
=== PDF PAGE 1 ===
Annual 2024
Comprehensive Financial
REPORT
Fiscal Year Ended December 31, 2024
































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

=== PDF PAGE 2 ===
THE FUTURE IS NOW
NTTA INNOVATES FOR THE NEXT GENERATION


 Since 1997, NTTA’s commitment to excellence, ingenuity, and innovation have
 placed       NTTA       at       the       forefront       of       the       tolling       industry       and       spurred       significant
 economic growth throughout the rapidly growing North Texas region – and
 2024 was no different. NTTA delivered transportation solutions for millions
 of customers across DFW and implemented new technologies to enhance
 collections, customer offerings, and safety.

 NTTA started construction on the Dallas North Tollway (DNT) Extension Phase
 4A main lanes – a much anticipated project amongst Prosper and Celina
 residents. Progress continued on the DNT widening project in Frisco, which
 upon completion, will add an additional lane in each direction between the Sam
 Rayburn Tollway (SRT) and US 380. Design work continued on the Chisolm Trail
 Parkway (CTP) widening project as construction is expected to begin in mid-
 2025. NTTA also continued advancing the early phases of the President George
 Bush Turnpike (PGBT) East Branch project and 360 Tollway extension.

 NTTA expanded interoperability with E-470 in Colorado and executed a TollTag
 distribution agreement with the Central Texas Regional Mobility Authority.
 Teams also continued advancing the methods and industry-leading technology
 NTTA’s Safety Operations Center and Roadside Safety Services teams use 24/7
 to help protect our millions of customers.

 NTTA remains a respected leader and partner in the tolling industry and
 beyond. Several of its dedicated team members shared best practices on toll
 collections, customer service, technology, and robust safety operations with
 organizations  across  the  US  and  internationally.  Staff  also  facilitated  traffic  and
 incident  management  training  for  first  responders  and  transportation  agencies
 across North Texas.

 NTTA’s          financial          achievements          were          honored          with          four          prestigious          awards,
 including: 16th consecutive Government Finance Officers Association’s Certificate
 of Achievement for Excellence in Financial Reporting for Annual Comprehensive
 Financial Report; 14th consecutive Texas Comptroller Transparency Star for
 achieving     excellence,     transparency,     and     fiscal     accountability     in     the     Traditional
 Finance and Debt Obligations categories; Government Treasurers’ Organization
 of  Texas’  Certificate  of  Distinction  for  NTTA's  investment  policy  (2024-26);  and
 Government Finance Officers Association’s Budget Award for the 2024 budget.

 NTTA leverages today’s technology and resources to continue its mission to
 deliver mobility solutions for North Texas with excellence while correspondingly
 springboarding new growth and development opportunities for future
 transportation needs.

=== PDF PAGE 3 ===
2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT

=== PDF PAGE 4 ===
          NORTH TEXAS TOLLWAY AUTHORITY







                 INTRODUCTION

                                       S-6
           Mission and Strategic Goals
                                       S-8
                  2024 By the Numbers
                                      S  -1  0
 System Capacity and Improvements
                                      S  -1  2
Business Development and Outreach
                                      S  -1  4
                             NTTA Roads

=== PDF PAGE 5 ===
INTRODUCTORY SECTION                                                                                    STATISTICAL SECTION (Unaudited)

1                                                       CFO Horatio Porter's Letter to Chairman         62                                                       Introduction to Statistical Section

4	           Government	Finance	Officers	Association                                                    63                                                       Net Position by Component
       Award                                                                                            64                                                       Statement of Revenues & Expenses and

5                                                       NTTA Organization                                      Changes in Net Position

6                                                       Board of Directors                              65	    Traffic	and	Toll	Revenue

                                                                                                        66                                                       Toll Rates (by Toll Plaza and Class of Vehicle)
FINANCIAL SECTION                                                                                       71                                                       Ratio of Outstanding Debt by Type

7                                                       Independent Auditor’s Report                    72	    Ratio	of	Revenue-Backed	Debt	Outstanding

10                                                       Management’s Discussion and Analysis           73                                                       Schedule of Pro Forma Debt Service
       (MD&A)                                                                                                  Requirements

                                                                                                        74                                                       Schedule of Estimated Toll Revenues,
FINANCIAL STATEMENTS                                                                                           Expenses, Other Income and Estimated
                                                                                                               Debt Service Coverage Ratio
20                                                       Statement of Net Position                      75                                                       Demographic and Economic Statistical Data

22                                                       Statement of Revenues, Expenses and            78                                                       North Texas Four County Region’s Top 10
       Changes in Net Position                                                                                 Employers

23                                                       Statement of Cash Flows                        79                                                        Contribution to Infrastructure Assets

24                                                       Notes to Financial Statements                  80                                                       Toll Collection Variance

                                                                                                        81                                                       Total Lane Miles Operating and Number of
REQUIRED SUPPLEMENTARY                                                                                         Employees by Department
INFORMATION                                                                                             CONTINUING FINANCIAL

54	    Modified	Approach-Infrastructure	Assets

56                                                       Schedule of Changes in Net Pension             DISCLOSURE SCHEDULES
       Liability / (Asset) and Related Ratios                                                           (Unaudited)

57                                                       Schedule of Employer Pension                   83	    Schedule	2	-	Schedule	of	Budget	and
       Contributions                                                                                           Actual Revenues and Expenses on Trust
58                                                       Schedule of Changes in PEBC Total OPEB                Agreement Basis
       Liability and Related Ratios                                                                     84	    Schedule	3	-	Schedule	of	Changes	in	Net
59                                                       Schedule of Authority’s Share of ERS Net              Position by Trust Account
       OPEB Liability                                                                                   86	    Schedule	4	-	Schedule	of	Toll	Revenue	and
59                                                       Schedule of Authority’s Contributions to              Traffic	Analysis
       ERS OPEB                                                                                         87	    Schedule	5	-	Schedule	of	Toll	Rates

60	    Schedule	1	-	Schedule	of	Net	Position	by                                                         88	    Schedule	6	-	Schedule	of	Historical	Traffic,
       Trust Account                                                                                           Toll Revenues and Net Revenues

                                                                                                        89	    Schedule	7	-	Schedule	of	Capitalized	Costs
                                                                                                               by Project

=== PDF PAGE 6 ===
                   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
  businesslikemanner,protectourbondholders,
      and partner to meet our region’s growing
                transportation infrastructure.


                 STRATEGIC GOALS
             •Customer-drivenorganization
          • Delivering transportation solutions
    • Financially sound and vibrant organization
             • Respected leader and partner
•Highly-qualified,energized,andengagedteam



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

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=== PDF PAGE 8 ===
                        BY THE
                        NUMBERS


1,NT  T194 LANE MILESA MANAGES







               Active
      7.9M     TollTags


               Unique
   14.9M       Customers*


               Average Daily
     3.2M      Transactions*


               Total
      1.2B     Transactions*


 *Numbers for all transactions processed by
 NTTA (including Interoperable and TSAs)

                                                     95.8%
                                          Customer Satisfaction Rating**
                                                     97.8%
                                         Maintenance Program Rating**

                                                    **Third-party	verified

=== PDF PAGE 9 ===
    TRAFFIC & INCIDENT MANAGEMENT



              Roadside Safety Services
                                  34,833
                         motorists assisted

                  Average response time
                                17 min.


                                                                                                                                           DEBRIS
                                                                                                                                           8,87 7
                                                                                                                                           Pieces of debris
                                                                                                                                           cleared from
                                                                                                                                           NTTA roads

TOLLMATE APP                                                                                                                                                                                                                                                                                               TOLLPERKS

                                                                                                                                       otal
               350,279                                                                1,018,208                                                       Tmembers
 Customers downloaded
          the Tollmate app










                                                                                    2020                          2021                                                                                                                                     2023                          20242022

=== PDF PAGE 10 ===
NORTH TEXAS TOLLWAY AUTHORITY

=== PDF PAGE 11 ===
                   SYSTEM CAPACIT Y
              AND IMPROVEMENTS










DALLAS NORTH TOLLWAY (DNT )                                PRESIDENT GEORGE BUSH

• Phase 4A: Extension of DNT from US 380 to FM             TURNPIKE (PGBT )
  428. Three lanes in each direction from US 380           East	Branch:	Extension	of	the	PGBT	south	from	I-30
  to FM 428 in Celina. On schedule; construction           to	I-20,	approximately	11	miles.	In	planning;	NTTA
  started early 2024.                                      is continuing environmental study to select a route
• Sam Rayburn Tollway (SRT) to US 380: DNT fourth          alignment	and	seek	environmental	clearance.
  lane	expansion	work	in	progress.	On	schedule;
  construction started late 2022.










CHISHOLM TRAIL PARKWAY (CTP)                               360 TOLLWAY

CTP widening: Addition of two main lanes from FM           360 Tollway Section Two: Extension of 360 Tollway
1187	to	US	67.	On	schedule;	design	work	underway;          south from US 287 to US 67, approximately
anticipate	construction	to	start	in	mid-2025.              5.5 miles. In planning; NTTA is conducting the
                                                           environmental study.

=== PDF PAGE 12 ===
                                                  NORTH TEXAS TOLLWAY AUTHORITY























































Business Opportunities Stakeholders Session in Dallas
      BUSINESS DE VELOPMENT
                               AND OUTRE ACH


NTTA	believes	working	with	business	representatives                                                                                                                                                                                            	emerging businesses so they can competitively vie
of	the	communities	we	serve	is	a	key	element	of                           for NTTA contracts.
improving mobility in North Texas.                                        We	encourage	participation	of	qualified

NTTA remains committed to building the                                    disadvantaged, and small business enterprises in all
capabilities and capacities of small, local, and                          phases of NTTA’s purchasing and contracting.

=== PDF PAGE 13 ===
VENDOR OUTREACH EVENTS
In 2024, NTTA’s Business Development and Opportunities Department (BDOD) hosted 37 outreach
events	attended	by	more	than	1,540	prospective	vendors	and	participated	in	more	than	70	pre-proposal
conferences to ensure competitive procurements. Efforts resulted in the registration of more than 510 new
vendors	seeking	to	do	business	with	NTTA.

The 37 vendor outreach events included:
•	Second-Wednesday	Business	Chat	sessions                                                             •	Two	Access-to-Funding	workshops	in
   facilitating an attendee business promotion                                                            collaboration	with	traditional	and	non-traditional
   to NTTA staff, contractors, and contractor                                                             financial	institutions,	served	50	attendees	total.
   associations with 1,006 total participants.                                                        •	First-Thursday	monthly	vendor	consults	to
•	Cooperative	Inclusion	Plan	workshops	in	partnership                                                                                                                                                                                                                             	onboard new and prospective suppliers.
   with the Texas Department of Transportation and                                                    •	Business	Opportunities	Stakeholders	Sessions
   regional contractor associations to expand vendor                                                      (BOSS) with NTTA leadership, advocacy partners,
   participation on heavy highway with outreach to                                                        and vendor communities to connect and engage,
   over	222	participants	in	four	workshops.                                                               served 140 vendors at two events.
•	2022-2024	ROAD	class	graduation	included                                                                                                                                                                                                               	15	•	      Targeted	                                  outreach	                           events	                                     for	               specific	                                          procurement
   teams	(30	firms).                                                                                      opportunities, included the NTTA Campus
     o	       Quarterly	networking	mixers	for	the	mentor-                                                 Renovation	Outreach	(virtual	and	in-person)	with
         protégé	ROAD	program	participants	-	4	mixers,                                                                                                                                                                                                          	140 total attendees.
         180 total attendance.



















                                                                                                       NTTA Board Recognizes Incoming ROAD Program Class

                                                                                                      ADVOCACY TRADE

Business Opportunities Stakeholders Session in Fort Worth                                             ASSOCIATION PARTICIPATION
                                                                                                      Staff	participated	in	75	in-person	and	virtual
                                                                                                      outreach events hosted by advocacy groups and
                                                                                                      trade partners.
                                                                                                      AWARDS AND RECOGNITIONS
                                                                                                      DFW Minority Supplier Development Council
                                                                                                      -	2024	Public	Sector	Entity	of	the	Year,
                                                                                                      Best Practice Recognition.



Director Knight and Business Development Team
Accept Outreach Award

=== PDF PAGE 14 ===
                                                                                  NORTH TEXAS TOLLWAY AUTHORITY

NORTH TE XAS TOLLWAY AUTHORIT Y



                                                                                             NT TA ROADS

                                                                       360                                                                                                                                  360 Tollway

                                                                       AATT                                                                           Addison Airport Toll Tunnel

                                                                       CTP                                           Chisholm	Trail	Parkway

                                                                       DNT                                                                                                                                 Dallas North Tollway

                                                                       LLTB                               Lewisville	Lake	Toll	Bridge

                                                                       MCLB                                           Mountain	Creek	Lake	Bridge

                                                                       PGBT                                           President	George	Bush	Turnpike

                                                                       SRT                                                              Sam Rayburn Tollway


                                                                      CUSTOMER SERVICE CENTERS
                                                                        1     4825 Overton Ridge Blvd., Suite 304
                                                                              Fort Worth, 76132

                                                                        2     5244 S State Highway 360, Suite 384
                                                                              Grand Prairie, 75052

                                                                        3     39025 LBJ Service Road
                                                                              Dallas, 75232

                                                                        4     5555	                            President	                                         George	              Bush	                           Turnpike
                                                                              Irving, 75038

                                                                        5     5900	W	Plano	Pkwy.
                                                                              Plano, 75093 (NTTA Headquarters)

                                                                        6     2110 N Galloway Ave., Suite 120
                                                                              Mesquite, 75150

=== PDF PAGE 15 ===
                                                                                                                                                                                        2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT















                                                                                                                                                                                  35                                                                                                  377
                                               KEY                                                                                                                                                                                                                                                                                        428                                                                                                                                                         121
                                                              NTTA roads                                                                                                                                                                                                                      Denton County                                                                                                                Collin County

                                                              Customer Service Centers
                                                                                                                                                                                                                                                                                                                                                                                                                          380




                            287

                                                                                                                                                   35W                                                                                                       35E                                                                                                                     PLANO                                         75
                                                                                                                                                                                                                                                                                                                                                                        5
                                                                                        11 4
                     Wise County


                     Tarrant County
                                                                                                                                            377
                                                                                                                                                                                                                                                                           4

                                                                                                                                                                                                                                          IRVING                                                                                                                                                                                  635                                                                                       30
                                                                                                                                                                                                                       121                                         161                               11 4                                                                                                                                                                                                                       Rockwall
                         199                                                      820                                                                                                     183                                                                                                                                                                                                                                                                          6                                                        County
                                                                                                                                                                                                                                           360                                                                  12                                                                                                                                                                                                              Kaufman
                                                                             FORT WORTH                                                                                                                                                                                     GRAND                                                                    DALLAS                                                                                   MESQUITE                                                      80                  County
                                                                                                                                                                                            30                                                                              PRAIRIE
             20                                                                                                                                                                    303
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          20
                                                                                              1                                                                                                                                                                                                                                                             3                                                                                                                           175
                                                                                                                                                                                                                                                                         2
377                                                                                                        35W                                                                          287                                                                                                                                                                                                                                       45
                                                                                                                                                                                                                                                                                                                                                               35E
                                                                                                                                                                                                                                                                                                                                                                                                                                                        Dallas County
                                                                                                                                                                                                                                                                                      67
                                                                                                                                          Johnson County                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Ellis County





                         171

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              2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority

    INTRODUCTION

=== PDF PAGE 17 ===
                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                               North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority












Letter to Chairman Scott D. Levine And the
Board of Directors of the North Texas Tollway
Authority, Member Counties and Customers


The North Texas Tollway Authority (NTTA) is pleased to present the Annual Comprehensive Financial
Report  (ACFR  or  Report)  for  the  fiscal  year  ended  December  31,  2024.  This  submission  fulfills  the  reporting
requirements set forth in Section 711 of the Amended and Restated Trust Agreement and provides a detailed
overview of the financial condition and performance of the North Texas Tollway System (the System), including
both System and Non-System Fund operations.

The	                    System’s	    financial	                                              activities	                                                are	      accounted	                                                           for	              as	           an	             enterprise	                                                         fund	                         and	                    have	                          been	                            prepared	              in	         accordance
with	                       U.S.	                       Generally	                                                      Accepted	                                                       Accounting	                                                                 Principles	                                                      (GAAP).	                                             Management	                                                                            asserts	                                      that	                      the	                  enclosed	                                                   financial
statements	                                                              fairly	                          present,	                                  in	         all	            material	                                             respects,	                                              the	                 financial	                                              position	                                             of	          the	                 System	                                        as	           of	          December	                                                           31,	                 2024.
Full responsibility for the accuracy and completeness of this information rests with management, supported by
a	      comprehensive	                                                  framework	                                                            of	           internal	                controls	                designed	                                                     to	           ensure	       the	                  integrity	                                               of	           financial	                                              reporting.	                                                    These
controls	                are	       intended	                                                   to	           provide	                               reasonable,	                                                              rather	                                 than	                         absolute,	                                                    assurance	                                                        that	                      the	                  financial	                                              statements	                                                              are
free from material misstatement.

The	                      financial	                                               statements	                                                               are	       presented	                                              on	               a	       consolidated	                                                                          basis	                             and	                      include	                                          both	                           the	                   NTTA	         System	                                         and	                      the
Non-System	                                                                       Fund	                              associated	                                                             with	                        Tolling	                                Services	                                               Agreements	                                                  (TSAs).	                                       Independent	                                                                          auditor	                                         Crowe	                        LLP	                     has
issued	                                     an	               unmodified	                                                                  (“clean”)	                                                   opinion	                                            on	                the	                   System’s	      financial	                                                statements,	                                                                   reflecting	                                                   the	                   integrity	                                                of	            the
financial	                                               reporting	                                                 process.	                                   The	                      auditor’s	     opinion	                                           is	        provided	                                        at	           the	                  beginning	                                                          of	           the	                  financial	                                               section	                                         of	           this
report.

For	                 a	     detailed	                                             narrative	                                               analysis	                                         of	          the	                 financial	                                            results	                              and	                    overall	                                    performance,	                                       please	                                   refer	                    to	          the	                 Management’s
Discussion and Analysis (MD&A) section (pages 10–19), which should be reviewed in conjunction with this
transmittal letter.


                                                                                                                                                                                                                                                                                                                          1

=== PDF PAGE 18 ===
                                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                North Texas Tollway System                   North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority An Enterprise Fund of the North Texas Tollway Authority
























              ORGANIZATIONAL OVERVIEW
              Established by the Texas Legislature in 1997, the North Texas Tollway Authority was created to
              enhance	                                                 regional	                                           mobility	                                              in	          North	                                 Texas.	                             The	                      Authority	                                                     remains	                                        committed	                                                              to	            sound	                                   financial
              stewardship	                                 and	                       sustainable	                                                                 management	                                                                             of	             all	              resources	                    under	                                   its	              care—financial,	                                                                        physical,
              and environmental.

              The NTTA System currently includes the following facilities:
                •                       Dallas North Tollway (DNT)
                •	 President	George	Bush	Turnpike	(PGBT)
                •                       Sam Rayburn Tollway (SRT)
                •	 Mountain	Creek	Lake	Bridge	(MCLB)
                •                       Addison Airport Toll Tunnel (AATT)
                •	 Lewisville	Lake	Toll	Bridge	(LLTB)
                •	 Chisholm	Trail	Parkway	(CTP)
                •                       360 Tollway (360T)

                The	Non-System	Fund	accounts	for	TSAs	with	three	operational	models:
                1.                               Developer TSA Type 1 – NTTA remits payments for each transaction, assumes collection
                     risk,	and	is	compensated	per	transaction.
                2. Developer TSA Type 2	–	NTTA	remits	only	collected	funds	and	earns	a	per-transaction	fee.
                3. Regional TSA Type 3 – NTTA remits collected funds and is reimbursed for operating
                                                  expenses by the Texas Department of Transportation (TxDOT).

              Current TSA facility partnerships include:
                •                      Developer TSA Type 1: Interstate 635 (LBJ), North Tarrant Express 1 & 2W (NTE 1 & 2W).
                •                      Developer TSA Type 2: North Tarrant Express 3A/3B/3C, North East Texas RMA (Toll
                    49), Dallas/Fort Worth International Airport, Dallas Love Field Airport, and toll roads in
                    Oklahoma,	Kansas,	Texas,	Colorado,	and	Florida.
                •                      Regional TSA Type 3:	DFW	Connector,	I-30,	I-35E,	I-635E	(LBJ	East),	and	Midtown	Express
                    (SH-114,	Loop	12,	SH-183).









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=== PDF PAGE 19 ===
                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                    North Texas Tollway System                   North Texas Tollway System   An Enterprise Fund of the North Texas Tollway Authority An Enterprise Fund of the North Texas Tollway Authority
























FINANCIAL HIGHLIGHTS AND POLICIES
In 2024, net toll revenues—after accounting for bad debt expense—totaled $1,246,806,658,
representing a 5.9% increase over 2023 revenues. These results reinforce NTTA’s ongoing ability
to	           fund	                         operational	                                                                 needs,	                                      meet	                             debt	                           obligations,	                                                                   invest	                                 in	          infrastructure,	          and	                     maintain	                                                best-in-
class service for customers.

In accordance with Section 501 of the Amended and Restated Trust Agreement, NTTA must
maintain	                                                 toll	                   rates	                            that	                       generate	                                                    sufficient	                                                    Net	                      Revenues	                                                       (Gross	                   Revenues	                                                       less	                      Operating	                                                           and
Maintenance Expenses) to satisfy the greater of the following coverage requirements:

1. 1.35x coverage of First Tier Bonds’ scheduled debt service;

2. 1.20x coverage of First and Second Tier Bonds’ scheduled debt service;

3. 1.00x coverage of all outstanding obligations secured by Net Revenues.

NTTA met or exceeded all required coverage ratios in 2024.

RECOGNITION AND APPRECIATION

For	                  the	                 fiscal	                           year	                       ended	                                    December	                                                           31,	                 2023,	                               NTTA	       was	                    awarded	                      the	                 Certificate	                                                          of	          Achievement
for	                Excellence	                                                             in	          Financial	                                                  Reporting	                                                         by	              the	                  Government	                                     Finance	                                            Officers	                                            Association	                                                                 (GFOA).
This	                       recognition	                                                             reflects	                                     the	                  Authority’s	     commitment	                                                                        to	           high	                         standards	             in	          financial	                                              transparency
and accountability.

We extend our appreciation to the NTTA Board of Directors for their continued leadership and
strategic	                                                 oversight.	                                                        We	       also	                      acknowledge	                                                                            the	                  efforts	                         of	           NTTA’s	     dedicated	                                                          staff	   and	                     the	                  Finance
team, whose professionalism and diligence were instrumental in the preparation of this report..

Respectfully submitted,





Horatio Porter
Chief	Financial	Officer











                                                                                                                                                                                                                                                       3

=== PDF PAGE 20 ===
                                   2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                         North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                   GFOA AWARD












                              Government Finance Officers Association
                                         Certificate of
                                         Achievement
                                        for Excellence
                                          in Financial
                                            Reporting


                                               Presented to
                          North Texas Tollway Authority


                                    For its Annual Comprehensive
                                            Financial Report
                                       For the Fiscal Year Ended

                                           December 31, 2023






                                          Executive Director/CEO










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                                                     4

=== PDF PAGE 21 ===
                                    2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                       North Texas Tollway System  An Enterprise Fund of the North Texas Tollway Authority
                      NT  TA ORGANIZATION





              NTTA
      Board of Directors

                                             Sr. Director of Internal Audit &
                                              Enterprise Risk Management

              CEO/
       Executive Director


                                                                        General CounselGeneral Counsel

            Director of
          Public Affairs


                                                                                             Board SecretaryBoard Secretary

            Director of
       Human Resources

                                                                                            Assistant General Assistant General
                                                                                                 CounselCounsel






CFO/AED of FinanceCFO/AED of Finance           AED of OperationsAED of Operations         AED of InfrastructureAED of Infrastructure




       ControllerController                         Director ofDirector of               Director of Traffic andDirector of Traffic and
                                                 Customer CareCustomer Care              Incident ManagementIncident Management



      Director ofDirector of                   Director of ContactDirector of Contact           Director ofDirector of
Treasury ManagementTreasury Management       Center and CollectionsCenter and Collections     MaintenanceMaintenance




      Director ofDirector of                        Director ofDirector of                      Director ofDirector of
     ProcurementProcurement                  Information TechnologyInformation Technology    Project DeliveryProject Delivery




      Director of
      Director of
Business Development Business Diversity
  and Opportunities




                                                                                                                               5

=== PDF PAGE 22 ===
                                            2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                               North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
               BOARD OF DIRECTORS



















                      Scott Levine                         Mojy Haddad                           Derek V. Baker
                        Chairman                           Vice Chairman                          Collin County
                      Collin County                        Tarrant County














                     Marcus Knight                   George “Tex” Quesada                          Pete Kamp
                     Dallas County                         Dallas County                         Denton County














                     John Mahalik                       Andy Wambsganss                           Lynn Gravley
                    Denton County                          Tarrant County                         Gubernatorial
                                                                                                    Appointee



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












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=== PDF PAGE 23 ===
                                                                   2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                           North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority










                                                                                                                                                                              Crowe LLP
                                                                                                                                                                              Independent Member Crowe Global






                                                                       INDEPENDENT AUDITOR'S REPORT


To the Board of Directors
North Texas Tollway Authority


Report on the Audit of the Fina ncial 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,
2024     , 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, 2024                                                           , 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 Matter

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, 2024                                                     ,
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.

Responsibilities of Management for the Financial Statements

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

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



                                                                                                  (Continued)                                                                                                                             7

=== PDF PAGE 24 ===
                                                                   2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                               North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority













            Auditor’s Responsibilities for the Audit of the Fina nci al Statements

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

            In performing an audit in accordance with GAAS and Government Auditing Standards                                                                          , we:
            •                                         Exercise professional judgment and maintain professional skepticism throughout the                             audit.
            •                                  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
                   error, and design and perform audit procedures responsive to those risks. Such procedures include
                   examining, on                                     a test basis, evidence                  regarding                                     the                                     amounts and                                                        disclosures in the                                     financial statements.
            •                                        Obtain                   an                                      understanding                                     of internal control relevant to the                                     audit in order to design                                      audit procedures that are
                   appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
                   the System’s internal control. Accordingly, no such opinion is expressed.
            •                                     Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
                   estimates made                                                       by management, as well              as evaluate                 the                                     overall presentation                                   of the                                     financial statements.
            •                                        Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
                   substantial doubt about the                                     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
            we identified during the audit.

            Required Supplementary Information

            Accounting principles generally accepted in the United States of America require that the Management’s
            Discussion and Analysis on pages                                                      10-                                     19, Modified Approach –                                    Infrastructure Assets on pages 54                         -55, Schedule
            of Changes in Net Pension Liability/(Asset) and Related Ratios on page 56, Schedule of Employer Pension
            Contributions, on page 57, Schedule of Changes in PEBC Total OPEB Liability and Related Ratios on page 58,
            Schedule                  of Authority’s Share                  in ERS Net OPEB Liability, on                                     page                                                                           59, and                                                        Schedule                  of Authority’s Contributions
            to ERS OPEB on page 59                                                                                                         , 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.














8



                                                                                           (Continued)

=== PDF PAGE 25 ===
                                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                             North Texas Tollway System                     An Enterprise Fund of the North Texas Tollway Authority














Supplementary Information

Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively
comprise the                                     System’s               financial statements. The Schedule 1 is presented                                    for purposes of additional analysis and is
not a required part of the financial statements. Such information is the responsibility of management and was
derived from and relates directly to the underlying accounting and other records used to prepare the financial
statements. The information has been subjected to the auditing procedures applied in the audit of the financial
statements and certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the financial statements or to the financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in the
United States of America. In our opinion, the Schedule 1 is fairly stated, in all material respects, in relation to the
financial statements as a whole.

Other Information

Management is responsible for the other information included in the annual report. The other information
comprises the introductory section, the supplementary schedules 2 through 7, and statistical section but does not
include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not
cover the other information, and we do not express an opinion or any form of assurance thereon.

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

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated June 13,                                                                                                                                                   2025                                                         on                                        our
consideration of the System’s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is solely to describe                                      the                                       scope                                                         of our testing                                      of internal  control over financial reporting                                      and                                                         compliance                    and
the                                       results  of  that  testing,  and                                                          not  to  provide  an                                       opinion                                       on  the                                       effectiveness  of  the                                      System’s                 internal  control  over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the System’s internal control over financial reporting and
compliance.






                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Crowe LLP

Dallas, Texas
June                                                        13, 2025





















                                                                                                                                                                                                                                                 9





































































=== PDF PAGE 26 ===
                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                             North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                  NORTH TEXAS TOLLWAY SYSTEM
                                           Management’(An Enterprise Fund of the North Texas Tollway Authority)s Discussion and Analysis
                                                                Management’s Discussion and Analysis December 31, 2024
                                                                                December 31, 2024



          As Management of North Texas Tollway Authority (Authority), we offer readers the financial statements for
          the System, which consists of DNT, PGBT, CTP, SRT, MCLB, A AT T, LLTB, and the 360T. These toll roads
          make                      up   the  North   Texas   Tollway  System   fund.                                          The   Non-                                       System   Fund   is   a   fund   for   TSAs.   The   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 t  ransactions    (2)    Developer   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          expenses         from         TxDOT.
          Developer        TSA        (type1)        facilities        presently        consist        of        Interstate        Highway        635        (LBJ)        and        North        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 (DFWC), I                  -
          30, I-35E, I-635E (LBJ East) and Midtown Express (SH-114, Loop 12 and SH-183).

          We    have    included    an    overview     and    analysis    of    the    financial    activities    of    the   System    for    the    year    ended
          December 31,       2024.       This       discussion       and       analysis       is      designed       to       assist       the       reader       in       focusing       on       the
          financial  issues  and activities and to  identify any significant changes  in financial  position. Please read it in
          conjunction with the financial statements, which immediately follow this section.

          Using This Annual Report

          Overview of theFinancial Statements

          This    discussion    and    analysis    is    intended    to    serve    as    an    introduction    to    the System    financial    statements,
          notes to the financial statements, and required                   supplementary information. The                                        financial statements of the
          System     report     information      using     accounting     methods     consistent      with     reporting     for     an   enterprise     activity
          similar to those used by private sector companies.

          Statement of Net  Position: This statement presents information on the System and the Non-System fund
          assets    and    liabilities.    The    difference    between    the    assets    and    liabilities  is    reported    as    net   position.  Over
          time, changes                    in the net position are useful indicators of how the System is performing.

          Statement of Revenues, Expenses and Changes in Net   Position:  This statement presents information
          showing     the    System     and     the    Non-                                        System     fund                                                                revenues,     expenses,     and     how     the     net    position     changed
          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
          cash. It also presents the change in cash balance 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.















                                                                                           10




10

=== PDF PAGE 27 ===
                                                                                                                                                                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                            North Texas Tollway System                                                                                                                                 An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                  Management’s Discussion and Analysis
                                                                                                                                                                                                                                                        NORTH TEXAS TOLLWAY SYSTEM December 31, 2024
                                                                                                                                                              (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                 Management’s Discussion and Analysis
                                                                                                                                                                                                                                                                                                                          December 31, 2024
Financial Results and Analysis

2024 Highlights
                             •                                                 The      total                                                                           net p                                                        osition                                                                       increased      by                                            $460,066,997                                                                                                                                                                                            over f                                                                      iscal y                                                                             ear                                                           2023,                                                             m     ainly                                                                                 due      to      a      7.2%
                                                           increase                                                                                                                     in total o                                                                    perating r                                                                                                                                   evenues.
                             •                                                 The     System’s t                                                                                                                                                       otal                                                               traffic                                                                                              transactions                                                                                                                                                                                                         (excluding     non-r                                                           evenue     transactions)                                                                                             for                                                fiscal y                                                                                      ear                                                          2024
                                                           were 945,377,501                                                                                                                                                                                                          an                                         increase of                                                           14,445,756                                                                                                                                                                                      or 1.6% over                                                                       fiscal                                                                                    year                                                                       2023                                                             transactions.
                             •                                                 The Non-S                                                                  ystem                                                                                                  Fund total t                                                                    raffic t                                                                              ransactions f                                                                                                                                                                                         or f                                iscal y                                                                        ear 2                                                    024 were 220,4                   91,725, an increase
                                                           of15,094,721,                                                                                                                                                                                                                                        or                                 7.3% over f                                                                      iscal y                                                                        ear                                                      2023                                                             transactions.
                             •                                                 Approximately                                                                                                                                                                                                                                     7,995,000                                                                                                                                                                toll t                                            ags w                                                         ere active at t                            he end of f                            iscal y                                                                      ear                                                    2024,                                                             an increase of                             989,724
                                                           or 14.1%                                                                         over f                                                                      iscal y                                                                        ear                                                      2023                                                             active toll t                                             ags.
                             •                                                 In   2007,                                                                                              the                                            System                                                                                                                              received                                                                                                                                              a   toll                                                  equity    grant                                                                                       in                                the                                                      amount                                                                                                                             of                                  $160,270,000                                                                                                                                                                                                                                  from                         TxDOT                                                                                                                         for
                                                           Right                                                                                        of                                  Way                                                                             acquisition                                                                      and    other                                                                                       costs                                                                                        related                                                                                              to   the    PGBT                                                                                                       Eastern                                                                                                             Extension                                                                                                                                              (PGBT                                                                                                                   EE).                                                                In
                                                           return  for t                                           he  grant, t                                                                                              he  Authority                                                                                                                                                  agreed  to  share  20%  of                                                                                                        the t                                                  olls r                                                       eceived  on                                                                                                                                                                       the  PGBT                                                                                                                                                       EE                                                   with
                                                           TxDOT o v                                                                                                                    er t                               he life of                                              PGBT E                                                                          E. The ex                                                             tension                                                                                                opened                                                                                                                         in                            late                                       December 20                                                                                                                                                                       11.                                                  In fiscal y e                                                                        ar                                2024
                                                           TxDOT r                                                                                                                    eceived       $12                   ,256,691.07                                                                                                                                                                                                      on                                               42,571,811                                                                                                                                                    transactions i                                                                                                                                                                                                         n       comparison       to                                    $11,553,95                                                                                                                                   6       on
                                                           41,941,863 t                                                                                                                                             ransactions i                                                                                                                                                                                         n 2023.
                             •                                                 The System’s t                                                                                                                                                  oll r                                   evenues                                                                                                                                         of $                             1,19                              8,341,866,                                                                                                                                                                  net of bad debt ex                                                                     pense, i                                                                                                           ncreased by                                                                                                                                                     $66,990,073
                                                           or 5.9                                                              % over f                                                                      iscal y                                                                        ear 2                                                    023,                                         due to a                     1.6%                               increase                                                                                                                                          in traffic t                                                                                        ransactions.
                             •                                                 The       Non-S                                                                  yst                                    em      Fund       total                                                                                                                      operating                                                                                                                     revenues o                                                                                                                                                           f $      125,382,499                                                                                                                                                                                                                 increased                                                                                                                                                                    by                                              $14,473,052       or
                                                           13.1%                                                        over f                                                                           iscal y                                                                            ear 2                                                        023,                                             due     to               a     7.3%     increase                                                                                                                                              in                                 overall                                                                                                               TSA     transactions,                                                                                                                            and     an     8.2%
                                                           increase in        the average                                                                                                                                    developer T                                                                                                                                                               SA t                                                ransaction v                                                                                                                                                                       alue.
                             •                                                 The System’s A                                                                                                                                                  dministration and Operations ex                                                                                                                                                                               penses of                                                                                                                     $223,854,367                                                                                                                                                                                                                              inc                           reased                                                                                          by                                      $21,040,293
                                                           or                                 10.4% o                                                                      ver                                                   fiscal y                                                                                  ear                                                      2023.                                                             (See B                                                                            udget t                                                                                          o Actual                                                                             Schedule – page 83)
                             •                                                 The        Non-S                                                                  ystem                                                                                                          Fund                                                                                           administration        and                                                                                                                                                                                                                                          operations        expenses         of $                                                                                                                                                                                                                                                                                                                                  92,320,162                                                                                                                                                                                             decreased        by
                                                           $79,559                                                                                            or                                 0.1%                               from                                                               fiscal y                                                                                  ear                                                     2023.

































                                                                                                                                                                                                                                                                                                                                                                            11                                                                                                                                                                                                                                                                                                                                                                                                                                                   11

=== PDF PAGE 28 ===
                                                                                                                                                                                                                                                                                                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                      North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                NORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                           Management’(An Enterprise Fund of the North Texas Tollway s Discussion and AnalysisAuthority)
                                                                                                                                                                                                                                                                                                                                        Management’s Discussion and Analysis December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                           December 31, 2024


                                                                                                                                                                                                                                                                                                                                                                                                   Summary of OperationSummary of Operations s


                                                                                                                                                                                                                                                                                                                                                                                                                                                Table A-1Table A-1
                                                                                                                                                                                                                                                                                                                                                                                                                                      Net Position Net Position



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2024                                                                                                                                                                                                                                                                                                                                         2023
                                                            Current unrestricted assets                                                                                                                                                                                                                                                                                                                                                                                                                         $                                                                                                                                   1,064,144,602                                                                                                                                                                                                                                                                                                                                              $                                                                                                                                                                            964,317,271
                                                            Current restricted assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              779,260,246                                                                                                                                                                                                                                                                                                                                                                                                              637,176,809
                                                            Noncurrent assets
                                                              Investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               506,761,838                                                                                                                                                                                                                                                                                                                                                                                                              475,618,195
                                                              Restricted investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      148,764,134                                                                                                                                                                                                                                                                                                                                                                                                              278,497,732
                                                              Other assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          9,371,205                                                                                                                                                                                                                                                                                                                                                                                                              1,957,139
                                                              Capital assets:
                                                                 Nondepreciable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     7,247,023,219                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  7,077,687,938
                                                                 Depreciable (net)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            94,979,685                                                                                                                                                                                                                                                                                                                                                                                            106,114,989
                                                                 Right-to-use asset (net)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,547,784,654                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  1,575,314,965
                                                            Total assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   11,398,089,583                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               11,116,685,038
                                                            Deferred outflow of resources                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            1,733,035,351                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  1,939,368,828
                                                            Current unrestricted liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             223,379,518                                                                                                                                                                                                                                                                                                                                                                                                              193,724,420
                                                            Current liabilities payable from restricted assets                                                                                                                                                                                                                                                                                                       508,608,663                                                                                                                                                                                                                                                                                                                                                                                                              480,066,663
                                                            Noncurrent liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                1,680,252,451                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  1,658,110,014
                                                            Long-term debt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         9,018,183,289                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  9,461,922,119
                                                            Total liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       11,430,423,921                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               11,793,823,216
                                                            Deferred inflow of resources                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             70,153,557                                                                                                                                                                                                                                                                                                                                                                                                              91,750,191
                                                            Net position:
                                                            Investment in capital assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (1,990,923,806)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         (2,355,657,820)
                                                            Restricted for debt service                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            2,018,872,655                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    1,920,365,072
                                                            Restricted for net pension asset                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            9,371,205                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  -
                                                            Unrestricted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,593,227,402                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    1,605,773,207
                                                            Total net position                                                                                                                                                                                                                                                                                                                                                                                                           $                                                                                                                                                                                                                                                                                                                                                                       $                                                                                                                                                 1,170,480,4591,630,547,456


                                                        The                                         net position indicates an unrestricted current ratio of 4.         76 and 4.98                                       for fiscal year 2024 and fiscal year
                                                        2023,                                                                 respectively. Working capital was $840,                                       765,084                                        and $770,592,851                                           in fiscal year 2024 and fiscal year
                                                        2023                                                              , respectively. Total unrestricted current assets were $1,064,144,602                                                 in fiscal year 2024                    , compared to
                                                        $964,317,271                   in fiscal year  2023                 . Total unrestricted and restricted current assets were $1,                             843,404,848  at
                                                        the end of fiscal year  2024                                       .  Cash and investments of $1,616,701,151                                                    represent the largest component of
                                                        current assets. The remaining $226,703,697                                                                                                                                      is comprised of accrued interest receivable of $8,                  800,037                                       ,
                                                        accounts receivable of $1                                  81,312,774,                         inter-project/interagency receivables of $35,334,033, and prepaid
                                                        expenses of $1,256,853.
                                                        Total unrestricted current liabilities were $2                  23,379,518 at the end of f                        iscal year 2024                                       , consisting of
                                                        $4,568,513                                         of accounts payable, $1                             29,259,682 of deferred revenue, $55,                                      558,567 of accrued liabilities and
                                                        interagency payables of $3                   3,992,756.








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12

=== PDF PAGE 29 ===
                                                                                                                                                                                                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                    North Texas Tollway System                                                                                                                              An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                           Management’s Discussion and Analysis
                                                                                                                                                                                                                                                                                                December 31, 2024
                                                                                                                                                                                                                                              NORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                        (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                       Management’s Discussion and Analysis Summary of Operations
                                                                                                                                                                                                                                                                                                             December 31, 2024
                                                                                                                                                                                                                                                                                                                                                  Table A-2
                                                                                                                                                                                                                                                                                               Changes in Net PositionTa ble  A-2
                                                                                                                                                                                                                                                                                                       Change in Net Pos ition


                                                            Revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            2024                                                                                                                                                                                                                                                                                  2023
                                                                                  Tolls                                                                                                                                                                                                                                                                                                    $                                                 1,246,806,658                                                                                                $                                          1,177,042,133
                                                                                  Other revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                176,648,502                                                                                                                                                                                                                                                                                                                                                        150,981,401
                                                                                  Operating revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       1,423,455,160                                                                                                                                                                                                                                                                                                                                                        1,328,023,534
                                                            Operating expens es  before depreciation                                                                                                                                                                                                                                                                                                                 445,590,167                                                                                                                                                                                                                                                                                                                                                        383,111,012
                                                                                  Incom e from  operations  before depreciation                                                                                                                                                                                                         977,864,993                                                                                                                                                                                                                                                                                                                                                        944,912,522
                                                            Am ortization of intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (117,814,632)                                                                                                                                                                                                                                                                                                                                                        (110,858,844)
                                                            Depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               (7,578,986)                                                                                                                                                                                                                                                                                                                                        (9,694,133)
                                                                                  Operating incom e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         852,471,375                                                                                                                                                                                                                                                                                                                                                        824,359,545
                                                            Nonoperating revenue (expens es ):
                                                                                  Decreas e in fair value of inves tm ents                                                                                                                                                                                                                                                                                                                               18,759,347                                                                                                                                                                                                                                                                                                                                        30,293,655
                                                                                  Interes t expens e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (441,161,926)                                                                                                                                                                                                                                                                                                                                                        (451,229,164)
                                                                                  Oth e r                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           10,434,814                                                                                                                                                                                                                                                                                                                                                           1,475,616
                                                                                  Net nonoperating revenue (expens es ):                                                                                                                                                                                                                                                                            (411,967,765)                                                                                                                                                                                                                                                                                                                                                        (419,459,893)
                                                                                  BAB's  s ubs idy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          19,563,387                                                                                                                                                                                                                                                                                                                                        19,643,079
                                                            Change in net pos ition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           460,066,997                                                                                                                                                                                                                                                                                                                                                        424,542,731
                                                                                  Net pos ition - beginning                                                                                                                                                                                                                                                                                                                                                                                                                                                                          1,170,480,459                                                                                                                                                                                                                                                                                                                                                                                   745,937,728
                                                                                  Net pos ition - ending                                                                                                                                                                                                                                                                                   $                                                                                                                                                                                                                                                                                                                                                                                        1,170,480,4591,630,547,456$



Total operating revenues were $1,423,4                                      55,160                                                  for fiscal year 2024                                       and $1,328,023,534                  for fiscal year 2023.
Toll revenues in fiscal year 2024 w                                        ere $1,246,806,658 (net of bad debt expense                    of $262,409,203)                                                           , a 5.9%
increase    in                        comparison    to    fiscal    year    2023    toll    revenues    of                                  $1,177,042,133                                           (net    of                                  bad    debt    expense    of
$183,643,641).                                                                                                                                                                                                                           Traffic on the System                                                                                                                          and the Non-S                                                                 ystem                                                                                                  Fund increased                                        with average daily transactions
of                                       2,582,998                                                                                                                                                   and                                                                     602,436                                                                                                                                          in                                     fiscal                                                                                          year                                                                               2024                                                                     as                                               compared                                                                                                                                                                        to                                       2,550,498                                                                                                                                                                        and                                                                     562,732                                                                                                                                           in                                     fiscal                                      year
2023,                                                            respectively.
Total    operating    expenses,     including    the    Operation    and    Maintenance    Fund,    Reserve    Maintenance    Fund,
Capital     Improvement     Fund,     and     Construction     Improvement     expenses     before     depreciation     for     fiscal     year
2024                                               were       $445,590,167                           representing       a       16.3%                                                                            increase       over       fiscal       year       2023                                               operating       expenses       of
$383,111,012. Interest expense, inclusive of capitalized interest, for fiscal year 2024                     was $441,161,926, a
2.2%                                        decrease                              from                                                                                  fiscal                                                                                            year                                                             2023                                                                     interest                                                                                                                                expense                                                                                                                                                 of                                        $451,229,164.                                                                                                                                                                        The                                                                         System’s                                                                                                                                                             debt                                                                                 service
coverage  for  all  debt  for  fiscal  year                                                                     2024                                                             and fiscal  year                                                                          2023                                                             were                                                                               1.56  and  1.57                                                                        times,  respectively.          The
Trust  Agreement  and  the  Authority’s  Debt  Policy  both  require  bond  principal  and  interest  coverage  of  1.35
for                                              first                                                              tier                                                      debt.                                                                          For                                                          fiscal    year                                                        2024,                                                                the                                                      debt                                                                          service                                                                                                                     coverage                                                                                                                                                       for                                              first                                                              tier                                                      debt                                                                          was                                                                    2.43.                                                                           Please                                                                                                                 see
Footnote 2 on page 30                   and 31
The overall         financial                            position in                            fiscal year                                                    2024                                         increasedby                                                                                        $460,066,997                    from                                                  fiscal year                                                     2023.














                                                                                                                                                                                                                                                                                                                                                             13                                                                                                                                                                                                                                                                                                                                                                                                                                          13

=== PDF PAGE 30 ===
                                                                                            2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                 North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                              Management’NORTH TEXAS TOLLWAY SYSTEMs Discussion and Analysis
                                                                   (An Enterprise Fund                      of the                    North                                   Texas Tollway Authority)
                                                                                             Management’sDecember 31, 2024                  Discussio n and Analysis
                                                                                                                     December                                31,                                                  2024


                Investments:         Investments         at         December 31,         2024                                                 and         2023                                                 were          approximately         $2,227,806,743         and
                $2,103,313,3                                                                                                                                          81                                         respectively.    Chart A-3                        below shows the types of authorized investments                                                                                                                                                                                              in the December
                31, 2024 p                                                                                                                                           ortfolio.

                                                                                                                                Chart A-3

                         U.S. Agencies
                         U.S. Treasuries                                                           Investments by  Type
                         Government Pools
                         Money Market Funds
                         Interest Bearing Accounts                                                        Interest Bearing
                                                                                                                 Accounts
                                                                                                                        0%
                      Money Market Funds                                                                                                                                        U.S. Agencies
                                        25%                                                                                                                                               37%
















                                                                                                                                                                                              U.S. Treasuries
                                                                                                                                                                                                          8%
                                      Government Pools
                                                     30%



























                                                                                                                                     14



14

=== PDF PAGE 31 ===
                                                                                                           2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                     North Texas Tollway System                                             An Enterprise Fund of the North Texas Tollway Authority
                                                                Management’NORTH TEXAS TOLLWAY SYSTEM s Discussion and Analysis
                                                                       (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                            Management’s Discussion and Analysis
                                                                                                                                             December 31, 2024

Chart A-4 below shows           revenue in fiscal year 2024 by revenue source type.

                                                                                                                                                             Chart A-4

                                                                                                             Gross Revenue by Type                                                                                                                                                         Toll Revenues
                                                                                                                                                                                                                                                                                           Interest Income
         Other Revenues                                                                                                                                                                                                                                                                    Other Revenues
                         7.2%



     Interest Income
                     5.2%







                                                                                                                                                                                                                                                                                                            Toll Revenues
                                                                                                                                                                                                                                                                                                                        87.6%



Net                                                                  revenue                                                                                          for                                                    fiscal                                                                                              year                                                                                 2024                                                   were                                                                                        $1,423,455,160,           a           7.2%                                                                                                                                                                                                                                               increase                                                                                                                                                  from                                                                                  fiscal                                                                                              year                                                                                  2023                                                                      net
revenue   of  $1,328,023,534.   Toll   revenues   of   $1,246,806,658                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (net   of   bad   debt   expenses                                                                                                                                                           of   $262,409,203)
account    for    87.6%    of    total    revenue.                       The    remaining    12.4%    of    total    revenue    consisted    of:    Interest    income
(excluding   Construction   Fund   interest)   of   $74,729,938   or   5.2%,             and                                                               Other   Revenues                                          of   $101,918,564                       or
7.2%          (which          was          mostly           administrative         and          statement          fees          for          collection          of          tolls         from          violators           and
interoperability fees).






























                                                                                                                                                                    15


                                                                                                                                                                                                                                                                                                                                                                            15

=== PDF PAGE 32 ===
                                                         2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                        North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                      Management’NORTH TEXAS TOLLWAY SYSTEM s Discussion and Analysis
                                         (An Enterprise Fund of the North Texas Tollway Authority)
                                                         Management’s Discussion and Analysis December 31, 2024
                                                                        December 31, 2024


          Chart A-5 below shows the System’s actual toll revenue for fiscal year 2024 compared to the estimated toll
          revenue  of  the  Authority’s  traffic  and  toll  revenue  engineer, CDM  Smith  Inc.  (CDM).  Toll  revenue  is  more
          than                                                            CDM’s estimates by 1.7%.

                                                                               Chart A-5




             $1,300,000,000


             $1,100,000,000


                $900,000,000

                $700,000,000                                                                                                         Actual Toll Revenue
                                                                                                                                     CDM Estimate
                $500,000,000


                $300,000,000


                $100,000,000
                                                      Actual vs. Estimated Toll Revenue




          Traffic on the System           increased to approximately 2,582,998                    average daily transactions in                    fiscal year 2024,
          up 1.3% from the 2,550,498                              daily averages in fiscal year             2023.






























                                                                                  16


16

=== PDF PAGE 33 ===
                                                                                                          2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                    North Texas Tollway System                                             An Enterprise Fund of the North Texas Tollway Authority
                                                                Management’NORTH TEXAS TOLLWAY SYSTEM s Discussion and Analysis
                                                                      (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                           Management’s Discussion and Analysis December 31, 2024
                                                                                                                                           December 31, 2024


Engineering                       Estimates

The annual estimates by CDM for the System are displayed in comparison to the actual revenue of the
System for the years of 2015 through 2024 in Table A-6 below:

                                                                                                                                                           Table  A- 6
                                                                                                                                 Ac  tual  vs  Esti mated  Revenue

                       Year                                                                          Act ual                                                                              Est imat e                                                                                 Var iance
                       2024                                   $                                              1, 198, 341, 866                                   $                        1, 178, 505, 800                                    $                                                                19, 836, 066
                       2023                                                                                  1, 131, 351, 793                                                            1, 045, 777, 500                                                                                                     85, 574, 293
                       2022                                                                                  1, 034, 979, 719                                                                   954, 195, 800                                                                                                 80, 783, 919
                       2021                                                                                        898, 653, 592                                                                786, 903, 700                                                                                             111, 749, 892
                       2020                                                                                        714, 035, 883                                                                928, 342, 600                                                                                          (214, 306, 717)
                       2019                                                                                        886, 843, 141                                                                886, 656, 101                                                                                                           187, 040
                       2018                                                                                        841, 491, 016                                                                843, 189, 300                                                                                                  ( 1, 698, 284)
                       2017                                                                                        712, 551, 456                                                                721, 068, 400                                                                                                  ( 8, 516, 945)
                       2016                                                                                        665, 212, 316                                                                636, 987, 300                                                                                                  28, 225, 016
                       2015                                                                                        617, 488, 044                                                                588, 534, 400                                                                                                  28, 953, 644

The System’s fiscal year 2024                     toll revenues                                                             of                               $1,198,341,866                                                            (net                               of                               bad debt                                                   expense of                               $201,196,448)
increased                                                                                                                                                                  by                                             5.9%        from                                                                               fiscal                                                                                        year                                                                             2023                                                                   toll                                                     revenue                                                                                                                                        of                                     $1,131,351,793                                                                                                                                                                                                                       (net                                                                     of                                     bad       debt                                                                             expense                                                                                                                          of
$151,374,172).                                                                                                                                                                 The System’s                                                                                                                                                   total  revenues  produced                                        a debt                                                                      coverage                                                                                                                                  ratio                                                                         of                                 1.56                                        for                                             all   debt.                                                                         Please                                                                                          see
the Historical Debt Coverage Table (                                               A-8) on page 19.

Capital Assets –                 The System’s investment in capital assets includes land, buildings, right-of-way, roadway,
bridges,                      equipment,                      computer                      systems,                      right-to-use                                                            leased                      and                      Subscription-                                        Based                      Information
Technology       Arrangement      (SBITA)      assets.       Capital       assets      at      December      31,       2024      were      $8,889,787,558,
increasing from December 31, 2023                                      by $130,669,666.                                                                               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                                                      2024                                                            ,  the  Authority                              estimated  it  would  need  to
spend                                                                                   $85,049,483                                          for                                   infrastructure   maintenance                       and   preservation,                                                     but                                 actually                     expens                                                            ed   $58,853,678.
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        2024                                                                   assessment,        please        see      the       Required       Supplementary        Information      on
pages 54 and 5                                                           5 o                   f this report.                                                                                                                                                                                              The Authority’s Condition Index for 2024 i                                                           s 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 a         greement.














