
=== PDF PAGE 1 ===
  Annual Comprehensive F inancial Repor  t
  For the F iscal Year Ended August 31, 2025
  (With Independent Auditor’s Repor t)

=== PDF PAGE 2 ===


=== PDF PAGE 3 ===
  Texas Department of Transportation
  An Agency of the State of Texas


  Annual Comprehensive Financial Report
  (With Independent Auditor ’s Report)
  For the Fiscal Year Ended August 31, 2025


  Prepared by:
  Financial Management Division of the Texas Department of Transportation

=== PDF PAGE 4 ===


=== PDF PAGE 5 ===
  Acknowledgements


  Amanda Landry, CPA, Director of Financial Management Division

  Reane Gilder, Deputy Director of Financial Management Division

  Megan Lowary, CPA, Accounting Section Director

  Elzbieta Jochacy, CPA, Financial Reporting Manager




  Yuly Davila Mesa, Team Lead  Anis Golshan, CPA, Team Lead
  Funding & Cash Reconciliation  GASB Research & Reporting

  Hithem Abelgasim  Guadalupe Mata
  Cody Kuehner  Sachin Pandey, CPA
  Eddie Nanez, CPA  Roopa Yarlagadda, CPA
  Isabel Suarez  Carlos Ulloa, CPA
  Brian Kling



  Ning Chen, CPA, Team Lead  Kristiana Lingurovski, Team Lead
  Toll Reporting  Local Receivables

  Kay Braden  Taylor Cepeda
  Ngoc Luong, CPA  Norah Kupenga-Maposa
  Brittany Norris  Lian Fassih-Nia
  Becky Wood, CPA  Mickey Wilson
  Gloryvette Gonzalez-Franqui  Caroline Curtis
  Natasha Thomas

  Other Sections:
  Financial & Business Services, Letting Management, Budget Management
  Accounts Payable, Employee Payments & Accounts Receivable




  Special Appreciation To:
All Districts and Divisions contributed to this report. In particular, we recognize Contract Services, Human Resources,
  Information Technology, Internal Audit, Project Finance and Toll Operations, Right of Way, and Support Services,
  along with many others whose extra time and effort made this possible.

=== PDF PAGE 6 ===


=== PDF PAGE 7 ===
  Texas Department of Transportation
  Annual Comprehensive Financial Report
  For the Fiscal Year Ended August 31, 2025


  TABLE OF CONTENTS

1: INTRODUCTORY SECTION (Unaudited)
  Letter of Transmittal ��������������������������������������������������������������������������������������������������������  1
  Organization Chart ����������������������������������������������������������������������������������������������������������  9
  Commission and Key ������������������������������������������������������������������������������������������������������  11
  Certificate of Achievement for Excellence in Financial Reporting ��������������������������������������������������  13

2: FINANCIAL SECTION
  Independent Auditor ’s  Report ��������������������������������������������������������������������������������������������  16

  Management’s Discussion and Analysis (Unaudited)
  Management’s Discussion and Analysis ��������������������������������������������������������������������������������  22

  Basic Financial Statements
  Entity�wide Financial Statements
  Statement of Net Position ����������������������������������������������������������������������������������������  38
  Statement  of Activities �������������������������������������������������������������������������������������������  40
  Fund Financial Statements
  Governmental Fund Financial Statements
  Balance Sheet ������������������������������������������������������������������������������������������������������  42
  Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ����������  44
  Statement of Revenues, Expenditures and Changes in Fund Balances ������������������������������������  46
  Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in
  Fund Balances to the Statement of Activities ������������������������������������������������������������  47
  Proprietary Funds Financial Statements
  Statement of Net Position ����������������������������������������������������������������������������������������  48
  Statement of Revenues, Expenses and Changes in Net Position �������������������������������������������  50
  Statement of Cash Flows �����������������������������������������������������������������������������������������  52
  Notes to Financial Statements �����������������������������������������������������������������������������������������  55

  Required Supplementary Information Other Than MD&A (Unaudited)
  Budgetary Comparison Schedule �����������������������������������������������������������������������������  121
  Schedules of Net Pension Liability ���������������������������������������������������������������������������  125
  Schedules of Net OPEB Liability �����������������������������������������������������������������������������  127

  Other Supplementary Information - Combining Financial Statements, Schedules and Budget Comparison by
  Strategy
  Governmental Funds
  Major Governmental Funds
  State Highway Funds
  Combining Balance Sheet ����������������������������������������������������������������������������������  133
  Combining Schedule of Revenues, Expenditures and Changes in Fund Balance �������������������  134

=== PDF PAGE 8 ===
  Nonmajor Governmental Funds
  Combining Balance Sheet ����������������������������������������������������������������������������������  137
  Combining Statement of Revenues, Expenditures and Changes in Fund Balances ����������������  138
  Nonmajor General Funds
  Combining Balance Sheet ����������������������������������������������������������������������������������  141
  Combining Schedule of Revenues, Expenditures and Changes in Fund Balances �����������������  142
  Nonmajor Debt Service Funds
  Combining Balance Sheet ����������������������������������������������������������������������������������  145
  Combining Schedule of Revenues, Expenditures and Changes in Fund Balances �����������������  146
  Nonmajor Capital Projects Funds
  Combining Balance Sheet ����������������������������������������������������������������������������������  149
  Combining Schedule of Revenues, Expenditures and Changes in Fund Balances �����������������  150
  Budget Comparison by Strategy ������������������������������������������������������������������������������  151

3: STATISTICAL SECTION (Unaudited)
  Financial Trends Information �������������������������������������������������������������������������������������������  155
  Revenue Capacity Information �����������������������������������������������������������������������������������������  159
  Debt Capacity Information ����������������������������������������������������������������������������������������������  163
  Demographic and Economic Information �����������������������������������������������������������������������������  166
  Operating Information ���������������������������������������������������������������������������������������������������  169

4: OTHER INFORMATION
  Schedule 1A � Schedule of Expenditures of Federal Awards (Unaudited) ����������������������������������������  179
  Schedule 1B � Schedule of State Grant Pass�Throughs from/to State Agencies (Unaudited) ������������������  186
  Schedule 2 � Bond Schedules
  Schedule 2A � Miscellaneous Bond Information ������������������������������������������������������������������  189
  Schedule 2B � Changes in Bonded Indebtedness �����������������������������������������������������������������  191
  Schedule 2C � Debt Service Requirements ������������������������������������������������������������������������  195
  Schedule 2D � Analysis of Funds Available for Debt Service ���������������������������������������������������  209
  Schedule 2E � Defeased Outstanding Bonds ����������������������������������������������������������������������  210
  Schedule 2F � Early Extinguishment and Refunding ��������������������������������������������������������������  211
  Schedule 3 � Matrix of Expenditures Reported by Function � Governmental Funds (Unaudited) ������������  212

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=== PDF PAGE 11 ===
  125 E 11th St | Austin, Texas 78701
  512.463.8588
  txdot.gov

  December 12, 2025

  To:  The Citizens of Texas
  The Honorable Greg Abbott, Governor
  The Honorable Kelly Hancock, Acting Texas Comptroller
  Mr. Jerry McGinty, Director, Legislative Budget Board
  Ms. Lisa Collier, CPA, State Auditor

  I am pleased to submit the audited annual comprehensive financial report of the Texas Department of
  Transportation (TxDOT) for the fiscal year ended Aug. 31, 2025, in compliance with Texas Government Code
  Annotated, Section 2101.11, the requirements established by the Texas Comptroller of Public Accounts and
  the Texas Transportation Code, Chapter 201, Section 2041. The financial data of TxDOT is included in the
  audited State of Texas Annual Comprehensive Financial Report (ACFR) as part of the primary government.

  An external audit firm, CliftonLarsonAllen, LLP (CLA), performed an independent audit, in accordance with
  generally accepted auditing standards in the United States of America (GAAS)  , of TxDOT's basic financial
  statements for the year ended Aug. 31, 2025. The audit opinion is presented in this report preceding the
  financial statements. This report was prepared by the accounting staff in the Financial Management Division of
  TxDOT. TxDOT’s internal accounting controls provide reasonable assurance regarding th  e safeguarding of
  assets against loss from unauthorized use or disposal and the reliability of financial records for preparing
  financial statements. The concept of reasonable assurance recognizes that the cost of a control should not
  exceed the resulting benefit.

  TxDOT Management is responsible for the accuracy of the data in this report as well as for the completeness
  and fairness of presentation. Consequently, management assumes full responsibility for the completeness and
  fairness of all the information presented in the financial statements.  To the best of my knowledge and b elief,
  the financial statements are accurate in all material respects, are reported in a manner that presents fairly the
  financial position and results of TxDOT’s operations and provide disclosures that enable the reader to
  understand TxDOT’s financial condition.

  The Management’s Discussion and Analysis (MD&A) provides a narrative introduction, overview, and analysis
  of the financial activities of TxDOT. We encourage readers to consider the information in this letter of
  transmittal in conjunction with the MD&A.

  PPrrooffiillee  ooff  tthhee  GGoovveerrnnmmeenntt

  TxDOT is an agency of the state of Texas. Headquartered in Austin, TxDOT is organized by districts and
  divisions.

  TxDOT is led by an executive director and governed b y the five-member Texas Transportation Commission. All
  members of the Commission are appointed by the governor. Currently serving the Commission is Acting
  Chairman W. Alvin New and Commissioners Robert C. Vaughn, Alejandro  G. Meade III and Steven D. Alvis. The
  Commission is authorized to issue general obligation and revenue bonds per statutory and constitutional
  provisions.

  TxDOT has the statutory responsibility to coordinate planning, development, and operation of the state’s
  highway system, as well as managing grant funding for public transit, aviation, maritime operations, traffic
  safety, and other services. TxDOT’s mission is “Connecting You with Texas.”

  TxDOT’s goals are to deliver the right projects; focus on the customer; foster stewardship; optimize system
  performance; preserve our assets; promote safety; and value our employees. TxDOT values people,
  accountability, trust, and honesty. This report refl ects the operation of TxDOT and its blended component units.










Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 1

=== PDF PAGE 12 ===
  BBuuddggeettaarryy  CCoonnttrroollss

  Budgetary control is established at the appropriation level set forth by the General Appropriations Act (GAA) on
  a biennial basis. The GAA becomes law after passage by the Legislature, certification by the Texas Comptroller
  of Public Accounts that the amou  nts appropriated are within the estimated collections, and upon the signing of
  the bill by the governor. The budget authority is supported by actual and/or estimated revenue collections
  certified b y the Texas Comptroller. The revenue is all-inclusive, which will account for the State Highway Fund
  and all other funds sources. There are provisions in the GAA that allow TxDOT to increase budget authority, with
  or without LBB/Governor approval, if actual revenue collections exceed estimated amounts presented in
  TxDOT's bill pattern. After the GAA becomes law, the appropriated budgets are entered in the Uniform
  Statewide Accounting System (USAS) and TxDOT’s internal PeopleSoft financial system. The budgetary control
  ensures compliance with any legislative initiatives and/or restrictions contained in the GAA. State budgets are
  requested and appropriated on a biennial cycle for all governmental funds reported by TxDOT.

  SSttaattee  EEccoonnoommyy

  Texas has advantages such as relatively low living costs, an attractive business climate, a central Sunbelt
  location, and a balanced mix of industries that have enabled its economy to grow faster than the nation for
  many years. The services provided by TxDOT directly impact the state’s economy. Over the long -term,  the Texas
  economy benefits in many more ways from TxDOT’s transportation network enhancements, including the
  positive impacts on business costs and productivity, labor market access, attractivenes s to new business,
  residents and tourists, and property values.  Investments in highway maintenance and construction serve as
  an immediate boost to the economy through the employment of workers and the production of construction
  materials.

  LLoonngg--TTeerrmm  FFiinnaanncciiaall  PPllaannnniinngg

  The population of Texas was approximately 29 million  as of the 2020 census. According to the state
  demographer, Texas population is expected to grow to approximately 35 million people by 2030. Population
  growth brings more congestion to urban areas, increases the stress on roads and bridges, and places great  er
  demand on rural highways to support freight movement and travel connections between farms, ranches,
  homes, jobs, and markets.

  The 10-year Unified Transportation Program (UTP), approved by the Texas Transportation Commission, was
  developed with extensive public input. It targets congestion in the state’s most  -po pul ated  ar eas an d in cl ud es
  projects to better connect the major interstates in rural areas with local roads and highways. Also, in outside
  urban areas, the program calls for enhancing and completing interstate highways and addressing the
  continuing needs within the energy sector and along hurricane evacuation routes.

  CCuurrrreenntt  FFiinnaanncciiaall  CCoonnddiittiioonnss

  Summary of Key Funding Sources

  Senate Bill (SB) 1, the General Appropriations Act (GAA), provides the state budget for fiscal years (FY) 2026 -
  2027. It was passed by the Texas Legislature in May 2025 and appropriates $338.02 billion to the state from
  all funding sources, a $16.68 billion (five percent) increase from the FY 2024-2025 General Appropriations
  Act.













Page 2  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 13 ===
  Impact on TxDOT

  Direct appropriations for the Texas Department of Transportation’s (TxDOT) FY 2026 -2027 budget total
  $39.92 billion. TxDOT’s FY 2026  -2027 total appropriations represent an approximately $2.61 billion increase
  compared to the FY 2024-2025 General Appropriatio n s Ac t .

  SB 1 appropriates more than $35.36 billion, or 89 percent, of TxDOT’s total budget to highway improvement
  project development and delivery as well as contracted and routine public roadway maintenance.

  Major revenue sources of the programs are as follows:

  Federal Funds - Approximately 30 percent of TxDOT’s revenue comes from federal funds. TxDOT receives the
  largest share of federal funds from reimbursements for projects that are either already constructed or under
  construction. The federal gasoline tax rate is 18.4 cents per gallon and the diesel tax is 24.4 cents per gallon.
  Federal fuel tax rates have remained the same since 1993, and these rates have not kept up with increased
  federal spending. For this reason, Congress has regularly contributed general  fund dollars to supplement
  transportation funding to the states.

  Motor Fuel s Tax and V ehicle Registration Fees - State motor vehicle fuels tax revenue and vehicle registration
  fees make up approximately 30 percent of traditional, constitutionally dedicated State Highway Fund dollars.
  State motor fuels taxes include taxes on gasoline, diesel fuel, motor fuel lubricants, and liquefied and
  compressed natural gas. Texas’ tax rates on gasoline and diesel have remained at 20 cents per gallon since
  1991. Three-quarters of the state’s motor fuels tax revenue is allocated to the  State Highway Fund, and the
  remaining quarter goes to the state’s Available School Fund. In Texas and many other states, motor fuels tax
  collections have begun to fall short of their ability to meet the ever -rising cost of the transportation projects
  they support. In Texas, voters have subsequently approved measures to supplement road funding by drawing
  revenues from oil and gas production taxes, general state sales tax, and sales tax on motor vehicles and
  rentals as explained in the Proposition 1 and Propo sition 7 summaries below.

  Proposition 1 Funds –  These funds are derived from a portion of oil and gas production taxes that voters
  approved in fiscal year 2014. Pursuant to Section 49-g (c), Article III, Texas Constitution, the funds may be
  used for “constructing, maintaining, and  acquiring rights -of-way for public roadways other than toll roads.”
  Proposition 1 funds are received annually by TxDOT, and the deposit in 2025 totaled $2.74 billion. As originally
  approved by the voters in 2014, Proposition 1 funds were set to expire afte r the FY 2035 (November 2034)
  transfer. The 88th Legislature (Regular Session, 2023) extended the expiration of Proposition 1 fund transfers
  to the State Highway Fund to December 31, 2042. As of September 1, 2025, TxDOT has received $19.1 billion
  from Proposition 1 deposits. The Texas Comptroller of Public Accounts (Comptroller) projected a deposit of
  $2.45 billion for FY 2026 from taxes collected in FY 2025.

  Proposition 7 Funds - On Nov. 3, 2015, Texas voters approved the ballot measure known as Proposition 7 that
  dedicates a portion of the revenue from the state sales and use tax and motor vehicle sales and rental tax to
  the State Highway Fund. Proposition 7 funds are deposited into the State Highway Fund pursuant to Section 7-
  c, Article VIII, Texas Constitution. Under the amendment there are two components of Proposition 7.

  1.  The first involves a portion of the state sales and use tax. Once state sales tax collections exceed $28.0
  billion in a fiscal year, the next $2.5 billion is deposited into the State Highway Fund. TxDOT received a total of
  $2.5 billion in 2025.

  2.  The second component occurs when the state motor vehicle sales and rental tax revenue exceeds $5.0
  billion in a fiscal year. When that happens, 35 percent of the total amount above $5.0 billion is deposited into
  the State Highway Fund. In August 2025, TxDOT received $714 million.

  The 88th Legislature, Regular Session, 2023, extended the expiration dates for both components of
  Proposition 7 –  sales and use tax and motor vehicle sales and rental tax revenues –  for ten years beyond their
  original expiration dates. Accordingly, the sta  te’s sales and use tax transfers into the State Highway Fund were








Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 3

=== PDF PAGE 14 ===
  extended through August 31, 2042, while the motor vehicle sales and rental tax portion was extended through
  August 31, 2039.

  Of the $7.4 billion in Proposition 7 funds appropriated in the FY 2026  -2027 General Appropriations Act, the
  budget dedicates approximately $502.76 million to pay debt service on Proposition 12 General Obligation
  Highway Improvement Bonds. TxDOT will distri bute the remaining $6.9 billion to the development, delivery, and
  maintenance of non-tolled public roadway projects. Based on TxDOT’s 2026-2026 Certification Revenue
  Estimate, TxDOT anticipates receiving the full $2.5 billion in state sales and use tax rev enues in FY 2026,
  dedicated under the Texas Constitution contingent upon revenue collection levels. TxDOT also expects to
  receive $614 million in state motor vehicle sales tax revenues in 2026.

  Texas Mobility Fund - The Texas Mobility Fund was authorized by voters in 2001 to advance transportation
  projects, and the legislature identified revenues to be dedicated to the fund in 2003. The bond proceeds may
  be used to fund the construction, reconstr uction, acquisition, and expansion of state highways and to provide a
  portion of the costs of constructing public transportation projects. A restriction on Texas Mobility Fund Bond
  issuance was temporarily lifted for new issuance (87th Legislature, Regular  Session, 2021). The bond issuance
  restriction will resume Jan. 1, 2027. Until then, TxDOT has authority to issue up to $3.6 billion in Texas Mobility
  Fund Bonds if the capacity allows for the full issuance. The Texas Mobility Fund is a single appropriated  fund,
  but for GAAP reporting purposes, it is presented as two major funds: a debt service fund type and a capital
  project fund type.

  Debt Savings Efforts

  TxDOT has leveraged reduced borrowing rates and federal incentives to deliver large  -scale projects at a faster
  rate. TxDOT retains several obligation tools designed to pay back debt service. TxDOT works diligently to create
  savings opportunities by periodically refinancing the agency’s debt when interest rates are favorable. I n
  October 2024, TxDOT refinanced approximately $840 million in existing Texas Mobility Fund bonds. In the
  fiscal year 2025, the department generated a total savings of $74 million (or  approximately $55 million in
  savings on a present value basis), which would have been paid from fiscal years 2026 to 2045.

  Multimodal Funding

  TxDOT retains limited authorized funding for transportation project services such as public transit, aviation,
  maritime, rail, and other projects. Senate Bill 1 appropriates approximately $860 million for multimodal
  transportation projects and services, including public transit, aviation, maritime, and rail. SB 1 also
  appropriates approximately $80 million in general revenue funding for various specified roadway, pedestrian,
  rail, and aviation projects. SB 1 directs the appropriation of $106.8 million appro  priated in HB 500, the
  supplemental budget, for Aviation Services to provide funding to various projects across the state. HB 500
  appropriates an additional $400 million in general revenue to fund local pedestrian and roadway rail grade
  separation grants, capital budget items, and other transportation projects.

  Both budgets provide just over $900 million for the capital budget needs of TxDOT, including funds for the
  construction and repair of TxDOT buildings and facilities, as well as critical information technology (IT) needs.
  SB 1 also appropriates $3.77 millio n in general revenue for public transit grant funding to adjust for 2020 U.S.
  Census outcomes and maintain per capita program funding at 2010 levels.

  Infrastructure Investment and Jobs Act (IIJA)

  The $1.2 trillion infrastructure bill was signed into law on November 15, 2021, to improve the country’s roads,
  bridges, pipes, ports, and broadband internet connections. Based on formula funding, the entire state of Texas
  expects to receive $35 billion: $ 27.8 billion of which would go toward federal highway programs in Texas; $3.3
  billion to public transportation in both in rural and urban areas ($450 million of the $3.3 billion passes through
  TxDOT); $537 million for bridge rehabilitation and replacement;  $408 million to expand the state’s electric
  vehicle charging network; $173 million for general aviation airports; and $35.48 million for the construction of









Page 4  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 15 ===
  ferry boats and terminals. Only a portion of this funding represents additional funding for Texas. The IIJA will
  provide TxDOT with federal funding through FY 2026.

  MMaajjoorr  IInniittiiaattiivveess

  •  Road to Zero - Road to Zero Safety on our state’s transportation infrastructure is TxDOT’s number one
  priority. Despite the department’s efforts to build and maintain the safest roads and educate Texans
  on safe driving behaviors, traffic fatalities continue to occur. For more than two decades, at least one
  person has died on our roadways every day. To emphasize the department’s commitment that one
  traffic fatality is too many, the Transportation Commission has set a goal  of zero crash fatalities by
  2050, with a starting goal of cutting fatalities in half by 2035. TxDOT will continue investing in the best
  engineering practices to make roads safer, address safety education and assist in enforcement and
  safety awareness programs like Talk. Text. Crash and Click It or Ticket.

  •  Funding Key Priorities in the UTP  - The Texas Transportation Commission approved TxDOT’s 2025
  Unified Transportation Program (UTP) that includes more than $100 billion dedicated to improving
  safety, addressing congestion and connectivity, and preserving ro adways for Texas  drivers.  The
  document covers a 10-year period and is a living document that is updated annually.

  •  “Connec ti ng  you wi th Texas ”  - TxDOT’s mission statement, “Connecting you with Texas,” reflects the
  agency’s purpose. The work TxDOT does  -- including the Texas Transportation Commission’s efforts to
  address traffic congestion in our state through its Texas Clear Lanes (TCL)–  aligns with this mission.
  TCL targets congested corridors in Austin, Dallas, Fort Worth, Houston and San Antonio, the state’s
  most populated regions. TCL was created in response to a directive by Gov. Greg Abbott to the
  Commission to identify and address the state’s most congested chokepoints.

  •  Drive like a Texan - Drive like a Texan: Kind. Courteous. Safe. is TxDOT’s newest traffic safety initiative.
  Led by the Communications Division, Drive like a Texan is intended to become the creative platform
  that provides the messaging foundation for all of TxDOT’s traffic safety campaigns. Drive like a Texan
  is designed to reduce the number of fatalities on Texas roads by inspiring drivers to embrace the
  pride, camaraderie, and responsibility of being a Texan on the road.

  •  Texas Clear Lanes  -- The Texas Transportation Commission continues to address traffic congestion in
  our state through its Texas Clear Lanes (TCL) effort which targets congested corridors in Austin, Dallas,
  Fort Worth, Houston, and San Antonio, the state’s most populated regions. Led by former Commission
  Chairman J. Bruce Bugg, Jr., TCL was created in response to a directive by Gov. Greg Abbott to the
  Commission to identify and address the state’s most congested chokepoints. Since 2015, this
  conges tion relief program has $84 billion of non -tolled projects that are completed,  under
  construction, or planned.

  •  Transportation Safety Campaign - Texas averaged 11.4 fatalities per day due to transportation
  accidents in 2024. With support from executive leadership and funding from the Traffic Safety
  Division, the Communications Division is developing a new statewide  marketing and outreach
  campaign to unify and amplify TxDOT’s traffic safety initiatives. The goal is to inspire a shared
  responsibility to drive safely as a Texan. Our vision is to support TxDOT’s work in reducing the number
  of roadway deaths and injuries  in the state, year over year.

  CCeerrttiiffiiccaattee  ooff  AAcchhiieevveemmeenntt

  Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
  Achievement for Excellence in Financial Reporting to the Texas Department of Transportation for its annual
  comprehensive financial report for the year ended August 31, 2024. The Certificate of Achievement is the
  highest form of recognition for excellence in state and local government financial reporting. To be awarded a
  Certificate of Achievement, a government must publish an easily readable and efficient ly organized









Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 5

=== PDF PAGE 16 ===
  comprehensive annual financial report. This report must satisfy both generally accepted accounting principles
  and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We
  believe that our current annual compreh ensive financial report continues to meet the Certificate of
  Achievement Program’s requirements, and we are submitting it to GFOA to determine its eligibility for another
  certificate.

  PPooppuullaarr  AAnnnnuuaall  FFiinnaanncciiaall  RReeppoorrtt

  Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for
  Outstanding Achievement in Popular Annual Financial Reporting to the  Texas Department of Transportation for
  its Popular Annual Financial Report for the fiscal year August 31, 2024. The Award for Outstanding
  Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance
  with the highest standards for preparation of state and local government popular reports. To receive an Award
  for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular
  Annual Financial Report, whose contents conform to  program standards of creativity, presentation,
  understandability, and reader appeal. We believe our current report continues to conform to the Popular
  Annual Financial Reporting requirements, and we are submitting it to GFOA
  to determine its eligibility for another Award.

  AAcckknnoowwlleeddggmmeennttss

  The preparation of the report requires the efforts of individuals throughout TxDOT, including the dedicated
  efforts of the management and staff of the TxDOT Financial Reports Section; the Financial Management
  Division; and the Project Finance and Toll Operations Division. I sincerely appreciate the efforts of all these
  individuals who continue to help make TxDOT a leader in quality financial reporting.

  Si ncerely,







  Marc D. Williams, P.E.  Stephen Stewart, CPA
  Executive Director  Chief Financial Officer



























Page 6  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 17 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 7

=== PDF PAGE 18 ===
Page 8  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 19 ===
  Texas Department of Transportation
  Organization Chart as of August 31, 2025







  Compliance  Transportation
  Durkop  Commission
  Chief Audit & Compliance
  Oﬃcer
  Internal Audit  Townsend
  Otto  Executive Director
  M. Williams



  Chief of Staff  General Counsel
  Griss  Graham  Civil Rights

  Deputy Executive Director  Deputy Executive Director  Bryant
  Planning & Administration  Program Delivery
  Hendrickson  Barth  Occupational
  Safety
  S. Salazar



  Chief Engineer
  C. Johnson







  Director  Director Strategy  Government  Chief  Director District  Director  Director Project  Chief Financial  Chief Information
  Communications  & Innovation  Affairs  Administrative  & Modal  Operations  Engineering &  Development  Oﬃcer  Oﬃcer
  & Public Affairs  Anderson  Thomas  Oﬃcer  Programs  Vacant  Safety Operations  Bur  S. Stewart  Selissen
  Garcia  Davis  Mays  Butler

  Research &  Contract Services  Alternative  Financial  Information
  Technology  K. Stewart  Aviation  Abilene  Bryan  Houston  Pharr  Bridge  Delivery  Management  Technology
  Communications  Implementation  Harmon  Dearing  Bohne  Allbritton  Alvarez  Farris  Snider  Landry  Selissen
  Hodges  Pete

  Strategic  Fleet Operations  Maritime  Amarillo  Childress  Laredo  San Angelo  Construction  Design
  Trave l  Singleton  Kalhagen  Lankford  Cowen  Milligan  Pike  Project Finance,
  Planning  B. Johnson  E. Gonzalez  Debt & Strategic
  Information  Kemp  Environmental  Contracts
  Henderson  Human Resources  Public  San Antonio  Maintenance  Affairs  Asher
  Young  Transportation  Atlanta  Corpus Christi  Lubbock  Benavidez  Stevenson
  Gleason  *Hale  Walsh  Warren  Booher

  Procurement  Rail  Tyler  Materials & Tests  Professional
  Wood  *Davis  Austin  Dallas  Lufkin  Webb  Barborak  Engineering Proc.
  Ferguson  Clemens  Morris  Services
  Rodin
  Support Services  Transportation  Waco  Traﬃc Safety
  Sweat  Planning &  Beaumont  El Paso  Odessa  Swiatek  Vacant
  Programming  *Vinklarek  Trevino  Lykins  Right of Way
  H. Gonzalez  Madsen
  Wichita Falls
  Brownwood  Fort Worth  Paris  Rohmer  Transportation
  Cedillo  D. Salazar  Paramanantham  Programs
  Yoakum  C. Williams
  Vinklarek






Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 9

=== PDF PAGE 20 ===
Page 10  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 21 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  TEXAS TRANSPORTATION COMMISSION
  as of August 31, 2025


















  W. Alvin New  Robert C. Vaughn
  Commissioner  Commissioner
  San Angelo  Dallas

















  Alejandro “Alex” G.  Steven D. Alvis
  Meade III  Commissioner
  Commissioner  Houston
  Mission















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 11

=== PDF PAGE 22 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  TxDOT ADMINISTRATION
  as of August 31, 2025


  The following is a list of administrators who oversee the Texas Department of Transportation. All TxDOT districts,
  divisions and offices report to a member of the administration, headquartered in Austin.










  Marc Williams  Brandye  Brian Barth  Jeffery Davis  Parsons  Stephen
  Executive Director  Hendrickson  Deputy Executive  Chief  Townsend  Stewart
  Deputy Executive  Director for  Administrative  Chief Audit and  Chief Financial
  Director for  Program Delivery  Officer  Compliance  Officer
  Planning and  Officer
  Administration











  Anh Selissen  Mary Anne  Alejandro  Carl Johnson  Jessica Butler  Trent Thomas
  Chief Information  Griss  Garcia  Chief Engineer  Director of  Director of
  Officer  Chief of Staff  Director of  Engineering and  Government
  Communications  Safety Operations  Affairs
  and Public Affairs











  Caroline Mays  Mohamed  Darran  Jeff Graham
  Director of  “Mo” Bur  Anderson  General Counsel
  Planning and  Director of  Director Strategy
  Modal Programs  Project  and Innovation
  Development












Page 12  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 23 ===
  Government Finance Officers Association
  Certificate of
  Achievement
  for Excellence
  in Financial
  Reporting


  Presented to
Texas Department of Transportation


  For its Annual Comprehensive
  Financial Report
  For the Fiscal Year Ended

  August 31, 2024






  Executive Director/CEO

=== PDF PAGE 24 ===


=== PDF PAGE 25 ===


=== PDF PAGE 26 ===
  CliftonLarsonAllen LLP
  CLAconnect.com





  INDEPENDENT AUDITORS’ REPORT



  Members of the Texas Transportation Commission
  State of Texas


  Report on the Audit of the Financial Statements
  Opinions
  We have audited the accompanying financial statements of the governmental activities, the business-
  type activities, each major fund, and the aggregate remaining fund information of the Texas Department
  of Transportation (TxDOT), an agency of the State of Texas (State), as of and for the year ended
  August 31, 2025, and the related notes to the financial statements, which collectively comprise
  TxDOT’s basic financial statements as listed in the table of contents.

  In our opinion, the financial statements referred to above present fairly, in all material respects, the
  respective financial position of the governmental activities, the business-type activities, each major
  fund, and the aggregate remaining fund information of TxDOT, as of August 31, 2025, and the
  respective changes in financial position, and, where applicable, cash flows thereof for the year then
  ended in accordance with accounting principles generally accepted in the United States of America.

