -(648,179)  -  (648,179)  -(648,179)  (648,179)  (648,179)  (648,179)  (648,179)  (648,179)  -  -  --  -  -  -  -  -
Amortization of deferred amount on refunding (note 5)Amortization of deferred amount on refunding (note 5)Amortization of deferred amount on refunding (note 5)  (66,070,060)  -(66,070,060)  -(66,070,060)  (66,070,060)  -  (66,070,060)  (66,070,060)  (66,070,060)  (66,070,060)  (66,070,060)  -  -  --  -  -  -  -  -
Amortization of intangibles Amortization of intangibles Amortization of intangibles  (110,858,844)  -(110,858,844)  -(110,858,844)  (110,858,844)  -  (110,858,844)  (100,382,075)  (110,858,844)  (100,382,075)  (100,382,075)  (7,068,330)  (5,650)  (3,402,789)  -  -  -
Reserv e maintenance account expensesReserv e maintenance account expensesReserv e maintenance account expenses  (48,119,358)  -(48,119,358)  -(48,119,358)  (48,119,358)  -  (48,119,358)  -  (48,119,358)  -  -  -  -  --  (48,119,358)  -  -  -  -
Consolidated capital improv ement fund expensesConsolidated capital improv ement fund expensesConsolidated capital improv ement fund expenses  (39,777,860)  -(39,777,860)  -(39,777,860)  (39,777,860)  -  (39,777,860)  58,018,106  (39,777,860)  58,018,106  58,018,106  -  -  --  -  (97,795,966)  -  -  -
  Net rev enues  Net rev enuesNet rev enues  424,542,731  18,509,726424,542,731  18,509,726424,542,731  406,033,005  18,509,726  406,033,005  (50,707,544)  406,033,005  (50,707,544)  (50,707,544)  1,174,533,744  1,174,533,744  1,174,533,744(208,161,777)  (45,761,362)  (68,015,806)  (422,692,271)  19,823,232  7,014,792
Interfund transactions:Interfund transactions:Interfund transactions:
  Distribution from rev enue fundDistribution from rev enue fundDistribution from rev enue fund  -  -  --  -  --  -  -  -  -  -  (1,117,526,308)  (1,117,526,308)  (1,117,526,308)203,989,910  54,908,117  245,120,695  350,043,778  -  263,463,808
  Operating transfers (other funds)Operating transfers (other funds)Operating transfers (other funds)  -  -  --  -  --  -  160,303,320  -  160,303,320  160,303,320  (27,517,741)  (27,517,741)  (27,517,741)13,764,053  -  1,442,129  72,792,829  (12,578,024)  (208,206,568)
  Net changes during the yearNet changes during the yearNet changes during the year  424,542,731  18,509,726424,542,731  18,509,726424,542,731  406,033,005  18,509,726  406,033,005  109,595,776  406,033,005  109,595,776  109,595,776  29,489,695  29,489,695  29,489,6959,592,186  9,146,755  178,547,018  144,336  7,245,208  62,272,032
Net positions, end of yearNet positions, end of yearNet positions, end of year  $  1,170,480,459$  1,170,480,459$$  1,170,480,45997,813,329$  $  97,813,329$  1,072,667,13097,813,329$  1,072,667,130$$  1,072,667,130(717,019,539)$  $(717,019,539)$  133,918,404(717,019,539)$  133,918,404$  133,918,404  20,110,764  $  39,493,688  $  889,758,865  7,583,693  $  427,684,143  $  271,137,113
(*) Restated due to(*) Restated due to GASB 96  implementation(*) Restated due to GASB 96  implementation GASB 96  implementation




















  83  (conclued)


















  (continued)  (concluded)

  82  83