                                                                                                                                                                  17


                                                                                                                                                                                                                                                                                                                                                                        17

=== PDF PAGE 34 ===
                                                                                                                                                                                                                                                                                                                    2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                          North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                               Management’NORTH TEXAS TOLLWAY NORTH TEXAS TOLLWAY NORTH TEXAS TOLLWAY NORTH TEXAS TOLLWAY s Discussion and AnalysisSYSTEMSYSTEMSYSTEMSYSTEM
                                                                                                                                                                                            (An Enterprise Fund(An Enterprise Fund(An Enterprise Fund(An Enterprise FundNORTH TEXAS TOLLWAY  o                      f theDecember 31, 2024 o                      f the o                      f the o                      f the N                    orth N                    orth T                                  exas Tollway Authority) N                    orth N                    orth T                                  exas Tollway Authority)SYSTEM T                                  exas Tollway Authority) T                                  exas Tollway Authority)
                                                                                                                                                                                        (An Enterprise FundManagement’sManagement’sManagement’sManagement’s o                      f the                Discussion and Analysis  N                    orth                Discussion and Analysis                 Discussion and Analysis                 Discussion and Analysis  T                                  exas Tollway Authority)
                                                                                                                                                                                                                                                                                Management’sDecember                Discussion and Analysis DecemberDecemberDecember 31, 20                                                                                 24      31, 20                                                                                 24      31, 31, 20                                                                                 24      20                                                                                 24

                  The Authority uses the straight-line to amortize the cost of the acquisition and the construction costs of the The Authority uses the straight-line to amortize the cost of the acquisition and the construction costs of the The Authority uses the straight-line to amortize the cost of the acquisition and the construction costs of the The Authority uses the straight-line to amortize the cost of the acquisition and the construction costs of the December 31, 20                                                                                 24
              The Authority uses the straight-line to amortize the cost of the acquisition and the construction costs of the SRT over the term of the SRT over the term of the SRT over the term of the SRT over the term of the p           roject. The effect of such amortizationp           roject. The effect of such amortizationp           roject. The effect of such amortizationp           roject. The effect of such amortization r                   educe r                   educe r                   educe r                   educes                   the Authority’s net revenues  as s                   the Authority’s net revenues  as s                   the Authority’s net revenues  as s                   the Authority’s net revenues  as
              SRT over the term of the reported on the reported on the reported on the reported on the G                                                 enerally Accepted Accounting Principles (GAAPG                                                 enerally Accepted Accounting Principles (GAAPG                                                 enerally Accepted Accounting Principles (GAAPG                                                 enerally Accepted Accounting Principles (GAAPp           roject. The effect of such amortization)                                               basis.  Since the  r                   educe)                                               basis.  Since the )                                               basis.  Since the )                                               basis.  Since the s                   the Authority’s net revenues  as amortizationamortizationamortizationamortization                                                                      is a non                                                                      is a non                                                                      is a non                                                                      is a non----
              reported on the cash item, it cash item, it cash item, it cash item, it does         not impact  the Authority’s calculation of net revenues available per the Trust Agreement. G                                                 enerally Accepted Accounting Principles (GAAPdoes         not impact  the Authority’s calculation of net revenues available per the Trust Agreement. does         not impact  the Authority’s calculation of net revenues available per the Trust Agreement. does         not impact  the Authority’s calculation of net revenues available per the Trust Agreement. )                                               basis.  Since the amortization                                                                      is a non-
              cash item, it Long-             Term Debt –              At the end of LongLongLong-             Term Debt –              At the end of -             Term Debt –              At the end of -             Term Debt –              At the end of does         not impact  the Authority’s calculation of net revenues available per the Trust Agreement. fiscal year                       202fiscal year                       202fiscal year                       202fiscal year                       2024                        , the Authority’s total bonded debt outstanding was 4                        , the Authority’s total bonded debt outstanding was 4                        , the Authority’s total bonded debt outstanding was 4                        , the Authority’s total bonded debt outstanding was
              Long$8,836,317,794   compared to $9,258,311,219-             Term Debt –              At the end of $8,836,317,794   compared to $9,258,311,219$8,836,317,794   compared to $9,258,311,219$8,836,317,794   compared to $9,258,311,219fiscal year                       202                               in fiscal year 202                               in fiscal year 2024                        , the Authority’s total bonded debt outstanding was                                in fiscal year 202                               in fiscal year 2023                               (See Table A -7). This debt represents 3                               (See Table A -7). This debt represents 3                               (See Table A -7). This debt represents 3                               (See Table A -7). This debt represents
              $8,836,317,794   compared to $9,258,311,219bonds secured solely by toll revenue. For detailed information see Note (5) and the schedule of revenue bonds secured solely by toll revenue. For detailed information see Note (5) and the schedule of revenue bonds secured solely by toll revenue. For detailed information see Note (5) and the schedule of revenue bonds secured solely by toll revenue. For detailed information see Note (5) and the schedule of revenue                                in fiscal year 2023                               (See Table A -7). This debt represents
              bonds secured solely by toll revenue. For detailed information see Note (5) and the schedule of revenue bonds o                                                                                                 utstandingbonds o                                                                                                 utstandingbonds o                                                                                                 utstandingbonds o                                                                                                 utstanding a                                                                                                                                                                     s of December a                                                                                                                                                                     s of December a                                                                                                                                                                     s of December a                                                                                                                                                                     s of December 3                                                                                                                                                                                                                                        1, 202 3                                                                                                                                                                                                                                        1, 202 3                                                                                                                                                                                                                                        1, 202 3                                                                                                                                                                                                                                        1, 2024,                                                                                                    on page 4,                                                                                                    on page 4,                                                                                                    on page 4,                                                                                                    on page 36. 36. 36. 36.

              bonds o                                                                                                 utstanding a                                                                                                                                                                     s of December 3                                                                                                                                                                                                                                        1, 2024,                                                                                                    on page 36. Table A-7Table A-7Table A-7Table A-7
                                                                                                                                                                                                                                                                                                                                                                Revenue Bonds OutstandingRevenue Bonds OutstandingRevenue Bonds OutstandingRevenue Bonds OutstandingTable A-7

                                                                                                                                                                               SeriesSeries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        2024                                                                                                                                                                                                                                                                                                           2023SeriesSeries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        2024                                                                                                                                                                                                                                                                                                           2023Revenue Bonds Outstanding2024                                                                                                                                                                                                                                                                                                           20232024                                                                                                                                                                                                                                                                                                           2023

                                                                                                                                                                           Series                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        2024                                                                                                                                                                                                                                                                                                           2023Series 2008DSeries 2008D                                                                                                                                                                                                                      $                                                                                    1,066,322,794Series 2008D                                                                                                                                                                                                                      $                                                                                    1,066,322,794Series 2008D$                                                                                    1,066,322,794                                                                                                                                                                                                                                                                                                                    $                                                                                                                             1,005,676,219$                                                                                    1,066,322,794                                                                                                                                                                                                                                                                                                                    $                                                                                                                             1,005,676,219                                                                                                                                                                                                                                                                                                                    $                                                                                                                             1,005,676,219                                                                                                                                                                                                                                                                                                                    $                                                                                                                             1,005,676,219
                                                                                                                                                                           Series 2008D                                                                                                                                                                                                                      $                                                                                    1,066,322,794Series 2009BSeries 2009B                                                                                                                                                                                                                                                                                                                                                              825,000,000Series 2009B                                                                                                                                                                                                                                                                                                                                                              825,000,000Series 2009B                                                                                                                                                                                                                                                                                                                    $                                                                                                                             1,005,676,219                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   825,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   825,000,000825,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   825,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   825,000,000825,000,000
                                                                                                                                                                           Series 2009B                                                                                                                                                                                                                                                                                                                                                              825,000,000Series 2010B  *Series 2010B  *                                                                                                                                                                                                                                                                                                                                                42,975,000Series 2010B  *                                                                                                                                                                                                                                                                                                                                                42,975,000Series 2010B  *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   825,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       48,855,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       48,855,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       48,855,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       48,855,00042,975,00042,975,000
                                                                                                                                                                           Series 2010B  *                                                                                                                                                                                                                                                                                                                                                42,975,000Series 2014ASeries 2014A                                                                                                                                                                                                                                                                                                                                                                                  65,895,000Series 2014A                                                                                                                                                                                                                                                                                                                                                                                  65,895,000Series 2014A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       48,855,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   106,915,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   106,915,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   106,915,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   106,915,00065,895,00065,895,000
                                                                                                                                                                           Series 2014A                                                                                                                                                                                                                                                                                                                                                                                  65,895,000Series 2015ASeries 2015A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                                       802,860,000Series 2015A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                                       802,860,000Series 2015A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   106,915,000-                                                                                                                                                                                                                                       802,860,000-                                                                                                                                                                                                                                       802,860,000
                                                                                                                                                                           Series 2015A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                                       802,860,000Series 2015BSeries 2015B                                                                                                                                                                                                                                                                                                                                                                                  14,775,000Series 2015BSeries 2015B                                                                                                                                                                                                                                                                                                                                                                                  14,775,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   369,290,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   369,290,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   369,290,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   369,290,00014,775,00014,775,000
                                                                                                                                                                           Series 2015B                                                                                                                                                                                                                                                                                                                                                                                  14,775,000Series 2016ASeries 2016A                                                                                                                                                                                                                                                                                                                                                              459,285,000Series 2016A                                                                                                                                                                                                                                                                                                                                                              459,285,000Series 2016A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   369,290,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,835,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,835,000459,285,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,835,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,835,000459,285,000
                                                                                                                                                                           Series 2016A                                                                                                                                                                                                                                                                                                                                                              459,285,000Series 2017ASeries 2017A                                                                                                                                                                                                                                                                                                                                1,370,995,000Series 2017A                                                                                                                                                                                                                                                                                                                                1,370,995,000Series 2017A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,835,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,376,205,0001,370,995,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,376,205,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,376,205,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,376,205,0001,370,995,000
                                                                                                                                                                           Series 2017A                                                                                                                                                                                                                                                                                                                                1,370,995,000Series 2017BSeries 2017B                                                                                                                                                                                                                                                                                                                                                              585,700,000Series 2017B                                                                                                                                                                                                                                                                                                                                                              585,700,000Series 2017B                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,376,205,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   587,840,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   587,840,000585,700,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   587,840,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   587,840,000585,700,000
                                                                                                                                                                           Series 2017B                                                                                                                                                                                                                                                                                                                                                              585,700,000Series 2018ASeries 2018A                                                                                                                                                                                                                                                                                                                                                              356,085,000Series 2018A                                                                                                                                                                                                                                                                                                                                                              356,085,000Series 2018A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   587,840,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   356,085,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   356,085,000356,085,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   356,085,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   356,085,000356,085,000
                                                                                                                                                                           Series 2018A                                                                                                                                                                                                                                                                                                                                                              356,085,000Series 2019ASeries 2019A                                                                                                                                                                                                                                                                                                                                                              356,165,000Series 2019A                                                                                                                                                                                                                                                                                                                                                              356,165,000Series 2019A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   356,085,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,490,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,490,000356,165,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,490,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,490,000356,165,000
                                                                                                                                                                           Series 2019A                                                                                                                                                                                                                                                                                                                                                              356,165,000Series 2019BSeries 2019B                                                                                                                                                                                                                                                                                                                                                              164,240,000Series 2019B                                                                                                                                                                                                                                                                                                                                                              164,240,000Series 2019B                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,490,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,670,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,670,000164,240,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,670,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,670,000164,240,000
                                                                                                                                                                           Series 2019B                                                                                                                                                                                                                                                                                                                                                              164,240,000Series 2020ASeries 2020A                                                                                                                                                                                                                                                                                                                                                              192,105,000Series 2020A                                                                                                                                                                                                                                                                                                                                                              192,105,000Series 2020A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,670,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,105,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,105,000192,105,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,105,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,105,000192,105,000
                                                                                                                                                                           Series 2020A                                                                                                                                                                                                                                                                                                                                                              192,105,000Series 2020BSeries 2020B                                                                                                                                                                                                                                                                                                                                                              315,260,000Series 2020B                                                                                                                                                                                                                                                                                                                                                              315,260,000Series 2020B                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   192,105,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,725,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,725,000315,260,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,725,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,725,000315,260,000
                                                                                                                                                                           Series 2020B                                                                                                                                                                                                                                                                                                                                                              315,260,000Series 2020CSeries 2020C                                                                                                                                                                                                                                                                                                                                                                                19,355,000Series 2020C                                                                                                                                                                                                                                                                                                                                                                                19,355,000Series 2020C                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   376,725,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       25,205,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       25,205,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       25,205,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       25,205,00019,355,00019,355,000
                                                                                                                                                                           Series 2020C                                                                                                                                                                                                                                                                                                                                                                                19,355,000Series 2021ASeries 2021A                                                                                                                                                                                                                                                                                                                                                              244,440,000Series 2021A                                                                                                                                                                                                                                                                                                                                                              244,440,000Series 2021A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       25,205,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   402,110,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   402,110,000244,440,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   402,110,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   402,110,000244,440,000
                                                                                                                                                                           Series 2021A                                                                                                                                                                                                                                                                                                                                                              244,440,000Series 2021BSeries 2021B                                                                                                                                                                                                                                                                                                                                                              446,045,000Series 2021B                                                                                                                                                                                                                                                                                                                                                              446,045,000Series 2021B                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   402,110,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   446,045,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   446,045,000446,045,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   446,045,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   446,045,000446,045,000
                                                                                                                                                                           Series 2021B                                                                                                                                                                                                                                                                                                                                                              446,045,000Series 2022A                                                                                                                                                                                                                                                                                                                                                                    462,270,000Series 2022A                                                                                                                                                                                                                                                                                                                                                                    462,270,000Series 2022A                                                                                                                                                                                                                                                                                                                                                                    462,270,000Series 2022A                                                                                                                                                                                                                                                                                                                                                                    462,270,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   446,045,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,515,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,515,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,515,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,515,000
                                                                                                                                                                           Series 2022A                                                                                                                                                                                                                                                                                                                                                                    462,270,000Series 2022BSeries 2022B                                                                                                                                                                                                                                                                                                                                                                      136,995,000Series 2022BSeries 2022B                                                                                                                                                                                                                                                                                                                                                                      136,995,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   501,515,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   187,650,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   187,650,000136,995,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   187,650,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   187,650,000136,995,000
                                                                                                                                                                           Series 2022B                                                                                                                                                                                                                                                                                                                                                                      136,995,000Series 2023ASeries 2023A                                                                                                                                                                                                                                                                                                                                                                    439,795,000Series 2023ASeries 2023A                                                                                                                                                                                                                                                                                                                                                                    439,795,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   187,650,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   439,795,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   439,795,000439,795,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   439,795,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   439,795,000439,795,000
                                                                                                                                                                           Series 2023A                                                                                                                                                                                                                                                                                                                                                                    439,795,000Series 2023BSeries 2023B                                                                                                                                                                                                                                                                                                                                                                      137,440,000Series 2023BSeries 2023B                                                                                                                                                                                                                                                                                                                                                                      137,440,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   439,795,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   137,440,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   137,440,000137,440,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   137,440,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   137,440,000137,440,000
                                                                                                                                                                           Series 2023B                                                                                                                                                                                                                                                                                                                                                                      137,440,000Series 2024ASeries 2024A                                                                                                                                                                                                                                                                                                                                                                    458,885,000Series 2024ASeries 2024A                                                                                                                                                                                                                                                                                                                                                                    458,885,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   137,440,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      - 458,885,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      - 458,885,000
                                                                                                                                                                           Series 2024A                                                                                                                                                                                                                                                                                                                                                                    458,885,000Series 2024BSeries 2024B                                                                                                                                                                                                                                                                                                                                                                      676,290,000Series 2024BSeries 2024B                                                                                                                                                                                                                                                                                                                                                                      676,290,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      - 676,290,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      - 676,290,000
                                                                                                                                                                           Series 2024B                                                                                                                                                                                                                                                                                                                                                                      676,290,000Revenue Bonds OutstandinRevenue Bonds OutstandinRevenue Bonds OutstandinRevenue Bonds OutstandinOutstanding$                                                                                    8,836,317,794                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                                                                                                     $                                                                                                                             9,258,311,219$                                                                                    8,836,317,794$                                                                                    8,836,317,794$                                                                                    8,836,317,794                                                                                                                                                                                                                                                                                                                    $                                                                                                                             9,258,311,219                                                                                                                                                                                                                                                                                                                    $                                                                                                                             9,258,311,219                                                                                                                                                                                                                                                                                                                    $                                                                                                                             9,258,311,219

                                                                                                                                                                           Revenue Bonds Outstandin*        Issued out of the Capital Improvement Fund (CIF).  This debt is supported solely*        Issued out of the Capital Improvement Fund (CIF).  This debt is supported solely*        Issued out of the Capital Improvement Fund (CIF).  This debt is supported solely*        Issued out of the Capital Improvement Fund (CIF).  This debt is supported solely$                                                                                    8,836,317,794                                                                                                                                                                                                                                                                                                                    $                                                                                                                             9,258,311,219
                                                                                                                                                                           *        Issued out of the Capital Improvement Fund (CIF).  This debt is supported solelyout of excess revenues flowing into the CIF.out of excess revenues flowing into the CIF.out of excess revenues flowing into the CIF.out of excess revenues flowing into the CIF.

                                                                                                                                                                                    out of excess revenues flowing into the CIF.











                                                                                                                                                                                                                                                                                                                                                                                                                        18                                 181818

18                                                                                                                                                                                                                                                                                                                                                                                                                  18

=== PDF PAGE 35 ===
                                                                                                                                           2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                         North Texas Tollway System                                                                   An Enterprise Fund of the North Texas Tollway Authority
                                                                                    Management’NORTH TEXAS TOLLWAY                          SYSTEM s Discussion and Analysis
                                                                                             (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                             Management’s Discussion and Analysis
                                                                                                                                                                                        December 31, 2024

Table A-8 sets forth debt service coverage for all debt outstanding for the years 2015                                        through 2024.

                                                                                                                                                        Ta ble  A-8
                                                                                                                           His t oric al  Debt   Coverage


                                                                                                                     Y ear                                                                                                                                                                                                                                   Coverage
                                                                                                                     2024                                                                                                                                                                                                                                                                     1.56                                              x
                                                                                                                     2023                                                                                                                                                                                                                                                                     1. 57x
                                                                                                                     2022                                                                                                                                                                                                                                                                     1. 49x
                                                                                                                     2021                                                                                                                                                                                                                                                                     1. 43x
                                                                                                                     2020                                                                                                                                                                                                                                                                     1. 28x
                                                                                                                     2019                                                                                                                                                                                                                                                                     1. 42x
                                                                                                                     2018                                                                                                                                                                                                                                                                     1. 37x
                                                                                                                     2017                                                                                                                                                                                                                                                                     1. 49x
                                                                                                                     2016                                                                                                                                                                                                                                                                     1. 48x
                                                                                                                     2015                                                                                                                                                                                                                                                                     1. 48x





Contacting the NTTA’s Financial Management

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
Authority’s Chief Financial Officer, 5900 W. Plano Parkway, Suite 100, Plano, Texas 75093.




























                                                                                                                                                                                                                     19








                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          19

=== PDF PAGE 36 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 2024 ANNUAL COMPREHENSIVE FINANCIAL REPORTNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                                                                                                                                         North Texas Tollway System                   (An Enterprise Fund of the North Texas Tollway Authority) An Enterprise Fund of the North Texas Tollway AuthorityNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (An Enterprise Fund of the North Texas Tollway Authority)Statement of Net Position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Statement of Net PositionDecember 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                            Statement of Net PositionDecember 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   December 31, 2024




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         North Texas                                                                                                                                                                                           Non-System
                                                                                                                                                                                                                                                                                                                                                                                    Assets                                                                                                                                                                                                                                                                                                                                                                                                                 Tollway System  North Texas                                                                                                                                                                                         Non-System Fund                                                                                                                                                                                                                                       Total
                                                                                                                                                                                                                                                                                                                                                                                    Assets                                                                                                                                                                                                                                                                                                                                                                                                                 Tollway System                                                                                                                                                                                                                                       Fund                                                                                                                                                                                                                 Total
                             Current assets:
                             Current assets:Cash and cash equivalents (note 3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       $                                                                                                                          23,979,597                                                                                                                                              $                                                                                       16,331,788                                                                                                                                                                                                                   $                                                                                                                                                                  40,311,385
                                                                           Cash and cash equivalents (note 3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       $                                                                                                                          23,979,597                                                                                                                                              $                                                                                       16,331,788                                                                                                                                                                                                                   $                                                                                                                                                                  40,311,385
                                                                           Investments (note 3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 757,765,103                                                                                                                                                                                                                                                                                                                                                           51,646,016                                                                                                                                                                                                                                                                                                                                                                                     809,411,119
                                                                           Investments (note 3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 757,765,103                                                                                                                                                                                                                                                                                                                                                           51,646,016                                                                                                                                                                                                                                                                                                                                                                                     809,411,119
                                                                           Accounts receivable (net of allowance for uncollectibles) (note 10)                                                                                                                                                                                                                                                                                             118,354,246                                                                                                                                                                                                                                                                                                                                                           53,215,832                                                                                                                                                                                                                                                                                                                                                                                     171,570,078
                                                                           Accounts receivable (net of allowance for uncollectibles) (note 10)                                                                                                                                                                                                                                                                                             118,354,246                                                                                                                                                                                                                                                                                                                                                           53,215,832                                                                                                                                                                                                                                                                                                                                                                                     171,570,078
                                                                           Other assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           31,715,450                                                                                                                                                                                                                                                    11,136,570                                                                                                                                                                                                                                                                                                                                                                                                   42,852,020
                                                                           Other assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           31,715,450                                                                                                                                                                                                                                                    11,136,570                                                                                                                                                                                                                                                                                                                                                                                                   42,852,020
                                                                                                                                                                       Total current unrestricted assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          931,814,396                                                                                                                                                                                                                                                                                                                                              132,330,206                                                                                                                                                                                                                                                                                                                                                                1,064,144,602
                             Current restricted assets:Total current unrestricted assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          931,814,396                                                                                                                                                                                                                                                                                                                                              132,330,206                                                                                                                                                                                                                                                                                                                                                                1,064,144,602
                             Current restricted assets:  Restricted for construction:
                                                                             Restricted for construction:
                                                                                   Cash and cash equivalents (notes 3 and 5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             4,108,995                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 4,108,995
                                                                                   Cash and cash equivalents (notes 3 and 5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             4,108,995                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 4,108,995
                                                                             Restricted for debt service:
                                                                             Restricted for debt service:
                                                                                   Investments (notes 3 and 5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       761,597,609                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                      761,597,609
                                                                                   Investments (notes 3 and 5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       761,597,609                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                      761,597,609
                                                                                   Accrued interest receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 2,538,903                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 2,538,903
                                                                                   Accrued interest receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 2,538,903                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 2,538,903
                                                                                   Accounts receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               9,742,696                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 9,742,696
                                                                                   Accounts receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               9,742,696                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 9,742,696
                                                                             Restricted for NTE 3A/3B:
                                                                             Restricted for NTE 3A/3B:
                                                                                   Investments (notes 3 and 11)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           -                                                                                                                                     1,272,043                                                                                                                                                                                                                                                                                                                                     1,272,043
                                                                                   Investments (notes 3 and 11)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           -                                                                                                                                     1,272,043Total current restricted assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     777,988,203                                                                                                                                                                                                                                                                                                                                                                         1,272,043                                                                                                                                                                                                                                                                                                                                                                                     779,260,246                                                                                                                                                                                                                                                                                                                                     1,272,043
                                                                                                                                                                       Total current restricted assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     777,988,203                                                                                                                                                                                                                                                                                                                                                                         1,272,043                                                                                                                                                                                                                                                                                                                                                                                     779,260,246
                                                                                                                                                                       Total current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              1,709,802,599                                                                                                                                                                                                                                                                                                                                              133,602,249                                                                                                                                                                                                                                                                                                                                                                1,843,404,848
                              Noncurrent assets:Total current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              1,709,802,599                                                                                                                                                                                                                                                                                                                                              133,602,249                                                                                                                                                                                                                                                                                                                                                                1,843,404,848
                              Noncurrent assets:        Investments (note 3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         506,761,838                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                      506,761,838
                                                                                   Investments (note 3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         506,761,838                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                      506,761,838
                                                                                   Investments restricted for debt service (notes 3 and 5)                                                                                                                                                                                                                                                                                                                                                                        148,764,134                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                      148,764,134
                                                                                   Investments restricted for debt service (notes 3 and 5)                                                                                                                                                                                                                                                                                                                                                                        148,764,134                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                      148,764,134
                                                                                   Net pension asset (note 7)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         9,371,205                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 9,371,205
                                                                                   Net pension asset (note 7)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         9,371,205                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 9,371,205
                                                                                   Capital assets:
                                                                                   Capital assets:
                                                                                       Nondepreciable (note 4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      7,247,023,219                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 7,247,023,219
                                                                                       Nondepreciable (note 4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      7,247,023,219                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 7,247,023,219
                                                                                       Depreciable (net of depreciation) (note 4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             94,979,685                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                                                                   94,979,685
                                                                                       Depreciable (net of depreciation) (note 4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             94,979,685                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                                                                   94,979,685
                                                                                       Right-to-use assets, net of amortization (note 4)                                                                                                                                                                                                                                                                                                                                                                                                  1,547,784,654                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 1,547,784,654
                                                                                       Right-to-use assets, net of amortization (note 4)                                                                                                                                                                                                                                                                                                                                                                                                  1,547,784,654                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 1,547,784,654
                                                                                                                                                                       Total noncurrent assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     9,554,684,735                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 9,554,684,735
                                                                                                                                                                       Total noncurrent assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     9,554,684,735                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 9,554,684,735
                                                                           Total assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         11,264,487,334                                                                                                                                                                                                                                                                                                                                              133,602,249                                                                                                                                                                                                                                                                                                                                                  11,398,089,583
                                                                           Total assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         11,264,487,334                                                                                                                                                                                                                                                                                                                                              133,602,249                                                                                                                                                                                                                                                                                                                                                  11,398,089,583
                                                                                                                                                                                                                                                                                Deferred outflow of resources
                                                                           Loss on refunding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    177,065,195Deferred outflow of resources                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -                                                                                                                                                                                      177,065,195
                                                                           Loss on refunding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    177,065,195                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -                                                                                                                                                                                      177,065,195
                                                                           Deferred Outflow-PPP SRT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      1,541,835,864                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 1,541,835,864
                                                                           Deferred Outflow-PPP SRT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      1,541,835,864                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 1,541,835,864
                                                                           ERS OPEB contributions after measurement date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     301,920                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                      301,920
                                                                           ERS OPEB contributions after measurement date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     301,920                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                      301,920
                                                                           Changes in actuarial assumptions used to determine ERS OPEB liability                                                                                                                                                                                                                                                                                       92,074                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                                                                                                                    92,074
                                                                           Changes in actuarial assumptions used to determine ERS OPEB liability                                                                                                                                                                                                                                                                                       92,074                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                                                                                                                    92,074
                                                                           Difference in projected and actual earnings on ERS OPEB liability                                                                                                                                                                                                                                                                                                                                                                                                   222                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                                                                      222
                                                                           Difference in projected and actual earnings on ERS OPEB liability                                                                                                                                                                                                                                                                                                                                                                                                   222                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                                                                      222
                                                                           PEBC OPEB contributions after measurement date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    185,990                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                      185,990
                                                                           PEBC OPEB contributions after measurement date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    185,990                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                      185,990
                                                                           Changes in actuarial assumptions used to determine PEBC OPEB liability                                                                                                                                                                                                                                    6,344,315                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 6,344,315
                                                                           Changes in actuarial assumptions used to determine PEBC OPEB liability                                                                                                                                                                                                                                    6,344,315                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 6,344,315
                                                                           Deferred Outflow Pension Earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               1,303,451                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          1,303,451
                                                                           Deferred Outflow Pension Earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               1,303,451                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          1,303,451
                                                                           Pension contributions after measurement date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      5,432,347                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 5,432,347
                                                                           Pension contributions after measurement date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      5,432,347                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                                 5,432,347
                                                                           Difference in expected and actual pension experience                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         473,973                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                      473,973
                                                                           Difference in expected and actual pension experience                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         473,973                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                      473,973
                                                                           Total deferred outflow of resources                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,733,035,351                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 1,733,035,351
                                                                           Total deferred outflow of resources                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,733,035,351                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                 1,733,035,351





























                           See accompanying notes to basic financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  20
                           See accompanying notes to basic financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  20






                                                                                  See	accompanying	notes	to	financial	statements.

20

=== PDF PAGE 37 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                 2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                           North Texas Tollway System                   NORTH TEXAS TOLLWAY SYSTEM An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                                                                                   (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                                                                                                                                                                                            Statement of Net PositionStatement of Net Position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  December 31, 2024





                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       North Texas                                                                                                                                                                               Non-System
                                                                                                                                                                                                                                                                                                                                                     Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                        Tollway System                                                                                                                                                                                                                             Fund                                                                                                                                                                                                           Total
  Current liabilities:
                                                 Accounts payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                $                                                                                                              4,568,513                                                                                                                                                                                                                                  $                                                                                                                                                                                                -                    $                                                                                                                                                                          4,568,513
                                                 Accrued liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        55,558,567                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                              55,558,567
                                                 Unearned revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            129,259,682                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                129,259,682
                                                 Other liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       32,538,216                                                                                                                                                                                                                                                                                                                                    1,454,540                                                                                                                                                                                                                                                                                                                                                                                 33,992,756
                                                                                                                                                  Total current unrestricted liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                221,924,978                                                                                                                                                                                                                                                                                                                                    1,454,540                                                                                                                                                                                                                                                                                                                                                                  223,379,518
  Payable from restricted assets:
      Construction-related payables:
                                                 Accounts Payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      302,613                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                   302,613
                                                 Retainage payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   12,044,475                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                              12,044,475
      Debt service-related payables:
                                                 Accrued interest payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    172,406,622                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                172,406,622
                                                 Revenue bonds payable, current portion (note 5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                322,095,000                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                322,095,000
                                                 Other liabilities-NTE 3A/3B                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                    1,272,043                                                                                                                                                                                                                                                                                                                                     1,272,043
      OPEB related payables:
                                                 PEBC current portion (note 9)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              185,990                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                   185,990
                                                 ERS current portion (note 9)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                301,920                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                   301,920
                                                                                                                                                  Total current liabilities payable from restricted assets                                                                                                                                                                                                                                                                                          507,336,620                                                                                                                                                                                                                                                                                                                                    1,272,043                                                                                                                                                                                                                                                                                                                                                                  508,608,663
                                                                                                                                                  Total current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 729,261,598                                                                                                                                                                                                                                                                                                                                    2,726,583                                                                                                                                                                                                                                                                                                                                                                  731,988,181
  Noncurrent liabilities:
                                                  SBITA's (note 6)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            27,922,748                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                              27,922,748
                                                  PPP - SRT (note 1(p))                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,633,394,100                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          1,633,394,100
                                                 Total other post-employment benefits liability - PEBC plan (note 9)                                                                                                                                                                                                                                                                                16,477,430                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                              16,477,430
                                                 Net other post-employment benefit liability - ERS plan (note 9)                                                                                                                                                                                                                                                                                                                                                2,458,173                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                                             2,458,173
                                                 Dallas North Tollway System revenue bonds payable, net of
                                                      bond discount (premium) costs of $503,960,495 (note 5)                                                                                                                                                                                                                                                                                                                    9,018,183,289                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                          9,018,183,289
                                                                                                                                                  Total noncurrent liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 10,698,435,740                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                           10,698,435,740
                                                 Total liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           11,427,697,338                                                                                                                                                                                                                                                                                                                                    2,726,583                                                                                                                                                                                                                                                                                                                              11,430,423,921

                                                                                                                                                                                                                                                                Deferred inflow of resources
                                                 Gain on refunding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   43,834,332                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                              43,834,332
                                                 Difference in expected and actual ERS OPEB experience                                                                                                                                                                                                                                                                                                                                                                                                                                          73,006                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                                                                                  73,006
                                                 Change in actuarial assumptions used to determine ERS OPEB liability                                                                                                                                                                                                                                                          862,013                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                   862,013
                                                 Change in proportionate share on ERS OPEB liability                                                                                                                                                                                                                                                                                                                                                                                                                                                                           386,933                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                   386,933
                                                 Change in actuarial assumptions used to determine PEBC OPEB liability                                                                                                                                                                                                                  7,559,466                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                                             7,559,466
                                                 Difference in expected and actual PEBC OPEB experience                                                                                                                                                                                                                                                                                                                                                                     17,295,356                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                              17,295,356
                                                 Difference in expected and actual pension experience                                                                                                                                                                                                                                                                                                                                                                                                                                                                     142,451                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                   142,451
                                                 Total deferred inflow of resources                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             70,153,557                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                              70,153,557

                                                                                                                                                                                                                                                                                                                                         Net Position
                                                 Net investment in capital assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (1,990,923,806)                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                 (1,990,923,806)
                                                 Restricted for:
                                                       Debt service                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 2,018,872,655                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                          2,018,872,655
                                                      Net pension asset                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           9,371,205                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             9,371,205
                                                 Unrestricted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  1,462,351,736                                                                                                                                                                                                                                                                                                      130,875,666                                                                                                                                                                                                                                                                                                                                            1,593,227,402
                                                 Total net position                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        $                                                             1,499,671,790                                                                          $                                               130,875,666                                                                                                                    $                                                                                                1,630,547,456



















See accompanying notes to basic financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        21





                                                        See	accompanying	notes	to	financial	statements.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               21

=== PDF PAGE 38 ===
                                                                                                                                                                                                                                                                                                                                                                                                                            2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                   North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway AuthorityNORTH TEXAS TOLLWAY SYSTEM

                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (An Enterprise Fund of the North Texas Tollway Authority)
                                                             Statement of Revenues, Expenses and Changes in Net PositionStatement of Revenues, Expenses and Changes in Net Position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                For the Fiscal Year Ended December 31, 2024
                                                                                                                                                                                                                                                                                                                                               For	the	Fiscal	Year	Ended	December	31,	2024




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            North Texas                                                                                                                                                                                        Non-System
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Tollway System                                                                                                                                                                                                                                    Fund                                                                                                                                                                                            Total
                           Operating revenues:
                               Tolls                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  $                                                                               1,198,341,866              $                                                                                48,464,792              $                                                                                   1,246,806,658
                               TSA Compensation for Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    -                                                                                                                                               45,372,279                                                                                                                                                                               45,372,279
                               Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              99,730,795                                                                                                                                    31,545,428                                                                                                                                                               131,276,223
                                      Total operating revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  1,298,072,661                                                                                                             125,382,499                                                                                                                                1,423,455,160

                           Operating expenses:
                               General
                                 Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  24,812,951                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                          24,812,951
                                 Oper ations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          230,148,823                                                                                                                             61,212,755                                                                                                                                                                                                       291,361,578
                                 Alloc ated expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (31,107,407)                                                                                                                      31,107,407                                                                                                                                                                                                                                                                                           -
                               Preservation
                                 Reserve maintenance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 64,809,587                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                          64,809,587
                                 Capital im provement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               64,606,051                                                                                                                                                                                                                                                -                                                                                                                                                                                          64,606,051
                               Amortization of intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  117,814,632                                                                                                                                                                                                                                                -                                                                                                                                                                          117,814,632
                               Deprec iation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    7,578,986                                                                                                                                                                                                                                                -                                                                                                                                                                                                          7,578,986
                                      Oper ating expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                478,663,623                                                                                                                             92,320,162                                                                                                                                                       570,983,785

                                      Operating income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            819,409,038                                                                                                                             33,062,337                                                                                                                                                                                                       852,471,375

                           Nonoperating revenues (expenses):
                               Net increase (decrease) in fair value of investments                                                                                                                                                                                                                                                                                                                                                                                              18,759,347                                                                                                                                                                                                                                                -                                                                                                                                                                                          18,759,347
                               Interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               (440,801,552)                                                                                                                                                                                                                                         -                                                                                                                                                              (440,801,552)
                               Interest expense-SBITA's                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (360,374)                                                                                                                                                                                                                                         -                                                                                                                                                                                                                      (360,374)
                               Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              10,434,814                                                                                                                                                                                                                                                -                                                                                                                                                                                          10,434,814
                                      Net nonoper  ating expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       (411,967,765)                                                                                                                                                                                                                                         -                                                                                                                                                              (411,967,765)

                                                                                                  Income before subsidies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   407,441,273                                                                                                                             33,062,337                                                                                                                                                                                                       440,503,610

                                        Build America Bonds Subsidy (BAB's)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 19,563,387                                                                                                                                                                                                                                                -                                                                                                                                                                                          19,563,387
                                                                                                                 Change in net  position                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   427,004,660                                                                                                                             33,062,337                                                                                                                                                                                                       460,066,997

                           Beginning net  position                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   1,072,667,130                                                                                                                             97,813,329                                                                                                                                                                                1,170,480,459
                           Ending net position                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   $                                                                               1,499,671,790                                                              $                                                                130,875,666                                                              $                                                                                   1,630,547,456






























                        See accompanying notes to basic financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      22





                                                                        See	accompanying	notes	to	financial	statements.

22

=== PDF PAGE 39 ===
                                                                                                                                                                                                                                                                                                                                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                   North Texas Tollway System                                                                                                                                                                                                             An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                                                                     Statement of Cash Flows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               NORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                                                                                                                               For	the	Fiscal	Year	Ended	December	31,	2024                                                     (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Statement of Cash Flows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                For the Fiscal Year Ended December 31, 2024


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     North Texas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Tollway System                                                                                                                                                           Non-System Fund                                                                                                                    Total
Cash flows from operating activities:
                 Receipts from customers and users                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    $                                                   1,292,423,517                             $                                                                                                    117,860,213                             $                                                     1,410,283,730
                 Receipts from other sources                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     12,160,963                                                                                                                                                                                                                                                                             -                                                                                                                            12,160,963
                 Payments to contractors and suppliers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (261,252,453)                                                                                                                                            (95,465,826)                                                                                                    (356,718,279)
                 Payments to employees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (75,327,428)                                                                                                                                                                                                                                                                     -                                                                                                                    (75,327,428)
                                                                                                     Net cash provided by operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 968,004,599                                                                                                                                                            22,394,387                                                                                                                    990,398,986

Cash flows from capital and related financing activities:
                 Acquisition and construction of capital assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            (179,543,271)                                                                                                                                                                                                                                                                     -                                                                                                      (179,543,271)
                 Proceeds from new refunding bonds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              1,135,175,000                                                                                                                                                                                                                                                                             -                                                                                          1,135,175,000
                 Paid to escrow agent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         (1,342,010,000)                                                                                                                                                                                                                                                                     -                                                                                  (1,342,010,000)
                 Principal paid on revenue bonds and other obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             (291,965,846)                                                                                                                                                                                                                                                                     -                                                                                                      (291,965,846)
    Capital contributions - BAB's Subsidy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           19,644,993                                                                                                                                                                                                                                                                            -                                                                                                                            19,644,993
                 Deferred financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 173,861,906                                                                                                                                                                                                                                                                             -                                                                                                              173,861,906
                 Interest paid on revenue bonds and other obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        (402,806,585)                                                                                                                                                                                                                                                                     -                                                                                                      (402,806,585)
                                                                                                     Net cash used by capital and related financing activities                                                                                                                                                                                                                                                                                                                                                              (887,643,803)                                                                                                                                                                                                                                                                     -                                                                                                      (887,643,803)

Cash flows from investing activities:
                 Purchase of investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (10,100,608,156)                                                                                                                                            (17,227,177)                                                                  (10,117,835,333)
                 Proceeds from sales and maturities of investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     10,009,949,056                                                                                                                                                                                                                                                                             -                                                                             10,009,949,056
                                                                                                     Net cash used by investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        (90,659,100)                                                                                                                                            (17,227,177)                                                                                                    (107,886,277)
                                                                                                     Net increase (decrease) in cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                              (10,298,304)                                                                                                                                                                 5,167,210                                                                                                                                       (5,131,094)
Cash and cash equivalents, beginning of the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        38,386,896                                                                                                                                                            11,164,578                                                                                                                                 49,551,474
Cash and cash equivalents, end of the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           28,088,592                                                                                                                                                            16,331,788                                                                                                                                 44,420,380
Classified as:
                 Current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       23,979,597                                                                                                                                                            16,331,788                                                                                                                                 40,311,385
                 Restricted assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        4,108,995                                                                                                                                                                                                                                                  -                                                                                                                                                                    4,108,995
                                                                                                     Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             28,088,592                                                                                                                                                            16,331,788                                                                                                                                 44,420,380

                 Reconciliation of operating income to net cash provided by operating activities:
                                    Operating income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           819,409,038                                                                                                                                                            33,062,337                                                                                                                    852,471,375
                                    Adjustments to reconcile operating income to net cash provided by operating activities:
                                                         Depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               7,578,986                                                                                                                                                                                                                                                  -                                                                                                                                                                    7,578,986
                                                         Amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      117,814,632                                                                                                                                                                                                                                                  -                                                                                                                                         117,814,632
                                                         Bad debt expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         201,196,448                                                                                                                                                            61,212,755                                                                                                                   262,409,203
                                                         Miscellaneous nonoperating income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        12,160,963                                                                                                                                                                                                                                                  -                                                                                                                                                       12,160,963
                                                         Changes in assets and liabilities:
                                                                                 Increase in accounts receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             (216,685,092)                                                                                                                                            (68,735,041)                                                                                                                                                                                                                                                                                                                   (285,420,133)
                                                                                 Increase (decrease) in accounts and retainage payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    4,394,326                                                                                                                                                                 (3,145,664)                                                                                                                                                                                                                                                                                                                                                       1,248,662
                                                                                 Increase in net pension asset                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               (7,414,066)                                                                                                                                                                                                                                          -                                                                                                                                                            (7,414,066)
                                                                                 Increase in OPEB related deferred outflows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (396,750)                                                                                                                                                                                                                                          -                                                                                                                                                                                (396,750)
                                                                                 Increase in other post-employment benefits liability                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   2,935,902                                                                                                                                                                                                                                                  -                                                                                                                                                                    2,935,902
                                                                                 Decrease in pension related deferred outflows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      6,152,089                                                                                                                                                                                                                                                  -                                                                                                                                                                    6,152,089
                                                                                 Decrease in pension related deferred inflows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                (858,989)                                                                                                                                                                                                                                          -                                                                                                                                                                                (858,989)
                                                                                 Increase in accrued liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                16,488,445                                                                                                                                                                                                                                                  -                                                                                                                                                       16,488,445
                                                                                 Increase in prepaid expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (255,510)                                                                                                                                                                                                                                          -                                                                                                                                                                                (255,510)
                                                                                 Increase in accrued interest receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                (773,711)                                                                                                                                                                                                                                          -                                                                                                                                                                                (773,711)
                                                                                 Decrease in OPEB related deferred inflows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (4,355,323)                                                                                                                                                                                                                                          -                                                                                                                                                            (4,355,323)
                                                                                 Increase in unearned revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   10,613,211                                                                                                                                                                                                                                                  -                                                                                                                                                       10,613,211
                                                                                                      Total adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           148,595,561                                                                                                                                                    (10,667,950)                                                                                                            137,927,611
                                                                                                      Net cash provided by operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                            $                                                                        968,004,599                             $                                                                                                                 22,394,387                             $                                                                         990,398,986

Noncash financing activities:
                                    Increase in the fair value of investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           18,759,347                                                                                                                                                                                                                                                  -                                                                                                                                                       18,759,347
                                    Interest accretion on CABS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (60,646,575)                                                                                                                                                                                                                                          -                                                                                                                                              (60,646,575)


                 On October 8, 2024, the Authority issued $458,885,000 of North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series 2024A, for the purpose
                 of refunding $347,365,000 of Series 2015B Bonds, $43,630,000 of Series 2020B Bonds and $157,670,000 of Series 2021A Bonds.
                 On October 8, 2024, the Authority issued $676,290,000 of North Texas Tollway Authority Second Tier Revenue Refunding Bonds, Series 2024B, for the
                 purpose of refunding $793,345,000 of Series 2015A.
                 Bonds payable of $1,342,010,000 were refunded via placement of refunding bond proceeds with an escrow agent.







                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           23

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


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      23

=== PDF PAGE 40 ===


=== PDF PAGE 41 ===
                                                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                              North Texas Tollway System                                                                  An Enterprise Fund of the North Texas Tollway Authority
                                                                                                              NORTH TEXAS TOLLWAY SYSTEM Notes to Financial Statements
                                                                           (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                    NOTES TO FINANCIAL STATEMENTS December 31, 2024
                                                                                                                                                                             December 31, 2024


                                                                                                                                                                             NOTE CONTENTS


Note 1. Nature of the Organization and Summary of Significant Accounting Policies
             (a)                           Reporting Entity .....................................................................................................................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       24
             (b)                        Basis of Accounting  ..............................................................................................................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  24
             (c)                           Budget           .................................................................................................................................... 25
             (d)                        Restricted Assets .................................................................................................................. 25
             (e)                           Cash, Cash Equivalents and Investments .......................................................................... 26
             (f)                                  Capital Assets ........................................................................................................................ 26
             (g)                        Subscription-                      Based Information Technology Arrangements (SBITA).………………..                                                                                                                                                                                                       … 27
             (h)                        Compensated Absences ....................................................................................................... 27
             (i)                                    Pension               ................................................................................................................................... 28
             (j)                                    Other Post-            Employment Benefits ........................................................................................ 28
             (k)                           Retainage Payable ................................................................................................................. 28
             (l)                                    Deferred Outflows/Inflows of Resources  ............................................................................ 28
             (m)              Bond Discounts and Premiums ........................................................................................... 29
             (n)                        Arbitrage Rebate Payable              ..................................................................................................... 29
             (o)                        Estimates ................................................................................................................................ 29
             (p)                   Public-Public Partnership (PPP)    ........................................................................................... 29
             (q)                   New Accounting Pronouncements ......... ……………………………………………………….                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        30
Note 2. Legal Compliance -          Budgets ................................................................................................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       30
Note 3. Deposits and Investments ....................................................................................................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              31
Note 4. Capital Assets ........................................................................................................................ 34
Note 5. R                                                                                                                      evenue B                                                                                                                            onds                                                                                       and                                                                 Revolving N                                                                                                                                                                            ote                                                       Program
                     Re                                                venue Bonds ..................................................................................................................... 35
                       Revolving Note Program                                         ...................................................................................................... 39
Note 6. Subscription-                      Based Information Technology Arrangements (SBITA)  ............................                                                                                                                                                                                                                                                                                   40
Note 7. Employees’ Retirement Plan
                        D                                        efined Benefit Pension Plan ..............................................................................................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   40
                          401(k) Plan                               .............................................................................................................................. 44
Note 8. Risk Management .................................................................................................................. 45
Note 9. Other Post Employment Benefits  ........................................................................................ 45
Note 10.                                       Disaggregation of Receivable                    Balances ...........................................................................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      53
Note 11. Commitments and Contingencies .....................................................................................                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         53

=== PDF PAGE 42 ===
                                                         2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                        North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                 Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                       (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                  NOTES TO FINANCIAL STATEMENTS
                                                                     December 31, 20     24

(1)                                                      Nature of the Organization and Summary of Significant Accounting Policies
        (a)                                                     Reporting Entity
                In June 1997, the Texas Legislature approved a bill to create the North Texas Tollway Authority
                (the                                        Authority), a regional tollway authority under Chapter 366, Transportation Code. Effective September          1,
                1997, 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
                related to such system of toll roads.
                The 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
                within Collin, Dallas, Denton, and Tarrant Counties (the “Member Counties”) and                                                                            Ellis and Johnson Counties
                (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
                of the Authority, for the purpose of paying all or any part of the cost of a turnpike project. Under the provisions
                of 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.
                The North Texas Tollway System  is an enterprise fund  and does not purport to be the entire activity  of the
                Authority. The Dallas North Tollway (DNT), Addison Airport Tunnel (AATT), President George Bush Turnpike
                (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 collectively
                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 amounts for each
                transaction, has collection exposure,                    and is paid a fee to process the transactions (2) Developer 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 expenses from the Texas
                Department of Transportation (TxDOT).
                Developer TSA (type1) facilities presently consist of Interstate Highway 635 (LBJ) and North 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 (DFWC), I-30, I-35E,
                I-635E (LBJ East) and Midtown Express (SH-114, Loop 12 and SH-183).
        (b)                                                   Basis of Accounting
                The operations of the System are accounted for as enterprise funds                    on an accrual basis in order to recognize
                the flow of economic resources.
                Under this basis, revenues are recognized in the period in which they are earned, expenses are recognized
                in the period in which they are incurred, and all assets and liabilities associated with the operation of the
                System  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.
                The principal revenues of the System                             are toll revenues received from customer                                         s. Operating expenses for the
                System     include the costs of operating and maintaining the Authority                      and administrative expenses. All
                revenues and expenses not meeting this definition are reported as non-                 operating revenues and expenses.
                The principal revenues of the Non-                                       System Fund are fees from processing of interoperability payments, and
                fees charged for billing services on managed lanes for the Tolling                                      Services Agreements.  Operating expenses
                for the Non-                                        System Fund include the costs of billing and collections of managed lane transactions.
                The Trust Agreement also requires that certain funds and accounts be established and maintained. The
                System consolidates these funds and accounts for the purpose of enterprise fund presentation in its external
                financial statements.
                In 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
                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.

                                                                                     24



 24

=== PDF PAGE 43 ===
                                                  2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                 North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                          Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                           NOTES TO FINANCIAL STATEMENTS
                                                              December 31, 2024
(c)                                                     Budget
        Operating budgets are established in accordance with the practices set forth in the provisions of the Trust
        Agreement for the North Texas Tollway Authority   System  Revenue Bonds, as interpreted by the Authority.
        These practices follow the Generally Accepted Accounting Principles   (GAAP)   for an enterprise fund on an
        accrual basis. Exceptions are:
               •                                                Depreciation and amortization of certain non-                                                                                                         infrastructure capital assets and related acquisition and
                     revenue bond issuance costs that         are not included as an operating expense or otherwise provided.
               •                                      Capitalized interest accrued on certain bond issues                         as allowed by the Trust Agreement and bond
                     resolutions.
        Revenues are recognized when they are earned, expenses are recognized in the period in which they are
        incurred, and all assets and liabilities associated with the operation of the System     are included in the
        Statement of N         et Position in accordance with the Trust Agreement as described above.
        Each year the Authority completes a review of its financial condition for the purpose of estimating whether
        the net revenues of the System for the year will meet its debt covenants. See additional information regarding
        legal compliance for budgets in Note                   (2).
(d)                                                   Restricted Assets
        Certain proceeds of the Revenue Bonds are restricted by applicable bond covenants for construction or
        restricted as reserves to ensure repayment of the bonds. Also, certain other assets are accumulated and
        restricted on a monthly basis in accordance with the Trust Agreement for the purpose of paying interest and
        principal payments that are due on a semiannual and annual basis, respectively, and for the purpose of
        maintaining the reserve funds at the required levels. Payments from these restricted accounts are strictly
        governed by the Trust Agreement and can only be made in compliance with the Trust Agreement. When both
        restricted and unrestricted amounts are available for use, the Authority’s policy is to use restricted amounts
        first, with unrestricted resources utilized as needed.
        Limited types of expenses may be funded from these accounts. Expenses that do not meet these
        requirements are funded from unrestricted accounts. The sub-                                                                                funds and accounts that have been established
        in accordance with the Trust Agreement are as follows:
                 •                                                  Construction and Property Fund – The Construction and Property Fund was created to account
                       for that portion of the proceeds from the sale of theAuthority                                                 Revenue Bonds, which is                             required to
                       be deposited with the trustee in order to pay all costs of construction. There also may be deposited
                       in the Construction and Property Fund any monies received from any other source for paying the
                       cost of the Authority                             .
                 •                            Revenue Fund –       The Revenue Fund was created to account for all revenues (all tolls, other
                       revenues, and income) arising or derived by the Authority                             from the operation and ownership of the
                       System. All revenues of this fund are distributed to other funds in accordance with the Trust
                       Agreement.
                 •                        Operation and Maintenance Fund – The Operation and Maintenance Fund was created to
                       account for and pay current operating expenses of the System.
                 •                                              Reserve Maintenance Fund -          The Reserve Maintenance Fund was created to account for those
                       expenses of maintaining the Authority that do not recur on an annual or shorter basis. As defined
                       in the Trust Agreement, such items include repairs, painting, renewals, and replacements
                       necessary for safe or efficient operation of the Authority or to prevent loss of revenues, engineering
                       expenses relating to the functions of the Authority, equipment, maintenance expenses, and
                       operating expenses not occurring at annual or shorter periods.
                 •                                            Capital Improvement Fund – The Capital Improvement Fund                                                                                                                      (CIF)             was created to account for the
                       cost of repairs, enlargements, extensions, resurfacing, additions, renewals, improvements,
                       reconstruction and replacements, capital expenditures, engineering, and other expenses relating
                       to the System                             , or for any other purpose now or hereafter authorized by law.




                                                                                25


                                                                                                                                                                   25

=== PDF PAGE 44 ===
                                                                    2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                           Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                               (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                            NOTES TO FINANCIAL STATEMENTS
                                                                                    December 31, 2024

                              •                                            Bond Interest Accounts – The Bond Interest Account                                                                    s were                    created to account for the payment
                                     of the semiannual interest requirements of the revenue bonds.
                              •                                       Reserve Accounts –          The Reserve Accounts were                    created for the purpose of paying interest and
                                    principal of the bonds whenever and to the extent that the monies held for the credit of the Bond
                                    Interest Account and the Redemption Account shall be insufficient for such purpose. The required
                                    reserve is an                                   amount equal to the average annual debt service requirements of all bonds
                                    outstanding. At December 31,                                      2024, according to staff calculations the Authority        was in compliance
                                    with this requirement.
                              •                                              Redemption Accounts              –           The Redemption Accounts were                    created to account for the payment of
                                    the annual principal requirements of the revenue bonds.

        (e)                                                     Cash, Cash Equivalents and Investments
                   Cash includes amounts in demand deposits. Cash equivalents are amounts included in any       overnight sweep
                   from                                                       the    demand deposit      accounts. These deposits are fully collateralized or covered by federal deposit
                   insurance.
                   The Authority considers other money market funds along with State & Local Government Investment Pools
                   (“Pool”)     to be investments. The carrying amount of the investments is fair value. The carrying amount of the
                   Pool is amortized cost.  The net change in fair value of investments is recorded on the Statement of Revenues,
                   Expenses and Changes in Net Position                                     and includes the unrealized and realized gains and losses on
                   investments.
        (f)                                                             Capital Assets
                   All capital assets are stated at historical cost, except for donated assets, which are valued at the estimated
                   acquisition cost at the date of donation. This includes costs for infrastructure assets (rights-of-way, highways,
                   bridges, and highway and bridge substructures), toll equipment, buildings, land, toll facilities and                                               other related
                   costs,                    including  property  and equipment with a value greater than $5,000 and software with a value greater
                   than $1,000,000.              Highway and bridge substructure includes road sub-                base, grading, land clearing,
                   embankments, and other related costs. Also included in capital assets are the costs of certain real estate for
                   right-of-way requirements and administrative and legal expenses incurred during the construction period.
                   The costs to acquire additional capital assets, which replace existing assets or improve the efficiency of the
                   Authority, are capitalized. Under the Authority’s policy of accounting for infrastructure assets pursuant to the
                   “preservation method of accounting” or “modified approach,” property costs represent an historical
                   accumulation of costs expended to acquire rights-of-way and to construct, improve, and place in operation
                   the various projects and related facilities. These infrastructure assets are considered to be “indefinite lived
                   assets,” that is, the assets themselves will last indefinitely and are, therefore, not depreciated.
                   Costs related to renewing and maintaining these assets are not capitalized, but instead are considered to be
                   period costs and are included in preservation expense classified as part of reserve maintenance and capital
                   improvement expenses.
                   Additional charges to preservation expense occur whenever the condition of the infrastructure assets is
                   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
                   lives:

                                                       M ac hinery  and E quipm ent                                                                                                                                                                                  3 - 10 y ears

                                                       B uildings                                                                                                                                                                                                                                                                                                                                                                                                                                                    20 - 50 y ears

                                                       Int angibles                                                                                                                                                                                                                                                                                                                                                                                                                            5-          15 y ears

                   Information on right to use assets is presented in Note 1(p)         and Subscription-                   Based Information Technology
                   Arrangements (SBITA) is presented in Note 6.




                                                                                                         26



26

=== PDF PAGE 45 ===
                                                2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                        Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                               (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                         NOTES TO FINANCIAL STATEMENTS
                                                            December 31, 2024
(g)                                                   Subscription-                      Based Information Technology Arrangements (SBITA)
        The Authority is a subscriber of certain subscription-                                     based information technology arrangements (SBITA).
        A SBITA is a contract that conveys control of the right to use a vendor’s software, alone or in combination
        with hardware. In each case, the Authority recognizes both a liability and an intangible right to use asset in
        the financial statements. The right-to-use asset of a SBITA is reported with depreciable capital assets (see
        Note 4) and the liabilities for SBITA’s are reported with the long-                                  term liabilities when the SBITA contract is
        greater than 12 months. In general, SBITAs with a contract term of 12 months or less are recognized as
        outflows of resources or expense.
        At the commencement of a SBITA contract, the Authority initially measures the SBITA asset as the initial
        amount of the SBITA liability, adjusted for subscription payments made at or before the subscription
        commencement date, plus certain initial direct costs. The SBITA asset is amortized on a straight-line basis
        over the shorter of the subscription term or useful life. The SBITA liability initially is measured at the present
        value of payments expected to be made during the subscription term and reduced by the principal portion
        of the subscription payments made.
        The key estimates and judgments related to SBITAs are as follows:
              •T he Authority uses the interest charged by the vendor as a discount rate, when available. If the
                   interest rate charged by the vendor is not available, the Authority generally uses its estimated
                   incremental borrowing rate.
              •                        The subscription term includes the noncancellable period of the SBITA. In determining the
                   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
                   periods after termination options are only included in the subscription term if it is reasonably certain
                   that the SBITA will be extended or not terminate.
        Liabilities arising from a SBITA are initially measured on a present value basis. SBITA liabilities include the
        net present value of the contract payments, less any SBITA vendor incentives received from the SBITA
        vendor at the commencement of the subscription term:
              •                                                      Fixed payments;
              •                                                                      Variable payments that depend on an index or a rate (such as the Consumer Price Index or a marked
                   interest rate), measured using the index or rate as of the commencement of the subscription term;
              •                                                      Variable payments that are fixed in-                  substance;
              •                                   Payments for penalties for terminating the SBITA, if the subscription term reflects the Authority
                   exercising and option to terminate the SBITA or a fiscal funding or cancellation clause; and
              •                                             Any other payments to the SBITA vendor associated with the SBITA contract that are reasonably
                   certain of being required based on an assessment of all relevant factors.
        Assets arising from a SBITA are initially measured using the sum of the following, less any SBITA vendor
        incentives received from the SBITA vendor at the commencement of the subscription term:
              •                                                      The amount of the initial measurement of the subscription liability;
              •                                                    Payments associated with the SBITA contract made to the SBITA vendor at the commencement of
                   the subscription term, if applicable; and
              •                                                    Capitalizable initial implementation costs.
        The Authority monitors changes in circumstances that may require a remeasurement of its SBITAs and will
        remeasure the SBITA asset and liability balances if certain changes occur that are expected to significantly
        affect those balances.
(h)                                                   Compensated Absences
        Vested or accumulated vacation leave is recorded as an expense and liability as the benefits accrue to
        employees.
        Sick leave balances that are more likely than not to be to be used as leave in a future period are recorded as
        an expense and liability.  Former employee’s sick time usage is analyzed to estimate the amount of earned
        unused sick hours more likely than not to be used by active employees using a First-in, First-out (FIFO)
        methodology.



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=== PDF PAGE 46 ===
                                                            2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                          North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                    Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                          (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                     NOTES TO FINANCIAL STATEMENTS
                                                                          December 31, 2024

       (i)                                                               Pension
                 For purposes of measuring the net pension liability                   (asset), deferred outflows of resources and deferred
                 inflows of resources related to pensions, and pension expense, information about the fiduciary net position
                 of the Texas County and District Retirement System (TCDRS)  and additions to/deductions from TCDRS’s
                 fiduciary net position have been determined on the same basis as they are reported by TCDRS.
                 For this purpose, benefit payments (including refunds of employee contributions) are recognized when due
                 and payable in accordance with the benefit terms. Investments are reported at fair value.
       (j)                                                               Other Post          -Employment Benefits (OPEB)
                 For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
                 resources related to OPEB, and OPEB expense, information about the fiduciary net position of the Authority’s
                 Postemployment Benefit Fund (ERS OPEB Plan) and additions to/deductions from ERS OPEB Plan fiduciary
                 net position have been determined on the same basis as they are reported by ERS OPEB Plan.    For this
                 purpose, benefit payments (including refunds of employee contributions) are recognized when due and
                 payable in accordance with benefit terms.  Investments are reported at fair value.
       (k)                                                    Retainage Payable
                 Retainage payable represents amounts billed to the Authority   by contractors for which payment is not due
                 pursuant to retained percentage provision in construction contracts until substantial completion of
                 performance by contractor and acceptance by the Authority                            .
       (l)                                                               Deferred Outflows/Inflows of Resources
                 In addition to assets, the statement of financial position will sometimes report a separate section for deferred
                 outflows of resources. This separate financial statement element, deferred outflows of resources “  represents
                 a consumption of net assets   that applies to future periods”                                            and so will not be recognized as an outflow of
                 resources (expenses) until then. The Authority has the following six   items that qualify for reporting in this
                 category in the statement of net position.
                       •                                                                      Loss on refunding –                                    The loss on refunding results from the difference in the carrying value of refunded
                             debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of
                             the refunded or refunding debt.
                       •                                 PPP deferred outflow –          the value of a toll road that is amortized for the remaining term of the
                             agreement.
                       •                                                      Pension/OPEB                                    contributions after measurement date – T     hese contributions are deferred and
                             recognized in the following fiscal year.
                       •                                                         Difference in projected and actual earnings on pension                                        or OPEB                       assets –          This difference is deferred
                             and amortized over a closed five year period.
                       •                                       Difference in expected and actual pension or OPEB experience –          This difference is deferred and
                             recognized over the estimated average remaining lives of all members determined as of the
                             measurement date.
                       •                                             Changes in actuarial assumptions used to determine pension                                  or OPEB                          liability  –          This difference is
                             deferred and amortized over the estimated average remaining lives of all members determined as of
                             the measurement date.
                 In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred
                 inflows of resources. This separate financial statement element, deferred inflows of resources “  represents an
                 acquisition of net assets         that applies to future periods”                              and so will not be recognized as an inflow of resources
                 (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
                             debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of
                             the refunded or refunding debt.
                       •                                       Difference in expected and actual pension                 or OPEB                            experience    –            This difference is deferred and
                             recognized over the estimated average remaining lives of all members determined as of the
                             measurement date.
                       •                                                    Difference in projected and actual earnings on pension or OPEB assets –                 This difference is deferred
                             and amortized over a closed five year period.