  Basis for Opinions
  We conducted our audit in accordance with auditing standards generally accepted in the United States
  of America (GAAS) and the standards applicable to financial audits contained in  Government Auditing
  Standards, issued by the Comptroller General of the United States. Our responsibilities under those
  standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
  Statements section of our report. We are required to be independent of the State of Texas and to meet
  our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our
  audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
  basis for our audit opinions.

  Emphasis of Matter – Financial Position of the State of Texas
  As discussed in Note 1, the financial statements of TxDOT are intended to present the financial
  position, and the changes in financial position, and, where applicable, cash flows of only that portion of
  the governmental activities, the business-type activities, each major fund, and the aggregate remaining
  fund information of the State of Texas that is attributable to the transactions of TxDOT. They do not
  purport to, and do not, present fairly the financial position of the State, as of August 31, 2025, and the
  changes in its financial position, or, where applicable, its cash flows for the year then ended in
  accordance with accounting principles generally accepted in the United States of America. Our opinions
  are not modified with respect to this matter.








  CLA (CliftonLarsonAllen LLP) is an independent   network member of CLA Global. See CLAglobal.com/disclaimer .






Page 16  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 27 ===
  Members of the Texas Transportation Commission
  State of Texas





  Emphasis of Matter – Adoption of GASB 101
  As discussed in Note 14 to the financial statements, the TxDOT adopted Governmental Accounting
  Standards Board Statement No. 101, Compensated Absences  , effective for the fiscal year ended
  August 31, 2025. This adoption resulted in changes to the recognition and measurement of liabilities for
  compensated absences and a restatement of beginning net position. Our opinions are not modified with
  respect to this matter.

  Emphasis of Matter – Accounting Change Reported Under GASB 100
  As discussed in Note 14 to the financial statements, the TxDOT recorded an accounting change during
  the fiscal year ended August 31, 2025, which was reported in accordance with Governmental
  Accounting Standards Board Statement No. 100, Accounting Changes and Error Corrections. This
  change resulted in a restatement of beginning fund balance for the Texas Mobility Fund. 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.

  Auditors’ Responsibilities for the Audit of the Financial Statements
  Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
  are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 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 TxDOT’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.






Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 17

=== PDF PAGE 28 ===
  Members of the Texas Transportation Commission
  State of Texas





  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, Budgetary Comparison Schedule, Schedules of Net Pension
  Liability  and  Net OPEB Liability be presented to supplement the basic financial statements. Such
  information is the responsibility of management and, although not a part of the basic financial
  statements, is required by the Governmental Accounting Standards Board who considers it to be an
  essential part of financial reporting for placing the basic financial statements in an appropriate
  operational, economic, or historical context. We have applied certain limited procedures to the required
  supplementary information in accordance with GAAS, which consisted of inquiries of management
  about the methods of preparing the information and comparing the information for consistency with
  management’s responses to our inquiries, the basic financial statements, and other knowledge we
  obtained during our audit of the basic financial statements. We do not express an opinion or provide
  any assurance on the information because the limited procedures do not provide us with sufficient
  evidence to express an opinion or provide any assurance.

  Supplementary Information
  Our audit was conducted for the purpose of forming opinions on the financial statements that
  collectively comprise TxDOT’s basic financial statements. The combining financial statements,
  schedules and budget comparison by strategy are presented for purposes of additional analysis and
  are not a required part of the basic financial statements. Such information is the responsibility of
  management and was derived from and relates directly to the underlying accounting and other records
  used to prepare the basic financial statements. The information has been subjected to the auditing
  procedures applied in the audit of the basic financial statements and certain additional procedures,
  including comparing and reconciling such information directly to the underlying accounting and other
  records used to prepare the basic financial statements or to the basic financial statements themselves,
  and other additional procedures in accordance with GAAS. In our opinion, the combining financial
  statements, schedules and budget comparison by strategy are fairly stated, in all material respects, in
  relation to the basic 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, statistical section, Schedules 1A and 1B, Schedule 2,
  and Schedule 3 but does not include the basic financial statements and our auditors’ report thereon.
  Our opinions on the basic financial statements do not cover the other information, and we do not
  express an opinion or any form of assurance thereon.

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










Page 18  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 29 ===
  Members of the Texas Transportation Commission
  State of Texas





  Other Reporting Required by  Government Auditing Standards
  In accordance with Government Auditing Standards  , we have also issued our report dated December
  12, 2025, on our consideration of TxDOT’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 TxDOT’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
  TxDOT’s internal control over financial reporting and  compliance.





  CliftonLarsonAllen LLP

  San Antonio, Texas
  December 12, 2025









































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 19

=== PDF PAGE 30 ===


=== PDF PAGE 31 ===


=== PDF PAGE 32 ===
MANAGEMENT’S  DISCUSSION AND ANALYSIS

  This section of Texas Department of Transportation’s (TxDOT’s) annual financial statements presents our discussion and analysis of
TxDOT’s financial performance during the fiscal year ended Aug. 31, 2025. Readers should use this section in conjunction with TxDOT’s
basic financial statements to further enhance their understanding of TxDOT’s financial performance.

Financial Highlights

  ●  The government�wide financial statements and Statement of Net Position shows assets and deferred outflows totaling $180.3
  billion, an increase of $6.2 billion from fiscal year 2024, while liabilities and deferred inflows equaled $36.9 billion, a decrease
  of $2.6 billion. The increase in assets and deferred outflows was primarily due to the increase in capital assets in amount of $10.6
  billion, which was partly offset with a decrease in cash and cash equivalents in amount of $4.6 billion. The decrease in liabilities
  and deferred inflows was primarily due to the decrease general obligation bonds payable in the amount of $485.0 million,
  the decrease in revenue bonds payable in the amount of $373.4 million, and the decrease in public�private and public�public
  partnerships deferred inflows in the amount of $973.1 million during fiscal 2025. The largest revenue source earned in 2025 was
  from taxes with a total of $8.7 billion. This was followed by operating grants and contributions with $5.8 billion.

  ●  TxDOT ended fiscal year 2025 with a combined fund balance for its governmental funds of $4.1 billion, a decrease of $2.4 billion
  or 36.9 percent, from fiscal year 2024. The fund balance decreased by $2.6 billion in the State Highway Fund primarily due to
  the $1.7 billion PPP Buyout Expenditure and a $731.6 million increase in capital outlay expenditures in fiscal 2025 compared
  to fiscal 2024.  Fund balance increased by $83.1 million in the Texas Mobility Fund Capital Projects Fund, decreased by $14.3
  million in the Texas Mobility Fund Debt Service Fund, and increased by $166.0 million in Nonmajor Funds. Total revenues in
  the governmental funds for fiscal 2025 were $16.3 billion, which were $89.7 million or 0.6 percent greater than the prior year
  amount of $16.2 billion primarily due to the increase in federal revenues collected. Total expenditures in governmental funds for
  fiscal year 2025 were $21.0 billion, which increased by $680.2 million or 3.3 percent from the fiscal year 2024 amount of $20.3
  billion primarily due to the increase in capital outlay, from the increased utilization of Proposition 1 and 7 funds during fiscal 2025.

  ●  TxDOT ended fiscal year 2025 with a combined deficit net position balance for its proprietary funds of $4.8 billion, a decrease
  of $1.7 billion or 53.1 percent from fiscal year 2024. The net position balance increased by $33.0 million in the Central Texas
  Turnpike System, increased by $88.9 million in the Grand Parkway Transportation Corporation, increased by $4.9 million in the
  SH 249 System and decreased by $1.8 billion in the SH 288 System.

  ●  Total operating revenues in the proprietary funds for fiscal 2025 were $760.4 million, which were $14.9 million or 2.0 percent
  higher than the fiscal year 2024 amount of $745.5 million primarily due to a decrease in discounts and allowances. Total operating
  expenses in proprietary funds for fiscal year 2025 were $339.0 million, which decreased by $60.0 million or 15.0 percent from
  the fiscal year 2024 amount of $399.0 million primarily due to the decrease in other operating expenses.

  ●  TxDOT received a total of $3.2 billion in Proposition 7 funds. During fiscal 2025, $2.5 billion was received for state sales and
  use taxes. In Aug. 2025, the department also received $714.1 million of additional Proposition 7 funds for the state motor vehicle
  sales and rental tax revenue.

  ●  TxDOT received a total of $2.7 billion in Proposition 1 funds for oil and natural gas production taxes during fiscal 2025. The
  funding will be used by the state highway fund to assist in the completion of transportation construction, maintenance and
  rehabilitation projects, not to include toll roads.

  ●  On Oct. 8, 2024, TxDOT completed the termination of the SH288 Comprehensive Development Agreement (CDA). To finance
  the termination, TxDOT provided a loan to the Texas Transportation Finance Corporation (TTFC) in the amount of the termination
  compensation, $1.7 Billion, using existing State Highway Funds. This loan was repaid through toll revenue bonds issued by TTFC
  in early October 2025. By transferring this project to state control, TxDOT anticipates that future toll revenues will be able to be
  reduced and will escalate at a slower pace than allowed under the CDA.

Overview of Financial Statements

  The financial section of this annual comprehensive financial report consists of four parts: (1) management’s discussion and analysis
(MD&A), (2) basic financial statements and related notes, (3) required supplementary information other than MD&A, and (4) other
supplementary information presenting combining statements. The report also includes TxDOT’s schedule of expenditures of federal
awards, bond schedules, matrix of expenditures reported by function for governmental funds and Statistical section.





Page 22  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 33 ===
  TxDOT’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of
America (GAAP) applied to governmental units. The basic financial statements include entity�wide financial statements, fund financial
statements and notes to financial statements that provide more detailed information to supplement the basic financial statements.

Entity-wide Financial Statements

  The entity�wide financial statements are designed to present an overall picture of the financial position of TxDOT. These statements
consist of the statement of net position and the statement of activities, which are prepared using the economic resources measurement
focus and the accrual basis of accounting. This means that all the current year ’s revenues and expenses are included regardless of when
cash is received or paid, producing a view of financial position similar to that presented by most private sector companies.

  The statement of net position combines and consolidates TxDOT’s current financial resources with capital assets and long  �term
obligations. This statement includes all of TxDOT’s assets and liabilities. Net position is the difference between TxDOT’s total assets,
and deferred outflows of resources, total liabilities and deferred inflows of resources. Net position represents one measure of TxDOT’s
financial health.

  The statement of activities focuses on both the gross and net cost of various activities (governmental and business�type); these costs
are paid by general taxes and other revenues. This statement summarizes the cost of providing (or the subsidy provided by) specific
government services and includes all current year revenues and expenses.

  The statement of net position and the statement of activities divide TxDOT’s activities into two types.

  ●  Governmental Activities: TxDOT’s basic services are reported here including the activity of all the governmental funds.

  ●  Business�Type Activities: The financial activity associated with the Central Texas Turnpike System (CTTS), Grand Parkway
  Transportation Corporation (GPTC), State Highway 249 (SH 249) System, and State Highway 288 (SH 288) System  is reported
  here.

Fund Financial Statements

  Fund financial statements present financial information with a focus on the most significant funds. Use these statements to find
more detailed information about TxDOT’s most significant activities. A fund is a separate accounting entity with a self�balancing set of
accounts. TxDOT uses funds to keep track of sources of funding and spending related to specific activities.

Governmental Funds

  A majority of TxDOT’s activities are reported in governmental funds. Reporting of these funds focuses on how money flows into
and out of the funds, and amounts remaining at year�end for future spending. Governmental funds are accounted for using the modified
accrual basis of accounting, which measures cash and other assets that can be readily converted to cash. The governmental fund statements
provide a detailed short�term view of TxDOT’s general governmental operations and the basic services it provides. This information
should be helpful to determine whether there are more or less resources available for TxDOT’s programs. The reconciliation following
the fund financial statements explains the differences between the government’s activities, reported in the entity�wide statement of net
position and entity�wide statement of activities, and the governmental funds. The State Highway Fund, the Texas Mobility Fund Debt
Service Fund and Texas Mobility Fund Capital Projects Fund are reported as major funds.

Proprietary Funds

  When TxDOT charges customers for services it provides, these activities are generally reported in proprietary funds. Services provided
to outside (non�governmental) customers are reported in enterprise funds, a component of proprietary funds, and are accounted for using
the economic resources measurement focus and the accrual basis of accounting. These are the same business�type activities reported in
the entity�wide financial statements but are reported here to provide information at the fund level. The CTTS, GPTC, SH 249 System,
and SH 288 System are TxDOT’s only proprietary funds.

Notes to the Financial Statements

  The notes provide additional information that is essential for a full understanding of data provided in the entity–wide and fund
financial statements. The notes to the financial statements can be found immediately following the proprietary fund financial statements.





Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 23

=== PDF PAGE 34 ===
Additional Information

  The Required Supplementary Information (RSI) section immediately follows the basic financial statements and related notes section of
this report. Following the RSI are other statements and schedules, including the combining statements for nonmajor governmental funds.

Financial Analysis of TxDOT as a Whole

Net Position

  Assets – TxDOT’s total assets increased by $6.3 billion during the current fiscal year to $179.2 billion. Capital assets increased
by $10.6 billion during the current fiscal year. Construction in progress and land and land improvements accounted for most of these
additions. See capital assets section of this management’s discussion and analysis for more information on the accounting treatment of
capital assets.

  Deferred Outflow – TxDOT’s total deferred outflow of resources decreased by $55.2 million from fiscal 2024. The change was due
to decrease in loss on bond refunding in amount of $93.2 million, increase in other postemployment benefits in amount of $26.2 million,
increase in pensions in amount of $11.8 million.

  Liabilities – TxDOT’s total liabilities decreased by $1.2 billion during the current fiscal year to $26.0 billion. Noncurrent liabilities
accounted for 82.3 percent of total liabilities.

  Deferred Inflow – TxDOT’s total deferred inflow of resources decreased by $1.4 billion during the current fiscal year to $10.9 billion.

  Net Position – TxDOT’s overall net position increased by 6.5 percent or $8.8 billion from the prior fiscal year. The three components
of net position are:

  ●  Net Investment in Capital Assets: The most significant portion of net position (99.6 percent or $142.7 billion) is net investment
  in capital assets. Capital assets are long�lived in nature and cannot be used to liquidate liabilities. TxDOT’s net investment in
  capital assets is reported net of related debt.

  ●  Restricted Net Position: This portion of net position (3.7 percent or $5.3 billion) is restricted, representing funds that are limited
  to construction activities, payment of debt, or specific programs by law.

  ●  Unrestricted Net Position:  The remaining portion of net position is unrestricted, representing resources not required to be reported
  in the other two components of net position. TxDOT had a deficit unrestricted net position balance of $4.7 billion in fiscal 2025.

  A two�year representation of TxDOT’s net position balances is presented as follows.


  Statement of Net Position
  Aug ust 31, 2025 and 2024 (A mou nts in T housands)

  Governmental Activities  Business-Type Activities  Total Primar y Government
  2025  2024  2025  2024  2025  2024
  A S SETS
  Assets Other Than Capital Assets  $ 12,891,112 $  17,336,456 $  2,094,158  $  1,952,997  $  14,985,270  $  19,289,453
  Capital Assets  161,448,497  150,708,191  2,786,050  2,930,058  164,234,547  153,638,249
  To  t  a  l  A  s  s  e  t  s  174,339,609  168,044,647  4,880,208  4,883,055  179,219,817  172,927,702
  DEFER R ED OUTFLOWS OF
  RESOURCES  876,879  925,298  159,568  166,333  1,036,447  1,091,631
  LIABILITIES
  Cu r rent Liabilit ies  2,549,438  4,489,225  2,052,271  279,826  4,601,709  4,769,051
  Non�cu r rent Liabilit ies  13,729,897  14,673,463  7,717,036  7,811,639  21,446,933  22,485,102
  Total Liabi l it ies  16,279,335  19,162,688  9,769,307  8,091,465  26,048,642  27,254,153
  DEFER R ED I NFLOWS OF
  RESOURCES  10,787,639  12,132,069  111,544  119,179  10,899,183  12,251,248
  N ET POSI T ION
  Net Invest ment in Capital Assets  142,094,546  129,858,662  619,197  644,377  142,713,743  130,503,039
  Rest r icted  4,671,562  6,906,943  652,961  511,352  5,324,523  7,418,295
  Unrestricted  1,383,406  909,583  (6,113,234)  (4,316,985)  (4,729,828)  (3,407,402)
  Total Net Posit ion  $ 148,149,514 $  137,675,188 $  (4,841,076) $  (3,161,256) $  143,308,438  $  134,513,932



















































Page 24  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 35 ===
  TxDOT Total Net Position (Amounts in Thousands)


  $200,000,000




  $150,000,000




  $100,000,000




  $50,000,000




  $0




  $-50,000,000
  Net Investment in Capital Assets  Restricted  Unrestricted  Total Net Position

  2025  2024  2023  2022  2021


Changes in Net Position

  Increases and decreases in the net position measure whether TxDOT’s financial position is improving or deteriorating over time.

  TxDOT earned program revenues of $7.8 billion and general revenues of $9.4 billion, for total revenues of $17.2 billion. The expenses
of TxDOT were $9.6 billion. The total net position increased to $143.3 billion in fiscal year 2025 from $134.5 billion in fiscal year 2024
due to revenues exceeding expenses. Revenues and expenses of TxDOT’s governmental and business�type activities are detailed below.

Governmental Activities

  The change in net position of governmental activities was $10.5 billion compared to $10.0 billion in fiscal 2024. $14.4 billion of
operating grants and contributions and taxes contributed to 87.9 percent of total revenues of $16.4 billion. Total revenues increased by
$186.0 million which was caused mainly by increase in operating grants and contributions in amount of $365.7 million.  Total expenses
increased by $650.6 million from $8.3 billion in fiscal 2024 to $9.0 billion in fiscal 2025. This was due to an increase in transportation
expenses. Additionally, net position was also affected by a Special Item, a PPP Buyout Expenditure in the amount of $842.3 million.

Business�Type Activities

  In fiscal 2025, the net position of business�type activities decreased by a total of $1.7 billion or 53.1 percent from a deficit balance
of $3.2 billion to a deficit balance of $4.8 billion.

  Total revenues increased by $2.6 million or 0.3 percent from $849.5 million in fiscal 2024 to $852.1 million in fiscal 2025. This was
primarily due to decrease in discounts and allowances from the transition from TxDOT to Harris County Toll Road Authority (HCTRA),
who began providing all customer service, customer account maintenance, transponder supply, toll collection, clearinghouse, back office,
toll enforcement, and interoperability functions and services for all toll systems. Total expenses decreased by $62.8 million or 8.9 percent
from $703.7 million in fiscal 2024 to $640.9 million in fiscal 2025 due to the improved stabilization of the back�office system and reduced
reliance on interim technology providers.










Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 25

=== PDF PAGE 36 ===
  Changes in Net Position
  For the Fiscal Years Ended Aug ust 31, 2025 and 2024 (A mou nts in T housands)

  Governmental Activities  Business-Type Activities  Total Primar y Government
  2025  2024  2025  2024  2025  2024
  R EV ENU ES
  Program Revenues:
  Charges for Ser vices  $ 1,203,546  $  1,169,103 $  761,353  $  747,353  $  1,964,899  $  1,916,456
  Operating G rants and Cont r ibutions  5,716,203  5,350,536  90,752  102,121  5,806,955  5,452,657
  Capital G rants and Cont r ibutions  35,672  44,578  35,672  44,578
  Total Prog ram Revenues 6,955,421  6,564,217  852,105  849,474  7,807,526  7,413,691

  General Revenues:
  Appropriations  323,316  274,365  323,316  274,365
  Ta  x e  s  8,662,480  8,718,369  8,662,480  8,718,369
  Unrestricted Investment Ear nings  321,243  566,552  321,243  566,552
  Set tlement of Claims  58,818  50,153  58,818  50,153
  Gain on Sale of Capital Assets  40,457  4,091  40,457  4,091
  Gain on Other Financial Activit y  909  46  909  46
  Other General Revenues  3,535  2,381  3,535  2,381
  Total General Revenues 9,410,758  9,615,957  0  0  9,410,758  9,615,957
  Total Revenues  16,366,179  16,180,174  852,105  849,474  17,218,284  17,029,648

  EX PENSES
  Transpor tation  8,988,838  8,338,204  640,904  703,677  9,629,742  9,041,881
  Total Expenses 8,988,838  8,338,204  640,904  703,677  9,629,742  9,041,881

  Excess (Def iciency) Before Special
  Items and Transfers 7,377,341  7,841,970  211,201  145,797  7,588,542  7,987,767

  Special Item � PPP Loss  (842,674)  (842,674)
  Transfers � Inter nal Activities  1,891,020  30,739  (1,891,020)  (30,739)
  Transfers � Other State Agencies  2,037,234  2,097,839  2,037,234  2,097,839

  Change in Net Position  10,462,921  9,970,548  (1,679,819)  115,058  8,783,102  10,085,606

  Net Position, Begin ning Balance  137,675,188  127,704,640  (3,161,256)  (3,276,314)  134,513,932  124,428,326
  Change in Accou nting Pr inciple*  11,405  11,405
  Net Position, Begin ning Balance, as
  Rest ated  137,686,593  127,704,640  (3,161,256)  (3,276,314)  134,525,337  124,428,326
  Net Position, Ending Balance  $ 148,149,514  $  137,675,188 $  (4,841,075) $  (3,161,256) $  143,308,439  $  134,513,932

  *Change in Accou nting Pr inciple due to GASB 101 t ransition in 2025.


























Page 26  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 37 ===
  Revenues by Source: Governmental Activities

  For the Fiscal Year August 31, 2025


  Other General Revenues: 2.6%Other General Revenues: 2.6%  Charges for Services: 7.4%Charges for Services: 7.4%










  Operating Grants & Contributions: 34.9%Operating Grants & Contributions: 34.9%



  Taxes: 52.9%Taxes: 52.9%





  Appropriations and CapitalAppropriations and Capital
  Grants and Contributions: 2.2%Grants and Contributions: 2.2%



  Expenses and Revenues: Governmental Activities

  For the Fiscal Years August 31, 2025 and 2024 (In Millions)

  $18,000


  $15,000


  $12,000


  $9,000


  $6,000


  $3,000


  $0
  Program Revenues  General Revenues  Total Program & GeneralExpenses
  Revenues


  Fiscal Year 2025  $6,955  $9,411$6,955$9,411  $16,366$16,366  $8,989$8,989
  Fiscal Year 2024  $6,564$6,564  $9,616$9,616  $16,180$16,180  $8,338$8,338













Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 27

=== PDF PAGE 38 ===
  Revenues by Source: Business-Type Activities

  For the Fiscal Year August 31, 2025


  100.0%





  75.0%





  50.0%





  25.0%





  0.0%
  Charges for Services 88.0%  Operating Grants and Contributions 12.0%



  Expenses and Revenues: Business-Type Activities

  For the Fiscal Years August 31, 2025 and 2024 (In Millions)

  $900


  $750


  $600


  $450


  $300


  $150


  $0
  Program Revenues  General Revenues  Total Program & General  Expenses
  Revenues


  Fiscal Year 2025  $852  $0$852$0  $852$852  $641$641
  Fiscal Year 2024  $849$849  $0$0  $849$849  $704$704










Page 28  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 39 ===
Financial Analysis of TxDOT’s Funds

Governmental Funds

  The focus of TxDOT’s governmental funds financial statements is to provide information on how money flows into and out of
the funds, and amounts remaining at year�end for future spending. All major governmental funds are discretely presented on these
financial statements, while the nonmajor governmental funds are combined into a single column. Combining statements for the nonmajor
governmental funds are presented in the Other Supplementary Information section.

  TxDOT’s governmental funds reported a combined ending fund balance of $4.1 billion on Aug. 31, 2025, most of which is allocated
to restricted capital projects. Expenditures exceeded revenues by $4.7 billion. Some project expenditures are funded by revenues collected
in prior years rather than current year revenues.


  TxDOT Governmental Fund Balances, All Funds
  (Amounts  in Thousands)

  $10,000,000

  $9,000,000

  $8,000,000

  $7,000,000

  $6,000,000

  $5,000,000

  $4,000,000

  $3,000,000

  $2,000,000

  $1,000,000

  $0

  $-1,000,000

  $-2,000,000
  Nonspendable  Restricted  Commmitted  Assigned  Unassigned  Total

  2025  2024  2023  2022  2021





























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 29

=== PDF PAGE 40 ===
  TxDOT Governmental Fund Revenues by Source
  (Amounts  in Thousands)

  $18,000,000

  $16,000,000

  $14,000,000

  $12,000,000

  $10,000,000

  $8,000,000

  $6,000,000

  $4,000,000

  $2,000,000

  $0

  $-2,000,000
  2025  2024  2023  2022  2021

  Legislative Appropriations  Taxes  Federal Revenues
  Licenses, Fees and Permits  Interest & Investment Income  Net Increase (Decrease) Fair Value
  Land Income  Settlement of Claims  Sales of Goods and Services
  Other Revenues



  Governmental Fund Expenditures by Use
  (Amounts  in Thousands)

  $24,000,000

  $22,000,000

  $20,000,000

  $18,000,000

  $16,000,000

  $14,000,000

  $12,000,000

  $10,000,000

  $8,000,000

  $6,000,000

  $4,000,000

  $2,000,000

  $0
  2025  2024  2023  2022  2021

  Transportation  Capital Outlay  Debt Service Expenditures

State Highway Fund

  The State Highway Fund is TxDOT’s main operating fund. Overall, the fund balance for the State Highway Fund on Aug. 31, 2025,
was $2.9 billion. Total revenues increased by $157.0 million, or 1.0 percent, to $15.2 billion in fiscal 2025. 94.8 percent of the total
revenue included $8.9 billion of taxes and $5.5 billion of federal revenue. $13.4 billion capital outlay expenditures contributed to 68.8
percent of overall SHF’s expenditures in fiscal 2025. Changes in fund balance was $2.6 billion in fiscal 2025, a decrease of $190.9 million
from fiscal 2024, which was due to increase in revenues in amount of $157.0 million, increase in expenditures in amount of $675.8
million, increase in other financing sources in amount of $2.0 billion. The changes were: revenue increase of $157.0 million, primarily
due to increased oil and natural gas tax and motor vehicle sales and use tax collections during fiscal 2025. In addition, transportation
expenditures increased by $103.7 million and capital outlay increased by $810.8 million due to increased utilization of Proposition 1

Page 30  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 41 ===
and 7 revenues during fiscal 2025. Additionally, a Special Item � PPP Buyout Expenditure of $1.7 billion was recognized in 2025 which
also largely contributed to the $2.6 billion change in fund balance.

Texas Mobility Fund

  The Texas Mobility Fund operates as a revolving fund to provide a method of financing construction, reconstruction, acquisition and
expansion of state highways and other transportation projects. During fiscal 2025, the fund is presented as one debt service fund type to
two distinct major funds: a capital projects fund and a debt service fund.  This presentation is due to an anticipated increase in capital
outlay activity in the fund after the receipt of $1.1 billion in new money bond proceeds in early fiscal 2026.

  The fund balance for the Texas Mobility Fund Capital Projects Fund on Aug. 31, 2025 was $255.4 million, an increase of $83.1
million or 48.3 percent, from $172.3 million in fiscal 2024. Net change in fund balance was $83.1 million in fiscal 2025, an increase
of $50.6 million from fiscal 2024. The change was caused by an increase in revenues of $41.0 million, increase in expenditures of $1.2
million, increase in other financing sources of $10.8 million.  A total of $145.8 million of revenues were deposited to the credit of the
capital projects fund. The major revenue source was $135.1 million of license, fee and permit revenue, which was 92.0 percent of total
fund’s revenue. Transportation expenditures of $94.5 million comprised 91.5 percent of the total expenditures of Texas Mobility Fund �
Capital Projects Fund. Transportation expenditures consist of $75.8 million of intergovernmental payments and $18.7 million of public
assistance payments.

  The fund balance for the Texas Mobility Fund Debt Service Fund on Aug. 31, 2025 was $283.9 million, a decrease of $14.3 million
or 4.8 percent, from $298.2 million in fiscal 2024. Net change in fund balance was $14.3 million in fiscal 2025, a decrease of $31.1
million from fiscal 2024. The change was caused by a decrease in revenues of $19.2 million, increase in expenditures of $9.8 million, and
a decrease in other financing uses of $2.1 million.A total of $302.8 million of revenues were deposited to the credit of the debt service
fund. The major revenue source was $273.8 million of license, fee and permit revenue, which was 90.4 percent of total fund’s revenue.
Refunding bonds in a par amount of $840.3 million and premium of $91.5 million were issued with $927.6 million sent to an escrow
account to achieve debt service savings.

Proprietary Funds

  Proprietary funds are accounted for using the economic resources measurement focus and the accrual basis of accounting. TxDOT has
four major proprietary funds, Central Texas Turnpike System, Grand Parkway Transportation Corporation, State Highway 288 System
and State Highway 249 System. An overview of the financial information of these funds is presented below.

  TxDOT Proprietary Fund Net Position, All Funds
  (Amounts  in Thousands)

  $1,200,000
  $800,000
  $400,000
  $0
  $-400,000
  $-800,000
  $-1,200,000
  $-1,600,000
  $-2,000,000
  $-2,400,000
  $-2,800,000
  $-3,200,000
  $-3,600,000
  $-4,000,000
  $-4,400,000
  $-4,800,000
  $-5,200,000
  $-5,600,000
  $-6,000,000
  $-6,400,000
  $-6,800,000
  Net Investment in Capital Assets  Restricted  Unrestricted  Total Net Position

  2025  2024  2023  2022  2021






Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 31

=== PDF PAGE 42 ===
  TxDOT Proprietary Fund Revenues by Source
  (Amounts  in Thousands)

  $1,000,000
  $900,000
  $800,000
  $700,000
  $600,000
  $500,000
  $400,000
  $300,000
  $200,000
  $100,000
  $0
  $-100,000
  2025  2024  2023  2022  2021


  Operating Revenues  Interest and Investment Income  Miscellaneous Nonoperating Revenue

  Proprietary Fund Expenses
  (Amounts  in Thousands)

  $800,000

  $700,000

  $600,000

  $500,000

  $400,000

  $300,000

  $200,000

  $100,000

  $0
  2025  2024  2023  2022  2021


  Operating Expenses  Interest  Bond Issuance Expense
  Other Financing Fees  Miscellaneous Nonoperating Expense

Central Texas Turnpike System

  The net position of CTTS was $279.1 million as of Aug. 31, 2025, an increase of $33.0 million from fiscal 2024. CTTS’ operating
revenues decreased by $34.4 million or 9.3 percent over fiscal 2024 and its operating expenses also decreased by $40.5 million or 14.2
percent  primarily due to the replacement of the previous back�office system to HCTRA. Depreciation and amortization expense, together
with interest expenses totaled  $196.7 million, which was 53.3 percent, of the total expense of CTTS.

Grand Parkway Transportation Corporation

  GPTC reported a deficit net position of $3.6 billion in fiscal 2025, an increase in net position of $88.9 million over fiscal 2024. GPTC’s
operating revenues in fiscal 2025 increased by $45.6 million, or 13.1 percent over fiscal 2024. The increase was due to increase in toll
revenue � pledged due to increase in toll transactions. In fiscal 2025, GPTC’s total expenses were $267.1 million, which decreased by
$12.1 million or 4.3 percent, over fiscal 2024. The largest expense in fiscal 2025 was $189.0 million of interest expense.