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=== PDF PAGE 53 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORTNORTH TEXAS TOLLWAY SYSTEM  Schedule 4  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM (An Enterprise Fund of the North Texas Tollway Authority) AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  NORTH TEXAS TOLLWAY SYSTEM
  Schedule of Toll Revenue and Traffic Analysis  (An Enterprise Fund of the North Texas Tollway Authority)
  Year Ended December 31, 2023  Schedule of Toll Rates
  Schedule of Toll Revenue and Traffic Analysis  Schedule of TAs of December 31, 2023oll Rates
  (Unaudited)  Schedule 5
  (Unaudited)
  Year ended December 31, 2023  As of December 31, 2023 (unaudited)  Schedule 5
  (unaudited)  Two-Axle Passenger  Three-Axle Vehicles and  Five-Axle Vehicles andFour-Axle Vehicles and  Six or More Axle Vehicles

  Cars and Trucks  Vehicle Combinations  Vehicle Combinations  Vehicle Combinations  and Special Permits
  Dallas North Tollway  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  Schedule 4  W ycliff Main Lane Gantry (MLP1)  $1.84  $3.68  $3.68  $7.36  $5.52  $11.04  $7.36  $14.72  $9.20  $18.40
  Mockingbird Lane (MOCLN)  $1.34  $2.68  $2.68  $5.36  $4.02  $8.04  $5.36  $10.72  $6.70  $13.40
  Toll revenue (*):  Northwest Highway (NORHY)  $0.91  $1.82  $1.82  $3.64  $2.73  $5.46  $3.64  $7.28  $4.55  $9.10
  Royal Lane (ROYLN)  $0.48  $0.96  $0.96  $1.92  $1.44  $2.88  $1.92  $3.84  $2.40  $4.80
  AVI  $  951,955,203  Spring Valley Road (SPVRD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Belt Line Road (BELRD)  $0.42  $0.84  $0.84  $1.68  $1.26  $2.52  $1.68  $3.36  $2.10  $4.20
  ZipCash  330,770,762  Keller Springs Road (KESRD)  $0.64  $1.28  $1.28  $2.56  $1.92  $3.84  $2.56  $5.12  $3.20  $6.40
  Trinity Mills Main Lane Gantry (MLP2)  $1.32  $2.64  $2.64  $5.28  $3.96  $7.92  $5.28  $10.56  $6.60  $13.20
  Less bad debt expense  (151,374,172)  Frankford Road (FRARD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Park Boulevard (PARBD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Total  $  1,131,351,793  Parker Main Lane Gantry (MLP3)  $1.17  $2.34  $2.34  $4.68  $3.51  $7.02  $4.68  $9.36  $5.85  $11.70
  Parker Road (PARRD)  $0.69  $1.38  $1.38  $2.76  $2.07  $4.14  $2.76  $5.52  $3.45  $6.90
  W indhaven Parkway (W INPY)  $0.55  $1.10  $1.10  $2.20  $1.65  $3.30  $2.20  $4.40  $2.75  $5.50
  Spring Creek Parkway (SPCPY)  $0.38  $0.76  $0.76  $1.52  $1.14  $2.28  $1.52  $3.04  $1.90  $3.80
  Legacy Drive (LEGDR)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Vehicle transactions (*):  Headquarters Drive (HEADR)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Gaylord Parkway (GAYPY)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Two-axle vehicle transactions  899,122,909  Lebanon Road (LEBRD)  $0.48  $0.96  $0.96  $1.92  $1.44  $2.88  $1.92  $3.84  $2.40  $4.80
  Stone Brook Parkway (STOPY)  $0.60  $1.20  $1.20  $2.40  $1.80  $3.60  $2.40  $4.80  $3.00  $6.00
  Multiaxle vehicle transactions  31,808,836  Main Street  (MAIST)  $1.00  $2.00  $2.00  $4.00  $3.00  $6.00  $4.00  $8.00  $5.00  $10.00
  Eldorado Main Lane Gantry (MLP4)  $2.07  $4.14  $4.14  $8.28  $6.21  $12.42  $8.28  $16.56  $10.35  $20.70