                                                                                            28



28

=== PDF PAGE 47 ===
                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                     North Texas Tollway System                                      An Enterprise Fund of the North Texas Tollway Authority
                                                                                       Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                  (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                       NOTES TO FINANCIAL STATEMENTS December 31, 2024

                                                                                                                                 December 31, 2024

                             •                                                      Changes in actuarial assumptions used to determine OPEB liability –                   This difference is deferred and
                                          amortized over the estimated average remaining lives of all members determined as of the
                                          measurement date.
                             •                                           Change in proportionate share used to determine ERS OPEB liability – This difference is deferred
                                          and amortized over the estimated average remaining lives of all members    determined as of the
                                          measurement date.
(m)                                         Bond Discounts and Premiums
                 Revenuebonds payableare reported net of unamortized bond discount or premium.
(n)                                                   Arbitrage Rebate Payable
                 The Tax Reform Act of 1986 imposed additional restrictive regulations, reporting requirements, and arbitrage
                 rebate liability on issuers of tax-exempt debt. This represents interest earnings on bond proceeds in excess
                 of amounts allowed under the Act. This Act requires the remittance to the Internal Revenue Service (IRS) of
                 90% of the cumulative arbitrage rebate within 60 days of the end of each five-                 year reporting period following
                 the issuance of governmental bonds. The System’s cumulative arbitrage rebate liabilities for the year ended
                 December 31, 2024 is $0.00.
(o)                                                   Estimates
                 The preparation of financial statements in accordance with GAAP          requires management to make estimates
                 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 (TxDOT)
                 to construct a continuous main                           lane    and service roads within the State Highway 121 corridor extending
                 between Business SH 121 in Denton County to US 75 in Collin County consisting of 26 miles.  Under the
                 agreement, the Authority provided an upfront payment to TxDOT in the amount of $3.2 billion. A right to use
                 asset was recorded and is being amortized over the remaining term of the agreement for the upfront payment.
                 A deferred outflow has been recorded for the value of the Sam Rayburn Tollway, which is also being amortized
                 over the remaining term of the agreement.  A PPP liability has been recorded for the capital asset to be returned
                 to TxDOT at the conclusion of the agreement in 2058 subject to the hand back 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 current year, the amount of revenue given
                 to TxDOT was $0.  The table below shows the right to use asset, deferred outflow, PPP liability, and the
                 corresponding capital asset value.
                                                                                                                                             January 1,                                                                                                                                  December 31,
                                                                                                                                                 2024                          Additions       Disposal Amortization                                                                             2024
                                                                    Right to Use Asset-SRT                                                                                                                                              1,558,910,998$                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                               (44,968,587)                                                                                                                                                                                                                                  1,513,942,411$
                                                                    Deferred Outflow-SRT PPP                                                                                                            1,586,385,874$                                                                                                                                                                                                                1,247,095                                                                                                                                                                                                                                                                                                              -                                                                                          (45,797,105)                                                                                                                                                                                              1,541,835,864$
                                                                    Capital Asset-SRT (see note 4)                                                                        1,632,147,005$                                                                                                                                                                                                                1,247,095                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                              -                                                                                                                                                                                                                                  1,633,394,100$
                                                                    SRT PPP Liability                                                                                                                                                                                                  (1,632,147,005)                                                                                                                                                                                                                (1,247,095)                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                              -                                                                                                                                                                                                                           (1,633,394,100)
                                                                                                                     Total                                                               3,145,296,872$                                                                                                                                                                                                                1,247,095                                                                                                                                                                                                                                                                                                              -                                                                                          (90,765,692)                                                                                                                                                                                              3,055,778,275$
















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=== PDF PAGE 48 ===
                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                      North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                              Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                     (An Enterprise Fund of the North Texas Tollway Authority)
                                               NOTES TO FINANCIAL STATEMENTS December 31, 2024

                                                                 December 31, 2024

        (q)                                                   New Accounting Pronouncements
                In the current fiscal year, the System has implemented the following                                   standard issued by the Governmental
                Accounting Standards Board (“GASB”):
                GASB Statement No. 100, Accounting Changes and Error Corrections –          an Amendment of GASB Statement
                No. 62. The primary objective of this Statement is to enhance accounting and financial reporting requirements
                for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent,
                and comparable information for making decisions or assessing accountability. There was no impact on the
                financial statements as a result of implementation of this standard.
                GASB Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the
                information needs of financial statement users by updating the recognition and measurement guidance for
                compensated absences. That objective is achieved by aligning the recognition and measurement guidance
                under a unified model and by amending certain previously required disclosures. The impact on the financial
                statements as a result of implementation of this standard was immaterial. The footnotes to the financial
                statements have been amended in accordance with the standard.

(2)                                                      Legal Compliance –          Budgets
        The Authority is required to prepare a preliminary      budget of current expenses, deposits to the Reserve Maintenance
        Fund, and the purposes for which the monies held in the Reserve Maintenance Fund will be expended for the
        ensuing year.
        Copies of the preliminary budget must be filed with the bond trustee, and mailed to the consulting engineers, traffic
        engineers, principal underwriters, and all bondholders who have filed their names and addresses with the secretary
        and treasurer of the Authority 60 days prior to year-end. The Authority is required by the Trust Agreement to adopt
        a final budget for the Authority on or before December 31 prior to the beginning of the year.  The budget is prepared
        at the Department level and is   based upon the Trust Agreement.   The Authority may not expend any amount or
        incur any obligations for maintenance, repairs, and operations in excess of the total amount of the budgeted
        expenses in the Annual Budget unless the funding source is other than revenues received from the Authority.
        The Authority may expend additional monies from the Reserve Maintenance Fund in excess of the annual deposits.
        Budget amendments must be approved by the Board Members of the Authority in a manner similar to the adoption
        of the annual budget. There were no occurrences of budget noncompliance in 2024.
        Pursuant to the Trust Agreement, the Authority has agreed that it will at all times keep in effect a plan for toll
        collecting facilities and a schedule of rates of tolls, which will raise and produce                                           net revenues during each                       fiscal
        year sufficient to satisfy the greatest of (1), (2), or (3) below:
             1)                               1.35 times the scheduled debt service requirements on all outstanding First Tier Bonds for the fiscal year;
                  or
             2)                               1.20  times the scheduled debt service requirements on  all outstanding First Tier Bonds and Second  Tier
                  Bonds for the fiscal year; or
             3)                               1.00 times the scheduled debt service requirements on      all outstanding First Tier Bonds, Second Tier Bonds,
                  Third Tier Bonds and all other obligations secured by net revenues for the fiscal year.
















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=== PDF PAGE 49 ===
                                                                                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                 North Texas Tollway System                                                           An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                          Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                           NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                  December 31, 2024

                        TheAuthority was i                                                 n compliance in 2024.
                                                                                                                                                                                                                                                                                                                                                                                                                     2024
                                                                                                                                                                                                                                                                                                                                                                                                         ( unaudited)

                         GAAP basi s oper ati ng i nc ome                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    819, 409, 038$
                                                                                                                                                                                               Gr oss I nc ome                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  819, 409, 038
                         Add:
                                                                                                        Depr ec i ati on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      7, 578, 986
                                                                                                        Amor ti zati on ( exc ludi ng Oper ati ng Mai ntenanc e Fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        107, 486, 021
                                                                                                        Capi tal and c onstr uc ti on i mpr ovement f unds expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       64, 606, 051
                                                                                                        Reser ve mai ntenanc e f und expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    64, 809, 587
                                                                                                                                                                                               Net r evenues avai lable f or  debt ser vi c e                                                                                                                                                                                                                                                                                                              1, 063, 889, 683

                         Bond i nter est expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 360, 848, 482
                         Sc heduled pr i nc i pal amount due                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   321, 765, 000
                                                                                                                                                                                               Calc ulated debt ser vi c e r equi r ement                                                                                                                                                                                                                                                                                                                                                                             682, 613, 482$                                                                                                                                                                                                                                                                                          (*)
                                                                                                                                                                                               Cover age r ati o ( f or  1st  ti er  debt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2.43
                                                                                                                                                                                               Cover age r ati o ( f or  1st and 2nd ti er  debt)                                                                                                                                                                                                                                                                                                                                                                                                                  1. 58
                                                                                                                                                                                               Cover age r ati o ( f or  all debt)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        1.56


                         (*)                         Debt                                  service                                                               requirement                                                                                                                              for                      1st                          tier-$437,603,                                                                        310                                         2nd                                        tier-$236,                                                  572,                     582                                        and                                        other-$8,437,590
(3)                                                      Deposits and Investments
                        The Authority’s investment policy conforms                 with the laws of the State of Texas. The Authority may purchase
                        investments as authorized by the Trust Agreement and as further authorized by the investment policy and strategy
                        approved by the Board of Directors in March 2024                                      . These investments include:
                                                                 Government Obligations - shall mean (i) direct obligations of the United States of America, including
                                               obligations that are unconditionally guaranteed by the United States of America, (ii) obligations of an agency
                                               or instrumentality of the United States of America, including obligations that are unconditionally guaranteed
                                               or insured by the agency or instrumentality and that, on the date of the purchase thereof,    are   rated as to
                                               investment quality by twonationally recognized credit rating agencies                             not less than "A" or its equivalent, and
                                               (iii)          obligations of a state,               agency, county, municipality, or other political subdivision of a state that have been
                                               refunded and that, on the date purchased,                  are rated as to investment quality by two   nationally recognized
                                               credit rating agencies not less than"A                                                                     " or its equivalent, with a stated maturity not to exceed 5 years.
                                                                                                          Certificates of deposit, including certificates of deposit of the Trustee, where the certificates are collaterally
                                                secured by Government Obligations and held by a third party as escrow agent or custodian, of a fair  value
                                                not less than the amount of the certificates of deposit so secured, including interest, but this collateral is not
                                                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.
                                                                                                          Direct and reverse repurchase agreements as defined by the Public Funds Investment Act (PFIA) under the
                                                terms of a Securities Industry and Financial Markets Association Master Repurchase Agreement and
                                                collateralized in accordance with this i         nvestment p          olicy.
                                                                                                      Banker's acceptances with a stated maturity of 180                  days or less and whose endorsing banks are constantly
                                                monitored as to financial solvency by the Investment Officers.
                                                                                                                           Commercial paper rated not less than "A1"/"P1" (or an equivalent rating) by at least two nationally recognized
                                                credit rating agencies with a stated maturity of 180                                       days or less.
                                                                                                                        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
                                                Moody’s rating of Aaa.
                                                                                                       AAA-                     rated, SEC registered, no-                                              load mutual funds with an average weighted maturity of less than two years
                                                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
                                                are not authorized for bond proceeds, reserves and funds held for debt service in accordance with the PFIA.
                                                                                 Investments may be made in Permitted Investments through an eligible investment pool as permitted by
                                                Texas Government Code, Chapter 2256, as amended.  An eligible investment pool is a constant dollar, Texas
                                                local government investment pool as described by the PFIA and authorized by the Board.
                                                                                                                                                                                                                                                31



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=== PDF PAGE 50 ===
                                                                                                                                                                                                                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                           North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                        Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                         (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                                                                                                                          NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                                                                                                                                                                                  December 31, 2024

                                                                                                                      Collateralized guaranteed investment contracts (GICs), with a defined termination date and secured by direct
                                                                                  obligations of the United States or its agencies and instrumentalities and pledged to the Authority.  GICs are
                                                                                  restricted to use for investment of bond proceeds.
                                                                                                Interest bearing bank savings deposits issued by state and national banks,   a savings bank,   or a state or
                                                                                  federal credit union (having their main or branch office in Texas) that are guaranteed or insured by the Federal
                                                                                  Deposit Insurance Corporation or the National Credit Union Share Insurance Fund (or their successor
                                                                                  organizations). 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 feder                al agencies and
                                                                                  instrumentalities.
                                     The Authority does not invest in financial instruments other than those authorized by the Authority’s Trust
                                     Agreement and the investment         policy.     The Authority reports all securities and debt instruments with readily
                                     determinable       fair     values to be carried at fair value, with changes in fair value reflected in the Statements of
                                     Revenues, Expenses and Changes in Net Position.
                                      (a)                               Deposits
                                                                          The Authority’s deposits were fully insured or collateralized at December 31, 2024.  The carrying amount of
                                                                          the Authority’s deposits was $44,        407,2                                        80                                     (which does not include $13,100                                     of petty cash)  and the respective
                                                                          bank balances totaled $32,849,                                                           949.   As of December 31, 2024                                      ,   Federal Depository Insurance Corporation
                                                                          (FDIC)     provided $250,000 of coverage for deposits. All balances in excess of the $250,000 were fully
                                                                          collateralized in accordance with the Authority’s investment policy and the Public Funds Investment Act.
                                                            (b)          Investments
                                                                               As of December 31, 2024 the maturity values are as follows:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Mat urit y  V alue (in Y rs )                                                                                                                                                                                                                                                 W  A M(*)
                                                                                                                 Des c ript ion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Fair V alueLes s  Than 1    Y r                                                                                                                  1 Y r or More
                                                                                                                 Government  S pons ored E nt it ies  (GS E ):
                                                                                                                                      Federal Home Loan B ank                                                                                                                                                                                                                                                                       $                                                                                                                             403, 963, 362 $                                                                                                                                                                                                                                                                                                             260, 400, 855143, 562, 507
                                                                                                                                      Federal Nat ional Mort gage A s s oc iat ion                                                                                                                                                                                                                                                                               63, 334, 223                                                                                                                                                                                                                                                                                                                                                                                                                       63, 334, 223                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        -
                                                                                                                                      Federal Farm Credit  B ank                                                                                                                                                                                                                                                                                                                                                                                                                       276, 242, 361                                                                                                                                                                                                                                                                                                                                                                                                                       90, 229, 754                                                                                                                                                                                                                                                                                                                                                                                               186, 012, 607
                                                                                                                                      Federal Home Loan Mort gage Corporat ion                                                                                                                                                                                                                                         29, 277, 930                                                                                                                                                                                                                                                                                                                                                                                                                       29, 277, 930                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        -
                                                                                                                                      Federal A gric ult ural Mort gage Corporat ion                                                                                                                                                                                                                                            63, 187, 985                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                              63, 187, 985
                                                                                                                 Tot al GS E                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        836, 005, 861                                                                                                                                                                                                                                                                                                                                                                                                         326, 404, 414                                                                                                                                                                                                                                                                                                                                                                                               509, 601, 447                                                                                                                                                                                                                                                                                                                            604
                                                                                                                                      Money  Mark et  Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                           542, 887, 495                                                                                                                                                                                                                                                                                                                                                                                                         542, 887, 495                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                  1
                                                                                                                                      U. S .  Treas uries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               170, 728, 628                                                                                                                                                                                                                                                                                                                                                                                                                       24, 804, 102                                                                                                                                                                                                                                                                                                                                                                                               145, 924, 526                                                                                                                                                                                                                                                                                                                            995
                                                                                                                                      Government  P ool                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           671, 490, 142                                                                                                                                                                                                                                                                                                                                                                                                         671, 490, 142                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                  1
                                                                                                                                      Cas h(**)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             6, 694, 617                                                                                                                                                                                                                                                                                               6, 694, 617                           - -
                                                                                                                 Tota l Inve stme nts                                                                                                                                                                                                                                                                                                                                                                                                     $                                                                                                       2, 227, 806, 743 $                                                                                                                                                                                                     $                                                                                                             655, 525, 9731, 572, 280, 770                                                                                                                                                                                                                                                                                                                     306

                                                                                                                                      *W A M =  W eight ed A verage Mat urit y  (in day s )
                                                                                                                                      **Cas h held in Trus t  A c c ount s  for nex t  bus ines s  day  t rans fers .
                                                                                   Investments are as follows:
                                                                                       Revenue A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 $                                                                                                                                                                                 154, 749, 723
                                                                                       Operat ions  and M aint enanc e A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               62, 562, 826
                                                                                       Res erve M aint enanc e A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             24, 178, 343
                                                                                       Cons olidat ed Capit al Im provem ent  A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   1, 030, 502, 356
                                                                                       B ond Int eres t  A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    170, 900, 707
                                                                                       B ond Res erve A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           416, 032, 218
                                                                                       B ond Redem pt ion A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      315, 962, 511
                                                                                       E nt erpris e A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               51, 646, 016
                                                                                       NTE  3A / 3B  A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   912, 885
                                                                                       S out hern S t at es  Int eroperabilit y  A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     359, 158
                                                                                                                                                                                                                                                                                              Tota l Inve stme nts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  $                                                                                                                                                2, 227, 806, 743
                                                                                                                                                                                                                                                                                                                                                                                                                                                         32



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                                                                                                                                  2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                        North Texas Tollway System                                                     An Enterprise Fund of the North Texas Tollway Authority
                                                                                                             NORTH TEXAS TOLLWAY SYSTEM Notes to Financial Statements
                                                                             (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                       NOTES TO FINANCIAL STATEMENTS December 31, 2024

                                                                                                                                                           December 31, 2024

(c)                              Interest Rate Risk
                    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, 2024 was 3.66% in comparison to
                   3.77% in 20                                        23.  The weighted average maturity in days was 306  days for 2024                                  , compared to 334                                           days for
                   2023                                     . Approximately 71% of the investments are maturing within one year and                                        29% are maturing one year
                   or greater. The Authority does not have a formal policy on i                                                           nterest rate r                              isk.
   (d)                    Credit Risk
                 As of December 31, 2024, the Authority invested      24% in AAA rated money market funds, 30% in AAAm rated
                 State and Local Government Pools, 38         % in Government Sponsored Entities (GSE)           and           8% in U.S.
                 Treasuries backed by the full faith and credit of the U.S. Government        .
                 The Authority participates in three local government investment pools, each of which carry investments at
                 amortized cost:  TexPool Prime, TexasCLASS and LOGIC.  The State Comptroller oversees TexPool Prime,
                 with Federated Hermes, Inc. managing the daily operations of the pool under a contract with the State
                 Comptroller. Public Trust Advisors, LLC serve as administrators for TexasCLASS, with UMB Bank, N.A. as
                 Custodian, under an agreement with the TexasCLASS board of directors. Hilltop Securities, Inc. serve as
                 administrators for LOGIC, with JPMorgan Investment Management, Inc. as Investment Manager and
                 Custodian, under an agreement with the LOGIC Board of Directors.
                 TexPool Prime and LOGIC  were established in conformity with the I                                               nterlocal Cooperation Act, Chapter 791
                 of the Texas Government Code and pursuant to Section 2256   of the Public Funds Investment Act, Texas
                 Government Code (PFIA).  T          exas CLASS                      was created as an                       LGIP   pursuant to Section 2256                                                   of the PFIA.
                 These pools  allow shareholders the ability to deposit or withdraw funds on a daily basis.  Interest rates are
                 also adjusted on a daily basis.  These pool                           s seek to maintain a constant net asset value of $1.00, although
                 this cannot be fully guaranteed.  TexPool     Prime, TexasCLASS        and        LOGIC     are rated AAAm and must
                 maintain a dollar weighted average maturity not to exceed a 60-                                                                      day limit.
   (e)           Concentration of Credit Risk
                  The Authority policy is to diversify its investment portfolios.  Assets held in the particular funds shall be
                  diversified to minimize the risk of loss resulting from over concentration of assets in a specific maturity, a
                  specific issuer or a specific class of securities.  As of December 31, 2024                                                                                                 ,     investments in U.S.                                             Bank
                  Government Money Market Fund, LOGIC                                                             and TexPoolPrimeexceeded 5% of the total portfolio.

                  More than 5% of the Authority’s investments are invested in                 each of the following institutions:  Federal Farm
                  Credit Bank (FFCB)             andFederal Home Loan Bank (FHLB)                                                  .

                  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
                  are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs
                  and Level 3 inputs are significant unobservable inputs.  The Authority has the following recurring fair value
                  measurements as of December 31, 2024                                        using a matrix pricing model:
                                                                                                                                                                                                                                                      Fair Value Measurements Using
                                                                                                                                                                                December 31, 2024                                                                                                                                                              Level 1                                                                                                                                                                                                                                       Level 2                                                                                                                                 Level 3
                    Investments by fair value level:
                      Debt securities
                              Federal Home Loan Bank                                                                                                                                                                                                                                                                                                                                                                                                                                                                 403,963,362$                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    -$                                                                                                                                                                                                                                                                                                                                                                                                     403,963,362$                                                                                                                                                                                                                                                                                                                                                   -$
                              Federal National Mortgage Assn.                                                                                                                                                                                                                                                                                                                                                                                              63,334,223                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                           63,334,223                                                                                                    -
                              Federal Farm Credit Bank                                                                                                                                                                                                                                                                                                                                                                                                                                                              276,242,361                                                                                                                                                                                                                                                                          -                                                                                                                                                                                             276,242,361                                                                                                    -
                              Federal Home Loan Mortgage Corp.                                                                                                                                                                                                                                                                                                                                                  29,277,930                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                           29,277,930                                                                                                    -
                              Federal Agricultural Mortgage Corp.                                                                                                                                                                                                                                                                                                                                                             63,187,985                                                                                                                                                                                                                                                                          -                                                                                                                                                                                                           63,187,985                                                                                                    -
                              US Treasury Note                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        170,728,628                                                                                                                                                                                                                                                                          -                                                                                                                                                                                             170,728,628                                                                                                    -
                      Total debt securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           1,006,734,489                                                                                                                                                                                                                                                                          -                                                                                                                                                                        1,006,734,489                                                                                                    -
                    Total investments measured at fair value level:                                                                                                                                                                                                        1,006,734,489$                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -$                                                                                                                                                                                                                                                                                                                                                                                1,006,734,489$                                                                                                                                                                                                                                                                                                                                                -$

                                                                                                                                                                                                       33

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                      2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                                      North Texas Tollway System                                                                                                                                                                                                                     An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                                                                           Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                                                                                                                             (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                        NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      December 31, 2024

(4)                                                      Capital Assets
                                                                   Capital assets are summarized as follows:


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 January 1,                                                                                                                                                                                                                                                                                                                                             Retirements /                                                                                                                                                         December 31,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               2024                                                                                                                                                        Additions                                                                                                                                                      Adjustments                                                                                                                                                                                               2024

                                                                             Capital Assets not being depreciated:
                                                                                  Land                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   $                                                                                            7,293,755                                                                                                                                                                                                         $                                                                                                                                                                              -                                                      $                                                                                                                                                        -                                                      $                                                                                          7,293,755
                                                                                  Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            46,031301,235,727                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                   301,281,758
                                                                                  Construction in Progress                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           57,919,361                                                                                                                                                                                                                                                                                                         166,149,603                                                                                                                                                                                                                                                                                                       18,760,482                                                                                                                                                                                                                                                                                 242,829,446
                                                                                  Roadway                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     6,153,414,869                                                                                                                                                                                                                                                                                                                                     2,436,199                                                                                                                                                                                                                                                                                              (18,760,482)                                                                                                                                                                                                                                                            6,137,090,586
                                                                                  Infrastructure - Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       557,824,226                                                                                                                                                                                                                                                                                                                                                           703,448                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                   558,527,674
                                                                                                                                                                 Total Capital Assets not being depreciated                                                                                                                                                                                                                                       7,077,687,938                                                                                                                                                                                                                                                                                                         169,335,281                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                              7,247,023,219

                                                                             Capital Assets being depreciated
                                                                                  Buildings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           30,376,159                                                                                                                                                                                                                                                                                                                                                           722,011                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                 31,098,170
                                                                                  Machinery and Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           53,897,127                                                                                                                                                                                                                                                                                                                                     6,677,982                                                                                                                                                                                                                                                                                                            (9,504,739)                                                                                                                                                                                                                                                                                               51,070,370
                                                                                  Intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       96,410,450                                                                                                                                                                                                                                                                                                                                     3,761,600                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                   100,172,050
                                                                                                                                                                 Total Capital Assets being depreciated                                                                                                                                                                                                                                                                            180,683,736                                                                                                                                                                                                                                                                                                                       11,161,593                                                                                                                                                                                                                                                                                                            (9,504,739)                                                                                                                                                                                                                                                                                 182,340,590

                                                                             Less accumulated depreciation for:
                                                                                  Buildings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (15,339,150)                                                                                                                                                                                                                                                                                                                             (1,102,677)                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                        (16,441,827)
                                                                                  Machinery and Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  (34,751,495)                                                                                                                                                                                                                                                                                                                             (6,476,310)                                                                                                                                                                                                                                                                                                                     5,160,855                                                                                                                                                                                                                                                                                      (36,066,950)
                                                                                  Intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               (24,478,102)                                                                                                                                                                                                                                                                                                               (10,374,026)                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                        (34,852,128)
                                                                                                                                                                 Total accumulated depreciation                                                                                                                                                                                                                                                                                                                                                                        (74,568,747)                                                                                                                                                                                                                                                                                                               (17,953,013)                                                                                                                                                                                                                                                                                                                     5,160,855                                                                                                                                                                                                                                                                                      (87,360,905)
                                                                                                                                                                 Total Capital Assets being depreciated, net                                                                                                                                                                                                                       106,114,989                                                                                                                                                                                                                                                                                                                             (6,791,420)                                                                                                                                                                                                                                                                                                            (4,343,884)                                                                                                                                                                                                                                                                                               94,979,685
                                                                             Right to Use - assets
                                                                                  Roadways-SRT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             1,603,879,584                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                                                             -                                                                                                                                                                                                                                                            1,603,879,584
                                                                                  SBITA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     26,880,736                                                                                                                                                                                                                                                                                                                       34,113,191                                                                                                                                                                                                                                                                                                            (8,458,546)                                                                                                                                                                                                                                                                                               52,535,381
                                                                                                                                                                 Total Right-to-Use Assets                                                                                                                                                                                                                                                                                                                                                                                                               1,630,760,320                                                                                                                                                                                                                                                                                                                       34,113,191                                                                                                                                                                                                                                                                                                            (8,458,546)                                                                                                                                                                                                                                                            1,656,414,965
                                                                             Less accumulated amortization for:
                                                                                 Roadways-SRT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               (44,968,586)                                                                                                                                                                                                                                                                                                               (44,968,587)                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                        (89,937,173)
                                                                                 SBITA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (10,476,769)                                                                                                                                                                                                                                                                                                               (16,674,915)                                                                                                                                                                                                                                                                                                                     8,458,546                                                                                                                                                                                                                                                                                      (18,693,138)
                                                                                                                                                             Total accumulated                                                                                                                                               amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       (61,643,502)(55,445,355)                                                                                                                                                                                                                                                                                                                     8,458,546                                                                                                                                                                                                                                                                        (108,630,311)
                                                                                                                                                             Total Right-to-Use Assets, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     (27,530,311)1,575,314,965                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                              1,547,784,654
                                                                                                                                                        Total Capital Assets, net                                                                                                                                                                                                                                                                                                                                                                                                                                                  $                                           8,759,117,892                                                                                                                                                                                                         $                                                                      135,013,550                                                                                                                                                                                                               $                                                                   (4,343,884)                                                                                                                                                                                         $                                         8,889,787,558





















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=== PDF PAGE 53 ===
                                                      2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                       North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                               Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                      (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                NOTES TO FINANCIAL STATEMENTS
                                                                  December 31, 2024

(5)                                                      Revenue Bonds, Loans Payable           and Revolving Note Program
        Revenue Bonds
        Upon the happening of any event of default as specified in the Amended and Restated NTTA System Trust
        Agreement dated April 1, 2008, Section 802, the Trustee may take actions and upon the written request of the
        holders of not less than twenty percent (20%) in principal amount of the bonds then outstanding shall proceed to:

             (i)                                                                                      protect and enforce its rights and the rights of the bondholders under the Turnpike Act and under the
                        Trust Agreement by such suits actions or special proceedings in equity or at law or by proceedings in
                        the office of any board or officer having jurisdiction, either for mandamus or the specific performance,
                        of any covenant or agreement contained in the Trust Agreement or in aid or execution of any power
                        herein granted or for the enforcement of any proper legal or equitable remedy, as the Trustee, being
                        advised by counsel, shall deem most effectual to protect and enforce such rights.
             (ii)                                                                                      In the enforcement of any remedy under the Trust Agreement, the Trustee shall be entitled to sue for,
                        enforce payment of and receive any and all amounts then or during any default becoming, and at any
                        time remaining, due from the Authority for principal, interest or otherwise under any of the provisions
                        of the Trust Agreement or of the bonds.
     The full Amended and Restated NTTA System Trust Agreement can be found at:
        https://www.ntta.org/whatwedo/fin_invest_info/NTTAsystem/Documents/NTTAAmdRestdTrustagtwithFirstSupplement.pdf
        The Authority has issued and refunded various Revenue Bond Series to construct the North Texas Tollway System
        and to fund reserves and expenses associated with the bond issues.  The Authority follows the provisions of GASB
        No. 23, Accounting and Financial Reporting for Refunding of Debt Reported by Proprietary Activities (Statement
        No. 23). Under the provisions of Statement No. 23, the difference between the reacquisition price and the net
        carrying amount of the old debt is recorded as a deferred                                                                             outflow and amortized over the life of the new debt or the
        life of the old debt (had it not been refunded), whichever is shorter, as an adjustment to the bond interest expense.
        Revenue bonds are used to finance the acquisition and construction of major capital improvements for the North
        Texas Tollway System             toll roads and related facilities. These revenue bonds constitute special obligations of the
        Authority solely secured by a lien on and pledge of the net revenues of the toll road system. The revenue bonds
        are collateralized by the revenue of the toll roads and the various special funds established by the bond ordinances.
        The ordinances provide that the revenue of the System is to be used, first, to pay operating and maintenance
        expenses of the system, and second, to establish and maintain the revenue bond funds. Remaining revenues may
        then be used for any lawful purpose.




























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=== PDF PAGE 54 ===
                                                                                                                                                                                                                                                                                                                                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority

                                                                                                                                                                                                                                                                                                                                                              NORTH TEXAS TOLLWAY SYSTEM Notes to Financial Statements
                                                                                                                                                                                                                                                                      (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                                                                                                                                                                                                            NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               December 31, 2024

                              The following schedule summarizes the revenue bonds outstanding as of December        31, 2024:

                                                                                                                                                                                                                                                                                                                            Be ginning                                                                                                                                                                                                                                                                                                                                                                         Ma ture d or                                                                                                                                                                                                                                                                                                                                                                            Due  w ithin
                                                       De scription of Issue                                                                                                                                                                                                                                                           Balance                                                                                                                                                         Additions                                                                                                                                                                                                                  Retired                                                                                                                Ending Ba la nce                                                                                                                                                                                                                                        one year
                                                       S eries  2008D                                                                                                                                                                                                       $                                            1, 005, 676, 219                                                                                                                                  $                                                          60, 646, 575                                                                                                             $                                                                                                                                                        -                                            $                                               1, 066, 322, 794                                                                                                                                  $                                                                                                                       -
                                                       S eries  2009B                                                                                                                                                                                                                                      825, 000, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                                                                                                                              -                                                                                                                                                       825, 000, 000                                                                                                                                                                                                                                                                                                                                                                                                                                                    -
                                                       S eries  2010B                                                                                                                                                                                                                                                        48, 855, 000                                                                                                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                                                    (5, 880, 000)                                                                                                                                                                                                                                                                                              42, 975, 000                                                                                                                                                                                                                                                                                                                                                     6, 210, 000
                                                       S eries  2014A                                                                                                                                                                                                                                      106, 915, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                   (41, 020, 000)                                                                                                                                                                                                                                                                                                                  65, 895, 000                                                                                                                                                                                                                                                                                                                                   65, 895, 000
                                                       S eries  2015A                                                                                                                                                                                                                                      802, 860, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                  (802, 860, 000)                                                                                                                                                                                                                                                -                                                                                                                                                                                                                                          -
                                                       S eries  2015B                                                                                                                                                                                                                                      369, 290, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                  (354, 515, 000)                                                                                                                                    14, 775, 000                                                                                                                                                                                                                                                                                                                                   14, 775, 000
                                                       S eries  2016A                                                                                                                                                                                                                                      501, 835, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                   (42, 550, 000)                                                                                                                                                                                                                                                                                                 459, 285, 000                                                                                                                                                                                                                                                                                                                                   44, 675, 000
                                                       S eries  2017A                                                                                                                                                                                                           1, 376, 205, 000                                                                                                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                                                    (5, 210, 000)                                                                                                                                                                                                                                                  1, 370, 995, 000                                                                                                                                                                                                                                                                                                                                                     5, 915, 000
                                                       S eries  2017B                                                                                                                                                                                                                                      587, 840, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                    (2, 140, 000)                                                                                                                                                                                                                                                                             585, 700, 000                                                                                                                                                                                                                                                                                                                                                     2, 735, 000
                                                       S eries  2018                                                                                                                                                                                                                                                            356, 085, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                                                                                                                              -                                                                                                                                                              356, 085, 000                                                                                                                                                                                                                                                                                                                                                                                                                                                    -
                                                       S eries  2019A                                                                                                                                                                                                                                      376, 490, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                   (20, 325, 000)                                                                                                                                                                                                                                                                                                 356, 165, 000                                                                                                                                                                                                                                                                                                                                                     8, 425, 000
                                                       S eries  2019B                                                                                                                                                                                                                                      192, 670, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                   (28, 430, 000)                                                                                                                                                                                                                                                                                                 164, 240, 000                                                                                                                                                                                                                                                                                                                                   29, 810, 000
                                                       S eries  2020A                                                                                                                                                                                                                                      192, 105, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                                                                                                                              -                                                                                                                                                              192, 105, 000                                                                                                                                                                                                                                                                                                                                                     6, 695, 000
                                                       S eries  2020B                                                                                                                                                                                                                                      376, 725, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                   (61, 465, 000)                                                                                                                                                                                                                                                                                                 315, 260, 000                                                                                                                                                                                                                                                                                                                                   11, 430, 000
                                                       S eries  2020C                                                                                                                                                                                                                                                      25, 205, 000                                                                                                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                                                    (5, 850, 000)                                                                                                                                                                                                                                                                                              19, 355, 000                                                                                                                                                                                                                                                                                                                                                     6, 140, 000
                                                       S eries  2021A                                                                                                                                                                                                                                      402, 110, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                  (157, 670, 000)                                                                                                                   244, 440, 000                                                                                                                                                                                                                                                                                                                                                                                                                                                    -
                                                       S eries  2021B                                                                                                                                                                                                                                      446, 045, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                                                                                                                              -                                                                                                                                                              446, 045, 000                                                                                                                                                                                                                                                                                                                                   12, 300, 000
                                                       S eries  2022A                                                                                                                                                                                                                                      501, 515, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                   (39, 245, 000)                                                                                                                                                                                                                                                                                                 462, 270, 000                                                                                                                                                                                                                                                                                                                                   44, 765, 000
                                                       S eries  2022B                                                                                                                                                                                                                                      187, 650, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                   (50, 655, 000)                                                                                                                                                                                                                                                                                                 136, 995, 000                                                                                                                                                                                                                                                                                                                                   62, 325, 000
                                                       S eries  2023A                                                                                                                                                                                                                                      439, 795, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                                                                                                                              -                                                                                                                                                              439, 795, 000                                                                                                                                                                                                                                                                                                                                                                                                                                                    -
                                                       S eries  2023B                                                                                                                                                                                                                                      137, 440, 000                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                                                                                                                              -                                                                                                                                                              137, 440, 000                                                                                                                                                                                                                                                                                                                                                                                                                                                    -
                                                       S eries  2024A                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                458, 885, 000                                                                                                                                                                                                                                                                                                                                                                                                                                           -                                                                                                                                                       458, 885, 000                                                                                                                                                                                                                                                                                                                                                                                         -
                                                       S eries  2024B                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                676, 290, 000                                                                                                                                                                                                                                                                                                                                                                                                                                           -                                                                                                                                                       676, 290, 000                                                                                                                                                                                                                                                                                                                                                                                         -
                                                       Tot al B ond P rinc ipal                                                                                                            9, 258, 311, 219                                                                                                                                                                                                                                                                                                           1, 195, 821, 575                                                                                                                                                                                                                                                                                                 (1, 617, 815, 000)                                                                                                                                                                                                                                                                                                                                           8, 836, 317, 794                                                                                                                                                                                                                                                                                                                  322, 095, 000
                                                       Unamort iz ed P remium                                                                                    (479, 415, 900)                                                                                                                                                                                                                                                                                     (143, 918, 802)                                                                                                                                                                                                                                                                                                                                                119, 374, 207                                                                                                                                                                                                                                                                                                 (503, 960, 495)                                                                                                                                                                                                                                                                                                                                                                                                                                                    -
                                                       Tota l Bonds Pa ya ble                                                                                                                                                                                               $                                            9, 737, 727, 119                                                                                                                                  $                           1, 339, 740, 377                                                                                                                                        $                                            (1, 737, 189, 207)                                                                                                                                       $                                               9, 340, 278, 289                                                                                                                                  $                           322, 095, 000

                              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, 2024 was $503,960,495.

















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=== PDF PAGE 55 ===
                                                                                                                                                                                                                                                                                                                                      2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                     North Texas Tollway System                                                                                                                                                                                         An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                  Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                            (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                                                                                                                                                              NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                                                                                                                                                                                                                                                         December 31, 2024

Outstanding Bonded Debt – Pertinent Information by Issue

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Outsta nding
                                                                                                                                                                                                                                                                                                                    Original                                                                                                                                                                   Ra  te                                                                                                                                    Te  rm                                                                                   M a  turi ty                                                                                                                                                       Balance
                                                                                                         I    ssu   e                                                                                                                                                                                                  Issue  Amount                                                                              Ra nge  %                                                                                                    I    ssu   e                                                                                                      Ra  n g e                                                                          De  ce  m be  r 31,  2024
     S eries  2008D                                                                                                                                                                                                                                                                                                                     399, 999, 394$                                                                                                                                                                                                                                                                                       5. 90 - 5. 97                                                                                             2008                                                                        2028-2038                                                                                                                                                                       1, 066, 322, 794$
     S eries  2009B                                                                                                                                                                                                                                                                                                                       825, 000, 000                                                                                                                                                                                                                                                                                                                                                     6. 718                                                                                                                                       2009                                                                                                                           2049                                                                                                                                                                                                                                  825, 000, 000
     S eries  2010B                                                                                                                                                                                                                                                                                                                       310, 000, 000                                                                                                                                                                                                                                                                                                                                                            8. 41                                                                                                                                                 2010                                                                                                                           2030                                                                                                                                                                                                                                                    42, 975, 000
     S eries  2014A                                                                                                                                                                                                                                                                                                                       310, 415, 000                                                                                                                                                                                                                                                                                                                                                            5. 00                                                                                                                                                 2014                                                                        2020-2025                                                                                                                                                                                                                   65, 895, 000
     S eries  2015A                                                                                                                                                                                                                                                                                                                       862, 920, 000                                                                                                                                                                                                                                                                                  2. 00 - 5. 00                                                                                             2015                                                                        2016-2038                                                                                                                                                                                                                                                                                                                                        -
     S eries  2015B                                                                                                                                                                                                                                                                                                                       764, 090, 000                                                                                                                                                                                                                                                                                  4. 00 - 5. 00                                                                                             2015                                                                        2040-2045                                                                                                                                                                                                                    14, 775, 000
     S eries  2016A                                                                                                                                                                                                                                                                                                                       987, 790, 000                                                                                                                                                                                                                                                                                  4. 00 - 5. 00                                                                                             2016                                                                        2017-2039                                                                                                                                                                                                   459, 285, 000
     S eries  2017A                                                                                                                                                                                                                                                                                           1, 743, 320, 000                                                                                                                                                                                                                                                                                  2. 00 - 5. 00                                                                                             2017                                                                        2019-2048                                                                                                                                                                       1, 370, 995, 000
     S eries  2017B                                                                                                                                                                                                                                                                                                                       765, 995, 000                                                                                                                                                                                                                                                                                  2. 00 - 5. 00                                                                                             2017                                                                        2019-2048                                                                                                                                                                                                   585, 700, 000
     S eries  2018                                                                                                                                                                                                                                                                                                                                             356, 085, 000                                                                                                                                                                                                                                                                                  4. 00 - 5. 00                                                                                             2018                                                                        2030-2050                                                                                                                                                                                                   356, 085, 000
     S eries  2019A                                                                                                                                                                                                                                                                                                                       429, 870, 000                                                                                                                                                                                                                                                                                  4. 00 - 5. 00                                                                                             2019                                                                        2020-2044                                                                                                                                                                                                   356, 165, 000
     S eries  2019B                                                                                                                                                                                                                                                                                                                       222, 510, 000                                                                                                                                                                                                                                                                                  4. 00 - 5. 00                                                                                             2019                                                                        2022-2029                                                                                                                                                                                                   164, 240, 000
     S eries  2020A                                                                                                                                                                                                                                                                                                                       192, 105, 000                                                                                                                                                                                                                                                                                  3. 00 - 5. 00                                                                                             2020                                                                        2025-2038                                                                                                                                                                                                   192, 105, 000
     S eries  2020B                                                                                                                                                                                                                                                                                                                       517, 145, 000                                                                                                                                                                                                                                                                                        . 92 - 3. 33                                                                                                        2020                                                                        2024-2052                                                                                                                                                                                                   315, 260, 000
     S eries  2020C                                                                                                                                                                                                                                                                                                                                       52, 705, 000                                                                                                                                                                                                                                                                            5. 00                                                                                                                                                 2020                                                                        2021-2027                                                                                                                                                                                                                   19, 355, 000
     S eries  2021A                                                                                                                                                                                                                                                                                                                       402, 110, 000                                                                                                                                                                                                                                                                                  1. 83 - 3. 01                                                                                             2021                                                                        2029-2043                                                                                                                                                                                                   244, 440, 000
     S eries  2021B                                                                                                                                                                                                                                                                                                                       446, 045, 000                                                                                                                                                                                                                                                                                  2. 25 - 5. 00                                                                                             2021                                                                        2025-2051                                                                                                                                                                                                   446, 045, 000
     S eries  2022A                                                                                                                                                                                                                                                                                                                       501, 515, 000                                                                                                                                                                                                                                                                         4. 125 - 5. 25                                                                                     2022                                                                        2024-2040                                                                                                                                                                                                   462, 270, 000
     S eries  2022B                                                                                                                                                                                                                                                                                                                       187, 650, 000                                                                                                                                                                                                                                                                                                                                                            5. 00                                                                                                                                                 2022                                                                        2024-2029                                                                                                                                                                                                  136, 995, 000
     S eries  2023A                                                                                                                                                                                                                                                                                                                       439, 795, 000                                                                                                                                                                                                                                                                                                                                                            5. 00                                                                                                                                                 2023                                                                        2026-2042                                                                                                                                                                                                  439, 795, 000
     S eries  2023B                                                                                                                                                                                                                                                                                                                       137, 440, 000                                                                                                                                                                                                                                                                                                                                                            5. 00                                                                                                                                                 2023                                                                        2030-2031                                                                                                                                                                                                  137, 440, 000
     S eries  2024A                                                                                                                                                                                                                                                                                                                       458, 885, 000                                                                                                                                                                                                                                                                                        5. 0 - 5. 25                                                                                                        2024                                                                        2026-2045                                                                                                                                                                                                   458, 885, 000
     S eries  2024B                                                                                                                                                                                                                                                                                                                       676, 290, 000                                                                                                                                                                                                                                                                                                                                                            5. 00                                                                                                                                                 2024                                                                        2026-2037                                                                                                                                                                                                  676, 290, 000
     Tot al P rinc ipal Revenue B onds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               8, 836, 317, 794
     Unamort iz ed P remiums  and Dis c ount s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (503, 960, 495)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               $                                                                           9, 340, 278, 289























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=== PDF PAGE 56 ===
                                                                                                                                                                                                                                                                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                               North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                              Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                            (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                                                                                                                              NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                                                                                                                                                                                        December 31, 2024

                                     The revenue bond debt service requirements below are prepared as of December 31, 2024:


                                                                                                                                                                                                                                                                                        Tota l Re ve nue  Bonds
                                                                                                                                                                                                                                                             Principa  l                                                                                                                                                                                                          Intere     st                                                                                                                                                                                                                                BAB
                                                                                                          Year                                                                                                                                                                                                                                                    a  m ount                                                                                                                                                                                                                       a  m ount                                                                                                                                                           Subsidy *                                                                                                                                                                                                         Tota  l
                                                       Due January  1
                                                                                                            2025                                                                                                                                                                                                                                                              322, 095, 000$                                                                                                                                                                                                                                                                                                                                                                                                                                                  352, 821, 244$                                                                                                                                                                                                                                                                                                                                                                                                        (19, 399, 206)$                                                                                                                                                                                                                                                                                                                                                                                                    655, 517, 038$
                                                                                                            2026                                                                                                                                                                                                                                                              335, 330, 000                                                                                                                                                                                                                                                                                                                                                                                                                                            351, 944, 467                                                                                                                                                                                                                                                                                                                                                                                                    (19, 221, 907)                                                                                                                                    668, 052, 560
                                                                                                            2027                                                                                                                                                                                                                                                              354, 350, 000                                                                                                                                                                                                                                                                                                                                                                                                                                            334, 863, 903                                                                                                                                                                                                                                                                                                                                                                                                    (19, 034, 476)                                                                                                                                    670, 179, 427
                                                                                                            2028                                                                                                                                                                                                                                                              269, 701, 277                                                                                                                                                                                                                                                                                                                                                                                                                                            422, 646, 014                                                                                                                                                                                                                                                                                                                                                                                                    (18, 836, 429)                                                                                                                                    673, 510, 862
                                                                                                            2029                                                                                                                                                                                                                                                              286, 334, 977                                                                                                                                                                                                                                                                                                                                                                                                                                            413, 046, 881                                                                                                                                                                                                                                                                                                                                                                                                    (18, 627, 209)                                                                                                                                    680, 754, 649
                                                                                      2030-2034                                                                                                                                                                                  1, 678, 200, 714                                                                                                                                                                                                                                                                                                                                                                                                            1, 858, 104, 338                                                                                                                                                                                                                                                                                                                                                                 (91, 576, 227)                                                                                                    3, 444, 728, 825
                                                                                      2035-2039                                                                                                                                                                                  1, 840, 462, 426                                                                                                                                                                                                                                                                                                                                                                                                            1, 554, 244, 108                                                                                                                                                                                                                                                                                                                                                                 (91, 462, 631)                                                                                                    3, 303, 243, 903
                                                                                      2040-2044                                                                                                                                                                                  1, 954, 640, 000                                                                                                                                                                                                                                                                                                                                                                                                                                            521, 314, 239                                                                                                                                                                                                                                                                                                                                                                                                    (71, 724, 496)                                                                                                    2, 404, 229, 743
                                                                                      2045-2049                                                                                                                                                                                  1, 082, 270, 000                                                                                                                                                                                                                                                                                                                                                                                                                                            157, 243, 095                                                                                                                                                                                                                                                                                                                                                                                                    (26, 159, 033)                                                                                                    1, 213, 354, 062
                                                                                      2050-2053                                                                                                                                                                                                                                 46, 610, 000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1, 401, 930                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                                                         48, 011, 930
                                                       Int eres t  A c c ret ion                                                                                                                                                       666, 323, 400                                                                                                                                                                                                                                                                                                                                                                                                                                 (666, 323, 400)                                                                                                                                                                                                                                                                                            -                                                                                                                                                                                                                                                                                                                                      -
                                                                                                                                                                                                                             $                                                                                                                                                                                                                                                                                                                                                                                                               5, 301, 306, 8198, 836, 317, 794$                                                                                                                                                                                                                                                                                                                                                                                  (376, 041, 614)$                                                                                                                                                                                                                                                                                                           13, 761, 582, 999$

                                                       (*) Not e:  Due t o S eques t rat ion,  B A B 's  S ubs idy  is  reduc ed by  5. 7% .

                                    The Interest and Sinking and Reserve Accounts required by the Trust Agreement have been established with the
                                   Trustee. The balances as of December 31, 202                  4 were:
                                                                                                                                                                                                                                                                                                                                                         Cas h and                                                                                                                                                                                                        Tr u s   t
                                                                                                                                                                                                                                                                                                                        Inves t ment  B alanc e                                                                                                                                                                                                  Requi rem ent
                                                                 B ond Int eres t  A c c ount                                                                                                                                                                                                                                                                                                                                                                                                                           170, 900, 707$                                                                                                                                                                                                                                                                                                                                                                                                         170, 900, 707$
                                                                 Debt  S ervic e Res erve A c c ount (*)                                                                                                                                                                                  416, 032, 218                                                                                                                                                                                                                                                                                                                                                                                                         422, 986, 712
                                                                 Redempt ion A c c ount                                                                                                                                                                                                                                                                                                                                              315, 962, 511                                                                                                                                                                                                                                                                                                                                                                                                         315, 885, 000
                                                                                                                                                                         Tot al                                                                                                                                                                                                                                                                                                                                                  902, 895, 436$                                                                                                                                                                                                                                                                                                                                                                                                         909, 772, 419$

                                        (   *)                   The Debt  S ervic e Res erve ac c ount  per t he t rus t  agreement  is  not  valued at  mark et  pric e but  amort iz ed value.   The amort iz ed
                                                                 value at  12/ 31/ 2024 was $426, 489, 453


                                      Defeasance of Debt
                                    The Authority has defeased various revenue                   bonds issues by placing funds and securities in irrevocable trusts with
                                    external financial institutions to provide for all future debt service payments on the bonds through the earlier of the
                                    maturity date or the first call date. As of December 31, 2024                                           , the amounts of defeased bonds, at par, that remain
                                    outstanding was $1,620,820,000.














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=== PDF PAGE 57 ===
                                                    2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                   North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                            Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                             NOTES TO FINANCIAL STATEMENTS
                                                                  December 31, 2024
Debt I           ssuances
On October 8, 2024, the Authority issued $458,885,000 of North Texas Tollway Authority First Tier Revenue
Refunding Bonds, Series 2024A, for the purpose of refunding $347,365,000 of Series 2015B Bonds, $43,630,000
of Series 2020B Bonds and $157,670,000 of Series 2021A Bonds. The Series 2024A Bonds were issued as serial
bonds maturing January 1, 2026 through January 1, 2045.  The bonds have an interest rate                     range                                            of    5.00% to
5.25%.
The refunding results for 2015B, 2020B, and 2021A resulted in a decrease the aggregate debt service between the
refunding debt and refunded debt. The difference between the reacquisition price and the net carrying amount of
the 2015B, 2020B, and 2021A Bonds refunded by 2024A Revenue Refunding Bonds of $51,215,846 was deferred
and is being amortized over the stated term of the Series 2015B Bonds. Amortization of the deferred outflow in
resources on the refunding was $727,523 for the year ended December 31, 2024. The deferred out     flow in resources
ending balance for the year ended December 31, 2024 was $50,488,323. The refunding reduced total debt service
payments over the next 21 years by nearly $51.5 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 $42.1 million.
On October 8, 2024, the Authority issued $676,290,000 of North Texas Tollway Authority Second Tier Revenue
Refunding Bonds, Series 2024B, for the purpose of refunding all of Series 2015A. The Series 2024B Bonds were
issued as serial bonds maturing January 1, 2026                                         through January 1, 2037                              .  The bonds have an interest rate of
5.00%.
The refunding results for 2015A resulted in a decrease the aggregate debt service between the refunding debt and
refunded debt. The difference between the reacquisition price and the net carrying amount of the 2015A Bonds
refunded by 2024B Revenue Refunding Bonds of $37,372,813 was deferred and is being amortized over the stated
term of the Series 2024B Bonds. Amortization of the deferred outflow in resources on the refunding was $651,258
for the year ended December 31, 2024. The deferred ouflow in resources ending balance for the year ended
December 31, 2024 was $36,721,554. The refunding reduced total debt service payments over the next 14 years
by nearly $115.1 million. This results in an economic gain (difference between the present values of the debt serv               ice
payments on the old and new debt) of nearly $93.2 million.

Revolving                       Note Program
In order to maintain short -         term liquidity options, the Authority contacted the underwriter pool for proposals to support
$200,000,000 in liquidity for the next three years whether through CP or other financing facilities.  The Authority
secured a Credit Facility with RBC Capital Markets with an issuance of up to $200,000,000 aggregate principal
amount of revolving notes (Revolving Notes).     The Revolving Notes are secured as Second Tier Bonds.  On
November 20, 2024 the Board approved a three year extension and reduction of the Existing Commitment from
$200,000,000 to $100,000,000.  Pursuant to the Note Purchase Agreement executed under the program, RBC
Capital Markets is obligated to purchase Revolving Notes upon request by the Authority that allow periodic draws
and repayments in an amount up to $100,000,000. The Extended Committment Expiration Date is December 4,
2027.  The Authority has not made any withdrawals on the p                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  rogram.






















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=== PDF PAGE 58 ===
                                                                                                                                    2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                              North Texas Tollway System                                             An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                   Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                             (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                   NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                 December 31, 2024

(6)                                                      Subscription-                      Based Information Technology Arrangements (SBITA)
                    The Authority is obligated under contracts covering certain subscription-based information technology
                    arrangements (SBITA) that expire at various dates during the next 3 years. Most SBITA contracts have initial 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, 2024, the SBITA net asset and payable                                                totaled $33,842,243
                    and $27,922,748, respectively. Future minimum payments are:

                                                                                                                                                                                                   Principal                                                                                                                                                                              Interest                                                                                                                                                                                                 Total
                                                                                                                                                                                                 Pa yments                                                                                                                                                Payments                                                                                                                                       Payments
                                                                                                                                                   2025                                                                                                                                                                            11,610,520$                                                                                                                                                                                                                                                                                                                                                                                                                                   696,616$                                                                                                                                                                                                                                                                                                                                                                     12,307,136$
                                                                                                                                                   2026                                                                                                                                                                                                8,956,324                                                                                                                                                                                                                                                                                                                                                                                                                              441,856                                                                                                                                                                                                                                                        9,398,180
                                                                                                                                                   2027                                                                                                                                                                                                1,080,916                                                                                                                                                                                                                                                                                                                                                                                                                              220,908                                                                                                                                                                                                                                                        1,301,824
                                                                                                                                          Thereafter                                                                                                                                                     6,274,988                                                                                                                                                                                                                                                                                                                                                                                                                              683,256                                                                                                                                                                                                                                                        6,958,244
                                                                                                                                                                                       $                                                                                                                                                                                                                                                                                                                                                                                                      2,042,63627,922,748$                                                                                                                                                                                                                                                                                                                                                                  29,965,384$

(7)                                                      Employees’ Retirement Plan
                    Defined Benefit Pension  Plan
                    As discussed in Note                      1, effective September 1, 1997, the Authority, a regional tollway authority under Chapter 366,
                    Transportation Code, became the successor agency to the Texas Turnpike Authority. In connection with this
                    transition, the Authority changed from being a participant in the plans administered by the Employees Retirement
                    System of Texas (ERS), which are considered single employer defined benefit pension plans, to being a participant
                    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.
                    Information related to the TCDRS, the Authority’s 401(k) plan and its refrain from participation in Social Security is
                    included herein.
                  Plan Description
                    The Authority participates as one of more than  830                                                      plans in the joint contributory, defined benefit plan administered
                    by TCDRS.  TCDRS acts as an agent multiple-                                         employer retirement system for county and district employees in the
                    State of Texas.    The TCDRS Act is the basis for administration of the                 pension system.    The    pension system is
                    governed by a nine-                                       member Board of Trustees and is managed by an administrative staff in Austin.
                    Although the Governor, with the advice and consent of the S                                enate, appoints the Board, TCDRS is not fiscally
                    dependent on the State of Texas. TCDRS’s defined benefit pension plan is a tax-qualified plan under Section 401(a                                      )
                    of the Internal Revenue Code. TCDRS issues a publicly available annual  comprehensive financial report (ACFR)
                    that can be obtained at www.tcdrs.org        .
                    All eligible employees of the Authority are required to participate in TCDRS.
                    Benefits Provided
                    TCDRS provides retirement, disability and death benefits. Benefit provisions are adopted by the governing body of
                    the Authority, within the options available in the state statutes                                       governing TCDRS.
                    At retirement, the benefit is calculated as if the sum of the employee’s contributions, with interest, and the Authority-
                    financed monetary credits, with interest, were used to purchase an annuity. Members may choose to receive their
                    retirement benefit in one of three                                  actuarially equivalent payments options. A summary of plan provisions for the
                    Authority are as follows:
                                                    Employee deposit rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         6% of Earnings
                                                    Authority matching rate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     250%
                                                    Vesting period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               10 Years
                                                    Retirement years (age/years of service)                                                                                                                                                                                                                                                                            60/10, Any/30, Rule of 75, age+service
                                                    Prior Service Credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          0%
                                                    Annuity Increase to retirees:                                                                                                                                                                                                                                                                                                                                                                                                                                                                  0%
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=== PDF PAGE 59 ===
                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                   North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                            Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                  (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                              NOTES TO FINANCIAL STATEMENTS
                                                                   December 31, 2024

Employees covered by benefit terms
At the December 31, 20        23 valuationand measurement date, the following employees were covered by the benefit
terms:
                                         Inactive employees or beneficiaries currently receiving benefits                                                          302
                                         Inactive employees entitled to but not yet receiving benefits                                                          1,261
                                         Active employees                                                                                                          767
                                         Total                                                                                                                   2,330
Contributions
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.
Employees for the Authority contributed 6% of their annual gross earnings during each fiscal year. The contribution
rates for the Authority were 9.44% and 9.4                                                                             8% in fiscal years 2023 and 2024, respectively. The Authority’s
contributions to TCDRS for the year ended December 31, 2024, was $5,432,346  and were equal to the required
contributions.
Net Pension Asset
The Authority’s Net Pension Asset (NPA) was measured as of December 31, 2023, and the Total Pension Liability
(TPL) used to calculate the Net Pension Asset was determined by an actuarial valuation as of that date.
Actuarial assumptions
The Total Pension Liability in the December 31, 2023 actuarial valuation was determined using the following
assumptions:
   Inflation                                                                                                                                                                                                                                                                                                                                                  2.50%
   Overall Payroll Growth                                                                                                                2.00%
   Investment Rate of Return         7.60%, long-                                                          term rate of return 7.50%, plus 0.10% administrative expenses
Salary increases were based on a service-                related table. Mortality rates for active members were based on 135%
of the Pub-                        2010 General Employees Amount-Weighted Mortality Table for males and 120% of the Pub-                                      2010
General Employees Amount-Weighted Mortality Table for females, both projected with 100% of the MP-2021
Ultimate scale after 2010.
Mortality rates for retirees, beneficiaries and non-           depositing members were based on 135% of the Pub-                  2010
General Retirees Table for males and 120% of the Pub-               2010 General Retirees Table for females, both projected
with 100% of the MP-                                                     2021 Ultimate scale after 2010.
Mortality rates for disabled retirees were based on 160% of the Pub-                          2010 General Disabled Retirees Amount-
Weighted Mortality Table for males and 125% of the Pub-                       2010 General Disabled Retirees Amount-Weighted
Mortality Table for females, both projected with                   100% of the MP-2021 Ultimate scale after 2010.
The long-                               term expected rate of return on TCDRS assets is determined by adding expected inflation to expected
long-term real returns, and reflecting expected volatility and correlation. The capital market assumptions and
information shown below are provided                   by TCDRS’ investment consultant, Cliffwater LLC. The numbers shown are
based on January 2024 information for a 10-                                                                    year time horizon.
Note that the valuation assumption for long-                  term expected return is re-                   assessed at a minimum of every four years,
and is set based on a long-term time horizon. The TCDRS Board of Trustee adopted the current assumption at
their March 2021                                        meeting.