State Highway 249 System

  The net position of State Highway 249 System was $256.3 million as of Aug. 31, 2025, an increase of 2.0 percent over fiscal 2024.
During fiscal 2025, SH 249 System generated $29.4 million in toll revenue, net of allowance for doubtful accounts. The total increase in
net position of $4.9 million was caused by operating revenues in amount of $29.4 million, operating expenses in amount of $16.1 million,
nonoperating expenses in amount of $8.5 million, capital contributions and transfers to fund in amount of $66.0 thousand.

Page 32  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 43 ===
State Highway 288 System

  The SH 288 system fund was created in fiscal 2025 and reports the activity and debt associated with the SH 288 System. The System
consists of four tolled lanes in the center of SH 288, from US 59/I�69 in Harris County to the Harris County/Brazoria County line at Clear
Creek. The SH 288 system reported a deficit net position of $1.8 billion in fiscal 2025. This deficit reflects the combined outstanding
principal and accrued, unpaid interest on the TxDOT SHF Note � an interfund loan received from the State Highway Fund to finance the
buyout of the SH288 managed lanes. During fiscal 2025, SH 288 System did not generate any toll revenue or expenses. The $1.8 billion
reduction in net position resulted from the accrued reimbursement to the State Highway Fund for the SH288 managed lanes buyout. The
cash transfer is scheduled for early fiscal year 2026, following the issuance of bonds to finance the buyout.

Budget Highlights

Variances for the State Highway Fund

  The differences between the original and final revenue budgets are due to economic and legislative reasons. Budget mechanisms
allow budget revisions for certain revenues when collections exceed the original budget. Accordingly, major revisions were made to both
total revenues and expenditures for a net change of $11.8 billion. There was a $34.2 million positive variance between the actual and
final budget revenues. The $180.2 million interest and investment income, $167.5 million licenses, fees and permits variance between
actual and final budget accounted for the majority of the revenue variance. The actual expenditures related to transportation were less
than the final budget by $8.3 billion which represents expenditures expected to be paid in future fiscal years. Construction strategies
can be charged for up to four additional fiscal years and non�construction strategies can be charged for up to two additional fiscal years
after the original appropriation year.

  The budgetary comparison schedule in the Required Supplementary Information section and the Budget Schedule by Strategy in
the Other Supplementary Information section presents comparisons of the legally adopted budget with actual data on a budgetary basis.

Capital Assets  and  Debt Administration

Capital Assets

  TxDOT’s capital assets are comprised of roads, bridges, buildings, land, equipment, and intangible capital assets. As of Aug. 31,
2025, TxDOT had $164.2 billion in net capital assets, a $10.6 billion or 6.9 percent increase over fiscal 2024. The increase was due to
an increase in construction in progress of $4.7 billion, infrastructure � depreciable of $4.3 billion, land and land improvements of $1.6
billion in fiscal 2025. The total accumulated depreciation and amortization for TxDOT as of Aug. 31, 2025 was $39.3 billion.



  Capital Assets - Net of Depreciation and Amortization
  Aug ust 31, 2025 and 2024 (A mou nts in T housands)

  Governmental Activities  Business-Type Activities  Total Primar y Government
  2025  2024  2025  2024  2025  2024
  Land and Land Improvements  $ 22,673,282  $ 21,109,952  $ 725,847  $ 725,847  $ 23,399,129  $ 21,835,799
  Infrastr ucture � Depreciable  106,813,101  102,410,543  2,026,557  2,082,657  108,839,658  104,493,200
  Constr uction in Progress  30,534,638  25,854,152  12,540  23,699  30,547,178  25,877,851
  Buildings and Building Improvements  680,877  623,978  1,354  1,715  682,231  625,693
  Fu r nit u re and Equipment  89,830  77,282  89,830  77,282
  Vehicles, Boats and Aircraf t  394,238  378,313  394,238  378,313
  Other Capital Assets  1,751  1,989  1,751  1,989
  Land Use R ights � Per manent  90,752  90,258  19,466  19,466  110,218  109,724
  Land Use R ights � Ter m  6,092  6,092
  Computer Sof t ware  98,117  79,855  14,894  98,117  94,749
  Buildings and Building Improvements (RT U )  27  18,269  27  18,269
  Land Use R ights � Per manent (RT U )  1,051  1,857  1,051  1,857
  Fu r nit u re and Equipment (RT U )  7,576  12,778  7,576  12,778
  Subscr iptions (RT U )  57,165  48,965  286  61,780  57,451  $ 110,745
  Total Capital Assets  $ 161,448,497  $ 150,708,191  $ 2,786,050  $ 2,930,058  $ 164,234,547  $ 153,638,249


























































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 33

=== PDF PAGE 44 ===
  TxDOT uses the composite approach for reporting the state’s infrastructure and bridges. The composite approach is a method for
calculating depreciation of a grouping of dissimilar assets of the same class (all the roads and bridges of the state) using the same
depreciation rate. The composite depreciation rate for 2025 is 2.5 percent based on a 40�year weighted average life expectancy of the
assets in service.

  To ensure future availability of essential services and to finance capital improvements, TxDOT made commitments for construction
contracts, comprehensive development agreements and pass  �through toll agreements totaling an estimated $24.4 billion. These
commitments extend beyond the end of the fiscal year and represent future costs to TxDOT. Note 2 provides detail about TxDOT’s
capital assets activity and Note 15 details TxDOT’s significant commitments related to future capital expenditures.

Debt Administration

  The Commission, on behalf of TxDOT, issues both general obligation bonds and revenue bonds. Each series of revenue bonds is
backed by pledged revenues and restricted assets specified in the individual bond resolutions. Note 5 discloses details on TxDOT’s long�
term liabilities and Note 6 provides detailed information on TxDOT’s bonded indebtedness.



  Outstanding Bonded Debt
  As of Aug ust 31, 2025 (A mou nt in Thousands)

  Governmental Activities  Business-Type Activities
  2025  2024  2025  2024

  General Obligation Bonds Payable  $ 8,403,874  $ 8,888,898  $  $
  Revenue Bonds Payable  2,369,672  2,684,555  7,184,530  7,243,023
  Total Bonds Payable  $ 10,773,546  $ 11,573,453  $ 7,184,530  $ 7,243,023



















































Bond Credit Ratings

  The outstanding bonds of the Commission and GPTC were rated by the major nationally recognized statistical rating organizations.
As of Aug. 31,2025, the bonds carried the following ratings

  Long-Term Credit Ratings as of August 31, 2025

  Governmental Activities  Fit ch  Moody’s  Standard & Poor’s  K roll
  General Obligation Bonds
  TM F 2009�A, 2014, 2014�A, 2015�A, 2017�A,B  AAA  Aaa  AAA  AAA
  T  M  F  2  014�  B  AAA  Aaa  AAA  n  /a
  T  M  F  2 015�  B  n  /a  Aaa  AAA  AAA
  TMF 2020  AAA  Aaa  n  /a  AAA
  TM F 2024  n  /a  Aaa  AAA  n  /a
  H  I G  O  2 010�A  ,  2 016 ,  2 016�A  ,  2 019  AAA  Aaa  AAA  AAA
  HIGO 2020  AAA  Aaa  n  /a  AAA
  H IG O 2024  n  /a  Aaa  AAA  AAA
  Revenue Bonds
  SH F 2008, 2010, 2015, 2016�A,B, 2024  n  /a  Aaa  AAA  n  /a

  Business-Type Activities
  Revenue Bonds
  CTTS 2002�A, 2020�A,C, CTTS 2024�A,B  A+  A2  A  n  /a
  CTTS 2024�C  A�  A3  A�  n  /a
  GPTC 2013�B,E, 2018�A  AA  n  /a  A  A+  n  /a
  GPTC 2020�A,C  A+  A1  n  /a  n  /a
  GPTC 2020�B  AA  A a1  n  /a  n  /a
  GPTC 2023  AA  A a1  n  /a  n  /a
  SH 249 2019�A,B  n  /a  A3  n  /a  n  /a

























































Page 34  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 45 ===
  Short�term ratings are usually reliant upon the supporting liquidity facility and its strength. The following variable rate demand bonds
 carried short�term credit ratings as of Aug. 31, 2025.


  Short-Term Credit Ratings as of August 31, 2025

  Standard &
  Governmental Activities  Fitch  M o o d y’s  Po o r ’s  K roll
  General Obligation Bonds
  TM F Ser ies 2006�B Var iable Rate Interest Bonds  F 1+  V M IG 1  n  /a  n  /a
  Revenue Bonds
  SH F Ser ies 2014�B Var iable Rate Interest Bonds  n  /a  V M IG 1  A�1  n  /a

  An explanation of the significance of such ratings may be obtained from the company furnishing the rating. The ratings reflect only
the respective views of such organizations, and the Commission makes no representation as to the appropriateness of the ratings. There
is no assurance that such ratings will continue for any given period or that they will not be revised downward or withdrawn entirely by
any or all of such rating companies, if in the judgment of any or all companies, circumstances warrant. Any such downward revision or
withdrawal of such ratings may have an adverse effect on the market price of the bonds.

Economic Condition

  The current economic landscape continues to pose challenges for government agencies, including state departments of transportation
(DOTs), as population growth and vehicle miles traveled persistently outstrip available transportation funding. As of August 2025, the
inflation rate stood at 2.9 percent. Despite these pressures, the Texas economy maintained its upward trajectory throughout 2025. While
the unemployment rate held steady, job growth gained momentum. Over the five fiscal years from 2021 to 2025, a total of 4,067 highway
and bridge construction projects—valued at an estimated $46.1 billion—were let or awarded, with actual awards totaling $45.6 billion.

Contacting TxDOT’s Financial Management

  This financial report is designed to provide a general overview of the TxDOT’s finances. Questions concerning any of the information
provided in this report or requests for additional financial information should be addressed to the TxDOT Financial Management Division
at the following address:

  Texas Department of Transportation
  Financial Management Division – Accounting Section
  125 East 11th Street
  Austin, Texas 78701�2483






























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 35

=== PDF PAGE 46 ===
Page 36  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 47 ===


=== PDF PAGE 48 ===
Texas Department of Transportation
Statement of Net Position
Aug ust 31, 2025 (A mou nts in T housands)
  Pr i mar y G over nment
  Business-Type
  Governmental Activities  Activities  To  t  a  l
A S SETS
  Cur rent Assets:
  Cash and Cash Equivalents  $ 5,302,178  $ 716,072  $ 6,018,250
  Short�Term Investments  9,936  152,022  161,958
  Rest r icted:
  Cash and Cash Equivalents  57,255  1,147,896  1,205,151
  Short�Term Investments  19,834  19,834
  Legislative Appropr iations  611,642  611,642
  Due f rom Other Agencies ( Note 11  )  2,801,365  2,801,365
  Receivable:
  Ta  x e  s  266,831  266,831
  Fe d e r a l  526,599  526,599
  Interest and Dividends  5,073  629  5,702
  Accou nts Receivable  143,258  23,710  166,968
  Other Intergovernmental  257,621  257,621
  Leases ( Note 7  )  488  488
  Loans and Cont racts ( Note 4  )  11,788  11,788
  Consumable Inventor y  179,566  179,566
  P re paid Item s  3  3
Total Cu r rent Assets  10,173,603  2,060,163  12,233,766

  Noncur rent Assets:
  Rest r icted:
  Investments  24,269  24,269
  Loans and Cont racts ( Note 4  )  705,001  705,001
  Investments  14,644  9,726  24,370
  Receivable:
  Ta  x e  s  40  40
  Other Intergovernmental  34,051  34,051
  Leases ( Note 7  )  952  952
  Public�Pr ivate or Public�Public Par t nership Asset ( Note 20)  1,962,821  1,962,821
  Capital Assets:
  Non�Depreciable or Non�A mor tizable ( Note 2)  53,298,672  757,853  54,056,525
  Depreciable or A mor tizable, Net ( Note 2  )  108,149,825  2,028,197  110,178,022
  Total Noncu r rent Assets  164,166,006  2,820,045  166,986,051

Total Assets  174,339,609  4,880,208  179,219,817

DEFER R ED OUTFLOWS OF R ESOU RCES
  Loss on Bond Ref u nding ( Note 21  )  27,052  159,568  186,620
  Pensions ( Note 8  , 21)  145,995  145,995
  Other Postemploy ment Benef its ( Note 10  , 21)  703,832  703,832
Total Defer red Outf  lows of Resou rces  876,879  159,568  1,036,447














  Continued on the following page


Page 38  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 49 ===
Texas Department of Transportation Concluded
Statement of Net Position
Aug ust 31, 2025 (A mou nts in T housands)
  Pr i mar y G over nment
  Business-Type
  Governmental Activities  Activities  To  t  a  l
LIABILITIES
  Cu r rent Liabilit ies:
  Payable s:
  Accounts  2,404,303  41,671  2,445,974
  Pay roll  115,459  115,459
  Interest  185,519  76,718  262,237
  Contract Retainage  65,484  65,484
  Deposits  17,212  17,212
  Inter nal Balances ( Note 11  )  (1,822,475)  1,822,475  0
  Due to Other Agencies ( Note 11  )  3,608  3,608
  Unear ned Revenues  459,720  459,720
  Compensated Absences ( Note 5  )  101,867  101,867
  Claims and Judg ments ( Note 5  , 17)  78,000  78,000
  Notes and Loans Payable ( Note 5  )  75,781  75,781
  General Obligation Bonds Payable ( Note 5  )  385,767  385,767
  Revenue Bonds Payable ( Note 5  )  327,066  105,313  432,379
  Pollution Remediation Obligation ( Note 5  )  22,266  22,266
  Net OPEB Liabilit y ( Note 10  )  101,140  101,140
  R ight�to�Use Lease Obligations ( Note 5, 7)  4,091  4,091
  R ight�to�Use Subscr iption Obligations ( Note 5, 7)  24,630  6,094  30,724
  Total Cu r rent Liabilities  2,549,438  2,052,271  4,601,709
  Noncu r rent Liabilit ies:
  Compensated Absences ( Note 5  )  32,351  32,351
  Claims and Judg ments ( Note 5  , 17)  5,000  5,000
  Notes and Loans Payable ( Note 5  )  826,597  637,819  1,464,416
  General Obligation Bonds Payable ( Note 5  )  8,018,107  8,018,107
  Revenue Bonds Payable ( Note 5  )  2,042,606  7,079,217  9,121,823
  Net Pension Liabilit y ( Note 8  )  736,045  736,045
  Net OPEB Liabilit y ( Note 10  )  2,046,005  2,046,005
  R ight�to�Use Lease Obligations ( Note 5, 7)  3,923  3,923
  R ight�to�Use Subscr iption Obligations ( Note 5, 7)  19,263  19,263
  Total Noncu r rent Liabilities  13,729,897  7,717,036  21,446,933
Tot al Liabilit ies  16,279,335  9,769,307  26,048,642
DEFER R ED I NFLOWS OF R ESOU RCES
  Public�Pr ivate and Public�Public Par t nerships ( Note 20,  21)  9,644,750  9,644,750
  Gain on Bond Ref u nding ( Note 21  )  64,521  111,544  176,065
  Pensions ( Note 8  , 21)  146,261  146,261
  Other Postemploy ment Benef its ( Note 10  ,  21)  463,342  463,342
  Leases ( Note 7  ,  21)  2,965  2,965
  Time�Rest r icted Appropr iations ( Note 21)  465,800  465,800
Total Defer red Inf  lows of Resou rces  10,787,639  111,544  10,899,183
N ET POSI T ION
  Net Invest ment in Capital Assets  142,094,546  619,197  142,713,743
  Restricted for:
  Transpor tation � Const r uction  4,479,695  164,287  4,643,982
  Transpor tation � Operations and Maintenance  37,742  213,127  250,869
  Debt Ser vice  154,125  275,547  429,672
  Unrestricted  1,383,406  (6,113,233)  (4,729,827)
Total Net Position  $ 148,149,514  $ (4,841,075)  $ 143,308,439

The accompanying notes to the f inancial statements are an integ ral par t of this f inancial statement.





Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 39

=== PDF PAGE 50 ===
Texas Department of Transportation
Statement  of Activities
For the Fiscal Year Ended Aug ust 31, 2025
(A mou nts in T housands)



  PROGR A M R EV ENU ES

  Operat ing  Capital
  Charges for  Grants and  Grants and
Functions  Expenses  Ser vices  Contr ibut ions  Contr ibut ions
Primary Government
  Gover n ment al Act iv t ies:
  Transpor tation  $ 8,988,838 $ 1,203,546  $ 5,716,203  $ 35,672
  Total Gover n mental Activities  8,988,838  1,203,546  5,716,203  35,672
  Busi ness�Ty pe Act ivit ies:
  Transpor tation  640,904  761,353  90,752
  Total Business�Type Activities  640,904  761,353  90,752  0
Total Pr imar y Gover n ment  $ 9,629,742  $ 1,964,899  $ 5,806,955  $ 35,672



  General Revenues:
  Legislative Appropr iations
  Motor Fuel Tax
  Lubr icant Sales Tax
  Oil and Nat u ral Gas Production Tax
  Motor Vehicle & Mfg Housing
  Unrestricted Investment Ear nings
  Set tlement of Claims
  Gain on Sale of Capital Assets
  Gain on Other Financial Activit y
  Other Revenues
  Spe cial it em�PPP L oss
  Transfers – Inter nal Activities ( Note  11  )
  Transfers – Other State Agencies
  Total General Revenues, Special Items, and Transfers
  Changes in Net Position

  Net Position, September 1, 2024
  Restatements ( Note  14  )
  Net Position, September 1, 2024, As Restated
  Net Position, Aug ust 31, 2025

  Continued on the following page














Page 40  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 51 ===
Texas Department of Transportation (Concluded)
Statement  of Activities
For the Fiscal Year Ended Aug ust 31, 2025
(A mou nts in T housands)

  NET (EXPENSE) REVENUE
  AND CHANGES IN NET POSITION

  Business-
  G over nment al  Ty  p  e
  Activities  Activties  To  t  a  l



$ (2,033,417)  $  $ (2,033,417)
 (2,033,417)  0  (2,033,417)

  211,201  211,201
 0  211,201  211,201
 (2,033,417)  211,201  (1,822,216)




 323,316  323,316
 2,884,674  2,884,674
 2,539,500  2,539,500
 2,524,239  2,524,239
 714,067  714,067
 321,243  321,243
 58,818  58,818
 40,457  40,457
 909  909
 3,535  3,535
 (842,674)  (842,674)
 1,891,020  (1,891,020)  0
 2,037,234  2,037,234
 12,496,338  (1,891,020)  10,605,318
 10,462,921  (1,679,819)  8,783,102

 137,675,188  (3,161,256)  134,513,932
 11,405  11,405
 137,686,593  (3,161,256)  134,525,337
$ 148,149,514  $ (4,841,075)  $ 143,308,439

The accompanying notes to the f inancial statements are an integ ral par t of this f inancial statement.














Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 41

=== PDF PAGE 52 ===
Texas Department of Transportation
Balance Sheet - Governmental Funds
Aug ust 31, 2025 (A mou nts in T housands)

  State  Texas Mobi l it y  Texas Mobi l it y
  H ighway  Fund - Debt  Fund - Capital  Nonmajor
  Fund  Ser vice  Projects  Funds  To  t  a  l
A S SETS
  Cash and Cash Equivalents:
  Cash on Hand  $ 30  $  $  $ 1  31
  Cash in Ban k  5,870  5,870
  Cash in State Treasu r y  3,954,664  273,061  270,460  611,878  5,110,063
  Cash Equivalents  186,214  186,214
  Short�Term Investments  9,936  9,936
  Legislative Appropr iations  611,642  611,642
  Receivables:
  Ta  x e  s  266,871  266,871
  Fe d e r a l  485,483  10,834  30,282  526,599
  Other Intergovernmental  291,672  291,672
  Interest and Dividends  5,073  5,073
  Accou nts Receivable  143,258  143,258
  Leases ( Note 7  )  1,440  1,440
  Due f rom Other Fu nds ( Note 11  )  1,877,596  3,519  1,881,115
  Due f rom Other Agencies ( Note 11  )  2,800,285  1,080  2,801,365
  Consumable Inventories  179,566  179,566
  P re paid Item s  3  3
  Invest ments ( Note 3)  14,644  14,644
  Loans and Cont racts ( Note 4  )  316,789  400,000  716,789
  Rest r icted:
  Cash Equivalents  57,255  57,255
Total Assets  $ 10,596,649  $ 283,895  $ 270,460  $ 1,658,402  $ 12,809,406



















  Continued on the following page




Page 42  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 53 ===
Balance Sheet - Governmental Funds
Aug ust 31, 2025 (A mou nts in T housands)


  State  Texas Mobi l it y Texas Mobi l it y
  H ighway  Fund - Debt  Fund - Capital  Nonmajor
  Fund  Ser vice  Projects  Funds  To  t  a  l
LI A BILITIES, DEFER R ED I NFLOWS OF
R ESOU RCES, A N D FU N D BA LA NCES
  Liabilities:
  Payable s:
  Accounts  2,337,312  11,955  55,036  2,404,303
  Pay roll  115,142  318  115,460
  Contract Retainage  65,484  65,484
  Deposits  17,212  17,212
  Due to Other Fu nds  ( Note 11  )  38,746  3,128  16,766  58,640
  Due to Other Agencies ( Note 11  )  3,608  3,608
  Unear ned Revenues  7,771  451,949  459,720
  Tot al Liabilit ies  2,585,275  0  15,083  524,069  3,124,427

  Defer red Inf  lows of Resou rces:
  Unavailable Revenue ( Note 21)  2,768,047  4,554  2,772,601
  Leases ( Note 7  )  2,965  2,965
  Public�Pr ivate or Public�Public Par t nerships ( Note 20) 2,317,577  2,317,577
  Time�Rest r icted Appropr iations ( Note 21)  465,800  465,800
  Total Defer red Inf  lows of Resou rces  5,088,589  0  0  470,354  5,558,943

  Fu nd Bala nce s:
  Nonspendable  ( Note 13)  179,569  400,000  579,569
  Rest r icted ( Note 13  )  2,246,524  283,895  37,315  2,567,734
  Com mit ted ( Note 13  )  986,830  255,377  85,376  1,327,583
  Assig ned ( Note 13  )  317,487  2,177  319,664
  Unassig ned ( Note 13  )  (807,625)  139,111  (668,514)
  Total Fu nd Balances  2,922,785  283,895  255,377  663,979  4,126,036

Total Liabilities, Defer red Inf  lows of Resou rces, and Fu nd Balances$ 10,596,649  $ 283,895  $ 270,460  $ 1,658,402  $ 12,809,406


The accompanying notes to the f inancial statements are an integ ral par t of this f inancial statement.






















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 43

=== PDF PAGE 54 ===
Texas Department of Transportation
Reconciliation of the Governmental Funds Balance Sheet to
the Statement of Net Position
Aug ust 31, 2025 (A mou nts in T housands)

Total Fu nd Balance � Gover n mental Fu nds  $ 4,126,036

A mou nts repor ted for gover n mental activities in the Statement of Net Position are different because:
Capital Assets to be received at the conclusion of Public�Pr ivate or Public�Public Ag reements are included in the
Statement of Net Position  1,962,821
  Capital assets less accu mulated depreciation and amor tization are included in the Statement of Net Position
  ( Note 2).
  Capital Assets � Non�Depreciable or Non�A mor tizable  53,298,672
  Capital Assets � Depreciable or A mor tizable, Net  108,149,825
  161,448,497
  Defer red inf  lows of resou rces were repor ted in the f u nds related to revenues that were not available soon
  enough af ter year�end to pay cu r rent year’s expendit u res ( Note 21).  2,772,600


  Defer red inf  lows of resou rces were repor ted in the Statement of Net Position to ref  lect the u namor tized capital
  improvements u nder Public�Pr ivate or Public�Public Par nerships, gain on bond ref u ndings, and the impact of
  pension and other postemploy ment benef it adjust ments ( Note 21  ).  (8,001,295)


  Defer red outf  lows of resou rces were repor ted in the Statement of Net Position to ref  lect the loss on bond
  ref u ndings and the impact of pension and other postemploy ment benef it adjust ments ( Note 21  ).  876,879

  Long�ter m liabilities applicable to Tx DOT’s gover n mental activities are not due and payable in the cu r rent
  per iod and accordingly are not repor ted in the f u nds. These liabilities, however, are included in the Statement
  of Net Position. ( Note 5  , 7, 8, 10)
  Compensated Absences  (134,218)
  Claims and Judg ments  (83,000)
  Notes and Loans Payable**  (902,378)
  General Obligation Bonds Payable  (8,403,874)
  Revenue Bonds Payable  (2,369,672)
  Pollution Remediation Obligations  (22,266)
  Net Pension Liabilit y  (736,045)
  Right�to�Use Lease Obligations  (8,014)
  Right�to�Use Subscription Obligations  (43,893)
  Net OPEB Liabilit ies  (2,147,145)
  (14,850,505)*
* Cu r rent por tion $1,120,609 and noncu r rent por tion $13,729,896
**Pass�Th rough Tolls Payable $296,515, Cont racts Payable $12,000
TIFI A Loan Payable $323,296, TPFA Note Payable $270,568

Interest payable applicable to Tx DOT’s gover n mental activities is not due and payable in the cu r rent per iod and
accordingly is not repor ted in the f u nds. These liabilities, however, are included in the Statement of Net Position.  (185,519)

Net Position of Gover n mental Activities  $ 148,149,514

The accompanying notes to the f inancial statements are an integ ral par t of this f inancial statement.




Page 44  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 55 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 45

=== PDF PAGE 56 ===
Texas Department of Transportation
Statement of Revenues, Expenditures and
Changes in Fund Balances - Governmental Funds
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  Te  x  a  s
  State  Te  x  a  s  Mobility  Texas Mobi l it y
  H ighway  Mobility  Fund - Debt  Fund - Capital  Nonmajor
  Fund  Fund  Ser vice  Projects  Funds  To  t  a  l
R EV ENU ES
  Legislative Appropr iations  $  $  $  $  $ 323,316  $ 323,316
  Ta  x e  s  8,877,112  8,877,112
  Federal Revenues  5,495,270  21,720  184,824  5,701,814
  Federal Pass�Th rough Revenues  9,125  9,125
  Licenses, Fees and Permits  375,328  273,772  135,142  269  784,511
  Interest & Invest ment Income  292,222  7,289  10,590  12,537  322,638
  Net Increase Fair Value  784  784
  Land Income  28,413  28,413
  Set tlement of Claims  58,818  58,818
  Sales of Goods and Ser vices  22,303  148,222  170,525
  Other Revenues  3,511  24  3,535
Total Revenues  15,153,761  0  302,781  145,756  678,293  16,280,591

EXPENDITURES
Cu r rent:
  Transpor tation  5,984,298  94,456  123,874  6,202,628
  Capit al O utlay  13,412,547  4,422  183,611  13,600,580
  Debt Ser vice:
  Pr incipal  99,498  186,380  435,480  721,358
  Interest  8,159  222,611  249,288  480,058
  Other Financing Fees  596  4,335  4,931
Total Expendit u res  19,505,098  0  408,991  103,213  992,253  21,009,555
  Excess (Def iciency) of Revenues
  Over ( Under) Expendit u res  (4,351,337)  0  (106,210)  42,543  (313,960)  (4,728,964)

OTH ER FI NA NCI NG SOU RCES ( USES)
  Transfers In ( Note 11  )  4,082,087  87,792  42,428  626,022  4,838,329
  Transfers Out ( Note 11  )  (762,972)  (1,841)  (147,651)  (912,464)
  Bonds Issued for Ref unding  840,260  840,260
  Premiu m / Discou nt on Bonds Issued  91,530  91,530
  Pay ment to Escrow for Ref u nding  (927,631)  (927,631)
  Increase in Obligations for Leases & Subscr iptions  39,520  39,520
  Sale of Capital Assets  56,717  1,583  58,300
Total Other Financing Sou rces ( Uses)  3,415,352  0  91,951  40,587  479,954  4,027,844

SPECIAL ITEMS
  Special Item � PPP Buyout Expendit u re  1,708,429  1,708,429
Net Change in Fu nd Balances  (2,644,414)  0  (14,259)  83,130  165,994  (2,409,549)
Fu nd Balances, September 1, 2024  5,567,199  470,401  497,985  6,535,585
Restatements ( Note 14  )  0  (470,401)  298,154  172,247  0  0
Fu nd Balances, September 1, 2024 as Restated  5,567,199  0  298,154  172,247  497,985  6,535,585
Fu nd Balances, Aug ust 31, 2025  $ 2,922,785  $ 0  $ 283,895  $ 255,377  $ 663,979  $ 4,126,036

The accompanying notes to the f inancial statements are an integ ral par t of this f inancial statement.









Page 46  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 57 ===
Texas Department of Transportation
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures and Changes in Fund Balances to the Statement of Activities
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

Net Change in Fund Balances  $ (2,409,549)

  Gover n mental f u nds repor t capital outlays as expendit u res. In the Statement of Activities, however, the cost of
  those assets is allocated over their estimated usef ul lives and repor ted as depreciation expense. The amou nt by
  which capital outlay exceeds depreciation in the cu r rent per iod is:

  Capit al O utlay  13,600,580
  Depreciation and A mor tization Expense ( Note 2)  (3,050,572)
  10,550,008
  The effect of var ious miscellaneous t ransactions involving capital assets and leases is an increase to net position.

  Donations of Capital Assets  35,672
  Gain on Sale of Capital Assets  40,457
  Gain on Early Ter mination of Lease  909
  Sale of Capital Assets  (58,300)
  Increase in Obligations for Leases  (137)
  Increase in Obligations for Subscr iptions  (39,383)
  Interagency Transfers of Capital Assets  2,391
  (18,391)
  Revenues that do not provide cu r rent f inancial resou rces are not repor ted in the gover n mental f u nds, but are
  repor ted in the Statement of Activities.

  Concession Revenues  208,102
  OPEB�Related G rant Revenue  124
  Fe d e r a l  R e ve n u e  2,955
  L ocal Revenue  11,995
  Oil & Nat u ral Gas Production Tax Revenue  (215,565)
  Motor Fuels Tax Revenue  934
  8,545
  Repay ment of long�ter m debt consu mes cu r rent f inancial resou rces and is an expendit u re in the gover n mental
  f u nds, but reduces long�ter m liabilities in the Statement of Net Position.

  Bonds Issued for Ref unding  (840,260)
  Premiu ms on Bonds Issued  (91,530)
  Pay ment to Escrow for Ref u nding  927,631
  Repay ment of Bond and Note Pr incipal  687,626
  Pay ment of Debt Ser vice Pr incipal For R ight�to�Use Leases & Subscr iptions  33,732
  Net Change in Pollution Remediation Obligation  (3,831)
  Net Change in Compensated Absences  (11,278)
  Claims and Judgements  67,000
  769,090
  Some expenses repor ted in the Statement of Activities do not require the use of cu r rent f inancial resou rces and
  therefore are not repor ted as expendit u res in gover n mental f u nds.

  Interest and A mor tization Expense  141,208
  Pay roll Related Costs  556,255
  697,463
  A por tion of the special item was repor ted in the gover n mental f u nd as an expendit u re. In the Statement of
  Net Position, that por tion was applied as a reduction to the defer red inf  low recorded for the outstanding PPP
  agreement

  Spe cial it em�PPP L oss  865,755
  865,755

Change in Net Posit ion of Governmental Act iv it ies  $ 10,462,921

The accompanying notes to the f inancial statements are an integ ral par t of this f inancial statement.

Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 47

=== PDF PAGE 58 ===
Texas Department of Transportation
Statement of Net Position - Proprietary Funds
Aug ust 31, 2025 (A mou nts in T housands)
  Business-Ty pe Act iv it ies - Enter prise Funds
  Central Texas  Grand Parkway
  Tu  r  n  p  i  k  e  Transportation  SH 249  SH 288
  System  Cor porat ion  System  System  To  t  a  l  s
A S SETS
  Cur rent Assets:
  Cash and Cash Equivalents:
  Cash and Cash Equivalents  $ 54,306  $ 610,498  $ 51,268  $  $ 716,072
  Short�Term Investments  19,834  132,188  152,022
  Rest r icted:
  Cash and Cash Equivalents  585,856  510,285  51,755  1,147,896
  Short�Term Investments  19,834  19,834
  Accou nts Receivable  15,252  7,809  649  23,710
  Interest and Dividends  260  261  108  629
  Due f rom Other Fu nds ( Note 11  )  14,153  6,974  504  21,631
  Total Cu r rent Assets  709,495  1,268,015  104,284  0  2,081,794


  Noncur rent Assets:
  Rest r icted:
  Investments  9,708  14,561  24,269
  Investments  9,726  9,726
  Non�Depreciable or Non�A mor tizable ( Note 2)  699,484  58,369  757,853
  Depreciable or A mor tizable, Net ( Note 2  )  1,655,232  372,965  2,028,197
  Total Noncu r rent Assets  2,364,424  9,726  445,895  0  2,820,045
Total Assets  3,073,919  1,277,741  550,179  0  4,901,839


DEFER R ED OUTFLOWS OF R ESOU RCES
  Defer red Outf  lows of Resou rces
  Loss on Bond Ref u nding ( Note 21  )  10,441  149,127  159,568
Total Defer red Outf  lows of Resou rces  10,441  149,127  0  0  159,568

Continued on the following page


























Page 48  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 59 ===
Texas Department of Transportation
Statement of Net Position - Proprietary Funds
Aug ust 31, 2025 (A mou nts in T housands)
  Business-Ty pe Act iv it ies - Enter prise Funds
  Central Texas  Grand Parkway
  Tu  r  n  p  i  k  e  Transportation  SH 249  SH 288
  System  Cor porat ion  System  System  To  t  a  l  s
LIABILITIES
  Cu r rent Liabilit ies:
  Payable s:
  Accounts  23,602  17,622  447  41,671
  Interest  4,160  71,908  650  76,718
  Due to Other Fu nds ( Note 11  )  11,680  25,299  419  1,806,708  1,844,106
  Revenue Bonds Payable ( Notes 5  , 6)  93,601  11,397  315  105,313
  Subscr iption Obligations ( Notes 5, 7)  6,094  6,094
  Total Cu r rent Liabilities  139,137  126,226  1,831  1,806,708  2,073,902


  Noncu r rent Liabilit ies:
  Notes and Loans Payable ( Notes 5)  637,819  637,819
  Revenue Bonds Payable ( Notes 5  , 6)  2,569,258  4,217,883  292,076  7,079,217
  Total Noncu r rent Liabilities  2,569,258  4,855,702  292,076  0  7,717,036
Tot al Liabilit ies  2,708,395  4,981,928  293,907  1,806,708  9,790,938

DEFER R ED I NFLOWS OF R ESOU RCES
  Defer red Inf  lows of Resou rces
  Gain on Bond Ref u nding ( Note 21  )  96,845  14,699  111,544
Total Defer red Inf  lows of Resou rces  96,845  14,699  0  0  111,544


N ET POSI T ION
  Net Invest ment in Capital Assets  388,856  230,341  619,197
  Restricted for:
  Transpor tation � Const r uction  150,836  13,451  164,287
  Transpor tation � Operations and Maintenance  81,758  112,162  19,207  213,127
  Debt Ser vice  171,989  103,558  275,547
  Unrestricted  (514,319)  (3,785,479)  (6,728)  (1,806,708)  (6,113,234)
Total Net Position  $ 279,120  $ (3,569,759)  $ 256,271  $ (1,806,708)  $ (4,841,076)


The accompanying notes to the f inancial statements are an integ ral par t of this f inancial statement.






















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 49

=== PDF PAGE 60 ===
Texas Department of Transportation
Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  Business-Ty pe Act iv it ies - Enter prise Funds
  Central Texas  Grand Parkway
  Tu  r  n  p  i  k  e  Transportation  SH 249  SH 288
  System  Cor porat ion  System  System  To  t  a  l  s
OPER ATI NG R EV ENU ES
  Toll Revenue � Pledged  $ 311,477  $ 393,320  $ 29,410  $  $ 734,207
  Fee Revenue � Pledged  16,684  16,684
  Other Sales Goods & Ser vices�Pledged  9,475  9,475
  Total Operating Revenues  337,636  393,320  29,410  0  760,366

OPER  AT I NG EX PENSES
  Salar ies  2,727  4,025  323  7,075
  Professional Fees and Services  43,768  30,359  2,372  76,499
  Travel  2  2  4
  Mater ials and Supplies  934  479  26  1,439
  Communication and Utilities  1,685  320  2,005
  Repairs and Maintenance  65,139  18,974  1,529  85,642
  Rentals and Leases  2  8  10
  Contracted Ser vices  43,551  6,644  347  50,542
  Adver t isi ng  305  103  5  413
  Depreciation and A mor tization  77,829  10,010  87,839
  Other Operating Expenses  8,891  17,167  1,439  27,497
  Total Operating Expenses  244,833  78,081  16,051  0  338,965

Operating Income  92,803  315,239  13,359  0  421,401

NONOPER ATI NG R EV EN U ES ( EX PENSES)
  L ea se Revenue  987  987
  Interest and Invest ment Income  31,158  47,643  4,317  83,118
  Net Increase in Fair Value of Invest ments  1,685  5,412  537  7,634
  Amor tization  16,396  8,573  315  25,284
  Interest Expense  (118,853)  (188,957)  (13,667)  (321,477)
  (Loss) on Sale of Capital Asset  (5,319)  (5,319)
  Other Financing Fees  (35)  (68)  (25)  (128)
  Other Nonoperating Expenses  (263)  (36)  (299)
  Total Nonoperating Revenues (Expenses)  (74,244)  (127,433)  (8,523)  0  (210,200)
Income before Capital Cont r ibutions and Transfers  18,559  187,806  4,836  0  211,201

CA PITA L CONTR IBUTIONS A N D TR A NSFERS
  Capital Cont ributions  328  328
  Transfers In ( Note 11  )  14,486  14,486
  Transfers Out ( Note 11  )  (98,864)  (262)  (1,806,708)  (1,905,834)
  Total Capital Cont r ibutions and Transfers  14,486  (98,864)  66  (1,806,708)  (1,891,020)
Change in Net Position  33,045  88,942  4,902  (1,806,708)  (1,679,819)

Net Position, September 1, 2024  246,075  (3,658,701)  251,370  (3,161,256)
Net Position, Aug ust 31, 2025  $ 279,120  $ (3,569,759)  $ 256,272  $ (1,806,708)  $ (4,841,075)

The accompanying notes to the f inancial statements are an integ ral par t of this f inancial statement.











Page 50  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 61 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 51

=== PDF PAGE 62 ===
Texas Department of Transportation
Statement of Cash Flows - Proprietary Funds
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  Business-Ty pe Act iv it ies - Enter prise Funds
  Central Texas  Grand Parkway
  Tu  r  n  p  i  k  e  Transportation  SH 249  SH 288
  System  Cor porat ion  System  System  To  t  a  l  s
Cash Flows from Operat ing Act iv it ies
  Proceeds f rom Customers  $ 349,791  $  414,569  $  30,934  $  $  795,294
  Pay ments to Suppliers for Goods and Ser vices  (188,138)  (80,308)  (5,259)  (273,705)
Net Cash Provided by Operating Activities  161,653  334,261  25,675  0  521,589

Cash Flows from Non- Capital Financing Act iv it ies
  Pay ments for Pr incipal on Debt and Other Liabilities  (2,780)  (2,780)
  Pay ments for Interest on Debt and Other Liabilities  (172,602)  (172,602)
  Pay ments for Financing Fees  (68)  (68)
  Pay ments for Transfers to Other Fu nds  (78,848)  (261)  (1,731,731)  (1,810,840)
Net Cash ( Used) by Non�Capital Financing Activities  0  (254,298)  (261)  (1,731,731)  (1,986,290)

Cash Flows from Capital and Related Financing Act iv it ies
  Proceeds f rom Land Revenue  987  987
  Proceeds af ter Ref u nding f rom Escrow Accou nt  841  841
  Proceeds f rom Inter f u nd Payables  1,731,731  1,731,731
  Pay ments for Pr incipal on Debt  (60,410)  (60,410)
  Pay ments for SBITA  (9,895)  (9,895)
  Pay ments for Interest on Debt and Other Liabilities  (99,934)  (7,799)  (107,733)
  Pay ments for Other Financing Fees  (35)  (25)  (60)
Net Cash Provided ( Used) by Capital and Related Financing Activities  (168,446)  0  (7,824)  1,731,731  1,555,461

Cash Flows from Invest ing Act iv it ies
  Proceeds f rom Interest and Invest ment Income  31,940  47,739  4,311  83,990
  Proceeds f rom Sales and Mat u r ities of Invest ments  35,000  55,050  7,996  98,046
  Pay ments for A rbit rage Rebate  (263)  (36)  (299)
Net Cash Provided by Investing Activities  66,677  102,753  12,307  0  181,737
Net Increase in Cash and Cash Equivalents  59,884  182,716  29,897  0  272,497
Cash and Cash Equivalents � September 1, 2024  580,278  938,067  73,126  0  1,591,471
Cash and Cash Equivalents � Aug ust 31, 2025  $ 640,162  $  1,120,783  $  103,023  $  0  $  1,863,968


Reconci l iat ion of Cash and Cash Equivalents per Statement of
Cash Flows to Statement of Net Posit ion:
Unrestricted  $ 54,306  $ 610,498  $ 51,268  $  $ 716,072
Rest r icted  585,856  510,285  51,755  1,147,896
  $ 640,162  $ 1,120,783  $ 103,023  $ 0  $ 1,863,968


Concluded on the following page










Page 52  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 63 ===
Texas Department of Transportation
Statement of Cash Flows - Proprietary Funds
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)


  Business-Ty pe Act iv it ies - Enter prise Funds
  Central Texas  Grand Parkway
  Tu  r  n  p  i  k  e  Transportation  SH 249  SH 288
  System  Cor porat ion  System  System  To  t  a  l  s
Reconci l iat ion of Operat ing Income to Net Cash Prov ided by
Operating Activities:
Operating Income  $ 92,803  $  315,239  $ 13,359  $  $ 421,401
  Depreciation and A mor tizaton  77,829  10,010  87,839
  Other Non�Cash Operating Costs  (300)  (300)
  Decrease in Receivables  10,280  27,476  1,954  39,710
  Decrease in Inventories  224  112  5  341
  Increase (Decrease) in Payables  (12,080)  3,301  202  (8,577)
  Increase (Decrease) in Due to Other Fu nds  (8,063)  (5,640)  208  (13,495)
  (Increase) Decrease in Due f rom Other Fu nds  960  (6,227)  (63)  (5,330)
Total Adjust ments  68,850  19,022  12,316  0  100,188
Net Cash Provided ( Used) by Operating Activities  $ 161,653  $  334,261  $ 25,675  $  0  $ 521,589

Non- Cash Transact ions
  Net Change in Fair Market Value of Invest ments  $ 1,685  $  5,412  $ 537  $  $ 7,634
  Accretion on Bonds Payable/ Inter f u nd Payable  $ (24,112) $  (11,821)  $ (5,868) $  (74,977)  $ (116,778)
  Amor tization on Bonds Payable  $ 16,396  $  8,573  $ 315  $  $ 25,284
  A mor tization of Defer red Inf  low/Outf  low  $ 6,261  $  (4,552)  $  $  $ 1,709
  Capital Cont ribution  $  $  $ 328  $  $ 328


The accompanying notes to the f inancial statements are an integ ral par t of this f inancial statement.


































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 53

=== PDF PAGE 64 ===
Page 54  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 65 ===
  Note 1 – Summary of Significant Accounting Policies  ���������������������������������������������������������������������������  56
  Note 2 – Capital Assets  ���������������������������������������������������������������������������������������������������������������  66
  Note 3 – Deposits, Investments & Repurchase Agreements  ���������������������������������������������������������������������  68
  Note 4 – Loans Receivable  �����������������������������������������������������������������������������������������������������������  72
  Note 5 – Long  �Term Liabilities ������������������������������������������������������������������������������������������������������  73
  Note 6 – Bonded Indebtedness  �������������������������������������������������������������������������������������������������������  79
  Note 7 – Leases & Subscription  �Based Information Technology Arrangements (SBITAs) ���������������������������������  90
  Note 8 – Retirement Plan  �������������������������������������������������������������������������������������������������������������  93
  Note 9 – Deferred Compensation  ����������������������������������������������������������������������������������������������������  97
  Note 10 – Postemployment Benefits Other than Pensions  �����������������������������������������������������������������������  98
  Note 11 – Interfund Activity and Transactions  ����������������������������������������������������������������������������������  103
  Note 12 – Continuance Subject to Review  ���������������������������������������������������������������������������������������  106
  Note 13 – Classification of Fund Balances and Net Position  ������������������������������������������������������������������  107
  Note 14 – Adjustments to Fund Balances and Net Position  ��������������������������������������������������������������������  108
  Note 15 – Commitments and Contingencies  �������������������������������������������������������������������������������������  109
  Note 16 – Subsequent Events  ������������������������������������������������������������������������������������������������������  111
  Note 17 – Risk Management  �������������������������������������������������������������������������������������������������������  112
  Note 18 – Financial Reporting Entity  ���������������������������������������������������������������������������������������������  113
  Note 19 – Stewardship, Compliance and Accountability  �����������������������������������������������������������������������  114
  Note 20 – Public  �Private and Public�Public Partnerships (PPPs) �������������������������������������������������������������  114
  Note 21 – Deferred Outflows of Resources and Deferred Inflows of Resources  �������������������������������������������  118


























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 55

=== PDF PAGE 66 ===
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting Entity

  The accompanying financial statements reflect the financial position of the Texas Department of Transportation (TxDOT). TxDOT is
an agency of the state of Texas and is charged with developing and maintaining a statewide multimodal transportation network and other
transportation related duties. The Texas Transportation Commission (the Commission), the governing body of TxDOT, has the authority
to commit TxDOT to various legal agreements.

  The financial activities of TxDOT, which consist of both governmental and proprietary activities, are reported under the transportation
function in the state of Texas Annual Comprehensive Financial Report (ACFR).

  The Commission is authorized by Transportation Code Chapter 431 to create Texas transportation corporations to perform
functions normally undertaken by TxDOT. As of fiscal 2025, three transportation corporations, the Texas Private Activity Bond Surface
Transportation Corporation (TxPABST), the Texas Transportation Finance Corporation (TTFC), and the Grand Parkway Transportation
Corporation (GPTC), are reported as blended component units because TxDOT exercises sufficient authority over the assets, operations
and management of such entities to warrant their inclusion. Even though Texas transportation corporations are a part of the TxDOT
reporting entity, the state is not liable for debts of these corporations, nor entitled to the assets of these corporations.

Basis of Presentation

  The accompanying financial statements were prepared in conformity with generally accepted accounting principles (GAAP)
as prescribed by the Governmental Accounting Standards Board (GASB). Financial reporting for TxDOT is based on all GASB
pronouncements. The data in this report is combined and consolidated by the Texas Comptroller ’s Office with similar data from other
state agencies and universities in the preparation of the state of Texas Annual Comprehensive Financial Report (ACFR).

GASB Pronouncements and Implementation Guides Effective for Fiscal 2025

  In fiscal 2025 TxDOT adopted the following new GASB pronouncements:

  GASB Statement No. 101, Compensated Absences. This Statement requires governments to recognize a liability for compensated
absences when (1) leave has been earned but not used, and (2) leave has been used but not yet paid. A liability for unused leave must
be recognized if the leave is attributable to past service, accumulates, and is more likely than not to be used or paid. Leave expected to
convert to defined benefit postemployment benefits is excluded. This Statement requires that a liability for certain types of compensated
absences—including parental leave, military leave, and jury duty leave—not be recognized until the leave commences. This Statement
also requires that a liability for specific types of compensated absences not be recognized until the leave is used. Liabilities for unused
leave are measured using the employee’s pay rate as of the financial statement date. Used but unpaid leave is measured at the expected
settlement amount. Certain salary�related payments that are directly and incrementally associated with payments for leave also should
be included in the measurement of the liabilities. Under the current financial resources measurement focus, expenditures should be
recognized to the extent the liability will be liquidated with available resources. Disclosure requirements have been simplified to allow
reporting of net changes in the liability, and governments are no longer required to disclose which funds typically liquidate the liability.

  GASB Statement No. 102, Certain Risk Disclosures. This Statement requires a government to assess whether a concentration or
constraint makes the primary government reporting unit or other reporting units that report a liability for revenue debt vulnerable to the
risk of a substantial impact. Additionally, this Statement requires a government to assess whether an event or events associated with a
concentration or constraint that could cause the substantial impact have occurred, have begun to occur, or are more likely than not to begin
to occur within 12 months of the date the financial statements are issued. If a government determines that those criteria for disclosure
have been met for a concentration or constraint, it should disclose information in notes to financial statements in sufficient detail to enable
users of financial statements to understand the nature of the circumstances disclosed and the government’s vulnerability to the risk of a
substantial impact. The disclosure should include descriptions of the following:

  ●  The concentration or constraint

  ●  Each event associated with the concentration or constraint that could cause a substantial impact if the event had occurred or had
  begun to occur prior to the issuance of the financial statements

  ●  Actions taken by the government prior to the issuance of the financial statements to mitigate the risk.

  Implementation Guide 2025-1, Implementation Guidance Update – 2025. Question 4.16 – Financial Reporting Model Improvements.




Page 56  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 67 ===
  Financial Reporting Structure

  The basic financial statements include entity�wide financial statements and fund financial statements. The reporting model based on
GASB Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis  – for State and Local Governments
focuses on TxDOT as a whole in the government�wide financial statements and major individual funds in the fund financial statements.

Entity-wide Financial Statements

  The entity�wide financial statements (statement of net position and statement of activities) display information about TxDOT as a
whole and the change in aggregate financial position resulting from the activities of the fiscal period. These statements include separate
columns for the governmental and business�type activities of TxDOT (including its blended component units). In the statement of net
position, both the governmental and business�type activities columns are presented on a consolidated basis by column and are reflected
on an accrual basis, economic measurement focus which incorporates noncurrent investments, capital assets and long�term debt and
obligations.

  The statement of activities demonstrates the degree to which the direct expenses of a given function are offset by program revenues.
Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges
provided by a given function 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular
function, and 3) grants and contributions that are restricted to meeting the capital�specific requirements of a particular function. Taxes
and other items not properly included among program revenues are reported instead as general revenues.

Fund Financial Statements

  The fund financial statements are presented after the entity�wide financial statements. They display information about major funds
individually and in the aggregate for governmental and proprietary funds. In governmental funds, assets are presented in order of
relative liquidity. In proprietary funds, assets and liabilities are presented in a classified format that distinguishes between all current and
noncurrent assets and liabilities. Current liabilities are obligations to be paid within the next fiscal year.

  The major governmental funds in the fund financial statements are presented on a current financial resources measurement focus
and the modified accrual basis of accounting. This presentation is deemed most appropriate to demonstrate compliance with legal and
covenant requirements, the source and use of financial resources and how TxDOT’s actual experience conforms to the budget. Since the
governmental fund financial statements are presented using a different measurement focus and basis of accounting than the entity�wide
financial statements governmental activities column, a reconciliation is presented. The reconciliation explains the adjustments required
to convert the fund based financial statements to the entity�wide financial statements’ governmental activities column.

  TxDOT uses funds to report its financial position and the results of its operations. A fund is a separate accounting entity with a self�
balancing set of accounts.

Governmental Fund Types

  Governmental funds focus on the sources and uses of funds. Included in the governmental fund financial statements are general,
special revenue, debt service and capital projects funds. The general fund is used to account for the departmental operations funded by
legislative appropriations, but is not considered the main operating fund for TxDOT. Special revenue funds account for specific revenue
sources that are restricted or committed for specific purposes other than debt service or capital projects. Debt service funds are used to
account for financial resources that are restricted, committed or assigned to expenditure for principal and interest. Capital projects funds
are used to account for financial resources that are restricted, committed or assigned to expenditure for capital outlays.

  TxDOT reports the following three major governmental funds:

State Highway Fund:

  The State Highway Fund (SHF) is TxDOT’s main operating fund. TxDOT reports the following accounts/sub�funds, which are
consolidated into the state highway fund for GAAP reporting purposes. The state highway fund is reported as a special revenue fund.

  ●  State Highway Fund Accounts � These funds contain the activity related to public road construction, maintenance and monitoring
  of the state’s highway system. The significant ongoing revenue sources are federal revenues, motor fuels taxes, and other oil and
  gas taxes which are constitutionally restricted and dedicated to the highway fund.

  ●  Proposition 1 Fund � This fund is used to record, track and report the receipt and disbursement of the Proposition 1 allocation
  of oil and gas production tax to SHF.




Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 57

=== PDF PAGE 68 ===
  ●  Proposition 7 Fund � This fund is used to record, track and report the receipt and disbursement of the Proposition 7 allocation of
  state sales and use tax and motor vehicle sales and rental tax to SHF.

  ●  State Infrastructure Bank � This fund operates as a revolving loan program that makes loans to public and private entities to
  encourage the development of transportation projects and facilities.

Texas Mobility Funds

  The Texas Mobility Fund is a single appropriated fund, but for GAAP reporting purposes, it is presented as two major funds: a debt
service fund type and a capital projects fund type. This appropriated fund operates as a revolving fund to provide a method of financing
construction, reconstruction, acquisition and expansion of state highways and other transportation projects. The principal ongoing revenue
source of the appropriated fund is fees committed by the Legislature under the authority of the Texas Constitution, Article III, Section
49�k. Other inflows to the appropriated fund include bond proceeds. The following accounts comprise the Mobility Fund debt service
fund type and capital projects fund type:

  Debt Service Fund:

  ●  Mobility Fund Interest and Sinking Account (0367) – monies in this account are used to pay amounts due on or with respect to
  Parity Debt, including the principal, premium, if any, and interest on Parity Debt as they become due and payable. This account
  is required as long as Parity Debt is outstanding.

  ●  Mobility Fund Rebate Account (0373) – the fifth Supplemental Resolution established the rebate account. Money on deposit in
  the rebate account, if any, is paid to the federal government in compliance with arbitrage earnings requirements. Money in the
  rebate account, if any, does not constitute security.

  Capital Projects Fund:

  ●  Mobility Fund General Account (0365) – monies in this account may be used for any lawful purpose for which the Mobility Fund
  may be used. The General Account is primarily used to fund construction projects throughout the state.

Additionally, TxDOT reports the following non�major governmental funds:

General Fund:

  TxDOT reports the following funds, which are consolidated into the general fund for GAAP reporting purposes, but are not considered
the main operating fund for TxDOT.

  ●  General Revenue Fund � This fund is used to account for all financial resources of the state except those required to be accounted
  for in another fund.

  ●  GR Account � Ship Channel Improvement Revolving Account � This account in general revenue is used to finance ship channel
  projects for navigation districts. This account consists of gifts, grants, donations, appropriations, bond proceeds, loan repayments
  and interest. May be appropriated only to the Texas Transportation Commission.

  ●  GR Account � Port Access Account � This account in general revenue is used to finance construction and improvement of maritime
  port facilities, port security, environmental protection projects, and economic development. The account consists of gifts, grants,
  and donations, amounts appropriated by the legislature, and money received from the federal government.

  ●  Traffic Safety � Crash Records Information Systems � This fund is used to account for expenditures pertaining to the crash records
  information system.

  ●  Colonias Project Fund � This fund provides financial assistance to counties for roadway projects serving border colonias. Funding
  is provided from the sale of bonds or commercial paper, which are issued and reported by the Texas Public Finance Authority.

  ●  Suspense Fund � This fund is used to temporarily hold and account for receipts until the correct disposition of items is determined.

  ●  Child Support Deductions Fund � This Fund is used to temporarily hold and account for employee salaries that are withheld due
  to outstanding child support debts.

  ●  Coronavirus Relief Fund � This fund is established outside the General Revenue Fund to receive Texas’ share of federal money
  appropriated under various federal legislation related to the coronavirus pandemic.



Page 58  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 69 ===
Special Revenue Fund:

  ●  Transportation Infrastructure Fund � This fund was established to make grants to counties for transportation infrastructure projects
  located in areas of the state affected by increased oil and gas production. The sources of the fund include federal funds, matching
  state funds, funds appropriated by the legislature, gifts, grants, fees, and investment earnings.

Debt Service Fund:

  ●  Proposition 14/State Highway Fund Debt Service � This fund receives transfers in from the state highway fund for debt service
  on state highway fund revenue bonds.

  ●  Proposition 12/Highway Improvement Project Fund Debt Service � This fund receives transfers in from the Proposition 7 Fund
  for debt service on Texas highway improvement general obligation bonds.

Capital Projects Fund:

  ●  Local Government Political Subdivision Road/Airport Fund � This fund holds contributions from counties/political subdivisions
  for expenditure by the Commission in development/construction of public roads and airports within such counties or political
  subdivisions.

  ●  Austin Campus Consolidation Project Fund � This fund receives the proceeds of the revenue bond issued by the Texas Public
  Financing Authority to finance the construction of the Austin TxDOT campuses. The fund reports the construction activity
  supported by the project. The fund is reported as a capital project fund.

Proprietary Fund Type

  Proprietary funds focus on determining operating income, changes in financial position and cash flows. Generally accepted accounting
principles similar to those used by private sector businesses are applied in accounting for these funds. Enterprise funds may be used to
report any activity for which a fee is charged to external users for goods or services. TxDOT reports the following major proprietary funds:

Central Texas Turnpike System Fund:

  These funds report the activity and debt associated with the Central Texas Turnpike System toll roads.

Grand Parkway Transportation Corporation:

  These funds report the activity and debt associated with the development of Segments D (Harris County), E, F�1, F�2, G, H, I�1, I�2,
and B�1 of the Grand Parkway toll road construction as reported by the Grand Parkway Transportation Corporation.

State Highway 249 System Fund:

  The fund reports the activity and debt associated with the development of the Texas SH 249 System. The System consists of 15 miles
of new controlled access tollway from Farm to Market (FM) 1774 in Pinehurst, Montgomery County to FM 1774 in Todd Mission,
Grimes County. TxDOT voluntarily reports the State Highway 249 System Fund as major to meet requirements laid out in the Master
Trust Agreement associated with the debt of the system.

State Highway 288 System Fund:

  The fund reports the activity and debt associated with the SH 288 System. The System consists of four tolled lanes in the center of SH
288, from US 59/I�69 in Harris County to the Harris County/Brazoria County line at Clear Creek. The 10.3�mile project provides relief
for those traveling between downtown Houston and Brazoria County, including connections to US 59/I�69, the Texas Medical Center,
I�610 and Beltway (BW) 8 (Sam Houston Tollway).

Component Units

  The Texas Private Activity Bond Surface Transportation Corporation is reported as a nonmajor component unit. The Grand Parkway
Transportation Corporation is a component unit reported as a major proprietary fund. The activity for component unit Texas Transportation
Finance Corporation is reported in the major proprietary fund State Highway 288 System Fund.

  All component units are presented in TxDOT’s financial statements as blended component units. See Note  18 for more details.





Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 59

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Basis  of Accounting

  Entity�wide financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting.
Under the economic resources measurement focus, all economic resources and obligations of the reporting entity, both current and
noncurrent, are reported in the entity�wide financial statements. Under the accrual basis of accounting, revenues, expenses, gains,
losses, assets and liabilities resulting from exchange and exchange�like transactions are recognized when the exchange takes place. Non�
exchange transactions, in which TxDOT gives (or receives) value without directly receiving (or giving) equal value in exchange, include
intergovernmental grants. Revenue for grants and similar items are recognized in the fiscal year in which all eligibility requirements
imposed by the provider have been met.

  The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. Governmental funds use
the flow of current financial resources focus, and the modified accrual basis of accounting. Under the modified accrual basis, revenues
are recognized when they become both measurable and available. For this purpose, revenues are considered to be available if they are
collected within 60 days of the end of the current fiscal year. Expenditures are generally recognized when the related fund liability is
incurred. However, principal and interest on bonds are recorded only when due and compensated absences and claims and judgments are
recorded when they are expected to be liquidated with expendable available financial resources. Capital asset acquisitions are reported
as expenditures in governmental funds. Proceeds of long�term debt are reported as other financing sources.

  Proprietary funds are accounted for on the accrual basis of accounting. Under the accrual basis, revenues are recognized when earned
and expenses are recognized at the time liabilities are incurred. A proprietary fund distinguishes operating from non�operating items.
Operating revenues and expenses result from providing services or producing and delivering goods in connection with the proprietary
fund’s principal ongoing operations. Operating expenses for an enterprise fund include cost of sales and services, administrative expenses
and depreciation on capital assets.

Shared Fund Presentation

  The financial statement presentation for the state highway fund and general fund represent only the portion of shared funds that can
be directly attributed to the operations of TxDOT. Financial statements for total fund operations of shared state funds are presented in
the state of Texas Annual Comprehensive Financial Report (ACFR).

  In presenting these financial statements, certain unique accounts are used for the presentation of shared funds. The following accounts
are used in these financial statements to present TxDOT’s portion of shared funds.

Legislative Appropriations

  This “asset” account represents TxDOT’s remaining legislative appropriation authority at fiscal year  �end.

Appropriations Revenue

  Amount reported as revenue is the total appropriation authority given to TxDOT for the current fiscal year less the unencumbered
appropriations balances that have been lapsed during the fiscal year.

Budgetary Information

  TxDOT’s budget is prepared on a performance�based concept and is represented by biennial appropriations enacted by the Legislature
and signed by the governor. The governmental fund with legally adopted budgets is the State Highway Fund.

Assets, Deferred Outflows, Deferred Inflows, Liabilities and Fund Balances/Net Position

Cash and Cash Equivalents

  For reporting purposes, cash and cash equivalents include cash on hand, cash in transit, cash in local banks, cash in the treasuries,
money market funds, state and local government investment pools, and cash equivalents. The statement of cash flows presents the change
in cash and cash equivalents during the fiscal year. Cash equivalents are defined as short�term, highly�liquid investments that are both
readily convertible to known amounts of cash and so near maturity they present insignificant risk of a decrease in value due to changes in
interest rates. Investments with an original maturity of three months or less and used for cash management rather than investing activities
are considered cash equivalents.

Investments

  Short�term investments are investments with a maturity greater than 90 days but less than one year at the time of purchase. Short�term
investments are recorded on an amortized cost basis. Long�term investments are investments with a maturity of one year or more at the


Page 60  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

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time of purchase. Long�term investments are recorded at fair value based upon quoted market prices as of the fiscal year end. Long�Term
investments with a maturity date within one year of the financial statement date are reported as short�term investments. All investment
income, including changes in the fair value of investments, is recognized as nonoperating revenue in the Statement of Revenues, Expenses
and Change in Net Position.