  Nonrevenue vehicle transactions  4,291,057  Eldorado Parkway (ELDPY)  $0.75  $1.50  $1.50  $3.00  $2.25  $4.50  $3.00  $6.00  $3.75  $7.50
  Fields Parkway (FLSPY)  $0.42  $0.84  $0.84  $1.68  $1.26  $2.52  $1.68  $3.36  $2.10  $4.20
  Total  935,222,802  First Street (FIRST)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  President George Bush Turnpike Eastern Extension  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  Miller Road (MLRRD)  $0.53  $1.06  $1.06  $2.12  $1.59  $3.18  $2.12  $4.24  $2.65  $5.30
  Lakeview Parkway (LAKPY)  $0.70  $1.40  $1.40  $2.80  $2.10  $4.20  $2.80  $5.60  $3.50  $7.00
  Toll revenue – average per day (*):  Merritt Road (MERLG)  $1.12  $2.24  $2.24  $4.48  $3.36  $6.72  $4.48  $8.96  $5.60  $11.20
  Merritt Main Lane Gantry (MLG5)  $2.11  $4.22  $4.22  $8.44  $6.33  $12.66  $8.44  $16.88  $10.55  $21.10
  AVI  $  2,608,096  Miles Road (MLSRD)  $0.45  $0.90  $0.90  $1.80  $1.35  $2.70  $1.80  $3.60  $2.25  $4.50
  Firewheel Parkway (FIRPY)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Zipcash  491,498  Crist Road (CRIRD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  President George Bush Turnpike  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  Average  $  3,099,594  North Garland Avenue (GARRD)  $0.37  $0.74  $0.74  $1.48  $1.11  $2.22  $1.48  $2.96  $1.85  $3.70
  Campbell Road (CAMRD)  $0.60  $1.20  $1.20  $2.40  $1.80  $3.60  $2.40  $4.80  $3.00  $6.00
  East Renner Road (ERERD)  $0.97  $1.94  $1.94  $3.88  $2.91  $5.82  $3.88  $7.76  $4.85  $9.70
  Shiloh Main Lane Gantry (MLP6)  $1.46  $2.92  $2.92  $5.84  $4.38  $8.76  $5.84  $11.68  $7.30  $14.60
  Shiloh Road (SHIRD)  $0.75  $1.50  $1.50  $3.00  $2.25  $4.50  $3.00  $6.00  $3.75  $7.50
  Vehicle transactions – average per day (*):  W est Renner Road (W RERD)  $0.49  $0.98  $0.98  $1.96  $1.47  $2.94  $1.96  $3.92  $2.45  $4.90
  Independence Parkway (INDPY)  $0.50  $1.00  $1.00  $2.00  $1.50  $3.00  $2.00  $4.00  $2.50  $5.00
  Two-axle vehicle transactions  2,463,350  Coit Road (COIRD)  $0.75  $1.50  $1.50  $3.00  $2.25  $4.50  $3.00  $6.00  $3.75  $7.50
  Multiaxle vehicle transactions  87,147  Coit Main Lane Gantry (MLP7)  $1.56  $3.12  $3.12  $6.24  $4.68  $9.36  $6.24  $12.48  $7.80  $15.60
  Preston Road (PRERD)  $0.42  $0.84  $0.84  $1.68  $1.26  $2.52  $1.68  $3.36  $2.10  $4.20
  Midway Road (MIDRD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Nonrevenue vehicle transactions  11,756  Marsh Lane (MARLN)  $0.43  $0.86  $0.86  $1.72  $1.29  $2.58  $1.72  $3.44  $2.15  $4.30
  Average  2,562,253  Frankford Main Lane Gantry (MLP8)  $1.46  $2.92  $2.92  $5.84  $4.38  $8.76  $5.84  $11.68  $7.30  $14.60
  Kelly Boulevard (KELBD)  $0.77  $1.54  $1.54  $3.08  $2.31  $4.62  $3.08  $6.16  $3.85  $7.70
  Josey Lane (JOSLN)  $0.50  $1.00  $1.00  $2.00  $1.50  $3.00  $2.00  $4.00  $2.50  $5.00
  Sandy Lake Main Lane Gantry (MLP9)  $1.15  $2.30  $2.30  $4.60  $3.45  $6.90  $4.60  $9.20  $5.75  $11.50
  Belt Line - Luna Road  (NBERD)  $0.67  $1.34  $1.34  $2.68  $2.01  $4.02  $2.68  $5.36  $3.35  $6.70
  Royal Lane (ROYLN)  $0.38  $0.76  $0.76  $1.52  $1.14  $2.28  $1.52  $3.04  $1.90  $3.80
  Belt Line Road (SBERD)  $0.70  $1.40  $1.40  $2.80  $2.10  $4.20  $2.80  $5.60  $3.50  $7.00