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                                                                                                                                                                                                                                   2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                 North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                    Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                             (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                                                                     NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                                                                                                      December 31, 2024

                           The target allocation and best estimates of geometric        real rates of return for each major asset class are summarized
                           in the following table:

                                                                                                                                                                                                                                                                                                                                                                                                              Geomet ric  Real
                                                                                                                                                                                                                                                                                                                                                                                                           Rat e of Ret urn (2)
                                                                                                                                                                     A s s et                                                                                                                                                                                                                                                                                                                                               Target                                                                                                    (E x pec t ed minus
                                                                                                                                                                      Cl as  s                                                                                                                                     A lloc at ion (1)                                                                                                                                         Inflat ion)
                                                                                   US  E quit ies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             11. 50%                                                                                                                                                                                    4. 75%
                                                                                   P rivat e E quit y                                                                                                                                                                                                                                                                                                                                                                                                                                                                           25. 00%                                                                                                                                                                                    7. 75%
                                                                                   Global E quit ies                                                                                                                                                                                                                                                                                                                                                                                                                   2. 50%                                                                                                                                                                                             4. 75%
                                                                                   Int ernat ional E quit ies  - Developed Mark et s                                                                                             5. 00%                                                                                                                                                                                             4. 75%
                                                                                   Int ernat ional E quit ies  - E merging Mark et s                                                                                                       6. 00%                                                                                                                                                                                             4. 75%
                                                                                   Inves t ment -Grade B onds                                                                                                                                                                                                                                                                                                                                          3. 00%                                                                                                                                                                                             2. 35%
                                                                                   S t rat egic  Credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                   9. 00%                                                                                                                                                                                             3. 65%
                                                                                   Direc t  Lending                                                                                                                                                                                                                                                                                                                                                                                                                                                                          16. 00%                                                                                                                                                                                    7. 25%
                                                                                   Dis t res s ed Debt                                                                                                                                                                                                                                                                                                                                                                                                                                                            4. 00%                                                                                                                                                                                             6. 90%
                                                                                   RE IT E quit ies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             2. 00%                                                                                                                                                                                             4. 10%
                                                                                   Mas t er Limit ed P art ners hips  (MLP s )                                                                                                                                                                             2. 00%                                                                                                                                                                                             5. 20%
                                                                                   P rivat e Real E s t at e P art ners hips                                                                                                                                                                                                                               6. 00%                                                                                                                                                                                             5. 70%
                                                                                   Hedge Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                6. 00%                                                                                                                                                                                             3. 25%
                                                                                   Cas h E quivalent s                                                                                                                                                                                                                                                                                                                                                                                                                                           2. 00%                                                                                                                                                                                             0. 60%
                                                                                   Tot al                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          100. 00%

                                                              (1)          Target asset allocation adopted at the March 2024                                                                                      TCDRS Board meeting.
                                                              (2)          Geometric real rates of return equal the expected return minus the assumed inflation rate of 2.2%, per Cliffwater’s
                                                                             2024 capital market assumptions.
                           Discount Rate
                           The discount rate used to measure the Total Pension Liability was 7.60%. The projection of cash                      flows used to
                           determine the discount rate assumed that employee contributions will remain at the                                           current      6% and employer
                           contributions will be made at the rates specified in statute. Based on that assumption, the pension plan’s Fiduciary
                           Net Position was projected to be available to make all projected future benefit payments of current plan members.
                           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.

























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                                                                                                                                                                                                                                                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                       North Texas Tollway System                                                                                                                                                          An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                           Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                                              (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                                                                       NOTES TO FINANCIAL STATEMENTS December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                             December 31, 2024


                                                   Changes in the Net Pension Liability / (Asset)



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Tota l Pe nsion                                                                                      Fi duci a  ry                                                                                                              Ne t Pe nsion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Lia bility                                                                                                                  Ne  t P osi ti on                                                            Liability / (Asset)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             (a   )                                                                                                                                                                                                                                                             (b )                                                                                                                                                                                                                                                     (a   )-(b )

                                                       B alanc es  as  of January  01,  2023                                                                                                                                                                                                                                                                                                                                                                                           $188, 686, 820                                                                                $190, 643, 959                                                                                                                                                  ($1, 957, 139)
                                                       Changes  for t he y ear:
                                                            S ervic e c os t                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             7, 110, 353                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             -                                                                                                                                                                                                                      7, 110,353
                                                            Int eres  t                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           14, 648, 866                                                                                                                                                                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                                   14, 648, 866
                                                            E ffec t  of plan c hanges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                                                                         -
                                                            E ffec t  of ec onom ic / dem ographic  gains  or los s es                                                                                                                                                          (213, 676)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             -                                                                                                                                                                                                                                          (213, 676)
                                                            E ffec t  of as s um pt ions  c hanges  or input s                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                                                                         -
                                                            Refund of c ont ribut ions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  (876, 939)                                                                                                                                                                                                                                                                                                                                                                                                     (876, 939)                                                                                                                                                                                                                                                                                                                                                                                                                                      -
                                                            B enefit  pay m ent s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             (5, 334, 676)                                                                                                                                                                                                                                                                                                                                                                      (5, 334, 676)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -
                                                            A dm inis t rat ive ex pens es                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                          (111, 426)                                                                                                                                                                                                111, 426
                                                            M em ber c ont ribut ions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                       3, 098, 915                                                                                                                                                                                                                                                                                                                          (3, 098, 915)
                                                            Net  inves t m ent  inc om e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           -                                                                                                                                                   20, 969, 066                                                                                                                                                                                                                                                                                                                             (20, 969, 066)
                                                            E m ploy er c ont ribut ions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                       4, 875, 626                                                                                                                                                                                                                                                                                                                          (4, 875, 626)
                                                            Ot her c hanges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                     127, 428                                                                                                                                                                                                 (127, 428)
                                                       B alanc es  as  of Dec em ber 31,  2023                                                                                                                                                                                                                                                                                                                                                     $204, 020, 748                                                                                $213, 391, 953                                                                                                                                                  ($9, 371, 205)

Sensitivity Analysis
                                                   The following presents the net pension liability of the Authority, calculated using the discount rate of 7.6     0%, as well
                                                   as what the Authority’s net pension liability would be if it were calculated using a discount rate that is 1 percentage
                                                   point lower (6.60%) or 1 percentage point higher (                  8.60%) than the current rate.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                1%                                                                                                                                                                                                Curre  nt                                                                                                                                                                                                                       1%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Decrease                                                                           Di sco u n t Ra  te                                                                                                             Increase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  6. 60%                                                                                                                                                                                      7. 60%                                                                                                                                                                                                          8. 60%
                                                       Tot al pens ion liabilit y                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              $233, 132, 475                                                              $204, 020, 748                                                                                                                $179, 784, 299
                                                       Fiduc iary  net  pos it ion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       213, 391, 953                                                                                                                                                                                                                                                                                                                          213, 391, 953                                                                                                                                                                                                                                                                                                                                                                 213,391, 953
                                                       Net  pens ion liabilit y  /  (as s et )                                                                                                                                                                                                                                                                                                                                                                                                                                          $19, 740, 522                                                                                    ($9, 371, 205)                                                                                                      ($33, 607,654)

                                                   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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                                                                                                                                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                     North Texas Tollway System                                                                An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                               Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                      (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                  NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                             December 31, 2024

Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources :
                         For the year ended December 31, 2024, the Authority recognized pension income of $3,176,804.
                         At December 31, 2024, the Authority reported deferred                                        outflows and inflows of resources related to                   pensions from
                         the following sources:

                                                                                                                                                                                                                                                         Def er r ed Outf lows                                                                                          Def er r ed I nf lows
                                                                                                                                                                                                                                                                  of  Resour c es                                                                                                                                                 of  Resour c es

                           Contr i buti ons made subsequent to
                                 the measur ement date                                                                                                                                                                                                                                                                                                                                                                                                                                                                             $           5,432,347                                                                                                                                                                                                                                                                                                             -$
                           Net di f f er enc e between pr ojec ted
                                 and ac tual  ear ni ngs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         1, 303, 451                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       -
                           Di f f er enc es between expec ted
                                 and ac tual exper i enc e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              473, 973                                                                                                                                                                                                                                                                                                                                                             142, 451
                           Changes of  assumpti ons                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                                                                                                                                      -
                           Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                $         7,209,77       1$                                                                                                                                   142, 451

                         $5,432,346 reported as deferred outflows of resources related to pensions resulting from contributions subsequent
                         to the measurement date                                                                 will be recognized                                                                                                                                                                   as a reduction of the net pension liability in the year ended December
                         31, 2025.  The remainder of the total deferred outflows/inflows, $1,634,974                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   related to pensions will be recognized
                         in pension expense as follows:

                                                                     Y ear ended Dec em ber 31:
                                                                     2025                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (685, 173)$
                                                                     2026                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (541, 083)
                                                                     2027                                                                                                                                                                                                                                                                                                                                                                                                         4,143,982
                                                                     2028                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (1, 282, 752)
                                                                     Thereaft er (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     -
                                                                                                                     Tot al                                                                                                                                                                                                                                                                                                                $      1 ,634,974


                                                  (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.
                         401(k) Plan
                         As a state agency of the State of Texas, the Texas Turnpike Authority was a participating employer in the State of
                         Texas Texa$aver                                         401(k) Profit Sharing Plan sponsored by the Employees Retirement System of Texas. The Texas
                         Turnpike Authority, as a state agency, was permitted to participate in the Employees Retirement System of Texas
                         under Section                                         812.003 of the Texas Government Code.
                         Because the Act established the Authority as a political subdivision of the State of Texas instead of a state agency,
                         it is no longer eligible to participate in the Texa$aver 401(k) Plan maintained by the Employees Retirement System
                         of Texas. As a successor of the Texas Turnpike Authority, however, the Authority is eligible under current IRS rules
                         and regulations to adopt the North Texas Tollway Authority 401(k) Plan as a successor qualified cash or deferred
                         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
                         qualified cash or deferred arrangement. The Tax Reform Act (TRA) of 1986 amended IRC to provide that a cash
                         or deferred arrangement shall not be treated as a “qualified cash or deferred arrangement” if it is part of a retirement
                         plan maintained by a governmental unit. However, TRA 1986 provides specific exception for cash or deferred
                         arrangements adopted by a governmental unit prior to 1986 “Grandfather Employer”. The Authority, a government
                         entity is eligible to adopt the 401(k) plan because it is a successor entity to the Texas Turnpike Authority, a
                         Grandfathered Employer, and is adopting a cash or deferred arrangement substantially similar to the Texas
                         Turnpike Authority’s cash or deferred arrangement.



                                                                                                                                                                                                                                                              44



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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             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)                                                                                                                                                                                                                                                                                                                                                                                                                                                     (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                        NOTES TO FINANCIAL STATEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                              December 31, 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            December 31, 2024

Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources :                                                                                                                                                                                                                                                                                                                                                                                                                                               Effective September 1, 1997, each Authority employee became eligible to participate in the North Texas Tollway
                       For the year ended December 31, 2024, the Authority recognized pension income of $3,176,804.                                                                                                                                                                                                                                                                                                                                                                                                                  Authority 401(k) plan, a defined contribution plan. The plan requires that each employee be required to make a
                       At December 31, 2024, the Authority reported deferred                                        outflows and inflows of resources related to                   pensions from                                                                                                                                                                                                                                                                                                                                     mandatory employee contribution, deposited by the Authority towards the cost of the 401(k) plan, in an amount
                       the following sources:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        equal to 4% of total wages. All mandatory employee contributions to the 401(k) plan for payroll periods following
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     September 1, 1997 shall be made on a pretax basis, provided they are subject to the Hospital Insurance portion of
                                                                                                                                                                                                                                       Def er r ed Outf lows                                                                                          Def er r ed I nf lows                                                                                                                                                          the Federal Insurance Contributions Act and the Federal Unemployment Tax Act and the withholding of those Acts.
                                                                                                                                                                                                                                               of  Resour c es                                                                                                                                                 of  Resour c es                                                                                                       Employee contributions and plan earnings are vested at all times and a terminating employee shall be paid all
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     mandatory contributions and plan earnings pursuant to the plan’s terms. The Authority is authorized to make
                         Contr i buti ons made subsequent to                                                                                                                                                                                                                                                                                                                                                                                                                                                                         discretionary employer matching contributions in such amounts as may be determined by the board, and Authority
                               the measur ement date                                                                                                                                                                                                                                                                                                                                                                                                                                                                             $           5,432,347$                                                                                                                                                                                                    -employees are vested in employer contributions at 100% after five years services. Former Texas Turnpike Authority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     employees employed by the Authority on or before October 31, 1997 shall receive past service credit for service
                         Net di f f er enc e between pr ojec ted                                                                                                                                                                                                                                                                                                                                                                                                                                                                     with the Texas Turnpike Authority for purposes of determining the vested percentage and the Authority’s Board of
                               and ac tual  ear ni ngs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         1, 303, 451                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       - Directors is allowed to further amend or terminate the plan at any time.
                         Di f f er enc es between expec ted                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Total 401(k) contributions allocated to the System by the Authority for the year ended December 31, 2024 were
                               and ac tual exper i enc e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              473, 973                                                                                                                                                                                                                                                                                                                                                             142, 451$1,825,767 based on a covered payroll of $53,138,645.
                         Changes of  assumpti ons                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                                                                                                                                      - Social Security
                         Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                $         7,209,77       1$                                                                                                                                   142, 451Effective September 1, 1997, the Authority elected to refrain from participation in Social Security and instead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     participated in both the TCDRS and the Authority 401(k) plan. The Authority requires mandatory employee
                       $5,432,346 reported as deferred outflows of resources related to pensions resulting from contributions subsequent                                                                                                                                                                                                                                                                                                                                                                                             participation in both of these plans.
                       to the measurement date                                                                 will be recognized                                                                                                                                                                   as a reduction of the net pension liability in the year ended December                                                                                                                                    (8)                                                    Risk Management
                       31, 2025.  The remainder of the total deferred outflows/inflows, $1,634,974                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   related to pensions will be recognized
                       in pension expense as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                The Texas Municipal League (TML) Intergovernmental Risk Pool insures the Authority for workers’ compensation.
                                                                Y ear ended Dec em ber 31:                                                                                                                                                                                                                                                                                                                                                                                                                                           The Authority purchases insurance policies for all major areas of operation including buildings and contents,
                                                                2025                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (685, 173)$        bridges, general liability, commercial umbrella, crime, directors and officers liability, and boiler and machinery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     coverage.  There have not been any settlements exceeding insurance coverage in the years 2015-2024.  There
                                                                2026                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (541, 083)has not been any significant reduction of coverage.
                                                                2027                                                                                                                                                                      4,143,982                                                                                                                                                                                                                                                                                  The Authority self-insures health benefits utilizing a third-              party benefit administrator.  The Authority pays claims
                                                                2028                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (1, 282, 752)        based on actual claims reported.  Funds are available to pay claims and administrative costs associated with the
                                                                Thereaft er (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     - program.  Reserves for these liabilities are included in current liabilities in the Statement of Net Position.
                                                                                                            Tot al$                                                                                                                   1 ,634,974                                                                                                                                                                                                                                                                                                                                                                                                Fiscal                                                                                   Beginning                                                                                                             changes in                                                                                                                                                             Claim                                                                                                                                                                         Ending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Year                                                                                                             Balance                                                                                                                                       estimates                                                                                                                                            Payments                                                                                                                                   Balance
                                              (1)                               Total remaining balance to be recognized in future years, if any. Note that additional future deferred inflows and                                                   outflows of                                                                                                                                                                                                                                                                                                                                                                                   2015                                                                                                                                         876,665                                                                                                                                                                                                                                                                                                        10,903,339                                                                                                                                                                                                                                                                                                                                                  11,780,004                                                                                                                                                                                                                                                                                                                                                                                                                              -
                                                                resources may impact these numbers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2016                                                                                                                                                                                                              -                                                                                                                                                        12,393,455                                                                                                                                                                                                                                                                                   11,354,397                                                                                                                                                                                                                                                                                                                              1,039,058
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   2017                                                                                                               1,039,058                                                                                                                                                                                                                                                                                                        12,294,775                                                                                                                                                                                                                                                                                   10,587,347                                                                                                                                                                                                                                                                                                                              2,746,486
                       401(k) Plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 2018                                                                                                               2,746,486                                                                                                                                                                                                                                                                                                        11,331,252                                                                                                                                                                                                                                                                                   10,937,466                                                                                                                                                                                                                                                                                                                              3,140,272
                       As a state agency of the State of Texas, the Texas Turnpike Authority was a participating employer in the State of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          2019                                                                                                               3,140,272                                                                                                                                                                                                                                                                                                        12,846,380                                                                                                                                                                                                                                                                                   11,303,573                                                                                                                                                                                                                                                                                                                              4,683,079
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   2020                                                                                                               4,683,079                                                                                                                                                                                                                                                                                                        14,059,984                                                                                                                                                                                                                                                                                   11,456,537                                                                                                   7,286,526
                       Texas Texa$aver                                         401(k) Profit Sharing Plan sponsored by the Employees Retirement System of Texas. The Texas                                                                                                                                                                                                                                                                                                                                                                                                                                                                         2021                                                                                                               7,286,526                                                                                                                                                                                                                                                                                                        12,902,542                                                                                                                                                                                                                                                                                   11,343,430                                                                                                                                                                                                                                                                                                                              8,845,638
                       Turnpike Authority, as a state agency, was permitted to participate in the Employees Retirement System of Texas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             2022                                                                                                               8,845,638                                                                                                                                                                                                                                                                                                                          7,497,453                                                                                                                                                                                                                                                                  10,130,121                                                                                                                                                                                                                                                                                                                              6,212,970
                       under Section                                         812.003 of the Texas Government Code.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 2023                                                                                                               6,212,970                                                                                                                                                                                                                                                                                                        14,839,126                                                                                                                                                                                                                                                                                   17,574,297                                                                                                                                                                                                                                                                                                                              3,477,799
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   2024                                                                                                               3,477,799                                                                                                                                                                                                                                                                                                        14,530,254                                                                                                                                                                                                                                                                                   16,008,971                                                                                                                                                                                                                                                                                                                              1,999,082
                       Because the Act established the Authority as a political subdivision of the State of Texas instead of a state agency,
                       it is no longer eligible to participate in the Texa$aver 401(k) Plan maintained by the Employees Retirement System                                                                                                                                                                                                                                                                                                                                                                     (9)                                                      Post-Employment             BenefitsOther Than Pensions (OPEB)
                       of Texas. As a successor of the Texas Turnpike Authority, however, the Authority is eligible under current IRS rules                                                                                                                                                                                                                                                                                                                                                                                          General Information PEBC OPEB Plan
                       and regulations to adopt the North Texas Tollway Authority 401(k) Plan as a successor qualified cash or deferred
                       arrangement to the Texa$aver 401(k) Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Plan     description.                              The Authority ’s      group    medical plans (“Plan”) are administer   ed    through the Public Employees
                       Prior to 1986, the IRC of 1986 permitted state or local governments and tax-exempt organizations to maintain                                                                                                                                                                                                                                                                                                                                                                                                  Benefits Cooperative (PEBC). The plan is a single-               employer defined healthcare plan funded on a pay-as-you-                                       go
                       qualified cash or deferred arrangement. The Tax Reform Act (TRA) of 1986 amended IRC to provide that a cash                                                                                                                                                                                                                                                                                                                                                                                                   basis. Other post-employment benefits (OPEB) include health insurance and Medicare supplements.
                       or deferred arrangement shall not be treated as a “qualified cash or deferred arrangement” if it is part of a retirement                                                                                                                                                                                                                                                                                                                                                                                    Benefits provided. The Authority annually adopts a premium structure for retirees and their eligible dependents who
                       plan maintained by a governmental unit. However, TRA 1986 provides specific exception for cash or deferred                                                                                                                                                                                                                                                                                                                                                                                                    participate in the various plans offered.  An employee must be eligible for retirement with the Authority for insurance
                       arrangements adopted by a governmental unit prior to 1986 “Grandfather Employer”. The Authority, a government                                                                                                                                                                                                                                                                                                                                                                                                 eligibility. The Authority currently supplements premiums between 60% to 71% for employees eligible for retirement
                       entity is eligible to adopt the 401(k) plan because it is a successor entity to the Texas Turnpike Authority, a                                                                                                                                                                                                                                                                                                                                                                                               with   the Authority with 10 years or more service credit with the Authority.
                       Grandfathered Employer, and is adopting a cash or deferred arrangement substantially similar to the Texas                                                                                                                                                                                                                                                                                                                                                                                                     Those eligible for retirement with less than 10 years service credit with the Authority contribute 100% of the total
                       Turnpike Authority’s cash or deferred arrangement.                                                                                                                                                                                                                                                                                                                                                                                                                                                            premium.



                                                                                                                                                                                                                                            44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           45



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=== PDF PAGE 64 ===
                                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                 North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      NORTH TEXAS TOLLWAY SYSTEM Notes to Financial Statements
                                                (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                            NOTES TO FINANCIAL STATEMENTS
                                                                                   December 31, 2024

          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
          provide current budget year benefits to retirees and their eligible dependents. Contributions, adjustment or
          elimination of the contributions, and adjustments to eligibility are subject to the Board of Directors annual budgetary
          discretion.
          Employees covered by benefit terms. At  December 31, 2023                                                     , the following employees were covered by the benefit
          terms:
                           Inactive employees or beneficiaries currently receiving benefit payments                              29
                           Inactive employees entitled to but not yet receiving benefit payments                                      -
                           Active employees                                                                                                                                695
                           Total                                                                                                                                            724
          Total OPEB Liability
          The Authority’s Total OPEB liability of $16,663,420 was measured as of December 31, 2023, and was determined
          by an actuarial valuation as of that date.
          Acturial assumptions and other inputs.  The                    Total OPEB liability in the December 31, 2023                                       actuarial valuation was
          determined using the following actuarial assumptions and other inputs, applied to all periods including the
          measurement, unless otherwise indicated:

                Actuarial Cost Method                                                       Entry Age Normal based on level percentage of projected salary
             Salary increases                                             3.50%
          Discount Rate                                                                                                         3.26%
          Healthcare cost trend rates                             6.75                                                                                                 % for 2023                    decreasing 0.25% per year to an ultimate rate of
                                                                                             4.0% for later years. (pre-                   65retirees) 6.75% for 2023 decreasing
                                                                                            .25% per year to an ultimate rate of 4.0% for later years. (post-65
                                                                                            retirees)
         Retirees’ share of benefit related costs                                 45.00%                                                                                                    of projected health insurance premiums for pre and post-
                                                                                                                                65 retirees
          The discount rate for post-retirement welfare cost purposes is a single rate reflecting the yield or index rate for 20
          -year, tax exempt general obligation bonds with an average rating of AA/Aa or higher (or equivalent quality on
          another rating scale). This rate was obtained based on the Bond Buyer 20-                                                 Bond GO Index as reported in the Bond
          Buyer.
          Mortality rates were based on the PUB-2010 generational table scaled using MP-21                                and applied on a gender-
          specific basis.
          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;
          takes into account historical and current economic data that is relevant as of the measurement date; reflects
          expected future experience and has no significant bias (i.e., it is not significantly optimistic or pessimistic).













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=== PDF PAGE 65 ===
                                                                                                                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                    North Texas Tollway System                                                                                                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                        Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                  (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                         NOTES TO FINANCIAL STATEMENTS December 31, 2024
                                                                                                                                                                                                                                                           December 31, 2024

Changes in the Total OPEB Liability

                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Tota l OPEB
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Lia bility
   Ba  l a  nce   a  t De  ce  m be  r 31,  2022                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         13, 572, 086$
   Ch a   n ges for the year:
        S ervic e c os t                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 1, 425, 056
        Int eres t                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  554, 669
        Differenc es  bet ween ex pec t ed and ac t ual ex perienc e                                                                                                                                                                                                                                                                                                                                                                                                                                                               -
        Change of as s um pt ions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                1, 284, 972
        E m ploy er c ont ribut ions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           -
        B enefit  pay m ent s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             (173, 363)
             Net changes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            3, 091, 334
   Ba  l a  nce   a  t De  ce  m be  r 31,  2023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         16, 663, 420$
   Covered em ploy ee pay roll                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     45, 938, 000$
   Tot al OP E B  liabilit y  as  a perc ent age of c overed-em ploy ee pay roll                                                                                                                                                                                                                                                                                                    36%

           Changes 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:

                                                                                                                                                                                                                                                                                                                                                                        2023                                                                                                                        3. 26%
                                                                                                                                                                                                                                                                                                                                                                        2022                                                                                                                        3. 72%
                                                                                                                                                                                                                                                                                                                                                                        2021                                                                                                                        2. 06%
                                                                                                                                                                                                                                                                                                                                                                        2020                                                                                                                        2. 12%
                                                                                                                                                                                                                                                                                                                                                                        2019                                                                                                                        2. 74%

The discount rate was based on 20-                                            year tax exempt general obligation bonds with an average rating of AA/Aa or
higher or equivalent quality on another rating scale. This rate was obtained on the Bond Buyer 20-                Bond GO Index
as reported in the Bond Buyer.
Sensitivity of the total OPEB liability to changes in the discount rate.                   The following presents the total OPEB liability
of the Authority, as well as what the Authority’s total OPEB liability would be if it were calculated using a discount
rate that is 1-                   percentage-                                                           point lower (2.26%) or 1-                             percentage-                   point higher (4.26%) than the current rate:
                                                                                                                                                                                                                                                                                                                                                                                                      Cur r ent
                                                                                                                                                                                                                                                                                  1% Dec  r ease                                                                                  Di sc  ount Rate                                             1% I nc  r ease
                                                                                                                                                                                                                                                                                                       2. 26%                                                                                                                                                                  3. 26%                                                                                                                                                                  4. 26%
              Total OPEB li abi li ty                                                                                                                                                                                                                                                                                                                                                                                                                                                  19, 908, 000$                                                                                                                                                                                                                                                                   16, 663, 420$                                                                                                                                                                                                                                                                   14,109, 000$

Sensitivity of the total OPEB liablity to changes in the healthcare cost trend rate.                  The following presents the total
OPEB liablity of the Authority, as well as what the Authority’s total OPEB liability would be if it were calculated using
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                                                                                                                                                                                                                                                                                                                                                                                                                               13, 645, 000$                                                                                                                                                                                                                                                       16,663, 420$                                                                                                                                                                                                                                                        20, 619, 000$




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=== PDF PAGE 66 ===
                                                   2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                    North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                            Notes to Financial Statements
                                                              December 31, 2024










                        Difference between expected and actual experience












































































48

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                                                                                                            2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                             North Texas Tollway System                                 An Enterprise Fund of the North Texas Tollway Authority

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      NORTH TEXAS TOLLWAY SYSTEM Notes to Financial Statements
                                                                            (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                               NOTES TO FINANCIAL STATEMENTS
                                                                                                                                     December 31, 2024

                Authority’s ERS OPEB Plan
                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
                to the Authority).  The Authority reports its allocated proportional share of the GBP in the Authority’s annual financial
                report. The GBP plan                                      covers retired employees of the state, and other entities (including the prior Texas Turnpike
                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.
                Benefits provided. The GBP provides self         -funded group health (medical and prescription drug) benefits for eligible
                retirees under HealthSelect. The GBP also provides a fully insured medical benefit option for Medicare-                 primary
                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
                cost if he/she covers an eligible spouse or dependent child. An eligible retiree    who has retired from part-time
                employment contributes toward the cost of coverage for himself/herself, as well as paying a portion of the cost if
                he/she covers an eligible spouse or dependent child.    The GBP also provides life insurance benefits to eligible
                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
                plan is closed to new entrants. The plan does not provide automatic cost of living adjustments (COLAs).
                The Employer and member contribution  rates are determined annually by the ERS Board Trustees based on the
                recommendations of the ERS staff and consulting actuary. The contribution rates are determined based on (i) the
                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
                benefits when necessary to match expected benefit and administrative                costs with the revenue expected to be
                generated by the appropriated funds.
                During the measurement period of 2023 for fiscal year 2024                                                                reporting, the amount of the Authority’s contributions
                recognized by the ERS OPEB plan was $301,920. The following table summarizes the monthly employer and plan
                member contributions toward eligible retiree’s health and basic life premium.

                                                                                                                                                                        E m pl oy  er                                  Pl an Me mbe r
                                                                       Ret iree Only                                                                                                                                                                                                                                                                                                                         $                                                                           624. 82                                                                                                                                                                                                                 $                                                                                                                                                                                                   -
                                                                       Ret iree and S pous e                                                                                                                                                                                          $                                                                           982. 82                                                                                                                                                                                                                       $                                                                                                                                     358. 00
                                                                       Ret iree and Children                                                                                                                                                                                $                                                                           864. 52                                                                                                                                                                                                                       $                                                                                                                                     239. 70
                                                                       Ret iree and Fam ily                                                                                                                                                                                                           $                                           1, 222. 52                                                                                                                                                                                                                       $                                                                                                                                     597. 70

                Employees covered by benefit terms. At December 31, 2023                                                the following employees were covered by the benefit
                terms:
                                                                  Inac t ive em ploy ees  or benefic iaries  c urrent ly  rec eiving benefit s                                                                                                                                                                                                                                           34
                                                                  Inac t ive em ploy ees  ent it led but  not  y et  rec eiving benefit s                                                                                                                                                                                                                                                                                                                                                             0
                                                                  A c t ive em ploy ees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              0
                                                                  Tot al m em bers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    34

                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 $2,760,093 was measured as of August 31, 2023, and was determined
                by an actuarial valuation as of August 31, 2023.                   No actuarial valuation is available for December 31, 2023                                       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 68 ===
                                                                                                          2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                           North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                            Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                          (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                             NOTES TO FINANCIAL STATEMENTS
                                                                                                                                   December 31, 2024

             Actuarial assumptions and other inputs. The total OPEB liability in the August 31, 2023 actuarial valuation was
             determined  using the following actuarial assumptions, applied to all periods included in the measurement, unless
             otherwise specified:

                               Inflat ion                                                                                  2. 30%
                               S alary  inc reas es                                                                        2. 30% t                                                                o 8. 95% (                                                             inc luding inflat ion)
                               Dis c ount  rat e                                                                           3.81%
                               Healt hc are c os t  t rend rat es                                                          5.6                            0%                                                       for F                                        Y2025, 5.3                                                                                                                                            0% f                                                  or F                              Y2026, 5.0                                                                                                                                            0% f                                                  or F                              Y2027,                                                                                                                    4.75% f                                                  or
                                                                                                                           FY2028,                                                                                                                                         4.60% f                                                  or F                              Y2029, decreasing 10 basis points per y                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ear t                                                  o
                                                                                                                           an ultimate rate of                                                                                                                                                                                                                                                                                               4.30% f                                                                      or F                              Y2032                                                                           and later y                                                                                                                                                     ears

             The discount rate used to measure the total ERS        OPEB liability was the municipal bond rate of 3.81%.  The source
             of the municipal bond rate is the Bond Buyer Index of general obligation bonds with 20 years to maturity and mixed
             credit quality. In describing their index, the Bond Buyer notes that the bonds’ average credit quality is roughly
             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
             Texas mortality table with a 1 year set forward for male CPO/CO members and Ultimate MP Projection Scale
             projected from year 2020.
             Mortality rates for disabled retires were based on the 2020 State Retirees of Texas mortality table with a 3 year set
             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
             for non-                                                                  CPO/CO members with Ultimate MP Projection Scale from the year 2010.
             The actuarial assumptions used in this valuation were based on the results of actuarial experience studies
             performed by the ERS retirement plan actuary as of August 31, 2023 and the TRS retirement plan actuary as of
             August 31, 2023.
             At December 31 2024, the Authority reported a liability of $2,760,093                                                                   for its proportionate share of the collective
             ERS net OPEB liability. The collective OPEB liability was measured as of August                                 31, 2023, and the total OPEB
             liability used to calculate the net liability was determined by an actuarial valuation as of that date. At August 31,
             2023, the Authority’s proportional percentage was 0.01033064%  which was an increase of 0.00009605                                  % from its
             proportional percentage measured as of August 31, 2022.    The Authority’s proportion of the collective ERS net
             OPEB liability was based on its contributions to the OPEB plan relative to the contributions of all the                                        employers and
             non-                                                           employer contributing entities to the plan for the period September 1, 2022                     through August                    31, 2023.
             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.

                                                                                                    2019                                                                                                                                                                                                                                                   2. 97%
                                                                                                    2020                                                                                                                                                                                                                                                   2. 20%
                                                                                                    2021                                                                                                                                                                                                                                                   2. 14%
                                                                                                    2022                                                                                                                                                                                                                                                   3. 59%
                                                                                                    2023                                                                                                                                                                                                                                                   3. 81%
             Sensitivity of the Authority’s Proportionate Share of the ERS Net OPEB Liability to C                                   hanges in the D                              iscount Rate.
             The following presents the ERS Net OPEB liability of the Authority, as well as what the Authority’s ERS Net OPEB
             liability would be if it were calculated using a discount rate that is 1-                          percentage-                         point lower (2.81%) or 1-                   percentage-
             point higher (4.81%) than the current rate:
                                                                                                                                                                                           Cur r ent
                                                                                                                                                       1%                                Di sc  ount                                      1%
                                                                                                                                             Dec  r ease                                       Ra t e                              I nc  r  ease
                                                                                                                                                  2. 81%                                                                                                                                                                                 3. 81%                                                                                                                                                                    4. 81%
               ERS Net OPEB Li abi li ty                                                                                                                                                                                                                                                                                                                                                                            3, 202, 690$                                                                                                                                                                                                                                                   2, 760, 093$                                                                                                                                                                                                                                          2, 404, 099$





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                                                                                                                                                                                                                                                                             2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                  North Texas Tollway System                                                                                                                                               An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                   Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                               (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                                                                                                    NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                                                                                                                                                                   December 31, 2024

Sensitivity of the Authority’s Proportionate Share of the ERS Net OPEB      Liability to Changes in the H                             ealthcare Cost
Trend  Rates                    .  The following presents the ERS Net OPEB liability of the Authority, as well as what the Authority’s
ERS Net OPEB liability would be if it were calculated using the healthcare cost trend rates that are 1-                                                percentage-
point lower (4.60 percent decreasing to 3.30 percent) or 1-                  percentage-                                                point higher  (6.60 percent decreasing to 5.30
percent) than the current healthcare cost trend rates:
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Current
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Healt hc are
                                                                                                                                                                                                                                                                                                                                                                                                                    1%                                                                                          Cos t  Trend                                                                                                                                     1%
                                                                                                                                                                                                                                                                                                                                                                                          Dec  reas  e                                                                                                                               Rat es                                                                                                   Inc  reas  e
                                                                                                                                                                                                                                                                                                                                                                                                    (4. 60%                                                                                                                    (5. 60%                                                                                                             (6. 60%
                                                                                                                                                                                                                                                                                                                                                                                     decreas  ing                                                                                                               dec  reas  i ng                                                                                                     decreas  ing
                                                                                                                                                                                                                                                                                                                                                                                          t o 3. 30% )                                                                                                               t o 4. 30% )                                                                                                        t o 5. 30% )
    ERS Net OPEB Liability                                                                                                                                                                                                                                                                                                                                                                                            2, 374, 063$                                                                                                                                                                                                                                                      2, 760, 093$                                                                                                                                                                                                                                     3, 250,351$

OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended December 31, 2024, the Authority recognized ERS OPEB expense of $(81,911).

                             S ervic e c os t                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  107, 222$
                             Int eres t  c os t                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               108, 565
                             A m ort iz at ion of differenc es  bet ween ex pec t ed and ac t ual ex perienc e                                                                                                                                                                                                                                                                                 (40, 634)
                             A m ort iz at ion of c hanges  of as s um pt ions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            (243, 659)
                             Change of benefit  t erm s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (13, 838)
                             E m ploy ee c ont ribut ions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (18, 797)
                             Ot her                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (12, 604)
                             B enefit  pay m ent s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              31, 401
                             P rojec t ed earnings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (605)
                             A m ort iz at ion of differenc es  bet ween projec t ed and ac t ual earnings                                                                                                                                                                                                                                                                                                                                                                                222
                             A dm inis t rat ive ex pens e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                817
                   ERS   O P  EB Ex   p e   n se                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        (81, 911)$

At   December 31, 2024, the Authority reported deferred outflows and inflows of resources related to ERS OPEB
from the following sources:

   Outstanding Deferred Outflows and Deferred Inflows Related to ERS OPEB at December 31, 2024


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Deferred Out flows                                                                                                                Deferred Inflows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              of  Res ourc es                                                                                                                                           of  Res ourc es
   Differenc e bet ween ex pec t ed and ac t ual ex perienc e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      -$                                                                                                                                                                                                                                                                                                                                                  73, 006$
   Changes  in as s umpt ions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       92, 074                                                                                                                                                                                                                                                                                                                                                                                                                        862, 013
   Change in proport ionat e s hare on E RS  OP E B  liabilit y                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                                                                                                                                              386, 933
   E RS  OP E B  plan inves t ment s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              222                                                                                                                                                                                                                                                                                                                                                                                           -
   Cont ribut ions  s ubs equent  t o t he meas urement  dat e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     301, 920                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -
       Tot al                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       $  394,216                                                                                                                                                                                                                                                                                                                                                        1, 321, 952$







                                                                                                                                                                                                                                                                                                                                                                                                                                                51



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               51

=== PDF PAGE 70 ===
                                                                                                                                                                                                                                                                                   2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                   North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                              Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                               (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                                                                                                               NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                                                                                                                                                                  December 31, 2024

                                  The             $301,920 reported as deferred outflows of resources resulting from contributions subsequent to the
                                  measurement date will be recognized as a reduction in the net OPEB liability for the year ending December 31,
                                  2025.
                                  Amounts reported as deferred outflows of resources related to ERS OPEB will be recognized in OPEB expense as
                                  follows:

                                                                                                                                                                                                                                                                                      Fisca l Ye a r e nding:
                                                                                                                                                                                                                                                                                                                                                         2025                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (408, 178)
                                                                                                                                                                                                                                                                                                                                                         2026                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (352, 298)
                                                                                                                                                                                                                                                                                                                                                         2027                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (284, 540)
                                                                                                                                                                                                                                                                                                                                                         2028                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (162, 960)
                                                                                                                                                                                                                                                                                                                                                         2029                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (21, 678)
                                                                                                                                                                                                                                                                                                                                                         Thereaft er                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      -
                                                                                                                                                                                                                                                                                                                                                         Tot al                                                                                                                                                                                                                                                                                                                                                                                                                                                        (1, 229, 655)$

                                  Transactions and aggregate amounts for all plans for the year ended December 31, 2024  are summarized below:



                                                                                                                                                                                                                                                                                                                                                                                                                            Balanc e                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Balanc e                                                                                           Due wi thi n
                                                                                                                                                                                                                                                                                                                                                                                                                       J anuar y  1                                                                          Addi ti ons                                                                    Reduc ti ons                                         Dec ember  31                                                                      one y ear
                                                                                                  Other  Postemploy ment Benef i ts Li abi li ty  -  PEBC                                                                                                                                                                                                                                                      $                                                                                                                                                                                                          4, 073, 48613, 572, 086$                                                                                                                                                                                                                                   ( 982, 152)$                                                                                                                                                                                                                         16, 663, 420$                                                                                                                                                                                                                                                                             185, 990$
                                                                                                   Other  Postemploy ment Benef i ts Li abi li ty   -   ERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    392, 4902, 915, 525                                                                                                                                                                                                                                 ( 547, 922)                                                                                                                                                                                                                                    2, 760, 093                                                                                                                                                                                                                                                                           301, 920
                                                                                                                                                                                                                                                                                                                                  Total                                                                                                                                           16, 487, 611$                                                                                                                                                                                                          4, 465, 976$                                                                                                                                                                                                            ( 1, 530, 074)$                                                                                                                                                                                                      19, 423, 513$                                                                                                                                                                                                                                                                             487, 910$




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Def er r ed                                                                           Def er r ed
                                                                                                                                                                                                                                                                                                                                                                                                                                   Plans                                                                                                                   Li abi li ty                          Outf lows                                                                                  I nf lows                                                                                                                     Expense
                                                                                                                                                                                                                                                                                                                                                                                                                                      E RS                                                                                                                       2, 760, 093$                                                                                                                                                                                                                                             394, 217$                                                                                                                                                                                                                                        1, 321, 952$                                                                                                                                                                                                                                                                                    ( 81, 911)$
                                                                                                                                                                                                                                                                                                                                                                                                                                 PEBC                                                                                              16, 663, 420                                                                                                                                                                                                                    6, 530, 306                                                                                                                                                                                                                      24, 854, 822                                                                                                                                                                                                                                                                                               ( 7, 168)
                                                                                                                                                                                                                                                                                                                                                                                                                   Aggr eggate
                                                                                                                                                                                                                                                                                                                                                                                                                                     Total                                                                                                       19, 423, 513$                                                                                                                                                                                                     6, 924, 523$                                                                                                                                                                                                                        26, 176, 774$                                                                                                                                                                                                                                                                                  ( 89, 079)$
























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52

=== PDF PAGE 71 ===
                                                                                                                                                                   2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                     North Texas Tollway System                                                             An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                              Notes to Financial StatementsNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                    (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                                                                NOTES TO FINANCIAL STATEMENTS
                                                                                                                                                                                                         December 31, 2024

(10)                                  Disaggregation of Receivable Balances
                         The unrestricted accounts receivable balance is $171,570,078, and the restricted accounts receivable balance is
                         $9,742,696. The unrestricted balance consists of $140,135,961                                                                          for billed video tolls (net of the allowance for
                         doubtful accounts of $634,267,394)                                        , and $                                       31,434,117    for unbilled video tolls (net of the allowance for doubtful
                         accounts of $8,746,826).  The restricted balance consists of BAB’s subsidy receivable of $9,742,696                                                                                               .
                         Based upon the payment history for each 30 day bucket of aged billed         toll receivables, an allowance is calculated
                         for the expected percentage that will remain unpaid based upon these historical trends.  The allowance for
                         uncollectible receivables currently ranges from a minimum of 47.4% on invoices that are current (age of 0-                                                          30 days)
                         to a maximum of 100% for invoices that have met the business rules for write-o                ff with an overall average of 81.9%
                         reserved for all invoices.
                         NTTA   books as an account receivable the value of uninvoiced Zip Cash transactions that are matched with the
                         Department of Motor Vehicles (DMV) with an overall historical average of 21       .8% reserved.


                                                                                                                                                                                             A l l owanc  e                                                         Nort h Tex as                                                                        Non-S y  s  t em
                           V ideo Toll Trans ac t ions                                                                                                                                            M et hod                                                  Tollway  S y s t em                                                                                          Fund                                                                              Tot al



                           Rec orded B illed V ideo Tolls :


                           Gros s  B illed V ideo Tolls                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   530, 186, 351$                                                                                                                                                                                                                                                                                                                                                                                                                                244, 217, 004$                                                                                                                                                                                                                                                                                                                                                                                  774,403, 355$
                           A llowanc e for Unc ollec t ible                                                                                                                                                                    age bas ed                                                                                                                                            (432, 799, 075)                                                                                                                                                                                                                                                                                                                            (201, 468, 319)                                                                                               (634, 267, 394)
                           Net  B illed V ideo Tolls                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   97, 387, 276$                                                                                                                                                                                                                                                                                                                                                                                                                                                      42, 748, 685$                                                                                                                                                                                                                                                                                                                                                                                    140, 135, 961$


                           Rec orded Unbilled V ideo Tolls :
                           Tot al Gros s  Unbilled V ideo Tolls                                                                                              age bas ed                                                                                                                                                                  24, 983, 065$                                                                                                                                                                                                                                                                                                                                                                                                                                                      15, 197, 878$                                                                                                                                                                                                                                                                                                                                                                                                         40, 180, 943$
                           A llowanc e for Unc ollec t ible                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (4, 016, 095)                                                                                                                                                                                                                                                                                                                      (4, 730, 731)                                                                                                                                                                                                                                                                                                                                                                                                              (8, 746, 826)
                           Net  Rec orded Unbilled V ideo Tolls                                                                                                                                                                                                                                                                                                                                                                                                                         20, 966, 970$                                                                                                                                                                                                                                                                                                                                                                                                                                                      10, 467, 147$                                                                                                                                                                                                                                                                                                                                                                                                         31, 434, 117$



(11)                                   Commitments and Contingencies
                        At the end of fiscal year 2024, there was $2,272,227,123in cash and investments with $91                                                                                                                                                    4,470,                                        738restricted for
                        debt service, $1,272,043   restricted for NTE 3A/3B   and $1,356,484,342                                  available for operation. The System has
                        $16,915,601  in account and retainage payable that are comprised primarily of construction-                            related payables at
                        December 31, 2024.                    Additionally, the System has contract and purchase order commitments at December 31, 2024
                        aggregating $84,523,121.























                                                                                                                                                                                                                                                          53


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              53

=== PDF PAGE 72 ===
                                                                                                                         2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                     North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                      Required Supplementary Infor mationNORTH TEXAS TOLLWAY SYSTEM
                                                                             (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                                    Required Supplementary Information
                                                                                                                                     Dec                              ember 31, 2024

          Modified Approach - Infrastructure
          The Authority has elected to use the Modified Approach to account for maintenance of the Authority’s infrastructure
          assets. As required by the Trust Agreement, an annual inspection of the Authority’s roadways has occurred,
          conducted by the Authority’s General Engineering Consultant, VRX, Inc.          This inspection was supplemented with
          specialized inspections                                                by         VRX, Inc., and Texas Department of Transportation.           The results of the various
          inspections are utilized to calculate an overall rating, indicating the average condition of the Authority’s infrastructure
          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
          maintain the Authority’s infrastructure assets at a rating of 8 or better (1 to 10 scale) and                                                                           has established a minimum
          level for GASB No. 34 purposes of a condition level of 6 or greater. These condition levels were adopted by the
          Board of Directors for the North Texas Tollway Authority (NTTA) by Resolution No. 02-31 on June 19, 2002 and
          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
          for the North Texas Tollway Authority was completed in 2024.
          The infrastructure assets include PGBT,  DNT,  AATT, MCLB, SRT, LLTB,                         CTP  and 360T main   lane  plazas,  ramp
          plazas, maintenance shops, administration buildings, and IT lane equipment. The roadways are a major
          transportation network consisting of 149                                                 centerline miles of high-                   speed roadways, 15 major interchanges, 44                             main
          lane toll plazas/gantries, 162                                ramp toll plazas/gantries, 603                           bridges, one tunnel, and other structures and
          appurtenances. All assets combined totaled approximately $7.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          billion in current replacement value for FYE 2024.
          Condition Index
          A Condition Index is a measure of the “intrinsic value” of the asset as opposed to the book value. A Condition Index
          with a value of 10.0 is considered “like new”; conversely           , a Condition Index with a value of 0.0 is considered
          “unusable.” Evaluations were performed on all of the infrastructure                                                                   assets under Authority jurisdiction. The
          evaluation resulted in an average Condition Index of 8.9 for all of the assets combined.  The following table shows
          the Condition Index for the years 2015                                               through 2024.

                                                                                                                                                                                    Condit ion Index  Table
                                                                                                                                                                                              Condit ion Index

                                                                                                                                               Fis c al Y ear                                                           Current                                            Goal
                                                                                                                                                       2024                                                                                                                                                                                                                                                                                                      8. 9                                                                                                                                                                                               8. 0
                                                                                                                                                       2023                                                                                                                                                                                                                                                                                                      8. 9                                                                                                                                                                                               8. 0
                                                                                                                                                       2022                                                                                                                                                                                                                                                                                                      8. 9                                                                                                                                                                                               8. 0
                                                                                                                                                       2021                                                                                                                                                                                                                                                                                                      8. 9                                                                                                                                                                                               8. 0
                                                                                                                                                       2020                                                                                                                                                                                                                                                                                                      8. 9                                                                                                                                                                                               8. 0
                                                                                                                                                       2019                                                                                                                                                                                                                                                                                                      8. 8                                                                                                                                                                                               8. 0
                                                                                                                                                       2018                                                                                                                                                                                                                                                                                                      8. 8                                                                                                                                                                                               8. 0
                                                                                                                                                       2017                                                                                                                                                                                                                                                                                                      8. 9                                                                                                                                                                                               8. 0
                                                                                                                                                       2016                                                                                                                                                                                                                                                                                                      8. 7                                                                                                                                                                                               8. 0
                                                                                                                                                       2015                                                                                                                                                                                                                                                                                                      8. 8                                                                                                                                                                                               8. 0


          Condition Assessment and Inventory
         A comprehensive condition assessment on all the Authority’s infrastructure assets was conducted in      July 2024. 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.








                                                                                                                                                                                    54



54

=== PDF PAGE 73 ===
                                                                                                                 2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                             North Texas Tollway System                                           An Enterprise Fund of the North Texas Tollway Authority
                                                                              Required Supplementary Infor mationNORTH TEXAS TOLLWAY SYSTEM
                                                                    (An Enterprise Fund of the North Texas Tollway Authority)December 31, 2024
                                                                                        Required Supplementary Information
                                                                                                                             Dec                              ember 31, 2024
BRIDGES
A condition assessment was performed on the Authority’s bridges using the Recording and Coding Guide for the
Structure Inventory and Appraisal of the Nation’s Bridges,     published by the Federal Highway Administration
(FHWA).        A    Sufficiency Rating was determined using the Sufficiency        Rating       Formula,     a method of evaluating
highway bridge data by calculating the four factors to obtain a numeric value, which is indicative of bridge
sufficiency.

The four factors are structural adequacy and safety (55% of the total rating), serviceability and functional
obsolescence (30% of the total rating), essentiality for public use (15% of the total rating), and special reductions
(total can be reduced by up to 13%).

Roadways
The Authority’s Maintenance Management Consultant assessed              pavement conditions on all of the Authority’s
roadways using the Condition Rating System (CRS) developed by Applied Research Associates (ARA).  The CRS
methodology assessed                   conditions based on both surface distress (e.g., cracking) and ride quality.  The CRS data
was   utilized   to update                  models that project future pavement conditions and repair needs based on roadway type,
age, current condition, and level of traffic.

Additionally, a               monthly condition assessment, consisting of visual inspection of the Authority’s roadways,
appurtenances, and edge conditions, was performed on sections of the Authority’s roadways.  This assessment is
based on methodology from the Highway Maintenance Condition Assessment Program (HMCAP), as developed
by Roy Jorgensen Associates, Inc.  A Maintenance Rating Program (MRP) Index was determined from the monthly
assessment.  It would have been impractical to perform a MRP evaluation over the entire length; therefore, 10% of
the Authority’s total roadways were randomly selected for MRP evaluation. These values were then weighted and
totaled to determine an overall MRP Index. Of this total MRP Index, travel lanes and shoulders account for 70%,
roadside components accounted for 15%, and other items account for 15%.

Currently, the 149                                                                      centerline miles (approximately 1,         194 main lane miles) of main lane roadways have a Roadway
Index of 8.9.

The budget-to-actual expenditures for preservation and other infrastructure maintenance costs were as follows for
the years 20         15 through 2024.