  Invested amounts associated with TxDOT and Grand Parkway Transportation Corporation. See Note 3 for more details.

Inventories and Prepaid Items

  Inventory items are reported at a weighted average cost. Inventory consists of supplies and roadway materials on hand for future
use. The consumption method of accounting is used to account for inventories and prepaid items. The costs of these items are expensed
when the items are consumed.

Receivables

  The major receivables for TxDOT are federal, taxes and other intergovernmental. Receivables represent amounts due to TxDOT at
fiscal year�end, for revenues earned in the current fiscal year that will be collected in the future. Amounts expected to be collected in the
next fiscal year are classified as current, and amounts expected to be collected beyond the next fiscal year are classified as noncurrent.
All receivables are recorded net of allowances for uncollectible accounts.

Lease Receivables

  Under the GASB Statement 87, a lessor is required to recognize a lease receivable at the commencement of the lease term. The lease
receivable should be measured at the present value of lease payments expected to be received during the lease term. A lessor should
recognize interest revenue on the lease receivable. In subsequent financial reporting periods, the lessor should calculate the amortization
of the discount on the lease receivable and report that amount as an inflow of resources or interest revenue for the period. Any payments
received should be allocated first to the accrued interest receivable and then to the lease receivable.

PPP Asset Receivable

  The GASB Statement 94 requires a receivable be recorded by the transferor for the underlying PPP asset on the operator ’s estimated
carrying value of the underlying PPP asset as of the expected date of the transfer in ownership from the operator.

Loans and Contracts

  Loans and contracts represent claims for which formal instruments of credit are issued as evidence of debt, such as a promissory note.
The credit instrument normally requires the debtor to pay interest and extends for time periods of 30 days or longer. TxDOT provides
state and local financing tools to assist local governments with transportation projects. See Note 4 for more details.

Restricted Assets

  Restricted assets include monies or other resources restricted by legal or contractual requirements. These assets include proceeds
from revenue bonds, as well as certain revenues set aside for statutory or contractual requirements.

Deferred Inflows of Resources and Deferred Outflows of Resources

  In the governmental fund financial statements, revenues that are earned but not expected to be collected within 60 days are not
available to liquidate the liabilities of the current period. These revenues are reported as deferred inflows of resources.

  Deferred inflows of resources are an acquisition of net assets by TxDOT that is applicable to a future reporting period. Deferred
inflows have a negative effect on net position, similar to liabilities. TxDOT reports deferred inflows of resources as the offset account
to assets received under a service concession arrangement in financial statements prepared using the economic resources measurement
focus. See Note 21 for additional information.

  Deferred outflows of resources are defined as a consumption of net assets by the government that is applicable to a future reporting
period. Deferred outflows of resources increase net position, similar to assets.

  For current refundings and advance refundings resulting in defeasance of debt, the difference between the reacquisition price and the
net carrying amount of the old debt is reported as a deferred inflow of resources or deferred outflow of resources. The deferred inflows
and deferred outflows of resources are amortized and recognized as a component of interest expense in a systematic and rational manner
over the remaining life of the old debt or the life of the new debt, whichever is shorter.



Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 61

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  TxDOT also reports deferred inflows of resources and deferred outflows of resources related to the recognition of TxDOT’s share
of the state’s Net Pension Liability and Net OPEB Liability. Reported deferred outflows of resources include plan contributions made
subsequent to the Aug. 31, 2024 measurement date, and the unamortized balance resulting from changes in assumptions used to calculate
net pension liability. TxDOT reports deferred inflows of resources for the unamortized balance resulting from other changes to the
components used to calculate net pension liability.

  With the implementation of the GASB Statement 87, a lessor is required to recognize a deferred inflow of resources. The deferred
inflow of resources should be measured at the value of the lease receivable plus any payments received at or before the commencement
of the lease term that relate to future periods. A lessor should recognize an inflow of resource or revenue from the deferred inflows of
resources in a systematic and rational manner over the term of the lease. The deferred inflow of resources generally should be adjusted
by the same amount as any change resulting from the remeasurement of the lease receivable. See Note 21 for additional information.

  Under GASB Statement 94, in financial statements prepared using the current financial resources measurement focus, a transferor
should recognize a receivable for installment payments and a corresponding deferred inflow of resources at the initial value of the
receivable for installment payments, plus any payments received at or before the commencement of the PPP term, (for example, an up�
front payment associated with a PPP.)  A transferor subsequently should recognize the deferred inflow of resources as inflows of resources
(for example, revenue), in a systematic and rational manner over the PPP term.

Capital Assets

  Capital assets, which include land, infrastructure, furniture, equipment and intangible capital assets, are capitalized and reported in
the financial statements using the accrual basis of accounting. Capital assets are recorded as expenditures at the time of purchase in the
governmental funds.

  Capital assets are assets with a cost above a set minimum capitalization threshold that, when acquired, have an estimated useful life
of more than one year. Land, permanent land�use rights, and construction in progress do not have a capitalization threshold and are not
depreciated. The capitalization thresholds and useful lives of TxDOT’s depreciable capital assets are as follows:



  Capitalization Thresholds by Class of Asset
  Capitali zat ion  Est imated
  Classif icationThreshold  Usefu l Li fe

  Buildings and Building Improvements  $ 100,000  5�3 0  y e  a  r  s
  Infrastr uct ure  $ 500,000  10�50  y e  a  r  s
  Fu r nit u re and Equipment  $ 10,000  3�15  y e a  r  s
  Vehicles, Boats and Aircraf t  $ 10,000  5�40 yea r s
  Internally Generated Computer Software  $ 1,000,000  3�10 y e  a  r  s
  Other Computer Software  $ 100,000  3�10 y e  a  r  s
  Land Use R ights – Ter m /Temporar y  $ 100,000  2�10 y e  a  r  s
  Intangible Right�to�Use Lease Assets  $ 100,000  >1  y e  a  r
  Intangible R ight�to�Use SBITA Assets  $ 500,000



















  >1  y e  a  r






















  All capital assets acquired or constructed by TxDOT are capitalized at cost or estimated historical cost if actual historical cost is not
available. Donated capital assets are recorded at acquisition value at the date of donation. A facility constructed or improved under a
qualifying service concession arrangement is reported as a capital asset at acquisition value when it is placed in operation. Costs of normal
maintenance and repairs that do not add value to the asset or materially extend the asset’s useful life are not capitalized.

  TxDOT uses the depreciation approach for reporting both highways and highway bridges of the infrastructure assets. Under the
depreciation approach, infrastructure assets are depreciated over a 40  �year life, and certain preservation costs are capitalized. The
capitalization threshold of $500,000 is used for both highway bridges and roadways.

  TxDOT also holds three years of costs in construction in progress at all times. In the fourth year, the first year is moved to depreciable
infrastructure. The three�year assumption is based on a 3�year contract life when using the weighted dollar analysis of project costs and
completion dates over the ten year history.

Intangible Right-to-Use Lease Assets

  The GASB Statement 87 requires a lessee recognize an intangible right�to�use lease asset at the commencement of the lease term
unless the lease is a short�term lease or it transfers ownership of the underlying asset. The lease asset should be measured at the amount of
the initial measurement of the lease liability, plus any payments made to the lessor at or before the commencement of the lease term and

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certain direct costs. A lease asset should be amortized in a systematic and rational manner over the shorter of the lease term or the useful
life of the underlying asset. The amortization of the lease asset should be reported as an outflow of resource, i.e., amortization expense.

Intangible Right-to-Use Subscription Assets

  According to GASB Statement 96, the Intangible Right�to�Use (RTU) subscription asset is measured at the amount of the initial
measurement of the subscription liability, plus any payments made to the SBITA vendor before the commencement of the subscription
term plus any payments made in the implementation stage at or before the commencement of the subscription term. A RTU subscription
asset should be amortized in a systematic and rational manner over the shorter of the subscription term or the useful life of the underlying
asset. The amortization of the RTU subscription asset should be reported as an outflow of resources over the subscription term.

Unearned Revenue

  Unearned revenue is reported when cash or other assets are received prior to being earned.

Service Concession Arrangements (SCA) Up-front Payments

  Some Public�Private Partnerships (PPPs) are classified as Service Concession Arrangements (SCAs) if they meet specific criteria.
TxDOT may receive up�front payments related to SCAs for the development of highways and future toll�road operations. Under these
agreements, the toll road reverts back to the state at the end of the term or under certain reimbursement conditions.

  Up�front payments are reported as deferred inflows of resources in both the governmental fund financial statements and the entity�
wide statements, ensuring consistent recognition in alignment with GASB 94 requirements.

Long-Term Liabilities

  In the entity�wide financial statements and proprietary funds financial statements, long�term debt and other long�term obligations are
reported as long�term liabilities in the applicable governmental activities or business�type activities statement of net position. Long�term
liabilities include net pension liability, net OPEB liability, employees’ compensable leave, general obligation bonds payable, revenue
bonds payable, notes payable, pollution remediation obligations, and asset retirement obligation.

  Bonds payable are reported net of the applicable bond premium or discount. Bond premiums and discounts are amortized over the
life of the bonds using the bonds outstanding method, which is materially consistent with the effective interest method. Issuance costs
are reported as an expense in the period incurred.

  In the governmental fund financial statements, bond premiums, discounts and bond issuance costs are recognized during the current
period. The face amount of the debt is reported as other financing sources while discounts on debt issuances are reported as other financing
uses. Issuance costs, whether or not withheld from the actual debt proceeds received are reported as debt service expenditures.

  Long�term obligations to be paid within one year of the financial statements date are reported as current liabilities and are considered
short�term obligations. In certain circumstances, however, amounts scheduled to mature during the ensuing fiscal year are instead reported
as noncurrent long�term liabilities. This provision applies when TxDOT or GPTC intends to refinance or refund a debt instrument on a
long�term basis and either issues a long�term obligation or enters into a financing agreement after the date of the financial statements but
before the financial statements are issued.

  A state employee is entitled to be paid for all unused vacation time accrued, in the event of the employee’s resignation, dismissal or
separation from state employment, provided the employee has had continuous employment with the state for six months. Expenditures
for accumulated annual leave balances are recognized in the period paid or taken in the governmental fund financial statements.

Right-to-Use Lease Obligations

  Under the GASB Statement 87, a lessee should recognize a lease liability at the commencement of the lease term unless the lease is a
short�term lease or it transfers ownership of the underlying asset. The lease liability should be measured at the present value of payments
expected to be made during the lease term less any lease incentives. A lessee should reduce the lease liability as payments are made and
recognize an outflow of resource or expense for interest on the liability. See Note 5 for more information.

Right-to-Use Subscription Obligations

  According to the GASB Statement 96, subscription obligations are recognized at the commencement of the SBITA term when the
subscription asset is placed into service. The subscription liability is initially measured at the present value of subscription payments
expected to be made during the subscription term. See Note 5 for more information.



Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 63

=== PDF PAGE 74 ===
Fund Balance/Net Position

  In the entity�wide and proprietary statements, the net position is the difference between assets plus deferred outflows of resources and
liabilities plus deferred inflows of resources. The net position is displayed in three components. The potential categories of net position
include:

  ●  Net Investment in Capital Assets – capital assets, net of accumulated depreciation and reduced by the outstanding balances of
  bonds, notes or other borrowings that are attributed to the acquisition, construction, or improvement of those assets. Deferred
  outflows of resources and deferred inflows of resources that are attributable to the acquisition, construction, or improvement of
  those assets or related debt are also included. As of Aug. 31, 2025, the balance of the deferred inflow of resources from capital
  assets under PPP arrangements was $6.0 billion. The deferred inflow had a significant impact on the net investment in capital
  assets, which was reduced by the deferral amount.

  ●  Restricted – restricted assets reduced by liabilities and deferred inflows, or resources related to those assets. When both restricted
  and unrestricted resources are available for use, generally it is TxDOT’s policy to use restricted resources first, then unrestricted
  resources when they are needed.

  ●  Unrestricted – amounts not required to be reported in the other components of net position.

  Fund balances for governmental funds are displayed in five components. The potential categories of fund balance include:

  ●  Nonspendable fund balance – amounts not available to be spent because they are either (1) not in spendable form or (2) legally or
  contractually required to be maintained intact. The primary component of nonspendable fund balance is the balance in consumable
  inventories.

  ●  Restricted fund balance – resources that have constraints placed on their use through external parties or by law through constitutional
  provisions.

  ●  Committed fund balance – can be used only for specific purposes pursuant to constraints imposed by a formal action of the
  Legislature, the state’s highest level of decision�making authority. These committed amounts cannot be used for any other purpose
  unless the Texas Legislature removes or changes the specified use by taking the same type of action it employed to previously
  commit those amounts.

  ●  Assigned fund balance – amounts constrained by the Commission’s intent to be used for specific purposes but are neither restricted
  nor committed.

  ●  Unassigned fund balance – residual classification for the general fund. The classification represents fund balance that was not
  assigned to other funds and was not restricted, committed or assigned to specific purposes within the general fund.

  When only unrestricted resources are available for use, it is TxDOT’s policy to use committed resources first, then assigned resources
and lastly unassigned resources.

  A positive unassigned fund balance can only exist within the general fund. Deficit fund balances in a fund are reported as unassigned
fund balance.

Revenue Sources

  TxDOT’s principal revenue sources are federal and tax revenue. As the state’s transportation agency, TxDOT receives reimbursements
from the Federal Highway Administration (FHWA) for certain costs incurred for engineering, construction, right�of�way acquisition,
research activities and general administrative costs. Federal reimbursement is based on a percentage of the costs expended from state
funds on approved projects. The percentage of reimbursement for allowable costs varies from 50 to 100 percent. TxDOT receives these
reimbursements based on the state’s apportionment from the Federal Highway Trust Fund on a federal fiscal year basis.

  TxDOT receives federal funding from other federal agencies for specific transportation related projects. See Schedule 1�A for more
information on federal receipts and expenditures.

  TxDOT reports its constitutionally dedicated share of taxes on motor fuels sold in Texas as tax revenues. Generally, this constitutionally
dedicated share is 75 percent of net collections, after reductions for collection expenses and refunds. In general, 20 cents per gallon is
collected on gasoline and diesel sold for highway use. Liquefied gas sold for highway use is generally taxed at 15 cents per gallon and
is required to be prepaid. TxDOT also receives and reports the state sales tax from the sale of lubricants, which is deposited to the state
highway fund.



Page 64  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

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  On Nov. 4, 2014, Texas voters approved Proposition 1, authorizing a constitutional amendment for transportation funding. Under the
amendment, a portion of oil and gas tax revenues that typically go into the Economic Stabilization Fund will be deposited to the State
Highway Fund to assist in the completion of transportation construction, maintenance, and rehabilitation projects, not to include toll roads.

  On Nov. 3, 2015, Texas voters approved Proposition 7 that dedicates a portion of the revenue from the state sales and use tax and
motor vehicle sales and rental tax to the State Highway Fund to provide funding for non�tolled roads and the reduction of transportation�
related debt.

  Major sources of pledged revenue for the Texas Mobility Fund include driver license fees, motor vehicle inspection fees, certificate
of title fees and driver record information fees.

  CTTS operating revenues for fiscal 2025 is mainly comprised of $311.5 million in toll revenue. This represents $272.3 million in
gross toll revenue, plus a decrease in allowance for doubtful accounts  of $39.2 million . CTTS also earned toll fees of $16.7 million
and other sales revenue of $9.5 million.

  GPTC operating revenues for fiscal 2025 consist of $393.3 million in toll revenue earned by open Segments D, E, F�1, F�2, G, H, I�1,
I�2 and B�1.  This represents $379.9 million in gross toll revenue, plus a decrease in allowance for doubtful accounts of $13.5 million.

Interfund Activity and Transactions

  Interfund activity refers to financial interaction between funds (including blended component units) and is related to internal events.
Interfund transactions refer to interactions with other state agencies.

  Interfund receivables and payables are eliminated from the statement of net position except for amounts due between governmental
and business�type activities. These amounts are reported as internal balances on the statement of net position. See Note 11 for more details.

Capital Contributions

  Capital contributions represent the capital asset contribution made from the State Highway Fund to CTTS and the SH 249 System.
The capital contribution made from a governmental fund to a proprietary fund should be reported as capital contribution, instead of
transfers, on the proprietary fund financial statements. No transfers should be reported on the governmental fund financial statements.
On the entity�wide statement of activities, it is reported as transfers between the governmental and business�type activities.




































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 65

=== PDF PAGE 76 ===
NOTE 2 – CAPITAL ASSETS

  The tables on the following pages present the composition of TxDOT’s capital assets and intangible right to use assets, adjustments,
reclassifications, additions and deletions during fiscal 2025. The adjustments and reclassifications column presents completed construction
projects, transfers of capital assets between agencies and between the governmental and business�type activities of TxDOT. The additions
column includes current year purchases, new right�to�use leases and SBITAs, depreciation and amortization. The deletions column
represents assets removed during the current fiscal year via sale, impairment, or disposition. This column also includes right�to�use leases
and SBITAs removed during the year due to early termination.

  Depreciation and amortization expenses were charged to the transportation function in the accompanying Statement of Activities.


  Capital Asset Activity
  For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  Beginning  Ending
  Balance  Adjustments &  Balance
  9/1/24  Reclassif ications  Add it ions  Deletions  8/31/25
  GOVERNMENTAL ACTIVITIES
  Land and Land Improvements  $ 21,109,952  $ 1  $ 1,564,981  $ (1,652) $  22,673,282
  Constr uction in Progress  25,854,152  (7,196,245)  11,876,731  30,534,638
  Land Use R ights � Per manent  90,258  646  (152)  90,752
  Total Non�Depreciable & Non�Amor tizable Assets  47,054,362  (7,196,244)  13,442,358  (1,804)  53,298,672
  Depreciable Assets
  Building and Building Improvements  1,044,629  93,618  (3,088)  1,135,159
  Infrastr ucture  136,430,938  7,045,116  229,549  (6,968)  143,698,635
  Fu r nit u re and Equipment  255,152  (406)  31,847  (9,825)  276,768
  Vehicles and Aircraf t  1,054,795  (798)  78,320  (16,834)  1,115,483
  Other Capital Assets  4,299  4,299
  Total Depreciable Assets  138,789,813  7,137,530  339,716  (36,715)  146,230,344
  Less Accumulated Depreciation for:
  Building and Building Improvements  (420,651)  2,734  (37,374)  1,009  (454,282)
  Infrastr ucture  (34,020,395)  (2,865,155)  16  (36,885,534)
  Fu r nit u re and Equipment  (177,870)  278  (18,812)  9,466  (186,938)
  Vehicles and Aircraf t  (676,482)  474  (59,063)  13,826  (721,245)
  Other Capital Assets  (2,310)  (238)  (2,548)
  Total Accumulated Depreciation  (35,297,708)  3,486  (2,980,642)  24,317  (38,250,547)
  Depreciable Assets, Net  103,492,105  7,141,016  (2,640,926)  (12,398)  107,979,797
  Intangible Capital Assets - Amor t i zable
  Land Use R ights � Ter m  348  6,143  6,491
  Computer Soft ware  180,483  54,200  (823)  233,860
  Total Amor tizable Assets  180,831  54,200  6,143  (823)  240,351
  Less Accumulated Amor tization for:
  Land Use R ights � Ter m  (348)  (51)  (399)
  Computer Soft ware  (100,628)  (35,717)  602  (135,743)
  Total Accumulated Amor tization (100,976)  0  (35,768)  602  (136,142)
  Amor tizable Assets, Net  79,855  54,200  (29,625)  (221)  104,209
  Intangible R ight to Use ( RTU ) Assets - Amor t i zable
  Building and Building Improvements  22,448  16  (22,311)  153
  Land and Land Improvements  3,204  3,204
  Fu r nit u re and Equipment  20,797  137  (107)  20,827
  Subscriptions  72,946  40,687  (14,738)  98,895
  Total A mor tizable RT U Assets  119,395  0  40,840  (37,156)  123,079
  Less Accumulated Amor tization for:
  Building and Building Improvements  (4,179)  (502)  4,555  (126)
  Land and Land Improvements  (1,347)  (806)  (2,153)
  Fu r nit u re and Equipment  (8,019)  (5,339)  107  (13,251)
  Subscriptions  (23,981)  (27,515)  9,766  (41,730)
  Total Accu mulated A mor tization � RT U Assets  (37,526)  0  (34,162)  14,428  (57,260)
  A mor tizable Intangible RT U Assets, Net  81,869  0  6,678  (22,728)  65,819
  Gover n mental Activities Capital Assets, Net  $ 150,708,191  $  (1,028) $  10,778,485  $  (37,151) $  161,448,497
























































Page 66  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

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  Capital Asset Activity  (Concluded)
  For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  Beginning  Ending
  Balance  Adjustments &  Balance
  9/1/24  Reclassif ications  Add it ions  Deletions  8/31/25
  BUSI NESS -TY PE ACTI V ITIES
  Non-Depreciable & Non-Amorti zable Assets
  Land and Land Improvements  $ 725,847  $  $  $  $  725,847
  Constr uction in Progress  23,699  (11,159)  12,540
  Land Use R ights � Per manent  19,466  19,466
  Total Non�Depreciable & Non�Amor tizable Assets  769,012  (11,159)  0  0  757,853

  Depreciable Assets
  Building and Building Improvements  8,360  8,360
  Infrastr ucture  2,820,938  11,488  2,832,426
  Total Depreciable Assets 2,829,298  11,488  0  0  2,840,786

  Less Accumulated Depreciation for:
  Building and Building Improvements  (6,645)  (361)  (7,006)
  Infrastr ucture  (738,281)  (67,588)  (805,869)
  Total Accumulated Depreciation (744,926)  0  (67,949)  0  (812,875)
  Depreciable Assets, Net  2,084,372  11,488  (67,949)  0  2,027,911

  Intangible Capital Assets - Amor t i zable
  Computer Soft ware  51,063  (51,063)  0
  Total Amor tizable Assets 51,063  0  0  (51,063)  0

  Less Accumulated Amor tization for:
  Computer Soft ware  (36,169)  (9,574)  45,743  0
  Total Accumulated Amor tization (36,169)  0  (9,574)  45,743  0
  Amor tizable Assets, Net  14,894  0  (9,574)  (5,320)  0

  Intangible R ight to Use ( RTU ) Assets - Amor t i zable
  Subscriptions  129,176  (51,178)  77,998
  Total A mor tizable RT U Assets 129,176  0  0  (51,178)  77,998

  Less Accumulated Amor tization for:
  Subscriptions  (67,396)  (10,316)  (77,712)
  Total Accu mulated A mor tization � RT U Assets  (67,396)  0  (10,316)  0  (77,712)
  A mor tizable Intangible RT U Assets, Net  61,780  0  (10,316)  (51,178)  286

  Business�Ty pe Activities Capital Assets, Net  $ 2,930,058  $  329  $  (87,839) $  (56,498) $  2,786,050














































































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 67

=== PDF PAGE 78 ===
NOTE 3 – DEPOSITS, INVESTMENTS & REPURCHASE AGREEMENTS

  TxDOT and Grand Parkway Transportation Corporation (GPTC) are authorized by statute to make investments following the “prudent
person rule.” TxDOT and GPTC have complied, in all material respects, with statutory authorization, bond documents, constraints and
TxDOT policies during the period.

Deposits

  The following amounts consist of all cash in local banks. These amounts are included on the combined statement of net position as
part of the “cash and cash equivalents related line items” accounts.


  Cash In Bank – Carrying Amount
  Aug ust 31, 2025 (A mou nts in T housands)

  Gover n ment al Act iv it ies
  Gover n mental Fu nds Cu r rent Assets Cash In Ban k � Depositor y Accou nts  $ 5,870


Custodial Credit Risk – Deposits

  Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, deposits or collateral
securities in the possession of an outside party will not be recovered. All TxDOT’s deposits are protected by insurance provided by the
Federal Deposit Insurance Corporation (FDIC).

  Regular depository accounts are insured by the FDIC up to $250 thousand per depositor, per insured bank. As of Aug. 31, 2025, the
sweep account is subjected to the same $250 thousand coverage provided to a regular depository account.

Treasury Pool

  All monies in funds established in the Texas Comptroller of Public Accounts (Comptroller) Treasury Operations Division (Treasury)
are pooled with other state funds and invested under the direction of the Comptroller of Public Accounts Treasury Operations Division
(Treasury). Governmental fund deposits in the state treasury totaled $5.1 billion at Aug. 31, 2025 .

  The Treasury obtains direct access to the services of the Federal Reserve System through the Texas Treasury Safekeeping Trust
Company (Trust Company). The Federal Reserve Bank requires that the Trust Company maintain a positive cash balance in the account
during and at the end of the day. The Trust Company met those requirements throughout fiscal 2025. The Comptroller has delegated
investment authority to the Trust Company and utilizes the Trust Company to manage and invest funds in the Treasury Pool.

  State statutes authorize the Treasury to invest state funds in fully collateralized time deposits; direct security repurchase agreements;
reverse repurchase agreements; obligations of the United States and its agencies and instrumentalities; banker ’s acceptances; commercial
paper; and contracts written by the Comptroller, which are commonly known as covered call options. Funds held in the treasury pool
have not been categorized as credit risk because TxDOT does not own individual securities. Details on the nature of these deposits and
investments are available within the state of Texas Annual Comprehensive Financial Report.

Investments

  TxDOT, and GPTC hold investments that are measured at fair value on a recurring basis. Because investing is not a core part of
TxDOT’s mission, the disclosures related to these investments only need to be disaggregated by major type.

  TxDOT, and GPTC categorize fair value measurements within the fair value hierarchy established by generally accepted accounting
principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The three�tiered fair value hierarchy
is as follows.

  ●  Level 1 – Quoted prices for identical investments in an active market

  ●  Level 2 – Significant other observable inputs other than quoted market prices

  ●  Level 3 – Significant unobservable inputs





Page 68  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 79 ===
  As of Aug. 31, 2025, the measurements of TxDOT’s investments are summarized below:

  Investment Valuation
  Aug ust 31, 2025 (A mou nts in T housands)

  Fair Value  Other
  Hierarchy  Measurement
  Investment Type  Level 1  Method  To  t  a  l
  Governmental Activities
  Money Market Mut ual Fu nds  $  $  105,300 $  105,300
  U.S. Gover n ment Agency Obligations  24,580  24,580
  Gover n ment I nvest ment Pools  138,169  138,169
  Total Gover n mental Activities  $ 24,580 $  243,469 $  268,049

  Business-Type Activities
  Money Market Mut ual Fu nds  $  $  971 $  971
  U.S. Treasu r y Secu r ities  7,000  7,000
  U.S. Gover n ment Agency Obligations  205,852  205,852
  Gover n ment I nvest ment Pools  1,643,749  1,643,749
  Repu rchase Ag reements  212,248  212,248
  Total Business�Ty pe Activities  $ 205,852 $  1,863,968 $  2,069,820

  Government sponsored entity investments of $230.4 million with maturities of one year or more, are measured from the purchase
date to maturity date. These investments are valued at quoted market prices (Level 1 input).

  As of Aug. 31, 2025, TxDOT and GPTC also have the following type of investments which are excluded from measurement at fair
value according to GASB 72.

  ●  TxDOT and GPTC had investments in money market funds, U.S. Treasury Securities, government agency obligations, and
  government investment pools of $2.1 billion with maturities less than one year and measured from purchase date to maturity date.
  These investments are valued at amortized cost.

Custodial Credit Risk

  Custodial credit risk for investments is the risk that, in the event of the failure of the counterparty, TxDOT will not be able to recover
the value of its investments or collateral securities that are in the possession of an outside party. TxDOT and GPTC investment policies
state that all securities purchased shall be conducted on a delivery�versus�payment (DVP) basis and shall be protected through the use
of a third�party custodian/safekeeping agent, which may be a Trustee.

Credit Risk

  Direct credit risk for investments is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. TxDOT
and GPTC investment policies prohibit TxDOT and GPTC from entering into long�term investment agreements or other non�DVP
investment transactions with a final maturity or termination date of longer than six months with any financial institution that initially
has a long�term rating category of less than “A” and that does not have at least one long  �term rating of at least “AA” by a nationally
recognized statistical rating organization (NRSRO). All investments made by TxDOT and GPTC have been through the list of qualified
financial institutions approved by TxDOT and GPTC.


















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 69

=== PDF PAGE 80 ===
  As of Aug. 31, 2025, TxDOT’s and GPTC’s investments had the following ratings:


  Investment Credit Ratings
  Aug ust 31, 2025 (A mou nts in Thousands)
  Standard
  Investment Type  Valuat ion  M o o d y’s  &  Po o r ’s  Fitch

  Governmental Activities
  Money Market Mutual Funds
  Black Rock Federal Fu nd  $ 155  Aaa�mf  AAAm  AAAmmf
  Morgan Stanley Instl Liquidit y Gover n ment Fu nds  105,145  Aaa�mf  AAAm  AAAmmf
  Government Sponsored Entities
  Federal Home Loan Ban ks  19,609  A a1  A  A+  NR
  Federal National Mor tgage Association  4,971  A a1  A  A+  A  A+
  Government Invest ment Pools
  LOGIC  138,169  NR  AAAm  NR
  Total Governmental Activities  $ 268,049

  Business-Type Activities
  Money Market Mutual Funds
  J PMorgan US Gover n ment Fu nd  $ 885  Aaa�mf  AAAm  AAAmmf
  Gold man Sachs Financial Square Gover n ment Fu nd  86  Aaa�mf  AAAm  NR
  Government Sponsored Entities
  Federal Far m Credit Ban ks  19,417  A a1  A  A+  A  A+
  Federal Home Loan Ban ks  97,180  A a1  A  A+  NR
  Federal Home Loan Mor tgage Cor poration  89,255  A a1  A  A+  A  A+
  Government Invest ment Pools
  Te  x  P  o  o  l  P  r  i  m  e  1,643,749  NR  AAAm  NR
  Repurchase Agreement
  Repo (TTSTC)  212,248  NR  AAAf  NR
  U.S. Treasur y Securities
  U.S. Treasu r y State and Local Gover n ment Ser ies  7,000  A a1  A  A+  A  A+
  Total Business-Type Activities  $ 2,069,820

  N R= Not Rated



















































































Page 70  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 81 ===
Concentration of Credit Risk

  ●  Concentration of credit risk is the risk of loss attributed to the magnitude of a government’s investment in a single issuer. Assets
  held in each portfolio 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 Aug. 31, 2025, the following investments exceeded five percent of
  total holdings: Federal Home Loan Bank investments under governmental activities and Repurchase Agreements under business�
  type activities.

  TxDOT and GPTC both address diversification in TxDOT’s investment policy. Diversification strategies shall be determined and
revised periodically by the investment officer for all funds.

Interest Rate Risk

  Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. TxDOT and GPTC have
addressed interest rate risk in its various accounts by matching as closely as possible anticipated cash flows with income and return of
principal on investments. In general, all securities held by TxDOT and GPTC are anticipated to be held to maturity, thereby avoiding
interest rate risk due to an early redemption.