  Belt Line Main Lane Gantry (MLP10)  $0.70  $1.40  $1.40  $2.80  $2.10  $4.20  $2.80  $5.60  $3.50  $7.00
  President George Bush Turnpike Western Eastern  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  Conflans Road (CONRD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  (*) S  ystem only, e  xcludes Non-System Fund  Shady Grove Road (SHGRD)  $0.54  $1.08  $1.08  $2.16  $1.62  $3.24  $2.16  $4.32  $2.70  $5.40
  Lower Tarrant - North (NLTRD)  $0.56  $1.12  $1.12  $2.24  $1.68  $3.36  $2.24  $4.48  $2.80  $5.60
  Lower Tarrant Mainlane Gantry (MLG11)  $1.22  $2.44  $2.44  $4.88  $3.66  $7.32  $4.88  $9.76  $6.10  $12.20
  Lower Tarrant - South (SLTRD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Dalworth Street (DALST)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Marshall Drive (MARDR)  $0.61  $1.22  $1.22  $2.44  $1.83  $3.66  $2.44  $4.88  $3.05  $6.10
  Pioneer Parkway (PIOPY)  $0.78  $1.56  $1.56  $3.12  $2.34  $4.68  $3.12  $6.24  $3.90  $7.80
  Arkansas Mainlane Gantry (MLG12)  $1.28  $2.56  $2.56  $5.12  $3.84  $7.68  $5.12  $10.24  $6.40  $12.80
  Arkansas Lane (ARKLN)  $0.43  $0.86  $0.86  $1.72  $1.29  $2.58  $1.72  $3.44  $2.15  $4.30
  Mayfield Road (MAYRD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Addison Aiport Toll Tunnel  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  Addison Airport Toll Tunnel (AATT)  $0.74  $1.48  $1.48  $2.96  $2.22  $4.44  $2.96  $5.92  $3.70  $7.40
  Mountain Creek Lake Toll Bridge  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  Mountain Creek Lake Toll Bridge (MCLB)  $0.74  $1.48  $1.48  $2.96  $2.22  $4.44  $2.96  $5.92  $3.70  $7.40
  Lewisville Lake Toll Bridge  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  Lewisville Lake Toll Bridge (LLTB)  $1.47  $2.94  $2.94  $5.88  $4.41  $8.82  $5.88  $11.76  $7.35  $14.70
  Sam Rayburn Tollway  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  Denton Tap Main Lane Gantry (MLG1)  $0.70  $1.40  $1.40  $2.80  $2.10  $4.20  $2.80  $5.60  $3.50  $7.00
  MacArthur Boulevard (MACBD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Carrollton Parkway (CARPY)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Parker Road (PARRD)  $0.45  $0.90  $0.90  $1.80  $1.35  $2.70  $1.80  $3.60  $2.25  $4.50
  Old Denton Road (OLDRD)  $0.53  $1.06  $1.06  $2.12  $1.59  $3.18  $2.12  $4.24  $2.65  $5.30
  Standridge Drive - South (SSTDR)  $0.79  $1.58  $1.58  $3.16  $2.37  $4.74  $3.16  $6.32  $3.95  $7.90
  Josey Lane - South (SJOLN)  $0.96  $1.92  $1.92  $3.84  $2.88  $5.76  $3.84  $7.68  $4.80  $9.60
  Josey Main Lane Gantry (MLG2)  $1.81  $3.62  $3.62  $7.24  $5.43  $10.86  $7.24  $14.48  $9.05  $18.10
  Standridge Drive - North (NSTDR)  $1.02  $2.04  $2.04  $4.08  $3.06  $6.12  $4.08  $8.16  $5.10  $10.20
  Josey Lane - North (NJOLN)  $0.85  $1.70  $1.70  $3.40  $2.55  $5.10  $3.40  $6.80  $4.25  $8.50
  Plano Parkway (PLAPY)  $0.67  $1.34  $1.34  $2.68  $2.01  $4.02  $2.68  $5.36  $3.35  $6.70
  Spring Creek Parkway (SPCPY)  $0.33  $0.66  $0.66  $1.32  $0.99  $1.98  $1.32  $2.64  $1.65  $3.30
  Preston Road (PRERD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  Hillcrest Road (HILRD)  $0.33  $0.66  $0.66  $1.32  $0.99  $1.98  $1.32  $2.64  $1.65  $3.30