                                                           Fiscal Year                                                                                                                                                            Budge  t                                                                                                                                                                                                              Actu a   l
                                                                       2024                                                                                                   $                                                                    85, 049, 483                                                                                                                                                                                                                                      $                                                                                58, 853, 678
                                                                       2023                                                                                                                                                                                            77, 544, 501                                                                                                                                                                                                                                                                                                                                           48, 136, 654
                                                                       2022                                                                                                                                                                                            63, 373, 270                                                                                                                                                                                                                                                                                                                                           28, 350, 231
                                                                       2021                                                                                                                                                                                            51, 147, 702                                                                                                                                                                                                                                                                                                                                           23, 576, 241
                                                                       2020                                                                                                                                                                                            61, 391, 775                                                                                                                                                                                                                                                                                                                                           28, 906, 955
                                                                       2019                                                                                                                                                                                            58, 126, 144                                                                                                                                                                                                                                                                                                                                           20, 627, 996
                                                                       2018                                                                                                                                                                                            48, 128, 568                                                                                                                                                                                                                                                                                                                                           22, 311, 736
                                                                       2017                                                                                                                                                                                            52, 299, 280                                                                                                                                                                                                                                                                                                                                           23, 308, 416
                                                                       2016                                                                                                                                                                                            38, 511, 676                                                                                                                                                                                                                                                                                                                                           19, 890, 127
                                                                       2015                                                                                                                                                                                            22, 572, 948                                                                                                                                                                                                                                                                                                                                           12, 041, 778














                                                                                                                                                                              55

                                                                                                                                                                                                                                                                                                                                                                       55

=== PDF PAGE 74 ===
                                                                                                                                                                                                                                                                                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                              North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                Required Supplementary Infor mation   NORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                   (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                                      Required Supplementary Information December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                         December 31, 2024

                                                            Schedule of C            hanges in Net Pension LiabilitySchedule of Changes in Net Pension Liability / (Asset) and Related Ratios                    / (Asset) and Related Ratios
                                                                                                                                                                                                                                                                                                                                                                                                 Last Ten Fiscal                    Years
                                                                                                                                                                                                                                                                                                                                                                                                                                                (Unaudited)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Year Ended December 31
                                                                                                                                                                                                                                                                                                                                           2024                                                                                       2023                                                                                       2022                                                                                       2021                                                                                       2020                                                                                       2019                                                                                       2018                                                                                       2017                                                                                       2016                                                                                       2015
                                                               Total Pension Liability:
                                                                    Service cost                                                                                                                                                                                                                                       $                                                                                                                                                             5,824,0417,110,353$                                                                                                                                                             6,763,752$                                                                                                                                                             6,255,644$                                                                                                                                                             5,731,204$                                                                                                                                                             5,797,476$                                                                                                                                                             6,013,434$                                                                                                                                                             6,194,580$                                                                                                                                                             5,982,873$                                                                                                                                                             5,624,416$
                                                                    Interest on total pension liability                                                                                                                                                                                                                                                                                                                                                                13,262,07614,648,866                                                                                                                                                12,402,575                                                                                                                                                11,329,198                                                                                                                                                10,201,243                                                                                                                                                         9,342,784                                                                                                                                                         8,456,928                                                                                                                                                         7,402,223                                                                                                                                                         6,720,140                                                                                                                                                         6,043,983
                                                                    Effect of plan changes                                                                                                                                                                                                                                                                             -                                                               2,066,775                                                                                                                                                                                   -                                                                                                                    -                                                                                                                                                         1,118,722                                                                                                                                                                                   -                                                                                                                    -                                                                                                                                                                                                               -                                                          (1,136,084)                                                                                                                                                                                                               -
                                                                    Effect of assumption changes or inputs                                                                                                                                                                                                                                                             -                                                                                                                    -                                                                                                                                                                        756,247                                                                                                              9,898,160                                                                                                                                                                                                               -                                                                                                                    -                                                                                                                                                                        390,009                                                                                                                                                                   -                                                                              907,438                                                                                                                                                                   -
                                                                    Effect of economic/demographic (gains) or
                                                                    losses                                                                                                                                                                                                                                                                                                                                                                                                      1,421,917(213,676)                                                                                                                                                    (2,833,660)                                                                                                                                                                   (227,544)                                                                                                                                                                        297,520                                                                                                                                                                   (935,269)                                                                                                                                                                   (633,015)                                                                                                                                                    (1,073,578)                                                                                                                                                    (1,956,006)                                                                                                                                                    (1,153,799)
                                                                    Benefit payments/refunds of contributions                                                                                                                                                                                                                                                                                                                                                              (5,037,649)(6,211,615)                                                                                                                                                    (4,649,412)                                                                                                                                                    (4,230,224)                                                                                                                                                    (3,676,093)                                                                                                                                                    (3,410,005)                                                                                                                                                    (2,752,605)                                                                                                                                                    (2,215,107)                                                                                                                                                    (2,408,086)                                                                                                                                                    (2,059,927)
                                                               Net change in total pension liability                                                                                                                                                                                                                                                                                                                                                                   17,537,16015,333,928                                                                                                                                                12,439,502                                                                                                                                                23,025,233                                                                                                                                                13,672,596                                                                                                                                                10,794,986                                                                                                                                                11,474,751                                                                                                                                                10,308,118                                                                                                                                                         8,110,275                                                                                                                                                         8,454,673
                                                               Total pension liability, beginning                                                                                                                                                                                                                                                                                                                                                            171,149,660188,686,820                                                                                                                                      158,710,158                                                                                                                                      135,684,925                                                                                                                                      122,012,329                                                                                                                                      111,217,343                                                                                                                                                99,742,592                                                                                                                                                89,434,474                                                                                                                                                81,324,199                                                                                                                                                72,869,526
                                                               Total pension liability, ending (a)                                                                                                                                                                                                                                                                                                                                                           188,686,820204,020,748                                                                                                                                      171,149,660                                                                                                                                      158,710,158                                                                                                                                      135,684,925                                                                                                                                      122,012,329                                                                                                                                      111,217,343                                                                                                                                                99,742,592                                                                                                                                                89,434,474                                                                                                                                                81,324,199


                                                               Plan Fiduciary Net Position:
                                                                    Employer contributions                                                                                                                                                                                                                                                                                                                                                                                      7,498,0324,875,626                                                                                                                                                         3,426,300                                                                                                                                                         3,835,196                                                                                                                                                         4,792,134                                                                                                                                                         3,586,802                                                                                                                                                         3,416,686                                                                                                                                                         3,148,616                                                                                                                                                         3,304,846                                                                                                                                                         3,197,933
                                                                    Member contributions                                                                                                                                                                                                                                                                                                                                                                                        2,895,6863,098,915                                                                                                                                                         2,582,638                                                                                                                                                         2,869,224                                                                                                                                                         2,736,148                                                                                                                                                         2,592,872                                                                                                                                                         2,534,007                                                                                                                                                         2,475,976                                                                                                                                                         2,491,090                                                                                                                                                         2,320,145
                                                                    Investment income net of investment expenses                                                                                                                                                                                                                                                                                                                                                 (11,973,223)20,969,066                                                                                                                                                35,267,693                                                                                                                                                14,743,140                                                                                                                                                19,570,700                                                                                                                                                    (2,178,710)                                                                                                                                                14,749,679                                                                                                                                                         6,711,695                                                                                                                                                    (2,151,146)                                                                                                                                                         5,330,438
                                                                    Benefit payments/refunds of contributions                                                                                                                                                                                                                                                                                                                                                              (5,037,649)(6,211,615)                                                                                                                                                    (4,649,412)                                                                                                                                                    (4,230,224)                                                                                                                                                    (3,676,093)                                                                                                                                  (3,410,005)                                                                                                                                  (2,752,605)                                                                                                                                                    (2,215,107)                                                                                                                                                    (2,408,086)                                                                                                                                                    (2,059,927)
                                                                    Administrative expenses                                                                                                                                                                                                                                                                                                                                                                                               (111,721)(111,426)                                                                                                                                                                   (106,284)                                                                                                                                                                   (116,966)                                                                                                                                                                   (108,715)                                                                                                                                                                            (95,740)                                                                                                                                                                            (78,878)                                                                                                                                                                            (72,943)                                                                                                                                                                            (64,794)                                                                                                                                                                            (65,461)
                                                                    Other                                                                                                                                                                                                                                                                                                                                                                                                                      918,263127,428                                                                                                                                                                                  82,538                                                                                                                                                                                  87,352                                                                                                                                                                        151,653                                                                                                                                                                                  94,381                                                                                                                                                                                  42,116                                                                                                                                                                        267,541                                                                                                                                                                                  78,087                                                                                                                                                                            (32,293)
                                                               Net change in fiduciary net position                                                                                                                                                                                                                                                                                                                                                                        (5,810,612)22,747,994                                                                                                                                                36,603,474                                                                                                                                                17,187,721                                                                                                                                                23,465,827                                                                                                                                                                        589,599                                                                                                                                                17,911,005                                                                                                                                                10,315,778                                                                                                                                                         1,249,997                                                                                                                                                         8,690,835
                                                               Fiduciary net position, beginning                                                                                                                                                                                                                                                                                                                                                             196,454,571190,643,959                                                                                                                                      159,851,097                                                                                                                                      142,663,375                                                                                                                                      119,197,549                                                                                                                                      118,607,949                                                                                                                                      100,696,945                                                                                                                                                90,381,167                                                                                                                                                89,131,170                                                                                                                                                80,440,335
                                                               Fiduciary net position, ending (b)                                                                                                                                                                                                                                                                                                                                                            190,643,959213,391,953                                                                                                                                      196,454,571                                                                                                                                      159,851,097                                                                                                                                      142,663,375                                                                                                                                      119,197,549                                                                                                                                      118,607,949                                                                                                                                      100,696,945                                                                                                                                                90,381,167                                                                                                                                                89,131,170


                                                               Net pension liability / (asset), ending = (a) - (b)                                                                                                                                                                                                     $                                                                                                                                                       (1,957,139)(9,371,205)$                                                                                                                                             (25,304,911)$                                                                                                                                      (1,140,938)$                                                                                                                                                       (6,978,451)$                                                                                                                                                            2,814,780$                                                                                                                                                        (7,390,607)$                                                                                                                                                                      (954,353)$                                                                                                                                                                        (946,693)$                                                                                                                                                         (7,806,971)$


                                                               Fiduciary net position as a % of total pension                                                                                                                                                                                                                                    104.59%                                                          101.04%                                                          114.79%                                                          100.72%                                                          105.14%                                                                   97.69%                                                          106.65%                                                          100.96%                                                          101.06%                                                          109.60%
                                                               liability


                                                               Pensionable covered payroll                                                                                                                                                                                                                             $                                                                                                                                                  48,261,43851,648,582$                                                                                                                                                  43,043,971$                                                                                                                                                  47,820,383$                                                                                                                                                  45,602,463$                                                                                                                                                  43,214,528$                                                                                                                                                  42,233,445$                                                                                                                                                  41,266,268$                                                                                                                                                  41,518,172$                                                                                                                                                  38,669,085$


                                                               Net pension liability / (asset) as % of covered payroll                                                                                                                                                                                                                             -18.14%                                                                       -4.06%                                                              -58.79%                                                                       -2.39%                                                              -15.30%                                                                             6.51%                                                              -17.50%                                                                       -2.31%                                                                       -2.28%                                                              -20.19%

                                                                                        *FNP may be off a dollar due to rounding
                                                                                        Note: This schedule is presented to illustrate the requirement to show information for 10 years. However,
                                                                                        recalculations of prior years are not required, and if prior years are not reported in accordance with the
                                                                                        standards of GASB 68, they should not be shown here.                 The Authority implemented GASB 68 in fiscal
                                                                                        year 2015, and t                            he amounts presented for each fiscal year were determined as of the year-end that
                                                                                        occurred one year prior.



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                                                                                                                                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                              North Texas Tollway System                                                                                                                An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                               Required Supplementary Infor mationNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                           (An Enterprise Fund of the North Texas Tollway December 31, 2024                                                                                                                                                                                                                                                                      Authority)
                                                                                                                                                                                          Required Supplementary Information
                                                                                                                                                                                                                                                                December 31, 2024
                                                                                                                                                                                            Schedule of Employer PensionSchedule of Employer Pension Contributions                      Contributions
                                                                                                                                                                                                                                                                                 Last Ten Fiscal Years
                                                                                                                                                                                                                                                                                                                 (Unaudited)


                             Y ear                                                                                                                                                               A c  t uarially                                                                                                                                                                    A c  t ual                                                                                                                              Cont ribut ion                                                                                 P ens  ionableA c t ual Cont ribut ion
                     E nding                                                                                                                           Det erm ined                                                                                                                    E m ploy er                                                                                                    Defic ienc y                                                                                                                        Covered                                                                                           as  a %  of Covered
 Dec em ber 31                                                                                                   Cont ribut ion(  1)                                                                               Cont ribut ion(  1)                                                                 (Excess)   (3, 4)                                                                                                             P ay  roll(  2)                                                                                                                                                                                                       P ay  roll
                            2015                                                                                                                                                                                                          3, 304, 846$                                                                                                                                                                                                                                                                                                                                                                                  3, 304, 846$                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       -$                                                                                                                                                                                                                                                                                           41, 518, 172$                                                                                                                                                                                                                                                                                                                                                                                                                8. 0%
                            2016                                                                                                                                                                                                          3, 148, 616                                                                                                                                                                                                                                                                                                                                                                             3, 148, 616                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                   41, 266, 265                                                                                                                                                                                                                                                                                                                                              7. 6%
                            2017                                                                                                                                                                                                          3, 416, 686                                                                                                                                                                                                                                                                                                                                                                             3, 416, 686                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                   42, 233, 445                                                                                                                                                                                                                                                                                                                                              8. 1%
                            2018                                                                                                                                                                                                          3, 586, 802                                                                                                                                                                                                                                                                                                                                                                             3, 586, 802                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                   43, 214, 528                                                                                                                                                                                                                                                                                                                                              8. 3%
                            2019                                                                                                                                                                                                          3, 525, 070                                                                                                                                                                                                                                                                                                                                                                             4, 792, 134                                                                                                                                                                                                                                                                                                             (1, 267, 064)                                                                                                                                                                                                                                                                                                  45, 602, 463                                                                                                                                                                                                                                                                                                                                   10. 5%
                            2020                                                                                                                                                                                                          3, 835, 196                                                                                                                                                                                                                                                                                                                                                                             3, 838, 196                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                   47, 820, 393                                                                                                                                                                                                                                                                                                                                              8. 0%
                            2021                                                                                                                                                                                                          3, 426, 300                                                                                                                                                                                                                                                                                                                                                                             3, 426, 300                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                   43, 043, 971                                                                                                                                                                                                                                                                                                                                              8. 0%
                            2022                                                                                                                                                                                                          5, 168, 800                                                                                                                                                                                                                                                                                                                                                                             7, 498, 032                                                                                                                                                                                                                                                                                                             (2, 329, 232)                                                                                                                                                                                                                                                                                                  48, 261, 438                                                                                                                                                                                                                                                                                                                                   15. 5%
                            2023                                                                                                                                                                                                          4, 875, 626                                                                                                                                                                                                                                                                                                                                                                             4, 875, 626                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                   51, 648, 582                                                                                                                                                                                                                                                                                                                                              9. 4%
                            2024                                                                                                                                                                                                          5, 432, 346                                                                                                                                                                                                                                                                                                                                                                             5, 432, 346                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                   56, 308, 162                                                                                                                                                                                                                                                                                                                                              9. 6%
                             (  1)                             TCDRS calculates   actuarially determ  ined contributions   on a calendar year bas  is  . GASB Statem  ent
                                                 No. 68 indicates   the em  ployer s  hould report em  ployer contribution am  ounts   on a fis  cal year bas  is  .
                             (  2)                             Payroll is   calculated bas  ed on contributions   as   reported to TCDRS

                             (  3)                             2019 Contribution Exces  s   relates   to 2020 COLA retirees   that was   fully prepaid in 2019

                             (  4)                             2022 Contribution Exces  s   relates   to 2023 COLA retirees   that was   fully prepaid in 2022

Notes to Schedule:
Valuation Date: Actuarially determined contribution rates are calculated each December 31, two years prior to the
end of the fiscal year in which contributions are reported.

   Methods and assumptions used to determine contribution rates:
   Actuarial Cost Method                                                                                                                                                                                                                                                                                                                                                                                              Entry Age (level percentage of pay)
   Amortization Method                                                                                                                                                                                                                                                                                                                                                                                                                   Level percentage of payroll, closed
   Remaining Amortization Period                                                                                                                                                                                                                                                                    17.4 years (based on contribution rate calculated in 12/31/2023 valuation)
   Asset Valuation Method                                                                                                                                                                                                                                                                                                                                                                        5-year smoothed market
   Inflation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2.50%
   Salary Increases                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Varies by age and service. 4.7% avg. over career including inflation
   Investment Rate of Return                                                                                                                                                                                                                                                                                                                                    7.50%, net of administrative and investment expenses, including inflation
   Retirement Age                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Members who are eligible for service retirement are assumed to
                                                                                                                                                                                                                                                                                     commence receiving benefit payments based on age. The average
                                                                                                                                                                                                                                                                                     age at service retirement for recent retirees is 61.
   Mortality                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          135% of the PUB-2010 General Retirees Table for males and 120% of the
                                                                                                                                                                                                                                                                                     Pub-2010 General Retirees Table for  females, both projected with 100%
                                                                                                                                                                                                                                                                                     of the MP-2021 Ultimate scale after 2010.
   Changes in Assumptions and                                                                                                                                                                                                                                                        2015: New inflation, mortality and other assumptions were reflected. 2017: New
   Methods Reflected in the Schedule                                                                                                                                                                                                                                                 mortality assumptions were reflected. 2019: New inflation, mortality and other
   of Employer Contributions*                                                                                                                                                                                                                                                        assumptions were reflected. 2022: New investment return and inflation
                                                                                                                                                                                                                                                                                     assumptions were reflected.
   Changes in Plan Provisions                                                                                                                                                                                                                                                        2015: No changes in plan provisions. 2016: No changes in plan provisions.
   Reflected in the Schedule of                                                                                                                                                                                                                                                      2017: New Annuity Purchase Rates were reflected for benefits earned after
   Employer Contributions*                                                                                                                                                                                                                                                           2017. 2018: No changes in plan provisions. 2019: No changes in plan
                                                                                                                                                                                                                                                                                     provisions. 2020: Employer contributions reflect that a 50% CPI COLA was
                                                                                                                                                                                                                                                                                     adopted. 2021: No changes in plan provisions. 2022: No changes in plan
                                                                                                                                                                                                                                                                                     provisions. 2023: Employer contributions reflect that a 50% CPI COLA was
                                                                                                                                                                                                                                                                                     adopted.
  *       Only changes that affect the benefit amount and that are effective 2015 and later are shown in the Notes to Schedule.






                                                                                                                                                                                                                                                                                                                                                                  57


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                                                                                                                                                                                                                                                                                                        2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                 North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                  Required Supplementary Infor mationNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                           (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                  Required Supplementary Information December 31, 2024

                                                                                                                                                                                                                                                                                                                                   December 31, 2024
                                                                                                                                                               Schedule ofSchedule of Changes in PEBC Total OPEB Liability and Related Ratios C            hanges in PEBC Total OPEB Liability                     and Related Ratios
                                                                                                                                                                                                                                                                                                                                                       Last 10 Calendar          Years
                                                                                                                                                                                                                                                                                                                                                                                             (Unaudited)

                                                                                                                                                                                                                                                                                                                                                                                                                                   2018                                                                                                 2019                                                                                                 2020                                                                                               2021                                                                                                 2022                                                                                                 2023                                                                                                   2024
                                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$                                                                                                                                             13,572,086$
                                Changes for the year:
                                     Servic e c os t                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           2,342,914                                                                                                                                            2,892,226                                                                                                                                           2,194,343                                                                                                                                                2,878,051                                                                                                                                            2,658,532                                                                                                                                            2,757,930                                                                                                                                              1,425,056
                                     Interes t                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         926,699                                                                                                                                  1,035,731                                                                                                                                                            786,170                                                                                                                                                 739,440                                                                                                                                                   480,466                                                                                                                                                   536,336                                                                                                                                                     554,669
                                     Differenc es  between ex pec ted and ac tual ex perienc e                                                                                                                                                                                                                                                                                                                                                                -                                                              (9,321,849)                                                                                                                                                                                                          -                                                              (9,902,635)                                                                                                                                                                                                            -                                                              (6,966,346)                                                                                                                                                                                                             -
                                    Changes  of as s umptions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             1,909,633                                                                                                                                      (4,593,662)                                                                                                                                                4,278,289                                                                                                                                                2,324,617                                                                                                                                                              282,695                                                                                                                           (5,958,149)                                                                                                                                                   1,284,972
                                     Employ er c ontributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                 -                                                                                                                                                        -                                                                                                                                 -                                                                                                                                                          -                                                                                                                                                          -                                                                                                                                                            -
                                     Benefit pay ments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                (84,180)                                                                                                                                       (187,696)                                                                                                                                                (214,830)                                                                                                                                                (139,978)                                                                                                                                                  (146,705)                                                                                                                                                  (150,976)                                                                                                                                                    (173,363)
                                          Net changes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              5,095,066                                                                                                                           (10,175,250)                                                                                                                                                          7,043,972                                                                                                                                          (4,100,505)                                                                                                                                                  3,274,988                                                                                                                                      (9,781,205)                                                                                                                                                   3,091,334
                                Tota l PEBC OPEB Lia bility - Ending                                                                                                                                                                                                                                                                                                                                                                                                                                                                     27,310,086$                                                                                                                                           17,134,836$                                                                                                                                          24,178,808$                                                                                                                                          20,078,303$                                                                                                                                           23,353,291$                                                                                                                                           13,572,086$                                                                                                                                             16,663,420$
                                Covered employ ee pay roll                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    38,100,336$                                                                                                                                           39,991,740$                                                                                                                                          44,045,562$                                                                                                                                          41,948,063$                                                                                                                                           39,332,632$                                                                                                                                           44,384,634$                                                                                                                                             45,938,000$
                                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%                                                                          36.00%

                      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
                      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 three           years. The amounts presented for each
                      fiscal year 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.
































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=== PDF PAGE 77 ===
                                                                                                                                                                                                                               2024 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
                                                                                                                                                                                                      Required Supplementary Information December 31, 2024
                                                                                                                                                                                                                                                                         December 31, 2024

                                                                                                                                          Schedule of Authority’s Share of ERS Net OPEB Liability  Schedule of Authority's Share of ERS Net OPEB Liability
                                                                                                                                                                                                                                                                                         Last 10 Calendar                    Years
                                                                                                                                                                                                                                                                                                                        (Unaudited)

           Fiscal Year Ending December 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             2018                                                                                                               2019                                                                                                       2020                                                                                                   2021                                                                                                   2022                                                                                                  2023                                                                                                  2024


           Authority 's  proportional s hare of c ollec tive net ERS OPEB liability  (%)                                                                                                                            0.04181875%                              0.01289561%                     0.01248723%                     0.01171220%                   0.01091481%                   0.01023459%                   0.01033064%


           Authority 's  proportional s hare of c ollec tive net ERS OPEB liability  ($)                                                                                                                                                     14,248,907$                                                                                                                                                                                               3,821,968$                                                                                                                                                                              4,315,921$                                                                                                                                                                    3,870,254$                                                                                                                                                                  3,915,743$                                                                                                                                              2,915,524$                                                                                                                                              2,760,093$


           Covered Pay roll                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      4,911,742$                                                                                                                                                                                                1,553,556$                                                                                                                                                                              1,538,430$                                                                                                                                                                    1,482,208                                                     1,373,781                                                     1,303,286                                                     1,422,028

           ERS Net OPEB Liability  as  a Perc entage of Covered Pay roll                                                                                                                                                                                                                                                             290.10%                                                                          246.01%                                                                280.54%                                                                261.11%                                                               285.03%                                                               223.71%                                                               194.10%
           ERS Plan Fiduc iary  Net Pos ition as  a Perc entage of Total ERS OPEB Liability                                                                                                          2.04%                                                                                                1.27%                                                                                      0.17%                                                                                      0.32%                                                                                     0.38%                                                                                     0.57%                                                                                     0.57%






                                                                                                                                                             Schedule ofSchedule of Authority's Contributions to ERS OPEB             Authority’s Contributions to ERS OPEB
                                                                                                                                                                                                                                                                                         Last 10 Calendar          Years
                                                                                                                                                                                                                                                                                                                        (Unaudited)



 Fiscal Year Ending December 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            2018                                                                                                                  2019                                                                                                          2020                                                                                                      2021                                                                                                      2022                                                                                                     2023                                                                                                     2024

 Actuarially  determined c ontributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                       N/ A  (*)                                                                                     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$                                                                                                                                                                                         301,920$
 Contribution defic ienc y  (ex c es s )                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       N/ A  (*)                                                                                     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$                                                                                                                                                   1,422,028$
 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%                                                                            21.23%


(*) 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 three           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 n                                                                  o assets ac                 cumulated in a trust t         hat         meets t                    he criteria of G                                                          ASB codification P22.101 or P                                                            52.101
                  to pay r                                                                                       elated benefits f                  or t                                he pension/OPEB p                       lan.

                  The Authority covered pay                                                                                    roll is presented as of an August 31 actuarial valuation for each year. No actuarial
                  valuation is available as of December 31 for each year and the Authority’s management deems any                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           difference
                  between the two dates as immaterial to consider.




                                                                                                                                                                                                                                                                                                                                                                       59




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=== PDF PAGE 78 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       2024 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 Net Position by Trust Account
                                                                                                      Schedule of Net Position by Trust Account
                                                                                                      December 31, 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    December 31, 2024

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Non-Major Non-Major                                                                                                                                                                                                                                                                                              Interfund                                                                                                    ConstructionNorth TexasInterfund          Construction and                                                                                                                                                                          Revenue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Enterprise FundEnterprise                                                                                             North Texas                                                                                             eliminations/                                                                                  and property                                                                                                RevenueTollway SystemEliminations/                  Property Account                                                                                                                                                                             Account
                                                                                                                                                                                                                                                                             AssetsAssets                                                                                                                                                                                                                                                                                                                                Total                                                                                                                                                Fund                                                                                                    Tollway System                                                                 reclassifications                                                                                         account                                                                                                                     accountTotalReclassifications
                                                                                                      Current assets:
                                                                                                                           Cash and cash equivalents                                                                                                                                                                                                                                                                                                               $                                                                                             40,311,385                                                                                          $                                                               16,331,788                                                                                                                                               $                                                                                          23,979,597                                                                               $                                                                                                                                                 -                $                                                                                                                                         -                $                                                                          18,125,754
                                                                                                                           Investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        809,411,119                                                                                                                                                                            51,646,016                                                                                                                                                                                                                                          757,765,103                                                                                                                                                                                                                                                                        -                                                                                                                                                                        -                                                                                               69,757,704
                                                                                                                           Accrued interest receivable                                                                                                                                                                                                                                                                                                                                                                                                                         6,261,134                                                                                                                                                                                                                                  -                                                                                                                         6,261,134                                                                                                                                                                                                                                                      -                                                                                                                                                                        -                                                                                                        1,773,106
                                                                                                                           Interproj ect/agency receivables                                                                                                                                                                                                                                                                                                                                                                                    35,334,033                                                                                                                                                                   11,136,570                                                                                                                                                                                                                                                  24,197,463                                                                                                                                                                                                                                                               -                                                                                                                                                                        -                                                                                               24,154,846
                                                                                                                           Accounts receivable (net of allowance for uncollectibles)                                                                                                                                                                                          140,135,961                                                                                                                                                                            42,748,685                                                                                                                                                                                                                                                  97,387,276                                                                                                                                                                                                                                                               -                                                                                                                                                                        -                                                                                               97,387,276
                                                                                                                           Unbilled accounts receivable (net of allowance for uncollectibles)                                                                                                                                   31,434,117                                                                                                                                                                   10,467,147                                                                                                                                                                                                                                                  20,966,970                                                                                                                                                                                                                                                               -                                                                                                                                                                        -                                                                                               20,966,970
                                                                                                                           Prepaid expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               1,256,853                                                                                                                                                                                                                                  -                                                                                                                         1,256,853                                                                                                                                                                                                                                                      -                                                                                                                                                                        -                                                                                                                                                                        -
                                                                                                                                                                                                              Total current unrestricted assets                                                                                                                                                                                                                                                          1,064,144,602                                                                                                                                                                                                                                            132,330,206                                                                                                                                                                                                                                          931,814,396                                                                                                                                                                                                                                                                        -                                                                                                                                                                        -                                                                                      232,165,656
                                                                                                      Current restricted assets:
                                                                                                                           Restricted assets:
                                                                                                                                               Restricted for construction:
                                                                                                                                                                    Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                  4,108,995                                                                                                                                                                                                                                  -                                                                                                                         4,108,995                                                                                                                                                                                                                                                      -                                                                                                        4,108,995
                                                                                                                                               Restricted for debt service:
                                                                                                                                                                    Investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                        761,597,609                                                                                                                                                                                                                                                    -                                                                                                        761,597,609                                                                                                                                                                                                                                                                        -                                                                                                                                                                        -                                                                                                                                                                                           -
                                                                                                                                                                    Accrued interest receivable                                                                                                                                                                                                                                                                                                                                                                             2,538,903                                                                                                                                                                                                                                  -                                                                                                                         2,538,903                                                                                                                                                                                                                                                      -                                                                                                                                                                                           -                                                                                                                                                                                           -
                                                                                                                                                                    Accounts receivable                                                                                                                                                                                                                                                                                                                                                                                                                                9,742,696                                                                                                                                                                                                                                  -                                                                                                                         9,742,696                                                                                                                                                                                                                                                      -                                                                                                                                                                                           -                                                                                                                                                                                           -
                                                                                                                                               Restricted for NTE 3A/3B:
                                                                                                                                                                    Investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1,272,043                                                                                                                                                                  1,272,043                                                                                                                                                                                                                                                                -                                                                                                                                                                                -                                                                                                                                                                                           -                                                                                                                                                                                           -
                                                                                                                                                                                                              Total current restricted assets                                                                                                                                                                                                                                                                                         779,260,246                                                                                                                                                                                    1,272,043                                                                                                                                                                              777,988,203                                                                                                                                                                                                                                                                        -                                                                                                        4,108,995                                                                                                                                                                                                                                                -
                                                                                                                                                                                                              Total current assets                                                                                                                                                                                                                                                                                                                                                   1,843,404,848                                                                                                                                                                                                                                            133,602,249                                                                                                                                                                                                                            1,709,802,599                                                                                                                                                                                                                                                                                                                                             -                                                                                                        4,108,995                                                                                                                                                              232,165,656
                                                                                                      Noncurrent assets:
                                                                                                                           Investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        506,761,838                                                                                                                                                                                                                                                    -                                                                                                        506,761,838                                                                                                                                                                                                                                                                        -                                                                                                                                                                                           -                                                                                               84,992,019
                                                                                                                           Investments restricted for debt service                                                                                                                                                                                                                                                                                                                        148,764,134                                                                                                                                                                                                                                                    -                                                                                                        148,764,134                                                                                                                                                                                                                                                                        -                                                                                                                                                                                           -                                                                                                                                                                        -
                                                                                                                           Net pension asset                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             9,371,205                                                                                                                                                                                                                                  -                                                                                                                         9,371,205                                                                                                                                                                                                                                                      -                                                                                                                                                                                           -                                                                                                                                                                        -
                                                                                                                           Capital assets:
                                                                                                                           Nondepreciable                                                                                                                                                                                                                                                                                                                                                                                                                                                                             7,247,023,219                                                                                                                                                                                                                                                                                                                             -                                                                                          7,247,023,219                                                                                                                                                                                                     503,960,495                                                                                                                                                              6,743,062,724                                                                                                                                                                                                                                                                                                                         -
                                                                                                                           Depreciable (net of depreciation)                                                                                                                                                                                                                                                                                                                                                                             94,979,685                                                                                                                                                                                                                                           -                                                                                                                94,979,685                                                                                                                                                                                                                                                               -                                                                                               94,979,685                                                                                                                                                                                                                                                    -
                                                                                                                           Right-to-use assets, (net of amortization)                                                                                                                                                                                                                                                                                            1,547,784,654                                                                                                                                                                                                                                                                                                                             -                                                                                          1,547,784,654                                                                                                                                                                                                                                                                                      -                                                                         1,513,942,411                                                                                                                                                                                                                                                                           -
                                                                                                                                                                                                              Total noncurrent assets                                                                                                                                                                                                                                                                                                                         9,554,684,735                                                                                                                                                                                                                                                                                                                             -                                                                                          9,554,684,735                                                                                                                                                                                                     503,960,495                                                                                                                                                              8,351,984,820                                                                                                                                                                                                                                                84,992,019
                                                                                                      Total assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  11,398,089,583                                                                                                                                                                                                                                            133,602,249                                                                                                                                                                                                                    11,264,487,334                                                                                                                                                                                                                                                           503,960,495                                                                                                                                                              8,356,093,815                                                                                                                                                                                                                                       317,157,675
                                                                                                                                                                                                                                    Deferred outflow of resources
                                                                                                                           Loss on refunding                                                                                                                                                                                                                                                                                                                                                                                                                                                                              177,065,195                                                                                                                                                                                                                                                    -                                                                                                        177,065,195                                                                                                                                                                                                                                                                        -                                                                                      177,065,195                                                                                                                                                                                                                                                              -
                                                                                                                           Deferred Outflow-PPP SRT                                                                                                                                                                                                                                                                                                                                                                                             1,541,835,864                                                                                                                                                                                                                                                                                                                             -                                                                                          1,541,835,864                                                                                                                                                                                                                                                                                      -                                                                         1,541,835,864                                                                                                                                                                                                                                                                           -
                                                                                                                           ERS OPEB contributions after measurement date                                                                                                                                                                                                                                                                           301,920                                                                                                                                                                                                                     -                                                                                                                                      301,920                                                                                                                                                                                                                                         -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                           Deferred outflow in OPEB assumption ERS                                                                                                                                                                                                                                                                                                                              92,074                                                                                                                                                                                                                -                                                                                                                                               92,074                                                                                                                                                                                                                               -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                                           Changes in actuarial assumptions used to determine PEBC OPEB liability                                                                                                                                                                                                                                                                                                                                                                                                                                                                            6,344,315                                                                                                                                                                                                                                  -                                                                                                                         6,344,315                                                                                                                                                                                                                                                      -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                                           PEBC OPEB contributions after measurement date                                                                                                                                                                                                                                                                185,990                                                                                                                                                                                                                     -                                                                                                                                      185,990                                                                                                                                                                                                                                         -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                                           Difference in proj ected and actual earnings on ERS OPEB liability                                                                                                                                                                                        222                                                                                                                                                                                         -                                                                                                                                                                     222                                                                                                                                                                                                         -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                                           Pension contributions after measurement date                                                                                                                                                                                                                                                                                      5,432,347                                                                                                                                                                                                                                  -                                                                                                                         5,432,347                                                                                                                                                                                                                                                      -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                            Deferred Outflow-Pension Earns                                                                                                                                                                                                                                                                                                                                                                                1,303,451                                                                                                                                                                                                                                  -                                                                                                                         1,303,451                                                                                                                                                                                                                                                      -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                                           Difference in expected and actual pension experience                                                                                                                                                                                                                                               473,973                                                                                                                                                                                                                     -                                                                                                                                      473,973                                                                                                                                                                                                                                                                                                                                             -                                                                                                                                                                        -                                                                                                                                                                           -

                                                                                                      Total deferred outflow of resources                                                                                                                                                                                                                                                                                                                                           1,733,035,351                                                                                                                                                                                                                                                                                                                             -                                                                                          1,733,035,351                                                                                                                                                                                                                                                                                      -                                                                         1,718,901,059                                                                                                                                                                                                                                                                           -

                                                                                                                                                                                                                                                                                                       Liabilities
                                                                                                      Current liabilities:
                                                                                                                           Accounts payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            4,568,513                                                                                                                                                                                                                                  -                                                                                                                         4,568,513                                                                                                                                                                                                                                                      -                                                                                                                                                                        -                                                                                                        4,083,655
                                                                                                                           Accrued liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           55,558,567                                                                                                                                                                                                                                           -                                                                                                                55,558,567                                                                                                                                                                                                                                                               -                                                                                                                                                                        -                                                                                                                                                                        -
                                                                                                                           Interproj ect/agency payables                                                                                                                                                                                                                                                                                                                                                                                                         33,992,756                                                                                                                                                                           1,454,540                                                                                                                                                                                       32,538,216                                                                                                                                                                                                                                                               -                                                                                                                                                                        -                                                                                               32,455,065
                                                                                                                           Deferred revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                129,259,682                                                                                                                                                                                                                                                    -                                                                                                        129,259,682                                                                                                                                                                                                                                                                        -                                                                                                                                                                        -                                                                                      129,259,682
                                                                                                                                                                                                              Total current unrestricted liabilities                                                                                                                                                                                                                                                               223,379,518                                                                                                                                                                                    1,454,540                                                                                                                                                                              221,924,978                                                                                                                                                                                                                                                                        -                                                                                                                                                                        -                                                                                      165,798,402
                                                                                                      Payable from restricted assets:

                                                                                                                           Construction-related payables:
                                                                                                                                               Accounts Payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    302,613                                                                                                                                                                                                                     -                                                                                                                                      302,613                                                                                                                                                                                                                                         -                                                                                                                                                                        -                                                                                                                                                                        -
                                                                                                                                               Retainage payable                                                                                                                                                                                                                                                                                                                                                                                                                                                     12,044,475                                                                                                                                                                                                                                           -                                                                                                                12,044,475                                                                                                                                                                                                                                                               -                                                                                                        2,589,483                                                                                                                                                                                                                                                -
                                                                                                                           Debt service-related payables:
                                                                                                                                               Accrued interest payable                                                                                                                                                                                                                                                                                                                                                                                                     172,406,622                                                                                                                                                                                                                                                    -                                                                                                        172,406,622                                                                                                                                                                                                                                                                        -                                                                                                                                                                        -                                                                                                                                                                        -
                                                                                                                                               Revenue bonds payable, current portion                                                                                                                                                                                                                                                                                        322,095,000                                                                                                                                                                                                                                                    -                                                                                                        322,095,000                                                                                                                                                                                                                                                                        -                                                                                      315,885,000                                                                                                                                                                                                                                                              -
                                                                                                                           OPEB related payables:
                                                                                                                                                PEBC current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                            185,990                                                                                                                                                                                                                     -                                                                                                                                      185,990                                                                                                                                                                                                                                         -                                                                                                                                                                        -                                                                                                                                                                        -
                                                                                                                                                ERS current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                      301,920                                                                                                                                                                                                                     -                                                                                                                                      301,920                                                                                                                                                                                                                                         -                                                                                                                                                                        -                                                                                                                                                                        -
                                                                                                                           Restricted for NTE 3A/3B:
                                                                                                                                                Intergovernmental payable                                                                                                                                                                                                                                                                                                                                                                                                           1,272,043                                                                                                                                                                  1,272,043                                                                                                                                                                                                                                                                -                                                                                                                                                                                -                                                                                                                                                                                           -                                                                                                                                                                                           -
                                                                                                                                                                                                              Total current liabilities payable from restricted assets                                                                                                                        508,608,663                                                                                                                                                                                    1,272,043                                                                                                                                                                              507,336,620                                                                                                                                                                                                                                                                        -                                                                                      318,474,483                                                                                                                                                                                                                                                              -
                                                                                                                                                                                                              Total current liabilities                                                                                                                                                                                                                                                                                                                                                  731,988,181                                                                                                                                                                                    2,726,583                                                                                                                                                                              729,261,598                                                                                                                                                                                                                                                                        -                                                                                      318,474,483                                                                                                                                                                            165,798,402
                                                                                                      Noncurrent liabilities:
                                                                                                                            SBITA's                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   27,922,748                                                                                                                                                                                                                                           -                                                                                                                27,922,748                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                        -
                                                                                                                           PPP - SRT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                1,633,394,100                                                                                                                                                                                                                                                                                                                             -                                                                                          1,633,394,100                                                                                                                                                                                                                                                                                                                                                                        1,633,394,100
                                                                                                                           Total other post-employment benefits liability - PEBC plan                                                                                                                                                                                         16,477,430                                                                                                                                                                                                                                           -                                                                                                                16,477,430                                                                                                                                                                                                                                                               -                                                                                                                                                                        -                                                                                                                                                                        -
                                                                                                                           Net other post-employment benefit liability - ERS plan                                                                                                                                                                                                                              2,458,173                                                                                                                                                                                                                                  -                                                                                                                         2,458,173                                                                                                                                                                                                                                                      -                                                                                                                                                                        -                                                                                                                                                                        -
                                                                                                                           Dallas North Tollway System revenue bonds payable, net of bond
                                                                                                                                               discount (premium) costs of $503,960,495                                                                                                                                                                                                                                                              9,018,183,289                                                                                                                                                                                                                                                                                                                             -                                                                                          9,018,183,289                                                                                                                                                                                                     503,960,495                                                                                                                                                              8,474,430,511                                                                                                                                                                                                                                                                                                                         -
                                                                                                                                                                                                              Total noncurrent liabilities                                                                                                                                                                                                                                                                                                      10,698,435,740                                                                                                                                                                                                                                                                                                                             -                                                                                  10,698,435,740                                                                                                                                                                                                              503,960,495                                                                                                                                                      10,107,824,611                                                                                                                                                                                                                                                                                                                         -
                                                                                                      Total liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                11,430,423,921                                                                                                                                                                                                                                                             2,726,583                                                                                                                                                                                                                    11,427,697,338                                                                                                                                                                                                                                                           503,960,495                                                                                                                                                      10,426,299,094                                                                                                                                                                                                                                       165,798,402

                                                                                                                                                                                                                                         Deferred inflow of resources
                                                                                                                           Gain on refunding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        43,834,332                                                                                                                                                                                                                                           -                                                                                                                43,834,332                                                                                                                                                                                                                                                               -                                                                                               21,888,938                                                                                                                                                                                                                                                    -
                                                                                                                           Difference in expected and actual ERS OPEB experience                                                                                                                                                                                                                              73,006                                                                                                                                                                                                                -                                                                                                                                               73,006                                                                                                                                                                                                                               -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                                           Change in actuarial assumptions used to determine ERS OPEB liability                                                                                                                    862,013                                                                                                                                                                                                                     -                                                                                                                                      862,013                                                                                                                                                                                                                                         -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                           Change in proportionate share on ERS OPEB liability                                                                                                                                                                                                                                                   386,933                                                                                                                                                                                                                     -                                                                                                                                      386,933                                                                                                                                                                                                                                         -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                           Change in actuarial assumptions used to determine PEBC OPEB liability                                                                                             7,559,466                                                                                                                                                                                                                                  -                                                                                                                         7,559,466                                                                                                                                                                                                                                                      -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                           Difference in expected and actual PEBC OPEB experience                                                                                                                                                                                     17,295,356                                                                                                                                                                                                                                           -                                                                                                                17,295,356                                                                                                                                                                                                                                                               -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                                           Difference in expected and actual pension experience                                                                                                                                                                                                                                               142,451                                                                                                                                                                                                                     -                                                                                                                                      142,451                                                                                                                                                                                                                                                                                                                                             -                                                                                                                                                                        -                                                                                                                                                                           -
                                                                                                      Total deferred inflow of resources                                                                                                                                                                                                                                                                                                                                                                            70,153,557                                                                                                                                                                                                                                           -                                                                                                                70,153,557                                                                                                                                                                                                                                                               -                                                                                               21,888,938                                                                                                                                                                                                                                                    -
                                                                                                                                                                                                                                                                                              Net Position
                                                                                                      Net investment in capital assets                                                                                                                                                                                                                                                                                                                                                                                (1,990,923,806)                                                                                                                                                                                                                                                                                                                             -                                                                                     (1,990,923,806)                                                                                                                                                                                       (4,149,915,685)                                                                                                                                                                                                                                   2,158,991,879                                                                                                                                                                                                                                                                                                                         -
                                                                                                      Restricted for:
                                                                                                                           Debt service                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      2,018,872,655                                                                                                                                                                                                                                                                                                                             -                                                                                          2,018,872,655                                                                                                                                                                                       1,457,001,622                                                                                                                                                                                                                                                                                                                                 -                                                                                      151,359,273
                                                                                                                           Net pension asset                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             9,371,205                                                                                                                                                                                                                                  -                                                                                                                         9,371,205                                                                                                                                                                                                                                                      -                                                                                                                                                                        -                                                                                                                                                                        -
                                                                                                      Unrestricted                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 1,593,227,402                                                                                                                                                                                                                                            130,875,666                                                                                                                                                                                                                            1,462,351,736                                                                                                                                                                                       2,692,914,063                                                                                                                                                                                                                             (2,532,185,037)                                                                                                                                                                                                                                                                                                                         -
                                                                                                      Total net position                                                                                                                                                                                                                                                                                                                                                                                                   $                                                                       1,630,547,456                                                                                                                                                                            $                                                       130,875,666                                                                                                                                               $                                                                    1,499,671,790 $                                                                                                                                  -                                                                                 (373,193,158)                                                                             $                                                                  151,359,273
60                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (continued)
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=== PDF PAGE 79 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                      North Texas Tollway System                                                                                                                                                                                                                                                                                                                           An Enterprise Fund of the North Texas Tollway Authority



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Schedule 1
                                                                                                                                                                                                                                    Schedule of Net Position by Trust Account
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                December 31, 2024

                              Operations and Operation and                                                                                                   Reserve                                                                                                                                Capital                                                                                       Debt service accountsReserve                              Capital                                                                                                                                                                                                                                                                                                                                                      Debt  Service Accounts
                                         Maintenancemaintenance                                                                                      maintenance                                                                                    Improvement                                                                                                 Bond interest                                                                                                                         Reserve                                                                                                            RedemptionMaintenance Improvement FundBond Interest                                                                                                                                                                                                           Reserve                                                                                                                                                                      Redemption
                                                              Account                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Schedule 1account                                                                                                                             account                                                                                                                                         Fund                                                                                                                                                            account                                                                                                                                                account                                                                                                                             accountAccountAccountAccountAccount


$                                                                                            4,946,109                                                                                      $                                                                                                                                            100                                             $                                                                                                         299,486                                                                            $                                                                                                                                                608,148                                                                            $                                                                                                                                                                        -                   $                                                                                                                                                                        -
                                                                                                                                                                                                                                                                                  24,178,34362,562,826                                                                                                                                                                                     601,266,230                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                               4,488,028-                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                       41,5401,077                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                     -                                                                                                                                                                                                                               --                                                                                                                                                                                                    -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                     -                                                                                                                                                                                                                               --                                                                                                                                                                                                    -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                     -                                                                                                                                                                                                                               -1,256,853                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                 24,178,44368,766,865                                                                                                                                                                                     606,095,284                                                                                                                                                                                                                                                                      608,148                                                                                                                                                                                                                                                          -                                                                                                                                                                                              -









                                                                                                                                                                          -                                                                                                                                                                                                         -                                                                                                              7,466,307                                                                                                                                                                                                                       170,900,707                                                                                                                                                                                              267,268,084                                                                                                                                                                                              315,962,511
                                                                                                                                                                          -                                                                                                                                                                                                         -                                                                                                                                                                                                         -                                                                                                                                                                    597,452                                                                                                                                                                                                  753,922                                                                                                                                                                                1,187,529
                                                                                                                                                                          -                                                                                                                                                                                                         -                                                                                                                                                                                    -                                                                                                                                                               9,742,696                                                                                                                                                                                                                                                                         -                                                                                                                                                                                              -


                                                                                                                                                                          -                                                                                                                                                                                                         -                                                                                                                                                                                                         -                                                                                                                                                                                                                           -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                         7,466,307                                                                                                                                                                                                                       181,240,855                                                                                                                                                                                              268,022,006                                                                                                                                                                                              317,150,040
                                                                                                                                                                                                                                                                                 24,178,44368,766,865                                                                                                                                                                                     613,561,591                                                                                                                                                                                                                                     181,849,003                                                                                                                                                                                              268,022,006                                                                                                                                                                                              317,150,040
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    `
                                                                                                                                                                          -                                                                                                                                                                                    -                                                                                                      421,769,819                                                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                         -                                                                                                                                                                                                         -
                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                     148,764,134                                                                                                                                                                                                                                                                                       -
                                                                                                                                                                                                                                                                                                                                                                 -9,371,205                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   -
                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                                                                                                                    -                                                                                                                                                                                                                           -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                          2,577,47211,926,059                                                                                                                                                                                          19,338,712                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                          2,577,47221,297,264                                                                                                                                                                                 441,108,531                                                                                                                                                                                                                                                                                                                              -                                                                                            148,764,134                                                                                                                                                                                                                                                                                      -
                                                                                                                                                                                                                                                                                 26,755,91590,064,129                                                                                                                                                                      1,054,670,122                                                                                                                                                                                                                                                    181,849,003                                                                                                                                                                                              416,786,140                                                                                                                                                                                              317,150,040


                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                            -301,920                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                            -92,074                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -6,344,315                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -185,990                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -222                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -5,432,347                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -1,303,451                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                -473,973                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                -14,134,292                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -





                                                                                                                                                                                                                                                                                                                                                                -484,858                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                          4,592,83129,493,778                                                                                                                                                                                          21,471,958                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                            -83,151                                                                                                                                                                                              -                                                                                                                                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                          4,592,83130,061,787                                                                                                                                                                                          21,471,958                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                              -                                                                                                                                                                                              -




                                                                                                                                                                                                                                                                                                                           7,309-                                                                                                                                                                               295,304                                                                                                                                                                                                                                                                                            -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                          1,088,579-                                                                                                                                                                                                   8,366,413                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                              -


                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                         1,505,916                                                                                                                                                                                                                       170,900,706                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                         6,210,000                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                              -                                                                                                                                                                                              -


                                                                                                                                                                                                                                                                                                                                                                -185,990                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                           -301,920                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -


                                                                                                                                                                          -                                                                                                                                                                                                         -                                                                                                                                                                                                         -                                                                                                                                                                                                                           -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                      1,095,888487,910                                                                                                                                                                                          16,377,633                                                                                                                                                                                                                           170,900,706                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                          5,688,71930,549,697                                                                                                                                                                                          37,849,591                                                                                                                                                                                                                           170,900,706                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                              -


                                                                                                                                                                                                                                                                                           2,601,9928,322,827                                                                                                                                                                                          16,997,929                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                              -                                                                                                                                                                                              -


                                                                                   16,477,430                                                                                                                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                              2,458,173                                                                                                                                                                                                                                                            -                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -


                                                                                                                                                                                                                                                                                                                                                               -                                                                                                     36,765,000-                                                                                                                                                                                                                                               3,027,283                                                                                                                                                                                                                                                                         -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                          2,601,99227,258,430                                                                                                                                                                                          53,762,929                                                                                                                                                                                                                                              3,027,283                                                                                                                                                                                                                                                                         -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                          8,290,71157,808,127                                                                                                                                                                                          91,612,520                                                                                                                                                                                                                           173,927,989                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                              -


                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                               21,945,394                                                                                                                                                                                                                                                                             -
                                                                                                                                                                                                                                                                                                                                                            -73,006                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                           -862,013                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                           -386,933                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                 -7,559,466                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                -17,295,356                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                -142,451                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                                                                                                -26,319,225                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                               21,945,394                                                                                                                                                                                                                                                                             -

                                                                                                                                                                                                                                                                                                                                                               --                                                                                                                                                                                              -                                                                                                                                                                                                                                     -                                                                                                                                                                                              -                                                                                                                                                                                              -

                                                                                                                                                                                                                                                                                                                                                               -                                                                                                               7,750,000-                                                                                                                                                                                                                                    7,921,014                                                                                                                                                                                394,840,746                                                                                                                                                                                                                                                                                       -
                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                     -                                                                                                                                                                                                                               -9,371,205                                                                                                                                                                                              -                                                                                                                                                                                              -
                                                                                                                                                                                                                                                                                 18,465,20410,699,864                                                                                                                                                                                     955,307,602                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                              -                                                                                                      317,150,040
$                                                                                    20,071,069                                                                                             $                                                                                     18,465,204                                                                                             $                                                                           963,057,602                                                                                                      $                                                                                                                                  7,921,014                                                                                        $                                                                           394,840,746                                                                                                      $                                                                           317,150,040

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (concluded)                                                                                            (concluded)                                                                                                                                                                                                                          61
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     61

=== PDF PAGE 80 ===
                                                 2024 ANNUAL COMPREHENSIVE FINANCIAL REPORTNORTH TEXAS TOLLWAY SYSTEM
                                   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
        financial statements and required supplementary information in order to assess the economic condition
        of the System.

        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.

















                                                                     62







62

=== PDF PAGE 81 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                              North Texas Tollway System                                                                                                                                                                                                         An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                                                                 Net Position by ComponentNORTH TEXAS TOLLW AY SYSTEM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          NORTH TEXAS TOLLW AY SYSTEM(An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (An Enterprise Fund of the North Texas Tollway Authority)Last	Ten	Fiscal	Years                                  Net Position by Component
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Net Position by ComponentLast Ten Fiscal Years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Last Ten Fiscal Years (unaudited)(Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            (Unaudited)






Business-Type ActivitiesBusiness-Type Activities
                                                                     Component                                                                                                                                                         2015                                                                                                                        2016                                                                                                                                           2017                                                                                                                                          2018                                                                                                                                 2019                                                                                                                                      2020                                                                                                                                  2021                                                                                                                              2022                                                                                                                                   2023                                                                                                                                               2024
                                                                      Component                                                                                                                                                                                2015                                                                                                                                           2016                                                                                                                                                                 2017                                                                                                                                                               2018                                                                                                                                                     2019                                                                                                                                                           2020                                                                                                                                                      2021                                                                                                                                                 2022                                                                                                                                                        2023                                                                                                                                                                     2024



         Net investment in capital assets                                                                                                  (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)$                                                                                                                                                                                                                                                      (1,990,923,806)$
 Net investment in capital assets                                                                                                                 (4,277,956,501) Restricted                                                                                                                                                                                                                 3,561,843,338$                                                                                                                                                                                                                                (4,154,462,248)3,612,159,144                                                                                                                                                                                                                                       3,674,470,077$                                                                                                                                                                                                                                                                             (3,737,708,369)$                                                                                                                                                                                                                                                        (3,710,464,076)                                                                                                                                                     3,790,162,535                                                                                                                                                                                                                   3,854,775,424$                                                                                                                                                                                                                                                     (3,573,033,890)                                                                                                                                                                3,748,224,884$                                                                                                                                                                                                                                                                      (3,412,862,784)                                                                                                                                                                                                                    3,845,870,018$                                                                                                                                                                                                                                                         (3,339,239,957)                                                                                                                                                                                                             3,957,497,906                                                                                                                                                                                                                       1,920,365,072$                                                                                                                                                                                                                                               (3,191,388,701)$                                                                                                                                                                                                                                                          (2,355,657,820)                                                                                                                                                                                2,028,243,860$                                                                                                                                                                                                                                                                                         (1,990,923,806)$
 RestrictedUnrestricted                                                                                                                                                                                                                                                             (7,176,940)                                                                                                                                                                                                                               3,561,843,338                                                                                                                                                       12,928,8273,612,159,144                                                                                                                                                                                                                                                                           3,674,470,077                                                                                                                                                                                         30,609,769                                                                                                                                                    26,776,383                                                                                                                                                                            3,790,162,535                                                                                                                                                                         16,887,701                                                                                                                                                                                                                                                   3,854,775,424                                                                                                                                                          (38,162,645)                                                                                                                                                                                        3,748,224,884                                                                                                                                                             (19,365,294)                                                                                                                                                                                                                                                     3,845,870,018                                                                                                                                                         (23,973,438)                                                                                                                                                                                                                                            3,957,497,906                                                                                                                                                         1,605,773,207                                                                                                                                                                                                                                                        1,920,365,072                                                                                                                                                                                1,593,227,402                                                                                                                                                                                                            2,028,243,860
   Unrestricted                                                                                                                                                                                                                                                                                                    (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                                                                                                                                                                                                           1,593,227,402
        Total net position                                                                                                                                                                  $                                                                                                                                                                                                                  (579,690,083)(672,974,297)$                                                                                                                                                                                                                                                                 (32,628,523)$                                                                                                                                                                                                                                        106,474,842$                                                                                                                                                                                                                                          298,629,235$                                                                                                                                                                                                                                  297,199,455$                                                                                                                                                                                                                                              487,264,767$                                                                                                                                                                                                                                       742,135,767$                                                                                                                                                                                                                                   1,170,480,459$                                                                                                                                                                                                                                                            1,630,547,456$

Total net position                                                                                                                                                                                            $                                                                                                                                                                                                                                                 (579,690,083)(672,974,297)$                                                                                                                                                                                                                                                                                                       (32,628,523)$                                                                                                                                                                                                                                                                           106,474,842$                                                                                                                                                                                                                                                                            298,629,235$                                                                                                                                                                                                                                                                    297,199,455$                                                                                                                                                                                                                                                                                 487,264,767$                                                                                                                                                                                                                                                                        742,135,767$                                                                                                                                                                                                                                                                    1,170,480,459$                                                                                                                                                                                                                                                                                                1,630,547,456$




                                                                                                                                                                                                                                                                                                                                                                                                                                                              Net Position By Component




                                                                                                                                                         $4,200,000,000                                                                                                                                                                                                                                                                                                                                                 Net Position By Component

                                                                                                                                                         $3,800,000,000
                                                                                                                                                         $3,400,000,000
                                                                                                                                                         $3,000,000,000$4,200,000,000
                                                                                                                                                         $2,600,000,000
                                                                                                                                                         $2,200,000,000$3,800,000,000
                                                                                                                                                         $1,800,000,000$3,400,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Net investment in capital assets

                                                                                                                                                         $1,400,000,000$3,000,000,000
                                                                                                                                                         $1,000,000,000$2,600,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Restricted

                                                                                                                                                               $600,000,000$2,200,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Unrestricted
                                                                                                                                                               $200,000,000$1,800,000,000
                                                                                                                                                             -$200,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Net investment in capital assets
                                                                                                                                                             -$600,000,000$1,400,000,000
                                                                                                                                                      -$1,000,000,000$1,000,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Restricted

                                                                                                                                                      -$1,400,000,000$600,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Unrestricted
                                                                                                                                                      -$1,800,000,000$200,000,000
                                                                                                                                                      -$2,200,000,000-$200,000,000
                                                                                                                                                      -$2,600,000,000-$600,000,000
                                                                                                                                                      -$3,000,000,000
                                                                                                                                                      -$3,400,000,000-$1,000,000,000
                                                                                                                                                      -$3,800,000,000-$1,400,000,000

                                                                                                                                                      -$4,200,000,000-$1,800,000,000
                                                                                                                                                      -$4,600,000,000-$2,200,000,000
                                                                                                                                                      -$5,000,000,000-$2,600,000,000
                                                                                                                                                                   -$3,000,000,000                                                           2015                                                                     2016                                                                     2017                                                                     2018                                                                     2019                                                                     2020                                                                     2021                                                                     2022                                                                     2023                                                                     2024

                                                                                                                                                                   -$3,400,000,000
                                                                                                                                                                   -$3,800,000,000
                                                                                                                                                                   -$4,200,000,000
                                                                                                                                                                   -$4,600,000,000
                                                                                                                                                                   -$5,000,000,000
                                                                                                                                                                                                                                                                        2015                                                                               2016                                                                               2017                                                                               2018                                                                               2019                                                                               2020                                                                               2021                                                                               2022                                                                               2023                                                                               2024



