  As of Aug. 31, 2025, TxDOT’s and GPTC’s investments exposure to interest rate risk is summarized in the table below:


  Investment Exposed to Interest Rate Risk
  Aug ust 31, 2025 (A mou nts in Thousands)
  Investment Maturities
  Investment Type  Fair Value  Less Than One Year  Greater Than One Year

  Governmental Activities
  Gover n ment Sponsored Entities  $ 24,580  $ 9,936  $ 14,644
  Gover n ment I nvest ment Pools  138,169  138,169
  Money Market Mut ual Fu nds  105,300  105,300
  Total Governmental Activities  $ 268,049  $ 253,405 $  14,644

  Business-Type Activities
  Gover n ment Sponsored Entities  $ 205,852  $ 171,857 $  33,995
  Gover n ment I nvest ment Pools  1,643,749  1,643,749
  Money Market Mut ual Fu nds  971  971
  Repu rchase Ag reement  212,248  212,248
  US Treasu r y Secu r it ies  7,000  7,000
  Total Business-Type Activities  $ 2,069,820  $ 2,035,825 $  33,995















































































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 71

=== PDF PAGE 82 ===
NOTE 4 – LOANS RECEIVABLE

  TxDOT makes loans to various local governments and regional mobility authorities. The State Infrastructure Bank (SIB) operates as a
revolving loan fund, where the account balance grows through the monthly interest earned and repaid principal and interest payments. SIB
financial assistance can be provided to any public or private entity authorized to construct, maintain or finance an eligible transportation
project.

  TxDOT also makes project loans through project development agreements. In these cases, TxDOT funds the construction costs of a
regional mobility authority owned project up front and gets repayment over an established loan term. The loan receivable is recorded as
TxDOT incurs eligible expenditures on the project.

  Texas Senate Bill 1939 passage facilitated the transfer of the Ship Channel Improvement Revolving Fund (SCIRF) and its unencumbered
balance of $400.0 million into the State Highway Fund. SCIRF will enhance the funding capabilities of entities responsible for the local
share of qualified project costs.

  The loan receivable balances as of Aug. 31, 2025 are as follows:


  Loans and Contracts
  Aug ust 31, 2025 (A mou nts in T housands)

  Fund  Loans Receivable  Due Within One Year
  State Highway Fund
  Highway Fu nd � Toll Equit y and Project Loans  $ 59,442  $ 2,534
  Highway Fu nd � State Inf rast r uct u re Ban k  257,347  9,254
  Total State Highway Fu nd  316,789  11,788
  Nonmajor Funds
  Ship Chan nel Improvement Revolving Fu nd  400,000  0
  Total Non major f u nds  400,000  0
  Gover n mental Fu nds Total  $ 716,789  $ 11,788
























































































Page 72  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 83 ===
NOTE 5 – LONG-TERM LIABILITIES



  Long�term liabilities for fiscal 2025 are presented in the table below:


  Long-Term Liabilities Activity (Amounts in Thousands)
  For the Fiscal Year Ended Aug ust 31, 2025

  Beginning  A  mou  nt  s  D  ue
  Balance  Adjustments &  Ending Balance  Within One  A mou nt s  Due
  Pr imar y Government  9/01/2024  Reclassif ications*  Reductions  Add it ions**  8/31/2025  Ye  a  r  Thereafter

  G over nment al Act iv it ies
  Compensable Leave  $  134,345  $  (1, 9 0  4)  $  (141,17 2)  $  142  , 9  4 9  $  134,218  $  101, 8 67  $  32  , 351
  Claims and Judg ments  150,000  (67,000)  83,000  78,000  5,000
  General Obligation Bonds  8,611,914  (21,658)  (1,301,640)  840,260  8,128,876  383,781  7,745,095
  General Obligation Bonds � Direct Placements  276,984  (1,986)  274,998  1,986  273,012
  Revenue Bonds  2,684,555  (17,808)  (297,075)  2,369,672  327,066  2,042,606
  Pollution Remediation Obligations  18,435  (17,185)  21,016  22,266  22,266
  Pass Th rough Tolls Payable  344,035  (47,521)  296,514  57,291  239,223
  Notes and Loans � Direct Bor rowings  608,130  (21)  (14,245)  593,864  14,490  579,374
  Cont racts Payable  16,000  (4,000)  12,000  4,000  8,000
  Right�to�Use Lease Obligations  31,677  (23,800)  137  8,014  4,091  3,923
  Right�to�Use Subscription Obligations  37,597  (33,087)  39,383  43,893  24,630  19,263
  Gover n mental Activities � Long�Ter m
  Liabilities  $ 12,913,672  $ (43,377)  $ (1,946,725)  $ 1,043,745  $ 11,967,315  $ 1,019,468  $ 10,947,847

  Business -Ty pe Act iv it ies
  Revenue Bonds Payable  $  7,2 43 , 0  2 3  $  (2 5,  2 8 3)  $  (63,19 0)  $  29, 9 8 0  $  7,18  4 ,  53 0  $  10 5 ,  31 3  $  7, 0  7 9,  217
  Notes and Loans � Direct Bor rowings  625,997  11,822  637,819  637,819
  Right�to�Use Subscription Obligations  80,806  (51,179)  (23,533)  6,094  6,094
  Business�Ty pe Activities � Long�Ter m
  Liabilities  $ 7,949,826  $ (76,462)  $ (86,723)  $ 41,802  $ 7,828,443  $ 111,407  $ 7,717,036

  *Includes cu r rent�year issuance premiu ms and amor tization of premiu ms and discou nts and GASB Statement No. 101 implementation. Please see note 14 for more
  infor mation.
  **Includes cu r rent�year amor tization of accretion.

  For long�term liabilities other than debt related to governmental activities, the State Highway Fund typically is used to liquidate
liabilities in prior years.

Compensated Absences

  Annual leave, commonly referred to as vacation leave, is accrued as a liability as it is earned by TxDOT employees.  Employees
accrue vacation time at a rate of 8 to 21 hours per month depending on years of state employment. The maximum number of hours that
may be carried forward to the next fiscal year ranges from 180 hours to 532 hours based on years of state service.

  Overtime, under the Fair Labor Standards Act and state laws, can be accumulated in lieu of immediate payment as compensatory
leave (at one�and�one�half hours for each overtime hour worked) for nonexempt, nonemergency employees to a maximum of 240 hours.
All overtime exceeding 240 hours must be paid with the next regular payroll. At termination or death, all overtime balances must be
paid in full.

  Compensatory leave is allowed for exempt employees not eligible for overtime pay. This leave is accumulated on an hour�for�hour
basis and must be taken within one year from date earned or it lapses. There is no death or termination benefit for compensatory leave.
Compensatory leave is reported as a current liability.

  Sick leave accrual begins on the first day of employment and ends on the last day worked. Sick leave must be accrued before it may
be used and employees who are on leave the first day of the month may not use that month’s accrual until they return to duty. Full�time
employees accrue eight hours of sick leave per month, with part�time employees accruing a proportional amount based on their work
schedule. Upon termination of employment, employees are not eligible for payment of any unused sick leave.






Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 73

=== PDF PAGE 84 ===
Claims and Judgments

  Claims and judgments are payable by TxDOT for various legal proceedings and claims.  In general, TxDOT records liabilities for
material claims and judgments when they are considered probable and estimable.  During fiscal 2025, TxDOT made $67.0 million in
payments for the claim related to the US 181 Harbor Bridge Replacement Project.

Notes and Loans Payable

  As of Aug. 31, 2025, three notes and loans agreements are outstanding. The TIFIA I�35E and TPFA direct borrowing loans are
governmental activities, and the TIFIA 2021 direct borrowing is a business�type activity.

TIFIA I-35E

  The Commission entered into a secured loan agreement with the United States Department of Transportation (USDOT) through the
Transportation Infrastructure Finance and Innovation Act of 1998 (TIFIA). USDOT agreed to lend the Commission up to $285.0 million
to pay a portion of the eligible project costs related to the initial phase of the I�35E project. The outstanding direct loan of $323.3 million
contains various provisions resulting from certain events of default with various remedies. In particular, in the case of a payment default,
interest is charged on the overdue balance of the note at the default rate (an additional 2 percent) until the payment default is cured
(overdue balance repaid). In the case of project abandonment, the default rate is charged until the note is paid in full. In the case of certain
bankruptcy related event defaults, the note becomes secured by a first priority security interest in the trust estate.

TPFA

  The Commission entered into an agreement with the Texas Public Finance Authority (TPFA) on Mar. 11, 2021. TPFA issued Taxable
Series 2021 Lease Revenue Bonds for the Texas Department of Transportation – Austin Campus Consolidation Project. The bonds have
an aggregate principal amount of $325.7 million for the purpose of financing certain costs of the Campus Consolidation Project. The
agreement obligates the Commission to make rent payments to TPFA in amounts sufficient to pay, among other things, the principal of,
premium and interest on the TPFA 2021 bonds. Although the agreement does not prescribe the source for the Commission’s payments
to be made thereunder, the Texas Legislature has appropriated monies from the State Highway Fund to be used by the Commission to
make payments to TPFA under the agreement for TPFA’s debt service payments due on their Series 2021 bonds during fiscal year 2025.
The bond will be paid in full in 16 years, or fiscal year 2041.

  The outstanding direct loan of $284.8 million, which includes an unamortized premium of $204.8 thousand, contains the following
acceleration clause; (a) upon the occurrence of and during the continuation of any event of default arising from the failure to make a
required payment, upon the occurrence of and during the continuation of an event of non�appropriation, or upon 30 days prior to the
expiration of the commitment of any provider of liquidity or credit enhancement for any parity debt which such parity debt is outstanding,
TPFA may take any one or more of the following remedial actions: (i) declare all of the remaining unpaid principal portion of the payments
due under this agreement to be immediately due and payable solely to the extent the Legislature has appropriated funds for such payment;
or (ii) enter and take possession of all or any portion of the project under this agreement without terminating this agreement, and sublease
all or any part of such project for the account of TxDOT; or (iii) terminate this agreement, enter and take possession of all or any portion
of the project, and, at TPFA’s discretion (to the extent permitted by law) sell equipment acquired as part of a project, or lease all or any
portion of a project.























Page 74  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 85 ===
  As of Aug. 31, 2025, the note’s debt service requirements for governmental activity notes and loans payable are as follows.


  Notes and Loans - Direct Borrowing Loans (Amounts in Thousands)
  Debt Ser v ice Requirements

  Governmental Activities
  Ye  a  r  Principal  Interest*  To  t  a  l
  2026  $ 14,470  $ 14,513  $ 28,983
  2027  15,478  14,329  29,807
  2028  17,580  14,096  31,676
  2029  19,331  13,745  33,076
  2030  21,156  13,361  34,517
  2031�2035  130,933  58,748  189,681
  2036�2040  180,575  39,598  220,173
  2041�2045  103,361  17,471  120,832
  2046�2050  63,183  8,536  71,719
  2051�2052  27,614  1,073  28,687
  593,681  195,470  789,151
  Unamor tized Premiu m  183  183
  Total Requirements  $ 593,864  $ 195,470  $ 789,334

  *Fixed interest rate is 2.58 percent for the TIFI A loan.

  The second TIFIA loan payable represents a secured loan made to the Grand Parkway Transportation Corporation by the USDOT
under the TIFIA. On November 15, 2022, GPTC requisitioned $605.3 million pursuant to the 2021 TIFIA loan agreement. In accordance
with the TIFIA loan agreement, the payments of principal and interest can be postponed under certain circumstances and such postponed
payments increase the principal amount of the loan. As of Aug. 31, 2025, the note’s debt service requirements are as follows.



  TIFIA Loan – Debt Service Requirements
  (A mou nts in T housands)


  Business-Type Activities
  Ye  a  r  Principal  Interest*  To  t  a  l
  2026  $  $  $
  2027  12,122  12,122
  2028  12,139  12,139
  2029  12,106  12,106
  2030  12,122  12,122
  2031�2035  35,431  59,535  94,966
  2036�2040  75,175  54,395  129,570
  2041�2045  137,175  45,215  182,390
  2046�2050  251,461  27,761  279,222
  2051�2053  145,559  4,630  150,189
  644,801  240,025  884,826
  Unamor tized Accretion  (6,982)  (6,982)
  Total Requirements  $ 637,819  $  240,025 $  877,844

  * Fixed interest rate at 1.88 percent.








Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 75

=== PDF PAGE 86 ===
Pledged Future Revenues

  Pledged revenues are those specific revenues that are formally committed to directly secure the payment of debt service. The table
that follows provides information on pledged revenue and pledged future revenue of the self�supporting general obligation bonds, revenue
bonds, and TIFIA loans.


  Pledged Future Revenue
  (A mou nts in Thousands)  Governmental Activities  Business-Type Activities

  Texas Mobi l it y  Grand Parkway
  Fund-  St ate H ighway  Central Texas  Transportation  SH 249
  Debt Service  Fund  Tu  r  n  p  i  k  e  S  y  s  t  e  m  Cor porat ion  System
  Pledged Revenue Required for Fut u re Pr incipal
  and Interest on Existing Debt  $ 7,372,610  $ 2,742,913  $ 3,706,983  $ 8,418,965  $ 699,132
  Ter m of Com mit ment Ending  10/1/2044  10/1/2033  8/15/20 42  10/1/2052  8/1/2057
  Percentage of Revenue Pledged  100%  100%  96%  96%  95%
  Cu r rent Year Pledged Revenue  $ 576,915  $ 10,695,105  *  $ 354,534  $ 428,330  $ 32,048
  Cu r rent Year Pr incipal and Interest Paid  $ 408,991  $ 416,376  $ 160,344  $ 175,382  $ 7,799

  * Includes pledged revenue of other state agencies using the state highway f u nd.

Pass-Through Tolls Payable

  The balance recorded as pass�through tolls payable relates to the Commission’s obligations under executed pass�through financing
agreements. As of Aug. 31, 2025, there were 20 active pass�through financing agreements finalized and executed by the Commission.
Under these agreements, an outside party (usually a local government) pays for all or a portion of a highway project. In return, TxDOT
contractually agrees to make reimbursements after the improvement is open for traffic. Reimbursements are subject to minimum and
maximum annual thresholds and are variable within those thresholds based on the volume of traffic on the project roadway. The agreements
covering multiple projects generally contain a provision allowing for reimbursements to begin as each project is open for traffic.

  The obligation to make future reimbursement payments is recognized as pass�through tolls payable as the underlying highway project
is constructed. Accruals of payables continue until the liability amount reaches the total TxDOT reimbursement obligation specified in
the agreement. If the cost of the completed underlying highway project is less than the total TxDOT reimbursement obligation, TxDOT
will accrue the additional obligation amount upon that project’s completion and acceptance. The estimated debt service requirements
related to pass�through toll contracts executed as of Aug. 31, 2025 are as follows.



  Pass-Through Tolls Payable - Debt Service Requirements
  (A mou nts in Thousands)

  G over nment al
  Activities
  Ye  a  r  Principal
  2026  $ 57,291
  2027  67,969
  2028  55,566
  2029  43,087
  2030  38,229
  2031�2033  34,372
  Total Requirements*  $ 296,514

  * There is no interest component to the pass�th rough toll reimbu rsements. This projection assu mes the
  Com mission’s maximu m potential obligation and as a result, f inal pay ment dates may occu r later than repor ted
  in the table above.








Page 76  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 87 ===
Contracts Payable

  TxDOT is a party to a financial assistance arrangement with Fort Bend County related to the expansion of Farm to Market Road
1093. The terms of this agreement are such that in return for Fort Bend County funding the costs of the project up�front, TxDOT will
reimburse Fort Bend County $4.0 million per year for 10 years following substantial completion of Westpark Tollway Phase I and opening
of the roadway to traffic. Construction on Westpark Tollway Phase I was completed in November 2018. The obligation to make future
reimbursements is recognized as contracts payable. The estimated debt service requirements related to this arrangement are as follows.
  Manual
  Contracts Payable – Debt Service Requirements
  (A mou nts in T housands)

  G over nment al
  Activities
  Ye  a  r  Principal
  2026  $ 4,000
  2027  4,000
  2028  4,000
  Total Requirements*  $ 12,000

  *There is no interest component to this cont ract payable.

Pollution Remediation Obligations

  TxDOT is responsible for the cleanup and remediation of several polluted sites. Regulatory requirements established by federal and
state law obligate TxDOT to perform these pollution remediation activities. Historical cost averages were used to calculate the estimated
pollution remediation obligation liabilities. The table below details the various compliance requirements under which TxDOT is incurring
pollution remediation costs and is recording a pollution remediation liability.


  Pollution Remediation Obligations - Disaggregation of Total Liability (Amounts in Thousands)
  As of Aug ust 31, 2025

  Governmental Activities  Obl igat ion Amount

  Comply with Federal and State asbestos reg ulations  $ 20,365
  Comply with LPST tan k requirements  773
  Comply with OSH A H ASP  684
  Comply with Federal and State OSH A requirements for lead based paint  392
  Comply with Federal Safe Dr in k ing Water Act requirements  52
  To  t  a  l  $ 22,266

  Federal reimbursements are expected to offset a portion of these estimated costs. When realizable, the federal reimbursements are
recognized as federal revenue. The potential for changes due to price increases or reductions, technology or applicable laws or regulations
was incorporated into these estimates.


















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 77

=== PDF PAGE 88 ===
R ight-to -Use Lease Obl igat ions

  TxDOT is reporting a total of 31 active lessee leases as of Aug. 31, 2025. The current and non�current lease obligation portion
associated with these leases is $4.1 million and $3.9 million respectively. The estimated debt service requirements related to the leases
executed as of Aug. 31, 2025, are as follows.


  Lease - Debt Service Requirements
  (A mou nts in Thousands)

  Governmental Activities
  Ye  a  r  Principal  Interest  To  t  a  l
  2026  $ 4,091  $ 211  $ 4,302
  2027  3,025  96  3,121
  2028  433  17  450
  2029  218  9  227
  2030  38  5  43
  2031�2035  125  16  141
  2036�2040  60  6  66
  2041�2045  24  1  25
  Total Requirements  $ 8,014  $ 361  $ 8,375







































































R ight-to -Use Subscriptions Obligations

  TxDOT is reporting 34 active subscription based information technology arrangements (SBITAs) in fiscal 2025. The current and
non�current portion associated with these subscriptions is $24.6 million and $19.3 million respectively for governmental activities and
$6.1 million for business�type activities. The estimated debt service requirements related to the subscriptions executed as of Aug. 31,
2025, are as follows.


  Subscriptions - Debt Service Requirements
  (A mou nts in Thousands)


  Governmental Activities
  Ye  a  r  Principal  Interest  To  t  a  l
  2026  $ 24,630  $ 1,514  $ 26,144
  2027  10,688  783  11,471
  2028  7,226  342  7,568
  2029  1,349  57  1,406
  Total Requirements  $ 43,893  $ 2,696  $ 46,589




  Subscriptions - Debt Service Requirements
  (A mou nts in Thousands)

  Business-Type Activities
  Ye  a  r  Principal  Interest  To  t  a  l
  2026  $ 6,094  $ 73  $ 6,167
  Total Requirements  $ 6,094  $ 73  $ 6,167


















































































































































































Page 78  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 89 ===
NOTE 6 – BONDED INDEBTEDNESS

  As discussed more fully in the sections that follow, the Commission and TxDOT’s blended component units are authorized through
various statutory and constitutional provisions to issue general obligation and revenue bonds as well as private activity bonds.

  As of Aug. 31, 2025, the Commission had thirty one bond issues outstanding. The Texas Private Activity Bond Surface Transportation
Corporation (TxPABST), a blended component unit of TxDOT, had seven conduit debt bond issues outstanding as of Aug. 31, 2025.
The Grand Parkway Transportation Corporation (GPTC), another blended component unit of TxDOT, had seven revenue bond issuances
outstanding as of Aug. 31, 2025. The debt service payments associated with debt issued by TxPABST and GPTC are not the responsibility
of the state of Texas, however due to the relationship between TxDOT and these entities, their disclosures, and as appropriate, financial
balances associated with the outstanding bonds are included in this report.



  Miscellaneous Bond Information
  (A mou nts in T housands)
  Maturit ies
  Bonds Issued  Range of  First  Last  Fi rst Cal l
  Descript ion of Issue  to Date  Date Issued  Interest Rates  Ye  a  r  Ye  a  r  Date

  GOVERNMENTAL ACTIVITIES
  General Obl igat ion Bonds
  Texas Mobi l it y Fund
  Ser ies 2006�B Var iable Rate Bonds  $ 150,000  12/13/20 0 6  VA  R  VA  R  2036  2036  *
  Ser ies 2009�A Taxable Fixed Rate Bonds  1,208,495  08/26/2009  5. 37%  5. 52%  2029  2039  *
  Ser ies 2014 Fixed Rate Ref u nding Bonds**  973,775  07/02/2014  4.0 0%  5.0 0 %  2  016  2034  04/01/2024
  Ser ies 2014�A Fixed Rate Ref u nding Bonds  1,580,160  12/18/2014  4.0 0%  5.0 0 %  2  017  2044  10 / 01 / 2 0 2 4
  Ser ies 2014�B Put Bonds  250,000  12/18/2014  0.65%  0.65%  2040  2  0  41  10 / 01 / 2 0 2 5
  Ser ies 2015�A Fixed Rate Ref u nding Bonds  911,360  09/30/2015  3. 20 %  5.0 0 %  2 018  2036  10 / 01 / 2 0 2 5
  Ser ies 2015�B Fixed Rate Ref u nding Bonds  254,105  10/07/2015  5.0 0 %  5.0 0 %  2  0 31  2036  10 / 01 / 2 0 2 5
  Ser ies 2017�A Fixed Rate Ref u nding Bonds  296,020  0 2 / 01 / 2 017  5.0 0 %  5.0 0 %  2030  2034  10 / 01 / 2 0 2 7
  Ser ies 2017�B Fixed Rate Ref u nding Bonds  474,135  0 2 / 01 / 2 017  5.0 0 %  5.0 0 %  2029  2036  10 / 01 / 2 0 2 7
  Ser ies 2020 Taxable Fixed Rate Ref u nding Bonds  1,270,690  08/05/2020  0. 26%  2 .47%  2 0 21  2044  *
  Ser ies 2024 Fixed Rate Ref u nding Bonds  840,260  10 / 01 / 2 0 2 4  5.0 0 %  5.0 0 %  2025  2044  10/1/2034
  Texas Highway Improvement
  Ser ies 2010�A Taxable Fixed Rate Bonds  815,420  09/29/2010  3. 20 %  4.68%  2 019  2040  *
  Ser ies 2016 Fixed Rate Bonds  615,000  05/04/2016  5.0 0 %  5.0 0 %  2  017  2046  04/01/2026
  Ser ies 2016�A Fixed Rate Bonds  588,755  11/02/2016  4.0 0%  5.0 0 %  2 018  2046  04/01/2026
  Ser ies 2019 Taxable Fixed Rate Ref u nding Bonds  705,550  12/11/2019  2.60%  4.0 0%  2 0 21  2044  04/01/2029
  Ser ies 2020 Taxable Fixed Rate Ref u nding Bonds  794,235  07/06/2020  2.56%  5.0 0 %  2022  20 42  *
  Ser ies 2024 Fixed Rate Ref u nding Bonds  696,245  03/28/2024  5.0 0 %  5.0 0 %  2025  2044  10 / 01 / 2 0 33
  Revenue Bonds
  State Highway Fund
  Ser ies 2008 Fixed Rate Bonds  162,995  08/19/2008  3. 50 %  5. 25%  2 010  2028  04/01/2018
  Ser ies 2010 Taxable Fixed Rate Bonds  1,500,000  0 8 / 0 5/ 2 010  5.03%  5.18 %  2026  2030  *
  Ser ies 2014�B Var iable Rate Bonds  300,000  03/25/2022  VA  R  VA  R  2 032  2 032  *
  Ser ies 2015 Revenue Ref u nding Bonds  781,080  07/22/2015  3.0 0 %  5.0 0 %  2  017  2026  n  /a
  Ser ies 2016�A Fixed Rate Bonds  601,210  10/26/2016  3.0 0 %  5.0 0 %  2  017  2030  10 / 01 / 2 0 2 6
  Ser ies 2016�B Fixed Rate Bonds  89,370  10/26/2016  0.43%  0.56%  2025  2026  n  /a
  Ser ies 2024 Revenue Ref u nding Bonds  346,820  03/20/2024  5.0 0 %  5.0 0 %  2025  2 033  n  /a

  Gover n mental Activities Total  $ 16,205,680

  *  Bonds are subject to redemption pr ior to their respective mat u r ities at the option of the Com mission.
  **  Bonds are not outstanding as of 08/31/2025.













Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 79

=== PDF PAGE 90 ===
  Miscellaneous Bond Information (Concluded)
  (A mou nts in T housands)
  Maturit ies
  Bonds Issued  Range of  First  Last  Fi rst Cal l
  Descript ion of Issue  to Date  Date Issued  Interest Rates  Ye  a  r  Ye  a  r  Date
  BUSINESS -TYPE ACTIVITIES
  Revenue Bonds
  Central Texas Turnpike System
  First Tier Revenue Bonds Ser ies 2002�A
  Non�Callable Capital Appreciation Bonds***  $ 842,057  08/29/2002  4.47%  5.75 %  2 012  2030  n  /a
  Callable Capital Appreciation Bonds**  325,494  08/29/2002  6.0 0%  6 .10 %  2025  2038  08/15/2012
  First Tier Revenue Ref u nding Bonds Ser ies 2020�A  179,475  03/05/2020  3.0 0 %  5.0 0 %  2039  2040  08/15/2030
  First Tier Revenue Ref u nding Bonds Taxable Ser ies 2020�C  279,305  03/05/2020  3.03%  3.03%  2  0 31  2  0  41  08/15/2030
  First Tier Revenue Ref u nding Bonds Ser ies 2024�A  386,210  08/07/2024  5.0 0 %  5.0 0 %  2 032  2038  08/15/2034
  First Tier Revenue Ref u nding Put Bonds Ser ies 2024�B  225,000  08/07/2024  5.0 0 %  5.0 0 %  20 42  20 42  05/15/2030
  Second Tier Revenue Ref u nding Bonds Ser ies 2024�C  1,022,495  08/07/2024  5.0 0 %  5.0 0 %  2  0 31  20 42  08/15/2034
  Grand Parkway Transpor tat ion Cor porat ion****
  Subordinate Tier Toll Revenue Bonds, Ser ies 2013�B
  Conver tible Capital Appreciation Bonds***  489,160  0 8 / 01 / 2 013  4.95%  5.85%  2029  2048  10 / 01 / 2 0 2 8
  Cu r rent Interest Bonds**  1,137,935  0 8 / 01 / 2 013  5.0 0 %  5. 25%  2048  2 053  10 / 01 / 2 0 2 3
  Subordinate Tier Toll Revenue Bonds, Ser ies 2013�E  361,810  0 8 / 01 / 2 013  5.18 %  5.18 %  2036  20 42  *
  Subordinate Tier Toll Revenue Bonds, Ser ies 2018�A  712,100  05/30/2018  5.0 0 %  5.0 0 %  2030  2048  04/01/2028
  First Tier Toll Revenue Ref u nding Bonds, Taxable Ser ies 2020�A  220,415  02/27/2020  2  .11%  3. 36%  2026  2 052  04/01/2030
  Subordinate Tier Toll Revenue Ref u nding Bonds, Taxable Ser ies
  2020�B  1,293,260  02/27/2020  1. 53%  3. 24%  2020  2 052  04/01/2030
  First Tier Toll Revenue Ref u nding Bonds, Ser ies 2020�C  793,385  02/27/2020  3.0 0 %  5.0 0 %  2 033  2050  n  /a
  Subordinate Tier Toll Revenue Ref u nding Put Bonds, Ser ies 2023  263,225  08/16/2023  5.0 0 %  5.0 0 %  2034  2 052  01 / 01 / 2 0 2 8
  SH 249 System
  First Tier Toll Revenue Bonds, Ser ies 2019�A
  Cu r rent Interest Bonds  144,085  02/26/2019  5.0 0 %  5.0 0 %  2 053  2 057  02/01/2029
  Capital Appreciation Bonds***  126,009  02/26/2019  3. 39 %  5.10 %  2028  2 053  02/01/2029
  First Tier Toll Revenue Bonds, Taxable Ser ies 2019�B  12,795  02/26/2019  4 . 55%  4 .7 0  %  2030  2 033  02/01/2029

  Business�Ty pe Activities Total  8,814,215
  To  t  a  l  $ 25,019,895


  *  Bonds are subject to redemption pr ior to their respective mat u r ities at the option of the Com mission or the Cor poration.
  **  Bonds are not outstanding as of 08/31/2025.
  ***  Bonds issued to date include interest accreted to pr incipal.
  ****Grand Parkway Transpor tation Cor poration bonds are not obligations of the State.


























Page 80  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 91 ===
  Changes in Bonds Payable (Amounts in Thousands)
  For the Fiscal Year Ended Aug ust 31, 2025

  Bonds  Bonds
  Outstanding  Bonds Matured  Outstanding  Due Within
  Descript ion  9/1/2024  Adjustments*  Bonds Issued**  or Ret ired  8/31/2025  One Year

  Governmental Activities:
  General Obligation Bonds  $ 8,611,914  $ (21,658)  $ 840,260  $ (1,301,640)  $ 8,128,876  $ 383,782
  General Obligation Bonds � Direct Placements 276,984  (1,986)  274,998  1,986
  Revenue Bonds  2,684,555  (17,808)  (297,075)  2,369,672  327,066
  Total Gover n mental Activities  11,573,453  (41,452)  840,260  (1,598,715)  10,773,546  712,834

  Business-Type Activities:
  Revenue Bonds  7,243,023  (25,283)  29,980  (63,190)  7,184,530  105,313
  Total Business�Ty pe Activities  7,243,023  (25,283)  29,980  (63,190)  7,184,530  105,313

  To  t  a  l  $ 18,816,476  $ (66,735)  $ 870,240  $ (1,661,905)  $ 17,958,076  $ 818,147

  *Includes cu r rent�year issuance premiu ms and amor tization of premiu ms and discou nts.
  **Includes cu r rent�year amor tization of accretion.

General Obligation Bonds – General Comments

  The Texas Constitution authorizes the Commission to issue general obligation bonds backed by the full faith and credit of the state.
As of Aug. 31, 2025, two general obligation bond programs were active. All general obligation bond issuances must be approved by
the Texas Bond Review Board prior to issuance. The purpose and the sources for the repayment of debt service for each program are
summarized as follows:

Texas Mobility Fund General Obligation Bond Program

  Texas Constitution, Article III, Section 49�k and Transportation Code, Chapter 201, Subchapter M authorize the Commission to issue
general obligation bonds payable from a pledge of and lien on all or part of the money in the Mobility Fund. The Mobility Fund bonds
are designed to be self�supporting, but the full faith and credit of the state is pledged in the event the revenue and money dedicated to the
Mobility Fund is insufficient to pay debt service on the bonds. As of Aug. 31, 2025, major sources of pledged revenue to the Mobility
Fund include driver license fees, motor vehicle inspection fees, certificate of title fees and driver record information fees.

  The issuance of Mobility Fund bonds is subject to debt service coverage requirements. Prior to a Mobility Fund debt issuance, the
Texas Comptroller of Public Accounts must certify that there will be sufficient future resources on deposit in the Mobility Fund to ensure
110 percent coverage of debt service requirements during the period that the debt will be outstanding. Subject to the debt service coverage
requirement, the Mobility Fund constitutional provision does not limit the amount of obligations that may be issued under the program.
The Mobility Fund program is currently established in the aggregate principal amount of $7.5 billion outstanding at any one time. House
Bill No. 2219 which was enacted during the regular session of the 87th Legislature and became effective on June 18, 2021, amended
the authority to (i) eliminate the ability of the Commission to issue Program obligations for the purpose of providing participation by
the State in the payment of part of the costs of constructing and providing publicly owned toll roads and (ii) authorize the Commission
to issue Program obligations for certain transportation projects, as described herein, after May 1, 2021 and before January 1, 2027 in
an aggregate principal amount not to exceed an amount equal to sixty percent (60%) of the outstanding principal amount of Program
obligations existing on May 1, 2021. As of May 1, 2021, the outstanding principal amount of Program obligations (i.e., Parity Debt)
was $5.9 billion. The Commission may issue, other than refunding obligations described herein, no more than $3.6 billion in aggregate
principal amount of Parity Debt prior to January 1, 2027.