  Coit Road (COIRD)  $0.73  $1.46  $1.46  $2.92  $2.19  $4.38  $2.92  $5.84  $3.65  $7.30
  Independence Parkway (INDPY)  $0.97  $1.94  $1.94  $3.88  $2.91  $5.82  $3.88  $7.76  $4.85  $9.70
  Custer Road - South (CUSRD)  $1.21  $2.42  $2.42  $4.84  $3.63  $7.26  $4.84  $9.68  $6.05  $12.10
  Custer Main Lane Gantry (MLG3)  $2.50  $5.00  $5.00  $10.00  $7.50  $15.00  $10.00  $20.00  $12.50  $25.00
  Exchange Parkway (SALDR)  $1.30  $2.60  $2.60  $5.20  $3.90  $7.80  $5.20  $10.40  $6.50  $13.00
  Alma Drive (NALDR)  $0.95  $1.90  $1.90  $3.80  $2.85  $5.70  $3.80  $7.60  $4.75  $9.50
  Stacy Road (STARD)  $0.74  $1.48  $1.48  $2.96  $2.22  $4.44  $2.96  $5.92  $3.70  $7.40
  Lake Forest Drive (LAFDR)  $0.58  $1.16  $1.16  $2.32  $1.74  $3.48  $2.32  $4.64  $2.90  $5.80
  Hardin Boulevard (HARBD)  $0.37  $0.74  $0.74  $1.48  $1.11  $2.22  $1.48  $2.96  $1.85  $3.70
  Chisholm Trial Parkway  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  Gantry 1 (Montgomery) (MLG1)  $1.68  $3.36  $3.36  $6.72  $5.04  $10.08  $6.72  $13.44  $8.40  $16.80
  Edwards Ranch Rd (EDW RD)  $0.71  $1.42  $1.42  $2.84  $2.13  $4.26  $2.84  $5.68  $3.55  $7.10
  Arborlawn Drive (ARBDR)  $0.40  $0.80  $0.80  $1.60  $1.20  $2.40  $1.60  $3.20  $2.00  $4.00
  Oakmont Blvd (OAKBD)  $0.59  $1.18  $1.18  $2.36  $1.77  $3.54  $2.36  $4.72  $2.95  $5.90
  Altamesa Blvd (ALTBD)  $0.93  $1.86  $1.86  $3.72  $2.79  $5.58  $3.72  $7.44  $4.65  $9.30
  Sycamore School Rd (SYCRD)  $0.96  $1.92  $1.92  $3.84  $2.88  $5.76  $3.84  $7.68  $4.80  $9.60
  McPherson Blvd (MCPBD)  $1.30  $2.60  $2.60  $5.20  $3.90  $7.80  $5.20  $10.40  $6.50  $13.00
  Gantry 2 (Stewart Feltz) (MLG2)  $2.73  $5.46  $5.46  $10.92  $8.19  $16.38  $10.92  $21.84  $13.65  $27.30
  Farm Market 1187 (F1187)  $0.75  $1.50  $1.50  $3.00  $2.25  $4.50  $3.00  $6.00  $3.75  $7.50
  County Rd 920 (CR920)  $0.44  $0.88  $0.88  $1.76  $1.32  $2.64  $1.76  $3.52  $2.20  $4.40
  County Rd 913 (CR913)  $0.45  $0.90  $0.90  $1.80  $1.35  $2.70  $1.80  $3.60  $2.25  $4.50
  Farm Market 917 (FM917)  $0.82  $1.64  $1.64  $3.28  $2.46  $4.92  $3.28  $6.56  $4.10  $8.20
  County Rd 904 (CR904)  $1.24  $2.48  $2.48  $4.96  $3.72  $7.44  $4.96  $9.92  $6.20  $12.40
  84  Gantry 3 (CR 904-Sparks Rd) (MLG3)  $2.03  $4.06  $4.06  $8.12  $6.09  $12.18  $8.12  $16.24  $10.15  $20.30
  Sparks Rd (SPARD)  $0.36  $0.72  $0.72  $1.44  $1.08  $2.16  $1.44  $2.88  $1.80  $3.60
  360 Tollway  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash  TollTag  ZipCash
  W ebb Lynn Road (W EBRD)  $0.32  $0.64  $0.64  $1.28  $0.96  $1.92  $1.28  $2.56  $1.60  $3.20
  New York Mainlane Gantry (MLG14)  $1.31  $2.62  $2.62  $5.24  $3.93  $7.86  $5.24  $10.48  $6.55  $13.10
  New York Avenue (NYAVE)  $0.87  $1.74  $1.74  $3.48  $2.61  $5.22  $3.48  $6.96  $4.35  $8.70
  Debbie Lane (DEBLN)  $0.61  $1.22  $1.22  $2.44  $1.83  $3.66  $2.44  $4.88  $3.05  $6.10
  Lone Star Mainlane Gantry (MLG15)  $0.61  $1.22  $1.22  $2.44  $1.83  $3.66  $2.44  $4.88  $3.05  $6.10
  Footnote:  The Authority has converted all the facilities in the system to All Electronic Toll Collection (All ETC).