                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             63




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             63



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                63

=== PDF PAGE 82 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                                                    North Texas Tollway System                                                                                                                                                                                                              An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Statement of Revenues,
                                                                                                                                                                                                                                                                                                                                       Expenses and Changes in Net Position
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Last	Ten	Fiscal	Years (unaudited)NORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Statement of Revenues, Expenses and Changes in Net PositionNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (An Enterprise Fund of the North Texas Tollway Authority)Last Ten Fiscal Years
                                                                                                                                                                                                                                                                                                                                                                                                                                               Statement of Revenues, Expenses and Changes in Net Position(Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Last Ten Fiscal Years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                (Unaudited)
                                                                                                                             Business-Type Activities
                                               Revenues:                                                                                                                                                                                                                                                                                                                                                                                                             2015                                                                                                           2016                                                                                                        2017                                                                                                          2018                                                                                                              2019                                                                                                             2020                                                                                                                  2021                                                                                                                   2022                                                                                                                 2023                                                                                                                   2024
                                                               Tolls                                                                                                                                                                                                                                                                                                                                                                621,424,682      $       675,005,210                                                                  $                 722,357,187                                                                    $                 850,437,774                                                                   $                              899,647,241                                                            $                       723,227,962                                                           $                                     916,944,616                                                            $                                                                                                                                                                      1,177,042,133                                              1,246,806,6581,056,129,628
                                                               Other (1)                                                                                                                                                                                                                                                                                                                                         46,390,402Business-Type Activities                                                                                                                                                  66,126,285                                                                                                                                                     75,709,488                                                                                                                                                  99,516,486                                                                                                                                                      111,615,382                                                         62,445,123                                                                               62,675,006                                                   102,965,095                                                                                                                                                              150,981,401                                                           176,648,502
Revenues:                                                                                                                                                                                                                                                                                                                                                                                                                           2015                                                                                                               2016                                                                                                            2017                                                                                                             2018                                                                                                                  2019                                                                                                                 2020                                                                                                                      2021                                                                                                                       2022                                                                                                                     2023                                                                                                                       2024                Total operating revenues                                                                                                                                                                                                            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                                              1,423,455,160
                Tolls                                                                                                                                                                                                                                                                                                                                                                             621,424,682Operating expenses:      $     675,005,210                                                    $                 722,357,187                                                                       $                 850,437,774                                                                      $                                899,647,241                                                              $                        723,227,962                                                              $                                      916,944,616                                                               $                                                                                                                                                                           1,177,042,133                                                1,246,806,6581,056,129,628
                Other (1)                                                                                                                                                                                                                                                                                                                                                    46,390,402               Administration                                                                                                                                                                                                                                                                                                        21,736,431                                                                                                                                                       66,126,285                                                                                                                                                  24,293,402                                                                                                                                                          75,709,488                                                                                                                                                     26,451,640                                                                                                                                                       99,516,486                                                                                                                                                  30,702,404                                                                                                                                                           111,615,382                                                           62,445,123                                                                                 62,675,006                                                     102,965,095                                                                                                                                                               30,327,124                                                         27,666,875                                                                               25,201,531                                                             21,776,699                                                                                                                                                                   150,981,401                                                              176,648,502                                                                                                                                                                     25,266,064                                                                     24,812,951
                Total operating revenues                                                                                                                                                                                                                   667,815,084               Operations                                                                                                                                                                                                                                                                                                                      120,046,594                                                                                                                                                     741,131,495                                                                                                                                                129,445,852                                                                                                                                                   798,066,675                                                                                                                                              145,235,564                                                                                                                                                     949,954,260                                                                                                                                                172,403,902                                                                                                                                                    1,011,262,623                                                                                                                                                            188,145,331                                                174,151,195                                                                      200,957,989                                                   242,740,027                                                                                                                                                               785,673,085                                                                        979,619,622                                       1,159,094,723                                                                                                                                                                1,328,023,534                                                1,423,455,160                                                                                                                                                              269,947,731                                                           291,361,578
Operating expenses:               Reserve maintenance                                                                                                                                                                                                                                               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                                                                     64,809,587
               Administration                                                                                                                                                                                                                                                                                                                   21,736,431               Capital improvement                                                                                                                                                                                                                                                        33,127,787                                                                                                                                                       24,293,402                                                                                                                                                  23,182,888                                                                                                                                                          26,451,640                                                                                                                                                     46,178,658                                                                                                                                                       30,702,404                                                                                                                                                  20,018,305                                                                                                                                                                    30,327,124                                                           27,666,875                                                                                 25,201,531                                                               21,776,699                                                                                                                                                               43,977,371                                                         41,284,138                                                                               20,840,450                                                             26,461,900                                                                                                                                                                          25,266,064                                                                       24,812,951                                                                                                                                                                     39,777,859                                                                     64,606,051
               Operations                                                                                                                                                                                                                                                                                                                                 120,046,594               Total operating expenses before depreciation                                                              170,116,876                                                                                                                                                     129,445,852                                                                                                                                                186,952,590                                                                                                                                                   145,235,564                                                                                                                                              196,812,269                                                                                                                                                     172,403,902                                                                                                                                                241,174,278                                                                                                                                                                  188,145,331                                                  174,151,195                                                                        200,957,989                                                     242,740,027                                                                                                                                                            245,436,223                                                                                                                                               272,009,163                                                                                                                                                                277,565,495                                                   319,328,857                                                                                                                                                                   269,947,731                                                              291,361,578                                                                                                                                                              383,111,012                                                           445,590,167
               Reserve maintenance                                                                                                                                                                                                                                                        12,041,778Operating income before amortization/depreciation                                                                                          480,862,494                                                                                                                                                       19,890,127                                                                                                                                                544,319,226                                                                                                                                                          23,308,416                                                                                                                                              556,892,397                                                                                                                                                       22,311,612                                                                                                                                                704,518,037                                                                                                                                                                    20,627,996                                                           28,906,955                                                                                 30,565,525                                                               28,350,231                                                                                                                                                        728,184,801                                                 513,663,922                                                                      702,054,127                                                   839,765,866                                                                                                                                                                          48,119,358                                                                       64,809,587                                                                                                                                                              944,912,522                                                            977,864,993
               Capital improvement                                                                                                                                                                                                                                                                 33,127,787               Amortization of intangible (SRT)                                                                                                                                                                   (65,385,114)                                                                                                                                                       23,182,888                                                                                                                                                (64,916,168)                                                                                                                                                          46,178,658                                                                                                                                                  (64,841,672)                                                                                                                                                       20,018,305                                                                                                                                                (64,788,513)                                                                                                                                                                    43,977,371                                                           41,284,138                                                                                 20,840,450                                                               26,461,900                                                                                                                                                        (64,788,513)                                               (64,788,513)                                                                    (66,194,256)                                                  (73,294,282)                                                                                                                                                                          39,777,859                                                                       64,606,051                                                                                                                                                     (110,858,844)                                                 (117,814,632)
               Total operating expenses before depreciation                                                                170,116,876               Depreciation                                                                                                                                                                                                                                                                                                                         (6,889,660)                                                                                                                                                     186,952,590                                                                                                                                                  (8,716,326)                                                                                                                                                   196,812,269                                                                                                                                               (10,412,946)                                                                                                                                                     241,174,278                                                                                                                                                (10,059,970)                                                                                                                                                                  245,436,223                                                                                                                                                                 (9,372,351)                                                        (8,703,870)                                                                             (7,177,019)                                                 (13,172,002)                                                                                                                                                    272,009,163                                                                                                                                                                     277,565,495                                                     319,328,857                                                                                                                                                                   383,111,012                                                              445,590,167                                                                                                                                                                     (9,694,133)                                                                   (7,578,986)
Operating income before amortization/depreciation                                                                                             480,862,494               Operating income                                                                                                                                                                                                                                                             408,587,720                                                 470,686,732                                                   481,637,779                                                   629,669,554                                                            654,023,937                                                 440,171,539                                                                      628,682,852                                                   753,299,582                                                                                                                                                     544,319,226                                                                                                                                                   556,892,397                                                                                                                                                     704,518,037                                                                                                                                                             728,184,801                                                  513,663,922                                                                        702,054,127                                                     839,765,866                                                                                                                                                                   944,912,522                                                              977,864,993                                                                                                                                                              824,359,545                                                           852,471,375
               Amortization of intangible (SRT)                                                                                                                                                                         (65,385,114)Nonoperating revenues (expenses):                                                                                                                                                                                               (64,916,168)                                                                                                                                                       (64,841,672)                                                                                                                                                     (64,788,513)                                                                                                                                                             (64,788,513)                                                (64,788,513)                                                                      (66,194,256)                                                   (73,294,282)                                                                                                                                                          (110,858,844)                                                   (117,814,632)
                                                              Interest earned on investments                                                                                                                                                                                                         421,910                                                                                                                                                     441,289                                                                                                                                                      721,020                                                                                                                                          1,843,976                                                                                                                                                             1,769,637                                                                                180,937                                                                                                                                         -                                                                                                                                                                                                   -                                                                                                                                                                            -                                                                                                                                                                                        -
               Depreciation                                                                                                                                                                                                                                                                                                                                    (6,889,660)               Gain (loss) on sale of investments                                                                                                                                                                                                                         -                                                                                                                                                       (8,716,326)                                                                                                                    (707,009)                                                                                                                                                    (10,412,946)                                                                                                                                                    (489,356)                                                                                                                                                     (10,059,970)                                                                                                                                                      (161,717)                                                                                                                                                                       (9,372,351)                                                          (8,703,870)                                                                               (7,177,019)                                                   (13,172,002)                                                                                                                                                                                 27,133                                                                                          22,672                                                                                                                        4,710                                                                                                                            44                                                                                                                                                                           (9,694,133)                                                                     (7,578,986)                                                                                                                                                                            -                                                                                                                                                                              -
               Operating income                                                                                                                                                                                                                                                                      408,587,720                                                  470,686,732                                                     481,637,779                                                     629,669,554                                                              654,023,937                                                  440,171,539                                                                        628,682,852                                                     753,299,582               Net increase(decrease) in the fair value of investm                                                                                                                                        (2,528,460)(967,545)                                                                                                                                                                  (732,342)                                                                                                                                             (1,061,515)                                                                                                                                                                6,539,882                                                                   1,525,356                                                                                  (9,933,865)                                                 (57,892,197)                                                                                                                                                                   824,359,545                                                              852,471,375                                                                                                                                                                    30,293,655                                                                     18,759,347
Nonoperating revenues (expenses):               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)                                                                   (3,390,282)
               Interest earned on investments                                                                                                                                                                                                                421,910               Interest expense on revenue bonds                                                                                                                                         (417,678,947)                                                                                                                                                         441,289                                                                                                                                              (411,682,552)                                                                                                                                                           721,020                                                                                                                                               (420,979,364)                                                                                                                                               1,843,976                                                                                                                                              (454,787,857)                                                                                                                                                                  1,769,637                                                                                   180,937                                                                                                                                              -                                                                                                                                                      (462,355,738)                                     (473,961,155)                                                          (458,425,156)                                        (457,084,998)                                                                                                                                                                                                          -                                                                                                                                                                       -                                                                                                                                                                      (451,054,273)                                                 (440,801,552)                                                                                                                                                                                              -
               Gain (loss) on sale of investments                                                                                                                                                                                                                                -               Interest expense on loan                                                                                                                                                                                                                                   (5,618,961)                                                                                                                       (707,009)                                                                                                                                                  (5,518,957)                                                                                                                                                         (489,356)                                                                                                                                                    (5,531,495)                                                                                                                                                           (161,717)                                                                                                                                                   (5,264,173)                                                                                                                                                                                       27,133                                                                                             22,672                                                                                                                            4,710                                                                                                                                 44                                                                                                                                                           (5,044,268)                                                        (4,741,628)                                                                             (4,297,235)                                                           (2,982,139)                                                                                                                                                                                  -                                                                                                                                                                                                                        -                                                                                                                                                                                   -                                                                                                                                                                              -
               Net increase(decrease) in the fair value of investm               Interest Expense-SBITA's                                                                                                                                                                                                                                                                                   -                                                                                                                                             (2,528,460)(967,545)                                                                                                                                                             -                                                                                                                                                                       (732,342)                                                                                                                                                                   -                                                                                                                                                 (1,061,515)                                                                                                                                                             -                                                                                                                                                                      6,539,882                                                                     1,525,356                                                                                     (9,933,865)                                                   (57,892,197)                                                                                                                                                                             -                                                                                                                                                                -                                                                                                                                                                                     -                                                                                                                                                                  -                                                                                                                                                                         30,293,655                                                                       18,759,347                                                                                                                                  (174,891)                                                                                                                                                                  (360,374)
               Loss on disposal of assets                                                                                                                                                                                                                                                                                      -               Bond premium/discount amortization                                                                                                                                       14,914,793                                                                                                                       (582,400)                                                                                                                                                  32,736,459                                                                                                                                 (51,644,820)                                                                                                                                                     47,207,780                                                                                                                                                     (12,641,833)                                                                                                                                                  71,840,236                                                                                                                                                                       (1,441,660)                                                                        (136,492)                                                                                              (667,244)                                                             (5,559,732)                                                                                                                                                               74,231,553                                                         79,216,458                                                                               80,113,344                                                             81,406,178                                                                                                                                                                                    (648,179)                                                                     (3,390,282)                                                                                                                                                                     71,990,644                                                                     63,870,483
               Interest expense on revenue bonds                                                                                                                                              (417,678,947)               Bond issuance cost amortization                                                                                                                                                                 (12,125,235)                                                                                                                                                  (411,682,552)                                                                                                                                                         (6,313,133)                                                                                                                                                    (420,979,364)                                                                                                                                               (13,556,163)                                                                                                                                                   (454,787,857)                                                                                                                                                         (3,192,510)                                                                                                                                                           (462,355,738)                                       (473,961,155)                                                             (458,425,156)                                          (457,084,998)                                                                                                                                                               (4,437,637)                                                        (5,083,444)                                                                             (6,025,009)                                                           (4,654,713)                                                                                                                                                                            (451,054,273)                                                  (440,801,552)                                                                                                                                                                 (4,124,732)                                                                   (8,007,370)
               Interest expense on loan                                                                                                                                                                                                                                           (5,618,961)               Deferred amount on refunding amortization                                                                                  (12,471,595)                                                                                                                                                       (5,518,957)                                                                                                                                                (19,868,665)                                                                                                                                                         (5,531,495)                                                                                                                                                  (30,800,504)                                                                                                                                                       (5,264,173)                                                                                                                                                (87,427,695)                                                                                                                                                                (5,044,268)                                                          (4,741,628)                                                                               (4,297,235)                                                             (2,982,139)                                                                                                                                                        (85,697,949)                                               (70,183,396)                                                                    (79,486,903)                                                  (73,237,565)                                                                                                                                                                                                                               -                                                                                                                                                              (66,070,060)                                                          (54,198,979)                                                                                                                                                                                   -
               Interest Expense-SBITA's                                                                                                                                                                                                                                                                                             -               Gain on refunding                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                                  -                                                                                                                                                             -                                                                                                                                                                        -                                                                                                                                                                   -                                                                                                                                                                  -                                                                                                                                                                  -                                                                                                                                                                                  -                                                                                                                                         900,900                                                                                                                                                                     -                                                                                                                                                                                           -                                                                                                                                                                                           -                                                                                                                                                                                     -                                                                                                                                                                       -                                                                                                                                                                                              -                                                                                                                                      (174,891)                                                                                                                                                                            -                                                                                                                                                                       (360,374)                                                                                                                                                                                        -
               Bond premium/discount amortization                                                                                                                                           14,914,793               SWAP termination payment                                                                                                                                                                                                                                                                  -                                                                                                                                                       32,736,459                                                                                                                                                             -                                                                                                                                                          47,207,780                                                                                                                                                                   -                                                                                                                                                       71,840,236                                                                                                 (11,212,000)                                                                                                                                                                    74,231,553                                                           79,216,458                                                                                 80,113,344                                                               81,406,178                                                                                                                                                                                                                        -                                                                                                                                                                              -                                                                                                                                                                                     -                                                                                                                                                                                                   -                                                                                                                                                                          71,990,644                                                                       63,870,483                                                                                                                                                                            -                                                                                                                                                                                        -
               Bond issuance cost amortization                                                                                                                                                                      (12,125,235)               Interest expense on other debt-CIF fund                                                                                                                                                                           -                                                                                                                                                              (6,313,133)                                                                                                                                                             -                                                                                                                                                    (13,556,163)                                                                                                                                                                   -                                                                                                                                                               (3,192,510)                                                                                                 (32,996,000)                                                                                                                                                                    (4,437,637)                                                          (5,083,444)                                                                               (6,025,009)                                                             (4,654,713)                                                                                                                                                        (24,244,400)                                                                                                                                                                                                               -                                                                                                                                                                                     -                                                                                                                                                                                                   -                                                                                                                                                                      (4,124,732)                                                                     (8,007,370)                                                                                                                                                                            -                                                                                                                                                                                        -
               Deferred amount on refunding amortization                                                                                     (12,471,595)               Capital contribution                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                     (19,868,665)                                                                                                                                  63,291                                                                                                                                                       (30,800,504)                                                                                                                    512,742,812                                                                                                                                                     (87,427,695)                                                                                                                                                                                                                    -                                                                                                                                                             (85,697,949)                                                (70,183,396)                                                                      (79,486,903)                                                   (73,237,565)                                                                                                                                                                             -                                                                                                                                                                    -                                                                                                                          18,462,580                                                                                                                                                                                                                                     -                                                                                                                                                                    (66,070,060)                                                            (54,198,979)                                                                                                                                                                            -                                                                                                                                                                                        -
               Gain on refunding                                                                                                                                                                                                                                                                                                                                                      -               Payments from (to) other governments                                                                                                                                 5,074,087                                                                                                                                                                  -                                                                                                                                                               379,642                                                                                                                                                                        -                                                                                                                                                                                                     83,912                                                                                                                                                                       -                                                                                                                           (2,000,000)                                                                                                                                             900,900                                                                                                                                                                                                                  -                                                                                                                                                                                                 -                                                                                                                                                                    -                                                                                                                                                                                           -                                                                                                                                                                                     -                                                                                                                                                                                                   -                                                                                                                                                                                                   -                                                                                                                                                                                 -                                                                                                                                                                            -                                                                                                                                                                                              -                                                                                                                                                                                        -
               SWAP termination payment                                                                                                                                                                                                                                                                           -               BAB's Subsidy                                                                                                                                                                                                                                                                                                       26,935,120                                                                                                                                                                  -                                                                                                                                                  26,993,077                                                                                                                                                                        -                                                                                                                                                     27,022,055                                                                                                    (11,212,000)                                                                                                                                                  27,123,478                                                                                                                                                                                                                                -                                                                                                                                                               23,706,752                                                         19,659,516                                                                               19,680,386                                                             19,680,386                                                                                                                                                                                    -                                                                                                                                                                                           -                                                                                                                                                                                                          -                                                                                                                                                                                 -                                                                                                                                                                     19,643,079                                                                     19,563,387                                                                                                                                                                                              -
               Interest expense on other debt-CIF fund                                                                                                                                                                                  -              Arbitrage rebate                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                                                  -                                                                                                                                                             -                                                                                                                                                                        -                                                                                                                                                                   -                                                                                                    (32,996,000)                                                                                                                              100,868                                                                                                                                                             (24,244,400)                                                                                                                                                                    (45,275)                                                                                                                                                                                                                       -                                                                                                                                                                                            -                                                                                                                                                                                           -                                                                                                                                                                                     -                                                                                                                                                                                                          -                                                                                                                                                                                         -                                                                                                                                                                                 -                                                                                                                                                                            -                                                                                                                                                                                              -                                                                                                                                                                                        -
               Capital contribution                                                                                                                                                                                                                                                                                                                                            -              Other (reimbursement of damaged claims)                                                                                         (13,890,635)                                                                                                                                      63,291                                                                                                                                                               9,184,900                                                                                                                       512,742,812                                                                                                                                                   1,380,247                                                                                                                                                                                                                           -                                                                                                                                            31,075,832                                                                                                                                                                                  -                                                                                                                                                               14,221,526                                                         11,899,857                                                                                        1,956,852                                                                      1,896,154                                                                                                                                                                         -                                                                                                                              18,462,580                                                                                                                                                                                                                                            -                                                                                                                                                                                 -                                                                                                                                                                                327,944                                                                     12,160,962                                                                                                                                                                                              -
               Payments from (to) other governments                                                                                                                                     5,074,087              Net nonoperating revenues (expenses)                                                                                                             (415,407,008)                                                                                                                                                                    379,642                                                                                                                                              (377,402,518)                                                                                                                                                                                                            83,912                                                                                                                                                              65,423,782                                                                                                                              (2,000,000)                                                                                                                                        (478,760,910)                                                                                                                                                                                                                         -                                                                                                                                                      (461,869,544)                                                                                                                                                                         -                                                                                                                                             (441,601,319)                                                          (438,617,540)                                        (498,428,582)                                                                                                                                                                                           -                                                                                                                                                                                                          -                                                                                                                                                                                 -                                                                                                                                                            (399,816,813)                                                 (392,404,378)                                                                                                                                                                                              -
                                                             Changes in net position                                                                                                                                                                                                                               (6,819,288)                                                                                                             $                   93,284,213                                                                 $                 547,061,560                                                                    $                 150,908,644                                                                   $                   192,154,393                                                                       $                   (1,429,780)                                                               $                     190,065,312                                                                            $                                                                                                                                                                          424,542,731254,871,000                                                                                                                                                            460,066,997
               BAB's Subsidy                                                                                                                                                                                                                                                                                                                 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                                                                       19,563,387
              Arbitrage rebate                                                                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                  -                                                                                                                                                                        -                                                                                                                                  100,868                                                                                                                                                                         (45,275)                                                                                                                                                                                                  -                                                                                                                                                                                           -                                                                                                                                                                                               -                                                                                                                                                                                 -                                                                                                                                                                                              -
              Other (reimbursement of damaged claims)                                                                                            (13,890,635)(1)  Administrative fees, parking transaction fees, statement fees and miscellaneous charges.                                                                                                                                                                     9,184,900                                                                                                                                                        1,380,247                                                                                                                                                31,075,832                                                                                                                                                                    14,221,526                                                           11,899,857                                                                                           1,956,852                                                                        1,896,154                                                                                                                                                                                      327,944                                                                       12,160,962
              Net nonoperating revenues (expenses)                                                                                                                 (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)                                                  (392,404,378)
              Changes in net position                                                                                                                                                                                                                                       (6,819,288)                                                                                                                  $                   93,284,213                                                                    $                 547,061,560                                                                       $                 150,908,644                                                                      $                    192,154,393                                                                          $                   (1,429,780)                                                                   $                     190,065,312                                                                                $                                                                                                                                                                               424,542,731254,871,000                                                                                                                                                                 460,066,997
      (1)  Administrative fees, parking transaction fees, statement fees and miscellaneous charges. Consolidated Statement of Revenues, Expenses and  Changes in Net  Position


                                                                                                          $1,600,000,000
                                                                                                          $1,400,000,000                                                                                                                                                                                                                                                                                                           Consolidated Statement of Revenues, Expenses and  Changes in Net  Position
                                                                                                          $1,200,000,000
                                                             $1,600,000,000$1,000,000,000
                                                             $1,400,000,000$800,000,000
                                                             $1,200,000,000$600,000,000
                                                                                                                    $400,000,000
                                                             $1,000,000,000$200,000,000
                                                                       $800,000,000                                                                                              $0
                                                                       $600,000,000-$200,000,000
                                                                       $400,000,000                                                                                                                                      2015                                                                                                                                     2016                                                                                                                                     2017                                                                                                                                     2018                                                                                                                                     2019                                                                                                                                     2020                                                                                                                                     2021                                                                                                                                     2022                                                                                                                                     2023                                                                                                                                     2024
                                                                       $200,000,000
                                                                                                                                      $0                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Revenues                                                     Operating Expenses                                                     Changes in Net Position
                                                                   -$200,000,000
                                                                                                                                                                               2015                                                                                                                                         2016                                                                                                                                         2017                                                                                                                                         2018                                                                                                                                         2019                                                                                                                                         2020                                                                                                                                         2021                                                                                                                                         2022                                                                                                                                         2023                                                                                                                                         2024



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Revenues                                                                              Operating Expenses                                                                                                                        Changes in Net Position



























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=== PDF PAGE 83 ===
                                                                                                                                                                                                                                                                                                                     2024 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)TrafficandTollRevenue
                                                                                                                                                                                                                                                                                                                                                          Traffic and Toll RevenueLast	Ten	Fiscal	Years
                                                                                                                                                                                                                                                                                                                                                                          Last Ten Fiscal Years (unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                (Unaudited)


                                                                                                                                                                                                              Annual Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Average Toll
                                                                                                                                                                                    Vehicle Transactions                                                                                                                                                                                                                                                                                                                                                                      Annual Toll                                                                                                                                                                                                                                                                                                 Rate per
                                      Year                                                                                                                                                                                                                                                      (*)                                                                                                                                                                                                                                                                          Revenue (*)                                                                                                                                                                                                                                                                              Transaction
                                              2015                                                                                                                                                                                                                                                                         676,484,779                                                                                                                                                                                                                                                                                                                                                                                                                 617,488,044                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             0.91
                                              2016                                                                                                                                                                                                                                                                         703,094,602                                                                                                                                                                                                                                                                                                                                                                                                                 665,212,316                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             0.95
                                              2017                                                                                                                                                                                                                                                                         723,247,591                                                                                                                                                                                                                                                                                                                                                                                                                 712,551,456                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             0.99
                                              2018                                                                                                                                                                                                                                                                         827,610,415                                                                                                                                                                                                                                                                                                                                                                                                                 841,491,016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             1.02
                                              2019                                                                                                                                                                                                                                                                         847,392,583                                                                                                                                                                                                                                                                                                                                                                                                                 886,843,140                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             1.05
                                              2020                                                                                                                                                                                                                                                                         650,219,349                                                                                                                                                                                                                                                                                                                                                                                                                 714,035,883                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             1.10
                                              2021                                                                                                                                                                                                                                                                         810,083,028                                                                                                                                                                                                                                                                                                                                                                                                                 898,653,592                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             1.11
                                              2022                                                                                                                                                                                                                                                                         877,256,430                                                                                                                                                                                                                                                                                                                                                                                    1,034,979,719                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            1.18
                                              2023                                                                                                                                                                                                                                                                         930,931,745                                                                                                                                                                                                                                                                                                                                                                                    1,13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                1.21,351,7932
                                              2024                                                                                                                                                                                                                                                                        945,377,501                                                                                                                                                                                                                                                                                                                                                                                    1,19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                1.28,341,8667




                                                                                                                                                                                                                                                                                                                                                                                                                                     Toll RevenueToll Revenue


                                       $1,400,000,000$670,000,000

                                       $1,200,000,000$660,000,000

                                       $1,000,000,000$650,000,000

                                                        $640,000,000
                                                        $800,000,000
                                                        $630,000,000
                                                        $600,000,000
                                                        $620,000,000
                                                        $400,000,000
                                                        $610,000,000
                                                        $200,000,000
                                                        $600,000,000

                                                        $590,000,000$0
                                                                                                                                                                                                                      2015                                                        2016                                                        2017                                                        2018                                                        2019                                                        2020                                                        2021                                                        2022                                                        2023                                                        20242015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    YearYear



(*) System only, excludes Non-major Enterprise Fund












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=== PDF PAGE 84 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                                 North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority


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




                                                                                      Two-axle vehicle and vehicle combination                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Years
                                                                                      Roadway                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         2015                                                                2016                                                            2017                                                      2018                                              2019                                                2020                                             2021                                              2022                                                  2023                                                    2024
                                                                                      Dallas North Tollway:
                                                                                           Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                          $2.22                                                                    $2.22                                                          $2.34                                      $2.34                                          $2.48                                          $2.48                                    $2.61                                            $2.61                                            $3.68                                                $3.68
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         1.48                                                                      1.48                                                                  1.56                                                            1.56                                                     1.65                                                      1.65                                                             1.74                                                                                                                       1.74                                                                                                                               1.84                                                                                                                                   1.84
                                                                                           Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                1.59                                                                      1.59                                                                  1.68                                                            1.68                                                     1.77                                                      1.77                                                             1.88                                                                                                                       1.88                                                                                                                               2.64                                                                                                                                   2.64
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         1.06                                                                      1.06                                                                  1.12                                                            1.12                                                     1.18                                                      1.18                                                             1.25                                                                                                                       1.25                                                                                                                               1.32                                                                                                                                   1.32
                                                                                           Main Lane Plaza 3                                                                                                                                                                                                                                                                                                           ZipCash                                                                1.43                                                                      1.43                                                                  1.50                                                            1.50                                                     1.58                                                      1.58                                                             1.67                                                                                                                       1.67                                                                                                                               2.34                                                                                                                                   2.34
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         0.95                                                                      0.95                                                                  1.00                                                            1.00                                                     1.05                                                      1.05                                                             1.11                                                                                                                       1.11                                                                                                                               1.17                                                                                                                                   1.17
                                                                                           Main Lane Plaza 4                                                                                                                                                                                                                                                                                                           ZipCash                                                                2.49                                                                      2.49                                                                  2.64                                                            2.64                                                     2.78                                                      2.78                                                             2.94                                                                                                                       2.94                                                                                                                               4.14                                                                                                                                   4.14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         1.66                                                                      1.66                                                                  1.76                                                            1.76                                                     1.85                                                      1.85                                                             1.96                                                                                                                       1.96                                                                                                                               2.07                                                                                                                                   2.07
                                                                                      Addison Airport Toll Tunnel:
                                                                                           Mainlane Plaza                                                                                                                                                                                                                                                                                                                                       ZipCash                                                                0.89                                                                      0.89                                                                  0.95                                                            0.95                                                     0.99                                                      0.99                                                             1.05                                                                                                                       1.05                                                                                                                               1.48                                                                                                                                   1.48
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         0.59                                                                      0.59                                                                  0.63                                                            0.63                                                     0.66                                                      0.66                                                             0.70                                                                                                                       0.70                                                                                                                               0.74                                                                                                                                   0.74
                                                                                      Chisholm Trail Parkway (1):
                                                                                           Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                              -                                                                                                                              2.15                                                            2.15                                                     2.27                                                      2.27                                                             2.39                                                                                                                       2.39                                                                                                                               3.36                                                                                                                                   3.36
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                                                             -                                                                                              -                                                                                                                              1.43                                                            1.43                                                     1.51                                                      1.51                                                             1.59                                                                                                                       1.59                                                                                                                               1.68                                                                                                                                   1.68
                                                                                           Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                              -                                                                                                                              3.48                                                            3.48                                                     3.68                                                      3.68                                                             3.87                                                                                                                       3.87                                                                                                                               5.46                                                                                                                                   5.46
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                                                             -                                                                                              -                                                                                                                              2.32                                                            2.32                                                     2.45                                                      2.45                                                             2.58                                                                                                                       2.58                                                                                                                               2.73                                                                                                                                   2.73
                                                                                           Main Lane Plaza 3                                                                                                                                                                                                                                                                                                     ZipCash                                                                                                     -                                                                                              -                                                                                                                              2.60                                                            2.60                                                     2.75                                                      2.75                                                             2.90                                                                                                                       2.90                                                                                                                               4.06                                                                                                                                   4.06
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                                                             -                                                                                              -                                                                                                                              1.73                                                            1.73                                                     1.83                                                      1.83                                                             1.93                                                                                                                       1.93                                                                                                                               2.03                                                                                                                                   2.03
                                                                                      President George Bush Turnpike:
                                                                                           Main Lane Plaza 5                                                                                                                                                                                                                                                                                                     ZipCash                                                                2.55                                                                      2.55                                                                  2.69                                                            2.69                                                     2.84                                                      2.84                                                             3.00                                                                                                                       3.00                                                                                                                               4.22                                                                                                                                   4.22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         1.70                                                                      1.70                                                                  1.79                                                            1.79                                                     1.89                                                      1.89                                                             2.00                                                                                                                       2.00                                                                                                                               2.11                                                                                                                                   2.11
                                                                                           Main Lane Plaza 6                                                                                                                                                                                                                                                                                                           ZipCash                                                                1.76                                                                      1.76                                                                  1.86                                                            1.86                                                     1.97                                                      1.97                                                             2.07                                                                                                                       2.07                                                                                                                               2.92                                                                                                                                   2.92
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         1.17                                                                      1.17                                                                  1.24                                                            1.24                                                     1.31                                                      1.31                                                             1.38                                                                                                                       1.38                                                                                                                               1.46                                                                                                                                   1.46
                                                                                           Main Lane Plaza 7                                                                                                                                                                                                                                                                                                           ZipCash                                                                1.91                                                                      1.91                                                                  2.01                                                            2.01                                                     2.12                                                      2.12                                                             2.24                                                                                                                       2.24                                                                                                                               3.12                                                                                                                                   3.12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         1.27                                                                      1.27                                                                  1.34                                                            1.34                                                     1.41                                                      1.41                                                             1.49                                                                                                                       1.49                                                                                                                               1.56                                                                                                                                   1.56
                                                                                           Main Lane Plaza 8                                                                                                                                                                                                                                                                                                     ZipCash                                                                1.77                                                                      1.77                                                                  1.86                                                            1.86                                                     1.97                                                      1.97                                                             2.09                                                                                                                       2.09                                                                                                                               2.92                                                                                                                                   2.92
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         1.18                                                                      1.18                                                                  1.24                                                            1.24                                                     1.31                                                      1.31                                                             1.39                                                                                                                       1.39                                                                                                                               1.46                                                                                                                                   1.46
                                                                                           Main Lane Plaza 9                                                                                                                                                                                                                                                                                                     ZipCash                                                                1.41                                                                      1.41                                                                  1.49                                                            1.49                                                     1.56                                                      1.56                                                             1.65                                                                                                                       1.65                                                                                                                               2.30                                                                                                                                   2.30
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         0.94                                                                      0.94                                                                  0.99                                                            0.99                                                     1.04                                                      1.04                                                             1.10                                                                                                                       1.10                                                                                                                               1.15                                                                                                                                   1.15
                                                                                           Main Lane Plaza 10                                                                                                                                                                                                                                                                                        ZipCash                                                                0.81                                                                      0.81                                                                  0.86                                                            0.86                                                     0.90                                                      0.90                                                             0.96                                                                                                                       0.96                                                                                                                               1.40                                                                                                                                   1.40
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         0.54                                                                      0.54                                                                  0.57                                                            0.57                                                     0.60                                                      0.60                                                             0.64                                                                                                                       0.64                                                                                                                               0.70                                                                                                                                   0.70
                                                                                           Main Lane Plaza 11 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                              -                                                                                                                              1.56                                                            1.56                                                     1.65                                                      1.65                                                             1.74                                                                                                                       1.74                                                                                                                               2.44                                                                                                                                   2.44
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                                                             -                                                                                              -                                                                                                                              1.04                                                            1.04                                                     1.10                                                      1.10                                                             1.16                                                                                                                       1.16                                                                                                                               1.22                                                                                                                                   1.22
                                                                                           Main Lane Plaza 12 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                              -                                                                                                                              1.65                                                            1.65                                                     1.74                                                      1.74                                                             1.85                                                                                                                       1.85                                                                                                                               2.56                                                                                                                                   2.56
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                                                             -                                                                                              -                                                                                                                              1.10                                                            1.10                                                     1.16                                                      1.16                                                             1.23                                                                                                                       1.23                                                                                                                               1.28                                                                                                                                   1.28
                                                                                      Mountain Creek Lake Bridge:
                                                                                          Mainlane Plaza                                                                                                                                                                                                                                                                                                                                                   ZipCash                                                                0.89                                                                      0.89                                                                  0.95                                                            0.95                                                     0.99                                                      0.99                                                             1.05                                                                                                                       1.05                                                                                                                               1.48                                                                                                                                   1.48
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         0.59                                                                      0.59                                                                  0.63                                                            0.63                                                     0.66                                                      0.66                                                             0.70                                                                                                                       0.70                                                                                                                               0.74                                                                                                                                   0.74
                                                                                      Sam Rayburn Tollway (SRT):
                                                                                           Main Lane Gantry 1                                                                                                                                                                                                                                                                                          ZipCash                                                                0.84                                                                      0.84                                                                  0.89                                                            0.89                                                     0.95                                                      0.95                                                             0.99                                                                                                                       0.99                                                                                                                               1.40                                                                                                                                   1.40
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         0.56                                                                      0.56                                                                  0.59                                                            0.59                                                     0.63                                                      0.63                                                             0.66                                                                                                                       0.66                                                                                                                               0.70                                                                                                                                   0.70
                                                                                           Main Lane Gantry 2                                                                                                                                                                                                                                                                                    ZipCash                                                                2.19                                                                      2.19                                                                  2.30                                                            2.30                                                     2.43                                                      2.43                                                             2.57                                                                                                                       2.57                                                                                                                               3.62                                                                                                        3.62
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         1.46                                                                      1.46                                                                  1.53                                                            1.53                                                     1.62                                                      1.62                                                             1.71                                                                                                                       1.71                                                                                                                               1.81                                                                                                                                   1.81
                                                                                           Main Lane Gantry 3                                                                                                                                                                                                                                                                                          ZipCash                                                                3.03                                                                      3.03                                                                  3.18                                                            3.18                                                     3.36                                                      3.36                                                             3.56                                                                                                                       3.56                                                                                                                               5.00                                                                                                                                   5.00
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         2.02                                                                      2.02                                                                  2.12                                                            2.12                                                     2.24                                                      2.24                                                             2.37                                                                                                                       2.37                                                                                                                               2.50                                                                                                        2.50
                                                                                      Lewisville Lake Toll Bridge:
                                                                                          Mainlane Plaza                                                                                                                                                                                                                                                                                                                                                   ZipCash                                                                1.77                                                                      1.77                                                                  1.88                                                            1.88                                                     1.98                                                      1.98                                                             2.09                                                                                                                       2.09                                                                                                                               2.94                                                                                                                                   2.94
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                         1.18                                                                      1.18                                                                  1.25                                                            1.25                                                     1.32                                                      1.32                                                             1.39                                                                                                                       1.39                                                                                                                               1.47                                                                                                                                   1.47
                                                                                      360 Tollway (3):
                                                                                           Main Lane Gantry 14                                                                                                                                                                                                                                                                             ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     1.85                                                                                                   1.85                                                                                                                               2.62                                                                                                                                   2.62
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     1.23                                                                                                   1.23                                                                                                                               1.31                                                                                                                                   1.31
                                                                                           Main Lane Gantry 15                                                                                                                                                                                                                                                                             ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     0.86                                                                                                   0.86                                                                                                                               1.22                                                                                                                                   1.22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             TollTag                                                                                                             -                                                                                                                                                                     -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                               -                                                                                                                     0.57                                                                                                   0.57                                                                                                                               0.61                                                                                                                                   0.61
                                                                                      (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
                                                                                      (3) 360 Tollway joined the System in June 2021
                                                                                      Toll rates are 20.08 cents per mile effective July 1, 2021
                                                                                      Toll rates are 21 cents per mile effective July 1, 2023
                                                                                       Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%















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=== PDF PAGE 85 ===
                                                                                                                                                                                                                                                                                                                                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                              North Texas Tollway System                                                                                                                                                                                                                                                    An Enterprise Fund of the North Texas Tollway Authority


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




Three-axle vehicle and vehicle combination                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Years
Roadway                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    2015                                                                2016                                                            2017                                                      2018                                              2019                                                2020                                             2021                                              2022                                                  2023                                                    2024
Dallas North Tollway:
     Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                          $4.44                                                          $4.44                                                                    $4.68                                      $4.68                                          $4.96                                          $4.96                                    $5.22                                            $5.22                                            $7.36                                                $7.36
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         2.96                                                                      2.96                                                                  3.12                                                            3.12                                                     3.30                                                      3.30                                                   3.48                                                                  3.48                                                                                                                               3.68                                                                                                                                   3.68
     Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                3.18                                                                      3.18                                                                  3.36                                                            3.36                                                     3.54                                                      3.54                                                   3.76                                                                  3.76                                                                                                                               5.28                                                                                                                                   5.28
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         2.12                                                                      2.12                                                                  2.24                                                            2.24                                                     2.36                                                      2.36                                                   2.50                                                                  2.50                                                                                                                               2.64                                                                                                                                   2.64
     Main Lane Plaza 3                                                                                                                                                                                                                                                                                                           ZipCash                                                                2.86                                                                      2.86                                                                  3.00                                                            3.00                                                     3.16                                                      3.16                                                   3.34                                                                  3.34                                                                                                                               4.68                                                                                                                                   4.68
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         1.90                                                                      1.90                                                                  2.00                                                            2.00                                                     2.10                                                      2.10                                                   2.22                                                                  2.22                                                                                                                               2.34                                                                                                                                   2.34
     Main Lane Plaza 4                                                                                                                                                                                                                                                                                                           ZipCash                                                                4.98                                                                      4.98                                                                  5.28                                                            5.28                                                     5.56                                                      5.56                                                   5.88                                                                  5.88                                                                                                                               8.28                                                                                                                                   8.28
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         3.32                                                                      3.32                                                                  3.52                                                            3.52                                                     3.70                                                      3.70                                                   3.92                                                                  3.92                                                                                                                               4.14                                                                                                                                   4.14
Addison Airport Toll Tunnel:
     Mainlane Plaza                                                                                                                                                                                                                                                                                                                                       ZipCash                                                                1.78                                                                      1.78                                                                  1.90                                                            1.90                                                     1.98                                                      1.98                                                   2.10                                                                  2.10                                                                                                                               2.96                                                                                                                                   2.96
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         1.18                                                                      1.18                                                                  1.26                                                            1.26                                                     1.32                                                      1.32                                                   1.40                                                                  1.40                                                                                                                               1.48                                                                                                                                   1.48
Chisholm Trail Parkway (1):
     Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   4.30                                                                                                                                       4.30                                                                                                                       4.54                                                                                                                           4.54                                                                                                                     4.78                                                                                                                       4.78                                                                                                                               6.72                                                                                                                                   6.72
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   2.86                                                                                                                                       2.86                                                                                                                       3.02                                                                                                                           3.02                                                                                                                     3.18                                                                                                                       3.18                                                                                                                               3.36                                                                                                                                   3.36
     Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   6.96                                                                                                                                       6.96                                                                                                                       7.36                                                                                                                           7.36                                                                                                                     7.74                                                                                                                       7.74                                                                                                                   10.92                                                                                                                      10.92
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   4.64                                                                                                                                       4.64                                                                                                                       4.90                                                                                                                           4.90                                                                                                                     5.16                                                                                                                       5.16                                                                                                                               5.46                                                                                                                                   5.46
     Main Lane Plaza 3                                                                                                                                                                                                                                                                                                     ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   5.20                                                                                                                                       5.20                                                                                                                       5.50                                                                                                                           5.50                                                                                                                     5.80                                                                                                                       5.80                                                                                                                               8.12                                                                                                                                   8.12
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   3.46                                                                                                                                       3.46                                                                                                                       3.66                                                                                                                           3.66                                                                                                                     3.86                                                                                                                       3.86                                                                                                                               4.06                                                                                                                                   4.06
President George Bush Turnpike:
     Main Lane Plaza 5                                                                                                                                                                                                                                                                                                           ZipCash                                                                                         5.10                                                                                                                                                           5.10                                                                                                                                                   5.38                                                                                                                                       5.38                                                                                                                       5.68                                                                                                                           5.68                                                                                                                     6.00                                                                                                                       6.00                                                                                                                               8.44                                                                                                                                   8.44
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  3.40                                                                                                                                                                                                                                     3.583.40                                                                                                                                       3.58                                                                                                                       3.78                                                                                                                           3.78                                                                                                                     4.00                                                                                                                       4.00                                                                                                                               4.22                                                                                                                                   4.22
     Main Lane Plaza 6                                                                                                                                                                                                                                                                                                           ZipCash                                                                                         3.52                                                                                                                                                           3.52                                                                                                                                                   3.72                                                                                                                                       3.72                                                                                                                       3.94                                                                                                                           3.94                                                                                                                     4.14                                                                                                                       4.14                                                                                                                               5.84                                                                                                                                   5.84
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  2.34                                                                                                                                                           2.34                                                                                                                                                   2.48                                                                                                                                       2.48                                                                                                                       2.62                                                                                                                           2.62                                                                                                                     2.76                                                                                                                       2.76                                                                                                                               2.92                                                                                                                                   2.92
     Main Lane Plaza 7                                                                                                                                                                                                                                                                                                           ZipCash                                                                                         3.82                                                                                                                                                           3.82                                                                                                                                                   4.02                                                                                                                                       4.02                                                                                                                       4.24                                                                                                                           4.24                                                                                                                     4.48                                                                                                                       4.48                                                                                                                               6.24                                                                                                                                   6.24
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  2.54                                                                                                                                                           2.54                                                                                                                                                   2.68                                                                                                                                       2.68                                                                                                                       2.82                                                                                                                           2.82                                                                                                                     2.98                                                                                                                       2.98                                                                                                                               3.12                                                                                                                                   3.12
     Main Lane Plaza 8                                                                                                                                                                                                                                                                                                     ZipCash                                                                                         3.54                                                                                                                                                           3.54                                                                                                                                                   3.72                                                                                                                                       3.72                                                                                                                       3.94                                                                                                                           3.94                                                                                                                     4.18                                                                                                                       4.18                                                                                                                               5.84                                                                                                                                   5.84
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  2.36                                                                                                                                                           2.36                                                                                                                                                   2.48                                                                                                                                       2.48                                                                                                                       2.62                                                                                                                           2.62                                                                                                                     2.78                                                                                                                       2.78                                                                                                                               2.92                                                                                                                                   2.92
     Main Lane Plaza 9                                                                                                                                                                                                                                                                                                     ZipCash                                                                                         2.82                                                                                                                                                           2.82                                                                                                                                                   2.98                                                                                                                                       2.98                                                                                                                       3.12                                                                                                                           3.12                                                                                                                     3.30                                                                                                                       3.30                                                                                                                               4.60                                                                                                                                   4.60
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  1.88                                                                                                                                                           1.88                                                                                                                                                   1.98                                                                                                                                       1.98                                                                                                                       2.08                                                                                                                           2.08                                                                                                                     2.20                                                                                                                       2.20                                                                                                                               2.30                                                                                                                                   2.30
     Main Lane Plaza 10                                                                                                                                                                                                                                                                                        ZipCash                                                                                         1.62                                                                                                                                                           1.62                                                                                                                                                   1.72                                                                                                                                       1.72                                                                                                                       1.80                                                                                                                           1.80                                                                                                                     1.92                                                                                                                       1.92                                                                                                                               2.80                                                                                                                                   2.80
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  1.08                                                                                                                                                           1.08                                                                                                                                                   1.14                                                                                                                                       1.14                                                                                                                       1.20                                                                                                                           1.20                                                                                                                     1.28                                                                                                                       1.28                                                                                                                               1.40                                                                                                                                   1.40
     Main Lane Plaza 11 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   3.12                                                                                                                                       3.12                                                                                                                       3.30                                                                                                                           3.30                                                                                                                     3.48                                                                                                                       3.48                                                                                                                               4.88                                                                                                                                   4.88
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   2.08                                                                                                                                       2.08                                                                                                                       2.20                                                                                                                           2.20                                                                                                                     2.32                                                                                                                       2.32                                                                                                                               2.44                                                                                                                                   2.44
     Main Lane Plaza 12 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   3.30                                                                                                                                       3.30                                                                                                                       3.48                                                                                                                           3.48                                                                                                                     3.70                                                                                                                       3.70                                                                                                                               5.12                                                                                                                                   5.12
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   2.20                                                                                                                                       2.20                                                                                                                       2.32                                                                                                                           2.32                                                                                                                     2.46                                                                                                                       2.46                                                                                                                               2.56                                                                                                                                   2.56
Mountain Creek Lake Bridge:
    Mainlane Plaza                                                                                                                                                                                                                                                                                                                                                   ZipCash                                                                                         1.78                                                                                                                                                           1.78                                                                                                                                                   1.90                                                                                                                                       1.90                                                                                                                       1.98                                                                                                                           1.98                                                                                                                     2.10                                                                                                                       2.10                                                                                                                               2.96                                                                                                                                   2.96
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  1.18                                                                                                                                                           1.18                                                                                                                                                   1.26                                                                                                                                       1.26                                                                                                                       1.32                                                                                                                           1.32                                                                                                                     1.40                                                                                                                       1.40                                                                                                                               1.48                                                                                                                                   1.48
Sam Rayburn Tollway (SRT):
     Main Lane Gantry 1                                                                                                                                                                                                                                                                                    ZipCash                                                                                         1.68                                                                                                                                                           1.68                                                                                                                                                   1.78                                                                                                                                       1.78                                                                                                                       1.90                                                                                                                           1.90                                                                                                                     1.98                                                                                                                       1.98                                                                                                                               2.80                                                                                                                                   2.80
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  1.12                                                                                                                                                           1.12                                                                                                                                                   1.18                                                                                                                                       1.18                                                                                                                       1.26                                                                                                                           1.26                                                                                                                     1.32                                                                                                                       1.32                                                                                                                               1.40                                                                                                                                   1.40
     Main Lane Gantry 2                                                                                                                                                                                                                                                                                    ZipCash                                                                                         4.38                                                                                                                                                           4.38                                                                                                                                                   4.60                                                                                                                                       4.60                                                                                                                       4.86                                                                                                                           4.86                                                                                                                     5.14                                                                                                                       5.14                                                                                                                               7.24                                                                                                                                   7.24
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  2.92                                                                                                                                                           2.92                                                                                                                                                   3.06                                                                                                                                       3.06                                                                                                                       3.24                                                                                                                           3.24                                                                                                                     3.42                                                                                                                       3.42                                                                                                                               3.62                                                                                                                                   3.62
     Main Lane Gantry 3                                                                                                                                                                                                                                                                                    ZipCash                                                                                         6.06                                                                                                                                                           6.06                                                                                                                                                   6.36                                                                                                                                       6.36                                                                                                                       6.72                                                                                                                           6.72                                                                                                                     7.12                                                                                                                       7.12                                                                                                                   10.00                                                                                                                      10.00
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  4.04                                                                                                                                                           4.04                                                                                                                                                   4.24                                                                                                                                       4.24                                                                                                                       4.48                                                                                                                           4.48                                                                                                                     4.74                                                                                                                       4.74                                                                                                                               5.00                                                                                                                                   5.00
Lewisville Lake Toll Bridge:
    Mainlane Plaza                                                                                                                                                                                                                                                                                                                                              ZipCash                                                                                         3.54                                                                                                                                                           3.54                                                                                                                                                   3.76                                                                                                                                       3.76                                                                                                                       3.96                                                                                                                           3.96                                                                                                                     4.18                                                                                                                       4.18                                                                                                                               5.88                                                                                                                                   5.88
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                  2.36                                                                                                                                                           2.36                                                                                                                                                   2.50                                                                                                                                       2.50                                                                                                                       2.64                                                                                                                           2.64                                                                                                                     2.78                                                                                                                       2.78                                                                                                                               2.94                                                                                                                                   2.94
360 Tollway (3):
     Main Lane Gantry 14                                                                                                                                                                                                                                                                             ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                        -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     3.70                                                                                                   3.70                                                                                                                               5.24                                                                                                                                   5.24
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     2.46                                                                                                   2.46                                                                                                                               2.62                                                                                                                                   2.62
     Main Lane Gantry 15                                                                                                                                                                                                                                                                             ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     1.72                                                                                                   1.72                                                                                                                               2.44                                                                                                                                   2.44
                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                     -                                                                                                                                                           -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     1.14                                                                                                   1.14                                                                                                                               1.22                                                                                                                                   1.22
(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
(3) 360 Tollway joined the System in June 2021
Toll rates are 20.08 cents per mile effective July 1, 2021
Toll rates are 21 cents per mile effective July 1, 2023
 Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
















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=== PDF PAGE 86 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                              North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority



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




                                                                                     Four-axle vehicle and vehicle combination                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Years
                                                                                     Roadway                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    2015                                                                2016                                                            2017                                                      2018                                              2019                                                2020                                             2021                                              2022                                                  2023                                                    2024
                                                                                     Dallas North Tollway:
                                                                                          Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                          $6.66                                                          $6.66                                                                    $7.02                                      $7.02                                          $7.44                                          $7.44                                    $7.83                                            $7.83                               $11.04                                   $11.04
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         4.44                                                                      4.44                                                                  4.68                                                            4.68                                                     4.95                                                      4.95                                                   5.22                                                                  5.22                                                                                                                               5.52                                                                                                                                   5.52
                                                                                           Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                4.77                                                                      4.77                                                                  5.04                                                            5.04                                                     5.31                                                      5.31                                                   5.64                                                                  5.64                                                                                                                               7.92                                                                                                                                   7.92
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         3.18                                                                      3.18                                                                  3.36                                                            3.36                                                     3.54                                                      3.54                                                   3.75                                                                  3.75                                                                                                                               3.96                                                                                                                                   3.96
                                                                                           Main Lane Plaza 3                                                                                                                                                                                                                                                                                                           ZipCash                                                                4.29                                                                      4.29                                                                  4.50                                                            4.50                                                     4.74                                                      4.74                                                   5.01                                                                  5.01                                                                                                                               7.02                                                                                                                                   7.02
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         2.85                                                                      2.85                                                                  3.00                                                            3.00                                                     3.15                                                      3.15                                                   3.33                                                                  3.33                                                                                                                               3.51                                                                                                                                   3.51
                                                                                           Main Lane Plaza 4                                                                                                                                                                                                                                                                                                           ZipCash                                                                7.47                                                                      7.47                                                                  7.92                                                            7.92                                                     8.34                                                      8.34                                                   8.82                                                                  8.82                                                                                                                   12.42                                                                                                                      12.42
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         4.98                                                                      4.98                                                                  5.28                                                            5.28                                                     5.55                                                      5.55                                                   5.88                                                                  5.88                                                                                                                               6.21                                                                                                                                   6.21
                                                                                      Addison Airport Toll Tunnel:
                                                                                           Mainlane Plaza                                                                                                                                                                                                                                                                                                                                       ZipCash                                                                2.67                                                                      2.67                                                                  2.85                                                            2.85                                                     2.97                                                      2.97                                                   3.15                                                                  3.15                                                                                                                               4.44                                                                                                                                   4.44
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         1.77                                                                      1.77                                                                  1.89                                                            1.89                                                     1.98                                                      1.98                                                   2.10                                                                  2.10                                                                                                                               2.22                                                                                                                                   2.22
                                                                                     Chisholm Trail Parkway (1):
                                                                                          Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   6.45                                                                                                                            6.45                                                     6.81                                                      6.81                                                   7.17                                                                  7.17                                                                                                                   10.08                                                                                                                      10.08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   4.29                                                                                                                            4.29                                                     4.53                                                      4.53                                                   4.77                                                                   4.77                                                                                                                               5.04                                                                                                                                   5.04
                                                                                           Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                      10.44                                                                                                                      10.44                                       11.04                                          11.04                                       11.61                                                11.61                                                                                                                   16.38                                                                                                                      16.38
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   6.96                                                                                                                            6.96                                                     7.35                                                      7.35                                                   7.74                                                                  7.74                                                                                                                               8.19                                                                                                                                   8.19
                                                                                           Main Lane Plaza 3                                                                                                                                                                                                                                                                                                     ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   7.80                                                                                                                            7.80                                                     8.25                                                      8.25                                                   8.70                                                                  8.70                                                                                                                   12.18                                                                                                                      12.18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   5.19                                                                                                                            5.19                                                     5.49                                                      5.49                                                   5.79                                                                  5.79                                                                                                                               6.09                                                                                                                                   6.09
                                                                                      President George Bush Turnpike:
                                                                                           Main Lane Plaza 5                                                                                                                                                                                                                                                                                                     ZipCash                                                                7.65                                                                      7.65                                                                  8.07                                                            8.07                                                     8.52                                                      8.52                                                   9.00                                                                  9.00                                                                                                                   12.66                                                                                                                      12.66
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         5.10                                                                      5.10                                                                  5.37                                                            5.37                                                     5.67                                                      5.67                                                   6.00                                                                  6.00                                                                                                                               6.33                                                                                                                                   6.33
                                                                                           Main Lane Plaza 6                                                                                                                                                                                                                                                                                                           ZipCash                                                                5.28                                                                      5.28                                                                  5.58                                                            5.58                                                     5.91                                                      5.91                                                   6.21                                                                  6.21                                                                                                                               8.76                                                                                                                                   8.76
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         3.51                                                                      3.51                                                                  3.72                                                            3.72                                                     3.93                                                      3.93                                                   4.14                                                                  4.14                                                                                                                               4.38                                                                                                                                   4.38
                                                                                           Main Lane Plaza 7                                                                                                                                                                                                                                                                                                           ZipCash                                                                5.73                                                                      5.73                                                                  6.03                                                            6.03                                                     6.36                                                      6.36                                                   6.72                                                                  6.72                                                                                                                                                                                                                                                                                                                                                      9.369.36
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         3.81                                                                      3.81                                                                  4.02                                                            4.02                                                     4.23                                                      4.23                                                   4.47                                                                  4.47                                                                                                                               4.68                                                                                                                                   4.68
                                                                                           Main Lane Plaza 8                                                                                                                                                                                                                                                                                                     ZipCash                                                                5.31                                                                      5.31                                                                  5.58                                                            5.58                                                     5.91                                                      5.91                                                   6.27                                                                  6.27                                                                                                                               8.76                                                                                                                                   8.76
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         3.54                                                                      3.54                                                                  3.72                                                            3.72                                                     3.93                                                      3.93                                                   4.17                                                                  4.17                                                                                                                               4.38                                                                                                                                   4.38
                                                                                           Main Lane Plaza 9                                                                                                                                                                                                                                                                                                     ZipCash                                                                4.23                                                                      4.23                                                                  4.47                                                            4.47                                                     4.68                                                      4.68                                                   4.95                                                                  4.95                                                                                                                               6.90                                                                                                                                   6.90
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         2.82                                                                      2.82                                                                  2.97                                                            2.97                                                     3.12                                                      3.12                                                   3.30                                                                  3.30                                                                                                                               3.45                                                                                                                                   3.45
                                                                                           Main Lane Plaza 10                                                                                                                                                                                                                                                                                        ZipCash                                                                2.43                                                                      2.43                                                                  2.58                                                            2.58                                                     2.70                                                      2.70                                                   2.88                                                                  2.88                                                                                                                               4.20                                                                                                                                   4.20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         1.62                                                                      1.62                                                                  1.71                                                            1.71                                                     1.80                                                      1.80                                                   1.92                                                                  1.92                                                                                                                               2.10                                                                                                                                   2.10
                                                                                           Main Lane Plaza 11 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   4.68                                                                                                                            4.68                                                     4.95                                                      4.95                                                   5.22                                                                  5.22                                                                                                                               7.32                                                                                                                                   7.32
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   3.12                                                                                                                            3.12                                                     3.30                                                      3.30                                                   3.48                                                                  3.48                                                                                                                               3.66                                                                                                                                   3.66
                                                                                           Main Lane Plaza 12 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   4.95                                                                                                                            4.95                                                     5.22                                                      5.22                                                   5.55                                                                  5.55                                                                                                                               7.68                                                                                                                                   7.68
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   3.30                                                                                                                            3.30                                                     3.48                                                      3.48                                                   3.69                                                                  3.69                                                                                                                               3.84                                                                                                                                   3.84
                                                                                      Mountain Creek Lake Bridge:
                                                                                          Mainlane Plaza                                                                                                                                                                                                                                                                                                                                                   ZipCash                                                                2.67                                                                      2.67                                                                  2.85                                                            2.85                                                     2.97                                                      2.97                                                   3.15                                                                  3.15                                                                                                                               4.44                                                                                                                                   4.44
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         1.77                                                                      1.77                                                                  1.89                                                            1.89                                                     1.98                                                      1.98                                                   2.10                                                                  2.10                                                                                                                               2.22                                                                                                                                   2.22
                                                                                      Sam Rayburn Tollway (SRT):
                                                                                           Main Lane Gantry 1                                                                                                                                                                                                                                                                                          ZipCash                                                                2.52                                                                      2.52                                                                  2.67                                                            2.67                                                     2.85                                                      2.85                                                   2.97                                                                   2.97                                                                                                                               4.20                                                                                                                                   4.20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         1.68                                                                      1.68                                                                  1.77                                                            1.77                                                     1.89                                                      1.89                                                   1.98                                                                  1.98                                                                                                                               2.10                                                                                                                                   2.10
                                                                                           Main Lane Gantry 2                                                                                                                                                                                                                                                                                          ZipCash                                                                6.57                                                                      6.57                                                                  6.90                                                            6.90                                                     7.29                                                      7.29                                                   7.71                                                                  7.71                                                                                                                   10.86                                                                                                                      10.86
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         4.38                                                                      4.38                                                                  4.59                                                            4.59                                                     4.86                                                      4.86                                                   5.13                                                                  5.13                                                                                                                               5.43                                                                                                                                   5.43
                                                                                          Main Lane Gantry 3                                                                                                                                                                                                                                                                                                 ZipCash                                                                9.09                                                                      9.09                                                                  9.54                                                            9.54                                              10.08                                          10.08                                       10.68                                                10.68                                                                                                                   15.00                                                                                                                      15.00
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         6.06                                                                      6.06                                                                  6.36                                                            6.36                                                     6.72                                                      6.72                                                   7.11                                                                  7.11                                                                                                                               7.50                                                                                                                                   7.50
                                                                                      Lewisville Lake Toll Bridge:
                                                                                          Mainlane Plaza                                                                                                                                                                                                                                                                                                                                              ZipCash                                                                5.31                                                                      5.31                                                                  5.64                                                            5.64                                                     5.94                                                      5.94                                                   6.27                                                                  6.27                                                                                                                               8.82                                                                                                                                   8.82
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                         3.54                                                                      3.54                                                                  3.75                                                            3.75                                                     3.96                                                      3.96                                                   4.17                                                                  4.17                                                                                                                               4.41                                                                                                                                   4.41
                                                                                      360 Tollway (3):
                                                                                           Main Lane Gantry 14                                                                                                                                                                                                                                                                             ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     5.55                                                                                                   5.55                                                                                                                               7.86                                                                                                                                   7.86
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     3.69                                                                                                   3.69                                                                                                                               3.93                                                                                                                                   3.93
                                                                                           Main Lane Gantry 15                                                                                                                                                                                                                                                                             ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     2.58                                                                                                   2.58                                                                                                                               3.66                                                                                                                                   3.66
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          TollTag                                                                                                             -                                                                                                                                                                     -                                                                                                                                                           -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     1.71                                                                                                   1.71                                                                                                                               1.83                                                                                                                                   1.83
                                                                                     (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
                                                                                     (3) 360 Tollway joined the System in June 2021
                                                                                     Toll rates are 20.08 cents per mile effective July 1, 2021
                                                                                     Toll rates are 21 cents per mile effective July 1, 2023
                                                                                      Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%
