  Bond proceeds are to be used for refunding existing bonds and related credit agreements, creating reserves for the payment of bonds
and related credit agreements, covering bond issuance costs, and paying interest on the bonds and related credit agreements.

  In the event of default in connection with any covenant or in any supplement, or default in the payment of annual debt service
requirements due in connection with any parity debt, or other costs and expenses related thereto, any owner of parity debt (which includes
all Mobility Fund bondholders) may require the Commission, the Department, its officials and employees, and any appropriate official
of the State, to carry out, respect, or enforce the covenants and obligations of the Master Resolution or any Supplement, by all legal and
equitable means, including specifically the use and filing of mandamus proceedings in any court of competent jurisdiction in Travis
County, Texas against the Commission, the Department, its officials and employees, or any appropriate official of the State.

  The Series 2015�B outstanding balance of $275.0 million, including the unamortized premium, represents direct placements.

Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 81

=== PDF PAGE 92 ===
Texas Highway Improvement General Obligation Bond Program (Proposition 12)

  Texas Constitution, Article III, Section 49�p and Transportation Code, Section 222.004, authorizes the Commission to issue general
obligation bonds of the state of Texas for the costs of highway improvement projects including construction, reconstruction, design, the
acquisition of right�of�way, the costs of administering the highway improvement projects and the costs of issuing the bonds. These bonds
are not self�supporting and are considered a general obligation of the state of Texas. As of Aug. 31, 2025, the Commission had issued
the $5.0 billion authorized under the Texas highway improvement general obligation bond program.

  In the event of default in connection with (i) failure to make payment of the principal of or interest on any of the bonds or credit
agreements when due and payable or (ii) the performance or observance of any other covenant, agreement or obligation of the Commission
or the State, which materially adversely affects the rights of the bond owners, any owner of bonds or credit agreements may require the
Commission, the Department, its officials and employees, and any appropriate official of the State, to carry out, respect, or enforce the
covenants and obligations of the Master Resolution or any Supplement, by all legal and equitable means, including specifically the use and
filing of mandamus proceedings in any court of competent jurisdiction in Travis County, Texas against the Commission, the Department,
its officials and employees, or any appropriate official of the State. The State has not waived sovereign immunity with respect to the
enforcement of the obligations of the Commission and the State relating to any series of bonds or credit agreements.


  Debt Service Requirements – Governmental Activities
  (A mou nts in T housands)
  General Obl igat ion Bonds
  Ye  a  r  Principal  Interest *  To  t  a  l
  2026  $ 333,645  $ 327,615  $ 661,260
  2027  264,550  320,600  585,150
  2028  368,515  305,736  674,251
  2029  389,420  289,840  679,260
  2030  392,915  274,032  666,947
  2031�2035  2,215,300  1,087,015  3,302,315
  2036�2040  2,526,210  556,627  3,082,837
  2041�2045  1,171,590  115,551  1,287,141
  2046  40,800  1,837  42,637
  7,702,945  3,278,853  10,981,798
  Premiu m  425,931  425,931
  To  t  a  l  $ 8,128,876  $ 3,278,853  $ 11,407,729

  * Ser ies 2006�B debt ser vice requirements are calculated with interest rate of 3.08 percent which is the interest rate repor ted at Aug.31, 2025.





















  Debt Service Requirements – Governmental Activities
  (A mou nts in T housands)
  General Obl igat ion Bonds - Direct Placements
  Ye  a  r  Principal  Interest  To  t  a  l
  2026  $  $ 12,705  $ 12,705
  2027  12,705  12,705
  2028  12,705  12,705
  2029  12,705  12,705
  2030  12,705  12,705
  2031�2035  89,810  54,195  144,005
  2036�2040  164,295  9,607  173,902
  254,105  127,327  381,432
  Premiu m  20,893  20,893
  To  t  a  l  $ 274,998  $ 127,327  $ 402,325


Revenue Bonds – General Comments

  The Texas Constitution and Transportation Code authorize the Commission to issue revenue bonds backed by pledged revenue sources
and restricted funds. All revenue bond issuances must be approved by the Texas Bond Review Board prior to issuance. The active revenue
bond programs of TxDOT and the Grand Parkway Transportation Corporation are summarized as follows:

State Highway Fund Revenue Bond Program (Proposition 14)

  Texas Constitution, Article III, Section 49�n and Transportation Code, Section 222.003 authorizes the Commission to issue revenue
bonds to finance highway improvement projects. The bonds are payable from pledged revenues deposited to the credit of the state

Page 82  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 93 ===
highway fund, including dedicated taxes, dedicated federal revenues and amounts collected or received pursuant to other state highway
fund revenue laws and any interest or earnings from the investment of these funds. As of Aug. 31, 2025, the Commission had issued the
$6.0 billion authorized under the state highway fund revenue bond program.

  In the event of default, the purchaser may take the following actions:

  (1)  Direct the tender agent and the Commission, as applicable, to cause a mandatory tender of the bonds or take such other remedial
  action as is provided for in the Resolution;

  (2)  Exercise any and all remedies as it may have under the related documents and as otherwise available at law and equity;

  (3)  Take whatever action at law or in equity may appear necessary or desirable to collect the amounts due and payable by
  the Commission under the Related Documents (including all outstanding debt service on the 2014�B2 bonds) or to enforce
  performance or observance of any obligation, agreement or covenant of the Commission under the Related Documents.

  In general, in the event of a default in the payment of debt service due in connection with any State Highway Fund bonds or any other
costs and expenses relating thereto, or a default by the Commission in the performance of any duty or covenant provided in law or in
the Resolution, any owner of State Highway Fund bonds may require the Commission or the Department or its officials and employees
to carry out, respect, or enforce the Commission’s covenants and obligations relating to the State Highway Fund bonds by all legal and
equitable means, including specifically the use and filing of mandamus proceedings in State court.

  Total debt service requirements for State Highway Fund revenue bonds are presented as follows.


  Debt Service Requirements – Governmental Activities
  (A mou nts in T housands)
  Revenue Bonds
  Ye  a  r  Principal  Interest *  To  t  a  l
  2026  $ 313,400  $ 104,005  $ 417,405
  2027  326,635  92,466  419,101
  2028  337,170  78,240  415,410
  2029  348,965  60,767  409,732
  2030  360,895  42,716  403,611
  2031�2034  621,825  55,830  677,655
  2,308,890  434,024  2,742,914
  Premiu m  60,782  60,782
  To  t  a  l  $ 2,369,672  $ 434,024  $ 2,803,696

  * Ser ies 2014�B debt ser vice requirements are calculated with interest rate of 2.75 percent which is the interest rate repor ted at Aug. 31, 2025.

Central Texas Turnpike System Revenue Bond Program

  Transportation Code, Chapter 228 Subchapter C authorizes the Commission to issue revenue bonds to pay a portion of the costs of
planning, designing, engineering, developing and constructing the Central Texas Turnpike System (CTTS) located in the greater Austin
metropolitan area in Travis and Williamson counties. The bonds are payable from and secured solely by a first and second lien on, as
applicable, and pledge of the trust estate. The trust estate consists of all project revenues and investment earnings. Neither the state, the
Commission, TxDOT, nor any other agency or political subdivision of the state, is obligated to pay the debt service on the CTTS revenue
bonds.

  In  event of default under the terms of the Indenture of Trust dated as of July 15, 2002, the Trustee may take the following actions
and upon the written request of the owners of not less than 20 percent in principal amount of outstanding obligations shall proceed to:

  (1)  Protect and enforce its rights and the rights of the owners under the state law and the Indenture 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 Indenture or in aid or execution of any power granted
  by the Indenture 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 right.

  (2)  In the enforcement of any remedy under the Indenture the Trustee shall be entitled to sue for, enforce payment of and receive
  any and all amounts then or during any event of default becoming, and at any time remaining, due from the Commission.





Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 83

=== PDF PAGE 94 ===
Grand Parkway System Toll Revenue Bond Program

  Transportation Code, Chapter 431 authorizes the creation of the Grand Parkway Transportation Corporation, a public, non�profit Texas
corporation created by the Commission to act on behalf of the Commission to finance, build and operate certain segments of State Highway
99 (the “Grand Parkway Project”) in the greater Houston area. In March 2012, the Commission adopted a resolution creating the Grand
Parkway Transportation Corporation (GPTC). GPTC is authorized to assist and act on behalf of the Commission in the development,
financing, design, construction, reconstruction, expansion, operation and/or maintenance of the Grand Parkway toll project. The bond
obligations are payable from tolls and other revenues of the GPTC held by the trustee. Neither the state, the Commission, nor any other
agency or political subdivision of the state is obligated to pay the debt service on the GPTC bonds.

  In an event of default, and upon the written request of the owners of not less than 20 percent in principal amount of outstanding
obligations, the Trustee shall proceed to:

  (1)  Protect its rights and the rights of the owners under Chapter 431, Transportation Code and under the Trust Agreement, the Toll
  Rate Agreement or certain sections of the Project 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 granted in the Trust Agreement
  for the enforcement of any proper legal or equitable remedy, as the Trustee, being advised by counsel, deems most effectual to
  protect and enforce such rights. Acceleration of principal of or interest on the obligations upon the occurrence of an event of
  default is not a remedy available under the Trust Agreement.

  (2)  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 Corporation and to
  enforce judgment or decree against the Corporation but solely as provided in the Trust Agreement.

SH 249 System Revenue Bond Program

  Transportation Code, Chapter 228 authorizes the Commission to issue toll revenue bonds to finance the cost of construction,
improvement, extension, or expansion of a toll project or system in the State. In February 2019, the Commission issued $249.3 million
in toll revenue bonds (2019 SH 249 Bonds) to finance the cost of an approximately 15�mile tolled highway (Segment 1) to serve as a
northerly extension of the existing State Highway 249 (SH 249) and to be located between FM 1774 in Pinehurst, Texas (Montgomery
County) and FM 1774 near Todd Mission, Texas (Grimes County). The 2019 SH 249 Bonds constitute special, limited obligations of
the Commission secured by and payable solely from a first lien on, pledge of, and security interest in the trust estate (Trust Estate) for
the 2019 SH 249 Bonds and are payable prior to the payment of operating and maintenance expenses on Segment 1. The Trust Estate
consists primarily of toll revenues to be generated by the operation of Segment 1. None of the Commission, TxDOT, or any other agency
or political subdivision of the State is obligated to pay debt service on the 2019 SH 249 Bonds, except that the Commission is solely
responsible for such payments from the Trust Estate and certain funds created under the master trust agreement (Master Trust Agreement)
for the 2019 SH 249 Bonds. The Commission has currently designated Segment 1 as comprising the entire “SH 249 System”. Segment 1
is the first and initially the only segment of the SH 249 System. The Commission may choose to expand or enlarge the SH 249 System,
but the Commission currently has no plans for such expansion or enlargement. Subject to the terms of the Master Trust Agreement, the
Commission may issue additional bonds or other obligations at any time, secured by a lien on the Trust Estate that is on parity with,
or subordinate to, the first lien on the Trust Estate securing payment of the 2019 SH 249 Bonds, in order to finance the expansion or
enlargement of the SH 249 System.

  In an event of default, the Trustee may proceed and upon the written request of the owners of not less than 20 percent in principal
amount of outstanding obligations, shall proceed to:

  (1)  Protect and enforce its rights and the rights of the owners under State law and under the Master 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 in the Master Trust Agreement or in aid or
  execution of any power granted in the Master Trust Agreement 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. Acceleration of the
  principal of or interest on the obligations is not a remedy available under the Master Trust Agreement.

  (2)  In the enforcement of any remedy under the Master 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 Corporation.







Page 84  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 95 ===
  The summarized debt service requirements for the CTTS, GPTC and SH 249 System is as follows.


  Debt Service Requirements – Business-Type Activities
  (A mou nts in T housands)
  Revenue Bonds
  Ye  a  r  Principal  Interest  To  t  a  l
  2026  $ 80,030  $ 278,473  $ 358,503
  2027  88,170  278,411  366,581
  2028  96,085  278,335  374,420
  2029  102,090  278,252  380,342
  2030  109,705  278,111  387,816
  2031�2035  882,835  1,298,102  2,180,937
  2036�2040  1,533,670  1,015,187  2,548,857
  2041�2045  1,357,425  659,010  2,016,435
  2046�2050  1,359,110  391,744  1,750,854
  2 0 51�20 55  1,410,275  97,283  1,507,558
  2056�2060  63,175  4,777  67,952
  7,082,570  4,857,685  11,940,255
  Accret ion  (266,437)  (266,437)
  Premiu m  368,397  368,397
  To  t  a  l  $ 7,184,530  $ 4,857,685  $ 12,042,215

Build America  Bonds

  The American Recovery and Reinvestment Act of 2009 granted municipal debt issuers access to a broader investor base in the taxable
market by providing a federal interest rate subsidy payment to offset debt service costs through the Build America Bonds (BABs) program.
Direct Payment BABs provide a federal reimbursement to TxDOT equal to 35 percent of the interest paid on the bonds.

  As a result of budget sequestration, the federal government reduced subsidy payments for BABs by 5.7 percent effective Oct. 1, 2020
through Sept. 30, 2030 for BAB subsidy payments paid in federal fiscal year 2025. See the table below for details on the Commission’s
Direct Payment BABs outstanding at Aug. 31, 2025.


  Direct Payment Build America Bonds
  (A mou nts in T housands)
  Issue Date  Par Amount  Outstanding
  Governmental Activities
  General Obligation Bonds
  Texas Mobilit y Fu nd Ser ies 2009�A  8/26/2009  $ 1,208,495  $ 1,191,125
  Texas Highway Improvement Bonds Ser ies 2010�A  9/29/2010  815,420  607,725
  Revenue Bonds
  State Highway Fu nd Ser ies 2010  8 / 0 5/ 2 010  1,500,000  1,281,385
  Gover n mental Activities Total  $ 3,523,915 $ 3,080,235

Variable Rate Bonds

  The Commission has two variable rate bond issues outstanding at Aug. 31, 2025. The interest rates in effect as of Aug. 31, 2025 for
the Texas Mobility Fund Series 2006�B and State Highway Fund Series 2014�B used to calculate the debt service requirements were
3.08 and 2.75 percent, respectively. For Texas Mobility Fund Series 2006�B bonds and State Highway Fund Series 2014�B bonds, the
interest rates reset every seven days.

Fixed Rate Put Bonds

  The Commission has two fixed rate put bond issues outstanding, the Texas Mobility Fund Series 2014�B Bonds and Central Texas
Turnpike System Series 2024�B Bonds.

  The Texas Mobility Fund Series 2014�B Bonds were redesignated and remarketed on Oct. 1, 2021. The interest mode was converted
to a Multiannual Mode for the initial multiannual rate period that commences on Oct. 1, 2021 and ends on Mar. 31, 2026. The bonds bear
interest rate at .65 percent in the initial multiannual rate period. The bonds are subject to mandatory tender for purchase on the mandatory
tender date as specified in the award certificate. The bonds are not subject to optional tender prior to the mandatory tender date. During
the initial multiannual rate period, the bonds are not subject to the benefit of a liquidity facility, nor is there any requirement to obtain
such a liquidity facility.

Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 85

=== PDF PAGE 96 ===
  The Central Texas Turnpike System First Tier Revenue Refunding Put, Series 2024�B Bonds were issued on Aug. 7, 2024. The
interest mode is a multiannual mode. During the initial multiannual rate period from Aug. 7, 2024 through Aug. 14, 2030, bonds bear
interest at a 5.00 percent rate. The bonds have the option to be remarketed as early as May 15, 2030 but must be remarketed by the latest
mandatory tender date of Aug. 15, 2030.

  For both fixed rate put bond issues, the obligation of the Commission to purchase the bonds on the mandatory tender dates is subject to
the successful remarketing of such bonds and a failed conversion and remarketing will not constitute an event of default. The Commission
has no obligation to purchase the bonds except from the remarketing proceeds. In the event that the bonds are not remarketed to new
purchasers on the mandatory tender date, the bonds will bear interest at the stepped rate of 7.00 percent per annum.

Demand Bonds

  The Texas Mobility Fund Series 2006�B and the State Highway Fund Series 2014�B bonds are variable rate demand bonds. A bond
holder may tender any of these bonds for repurchase prior to maturity at a price equal to principal plus accrued interest. Any bonds so
tendered will be purchased either by the proceeds of the remarketing of such bonds or, if not successfully remarketed, from amounts
drawn under the standby bond purchase agreements. The following tables provide details for outstanding demand bonds and the related
standby bond purchase agreements as of Aug. 31, 2025.

  Demand Bonds – Standby Bond Purchase Agreement Provisions (Amounts in Thousands)
  Principal  Annual  Agreement
  Balance  Liquidit y  Te  r  m  i  n  a  t  i  o  n
  Governmental Activities  Outstanding  Counter par t iesFe eDate
  General Obligation Bonds
  Texas Mobilit y Fu nd
  Ser ies 20 06�B  $ 150,000  Texas Compt roller of Public Accou nts  0.12%  8/31/2027

  Revenue Bonds
  St ate Highway Fu nd
  S  e  r  i e  s  2  014�B  300,000  Su mitomo Mitsui Ban k ing Cor poration  0.2% � 2.3%*  10 / 01 / 2 0 2 6

  To  t  a  l  $ 450,000

  * Dependent on credit ratings of the bonds.
  The Texas Mobility Fund Series 2006�B bonds are subject to a Standby Bond Purchase Liquidity Agreement (agreement) with the
Texas Comptroller of Public Accounts (Comptroller). The agreement provides terms to be negotiated and mutually agreed upon by
TxDOT and the Comptroller upon need for the Comptroller to purchase bonds put but that the remarketing agent cannot resell timely
to new investors. In that case, TxDOT would pay interest to the Comptroller based on the existing debt service schedule for the Series
2006�B bonds.

  The agreement was made pursuant to powers granted to Comptroller under Texas Government Code Sec. 404.027. The agreement
provides protection to prevent an unplanned draw on current financial resources of the Texas Mobility Fund. The agreement is subject to
renewal on a biennial basis. For fiscal 2025, the Trustee did not draw from the Comptroller related to the Series 2006�B demand bonds.

  The Standby Bond Purchase Liquidity Agreement for the State Highway Fund Series 2014�B contains takeout provisions, which
provide an alternative debt instrument to replace any repurchased bonds that are not remarketed within the prescribed time constraints.
Outstanding principal balances on variable rate demand bonds that have take�out provisions in place may be classified as non�current
liabilities. The outstanding principal balance for the Series 2014�B is classified as a non�current liability as the agreement in place is set
to expire in fiscal year 2027. The table shown below provides the estimated impact of such an event.

















Page 86  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 97 ===
  Demand Bonds – Takeout Provisions (Amounts in Thousands)

  Governmental Activities  Est imated Debt Ser v ice  Rate  Basis  Replacement Debt Terms
  Revenue Bonds
  St ate Highway Fu nd
  S  e  r  i e  s  2  014�B  $ 354,309  9. 5 0  %  Base Rate + 2%  Semi�an nual pay ments over th ree years (or sooner
  u nder cer tain ter mination events) star ting on the
  f irst day of the sixth month of that per iod.
  To  t  a  l  $ 354,309

Refunding

  On May 23, 2024, the Commission approved the Fourteenth Supplemental Resolution related to the Texas Mobility Fund. This
resolution authorized the issuance of general obligation refunding bonds to refund certain previously issued bonds, pay the purchase
price of certain bonds tendered for purchase by the Commission pursuant to achieve debt service savings, and cover the costs of issuing
the bonds.

  The General Obligation Mobility Fund Refunding Bonds, Series 2024 were issued to refund certain outstanding Series 2014, Series
2014�A, and Series 2020 bonds. The Series 2020 bonds were validly tendered and accepted for purchase by the Commission to the
Commission’s Invitation to Tender dated Aug. 23, 2024. The Series 2024 Bonds were issued with a par amount of $840.3 million. The
transaction included a premium of $91.5 million and the underwriter ’s discount of $2.7 million, resulting in net proceeds of $929.1
million. The issuance closed on Oct. 1, 2024.


  Refunding Issues (Amounts in Thousands)
  For the Fiscal Year Ended Aug ust 31, 2025

  For Ref u ndi ng Only
  A mou nt  Ref u ndi ng
  Exting uished or  Issued Par  Cash Flow
  Descr ipt ion  Categor y  Ref u nded  Va  l  u  e  Increase  Economic Gai n
  Governmental Activities
  Texas Mobilit y Fu nd
  Ser ies 2014 Fixed Rate Ref u nding Bonds  Cu r rent Ref u ndi ng  $ 234,560 $  214,130  $ 17,313  $ 15,023
  Ser ies 2014�A Fixed Rate Ref u nding Bonds  Cu r rent Ref u ndi ng  417,820  381,905  30,786  27,623
  Ser ies 2020 Taxable Fixed Rate Ref u nding Bonds  Cu r rent Ref u ndi ng  324,475  244,225  25,878  12,158
  Total Texas Mobilit y Fu nd  976,855  840,260  73,977  54,804

  $ 976,855  $ 840,260  $ 73,977  $ 54,804



















  Gover n mental Activities Total






























































































































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 87

=== PDF PAGE 98 ===
Defeased Bonds

  The Commission defeased various bond 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 Aug. 31,
2025, the amounts of defeased bonds, at par, that remain outstanding are presented in the table below.


  Defeased Bonds Outstanding (Amounts in Thousands)
  Descr ipt ion of Issue
  P  a  r  Va  l  u  e
  Year Defeased  Outstanding
  Business-Type Activities
  Cent ral Texas Tu r npike System Revenue Bonds
  First Tier Revenue Bonds Ser ies 2002�A Capital Appreciation Bonds*  2 015  $ 6,871
  Total Business�Ty pe Activities  $ 6,871

  * Includes $5,060 of accreted interest.
Conduit Debt Private Activity Bond Program

  Transportation Code, Chapter 431 provides the authority for transportation corporations to issue bonds. The Texas Private Activity
Bond Surface Transportation Corporation (TxPABST), a Texas public non�profit corporation blended component unit, has issued private
activity bonds to finance costs related to the construction of the LBJ Interstate Highway 635 managed lanes, located in Dallas County,
certain segments of the North Tarrant Express Facility in Tarrant County and the SH 288 toll lanes project in Harris County.

  The proceeds from TxPABST bonds were loaned to LBJ Infrastructure Group LLC, NTE Mobility Partners LLC, NTE Mobility
Partners Segments 3 LLC and Blueridge Transportation Group, LLC to finance costs related to the planning, development, design and
construction of these transportation projects. These bonds are special limited obligations of TxPABST, payable solely from and secured
by loan and interest repayments from the borrowers. The bonds do not constitute a debt or pledge of the faith and credit of TxPABST,
TxDOT or the state of Texas.

  On Oct. 9, 2024, the SH 288 Toll Lanes Project Series 2016 bonds were called for extraordinary mandatory redemption, following
TxDOT’s early buyback of the toll road from the private operator, Blueridge Transportation Group. A total of  $272.6 million in bonds
were redeemed at 100% of the face value, plus accrued interest.

  As of Aug. 31, 2025, TxPABST private activity revenue bonds outstanding aggregated $3.3 billion. The debt service schedule for the
outstanding TxPABST conduit debt is disclosed below.


  Conduit Debt Obligations - Miscellaneous Information (Amounts in Thousands)
  Maturit ies
  Bonds
  Issued  Date  Range of  First  Last  Fi rst Cal l
  Descript ion of Issue  to Date  Issued  Interest Rates  Ye  a  r  Ye  a  r  Date
  NTE Managed Lanes Project
  S e  r  i e  s  2 019�A  331,790  12/17/2019  4.0 0% � 5.0 0%  2030  2039  12/31/2029
  S e  r  i e  s  2 019�B  871,085  12/17/2019  3.9 2%  20 49  20 49  *
  Ser ies 2023  397,315  8/11/2023  5. 50 %  2 052  2058  12/31/2033

  LBJ IH- 635 Managed Lanes Project
  Ser ies 2020�A  537,510  9/18/2020  4.0 0%  2030  2040  12/31/2030
  Ser ies 2020�B  7,025  9/18/2020  2  .75 %  2026  2026  *

  NTE Mobi l it y Par tners Segments 3
  S e  r  i e  s  2 019  653,865  8/8/2019  5.0 0 %  2 0 47  2058  6/30/2029
  Ser ies 2023  265,850  11/20/2023  5.0 0 %  � 5.50 %  2 033  2 0 43  6/30/2028

  To  t  a  l  3,064,440

  * Bonds are subject to redemption pr ior to their respective mat u r ities at the option of NTE Mobilit y Par t ners.







Page 88  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 99 ===
  Conduit Debt Obligations – Debt Service (Amounts in Thousands)
  TxPA BST Bonds – Conduit Debt
  Ye  a  r  Principal  Interest  To  t  a  l
  2026  $ 3,515  $ 140,000  $ 143,515
  2027  3,510  139,856  143,366
  2028  139,807  139,807
  2029  139,807  139,807
  2030  139,807  139,807
  2031�2035  424,670  659,947  1,084,617
  2036�2040  651,425  543,572  1,194,997
  2041�2045  490,760  412,263  903,023
  2046�2050  600,715  305,365  906,080
  2 0 51�20 55  464,555  187,513  652,068
  2056�2060  425,290  43,129  468,419
  3,064,440  2,851,066  5,915,506
  Premiu m  199,924  199,924
  To  t  a  l  $ 3,264,364  $ 2,851,066  $ 6,115,430







































































































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 89

=== PDF PAGE 100 ===
NOTE 7 – LEASES & SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (SBITAs)

  Intangible right�to�use (RTU) assets of $201.0 million and accumulated amortization of $135.0 million  were reported for lessee leases
and SBITAs as of Aug. 31, 2025. Details of the RTU assets, including the beginning balance, increase and decrease by major classes of
underlying assets are disclosed in Note 2.  Current and non�current liabilities related to lessee leases and SBITAs are included in Note 5.

  Leases - Lessee

  TxDOT has thirty�one  active lessee leases as of Aug. 31, 2025. In fiscal 2025, three leases ended and one new equipment lease was
executed. TxDOT has six land leases, one building and twenty�four equipment leases in total as of Aug. 31, 2025. The total amount of
Intangible RTU assets and accumulated amortization for governmental activities are $24.2 million and $15.5 million, respectively.  The
table below depicts different types of lessee assets including their initial lease terms and renewal terms.


  Current Lease  Current Lease  Lease End
  Leased Asset Classif ication  Commencement Date  End Date  Renewal Date
  Buildi ng  09/01/2021�11/30/2021  11/18/2022�06/30/2025  11/18/2026
  Equipment  09/01/2021�03/01/2025  12/14/2021�12/18/2025  12/14/2024�12/18/2028
  Equipment  09/01/2021�01/23/2024  04/30/2026�09/14/2029  N /A
  Land  09/01/2021�06/20/2023  08/16/2022�12/31/2025  06/19/2026�08/16/2042
  Land  09/01/2021�05/01/2022  12/31/2026�06/30/2028  N /A

  The majority of the variable payments were related to rental leases of land and buildings, consisting of property taxes and operating
expenses. In total, the variable payments associated with lessee leases that are not included in the calculation of lease liability is $1.0
million. Also, prepayments in the amount of $515 thousand were made in fiscal 2025.

  The table below summarizes the principal and interest payments made on lessee leases for each of the first five years, payments
made in five�year increments thereafter.


  Future Lease Payments
  For the Fiscal Year Ended Aug ust 31,2025 (A mou nts in Thousands)


  Gover n ment al Act iv it ies
  Total Future Minimum
  Ye  a  r  Principal  Interest  Lease Payments
  2026$ 4,091  $ 211  $ 4,302
  2027 3,025  96  3,121
  2028 433  17  450
  2029 218  9  227
  2030 38  5  43
  2031�2035  125  16  141
  2036�2040  60  6  66
  2041�2044  24  1  25
  To  t  a  l$ 8,014  $ 361  $ 8,375

  Leases - Lessor

  TxDOT currently holds a total of thirteen lessor leases, with no new leases added during fiscal year 2025. These leases fall into three
primary categories: saltwater, fiber, and ground/surface.

  ●  Saltwater leases  cover facilities located on or along state rights�of�way that transport water used in drilling or operating wells
  for oil and gas exploration or production.

  ●  Fiber leases  involve state�owned land leased to private internet providers for installing fiber lines along TxDOT rights�of�way.

  ●  Ground/surface leases  apply to state�owned land used by lessees for a variety of purposes.





Page 90  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 101 ===
  The table below outlines each lease by asset and its respective terms. Six of these leases allow either party to terminate with 24 months’
written notice, establishing a non�cancellable term of 24 months. At the close of each fiscal year, TxDOT must evaluate whether these
leases should be extended for an additional year.

  One fiber lease includes variable payment terms. Under this arrangement, TxDOT receives either a minimum of $800 or 40% of the
revenue the lessee collects from its other contractual counterparties, whichever is greater. In fiscal year 2025, TxDOT collected $845 in
variable payments under this lease. Because the lessee’s agreements with counterparties may be amended, the payment amounts received
by TxDOT can fluctuate.




  Current Lease  Current Lease  Lease End
  Leased Asset Classif ication  Commencement Date  End Date  Renewal Date
  Infrastr uct ure  09/01/2021  02/10/2052  N /A
  Land � G rou nd /Su r face Lease  09/01/2021�05/06/2024  05/05/2027 � 01/31/2036  N /A
  Land � Land Fiber Lease  09/01/2021  08/31/2025  08/31/2035
  Land � Salt water Lease  09/01/2021  08/31/2027  N /A
  01/11/2023�09/01/2023  12/31/2024�05/31/2025  N /A



















  Buildi ng

  For the above lessor leases, the total amount of lease revenue and interest revenue for fiscal 2025 are listed below.


  Lease Income
  For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in Thousands)

  Gover n ment al Act iv it ies


  Interest Revenue  Lease Revenue  Prepay ments
  $ 43 $ 1,021  $ 442



  All the lessor leases that have variable payments  are clearly stated in the lease agreement. There is one lease that has been described
 above with variable payments.

  SBITAs (Subscription-Based Information Technology Arrangements)

  TxDOT currently has thirty�four SBITAs, which fall into four categories: Software as a Service (SaaS), Platform as a Service (PaaS),
Infrastructure as a Service (IaaS), and Data Warehouse as a Service (DWaaS). The agreements vary in length, with some extending
through fiscal year 2030.

  In fiscal year 2025, thirteen new SBITAs were added. For governmental activities, principal payments totaled $28.5 million and
interest payments totaled $1.3 million. For business�type activities, principal payments amounted to $23.5 million and interest payments
to $1.1 million. Variable payments for fiscal 2025 totaled $192 thousand.

  Subscription assets and accumulated amortization for governmental activities were $98.9 million and $41.7 million, respectively. For
business�type activities, subscription assets totaled $78.0 million with accumulated amortization of $77.7 million.