  Cash is no longer  accepted on NTTA Facilities so vehicles with no transponders are billed through video tolling.
  Toll rates are 21.20 cents per mile effective July 1, 2023
  Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
84  85
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=== PDF PAGE 54 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Schedule of Historical Traffic, Toll Revenues and Net Revenues  Schedule of Capitalized Costs by ProjectNORTH TEXAS TOLLWAY SYSTEM  Schedule 7NORTH TEXAS TOLLWAY SYSTEM  Schedule 7
  Year Ended December 31, 2023  (An Enterprise Fund of the North Texas Tollway Authority)  (An Enterprise Fund of the North Texas Tollway Authority)As of December 31, 2023
  Schedule of Capitalized Costs by ProjectSchedule of Capitalized Costs by Project
  NORTH TEXAS TOLLWAY SYSTEM  Schedule 6(unaudited)  As of December 31, 2023(unaudited)As of December 31, 2023
  (An Enterprise Fund of the North Texas Tollway Authority)  (Unaudited)(Unaudited)
  Schedule of Historical Traffic, Toll Revenues and Net RevenuesNORTH TEXAS TOLLWAY SYSTEM  Schedule 6
  (An Enterprise Fund of the North Texas Tollway Authority)Year Ended December 31, 2023  Schedule 6  Schedule 7
  Schedule of Historical Traffic, Toll Revenues and Net Revenues(Unaudited)
  Year Ended December 31, 2023  Cumulative Total ThroughCumulative Total Through
  Historical Traffic and Toll Revenue(Unaudited)  Dallas North Tollway - 3711  December 31, 2023Dallas North Tollway - 3711December 31, 2023
  Historical Traffic and Toll Revenue  Preliminary costsPreliminary costs  $  17,379,879$  17,379,879
  Right-of-wayRight-of-way  49,485,64749,485,647
  The table below sets forth the annual revenue vehicle transactions and gross toll revenue with respect to theHistorical Traffic and Toll Revenue  EngineeringEngineering  21,439,09621,439,096
  Dallas North Tollway System for the ten calendar years 2014 through 2023:  AdministrationAdministration  2,953,4992,953,499
  The table below sets forth the annual revenue vehicle transactions and gross toll revenue with respect to the  BuildingsBuildings  5,580,0035,580,003
  Dallas North Tollway System for the ten calendar years 2014 through 2023:  Land  Land  1,714,9341,714,934
  RoadwaysRoadways  203,765,223203,765,223
  Annual  EquipmentEquipment  771,382771,382
  revenueAnnual  Accumulated depreciation - equipmentAccumulated depreciation - equipment  (771,382)(771,382)
  vehicle  Total capitalized costs – Dallas North TollwayTotal capitalized costs – Dallas North Tollway  302,318,281302,318,281
  transactions  Annual tollrevenue  Dallas North Tollway Extension - 3712Dallas North Tollway Extension - 3712
  Year  (unaudited)  revenuevehiclePreliminary costsPreliminary costs  6,619,0716,619,071
  2014  644,669,523  580,045,215transactions  Annual tollRight-of-wayRight-of-way8,557,8308,557,830
  Year  (unaudited)  revenueEngineeringEngineering  25,116,39125,116,391
  2015  676,484,779  617,488,0442014  644,669,523  580,045,215AdministrationAdministration1,413,5061,413,506
  2016  703,094,602  665,212,316RoadwaysRoadways  231,085,280231,085,280
  2017  723,247,591  712,551,4562015  676,484,779  617,488,044Total capitalized costs – Dallas North Tollway ExtensionTotal capitalized costs – Dallas North Tollway Extension272,792,078272,792,078
  2018  827,610,415  841,491,0162016  703,094,602  665,212,316Addison Airport Toll Tunnel - 3741Addison Airport Toll Tunnel - 3741
  2019  847,392,583  886,843,1402017  723,247,591  712,551,456Preliminary costsPreliminary costs1,244,0821,244,082
  2018  827,610,415  841,491,016Right-of-wayRight-of-way  617,278617,278
  2020  650,219,349  714,035,8832019  847,392,583  886,843,140EngineeringEngineering4,895,6974,895,697