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=== PDF PAGE 87 ===
                                                                                                                                                                                                                                                                                                                                                                                          2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                 North Texas Tollway System                                                                                                                                                                                                                                      An Enterprise Fund of the North Texas Tollway Authority



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




Five-axle vehicle and vehicle combination                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Years
Roadway                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       2015                                                                2016                                                            2017                                                      2018                                              2019                                                2020                                             2021                                              2022                                                  2023                                                    2024
Dallas North Tollway:
     Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                          $8.88                                                          $8.88                                                                    $9.36                                      $9.36                                          $9.92                                          $9.92                       $10.44                               $10.44                               $14.72                                   $14.72
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         5.92                                                                      5.92                                                                                        6.24                                                                                                                                       6.24                                                                                                                       6.60                                                                                                                           6.60                                                6.96                                                         6.96                                                                                                                               7.36                                                                                                                                   7.36
     Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                6.36                                                                      6.36                                                                                        6.72                                                                                                                                       6.72                                                                                                                       7.08                                                                                                                           7.08                                                7.52                                                         7.52                                                                                                                   10.56                                                                                                                      10.56
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         4.24                                                                      4.24                                                                                        4.48                                                                                                                                       4.48                                                                                                                       4.72                                                                                                                           4.72                                                5.00                                                         5.00                                                                                                                               5.28                                                                                                                                   5.28
     Main Lane Plaza 3                                                                                                                                                                                                                                                                                                           ZipCash                                                                5.72                                                                      5.72                                                                                        6.00                                                                                                                                       6.00                                                                                                                       6.32                                                                                                                           6.32                                                6.68                                                         6.68                                                                                                                               9.36                                                                                                                                   9.36
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         3.80                                                                      3.80                                                                                        4.00                                                                                                                                       4.00                                                                                                                       4.20                                                                                                                           4.20                                                4.44                                                         4.44                                                                                                                               4.68                                                                                                                                   4.68
     Main Lane Plaza 4                                                                                                                                                                                                                                                                                                     ZipCash                                                                9.96                                                                      9.96                                                                           10.56                                                                                                                          10.56                                                                                                          11.12                                                                                                              11.12                                    11.76                                            11.76                                                                                                                   16.56                                                                                                                      16.56
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         6.64                                                                      6.64                                                                                        7.04                                                                                                                                       7.04                                                                                                                       7.40                                                                                                                           7.40                                                7.84                                                         7.84                                                                                                                               8.28                                                                                                                                   8.28
Addison Airport Toll Tunnel:
     Mainlane Plaza                                                                                                                                                                                                                                                                                                                                       ZipCash                                                                3.56                                                                      3.56                                                                                        3.80                                                                                                                                       3.80                                                                                                                       3.96                                                                                                                           3.96                                                4.20                                                         4.20                                                                                                                               5.92                                                                                                                                   5.92
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         2.36                                                                      2.36                                                                                        2.52                                                                                                                                       2.52                                                                                                                       2.64                                                                                                                           2.64                                                2.80                                                         2.80                                                                                                                               2.96                                                                                                                                   2.96
Chisholm Trail Parkway (1):
     Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                                              -                                                                                              -                                                                                                                                                8.60                                                                                          8.60                                                                                                                       9.08                                                                                                                           9.08                                                9.56                                                         9.56                                                                                                                   13.44                                                                                                                      13.44
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                                                                                      -                                                                                              -                                                                                                                                                5.72                                                                                          5.72                                                                                                                       6.04                                                                                                                           6.04                                                6.36                                                         6.36                                                                                                                               6.72                                                                                                                                   6.72
     Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                                              -                                                                                              -                                                                                                                                   13.92                                                                                          13.92                                                                                                          14.72                                                                                                              14.72                                    15.48                                            15.48                                                                                                                   21.84                                                                                                                      21.84
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                                                                                      -                                                                                              -                                                                                                                                                9.28                                                                                          9.28                                                                                                                       9.80                                                                                                                           9.80                                    10.32                                            10.32                                                                                                                   10.92                                                                                                                      10.92
     Main Lane Plaza 3                                                                                                                                                                                                                                                                                                     ZipCash                                                                                                                              -                                                                                              -                                                                                                                                   10.40                                                                                          10.40                                                                                                          11.00                                                                                                              11.00                                    11.60                                            11.60                                                                                                                   16.24                                                                                                                      16.24
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                                                                                      -                                                                                              -                                                                                                                                                6.92                                                                                          6.92                                                                                                                       7.32                                                                                                                           7.32                                                7.72                                                         7.72                                                                                                                               8.12                                                                                                                                   8.12
President George Bush Turnpike:
     Main Lane Plaza 5                                                                                                                                                                                                                                                                                                     ZipCash                                                          10.20                                                          10.20                                                                    10.76                                                                                                                          10.76                                                                                                          11.36                                                                                                              11.36                                    12.00                                            12.00                                                                                                                  16.88                                                                                                                      16.88
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         6.80                                                                      6.80                                                                                        7.16                                                                                                                                       7.16                                                                                                                       7.56                                                                                                                           7.56                                                8.00                                                         8.00                                                                                                                               8.44                                                                                                                                   8.44
     Main Lane Plaza 6                                                                                                                                                                                                                                                                                                           ZipCash                                                                7.04                                                                      7.04                                                                                        7.44                                                                                                                                       7.44                                                                                                                       7.88                                                                                                                           7.88                                                8.28                                                         8.28                                                                                                                   11.68                                                                                                                      11.68
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         4.68                                                                      4.68                                                                                        4.96                                                                                                                                       4.96                                                                                                                       5.24                                                                                                                           5.24                                                5.52                                                         5.52                                                                                                                               5.84                                                                                                                                   5.84
     Main Lane Plaza 7                                                                                                                                                                                                                                                                                                           ZipCash                                                                7.64                                                                      7.64                                                                                        8.04                                                                                                                                       8.04                                                                                                                       8.48                                                                                                                           8.48                                                8.96                                                         8.96                                                                                                                   12.48                                                                                                                      12.48
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         5.08                                                                      5.08                                                                                        5.36                                                                                                                                       5.36                                                                                                                       5.64                                                                                                                           5.64                                                5.96                                                         5.96                                                                                                                               6.24                                                                                                                                   6.24
     Main Lane Plaza 8                                                                                                                                                                                                                                                                                                     ZipCash                                                                7.08                                                                      7.08                                                                                        7.44                                                                                                                                       7.44                                                                                                                       7.88                                                                                                                           7.88                                                8.36                                                         8.36                                                                                                                   11.68                                                                                                                      11.68
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         4.72                                                                      4.72                                                                                        4.96                                                                                                                                       4.96                                                                                                                       5.24                                                                                                                           5.24                                                5.56                                                         5.56                                                                                                                               5.84                                                                                                                                   5.84
     Main Lane Plaza 9                                                                                                                                                                                                                                                                                                     ZipCash                                                                5.64                                                                      5.64                                                                                        5.96                                                                                                                                       5.96                                                                                                                       6.24                                                                                                                           6.24                                                6.60                                                         6.60                                                                                                                               9.20                                                                                                                                   9.20
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         3.76                                                                      3.76                                                                                        3.96                                                                                                                                       3.96                                                                                                                       4.16                                                                                                                           4.16                                                4.40                                                         4.40                                                                                                                               4.60                                                                                                                                   4.60
     Main Lane Plaza 10                                                                                                                                                                                                                                                                                        ZipCash                                                                3.24                                                                      3.24                                                                                        3.44                                                                                                                                       3.44                                                                                                                       3.60                                                                                                                           3.60                                                3.84                                                         3.84                                                                                                                               5.60                                                                                                                                   5.60
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         2.16                                                                      2.16                                                                                        2.28                                                                                                                                       2.28                                                                                                                       2.40                                                                                                                           2.40                                                2.56                                                         2.56                                                                                                                               2.80                                                                                                                                   2.80
     Main Lane Plaza 11 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   6.24                                                                                                                                       6.24                                                                                                                       6.60                                                                                                                           6.60                                                6.96                                                         6.96                                                                                                                               9.76                                                                                                                                   9.76
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   4.16                                                                                                                                       4.16                                                                                                                       4.40                                                                                                                           4.40                                                4.64                                                         4.64                                                                                                                               4.88                                                                                                                                   4.88
     Main Lane Plaza 12 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   6.60                                                                                                                                       6.60                                                                                                                       6.96                                                                                                                           6.96                                                7.40                                                         7.40                                                                                                                   10.24                                                                                                                      10.24
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   4.40                                                                                                                                       4.40                                                                                                                       4.64                                                                                                                           4.64                                                4.92                                                         4.92                                                                                                                               5.12                                                                                                                                   5.12
Mountain Creek Lake Bridge:
    Mainlane Plaza                                                                                                                                                                                                                                                                                                                                                   ZipCash                                                                3.56                                                                      3.56                                                                                        3.80                                                                                                                                       3.80                                                                                                                       3.96                                                                                                                           3.96                                                4.20                                                         4.20                                                                                                                               5.92                                                                                                                                   5.92
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         2.36                                                                      2.36                                                                                        2.52                                                                                                                                       2.52                                                                                                                       2.64                                                                                                                           2.64                                                2.80                                                        2.80                                                                                                                               2.96                                                                                                                                   2.96
Sam Rayburn Tollway (SRT):
     Main Lane Gantry 1                                                                                                                                                                                                                                                                                          ZipCash                                                                3.36                                                                      3.36                                                                                        3.56                                                                                                                                       3.56                                                                                                                       3.80                                                                                                                           3.80                                                3.96                                                         3.96                                                                                                                               5.60                                                                                                                                   5.60
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         2.24                                                                      2.24                                                                                        2.36                                                                                                                                       2.36                                                                                                                       2.52                                                                                                                           2.52                                                2.64                                                         2.64                                                                                                                               2.80                                                                                                                                   2.80
     Main Lane Gantry 2                                                                                                                                                                                                                                                                                          ZipCash                                                                8.76                                                                      8.76                                                                                        9.20                                                                                                                                       9.20                                                                                                                       9.72                                                                                                                           9.72                                    10.28                                            10.28                                                                                                                   14.48                                                                                                                      14.48
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         5.84                                                                      5.84                                                                                        6.12                                                                                                                                       6.12                                                                                                                       6.48                                                                                                                           6.48                                                6.84                                                         6.84                                                                                                                               7.24                                                                                                                                   7.24
     Main Lane Gantry 3                                                                                                                                                                                                                                                                                          ZipCash                                                          12.12                                                          12.12                                                                    12.72                                                                                                                          12.72                                                                                                          13.44                                                                                                              13.44                                    14.24                                            14.24                                                                                                                   20.00                                                                                                                      20.00
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         8.08                                                                      8.08                                                                                        8.48                                                                                                                                       8.48                                                                                                                       8.96                                                                                                                           8.96                                                9.48                                                         9.48                                                                                                                   10.00                                                                                                                      10.00
Lewisville Lake Toll Bridge:
    Mainlane Plaza                                                                                                                                                                                                                                                                                                                                              ZipCash                                                                7.08                                                                      7.08                                                                                        7.52                                                                                                                                       7.52                                                                                                                       7.92                                                                                                                           7.92                                                8.36                                                         8.36                                                                                                                   11.76                                                                                                                      11.76
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                         4.72                                                                      4.72                                                                                        5.00                                                                                                                                       5.00                                                                                                                       5.28                                                                                                                           5.28                                                5.56                                                         5.56                                                                                                                               5.88                                                                                                                                   5.88
360 Tollway (3):
     Main Lane Gantry 14                                                                                                                                                                                                                                                                             ZipCash                                                                                                    -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                       -                                                                                      -                                                                                                                     7.40                                                                                                   7.40                                                                                                                   10.48                                                                                                                      10.48
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     4.92                                                                                                   4.92                                                                                                                               5.24                                                                                                                                   5.24
     Main Lane Gantry 15                                                                                                                                                                                                                                                                             ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     3.44                                                                                                   3.44                                                                                                                               4.88                                                                                                                                   4.88
                                                                                                                                                                                                                                                                                                                                                                                                   TollTag                                                                                                             -                                                                                                                                                                     -                                                                                                                                                           -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     2.28                                                                                                   2.28                                                                                                                               2.44                                                                                                                                   2.44
(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
(3) 360 Tollway joined the System in June 2021
Toll rates are 20.08 cents per mile effective July 1, 2021
Toll rates are 21 cents per mile effective July 1, 2023
 Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%















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=== PDF PAGE 88 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                                                   North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority


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




                                                                                            Six or more-axle vehicle and vehicle combination
                                                                                            Roadway                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    2015                                                                2016                                                            2017                                                      2018                                              2019                                                2020                                             2021                                              2022                                                  2023                                                    2024
                                                                                            Dallas North Tollway:
                                                                                                 Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                    $11.10                                                  $11.10                                             $11.70                         $11.70                             $12.40                             $12.40                       $13.05                               $13.05                               $18.40                                   $18.40
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         7.40                                                                      7.40                                                                                        7.80                                                                                                                                       7.80                                                                                                                       8.25                                                                                                                           8.25                                                                                                                     8.70                                                                                                                       8.70                                                                                                                               9.20                                                                                                                                   9.20
                                                                                                 Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                7.95                                                                      7.95                                                                                        8.40                                                                                                                                       8.40                                                                                                                       8.85                                                                                                                           8.85                                                                                                                     9.40                                                                                                                       9.40                                                                                                                   13.20                                                                                                                      13.20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         5.30                                                                      5.30                                                                                        5.60                                                                                                                                       5.60                                                                                                                       5.90                                                                                                                           5.90                                                                                                                     6.25                                                                                                                       6.25                                                                                                                               6.60                                                                                                                                   6.60
                                                                                                 Main Lane Plaza 3                                                                                                                                                                                                                                                                                                           ZipCash                                                                7.15                                                                      7.15                                                                                        7.50                                                                                                                                       7.50                                                                                                                       7.90                                                                                                                           7.90                                                                                                                     8.35                                                                                                                       8.35                                                                                                                   11.70                                                                                                                      11.70
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         4.75                                                                      4.75                                                                                        5.00                                                                                                                                       5.00                                                                                                                       5.25                                                                                                                           5.25                                                                                                                     5.55                                                                                                                       5.55                                                                                                                               5.85                                                                                                                                   5.85
                                                                                                 Main Lane Plaza 4                                                                                                                                                                                                                                                                                                     ZipCash                                                          12.45                                                          12.45                                                                    13.20                                                                                                                          13.20                                                                                                          13.90                                                                                                              13.90                                                                                                        14.70                                                                                                     14.70                                                                                                                   20.70                                                                                                                      20.70
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         8.80                                                                      8.80                                                                                        8.80                                                                                                                                       8.80                                                                                                                       9.25                                                                                                                           9.25                                                                                                                     9.80                                                                                                                       9.80                                                                                                                   10.35                                                                                                                      10.35
                                                                                            Addison Airport Toll Tunnel:
                                                                                                 Mainlane Plaza                                                                                                                                                                                                                                                                                                                                       ZipCash                                                                4.45                                                                      4.45                                                                                        4.75                                                                                                                                       4.75                                                                                                 4.95                                                                                                                           4.95                                                                                                                     5.25                                                                                                                       5.25                                                                                                                               7.40                                                                                                                                   7.40
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         2.95                                                                      2.95                                                                                        3.15                                                                                                                                       3.15                                                                                                                       3.30                                                                                                                           3.30                                                                                                                     3.50                                                                                                                       3.50                                                                                                                               3.70                                                                                                                                   3.70
                                                                                            Chisholm Trail Parkway (1):
                                                                                                 Main Lane Plaza 1                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                      10.75                                                                                                                          10.75                                                                                                          11.35                                                                                                              11.35                                                                                                        11.95                                                                                                     11.95                                                                                                                   16.80                                                                                                                      16.80
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   7.15                                                                                                                                       7.15                                                                                                                       7.55                                                                                                                           7.55                                                                                                                     7.95                                                                                                                       7.95                                                                                                                               8.40                                                                                                                                   8.40
                                                                                                 Main Lane Plaza 2                                                                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                      17.40                                                                                                                          17.40                                                                                                          18.40                                                                                                              18.40                                                                                                        19.35                                                                                                     19.35                                                                                                                   27.30                                                                                                                      27.30
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                      11.60                                                                                                                          11.60                                                                                                          12.25                                                                                                              12.25                                                                                                        12.90                                                                                                     12.90                                                                                                                   13.65                                                                                                                      13.65
                                                                                                 Main Lane Plaza 3                                                                                                                                                                                                                                                                                                     ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                      13.00                                                                                                                          13.00                                                                                                               13.7513.75                                                                                                        14.50                                                                                                     14.50                                                                                                                   20.30                                                                                                                      20.30
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   8.65                                                                                                                                       8.65                                                                                                                       9.15                                                                                                                           9.15                                                                                                                     9.65                                                                                                                       9.65                                                                                       10.15                                                                                                                      10.15
                                                                                            President George Bush Turnpike:
                                                                                                 Main Lane Plaza 5                                                                                                                                                                                                                                                                                                     ZipCash                                                          12.75                                                          12.75                                                                    13.45                                                                                                                          13.45                                                                                                          14.20                                                                                                              14.20                                                                                                        15.00                                                                                                     15.00                                                                                                                   21.10                                                                                                                      21.10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         8.50                                                                      8.50                                                                                        8.95                                                                                                                                       8.95                                                                                                                       9.45                                                                                                                           9.45                                                                                                        10.00                                                                                                     10.00                                                                                                                   10.55                                                                                                                      10.55
                                                                                                 Main Lane Plaza 6                                                                                                                                                                                                                                                                                                           ZipCash                                                                8.80                                                                      8.80                                                                                        9.30                                                                                                                                       9.30                                                                                                                       9.85                                                                                                                           9.85                                                                                                        10.35                                                                                                     10.35                                                                                                                   14.60                                                                                                                      14.60
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         5.85                                                                      5.85                                                                                        6.20                                                                                                                                       6.20                                                                                                                       6.55                                                                                                                           6.55                                                                                                                     6.90                                                                                                                       6.90                                                                                                                               7.30                                                                                                                                   7.30
                                                                                                 Main Lane Plaza 7                                                                                                                                                                                                                                                                                                           ZipCash                                                                9.55                                                                      9.55                                                                           10.05                                                                                                                          10.05                                                                                                          10.60                                                                                                              10.60                                                                                                        11.20                                                                                                     11.20                                                                                                                   15.60                                                                                                                      15.60
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         6.35                                                                      6.35                                                                                        6.70                                                                                                                                       6.70                                                                                                                       7.05                                                                                                                           7.05                                                                                                                     7.45                                                                                                                       7.45                                                                                                                               7.80                                                                                                                                   7.80
                                                                                                 Main Lane Plaza 8                                                                                                                                                                                                                                                                                                     ZipCash                                                                8.85                                                                      8.85                                                                                        9.30                                                                                                                                       9.30                                                                                                                       9.85                                                                                                                           9.85                                                                                                        10.45                                                                                                     10.45                                                                                                                   14.60                                                                                                                      14.60
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         5.90                                                                      5.90                                                                                        6.20                                                                                                                                       6.20                                                                                                                       6.55                                                                                                                           6.55                                                                                                                     6.95                                                                                                      6.95                                                                                                                               7.30                                                                                                                                   7.30
                                                                                                 Main Lane Plaza 9                                                                                                                                                                                                                                                                                                     ZipCash                                                                7.05                                                                      7.05                                                                                        7.45                                                                                                                                       7.45                                                                                                                       7.80                                                                                                                           7.80                                                                                                                     8.25                                                                                                                       8.25                                                                                                                   11.50                                                                                                                      11.50
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         4.70                                                                      4.70                                                                                        4.95                                                                                                                                       4.95                                                                                                                       5.20                                                                                                                           5.20                                                                                                                     5.50                                                                                                                       5.50                                                                                                                               5.75                                                                                                                                   5.75
                                                                                                 Main Lane Plaza 10                                                                                                                                                                                                                                                                                        ZipCash                                                                4.05                                                                      4.05                                                                                        4.30                                                                                                                                       4.30                                                                                                                       4.50                                                                                                                           4.50                                                                                                                     4.80                                                                                                                       4.80                                                                                                                               7.00                                                                                                                                   7.00
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         2.70                                                                      2.70                                                                                        2.85                                                                                                                                       2.85                                                                                                                       3.00                                                                                                                           3.00                                                                                                                     3.20                                                                                                                       3.20                                                                                                                               3.50                                                                                                                                   3.50
                                                                                                 Main Lane Plaza 11 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   7.80                                                                                                                                       7.80                                                                                                                       8.25                                                                                                                           8.25                                                                                                                     8.70                                                                                                                    12.208.70                                                                                                                      12.20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   5.20                                                                                                                                       5.20                                                                                                                       5.50                                                                                                                           5.50                                                                                                                     5.80                                                                                                                       5.80                                                                                                                               6.10                                                                                                                                   6.10
                                                                                                 Main Lane Plaza 12 (2)                                                                                                                                                                                                                                                           ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                   8.25                                                                                                                                       8.25                                                                                                                       8.70                                                                                                                           8.70                                                                                                                     9.25                                                                                                                       9.25                                                                                                                   12.80                                                                                                                      12.80
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                   5.50                                                                                                                                       5.50                                                                                                                       5.80                                                                                                                           5.80                                                                                                                     6.15                                                                                                                       6.15                                                                                                                               6.40                                                                                                                                   6.40
                                                                                            Mountain Creek Lake Bridge:
                                                                                                Mainlane Plaza                                                                                                                                                                                                                                                                                                                                                   ZipCash                                                                4.45                                                                      4.45                                                                                        4.75                                                                                                                                       4.75                                                                                                                       4.95                                                                                                                           4.95                                                                                                                     5.25                                                                                                                       5.25                                                                                                                               7.40                                                                                                                                   7.40
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         2.95                                                                      2.95                                                                                        3.15                                                                                                                                       3.15                                                                                                                       3.30                                                                                                                           3.30                                                                                                                     3.50                                                                                                                       3.50                                                                                                                               3.70                                                                                                                                   3.70
                                                                                            Sam Rayburn Tollway (SRT):
                                                                                                 Main Lane Gantry 1                                                                                                                                                                                                                                                                                          ZipCash                                                                4.20                                                                      4.20                                                                                        4.45                                                                                                                                       4.45                                                                                                                       4.75                                                                                                                           4.75                                                                                                                     4.95                                                                                                                       4.95                                                                                                                               7.00                                                                                                                                   7.00
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         2.80                                                                      2.80                                                                                        2.95                                                                                                                                       2.95                                                                                                                       3.15                                                                                                                           3.15                                                                                                                     3.30                                                                                                                       3.30                                                                                                                               3.50                                                                                                                                   3.50
                                                                                                 Main Lane Gantry 2                                                                                                                                                                                                                                                                                                ZipCash                                                          10.95                                                          10.95                                                                    11.50                                                                                                                          11.50                                                                                                          12.15                                                                                                              12.15                                                                                                        12.85                                                                                                     12.85                                                                                                                   18.10                                                                                                                      18.10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         7.30                                                                      7.30                                                                                        7.65                                                                                                                                       7.65                                                                                                                       8.10                                                                                                                           8.10                                                                                                                     8.55                                                                                                                       8.55                                                                                                                               9.05                                                                                                                                   9.05
                                                                                                 Main Lane Gantry 3                                                                                                                                                                                                                                                                                          ZipCash                                                          15.15                                                          15.15                                                                    15.90                                                                                                                          15.90                                                                                                          16.80                                                                                                              16.80                                                                                                        17.80                                                                                                     17.80                                                                                                                   25.00                                                                                                                      25.00
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                   10.10                                                          10.10                                                                    10.60                                                                                                                          10.60                                                                                                          11.20                                                                                                              11.20                                                                                                        11.85                                                                                                     11.85                                                                                                                   12.50                                                                                                                      12.50
                                                                                            Lewisville Lake Toll Bridge:
                                                                                                Mainlane Plaza                                                                                                                                                                                                                                                                                                                                              ZipCash                                                                8.85                                                                      8.85                                                                                        9.40                                                                                                                                       9.40                                                                                                                       9.90                                                                                                                           9.90                                                                                                        10.45                                                                                                     10.45                                                                                                                   14.70                                                                                                                      14.70
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                         5.90                                                                      5.90                                                                                        6.25                                                                                                                                       6.25                                                                                                                       6.60                                                                                                                           6.60                                                                                                                     6.95                                                                                                                       6.95                                                                                                                               7.35                                                                                                                                   7.35
                                                                                            360 Tollway (3):
                                                                                                 Main Lane Gantry 14                                                                                                                                                                                                                                                                             ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                    9.259.25                                                                                                                   13.10                                                                                                                      13.10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     6.15                                                                                                   6.15                                                                                                                               6.55                                                                                                                                   6.55
                                                                                                 Main Lane Gantry 15                                                                                                                                                                                                                                                                                   ZipCash                                                                                                     -                                                                                                                                                                      -                                                                                                                                                              -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     4.30                                                                                                   4.30                                                                                                                               6.10                                                                                                                                   6.10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        TollTag                                                                                                             -                                                                                                                                                                     -                                                                                                                                                           -                                                                                                                                                  -                                                                                                                                  -                                                                                      -                                                                                                                     2.85                                                                                                   2.85                                                                                                                               3.05                                                                                                                                   3.05
                                                                                            (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
                                                                                            (3) 360 Tollway joined the System in June 2021
                                                                                            Toll rates are 20.08 cents per mile effective July 1, 2021
                                                                                            Toll rates are 21 cents per mile effective July 1, 2023
                                                                                             Effective July 1, 2023 the premium on ZipCash transactions was increased from 50% to 100%















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=== PDF PAGE 89 ===
                                                                                                                                                                                                                                                                                                                                                  2024 ANNUAL COMPREHENSIVE FINANCIAL REPORTNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                             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
                                                                                                                                                                                                                                                                                                                                                                                                                                                             Business-Type Activities
                                                                                                                                                                                                                                                 Ratio of Outstanding Debt by TLast Ten Fiscal Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ype
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (Unaudited)
                                                                                                                                                                                                                                                                                                                                                   Business-TypeActivities
                                                                                                                                                                                                                                                                                                                                                                                                                                     Last	Ten	Fiscal	Years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                (unaudited)







                                                                                                                                                                                                                                                                                                                          Commercial                                                                                                                                                                                              Texas Department                                                                                                                                                                                                                                                                      Total Revenue
                                                                                                                                                                                       Bond Discount /                                                                                                                    Paper Notes                                                                                                     Revolving                                                                                  of Transportation                                                                                                                                                                                                                                                                           Vehicle Toll                                                                                                               Debt Per                                                                                       Debt Per
               Year                    Revenue Bonds                                                                                                                                                     (Premium)                                                                                                                      Payable                                                                               Loan Payable                                                                                                              ISTEA Loan                                                                                                     Total Debt Amount                                                                                                                            Transactions(1)                                                                                                           Transactions                                                                                                Capita(2)
            2015                                          7,930,785,355                                                                                                                                                                                                                                        (221,868,904)                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                 -                                                                                                   131,403,745                                                                                                                                                                                                                                                         7,840,320,196                                                                                                                                                                                                                                                             676,484,779                                                                                                                                                                                                                                     11.59                                                                                                                  1,286
            2016                                          8,034,666,868                                                                                                                                                                                                                                        (396,461,074)                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                 -                                                                                                   128,922,702                                                                                                                                                                                                                                                         7,767,128,496                                                                                                                                                                                                                                                             703,094,602                                                                                                                                                                                                                                     11.05                                                                                                                  1,244
            2017                              10,123,709,102                                                                                                                                                                                                                                        (715,991,211)                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                 -                                                                                                   125,337,455                                                                                                                                                                                                                                                         9,533,055,346                                                                                                                                                                                                                                                             723,247,591                                                                                                                                                                                                                                     13.18                                                                                                                  1,490
            2018                              10,036,671,621                                                                                                                                                                                                                                        (661,405,281)                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                 -                                                                                                   120,101,628                                                                                                                                                                                                                                                         9,495,367,968                                                                                                                                                                                                                                                             827,610,415                                                                                                                                                                                                                                     11.47                                                                                                                  1,465
            2019                                          9,897,258,875                                                                                                                                                                                                                                        (695,260,165)                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                 -                                                                                                   112,895,896                                                                                                                                                                                                                                                         9,314,894,606                                                                                                                                                                                                                                                             847,392,583                                                                                                                                                                                                                                     10.99                                                                                                                  1,413
            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
            2021                              10,116,437,384                                                                                                                                                                                                                                        (634,333,255)                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                 -                                                                                                                91,289,967                                                                                                                                                                                                                                                         9,573,394,096                                                                                                                                                                                                                                                             810,083,028                                                                                                                                                                                                                                     11.82                                                                                                                  1,415
            2022                              10,019,266,548                                                                                                                                                                                                                                        (552,787,714)                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                 -                                                                                                                                                                                                                         -                                                                     9,466,478,834                                                                                                                                                                                                                                                             877,256,430                                                                                                                                                                                                                                     10.79                                                                                                                  1,383
            2023                                          9,737,727,119                                                                                                                                                                                                                                        (479,415,900)                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                 -                                                                                                                                                                                                                         -                                                                     9,258,311,219                                                                                                                                                                                                                                                             930,931,745                                                                                                                                                                                                                                           9.95                                                                                                                        1,330
            2024                                          9,340,278,289                                                                                                                                                                                                                                        (503,960,495)                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                        -                                                                                                                                                                                                                         -                                                                                8,836,317,794                                                                                                                                                                                                                                                             945,377,501                                                                                                                                                                                                                                           9.35                                                                                                                        1,251



Note----Details on the System's outstanding debt can be found in the notes to the financial statements.
(1)           See Traffic and Toll Revenue Table on page 65.
(2)           See Demographic Data Table on page 75.













































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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         71

=== PDF PAGE 90 ===
                                                                                                                                                                                                                                                                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                   North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                 RatioofRevenue-BackedDebtOutstanding                                                                                                                                                                                   NORTH TEXAS TOLLW AY SYSTEM
                                                                                                                                                                                                                                                                                                                                                            (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                                                                                                                        Business-TypeRatio of Revenue-Backed Debt OutstandingActivities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                Business-Type Activities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Last Ten Fiscal Years
                                                                                                                                                                                                                                                                                                                                                                                                                              Last	Ten	Fiscal	Years                                                  (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (unaudited)




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Debt Per
                                                                                                                                                                                                                            Bond                                                                                                                                                                                                                                                                                                                         Texas Department                                                                                                                                                                                                                                                                                                                                                   Annual
                                                                                                                                                                                                         (Discount) /                                                                            Commercial Paper                                                                                                                      Revolving Loan                                                                                                       of Transportation                                                                                                                              Total Debt                                                                                                 Annual Toll                                                                                                     Toll                                                   Debt Per
                                            Year             Revenue Bonds                                                                                                                                       Premium                                                                                      Notes Payable                                                                                                                                   Payable                                                                                                         ISTEA Loan                                                                                                                          Amount                                                                                           Revenues(1)                                                                                         Revenue                                                              Capita(2)
                                           2015                                      7,930,785,355                                                                                                                                                                                                   (221,868,904)                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                              -                                                                                                                                  131,403,745                                                  7,840,320,196                                                                617,488,044                                                                                          13                                                                            1,286
                                           2016                                      8,034,666,868                                                                                                                                                                                                   (396,461,074)                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                              -                                                                                                                                  128,922,702                                                  7,767,128,496                                                                665,212,316                                                                                          12                                                                            1,244
                                           2017                         10,123,709,102                                                                                                                                                                                                           (715,991,211)                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                              -                                                                                                                                  125,337,455                                                  9,533,055,346                                                                712,551,456                                                                                          13                                                                            1,490
                                           2018                         10,036,671,621                                                                                                                                                                                                           (661,405,281)                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                              -                                                                                                                                  120,101,628                                                  9,495,367,968                                                                841,491,016                                                                                          11                                                                            1,465
                                           2019                                      9,897,258,875                                                                                                                                                                                                   (695,260,165)                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                              -                                                                                                                                  112,895,896                                                  9,314,894,606                                                                886,843,140                                                                                          11                                                                            1,413
                                           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
                                           2021                         10,116,437,384                                                                                                                                                                                                           (634,333,255)                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                              -                                                                                                                                               91,289,967                                                  9,573,394,096                                                                898,653,592                                                                                          11                                                                            1,415
                                           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                                                                            1,353
                                           2024                                      9,340,278,289                                                                                                                                                                                                   (503,960,495)                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                              -                                                                                                                                                                                                                                      -                                                                                    8,836,317,794                                                                                                                                                                                                        1,198,341,866                                                                                                                                                                                                                                                                    7                                                                            1,251


                    Note----Details on the System's outstanding debt can be found in the Notes to the Financial Statements.
                    (1)            See Traffic and Toll Revenue Table on page 65.
                    (2)            See Demographic Data Table on page 75














































                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              72







72

=== PDF PAGE 91 ===
                                                                                                                                                                              2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                      North Texas Tollway System                                                                                                                                         An Enterprise Fund of the North Texas Tollway Authority
Schedule of Pro For ma Debt Service Requirements
                                                                                                                                                                                                                        For	the	years	2024-2051NORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                    (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                   Schedule of Pro Forma Debt Service Requirements(unaudited)
                                                                                                                                                                                                                                                                        For the years 2024-2051
                                                                                                                                                                                                                                                                                                          (Unaudited)


                                                                                       Outstanding First
                          FYE                                                                    Tier Net Debt                                                                                   Outstanding Second Tier                                                                                                                                              Outstanding Subordinate
         (12/31)(1)(2)                                                                            Service(3)(4)(5)                                                                                     Net Debt Service(6)(7)(8)                                                                                                                                                    Lien Debt Service(9)                                                                                                                                  Total Net Debt Service
                        2024                                                                            $       437,603,310                                                                        $                                                          236,572,                                                              582                                                                                                                                                                                                                                                       8,437,                                                              590                                                                                                                                                                                              682,613,                                                              482
                        2025                                                                                                                                  460,634,301                                                                                                                                                                                                                                                                                                                                                                206,973,113                                                                                                                                                                                                                                                                                                                                                                                                    8,641,552                                                                                                                                                                                                                                                                                                          676,248,966
                        2026                                                                                                                                  469,024,600                                                                                                                                                                                                                                                                                                                                                                201,215,113                                                                                                                                                                                                                                                                                                                                                                                                    8,640,533                                                                                                                                                                                                                                                                                                          678,880,245
                        2027                                                                                                                                  472,345,943                                                                                                                                                                                                                                                                                                                                                                197,891,113                                                                                                                                                                                                                                                                                                                                                                                                    8,642,541                                                                                                                                                                                                                                                                                                          678,879,596
                        2028                                                                                                                                  487,299,483                                                                                                                                                                                                                                                                                                                                                                190,622,113                                                                                                                                                                                                                                                                                                                                                                                                    8,646,166                                                                                                                                                                                                                                                                                                          686,567,761
                        2029                                                                                                                                  465,871,884                                                                                                                                                                                                                                                                                                                                                                223,907,113                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   689,778,996
                        2030                                                                                                                                  402,530,911                                                                                                                                                                                                                                                                                                                                                                287,804,720                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   690,335,631
                        2031                                                                                                                                  398,688,905                                                                                                                                                                                                                                                                                                                                                                295,942,113                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   694,631,018
                        2032                                                                                                                                  441,246,811                                                                                                                                                                                                                                                                                                                                                                253,384,763                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   694,631,574
                        2033                                                                                                                                  456,306,452                                                                                                                                                                                                                                                                                                                                                                238,327,313                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   694,633,764
                        2034                                                                                                                                  520,010,867                                                                                                                                                                                                                                                                                                                                                                174,627,363                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   694,638,229
                        2035                                                                                                                                  540,992,903                                                                                                                                                                                                                                                                                                                                                                151,001,563                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   691,994,466
                        2036                                                                                                                                  568,166,478                                                                                                                                                                                                                                                                                                                                                                125,159,363                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   693,325,841
                        2037                                                                                                                                  620,496,187                                                                                                                                                                                                                                                                                                                                                                             83,679,563                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                   704,175,749
                        2038                                                                                                                                  474,075,686                                                                                                                                                                                                                                                                                                                                                                             83,037,363                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                   557,113,048
                        2039                                                                                                                                  472,645,958                                                                                                                                                                                                                                                                                                                                                                             82,100,413                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                   554,746,370
                        2040                                                                                                                                  477,443,774                                                                                                                                                                                                                                                                                                                                                                             80,176,813                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                   557,620,587
                        2041                                                                                                                                  479,493,622                                                                                                                                                                                                                                                                                                                                                                             64,553,463                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                   544,047,085
                        2042                                                                                                                                  486,548,811                                                                                                                                                                                                                                                                                                                                                                             60,329,763                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                   546,878,573
                        2043                                                                                                                                  195,205,020                                                                                                                                                                                                                                                                                                                                                                             48,346,513                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                   243,551,532
                        2044                                                                                                                                  180,498,799                                                                                                                                                                                                                                                                                                                                                                             76,068,763                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                   256,567,562
                        2045                                                                                                                                  142,446,854                                                                                                                                                                                                                                                                                                                                                                118,147,863                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   260,594,716
                        2046                                                                                                                                                28,406,807                                                                                                                                                                                                                                                                                                                                                                114,379,863                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   142,786,669
                        2047                                                                                                                                                                                                                                        -                                                                                                                                                                                            115,371,563                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                   115,371,563
                        2048                                                                                                                                                                                                                                        -                                                                                                                                                                                                          96,900,193                                                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                                 96,900,193
                        2049                                                                                                                                                                                                                                        -                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                                                                                                            -                                                                                                         -
                        2050                                                                                                                                                                                                                                        -                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                                                                                                                                                                                                                      -
                        2051                                                                                                                                                                                                                                        -                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                                                                                                                                                                                                                      -
                                                                                  $   9,677,984,                                                                                    364                                                                $                      3,80                                  6,520,                                  470                                                     $                                                                                                                                                               43,008,                                          382                                                                          $              13,52                                                7,513,                                  216

      Notes:
      (1)Excludes any payments to be made into the Reserve Maintenance Fund (“        RMF    ”) under the Trust Agreement. Payments
      made into the RMF are made after debt service on the First, Second, and Third Tier Bonds but prior to debt service on the
      ISTEA Loan and the Subordinate Lien Bonds.
      (2) 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 2024 includes debt service on January 1, 2025). With respect to the Subordinate Lien Bonds,
      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 2024 includes debt service on August 1, 2025, and February 1, 2026).
      (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. Without Congressional action, however,
      under the current federal budget process the sequestration rate beginning in federal fiscal year 2024-2025 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 2048-2051 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. Without Congressional
      action, however, under the current federal budget process the sequestration rate beginning in federal fiscal year 2024-2025
      could increase to as much as 100%.
                                                                                                                                                                                                                                                                                                                                 73                                                                                                                                                                                                                                                                                                                                                                                                                                                         73

=== PDF PAGE 92 ===
                                                                                                                                                                                                                                           2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                       North Texas Tollway System                                                                                                     An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                Schedule of Estimated Toll Revenues, Expenses,
                                                            Other Income and Estimated Debt Service Coverage Ratio
                                                                                                                                                                                                                                                                            For	the	years	2024-2051NORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                                                                        (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                      Schedule of Estimated Toll Revenues, Expenses, Other Income and Estimated Debt Service Coverage Ratio(unaudited)
                                                                                                                                                                                                                                                                                                                       For the years 2024-2051
                                                                                                                                                                                                                                                                                                                                             (Unaudited)




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Estimated
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Estimated                                                               Estimated                                                  Coverage on all
            FYE                                                                                                                                                                                                                                                                                                                                                      Estimated Deposit                                                                                                                                        Coverage on 1st                                                          Coverage on 1st                                                         Debt and RMF
    (12/31)(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 Debt                                                                  Deposits
           2024                                                        $    1,198,341,866                                      99,730,795                                     234,182,978                                    1,063,889,683                                        64,809,587                                   682,613,482                                                                                    2.43x                                                                                                                                                1.58x                                                                                                       1.56x
           2025                                                              1,247,093,500                                      74,000,000                                     253,614,491                                    1,067,479,009                                        77,969,100                                   676,248,966                                                                                    2.32x                                                                                                                                                1.60x                                                                                                                                       1.42x
           2026                                                              1,307,481,600                                      67,282,025                                     261,222,926                                    1,113,540,699                                        80,603,778                                   678,880,245                                                                                    2.37x                                                                                                                                                1.66x                                                                                                                                       1.47x
           2027                                                              1,381,855,300                                      64,120,650                                     269,059,614                                    1,176,916,336                                        83,021,891                                   678,879,596                                                                                    2.49x                                                                                                                                                1.76x                                                                                                                                       1.54x
           2028                                                              1,455,398,900                                      65,400,475                                     277,131,402                                    1,243,667,973                                        85,512,548                                   686,567,761                                                                                    2.55x                                                                                                                                                1.83x                                                                                                                                       1.61x
           2029                                                              1,520,263,300                                      67,477,075                                     285,445,344                                    1,302,295,031                                        88,077,925                                   689,778,996                                                                                    2.80x                                                                                                                                                1.89x                                                                                                                                       1.67x
           2030                                                              1,588,343,400                                      69,501,387                                     294,008,704                                    1,363,836,083                                        90,279,873                                   690,335,631                                                                                    3.39x                                                                                                                                                1.98x                                                                                                                                       1.75x
           2031                                                              1,657,659,300                                      71,586,429                                     302,828,965                                    1,426,416,763                                        92,536,869                                   694,631,018                                                                                    3.58x                                                                                                                                                2.05x                                                                                                                                       1.81x
           2032                                                              1,735,271,300                                      73,734,022                                     311,913,834                                    1,497,091,487                                        94,850,291                                   694,631,574                                                                                    3.39x                                                                                                                                                2.16x                                                                                                                                       1.90x
           2033                                                              1,814,417,400                                      75,946,042                                     321,271,249                                    1,569,092,193                                        97,221,548                                   694,633,764                                                                                    3.44x                                                                                                                                                2.26x                                                                                                                                       1.98x
           2034                                                              1,902,441,800                                      78,224,424                                     330,909,387                                    1,649,756,837                                        99,652,087                                   694,638,229                                                                                    3.17x                                                                                                                                                2.37x                                                                                                                                       2.08x
           2035                                                              1,987,588,500                                      80,571,156                                     340,836,668                                    1,727,322,988                                      102,143,389                                    691,994,466                                                                                    3.19x                                                                                                                                                2.50x                                                                                                                                       2.18x
           2036                                                              2,078,609,200                                      82,988,291                                     351,061,769                                    1,810,535,723                                      104,696,974                                    693,325,841                                                                                    3.19x                                                                                                                                                2.61x                                                                                                                                       2.27x
           2037                                                              2,157,729,500                                      85,477,940                                     361,593,622                                    1,881,613,818                                      107,314,398                                    704,175,749                                                                                    3.03x                                                                                                                                                2.67x                                                                                                                                       2.32x
           2038                                                              2,241,609,200                                      88,042,278                                     372,441,430                                    1,957,210,048                                      109,997,258                                    557,113,048                                                                                    4.13x                                                                                                                                                3.51x                                                                                                                                       2.93x
           2039                                                              2,326,995,600                                      90,683,546                                     383,614,673                                    2,034,064,473                                      112,747,190                                    554,746,370                                                                                    4.30x                                                                                                                                                3.67x                                                                                                                                       3.05x
           2040                                                              2,419,228,100                                      93,404,053                                     395,123,113                                    2,117,509,039                                      115,565,870                                    557,620,587                                                                                    4.44x                                                                                                                                                3.80x                                                                                                                                       3.15x
           2041                                                              2,510,955,300                                      96,206,174                                     406,976,807                                    2,200,184,668                                      118,455,016                                    544,047,085                                                                                    4.59x                                                                                                                                                4.04x                                                                                                                                       3.32x
           2042                                                              2,609,795,300                                      99,092,360                                     419,186,111                                    2,289,701,549                                      121,416,392                                    546,878,573                                                                                    4.71x                                                                                                                                                4.19x                                                                                                                                       3.43x
           2043                                                              2,713,550,500                                    102,065,130                                     431,761,694                                    2,383,853,936                                      124,451,802                                    243,551,532                                                                              12.21x                                                                                                                                          9.79x                                                                                                                                       6.48x
           2044                                                              2,825,975,700                                    105,127,084                                     444,714,545                                    2,486,388,239                                      127,563,097                                    256,567,562                                                                              13.78x                                                                                                                                          9.69x                                                                                                                                       6.47x
           2045                                                              2,940,638,000                                    108,280,897                                     458,055,981                                    2,590,862,915                                      130,752,174                                    260,594,716                                                                              18.19x                                                                                                                                          9.94x                                                                                                                                       6.62x
           2046                                                              3,043,026,400                                    111,529,324                                     471,797,661                                    2,682,758,063                                      134,020,978                                    142,786,669                                                                              94.44x                                                                                                                                    18.79x                                                                                                                                  9.69x
           2047                                                              3,144,494,300                                    114,875,203                                     485,951,591                                    2,773,417,913                                      137,371,503                                    115,371,563                                                                                        N/A                                                                                                                                          24.04x                                                                                                                            10.97x
           2048                                                              3,254,124,000                                    118,321,459                                     500,530,138                                    2,871,915,321                                      140,805,790                                      96,900,193                                                                                       N/A                                                                                                                                          29.64x                                                                                                                            12.08x
           2049                                                              3,359,299,800                                    121,871,103                                     515,546,043                                    2,965,624,861                                      144,325,935                                                                                                                                                                                        -                                                                                                           N/A                                                                                                                                                       N/A                                                                                                                                  20.55x
           2050                                                              3,401,777,450                                    125,527,236                                     531,012,424                                    2,996,292,262                                      147,934,084                                                                                                                                                                                        -                                                                                                           N/A                                                                                                                                                       N/A                                                                                                                                  20.25x
           2051                                                              3,503,545,550                                    129,293,053                                     546,942,797                                    3,085,895,807                                      151,632,436                                                                                                                                                                                        -                                                                                                           N/A                                                                                                                                                       N/A                                                                                                                                  20.35x
                                                  $  63,327,510,066                               $ 2,560,359,613                              $  10,558,735,962                          $   55,329,133,717                          $  3,085,729,784                            $  13,527,513,216

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 2024 includes debt service on January 1, 2025). With
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
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 2024 includes debt service on August 1, 2025, and February 1,
2026).
(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
toll revenues and historical debt service coverage are reported by the Authority on accrual based revenues as recognized under Generally Accepted Accounting Principles.
(3)  Estimated other revenues are provided by NTTA and include interest earnings, video tolling administrative fees and other charges.

(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.









































   74
                                                                                                                                                                                                                                                                                                                                                           74

=== PDF PAGE 93 ===
                                                                                                                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                North Texas Tollway System                                                                                             An Enterprise Fund of the North Texas Tollway Authority
                                                               DemographicData-CombinedFourCountyRegion
                                                                                        and State of Texas Population Estimated DataNORTH TEXAS TOLLW AY SYSTEM

                                                                                                                                                                                            (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
                                                                                                                                                                                                                                                                     Last Ten Fiscal Years(unaudited)
                                                                                                                                                                                                                                                                                         (Unaudited)



                                                                                                                                                                                                                                                                                                                                              Estimated Four                                                                                                                                                                 Four County  Texas
                                                                                                                                                                                                                                                                                                                                           County Regional                                                                Estimated Texas                                                                                    Percentage Change
       Fiscal Year                                                          COLLIN                                                                         D ALLAS                                                                                                           DENTON                                                                  TARRANT      Totals                                                                         Totals                                                                        (From Prior Years)
          Est.  2015                                                          885,241                                                2,518,638                                                                                                               734,940                                                                              1,959,449                                                                                                      6,098,268                                                                                                       27,486,814                                                                                               1.98%                                                                       1.89%
          Est.  2016                                                            914,127                                              2,553,385                                                                                                                 784,840                                                                                1,991,639                                                                                                        6,243,991                                                                                                         27,937,492                                                                                               2.39%                                                                       1.64%
          Est.  2017                                                            939,585                                              2,618,148                                                                                                                 814,560                                                                                2,023,985                                                                                                        6,396,278                                                                                                         28,322,717                                                                                               2.44%                                                                       1.38%
          Est.  2018                                                            969,603                                              2,618,148                                                                                                                 836,210                                                                                2,057,926                                                                                                        6,481,887                                                                                                         28,701,845                                                                                               1.34%                                                                       1.34%
          Est.  2019                                                1,005,146                                                        2,637,772                                                                                                                 859,064                                                                                2,092,419                                                                                                        6,594,401                                                                                                         28,995,881                                                                                               1.74%                                                                       1.02%
          Est.  2020                                                1,034,730                                                        2,635,516                                                                                                                 915,673                                                                                2,110,640                                                                                                        6,696,559                                                                                                         29,360,759                                                                                               1.55%                                                                       1.26%
          Est.  2021                                                1,064,465                                                        2,613,539                                                                                                                 941,647                                                                                2,144,653                                                                                                        6,764,304                                                                                                         29,527,941                                                                                               1.01%                                                                       0.57%
          Est.  2022                                                1,109,462                                                        2,586,050                                                                                                                 976,720                                                                                2,170,962                                                                                                        6,843,194                                                                                                         29,947,238                                                                                               1.17%                                                                       1.42%
          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.  2024                                                1,195,359                                                        2,606,358                                                                                                      1,037,646                                                                     2,224,584                                                                                                        7,063,947                                                                                                         31,290,831                                                                                               1.51%                                                                       2.58%

           Increase
       Total from                                                       310,118                                            87,720                                                                             302,706                                             265,135                                                                         965,679                                                                    3,804,017
 Year 2015 to
        Year 2024

Source: Collin, Dallas, Denton and Tarrant Counties, US Census Bureau



                                     4.0%                                                                                                                                                          Percent Increase in Population Estimates (2015-                                                     2024)

                                                                                                                                                                                                                                                                                                      )
                                     3.0%


                                     2.0%


                                     1.0%


                                     0.0%


                                   -1.0%


                                   -2.0%
                                                                     Est.  2015                            Est.  2016                            Est.  2017                            Est.  2018                            Est.  2019                            Est.  2020                            Est.  2021                            Est.  2022                            Est.  2023                            Est.  2024

                                                                                                                                                                                                                                                                                                                   Years

                                                                                                                                                                                                                               4-County Region                                                                                  State of Texas


























                                                                                                                                                                                                                                                                                                          75                                                                                                                                                                                                                                                             (continued)



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               (continued)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            75

=== PDF PAGE 94 ===
                                                                                                                                                                                                2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                       North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                            DemographicData-CombinedFourCountyRegionand
                                                                                                           State of Texas Employment Status EstimatesNORTH TEXAS TOLLW AY SYSTEM

                                                                                                                                                                          (An Enterprise Fund of the North Texas Tollway Authority)Last	Ten	Fiscal	Years
                                                                                Demographic Data-Combined Four County Region and State of Texas Employment Status Estimates(unaudited)
                                                                                                                                                                                                                                                      Last Ten Fiscal Years
                                                                                                                                                                                                                                                                          (Unaudited)


                                                                                                                                                                                                                                                                                                               Estimated Four
                                                                                                                                                                                                                                                                                                                                 County
                                                                                                                                                                                                                                                                                                                             Regional                                                            Estimated                                                                   Unemployment Rate
                                                        Year                                                        COLLIN                                                                           D AL L AS                                           DENTON                                  TARRANT                           Totals                                                  Texas Totals                                                                     Four County    Texas
                          Est.  2015                                                               366,900                                                            1,616,800                                                               221,400                                                                     844,900                                                                                                      3,050,000                                                                    11,681,0003.5%                                                                                        4.4%
                          Est.  2016                                                               381,500                                                            1,662,300                                                               228,800                                                                     860,400                                                                                                      3,133,000                                                                    11,830,700                                                                                    3.5%                                                                                        4.4%
                          Est.  2017                                                               398,000                                                            1,691,100                                                               239,600                                                                     877,800                                                                                                      3,206,500                                                                    12,008,941                                                                                    3.1%                                                                                        4.0%
                          Est.  2018                                                               416,100                                                            1,711,900                                                               246,500                                                                     900,500                                                                                                      3,275,000                                                                    12,326,967                                                                                    3.4%                                                                                        3.7%
                          Est.  2019                                                               431,973                                                            1,750,722                                                               260,926                                                                     926,263                                                                                                      3,369,884                                                                    12,603,200                                                                                    3.2%                                                                                        3.4%
                          Est.  2020                                                               423,000                                                            1,653,800                                                               257,300                                                                     877,100                                                                                                      3,211,200                                                                    11,926,800                                                                                    4.4%                                                                                        5.5%
                          Est.  2021                                                               462,900                                                            1,747,400                                                               277,100                                                                     922,700                                                                                                      3,410,100                                                                    12,613,1003.5%                                                                                        4.8%
                          Est.  2022                                                               510,500                                                            1,819,000                                                               293,900                                                                     978,300                                                                                                      3,601,700                                                                    13,371,100                                                                                    3.1%                                                                                        3.8%
                          Est.  2023                                                               530,200                                                            1,836,000                                                               308,600                                                                     998,500                                                                                                      3,673,300                                                                    13,731,100                                                                                    3.2%                                                                                        3.9%
                          Est.  2024                                                               547,900                                                            1,818,500                                                               311,300                                            1,013,500                                                                                                      3,691,200                                                                    13,933,500                                                                                    3.4%                                                                                        3.9%
                             Increase
                         Total from                                                            181,000                                                                               201,700                                                                         89,900                                                              168,600                                                                                                                        641,200                                                                             2,252,500
                    Year 2015 to
                          Year 2024

                   Source: U.S. Bureau of Labor Statistics

                                                                                                                                                                                                                                                           Unemployment Rate


                                 6.0%

                                 5.0%

                                 4.0%

                                 3.0%

                                 2.0%

                                 1.0%

                                 0.0%
                                                                         Est.                                             Est.                                              Est.                                             Est.                                              Est.                                             Est.                                             Est.                                              Est.                                             Est.                                             Est.
                                                                         2015                                             2016                                             2017                                              2018                                             2019                                              2020                                             2021                                             2022                                              2023                                             2024

                                                                                                                                                                                                                                                                                                              Years


                                                                                                                                                                                                                                                                     4-County Region                                                                           State of Texas




















                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         (continued)
                                                                                                                                                                                                                                                                                             76


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        (continued)


76

=== PDF PAGE 95 ===
                                                                                                                                                                                                                                                                                               2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                   North Texas Tollway System                                                                                                                                                  An Enterprise Fund of the North Texas Tollway Authority
                                                                      DemographicData-CombinedFourCountyRegionand
                                                                                               State of Texas Median Household Income EstimatesNORTH TEXAS TOLLW AY SYSTEM
                                                                                                                                                                                                                                                                                (An Enterprise Fund of the North Texas Tollway Authority)For	the	years	2014-2023
                                                                                                       Demographic Data-Combined Four County Region and State of Texas Median Household Income Estimates
                                                                                                                                                                                                                                                                                                                                                                                               For the years 2014-2023(unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                          (Unaudited)