  2021  810,083,028  898,653,5922020  650,219,349  714,035,883AdministrationAdministration295,203295,203
  2022  877,256,430  1,034,979,719RoadwaysRoadways  16,853,63616,853,636
  2023  930,931,745  1,131,351,7932021  810,083,028  898,653,592  Total capitalized cost – Addison Airport Toll TunnelTotal capitalized cost – Addison Airport Toll Tunnel23,905,89623,905,896
  2022  877,256,430  1,034,979,719President George Bush Turnpike - Segments I - IV - 3721President George Bush Turnpike - Segments I - IV - 3721
  2023  930,931,745  1,131,351,793Historical Net RevenuesPreliminary costsPreliminary costs  18,040,10418,040,104
  Right-of-wayRight-of-way  73,261,70473,261,704
  EngineeringEngineering  114,239,012114,239,012
  Historical Net Revenues  Construction in ProgressConstruction in Progress  197,463197,463
  The table set forth below shows the Net Revenues for debt service (as defined by Trust Agreement) of the DallasHistorical Net Revenues  AdministrationAdministration  25,252,89125,252,891
  North Tollway System for the ten calendar years 2014 through 2023:  BuildingsBuildings  24,796,15724,796,157
  The table set forth below shows the Net Revenues for debt service (as defined by Trust Agreement) of the Dallas  Land  Land  5,578,8215,578,821
  North Tollway System for the ten calendar years 2014 through 2023:  RoadwaysRoadways  1,103,149,7291,103,149,729
  IntangiblesIntangibles  71,932,34871,932,348
  Current  Investment and  Equipment Equipment  53,125,74553,125,745
  Year  Toll revenue  expenses  other earnings  Net revenues  Coverage  Accumulated depreciation for buildingsAccumulated depreciation for buildings  (15,339,150)(15,339,150)
  2014  580,045,215  115,465,976  28,170,791  492,750,030CurrentInvestment and  1.41Accumulated depreciation - equipmentAccumulated depreciation - equipment  (33,980,113)(33,980,113)
  2015  617,488,044Year  Toll revenue  expenses  other earnings  Net revenues  Coverage  128,107,355  33,019,683  522,400,372  1.48Total capitalized cost – President George Bush Turnpike - Segments I - IVTotal capitalized cost – President George Bush Turnpike - Segments I - IV1,440,254,7111,440,254,711
  2016  665,212,3162014  580,045,215  131,310,220  115,465,976  28,170,791  492,750,030  43,467,901  577,369,997  1.41  1.48President George Bush Turnpike - Segment V - 3723President George Bush Turnpike - Segment V - 3723
  2017  712,551,4562015  617,488,044  145,516,809  128,107,355  49,612,968  616,647,615  33,019,683  522,400,372  1.49  1.48Preliminary costsPreliminary costs1,596,2081,596,208
  2018  841,491,0162016  665,212,316  165,549,908  131,310,220  67,692,654  743,633,762  43,467,901  577,369,997  1.37  1.48Right-of-wayRight-of-way16,45916,459
  2019  886,843,1402017  712,551,456  174,227,341  145,516,809  72,188,818  784,804,617  49,612,968  616,647,615  1.42  1.49EngineeringEngineering8,981,4768,981,476
  2020  714,035,8832018  841,491,016  167,312,413  165,549,908  34,543,571  581,267,041  67,692,654  743,633,762  1.28  1.37AdministrationAdministration235,829235,829
  2021  898,653,5922019  886,843,140  179,108,106  174,227,341  26,629,436  746,174,922  72,188,818  784,804,617  1.43  1.42RoadwaysRoadways75,190,98275,190,982
  2022  1,034,979,7192020  714,035,883  199,065,743  167,312,413  45,512,657  881,426,633  34,543,571  581,267,041  1.49  1.28Total capitalized cost – President George Bush Turnpike - Segment VTotal capitalized cost – President George Bush Turnpike - Segment V86,020,95486,020,954
  2023  1,131,351,7932021  898,653,592  209,882,404  179,108,106  85,762,294  1,007,231,683  1.57  26,629,436  746,174,922  1.43Dallas North Tollway Phase 3 - 3713Dallas North Tollway Phase 3 - 3713
  2022  1,034,979,719  199,065,743  45,512,657  881,426,633  1.49Preliminary costsPreliminary costs  5,118,8165,118,816