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Four County
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Regional                                                                                                                                                                                                      Percentage Change
                                                                  Year                                                                                   COLLIN                                                                       DALLAS                                                                       DENTON                                                                        TARRANT                                                                                                                                                       Totals                                                                                                                               Texas                                                                      from Prior Years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Estimated                                                                                                  Estimated
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Avg Median                                                                                                 Avg Median
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Income                                                                                                     Income                                                            Four County                                                                                                            Texas
                                                                 2014                                                                                             86,634                                                                                                                                                                                              50,118                                                                                                                                                                                                  74,569                                                                                                                                                                                                                     58,127                                                                                                                                                                                                                           67,362                                                                                                                                                                                                                 53,035                                                                                                                                                             2.35%                                                                                                                          2.19%
                                                                 2015                                                                                             86,823                                                                                                                                                                                              51,824                                                                                                                                                                                                  75,898                                                                                                                                                                                                                     60,735                                                                                                                                                                                                                           68,820                                                                                                                                                                                                                 55,653                                                                                                                                                             2.16%                                                                                                                          4.94%
                                                                 2016                                                                                             90,382                                                                                                                                                                                              54,429                                                                                                                                                                                                  80,841                                                                                                                                                                                                                     61,553                                                                                                                                                                                                                           71,801                                                                                                                                                                                                                 56,565                                                                                                                                                             4.33%                                                                                                                          1.64%
                                                                 2017                                                                                             90,124                                                                                                                                                                                              53,626                                                                                                                                                                                                  80,290                                                                                                                                                                                                                     62,532                                                                                                                                                                                                                           71,643                                                                                                                                                                                                                 57,051                                                                                                                                                        -0.22%                                                                                                                       0.86%
                                                                 2018                                                                                             96,936                                                                                                                                                                                              59,838                                                                                                                                                                                                  88,384                                                                                                                                                                                                                     66,059                                                                                                                                                                                                                           77,804                                                                                                                                                                                                                 59,570                                                                                                                                                             8.60%                                                                                                                          4.42%
                                                                 2019                                                                                             96,847                                                                                                                                                                                              61,807                                                                                                                                                                                                  90,910                                                                                                                                                                                                                     70,130                                                                                                                                                                                                                           79,924                                                                                                                                                                                                                 67,444                                                                                                                                                             2.72%                                                                                                                  13.22%
                                                                 2020                                                                            101,560                                                                                                                                                                                                             65,770                                                                                                                                                                                                  90,880                                                                                                                                                                                                                     72,064                                                                                                                                                                                                                           82,569                                                                                                                                                                                                                 68,093                                                                                                                                                             3.31%                                                                                                                          0.96%
                                                                 2021                                                                            102,119                                                                                                                                                                                                             63,549                                                                                                                                                                                                  98,027                                                                                                                                                                                                                     71,399                                                                                                                                                                                                                           83,774                                                                                                                                                                                                                 67,321                                                                                                                                                             1.46%                                                                                                                     -1.13%
                                                                 2022                                                                            113,943                                                                                                                                                                                                             70,871                                                                                                                                                                                 102,711                                                                                                                                                                                                                                   76,285                                                                                                                                                                                                                           90,953                                                                                                                                                                                                                 73,035                                                                                                                                                             8.57%                                                                                                                          8.49%
                                                                 2023                                                                            120,149                                                                                                                                                                                                             74,352                                                                                                                                                                                 107,401                                                                                                                                                                                                                                   80,083                                                                                                                                                                                                                           95,496                                                                                                                                                                                                                 79,060                                                                                                                                                             5.00%                                                                                                                          8.25%
             Averaged
                         Yearly                                                                                               $     98,552                                          $    60,618                                                        $    88,991                                                          $      67,897                                       $         79,014                                           $       63,683
                          Totals

Source: U.S. Census Bureau

                                                                                                                                                                                                                                                       Percentage Change in Median Household Income Estimates

                                   14.0%
                                   12.0%
                                   10.0%
                                            8.0%
                                            6.0%
                                            4.0%
                                            2.0%
                                            0.0%
                                       -2.0%
                                                                                                                   2014                                                                                          2015                                                                                          2016                                                                                          2017                                                                                          2018                                                                                          2019                                                                                          2020                                                                                          2021                                                                                          2022                                                                                          2023
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Years

                                                                                                                                                                                                                                                                                                                                                                   4-County Region                                                                                                                                                                         State of Texas























                                                                                                                                                                                                                                                                                                                                                                                                                                                                        77                                                                                                                                                                                                                                                                                                                                                     (concluded)(concluded)


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                77

=== PDF PAGE 96 ===
                                                2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                  North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                      North Texas Four County Region’s
                                                     Top Ten Employers
                                                                  (unaudited)


























































































78

=== PDF PAGE 97 ===
                                                                                                                                                                                                                                                                                                                                                         2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                 North Texas Tollway System                                                                                                                                                                        An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                         Contribution to Infrastructure AssetsNORTH TEXAS TOLLW AY SYSTEM
                                                                                                                                                                                                                                                                                                                                        (An Enterprise Fund of the North Texas Tollway Authority)Last	Ten	Fiscal	Years
                                                                                                                                                                                                                                                                                                                                                                                                                         Contribution to Infrastructure Assets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Last Ten Fiscal Years(unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  (Unaudited)



                                                              Year                                       Beginning Balance                                                                                                                  Additions                                                                                                                                                  Deletions/Depreciation                                                                                                                  Adjustments                                                                                                                                                                     Ending Balance
                                                             2015                                                                                                                    3,353,518,694                                                                                                                                                                                                                       *                                                                                                                            53,581,166                                                                                                                                                                                                                                                                                                                                                                                                                                     (6,889,660)                                                                                                                                                                                                                                                                                                                                                                                              136,897                                                                                                                                                                                                                                                                             3,400,347,097
                                                             2016                                                                                                                    3,400,347,097                                                                                                                                                                                                                       *                                                                                                                            89,901,489                                                                                                                                                                                                                                                                                                                                                                                                                                     (8,903,986)                                                                                                                                                                                                                                                                                                                                                                                    (394,739)                                                                                                                                                                                                                                                                                            3,480,949,861
                                                             2017                                                                                                                    3,480,949,861                                                                                                                                                                                                                       *                                                                                                            132,744,330                                                                                                                                                                                                                                                                                                                                                                                                                                      (20,559,186)                                                                                                                                                                                                                                                                                                                            2,078,500,474       (1)           5,671,635,479
                                                             2018                                                                                                                    5,671,635,479                                                                                                                                                                                                                       *                                                                                                                            58,751,927                                                                                                                                                                                                                                                                                                                                                                                                                    (16,987,728)                                                                                                                                                                                                                                                                                                                                                                                                              854,827                                                                                                                                                                                                                                                                             5,714,254,505
                                                             2019                                                                                                                    5,714,254,505                                                                                                                                                                                                                       *                                                                                                                            98,705,222                                                                                                                                                                                                                                                                                                                                                                                                                    (10,834,049)                                                                                                                                                                                                                                                                                                                                                                            (6,992,667)                                                                                                                                                                                                                                                                                                              5,795,133,011
                                                             2020                                                                                                                    5,795,133,011                                                                                                                                                                                                                       *                                                                                                            134,491,633                                                                                                                                                                                                                                                                                                                                                                                                                                      (12,442,509)                                                                                                                                                                                                                                                                                                                                                                                                                     (71,323)                                                                                                                                                                                                                                                                              5,917,110,812
                                                             2021                                                                                                                    5,917,110,812                                                                                                                                                                                                                       *                                                                                                                            92,634,275                                                                                                                                                                                                                                                                                                                                                                                                                                     (7,786,136)                                                                                                                                                                                                                                                                                                                                    312,748,531 (2)           6,314,707,482
                                                             2022                                                                                                                    6,314,707,482                                                                                                                                                                                                                       *                                                                                                                            71,811,752                                                                                                                                                                                                                                                                                                                                                                                                                    (18,762,313)                                                                                                                                                                                                                                                                                                                                                                                                    (197,974)                                                                                                                                                                                                                                                                                            6,367,558,947
                                                             2023                                                                                                                    6,367,558,947                                                                                                                                                                                                                       *                                                                                                                            57,801,212                                                                                                                                                                                                                                                                                                                                                                                                                    (11,283,016)                                                                                                                                                                                                                                                                                                                                                     697,793,436                                                                                                                                                                                            (3)                                                                                                          7,111,870,579
                                                             2024                                                                                                                    7,111,870,579                                                                                                                                                                                                                       *                                                                                                            176,735,273                                                                                                                                                                                                                                                                                                                                                                                                                                      (11,922,870)                                                                                                                                                                                                                                                                                                                                                                                                                                                                              -                                                                                                                                                                                                                                    7,276,682,982
   * does not include intangible assets and amortization (right to use ), (SBITA's) of intangible assets

(1) Includes transfer of assets from Special Projects System to NTTA System
(2) Includes transfer of assets from 360 Tollway to NTTA System
(3) restatement due to implementation of GASB 94




                                   $8,000,000,000                                                                                                                                                                                                                                                                                                                                              Total Infrastructure  Assets

                                   $7,000,000,000

                                   $6,000,000,000

                                   $5,000,000,000

                                   $4,000,000,000

                                   $3,000,000,000

                                   $2,000,000,000

                                   $1,000,000,000

                                                                                                                          $0
                                                                                                                                                                                       2015                                                                                                                    2016                                                                                                                    2017                                                                                                                    2018                                                                                                                    2019                                                                                                                    2020                                                                                                                    2021                                                                                                                    2022                                                                                                                    2023                                                                                                                    2024



























                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  79


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          79

=== PDF PAGE 98 ===
                                                                                                                                                                                                                                                                                2024 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)
                                                                                                                                                                                                                                                                                                                                                                                        Toll Collection Variance
                                                                                                                                                                                                                                                                                   Toll Collection VarianceLast Ten Fiscal Years
                                                                                                                                                                                                                                                                                                                                                                                                              (Unaudited)
                                                                                                                                                                                                                                                                                                                                         Last	Ten	Fiscal	Years
                                                                                                                                                                                                                                                                                                                                                                                 (unaudited)








                                                                                                                                     Calendar Year                                                      Calendar Year                                                       Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year
                                                                                                                                                       2015                                                                2016                                                               2017                                                               2018                                                               2019                                                               2020                                                               2021                                                               2022                                                               2023                                                               2024

                                               Value of invoiced
                                        ZipCash transactions
                                                         uncollected                                                               $                                                                                                                                                                                         113,455,688102,767,093$                                                                                                                                                                                         112,820,414$                                                                                                                                                                                         115,432,293$                                                                                                                                                                                         119,792,083$                                                                                                                                                                                                   99,853,082$                                                                                                                                                                                           146,603,737$                                                                                                                                                                                         160,767,116$                                                                                                                                                                                         221,768,526$                                                                                                                                                                                         272,565,883$
                                          Value of uninvoiced
                                        ZipCash transactions                                                                                                                                                                                                                                                                      71,002,94081,035,240                                                                                                                                                                                               67,811,698                                                                                                                                                                                               70,619,752                                                                                                                                                                                               69,223,428                                                                                                                                                                                               52,513,319                                                                                                                                                                                               65,849,367                                                                                                                                                                                               62,695,571                                                                                                                                                                                               63,810,973                                                                                                                                                                                               63,780,334
                                                                     Total                                                                                                                                 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$                                                                                                                                                                                         336,346,217$
                                                                                                                                                               ÷                                                                                                                                                                  ÷                                                                                                                                                                  ÷                                                                                                                                                                  ÷                                                                                                                                                                  ÷                                                                                                                                                                  ÷                                                                                                                                                                  ÷                                                                                                                                                                  ÷                                                                                                                                                ÷                                                                                                                                                ÷
                                          Value of all AVI and
                                        ZipCash transactions                                                                        $                                                                                                                                                                                                                                                                                                                                   1,003,853,246894,514,347$                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         $    967,410,315$  $  1,067,934,551$  1,116,552,191                         907,943,247                                                                                                                         $  1,181,296,614                                                                                                                                         $  1,307,834,770                                                                                                                                         $  1,530,946,455                                                                                                                                         $  1,713                                    ,553,                               696
                                                adjusted for Vtoll
                                                        transactions

                                  Toll collection variance                                                        20.55%                                                                                           19.07%                                                                                           17.99%                                                                                           17.42%                                                                                           16.93%                                                                                           16.78%                                                                                           17.98%                                                                                           17.09%                                                                                           18.65%                                                                                           19.63%


                               Notes:
                               (1)         These calculations use aggregate transaction information from the NTTA System and exclude the Non-Major Enterprise Fund.




                                                                                                                                     Calendar Year                                                      Calendar Year                                                       Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year                                                      Calendar Year
                                                                                                                                                       2015                                                                2016                                                               2017                                                               2018                                                               2019                                                               2020                                                               2021                                                               2022                                                               2023                                                               2024


                                     Percentage of ZipCash
                               transactions(by value) out
                                   of all NTTA transactions
                                                      during period                                                                                30.42%                                                                                           28.90%                                                                                           26.79%                                                                                           25.28%                                                                                           24.13%                                                                                           26.22%                                                                                           27.03%                                                                                           25.80%                                                                                           27.31%                                                                                           28.12%
                                     Percentage of ZipCash
                                      transactions(by value)
                                 that were invoiced during
                                                                   period                                                                          68.26%                                                                                           72.68%                                                                                           72.93%                                                                                           71.94%                                                                                           72.40%                                                                                           67.19%                                                                                           68.38%                                                                                           70.50%                                                                                           73.97%                                                                                           76.19%
                                     Percentage of ZipCash
                                      transactions(by value)
                                  that were collected as of
                                                           period end                                                                              41.40%                                                                                           41.30%                                                                                           39.64%                                                                                           36.57%                                                                                           34.17%                                                                                           33.19%                                                                                           34.28%                                                                                           33.88%                                                                                           29.50%                                                                                           26.74%

                               Notes:
                               (1) These calculations use aggregate transaction information from the NTTA System and exclude the Non-Major Enterprise Fund.
                               (2) Uninvoiced ZipCash transactions that are paid in the reporting period are deemed to be invoiced and are reflected in the
                                           percentages in the preceding table. Uninvoiced ZipCash transactions that are invoiced in subsequent reporting periods,
                                           and uncollected invoiced ZipCash transactions that are collected in subsequent reporting periods, are not reflected in the
                                           percentages in the preceding table. Furthermore, the percentages in the table do not take into account adjustments for VToll
                                           transactions and unassigned ZipCash invoices occurring after such reporting period. ZipCash transactions are not invoiced
                                           if the transaction (i) does not meet NTTA's business rules regarding invoicing, or (ii) is not pursuable because a readable
                                           license plate image was not captured or because the license plate  information could not be matched to the vehicle owner
                                           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, $138.7 million for 2023 and $153 million for 2024.


























                                                                                                                                                                                                                                                                                                                                                                                                                          80





80

=== PDF PAGE 99 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                               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
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Last Ten Fiscal Years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (Unaudited)(unaudited)



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Lane Miles

                                                                                                                                                                                                                                                                                                                                                                         2015                                                                                  2016                                                                                    2017                                                                                                   2018                                                                                                   2019                                                                                                   2020                                                                                                  2021                                                                                                   2022                                                                                                   2023                                                                                                   2024
Total Lane Miles                                                                                                                                                                                                                                                                                                      744                                                                      745                                                                         950                                                                                             995                                                                                 1,145                                                                      1,089                                                                      1,158                                                                      1,188                                                                         1194                                                                             1194




                                                                                                                                                                                                                                                                                                                                                                                                                                                          Full-time Equivalent Employees

Function                                                                                                                                                                                                                                                                                                                                                                                               2015                                                    2016                                                                                    2017                                                                                                   2018                                                                                                   2019                                                                                                   2020                                                                                                  2021                                                                                                   2022                                                                                                   2023                                                                                                   2024

Administration                                                                                                                                                                                                                                                                                                                                                 2                                                                                                     2                                                                                                        2                                                                                                                            3                                                                                                                            2                                                                                                                            2                                                                                                                            2                                                                                                                            2                                                                                                                            2                                                                                                                            2
Adminstration/Infrastructure                                                                                                                                                                                              -                                                                                                                                                          -                                                                                                                                                                  -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                   7                                                                                                                            8                                                                                                                            7                                                                                                                    10
Board                                                                                                                                                                                                                                                                                                                                                                                                                                                       1                                                                                                     1                                                                                                        1                                                                                                                            1                                                                                                                            1                                                                                                                            1                                                                                                                            1                                                                                                                            1                                                                                                                            1                                                                                                                            1
Operations                                                                                                                                                                                                                                                                                                                                                                                         5                                                                                                     6                                                                                                        7                                                                                                                            5                                                                                                                            8                                                                                                                            8                                                                                                                            8                                                                                                                    12                                                                                                            14                                                                                                            20
Financial Planning and Analysis                                                                                                                                             -                                                                                                                                                         6                                                                                                        6                                                                                                                                                 -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -
Strategic & Innovative Solutions                                                                                                                         3                                                                                                      -                                                                                                                                                                  -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -                                                                                                                                                                                                        -
Finance                                                                                                                                                                                                                                                                                                                                                                                                                       23                                                                                     18                                                                                         18                                                                                                            15                                                                                                            14                                                                                                            14                                                                                                            14                                                                                                            14                                                                                                            14                                                                                                            17
Business Diversity                                                                                                                                                                                                                                                                                              5                                                                                                     5                                                                                                        5                                                                                                                            4                                                                                                                            5                                                                                                                            5                                                                                                                            4                                                                                                                            4                                                                                                                            4                                                                                                                            4
Communications/Public Affairs                                                                                                                          15                                                                                     15                                                                                         12                                                                                                            12                                                                                                            14                                                                                                            11                                                                                                            10                                                                                                            10                                                                                                            10                                                                                                            14
Internal Audit                                                                                                                                                                                                                                                                                                                                                              7                                                                                                     8                                                                                                        9                                                                                                                            8                                                                                                                            8                                                                                                                            6                                                                                                                            4                                                                                                                            7                                                                                                                            8                                                                                                                            8
Human Resources                                                                                                                                                                                                                                                                                    11                                                                                     11                                                                                         11                                                                                                            13                                                                                                            13                                                                                                            12                                                                                                            11                                                                                                            11                                                                                                            15                                                                                                            14
Legal Services                                                                                                                                                                                                                                                                                                                                           5                                                                                                     7                                                                                                        6                                                                                                                            7                                                                                                                            6                                                                                                                            6                                                                                                                            6                                                                                                                            7                                                                                                                            8                                                                                                                            9
Traffic & Incident Management                                                                                                                                98                                                                             103                                                                         112                                                                                             132                                                                                             132                                                                                             124                                                                                             119                                                                                             122                                                                                             118                                                                                             125
Information Technology                                                                                                                                                                                                                       78                                                                                     83                                                                                         84                                                                                                            81                                                                                                            86                                                                                                            88                                                                                                            82                                                                                                            78                                                                                                            86                                                                                                            83
Procurement Services                                                                                                                                                                                                                                        10                                                                                     10                                                                                         11                                                                                                            10                                                                                                            11                                                                                                            11                                                                                                                    6                                                                                                                    10                                                                                                                    8                                                                                                                            8
Government Affairs                                                                                                                                                                                                                                                                                 1                                                                                                     2                                                                                                        2                                                                                                                            2                                                                                                                            3                                                                                                                            1                                                                                                                            3                                                                                                                            3                                                                                                                            2                                                                                                                            2
Maintenance                                                                                                                                                                                                                                                                                                                                                   160                                                                      165                                                                         132                                                                                             127                                                                                             137                                                                                             159                                                                                             113                                                                                             126                                                                                             141                                                                                             140
Customer Service Center                                                                                                                                                                                          325                                                                      295                                                                         321                                                                                             312                                                                                             349                                                                                             248                                                                                             232                                                                                             272                                                                                             305                                                                                             294
Project Delivery                                                                                                                                                                                                                                                                                                                       16                                                                                     16                                                                                         17                                                                                                            16                                                                                                            17                                                                                                            15                                                                                                            15                                                                                                            14                                                                                                            15                                                                                                            16
Treasury Management                                                                                                                                                                                                                                          3                                                                                                     4                                                                                                        3                                                                                                                            9                                                                                                                            9                                                                                                                            8                                                                                                                            7                                                                                                                            8                                                                                                                            7                                                                                                                            8

Total                                                                                                                                                                                                                                                                                                                                                                                                                                                   768                                                                      757                                                                         759                                                                                             757                                                                                             815                                                                                             719                                                                                             644                                                                                             709                                                                                             765                                                                                             775


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
                            900700
                            800600
                            700
                            600500

                            500400

                            400300
                            300200
                            200100
                            100
                                                   0                        0
                                                                                                                           2015                                                                                                                   2016                                                                                                                   2017                                                                                                                   2018                                                                                                                   2019                                                                                                                   2020                                                                                                                   20212015                                                                                                        2016                                                                                                        2017                                                                                                        2018                                                                                                        2019                                                                                                        2020                                                                                                        2021                                                                                                        2022                                                                                                        2023                                                                                                        2024

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Year                                                                                                                                                              Year









                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        81


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              81

=== PDF PAGE 100 ===
                                     2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                          North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
              CONTINUING FINANCIAL
            DISCLOSURE SCHEDULES
                                              (unaudited)
             The Continuing Financial Disclosure Schedules present various financial data in
             support of the Management’s Discussion and Analysis and Financial Statements
             in the Financial Section of the Annual Comprehensive Financial Report for the
             fiscal year ended December 31, 2024.


































































82

=== PDF PAGE 101 ===
                                                                                                                                                                                                                                                                                                  2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                      North Texas Tollway System                                                                                                                                                                                An Enterprise Fund of the North Texas Tollway AuthorityNORTH 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
                                                                                                                                                                                                                                                                                                                                                                                   Year ended December 31, 2024
                                                                                                                                                                                                   Expenses on Trust Agreement Basis(Unaudited)
                                                                                                                                                                                                                                                                                                            Year	ended	December	31,	2024
                                                                                                                                                                                                                                                                                                                                                                                                                                      (unaudited)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Schedule 2

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Variance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Budget                                                                                                                                                                                                   Actual                                                                                                                                                                                        Over (Under)
Revenues:
                              Toll revenues                                                                                                                                                                                                                                                                                                                                                                                                                         $                                                                     1,178,505,800                          $                                                                    1,198,341,866                                                                                                                                                                                                                                                              $                                                                                                                        19,836,066
                              Interest income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             50,000,000                                                                                                                                                                                                                                                                                                                                                                        72,502,760                                                                                                                                                                                                                                                                                                                                                                                                      22,502,760
                              Other revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         29,007,001                                                                                                                                                                                                                                                                                                                                                                        27,228,035                                                                                                                                                                                                                                                                                                                                                                                                            (1,778,966)
                                                                                                               Gross revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      1,257,512,801                                                                                                                                                                                                                                                                                                                                  1,298,072,661                                                                                                                                                                                                                                                                                                                                                                                                      40,559,860


Operating expenses:
                              Salaries & Benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 75,394,369                                                                                                                                                                                                                                                                                                                                                                        73,782,795                                                                                                                                                                                       (1,611,574)
                              Consulting & Professional Services                                                                                                                                                                                                                                                                                                                                                                                                                              52,678,162                                                                                                                                                                                                                                                                                                                                                                        48,716,548                                                                                                                                                                                       (3,961,614)
                              Maintenance Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          57,576,849                                                                                                                                                                                                                                                                                                                                                                        49,240,044                                                                                                                                                                                       (8,336,805)
                              Operational Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          73,864,992                                                                                                                                                                                                                                                                                                                                                                        70,504,378                                                                                                                                                                                       (3,360,614)
                              Business & Marketing Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             4,507,675                                                                                                                                                                                                                                                                                                                                                                                       5,240,920                                                                                                                                                                                                                       733,245
                              Administrative Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         8,883,878                                                                                                                                                                                                                                                                                                                                                                                       7,477,089                                                                                                                                                                                       (1,406,789)
                                                                                                               Total gross operating expenses                                                                                                                                                                                                                                                                                                           272,905,925                                                                                                                                                                                                                                                                                                                                                         254,961,774                                                                                                                                                                                                                                                                                                                                                                                             (17,944,151)
                              Allocated Expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       (31,989,314)                                                                                                                                 (31,107,407)                                                                                                                                                                                                                                                                                                                                                                                                                                            881,907
                                                  Total operating expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    240,916,611                                                                                                                                                                                                                                                                                                                                                         223,854,367                                                                                                                                                                                                                                                                                                                                                                                             (17,062,244)

Net revenues available for debt service                                                                                                                                                                                                                                                                                                      $                                                                     1,016,596,190                                                                                                                                                                                                                                               $                                                                    1,074,218,294                                                                                                                                                                                                                                               (*)$                                                                                                          57,622,104


(*) Does not include $10,328,612 in amortization of SBITA assets. Net revenues available for debt service on a trust agreement
       basis including SBITA amoritization is $1,063,889,683.



































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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 83

=== PDF PAGE 102 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                                                                                            North Texas Tollway System                                                                                                                                                                                   An Enterprise Fund of the North Texas Tollway Authority


NORTH TEXAS TOLLWAY SYSTEMNORTH TEXAS TOLLWAY SYSTEMSchedule of Changes in Net Position by Trust Account
(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 AccountFor	the	Fiscal	Year	Ended	December	31,	2024

 For the Fiscal Year Ended December 31, 2024 For the Fiscal Year Ended December 31, 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       (unaudited)
(Unaudited)                                                                                                                                               (Unaudited)







                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Non-Major                                                                                                                                                                         North                                                                                                                                         Construction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Non-Major Enterprise                                                                                                                                    Texas Tollway  Non-Major North Texas                                                                                                                     Construction and North Texas and Property                                                                                                                 Construction and Revenue                                                                                                                                                                 Revenue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Total                                                                                                                                                                  Fund                                                                                                                                                     System                                                                                                                                                               Account
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Total                                                                                                                         Enterprise Fund Total                                                                                                                                      Enterprise Fund Tollway System                                                                                                                                    Tollway SystemProperty Account                                                                                                                                   Property AccountAccount                                                                                                                                                                     Account
Net positions, beginning of yearNet positions, beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     $                                                                       1,170,480,459$                                                                                                     $                                       1,170,480,45997,813,329                                                                                      $$                                                       1,072,667,13097,813,329                                                                          $                 $                                       1,072,667,130(717,019,539)$$                                                                                                                                          133,918,404(717,019,539)                                                                                       $                                           133,918,404
Gross revenues                                                                                                                                            Gross revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 125,382,4991,423,455,160                                                                                                                                                                                                                                                                                                                                                               125,382,499                                                                                                                                                                                                                                                                                                                  1,298,072,6611,423,455,160                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                                                                                                                                                   1,298,072,661                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                     1,241,255,7891,241,255,789
Net increase (decrease) in the fair value of investmentsNet increase (decrease) in the fair value of investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   -                                                                                                                                                       18,759,34718,759,347                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                       18,759,34718,759,347                                                                                                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                              168,577168,577
Administration and operations expensesAdministration and operations expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (92,320,162)(316,174,529)                                                                                                                                                                                                                                                                                                                                                                     (92,320,162)                                                                                                                                                                                                                                                                                                                               (223,854,367)(316,174,529)                                                                                                                                                                                                                                                                                                                               (223,854,367)                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                                                                     --
Depreciation on property and equipmentDepreciation on property and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   -                                                                                                                                                             (7,578,986)(7,578,986)                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                             (7,578,986)(7,578,986)                                                                                                                                                                                                                                                                               (7,578,986)                                                                                                                                                                                                                                                                                (7,578,986)                                                                                                                                                                                                                                                                                                                                                                                                                                                          - -
Bond interest expenseBond interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                (440,801,552)(440,801,552)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                (440,801,552)(440801,,552)                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                                                                                                     - -
BAB's Subsidy                                                                                                                                             BAB's Subsidy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                                                       19,563,38719,563,387                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                       19,563,38719,563,387                                                                                                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                     - -
Interest Expense-SBITA'sInterest Expense-SBITA's                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                   (360,374)(360,374)                                                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                   (360,374)(360,374)
Other nonoperating expenses/ revenue Other nonoperating expenses/ revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          -                                                                                                                                                       12,160,96212,160,962                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                       12,160,96212,160,962                                                                                                                                                                                                                                                                                                              831,476                                                                                                                                                                                                                                                                                                              831,476                                                                                                                                                                                                                                                                                                                                          - -
Bond discount/premium amortizationBond discount/premium amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -                                                                                                                                                       63,870,48363,870,483                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                       63,870,48363,870,483                                                                                                                                                                                                                                                                         63,870,483                                                                                                                                                                                                                                                                          63,870,483                                                                                                                                                                                                                                                                                                                                                                                                                                                          - -
Bond issuance cost amortizationBond issuance cost amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                             (8,007,370)(8,007,370)                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                             (8,007,370)(8,007,370)                                                                                                                                                                                                                                                                               (8,007,370)                                                                                                                                                                                                                                                                                (8,007,370)                                                                                                                                                                                                                                                                                                                                                                                                                                                          - -
Loss on disposal of assetsLoss on disposal of assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           -                                                                                                                                                             (3,390,282)(3,390,282)                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                             (3,390,282)(3,390,282)                                                                                                                                                                                                                                                                               (3,390,282)                                                                                                                                                                                                                                                                                (3,390,282)                                                                                                                                                                                                                                                                                                                                                                                                                                                          - -
Amortization of deferred amount on refunding (note 5)Amortization of deferred amount on refunding (note 5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    (54,198,979)                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                              (54,198,979)(                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                              (54,198,979)54,198,979)                                                                                                                                                                                                                                                                               (54,198,979)                                                                                                                                                                                                                                                                                (54,198,979)                                                                                                                                                                                                                                                                                                                                                                                                                                                          - -
Amortization of intangibles Amortization of intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            -                                                                                                                                (117,814,632)(117,814,632)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                (117,814,632)(117,814,632)                                                                                                                                                                                                                                                                              (101,139,718)                                                                                                                                                                                                                                                                               (101,139,718)
Reserve maintenance account expensesReserve maintenance account expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      (64,809,587)                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                              (64,809,587)(64,809,587)                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                              (64,809,587)                                                                                                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                                                                                                                                                                   -                                                                                                                                                                                                                                     - -
Consolidated capital improvement fund expensesConsolidated capital improvement fund expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  (64,606,051)                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                              (64,606,051)(                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                              (64,606,051)64606,,051)                                                                                                                                                                                                                                                                         179,543,270                                                                                                                                                                                                                                                                          179,543,270                                                                                                                                                                                                                                                                                                                                                                                                                                                          --
                                                                                                                                   Net revenues                                                                                                                                              Net revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    33,062,337460,066,997                                                                                                                                                                                                                                                                                                                                       427,004,660                                                                                                                                                                                                                                                                    33,062,337460,066,997                                                                                                                                                                                                                                                                                                                                                                            69,929,894                                                                                                                                                                                                                                                                                                                                       427,004,660                                                                                                                                                                                                                                                                                                                                                                            69,929,894                                                                                                                                                                                                                                                                                            1,241,424,3661,241,424,366
Interfund transactions:Interfund transactions:
                                                     Distribution from revenue fundDistribution from revenue fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           -                                                                                                                                                                                                                                           -                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                  - -                                                                                                                                                                                                                                           -                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                  -                                                             (1,170,169,050)(1,170,169,050)
                                                     Operating transfers (other funds)Operating transfers (other funds)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                                           -                                                                                                                                                                                                                                                                                  -                                                                                                                        273,896,487-                                                                                                                                                                                                                                           -                                                                                                                                                                                                                                                                                  -                                                                                                                        273,896,487                                                                                                                                                                                                                                                                                                                       (53,814,447)(53,814,447)
                                                                                                                                   Net changes during the yearNet changes during the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    33,062,337460,066,997                                                                                                                                                                                                                                                                                                                                       427,004,660                                                                                                                                                                                                                                                                    33,062,337460,066,997                                                                                                                                                                                                                                                                                                                                                              343,826,381                                                                                                                                                                                                                                                                                                                                       427,004,660                                                                                                                                                                                                                                                                                                                                                              343,826,381                                                                                                                                                                                                                                                                                                                                17,440,86917,440,869
Net positions, end of yearNet positions, end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 $                                                                       1,630,547,456$                                                                                                     $                                       1,630,547,456130,875,666                                                                                     $$                                                   130,875,6661,499,671,790$                                                                                              $                                       1,499,671,790(373,193,158)$$                                                                                                                                          151,359,273(373,193,158)                                                                                       $                                           151,359,273











































                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         (continued)

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=== PDF PAGE 103 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         North Texas Tollway System                                                                                                                                                                                                                                         An Enterprise Fund of the North Texas Tollway Authority


NORTH TEXAS TOLLWAY SYSTEM                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Schedule of Changes in Net Position by Trust AccountSchedule 3
(An Enterprise Fund of the North Texas Tollway Authority)
Schedule of Changes in Net Position by Trust Account                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       For	the	Fiscal	Year	Ended	December	31,	2024

 For the Fiscal Year Ended December 31, 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                (unaudited)
(Unaudited)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Schedule 3




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Debt Service Accounts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Revenue                                                                                                                                                     Operations and                                                                                                                                                                                                     Reserve                                                                                                                                                                                      Capital                                                                                                                                                                                                                                                                                Debt  Service Accounts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Non-Major                                                                                                                                                                                             North Texas                                                                                                                                                                                 Construction and                                                                                                                                                                                                                          Revenue Account                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Bond InterestOperation and MaintenanceMaintenance Reserve ImprovementCapital Reserve                                                                                                                                  Redemption
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Maintenance Account (*)                                                                                                                                                            maintenance Account                                                                                                                                                                  Improvement Fund                                                                                                                                                          Bond Interest Account                                                                                                                                                                              Account                                                                                                                                                            Redemption Account
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Total                                                                                                                                                           Enterprise Fund                                                                                                                                                                                              Tollway System                                                                                                                                                                                               Property Account                                                                                                                                                                                                                             Account                                                                                                                                                                       Account                                                                                                                                                                                         Account                                                                                                                                                                                             Fund                                                                                                                                                          Account                                                                                                                                 Reserve Account                                                                                                                                                                                                        Account
Net positions, beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    $                                                                                          1,170,480,459                                                                                                                                    $                                                                      97,813,329                                                                                                            $                                                                        1,072,667,130                                                                                                                                    $                                                                      (717,019,539)                                                                                                                          $                                                       133,918,404                                                                                                                     $                                                                          20,110,764                                                                                                  $                                                                  39,493,688                                                                                                  $                                                                                                                                                                                                                                                                                                                                   7,583,693889,758,865         $                                                        427,684,143                                                                                                           $                                                            271,137,113
Gross revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                1,423,455,160                                                                                                                                                                                                                                                                                                                                                               125,382,499                                                                                                                                                                                                                                                                                                                  1,298,072,661                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       -  1,241,255,789                                                                                                                                                                                                                                                                                                                    2,341,8691,666,571                                                                                                                                                                                                                                                                                                               33,522,224                                                                                                                                                                                                                                                                                                           4,406,548                                                                                                                                                                                                                                                                                                     6,932,308                                                                                                                                                                                                                                                                                                              7,947,352
Net increase (decrease) in the fair value of investments                                                                                                                                                                                                                                                                                                                                                                                                                                   18,759,347                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                       18,759,347                                                                                                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                                                    168,577                                                                                                                                                                                                                                                     -                                                                                                                                                                                                                           -                                                                                                                                          5,469,007                                                                                                                                                                                                                                                                                                                                                                                                               -                                                                                                          13,121,763                                                                                                                                                                                                                                                                                                                                                       -
Administration and operations expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        (316,174,529)                                                                                                                                                                                                                                                                                                                                                                     (92,320,162)                                                                                                                                                                                                                                                                                                                               (223,854,367)                                                                                                                                                                                                                                                                                                                                                                                                                                - -                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                                                                                                                              -                                                                                                                                                                                                         -                                                                                                                                                                                                                           -                                                                                                                                                                                                                                     - (223,854,367)
Depreciation on property and equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    (7,578,986)                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                             (7,578,986)                                                                                                                                                                                                                                                                               (7,578,986)                                                                                                                                                                                                                                   -                                                                                                                                                                                        -                                                                                                                                                                                                                           -                                                                                                                                                                                                                                              -                                                                                                                                                                                                         -                                                                                                                                                                                                                           -                                                                                                                                                                                                                                     -
Bond interest expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (440,801,552)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                (440,801,552)                                                                                                                                                                                                                                                                                                                                                                                                                                - -              -                                                                                                                                                                                                                           -                                                                                                                                  (3,655,406)                                                                                                                                                                                          (437,146,146)                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                               -
BAB's Subsidy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   19,563,387                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                       19,563,387                                                                                                                                                                                                                                                                                                                                                                                                    - -                                         -                                                                                                                                                                                                                           -                                                                                                                                                                                                                                              -                                                                                        19,563,387                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                                                                                               -
Interest Expense-SBITA's                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (360,374)                                                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                   (360,374)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        (75,414)(177,589)                                                                                                                                                                                                                                       (107,371)
Other nonoperating expenses/ revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    12,160,962                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                       12,160,962                                                                                                                                                                                                                                                                                                              831,476                                                                                                                                                                                                          -                                                                                                                                                                                                                                                                                                                                                                                                                                                                       -                                                                                                                                          9,824,1311,505,355                                                                                                                                                                                                                                                                                                                    -                                                                                                                                                                                                                           -                                                                                                                                                                                                                               -
Bond discount/premium amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        63,870,483                                                                                                                                                                                                                                                                                                                                                                                 -                                                                                                                                                       63,870,483                                                                                                                                                                                                                                                                         63,870,483                                                                                                                                                                                                          -                                                                                                                                                                                        -                                                                                                                                                                                                                           -                                                                                                                                                                                                                                              -                                                                                                                                                                                                               -                                                                                                                                                                                                                           -                                                                                                                                                                                                                               -
Bond issuance cost amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (8,007,370)                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                             (8,007,370)                                                                                                                                                                                                                                                                               (8,007,370)                                                                                                                                                -                                                                                                                                                                                        -                                                                                                                                                                                                                           -                                                                                                                                                                                                                                              -                                                                                                                                                                                                               -                                                                                                                                                                                                                           -                                                                                                                                                                                                                               -
Loss on disposal of assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (3,390,282)                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                                             (3,390,282)                                                                                                                                                                                                                                                                               (3,390,282)                                                                                -                                                                                                                                                                                        -                                                                                                                                                                                                                           -                                                                                                                                                                                                                                              -                                                                                                                                                                                                               -                                                                                                                                                                                                                           -                                                                                                                                                                                                                               -
Amortization of deferred amount on refunding (note 5)                                                                                                                                                                                                                                                                                                                                                                                                                                          (54,198,979)                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                              (54,198,979)                                                                                                                                                                                                                                                                               (54,198,979)                                                                                                                                                                                                                                                                                                                                                                                           -                                                                                                                                                                                        -                                                                                                                                                                                                                           -                                                                                                                                                                                                                                              -                                                                                                                                                                                                               -                                                                                                                                                                                                                           -                                                                                                                                                                                                                               -
Amortization of intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (117,814,632)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                                                (117,814,632)                                                                                                                                                                                                                                                                              (101,139,718)                                                                                                                                                                                                                                                                                                                                                                      (1,137,836)(10,328,612)                                                                                                                                                                                                                                                                                                                     (5,208,466)                                                                                                                                                                                                                                                                                                                                                                                                               -                                                                                                                                                                                                                           -                                                                                                                                                                                                                               -
Reserve maintenance account expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (64,809,587)                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                              (64,809,587)                                                                                                                                                                                                                                                                                                                                                                                                                  -                                                                                                                                -                                                                                                                                                                                        -                                                                                                  (64,809,587)                                                                                                                                                                                                                                                                                                                                                                                                                                -                                                                                                                                                                                                         -                                                                                                                                                                                                                           -                                                                                                                                                                                                                               -
Consolidated capital improvement fund expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             (64,606,051)                                                                                                                                                                                                                                                                                                                                                                                        -                                                                                                                                              (64,606,051)                                                                                                                                                                                                                                                                         179,543,270                                                                                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                        -                                                                                                                                                                                                                           -                                                                                                                 (244,149,321)                                                                                                                                                                                                                                                                                                                                                                                                               -                                                                                                                                                                                                                           -                                                                                                                                                                                                                               -
                                                                                                                                                                      Net revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       460,066,997                                                                                                                                                                                                                                                                    33,062,337                                                                                                                                                                                                                                                                                                                                       427,004,660                                                                                                                                                                                                                                                                                                                                                                            69,929,894  1,241,424,366                                                                                                                                                                                                                                                                                              (63,680,968)(231,188,642)                                                                                                                                                                                                                                                                                          (204,305,202)                                                                                                                                                                                                                                                                        (413,176,211)                                                                                                                                                                                                                                                                                        20,054,071                                                                                                                                                                                                                                                                                                              7,947,352
Interfund transactions:
                                                                    Distribution from revenue fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   -                                                                                                                                                                                                                                           -                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                                                                                  -   (1,170,169,050)                                                                                                                                                                                                                                                                                                                                                                                                                 42,652,484204,187,473                                                                                                                                                                                                                                                                                                  278,139,794                                                                                                                                                                                                                                                                                337,418,109                                                                                                                                                                                                                                                                                                                                                                                                         -                                                                                                 307,771,190
                                                                    Operating transfers (other funds)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      -                                                                                                                                                                                                                                           -                                                                                                                                                                                                                                                                                  -                                                                                                                        273,896,487                                                                                                                                   (53,814,447)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -                                                                                                                                                      (535,855)26,961,474                                                                                                                                                                                            76,095,424                                                                                                                                                                                                                                                                                (52,897,468)                                                                                                                                                                                                                                                                           (269,705,615)
                                                                                                                                                                      Net changes during the year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             460,066,997                                                                                                                                                                                                                                                                    33,062,337                                                                                                                                                                                                                                                                                                                                       427,004,660                                                                                                                                                                                                                                                                                                                                                              343,826,381  17,440,869                                                                                                                                                                                                                                                                                                                           (21,028,484)(39,695)                                                                                                                                                                                                                                                                                                               73,298,737                                                                                                                                                                                                                                                                                                                               337,321                                                                                                                                                                                                                                                                                (32,843,397)                                                                                                                                                                                                                                                                                                 46,012,927
Net positions, end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          $                                                                                          1,630,547,456                                                                                                                                    $                                                           130,875,666                                                                                                                      $                                                                        1,499,671,790                                                                                                                                    $                                                                      (373,193,158)                                                                                                                          $                                                       151,359,273                                                                                                                     $                                                                          20,071,069                                                                                                  $                                                                  18,465,204                                                                                                  $                                                                                                                                                                                                                                                                                                                                   7,921,014963,057,602         $                                                        394,840,746                                                                                                           $                                                            317,150,040











































                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (concluded)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                85




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      85                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         (concluded)




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 84                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (continued)

=== PDF PAGE 104 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                        2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                            North Texas Tollway System                   NORTH TEXAS TOLLWAY SYSTEM                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Schedule 4 An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                                                                          (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                       ScheduleofTollRevenueandTrafficAnalysis                                                                                                                                                                                            Schedule of Toll Revenue and Traffic Analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Year Ended December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                            Year	Ended	December	31,	2024	                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (unaudited)(Unaudited)




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Schedule 4

                                                                                                                                                                                                       Toll revenue (*):
                                                                                                                                                                                                                             AVI                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            $                                   1,004,120,725
                                                                                                                                                                                                                             ZipCash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             395,417,588
                                                                                                                                                                                                                             Less bad debt expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   (201,196,447)
                                                                                                                                                                                                                                                                                                                        Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     $                                   1,198,341,866


                                                                                                                                                                                                       Vehicle transactions (*):
                                                                                                                                                                                                                             Two-axle vehicle transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   913,160,652
                                                                                                                                                                                                                             Multiaxle vehicle transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   32,216,849
                                                                                                                                                                                                                             Nonrevenue vehicle transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          4,557,983
                                                                                                                                                                                                                                                                                                                        Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              949,935,484


                                                                                                                                                                                                       Toll revenue – average per day (*):
                                                                                                                                                                                                                             AVI                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            $                                                                                       2,751,016
                                                                                                                                                                                                                             Zipcash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                523,142
                                                                                                                                                                                                                                                                                                                        Average                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             $                                                                                       3,274,158


                                                                                                                                                                                                       Vehicle transactions – average per day (*):
                                                                                                                                                                                                                             Two-axle vehicle transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 2,494,974
                                                                                                                                                                                                                             Multiaxle vehicle transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       88,024
                                                                                                                                                                                                                             Nonrevenue vehicle transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               12,454
                                                                                                                                                                                                                                                                                                                        Average                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   2,595,452






                                                                                                                                                                                                       (*) System only, excludes Non-Trust Agreement Enterprise Fund






























                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              86








86

=== PDF PAGE 105 ===
                                                                                                                                                                                                                                                                                                                                                                                                    2024 ANNUAL COMPREHENSIVE FINANCIAL REPORTNORTH TEXAS TOLLWAY SYSTEM
                                                                                                                                                                                                                                                          North Texas Tollway System                   (An Enterprise Fund of the North Texas Tollway Authority) An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Schedule of Toll Rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          As of December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                      Schedule of Toll Rates
                                                                                                                                                                                                                                                                                                                                                                               As of December 31, 2024 (unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Schedule 5Schedule 5



                                                                                                                                                                                                                                                                                                                                                                                                           Two-Axle Passenger                                                                                                                                                              Three-Axle Vehicles and                                                                                                                                                                       Four-Axle Vehicles and                                                                                                                                                             Five-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
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
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
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
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
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
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
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
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
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
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
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 Turnpicke 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
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
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
Crist Road (CRIRD)                                                                                                                                                                                                                                                                                                                                                                                                     $0.32                                                                   $0.64                                                                                                                  $0.64                                                          $1.28                                                                                                 $0.96                                                 $1.92                                                    $1.28                                                                           $2.56                                                                                            $1.60                                                 $3.20
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
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
Coit Road (COIRD)                                                                                                                                                                                                                                                                                                                                                                                                         $0.75                                                                   $1.50                                                                                                                  $1.50                                                          $3.00                                                                                                 $2.25                                                 $4.50                                                    $3.00                                                                           $6.00                                                                                            $3.75                                                 $7.50
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
Marsh Lane (MARLN)                                                                                                                                                                                                                                                                                                                                                                                      $0.43                                                                   $0.86                                                                                                                  $0.86                                                          $1.72                                                                                                 $1.29                                                 $2.58                                                    $1.72                                                                           $3.44                                                                                            $2.15                                                 $4.30
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
Conflans Road (CONRD)                                                                                                                                                                                                                                                                                                                                                          $0.32                                                                   $0.64                                                                                                                  $0.64                                                          $1.28                                                                                                 $0.96                                                 $1.92                                                    $1.28                                                                           $2.56                                                                                            $1.60                                                 $3.20
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                                                                                                   g
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
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

 Toll                              rates                                         are                          21 cents                                            per                           mile                                 effective                                                                    July 1,                2023.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               87
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         87

=== PDF PAGE 106 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                              2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      NORTH TEXAS TOLLWAY SYSTEM                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Schedule 6
                                                                        ScheduleofHistoricalTraffic,TollRevenuesandNetRevenues                                                                                                                                                                                                                                                                                          (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                                                                                                                                                      Schedule of Historical Traffic, Toll Revenues and Net Revenues
                                                                                                                                                                                                                                                                                                                                                                                                                                                         Year	Ended	December	31,	2024Year Ended December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       (unaudited)(Unaudited)



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Schedule 6

                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Historical Traffic and Toll Revenue
                                                                                                              The table below sets forth the annual revenue vehicle transactions and gross toll revenue with respect to the
                                                                                                              Dallas North Tollway System for the ten calendar years 2015 through 2024:



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Annual
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        revenue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             vehicle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Annual toll
                                                                                                                                                            Year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           revenue
                                                                                                              2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    676,484,779                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           617,488,044
                                                                                                              2016                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    703,094,602                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           665,212,316
                                                                                                              2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    723,247,591                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           712,551,456
                                                                                                              2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    827,610,415                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           841,491,016
                                                                                                              2019                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    847,392,583                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           886,843,140
                                                                                                              2020                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    650,219,349                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           714,035,883
                                                                                                              2021                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    810,083,028                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           898,653,592
                                                                                                              2022                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    877,256,430                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   1,034,979,719
                                                                                                              2023                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    930,931,745                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   1,131,351,793
                                                                                                              2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    945,377,501                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   1,198,341,866




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Historical Net Revenues
                                                                                                              The table set forth below shows the Net Revenues for debt service (as defined by Trust Agreement) of the Dallas
                                                                                                              North Tollway System for the ten calendar years 2015 through 2024:



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Current                                                                                                                    Investment and
                                                                                                              Year                                                                                                                                                                                                                                     Toll revenue                                                                                                                                                                                                expenses                                                                  other earnings                                      Net revenues                                                                                                                   Coverage
                                                                                                              2015                                                                                                                                                                                                                                                                                                                              617,488,044                                                                                                                                                                                                                                                                                                               128,107,355                                                                                                                                                                                                                                                  33,019,683                                                                                                                                                                                                                                                        522,400,372                                                                                                                                                                                                                                                                                                                      1.48
                                                                                                              2016                                                                                                                                                                                                                                                                                                                              665,212,316                                                                                                                                                                                                                                                                                                               131,310,220                                                                                                                                                                                                                                                  43,467,901                                                                                                                                                                                                                                                        577,369,997                                                                                                                                                                                                                                                                                                                      1.48
                                                                                                              2017                                                                                                                                                                                                                                                                                                                              712,551,456                                                                                                                                                                                                                                                                                                               145,516,809                                                                                                                                                                                                                                                  49,612,968                                                                                                                                                                                                                                                        616,647,615                                                                                                                                                                                                                                                                                                                      1.49
                                                                                                              2018                                                                                                                                                                                                                                                                                                                              841,491,016                                                                                                                                                                                                                                                                                                               165,549,908                                                                                                                                                                                                                                                  67,692,654                                                                                                                                                                                                                                                        743,633,762                                                                                                                                                                                                                                                                                                                      1.37
                                                                                                              2019                                                                                                                                                                                                                                                                                                                              886,843,140                                                                                                                                                                                                                                                                                                               174,227,341                                                                                                                                                                                                                                                  72,188,818                                                                                                                                                                                                                                                        784,804,617                                                                                                                                                                                                                                                                                                                      1.42
                                                                                                              2020                                                                                                                                                                                                                                                                                                                              714,035,883                                                                                                                                                                                                                                                                                                               167,312,413                                                                                                                                                                                                                                                  34,543,571                                                                                                                                                                                                                                                        581,267,041                                                                                                                                                                                                                                                                                                                      1.28
                                                                                                              2021                                                                                                                                                                                                                                                                                                                              898,653,592                                                                                                                                                                                                                                                                                                               179,108,106                                                                                                                                                                                                                                                  26,629,436                                                                                                                                                                                                                                                        746,174,922                                                                                                                                                                                                                                                                                                                      1.43
                                                                                                              2022                                                                                                                                                                                                                                                                                                      1,034,979,719                                                                                                                                                                                                                                                                                                                                                                         199,065,743                                                                                                                                                                                                                                                  45,512,657                                                                                                                                                                                                                                                        881,426,633                                                                                                                                                                                                                                                                                                                      1.49
                                                                                                              2023                                                                                                                                                                                                                                                                                                      1,131,351,793                                                                                                                                                                                                                                                                                                                                                                         209,882,404                                                                                                                                                                                                                                                  85,762,294                                                                                                                                                                                                                                1,007,231,683                                                                                                                                                                                                                                                                                                                                                       1.57
                                                                                                              2024                                                                                                                                                                                                                                                                                                      1,198,341,866                                                                                                                                            234,                               182,                                               979                                                        99,730,795                                                                                                                                                        1,063,                                                                       889,                                               683                                                                                                                                              1.56















                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              88







88

=== PDF PAGE 107 ===
                                                                                                                                                                                                                                                                                                                                                                                  2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                           North Texas Tollway System                                                                                                                                                                                                                                                                                             An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                   Schedule of Capitalized Costs by Project
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              NORTH TEXAS TOLLWAY SYSTEM                                                                                                                                                                                                                                                                                                                                                                                                                  Schedule 7
                                                                                                                                                                                                                                                                                                                                                                                                                               (An Enterprise Fund of the North Texas Tollway Authority)As of December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Schedule of Capitalized Costs by Project(unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         As of December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                (Unaudited)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Schedule 7



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Cumulative Total Through
Dallas North Tollway - 3711                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         December 31, 2024
                                                                                                  Preliminary costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             $                                                                                                                                                          17,379,879
                                                                                                  Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               49,485,647
                                                                                                  Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    21,439,096
                                                                                                  Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           2,953,499
                                                                                                  Buildings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           5,580,003
                                                                                                  Land                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    1,714,934
                                                                                                  Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        203,765,224
                                                                                                  Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                771,382
                                                                                                  Accumulated depreciation - equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (771,382)
                                                                                                                                                                                                                                                                                                          Total capitalized costs – Dallas North Tollway                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                302,318,282
Dallas North Tollway Extension - 3712
                                                                                                  Preliminary costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               6,619,071
                                                                                                  Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           8,557,830
                                                                                                  Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    25,116,391
                                                                                                  Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           1,413,506
                                                                                                  Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        231,085,280
                                                                                                                                                                                                                                                                                                          Total capitalized costs – Dallas North Tollway Extension                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           272,792,078
Addison Airport Toll Tunnel - 3741
                                                                                                  Preliminary costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               1,244,082
                                                                                                  Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             617,278
                                                                                                  Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                4,895,697
                                                                                                  Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             295,203
                                                                                                  Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    16,853,636
                                                                                                                                                                                                                                                                                                          Total capitalized cost – Addison Airport Toll Tunnel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        23,905,896
President George Bush Turnpike - Segments I - IV - 3721
                                                                                                  Preliminary costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   18,040,104
                                                                                                  Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               73,274,628
                                                                                                  Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        114,239,012
                                                                                                  Construction in Progress                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            (667)
                                                                                                  Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               25,451,021
                                                                                                  Buildings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               25,518,167
                                                                                                  Land                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    5,578,821
                                                                                                  Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      1,103,149,729
                                                                                                  Intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               65,319,922
                                                                                                  Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            50,298,988
                                                                                                  Accumulated depreciation for buildings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            (16,441,826)
                                                                                                  Accumulated depreciation - equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                (35,295,569)
                                                                                                                                                                                                                                                                                                          Total capitalized cost – President George Bush Turnpike - Segments I - IV                                                                                                                                                                                                                                                                                             1,429,132,330
President George Bush Turnpike - Segment V - 3723
                                                                                                  Preliminary costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               1,596,208
                                                                                                  Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         16,459
                                                                                                  Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                8,981,476
                                                                                                  Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             235,829
                                                                                                  Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    75,190,982
                                                                                                                                                                                                                                                                                                          Total capitalized cost – President George Bush Turnpike - Segment V                                                                                                                                                                                                                                                                                                                                                                     86,020,954

Dallas North Tollway Phase 3 - 3713
                                                                                                  Preliminary costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               5,118,815
                                                                                                  Infrastructure - Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       434
                                                                                                  Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             569,830
                                                                                                  Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    33,329,767
                                                                                                  Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           2,768,748
                                                                                                  Construction In Progress                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              242,920,888
                                                                                                  Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        444,375,469
                                                                                                                                                                                                                                                                                                          Total capitalized cost – Dallas North Tollway Phase 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      729,083,951
Lewisville Lake Toll Bridge - 3761
                                                                                                  Preliminary costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         9,875
                                                                                                  Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         13,177
                                                                                                  Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    14,360,278
                                                                                                  Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             249,620
                                                                                                  Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    99,475,304
                                                                                                                                                                                                                                                                                                          Total capitalized cost – Lewisville Lake Toll Bridge                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 114,108,254







                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    89                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           89

=== PDF PAGE 108 ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
                                                                                                                                                                                                                                                                                                                                                                                                      North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority
                                                                                                                                                                                                                                                                                                                                                               Schedule of Capitalized Costs by Project
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           As of December 31, 2024NORTH TEXAS TOLLWAY SYSTEM                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Schedule 7
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (An Enterprise Fund of the North Texas Tollway Authority)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Schedule of Capitalized Costs by Project(unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 As of December 31, 2024
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Schedule 7

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Cumulative Total Through
                                                                      Sam Rayburn Tollway (121 Tollway) - 3751                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     December 31, 2024
                                                                                                                                                                                    Preliminary costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       $                                                                                                                                                                                                                                                      1,142,464
                                                                                                                                                                                    Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                15,103,568
                                                                                                                                                                                    Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         106,732,876
                                                                                                                                                                                    Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             21,194,398
                                                                                                                                                                                    Construction in Progress                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    (121,329)
                                                                                                                                                                                    Right to use asset                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 1,513,942,411
                                                                                                                                                                                    Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      1,489,220,793
                                                                                                                                                                                                                                                                                                                                                                                                                  Total capitalized cost – Sam Rayburn Tollway (121 Tollway)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             3,147,215,181
                                                                      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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           445,503,010
                                                                                                                                                                                                                                                                                                                                                                                                                  Total capitalized cost – President George Bush Turnpike - Eastern Extension                                                                                                                                                                                                                                                                                                                                                                                   628,556,079
                                                                      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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                48,559,472
                                                                                                                                                                                    Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      30,966,283
                                                                                                                                                                                    Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                549,589
                                                                                                                                                                                    Construction in Progress                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          30,555
                                                                                                                                                                                    Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           982,067,306
                                                                                                                                                                                                                                                                                                                                                                                                                  Total capitalized cost - Chisholm Trail Parkway                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    1,062,173,205
                                                                      MCLB 1977 Construction Fund - 3731
                                                                                                                                                                                    Preliminary costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 483,969
                                                                                                                                                                                    Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 50,778
                                                                                                                                                                                    Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         616,968
                                                                                                                                                                                    Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                379,131
                                                                                                                                                                                    Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      7,370,431
                                                                                                                                                                                                                                                                                                                                                                                                                  Total capitalized cost – MCLB 1977 Construction Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      8,901,277
                                                                      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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              51,634,467
                                                                                                                                                                                    Right-of-way                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  301,281,758
                                                                                                                                                                                    Engineering                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         445,627,934
                                                                                                                                                                                    Construction in Progress                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            242,829,447
                                                                                                                                                                                    Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             61,234,644
                                                                                                                                                                                    Buildings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      31,098,170
                                                                                                                                                                                    Land                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  7,293,755
                                                                                                                                                                                    Roadways                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      6,137,090,587
                                                                                                                                                                                    Right to use asset                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 1,513,942,411
                                                                                                                                                                                    Intangibles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             65,319,922
                                                                                                                                                                                    Machinery and Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          51,070,370
                                                                                                                                                                                    Accumulated depreciation - equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        (36,066,950)
                                                                                                                                                                                    Accumulated depreciation - buildings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (16,441,826)
                                                                                                                                                                                                                                                                                                                                                                                                                  Total capitalized cost as of December 31, 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                             $                                                                                                                                                                                                      8,855,945,315


                                                                                                                                                                                   (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)






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=== PDF PAGE 109 ===
                 2024 ANNUAL COMPREHENSIVE FINANCIAL REPORT
North Texas Tollway System                    An Enterprise Fund of the North Texas Tollway Authority



































          5900 W. Plano Parkway, Plano, Texas 75093
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