  2023  1,131,351,793  209,882,404  85,762,294  1,007,231,683  1.57Infrastructure - OtherInfrastructure - Other  434  434
  Right-of-wayRight-of-way  569,830569,830
  EngineeringEngineering  33,329,76733,329,767
  AdministrationAdministration  2,690,6632,690,663
  Construction In ProgressConstruction In Progress  57,264,11157,264,111
  RoadwaysRoadways  461,946,847461,946,847
  Total capitalized cost – Dallas North Tollway Phase 3Total capitalized cost – Dallas North Tollway Phase 3  560,920,468560,920,468
  Lewisville Lake Toll Bridge - 3761Lewisville Lake Toll Bridge - 3761
  Preliminary costsPreliminary costs  9,875  9,875
  Right-of-wayRight-of-way  13,177  13,177
  EngineeringEngineering  14,360,27814,360,278
  AdministrationAdministration  249,620249,620
  RoadwaysRoadways  99,475,30499,475,304
  Total capitalized cost – Lewisville Lake Toll BridgeTotal capitalized cost – Lewisville Lake Toll Bridge  114,108,254114,108,254







  (continued)

86  86  87
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=== PDF PAGE 55 ===
  2023 ANNUAL COMPREHENSIVE FINANCIAL REPORT
  NORTH TEXAS TOLLWAY SYSTEM  AN ENTERPRISE FUND OF THE NORTH TEXAS TOLLWAY AUTHORITY
  Schedule of Capitalized Costs by ProjectNORTH TEXAS TOLLWAY SYSTEM  Schedule 7
  (An Enterprise Fund of the North Texas Tollway Authority)
  As of December 31, 2023Schedule of Capitalized Costs by Project
  As of December 31, 2023
  (unaudited)(Unaudited)
  Schedule 7

  Cumulative Total Through
  Sam Rayburn Tollway (121 Tollway) - 3751  December 31, 2023
  Preliminary costs  $  1,142,464
  Right-of-way  15,103,568
  Engineering  106,732,877
  Administration  21,194,398
  Construction in Progress  -
  Right to use asset  1,558,910,997
  Roadways  1,487,973,698
  Total capitalized cost – Sam Rayburn Tollway (121 Tollway)  3,191,058,002
  President George Bush Turnpike - Eastern Extension - 3722
  Infrastructure (Other)  30,192
  Right-of-way  104,963,158
  Engineering  73,198,510
  Administration  4,861,209
  Roadways  445,503,009
  Total capitalized cost – President George Bush Turnpike - Eastern Extension  628,556,078
  PGBT Western Ext Constr Fund - 3771
  Right-of-way  69,933
  Engineering  11,751,580
  Administration  868,289
  Roadways  1,039,030,873
  Total capitalized cost – PGBT W estern Ext Constr Fund - 3771  1,051,720,675
  CTP Construction Fund - 3781
  Right-of-way  48,526,365
  Engineering  30,966,283
  Administration  122,357
  Construction in Progress  457,788
  Roadways  982,067,306
  Total capitalized cost - Chisholm Trail Parkway  1,062,140,099
  MCLB 1977 Construction Fund - 3731
  Preliminary costs  483,969
  Right-of-way  50,777
  Engineering  616,968
  Administration  379,131
  Roadways  7,370,431
  Total capitalized cost – MCLB 1977 Construction Fund  8,901,276
  2009 A Revenue Bonds Fund - 3601
  Roadways  2,550
  Administration  14,601
  Total capitalized cost - 2009 A Revenue Bonds  17,151

  Totals by Asset Type
  Infrastructure  30,626
  Preliminary costs  51,634,468
  Right-of-way  301,235,727
  Engineering  445,627,935
  Construction in Progress  57,919,361
  Administration  60,531,197
  Buildings  30,376,159
  Land  7,293,755
  Roadways  6,153,414,869
  Right to use asset  1,558,910,998
  Intangibles  71,932,348
  Machinery and Equipment  53,897,127
  Accumulated depreciation - equipment  (34,751,495)
  Accumulated depreciation - buildings  (15,339,150)
  Total capitalized cost as of December 31, 2023  $  8,742,713,925


  (1) Total capitalized cost includes bond discount/(premiums), which have been capitalized in accordance with the Trust Agreement.
  These costs are netted against revenue bonds within the statement of net position.
  (2) Does not include implementation of GASB 96 SBITA  (Subscriptions)






  88  (concluded)

  (concluded)

88