  As of fiscal year 2025, ending liabilities were $43.9 million for governmental activities and $6.1 million for business�type activities.
Total subscription prepayments for FY25 amounted to $2.5 million.














Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 91

=== PDF PAGE 102 ===
  The tables below indicate future subscription payments for governmental and business�type activities.


  Future Subscription Payments
  For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in Thousands)



  Gover n ment al Act iv it ies

  Total Future Minimum
  Ye  a  r  Principal  Interest  Subscript ion Payments
  2026  $ 24,630 $ 1,514  $ 26,144
  2027  10,688  783  11,471
  2028  7,226  342  7,568
  2029  1,349  57  1,406
  To  t  a  l  $ 43,893 $ 2,696  $ 46,589






  Future Subscription Payments
  For the Fiscal Year Ended Aug ust 31, 2025(A mou nts in Thousands)



  Busi ness�Ty pe Act ivit ies

  Total Future Minimum
  Ye  a  r  Principal  Interest  Subscript ion Payments
  2026  $ 6,094 $ 73  $ 6,167
  $ 6,094 $ 73 $ 6,167


































Page 92  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 103 ===
NOTE 8 – RETIREMENT PLAN

  Employees of TxDOT are under the coverage of the Employees Retirement System of Texas Plan (ERS Plan), which is considered
a single employer defined benefit plan under GASB Statement 68.

  The defined benefit provisions of the ERS Plan are authorized by state law and may be amended by the Legislature. The monthly
benefit may vary by membership class.

  The monthly standard annuity of the employee class is determined by a statutory percentage of 2.3 percent of a member ’s average
monthly compensation multiplied by number of years of service credit.  The average monthly compensation of the employee class may
vary depending on the hire date.  For members hired on or before Aug. 31, 2009, the average monthly compensation is the average of
the highest 36 months of compensation.  For members hired on or after Sept. 1, 2009 and before Sept. 1, 2013, the average monthly
compensation is the average of the highest 48 months of compensation.  For members hired on or after Sept. 1, 2013, the average monthly
compensation is the average of the highest 60 months of compensation. Employees hired on or after Sept. 1, 2022 are enrolled in a defined
benefit retirement structure known as a cash balance benefit instead of the ERS Plan.

  The monthly standard annuity of the elected class equals the statutory percentage of 2.3 percent of the current state salary of a district
judge multiplied by the number of years of service credit. Retirement benefits are automatically adjusted as state judicial salaries change.


  The ERS plan’s membership as of the measurement date of Aug. 31, 2024 is presented in the table below:


  Texas Department of Transportation’s Membership
  Retirees and Benef iciaries Cur rently Receiving Benef its  14,684

  Ter minated Employees Entitled to Benef its But Not Yet Receiving Them  11,192

  Cu r rent Employees � Vested and Non�Vested  13,726
  Total Members  39,602



















































  The contribution rates for the state and the members for the ERS plan for the measurement period of fiscal 2024 are presented as
 follows:


  Required Contribution Rates

  Employer  Members
  Elected  Elected  Elected  Elected
  Fiscal  Employee  Class –  Class –  Employee  Class –  Class –
  Ye  a  r  Pla n  Class  Leg islators  Other  Class  Leg islators  Other

  2016 � 2022  ERS  10.0 0%  10.0 0%  10.0 0%  9. 5 0  %  9. 5 0  %  9. 5 0  %

  2023 � 2025
  Hired on or before 8/31/2022  ERS  10.0 0%  10.0 0%  10.0 0%  9. 5 0  %  9. 5 0  %  9. 5 0  %
  Hired on or af ter 9/1/2022  ERS  10.0 0%  10.0 0%  10.0 0%  6.0 0%  6.0 0%  6.0 0%



  The amount of TxDOT’s contributions recognized by the ERS plan during the fiscal 2024 measurement period was $92.48 million.
 TxDOT must report its 5.99 percent proportionate share of the State of Texas contributions.














Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 93

=== PDF PAGE 104 ===
  The total pension liability, net pension liability, and certain sensitivity information shown in this report are based on an actuarial
  valuation performed as of Aug. 31, 2024. The table below presents the actuarial methods and assumptions used to measure the total
  pension liability as of Aug. 31, 2024 the measurement date:
  ERS Plan

  Act uar ial Valuation Date  Aug ust 31, 2024
  Act uar ial Cost Method  Ent r y Age Nor mal
  Amor tization Method  Level Percent of Pay roll Plus Level Dollar Legacy Pay ment
  Actuarial Assumptions:
  Discou nt Rate  7. 0  %
  Invest ment Rate of Ret u r n  7. 0  %
  I nf  lat ion  2 . 3%
  Salar y Increase  0% to 8.8%
  Mor t alit y  2020 State Retirees of Texas (SRT) mor talit y table. Generational mor talit y improvements in
  accordance with the ultimate rates f rom the scales published th rough 2019 by Retirement Plans
  Exper ience Com mit tee of the Societ y of Act uar ies (“Ultimate M P”) and projected f rom the year
  2020. Rates for male Law Enforcement and Custodial Off icer (LECO) members are set for ward
  o n e  ye a r.
  Cost�of�liv i ng Adjust ment s  None�Employee
  2.3%�Elected
  A single discount rate of 7.00 percent was applied to measure the total pension liability.  The 7.00 percent discount rate incorporated
a 7.00 percent long�term expected rate of return on pension plan investments and 3.87 percent 20�year municipal bond rate based on
the Bond Buyer Index of general obligation bonds with 20 years to maturity and mixed credit quality.The assumptions and methods as
of the measurement date of August 31, 2024, are based on an experience study covering the four�year period ending August 31, 2023.

  The projections of cash flows used to determine this single discount rate assumed that plan member and employer contributions will
be made at the current statutory levels and remain a level percentage of payroll. Consistent with the provisions of Texas Government
Code section 815.407, effective for the measurement period ending Aug. 31, 2022, level dollar contributions called Legacy Payments
have been introduced as part of the funding policy. These Legacy Payments are the amounts necessary, in addition to the statutory 10
percent of payroll contributions, to fund the normal cost and fully amortize the Unfunded Actuarial Accrued Liability as required before
the end of fiscal year 2054. The legacy payment is an actuarially determined amount each biennium. The actuarially determined amount
for fiscal year 2024 and 2025 is $510 million each year. The passage of this bill indicates that the legislature is committed to funding the
state pension obligations.

  The long�term expected rate of return on plan investments was developed using a building�block method with assumptions including
asset class of investment portfolio, target allocation, real rate of return on investments, and inflation factor.  Under this method, best
estimate ranges of expected future real rates of return (net of investment expense and inflation) are developed for each major asset class.
These ranges are combined to produce the long�term expected rate of return by weighing the expected future real rates of return by the
target asset allocation percentage and by adding expected inflation.

  The target allocation and best estimates of arithmetic real rates of return for each major asset class for the plan’s investment portfolio
  are presented as follows:


  Target Allocations As of Measurement Date of August 31, 2024

  Asset Class  Target AllocationLong�ter m Expected Por tfolio Real Rate of Ret u r n
  Global Equit y
  P ublic Equ it y  35%  1. 5 4%
  Pr ivate Equit y  16 %  1.14 %
  Global Credit
  P ublic Equ it y  9%  0 .  51%
  Pr ivate Equit y  3%  0 .18 %
  Public Real Estate  3%  0 .12 %
  Pr ivate Real Estate  9%  0. 33%
  Private Infrastr uct ure  5%  0.20%
  Rates  12%  0. 33%
  Cash and Equivalents  2%  0.02%
  Hedge Fu nd  6%  0.20%
  Special Sit uations  0%  0.0 0%
  To  t  a  l  10  0 %  4. 57%
  I nf  lat ion  2.60%
  Expected Nominal Rate of Ret u r n  7.17  %



















































Page 94  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 105 ===
  Sensitivity analysis was performed on the impact of changes in the discount rate on the proportionate share of TxDOT’s net pension
 liability. The result of the analysis is presented in the table below:


  Sensitivity of TxDOT’s Proportionate Share of Net Pension Liability to Changes Discount Rate
  (A mou nts in Thousands)

  1% Decrease  Cu r rent Discou nt Rate  1%  I  n  c  r  e  a  s  e
  ERS Plan Discou nt Rate  6.0 0%  7. 0  0  %  8.0 0%
  Net Pension Liabilit y  $1,10 2  ,  5 0 9  $736 ,0 45  $  4 31 ,  3 9  3

  Amounts in this schedule are based on collective amounts for the state of Texas. TxDOT reports its proportionate share of the
collective amounts.

  The pension plan’s fiduciary net position is determined using economic resources measurement focus and the accrual basis of
accounting, which is the same basis used by the Employees Retirement System. Benefits and refunds of contributions are recognized when
due and payable in accordance with the terms of the plan. Investments of the pension trust fund are reported at fair value in accordance
with GASB Statement No. 72, Fair Value Measurement and Application. The fair value of investments is based on published market prices
and quotations from major investment brokers at available current exchange rates. However, corporate bonds in general are valued based
on currently available yields of comparable securities by issuers with similar credit ratings. The Employees Retirement System issues
stand�alone audited Annual Comprehensive Financial Report (ACFR). More detailed information on the plan’s investment valuation,
investment policy, assets, and fiduciary net position may be obtained from ERS’ fiscal 2024 ACFR:

  Employees Retirement System of Texas
  P. O. Box 13207
  Austin, Texas 78711-3207










































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 95

=== PDF PAGE 106 ===
  TxDOT’s total pension liability is based on an actuarial valuation performed as of Aug. 31, 2024. For fiscal 2025 reporting, the
measurement date of TxDOT’s net pension liability is Aug. 31, 2024. The schedule of changes in TxDOT’s net pension liability for the
fiscal year ending Aug. 31, 2025 is presented below:


  Schedule of Changes in Net Pension Liability
  (A mou nts in Thousands)

  Total Pension  Plan Fiduciar y  Net Pension
  Liabilit y  Net Position  Liabilit y
  (a)  (  b)  (a) - ( b)
  Balances at 09/01/24  $ 4,189,280  $ 3,290,463  $ 898,817

  Changes for the year:
  Ser vice Cost  67,184  67,184
  Interest  196,040  196,040
  Differences bet ween Expected and Act ual Exper ience  40,296  40,296
  Assu mpt ion Changes  (17,894)  (17,894)
  Benef it Pay ments and Ref u nds  (179,278)  (179,278)  0
  Change in Propor tional Percentage  (63,721)  (63,721)
  Cont ributions�Employer  85,167  (85,167)
  Cont ributions�Member  48,249  (48,249)
  Net Invest ment Income  253,895  (253,895)
  Administrative Expense  (2,634)  2,634
  Net Cha nges  42,627  205,399  (162,772)
  Balances at 08/31/25  $ 4,231,907  $ 3,495,862  $ 736,045


  The change of discount rate is the assumption change during the current measurement period. There have been no changes to benefit
terms of the plan since the prior measurement date. TxDOT’s proportion of the entire ERS plan was 5.99 percent in fiscal 2024; as
compared to 6.45 percent in the prior measurement period.

  For the fiscal year ending Aug. 31, 2025, TxDOT recognized negative pension expense of $386.69 million. At Aug. 31, 2025, TxDOT
reported deferred outflows of resources and deferred inflows of resources from the following sources:


  Outstanding Deferred Outflows and Deferred Inflows at August 31, 2025
  (A mou nts in Thousands)
  Defer red  Defer red
  O ut f  lows of  I n f  lows of
  Resources  Resources

  Difference bet ween Expected and Act ual Exper ience  $ 44,746  $
  Changes in Assu mptions  12,046
  Net Difference bet ween Projected and Act ual Invest ment Ret u r n  72,185
  Net Change in Propor tion and Cont r ibution  62,030
  Cont r ibutions Subsequent to the Measu rement Date  101,249
  To  t  a  l  $ 145,995  $ 146,261


  The $101.2 million reported as deferred outflows of resources resulting from contributions subsequent to the measurement date will
be recognized as a reduction in the net pension liability for the year ending Aug. 31, 2026.














Page 96  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 107 ===
  Amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense in the
 following years:


  Fiscal Year Ended August 31:
  (A mou nts in Thousands)*
  2026  $ (60,560)
  2027  $ 3,187
  2028  $ (21,575)
  2029  $ (22,567)
  2030  $ 0
  Thereafter $ 0

  *Positive amou nts indicate increase in pension expense; negative amou nts indicate decrease in pension expense.

NOTE 9 - DEFERRED COMPENSATION

  The state of Texas offers two deferred compensation plans to all state employees. One plan was established in accordance with
Internal Revenue Code, Section 457. The second was established in accordance with Internal Revenue Code, Section 401(k). All costs
of administering and funding these programs are the responsibility of plan participants. The assets of the two plans remain the property
of the contributing employees and are not presented in the accompanying financial statements. TxDOT makes no contributions to either
plan; the assets do not belong to TxDOT and TxDOT has no liability related to the plans.
















































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 97

=== PDF PAGE 108 ===
NOTE 10 – POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS

  Retirees are provided with postemployment healthcare, life and dental insurance benefits through the State Retiree Health Plan
(SRHP).  The Employees Retirement System of Texas (ERS) is the administrator of SRHP, which is a cost sharing multiple�employer
postemployment healthcare plan with a special funding situation. TxDOT reports its allocated proportional share of the SRHP in the
TxDOT annual comprehensive financial report. This plan covers retired employees of the state, and other entities as specified by the State
Legislature.  The benefit and contribution provisions of the SRHP are authorized by state law and may be amended by the Legislature.
Benefits are provided to retirees through the Texas Employees Group Benefits Program as authorized by Texas Insurance Code, Chapter
1551.  Retirees must meet certain age and service requirements and have at least 10 years of service at retirement to participate in the plan.

  Surviving spouses and dependents of retirees are also covered by SRHP. The plan does not provide automatic cost of living adjustments
(COLAs).

  TxDOT’s ERS membership in SRHP as of the measurement date of Aug. 31, 2024 is presented in the table below:


  TxDOT Retiree Health Plan Membership
  Act ive Member s*  13,887
  Inactive Members Cur rently
  Receiving Benef it Pay ments**  13,103
  Inactive Members Entitled to But Not
  Yet Receiving Benef it Pay ments  779
  To  t  a  l  M  e  m  b  e  r  s  27,769

  * Includes ret u r n�to�work retirees and employees who have not yet satisf ied the waiting per iod.
  **  Includes 445 retirees who are not en rolled in a health plan and 26 retirees who cu r rently receive the Opt�Out Credit in lieu of health benef its.

 Cont r ibut ions

  During the 2024 measurement period for fiscal year 2025 reporting, TxDOT’s contributions recognized by the OPEB plan totaled
 $223.4 million, representing a 7.33 percent proportionate share of the state of Texas contributions. This reflects an increase of $2.8
 million, or 1.27 percent, from the 2023 measurement period for fiscal year 2024 reporting, when TxDOT’s contributions were $220.6
 million, or a 7.40 percent proportionate share of the state’s total contributions. TxDOT does not contribute toward dental or optional life
 insurance. Surviving spouses and their dependents do not receive any employer contribution. The contribution requirements for the state
 and the members in the measurement period are presented in the table below:

  Employer Contribut ion Rates
  Ret iree Health and Basic Life Premium
  For the Fiscal Year Ended August 31, 2024

  ERS SR H P
  Employer  Pla n Me mbe r
  Reti ree Only  $ 624.82  $ 0
  Retiree & Spouse  1,340.82  358.00
  Retiree & Child ren  1,104.22  239.70
  Reti ree & Family  1,820.22  597.70






































































Page 98  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 109 ===
T he tot al OPEB liabilit y is deter mined by the cont r ibution rates and an an nual act uar ial valuation. T he t able below presents the act uar ial methods and
assu mptions used to measu re the tot al OPEB liabilit y as of the Aug. 31,  measu rement date.


  Actuarial Methods and Assumptions - OPEB - State Retiree Health Plan (SRHP)
  Valuation Date  Aug ust 31, 2024

  Act uar ial Cost Method  Ent r y Age

  Amor tization Method  Level Percent of Pay roll, Open

  Remaining Amortization Period  3  0  Ye  a  r  s

  Asset Valuation Method  Not applicable

  Actuarial Assumptions:

  Discou nt Rate  3 .  8 7  %*

  Inf  lation Rate  2.30%

  Projected A n nual Salar y Increase  2.30% to 8.95%, including inf  lation

  A n nual Healthcare Trend Rate
  HealthSelect
  5.60% for FY26, 5.60% for FY27, 5.25% for FY28, 5.00% for FY29, 4.75% for FY30,
  4.50% for FY31, decreasing 10 basis points per year to an ultimate rate of 4.30% for
  FY33 and later years

  HealthSelect Medicare Advantage
  36.00% for FY26, 8.00% for FY27, 5.25% for FY28, 5.00% for FY29, 4.75% for FY30,
  4.50% for FY31, decreasing 10 basis points per year to an ultimate rate of 4.30% for
  FY33 and later years

  Phar macy
  11.50% for FY26, 11.00% for FY27, 10.00% for FY28, 8.50% for FY29, 7.00% for FY30
  decreasing 100 basis points per year to 5.00% for FY32 and 4.30% for FY33 and later
  yea r s
  Ad hoc Postemploy ment Benef it Changes  None

  Agg regate Pay roll G row th  2  .7 0  %

  Retirement Age  Exper ience�based tables of rates that are specif ic to the class of employee

  Mor talit y�State Agency Members
  Ser vice Retirees, Su r vivors and Other Inactive Members (Reg ular, Elected, CPO/CO
  Employee Classes):
  2020 State Retirees of Texas Mor talit y table with a 1 year set for ward for male CPO/CO
  members. Generational mor talit y improvements in accordance with the Ultimate M P�
  2021 Projection Scale are projected f rom the year 2020.

  Disability Retirees:
  2020 State Retirees of Texas Mor talit y table set for ward th ree years for males and
  females. Generational mor talit y improvements in accordance with the Ultimate M P�
  2021 Projection Scale are projected f rom the year 2020. Minimu m rates of 3.0% and
  2.5% apply at all ages for males and females, respectively.

  Act ive Member s:
  Pub�2010 General Employees Active Member Mor talit y table for non�CPO/CO
  members. Pub�2010 Public Safet y Active Member Mor talit y table for CPO/CO members.
  Generational mor talit y improvements in accordance with the Ultimate M P�2021
  Projection Scale are projected f rom the year 2010.

  *The sou rce of the mu nicipal bond rate is the Bond Buyer Index of general obligations bonds with 20 years to mat u r it y and mixed credit qualit y. The bonds’ average
  credit qualit y is roughly equivalent to Moody’s Investors Ser vice’s Aa2 rating and Standard & Poor’s Cor p.’s A A.


Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 99

=== PDF PAGE 110 ===
  The many actuarial assumptions used in the valuation were primarily based on the result of actuarial experience studies performed
by the ERS retirement plan actuaries for the five year period ending August 31,2023 for state agency members. The mortality rates were
based on the table above titled Actuarial Methods and Assumptions.

  The following assumptions have been changed since the previous Other Postemployment Benefits (OPEB) valuation:

  (a)  The percentage of current retirees and their spouses not yet eligible to participate in the HealthSelect Medicare Advantage
  Plan and future retirees and their spouses who will elect to participate in the plan at the earliest date at which coverage
  can commence.

  (b)  Proportion of future retirees assumed to cover dependent children.

  (c)  The proportion of future retirees assumed to elect health coverage at retirement and the proportion of future retirees
  expected to receive the Opt�Out Credit at retirement.

  (d)  Assumed Per Capita Health Benefit Costs and Health Benefit Cost and Retiree Contribution trends have been updated
  since the previous valuation to reflect recent health plan experience and its effects on our short term expectations.

  (e)  The Patient�Centered Outcomes Research Institute fee payable under the Affordable Care Act and the rate of future
  increases in the fee have been updated to reflect recent plan experience and expected trends.

  (f)  The discount rate was changed from 3.81% as of August 31, 2023 to 3.87% as of August 31, 2024 as a result of
  requirements by GASB No. 74 to utilize the yield or index rate for 20�year, tax exempt general obligation municipal
  bonds rated AA/Aa (or equivalent) or higher in effect on the measurement date.

  Minor benefit revisions have been adopted since the prior valuation. These changes, which are not expected to have a significant
impact on plan costs for FY2025, are provided for in the FY2025 Assumed Per Capita Health Benefit Costs.

  The discount rate that was used to measure the total OPEB liability is the municipal bond rate of 3.87% as of the end of the
measurement year; as of the beginning of the measurement year, the discount rate was 3.81%.  Projected cash flows into the plan are
equal to projected benefit payments out of the plan. As the plan operates on a pay�as�you�go basis and is not intended to accumulate funds
in advance of retirement, there is no long�term expected rate of return. ERS’ board of trustees amended the investment policy statement
in August 2022 to require that all funds in this plan be invested in cash and equivalent securities. The investment rate of return used to
calculate the projected earnings on OPEB plan investments was 3.81%.


  Sensitivity analysis was performed on the impact of changes in the discount rate on the proportionate share of TxDOT’s net OPEB
liability. The result of the analysis is presented in the table below:


  Sensitivity of TxDOT’s Proportionate Share of Net OPEB Liability to Changes in Discount Rate
  (A mou nt in Thousands)
  Cu r rent Discou nt
  1% Decrease  Rate  1%  I  n  c  r  e  a  s  e
  ERS Plan Discou nt Rate  2.87%  3.87%  4.87%
  Net OPEB Liabilit y  $ 2,498,215  $ 2,147,145  $ 1,865,407






































































Page 100  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 111 ===
  Sensitivity analysis was performed on the impact of changes in the healthcare cost trend rates on the proportionate share of TxDOT’s
 net OPEB liability. The result of the analysis is presented in the table below:

  Sensitivity of TxDOT’s Proportionate Share of Net OPEB Liability to Changes in Healthcare Cost Trend Rates
  HealthSelect (HS) or HealthSelect Medicare Advantage (HSMA)
  (A mou nt in Thousands)
  Cur rent Healthcare Cost
  1% Decrease  Trend Rates  1%  I  n  c  r  e  a  s  e
  (HS/ HSMA / Phar macy:  (HS/ HSMA / Phar macy:  (HS/ HSMA / Phar macy:
  4.60%/35.00%/10.50%  5.60%/36.00%/11.50%  6.60%/37.00%/12.50%
  decreasing to 3.30%)  decreasing to 4.30%)  decreasing to 5.30%)
  Net OPEB Liabilit y  $ 1,842,358  $ 2,147,145  $ 2,535,666

  The OPEB plan’s fiduciary net position is determined using the economic resources measurement focus and the accrual basis
of accounting, which is the same basis used by ERS. Benefits and refunds of contributions are recognized when due and payable in
accordance with the terms of the plan.  Investments of the Other Employee Benefit Trust Fund are reported at fair value in accordance
with GASB Statement No. 72. The fair value of investments is based on published market prices and quotations from major investment
brokers at available current exchange rates.  However, corporate bonds in general are valued based on currently available yields of
comparable securities by issuers with similar credit ratings.  More detailed information of the plan’s investment valuation, investment
policy, assets, and fiduciary net position may be obtained from ERS’s fiscal 2024 ACFR:

  Employees Retirement System of Texas
  P.O. Box 13207
  Austin, Texas 78711-3207

  At Aug. 31, 2025, TxDOT reported a liability of $2.1 billion for its proportionate share of the collective net OPEB liability.  The
collective OPEB liability was measured as of Aug. 31, 2024, and the total OPEB liability used to calculate the net liability was determined
by an actuarial valuation as of that date.  TxDOT’s proportional percentage at Aug. 31, 2024 was 7.33 percent. TxDOT’s proportion of
the collective 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 Sept. 1, 2023 through Aug. 31, 2024.

  The schedule of changes in TxDOT’s net OPEB liability for the fiscal year ending Aug. 31, 2025, is presented as follows:



  Schedule of Changes in Net OPEB Liability
  (A mou nts in Thousands)

  To  t  a  l  O  P  E  B  Plan Fiduciar y  Net OPEB
  Liabilit y  Net Position  Liabilit y
  (a)  (  b)  (a) - ( b)
  Balances at 09/01/24  $ 2,015,745  $ 39,670  $ 1,976,075
  Changes for the year:
  Ser vice Cost  71,586  71,586
  Interest  76,566  76,566
  Differences bet ween Expected and Act ual Exper ience  (5,526)  (5,526)
  Cont ributions�Employer  58,657  (58,657)
  Cont ributions�Non�employer Cont ributing Entities  3,156  (3,156)
  Cont ributions�Employee  13,722  (13,722)
  Cont r ibutions�Federal Revenues for Medicare Par t D R DS  124  (124)
  Other (Federal Revenues and Other Additions)  10,697  (10,697)
  Other (Other Additions)  323  (323)
  Net Invest ment Income  623  (623)
  Benef it Pay ments, including Ref u nds of Employee�Cont r ibutions  (64,522)  (64,522)  0
  Benef it Pay ments f inanced by Employee�
  Cont ributions and Federal Revenues  (24,419)  24,419
  Administrative Expense  (591)  591
  Assu mpt ion Changes  109,286  109,286
  Net Effect of the Change in Tx DOT’s Propor tional Percentage  (18,550)  (18,550)
  Net Cha nges  168,840  (2,230)  171,070
  Balances at 08/31/25  $ 2,184,585  $ 37,440  $ 2,147,145































































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 101

=== PDF PAGE 112 ===
  For the year ended Aug. 31, 2025, TxDOT recognized an OPEB expense of $163.5 million. All contributions by employers and the
State of Texas Non Employer Contributing Entity (NECE) to the Group Employees Life, Accident and Health Insurance and Benefits
Fund Program (GBP) are available to pay claims of active and retired members. Employer and NECE contributions are based on a
blended rate. Allocation of the OPEB liability and related accounts should be based on the total contributions that are available to pay
current and future claims of the OPEB plan, as this best reflects the relationship between the contributions and the collective net OPEB
liability. The employer ’s proportional share of OPEB contributions for the measurement year ending Aug. 31, 2024 includes both active
and retiree contributions.


  As of Aug. 31, 2025, TxDOT reported deferred outflows of resources and deferred inflows of resources related to OPEB from the
 following sources:


  Outstanding Deferred Outflows and Deferred Inflows Related to OPEB at August 31, 2025
  (A mou nts in Thousands)
  Defer red  Defer red
  O ut f  lows of  I n f  lows of
  Resources  Resources

  Difference bet ween Expected and Act ual Exper ience  $  $ 35,425
  Changes of Assu mptions  117,555  427,728
  Net Difference bet ween Projected and Act ual Invest ment Ret u r n  107  189
  Change in Propor tion & Cont ribution Difference  361,409
  Cont r ibutions Subsequent to the Measu rement Date  224,761
  To  t  a  l  $ 703,832  $ 463,342


















































  The $224.8 million 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 Aug. 31, 2026.

  Amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in OPEB expense in the following
 years:

  Fiscal Year Ended August 31:
  (Amounts in Thousands)
  2026  $  (10 , 9 4 9)
  2027  $  (21,7 39)
  2028  $  (1 3  ,  211)
  2029  $  38 ,133
  2030  $  23,495
  Thereafter  $ 0

























Page 102  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 113 ===
NOTE 11 – INTERFUND ACTIVITY AND TRANSACTIONS

  Interfund activity refers to financial interactions between funds and/or blended component units and is restricted to internal events.
Interfund transactions refer to financial interactions between TxDOT and another agency of the State of Texas.

  Interfund services are sales and purchases of goods and services between funds for a price approximating their external exchange
value. This activity is reported as revenue in seller funds and expenditures or expenses in purchaser funds. Unpaid amounts are reported
as receivables and payables.

  Interfund transfers represent the flow of assets (cash or goods) without equivalent flow of assets in return or a requirement for
repayment. In governmental funds, transfers are reported as other financing uses or sources. Transfers are reported in proprietary funds
after nonoperating revenues and expenses in the Statement of Revenues, Expenses and Changes in Fund Net Position.

  As a general rule, the effect of interfund activity within TxDOT funds is eliminated from the entity�wide financial statements, with
exception of activities between governmental activities and business�type activities. Interfund activity with fiduciary funds is reclassified
and reported as an external activity.

Interfund Activity

  TxDOT’s operations are primarily managed through the state highway fund. As such, several routine transfers are reported between
the state highway fund and TxDOT’s other major and nonmajor funds. The following tables detail the principal purposes of TxDOT’s
significant routine interfund transfers as well as provide a summary of interfund transfers by individual major funds, nonmajor funds
in the aggregate and fiduciary funds.



  Interfund Transfers In/Out by Purpose
  Aug ust 31, 2025 (A mou nts in Thousands)


  Interfund  Interfund
  Purpose  Transfer In ( Fund)  Transfer Out ( Fund)  Amount
  Reimbu rse the state highway f u nd for costs  incu r red  St ate Highway Fu nd  County/ Political Subdivision / Local  $ 147,645
  on projects f u nded by local  gover n ment cont r ibutions.  Gover n ment Road /Air por t Tr ust Accou nt

  Provide f u nds to pay debt ser vice pr incipal and  Proposition 12 Debt Ser vice  St ate Highway Fu nd  $ 247,080
  interest pay ments on outstanding Proposition 12/  Fu nd
  Highway Improvement General Obligation Bonds.

  Provide f u nds to pay debt ser vice pr incipal and  Proposition 14 Debt Ser vice  St ate Highway Fu nd  $ 378,175
  interest pay ments on outstanding Proposition 14/State  Fu nd
  Highway Fu nd Revenue Bonds.

  Provide f u nds to buy out the SH288 Comprehensive  SH 288 System Fu nd  St ate Highway Fu nd  $ 1,806,708
  Development Ag reement f rom Bluer idge
  Transpor tation Group.






















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 103

=== PDF PAGE 114 ===
  Interfund Transfers In/Out
  Aug ust 31, 2025 (A mou nts in Thousands)

  Transfers In  Transfers Out
  Other Funds  Other Funds
  Gover nmental Funds
  Major Fu nd s:
  St ate Highway Fu nd  $ 2,048,250  $ 762,891
  Texas Mobilit y Fu nd � Debt Ser vice  87,792
 Texas Mobility Fund � Capital Projects  42,428  1,841
  Non major Fu nds  625,255  147,645
  2,803,725  912,377
  Proprietar y Funds
  Major Fu nd s:
  Cent ral Texas Tu r npike System  14,486
  G rand Park way Transpor tation Cor p.  98,864
  SH 249 System  262
  SH 288 System  1,806,708
  14,486  1,905,834
  To  t  a  l  $ 2,818,211  $ 2,818,211


  Interfund reimbursements are repayments from funds responsible for payment of expenditures or expenses to the funds that initially
made the payment on their behalf. Reimbursements are not displayed in the financial statements.

  Amounts not transferred at fiscal year�end are accrued as due to/due from other funds. Due to/due from amounts between governmental
or business�type activities and fiduciary funds are reported as due to/due from amounts between funds in the fund financial statements
and are reclassified to receivables from fiduciary funds/payables to fiduciary funds, as if they were external transactions in the entity�
wide financial statements.


  Due From/To
  Aug ust 31, 2025 (A mou nts in Thousands)
  Due From  D  u  e  To
  Other Funds  Other Funds

  Gover nmental Funds
  Major Fu nd s:
  St ate Highway Fu nd  $ 1,877,596  $ 38,746
  Texas Mobilit y Fu nd � Capital Projects  3,128
  Non major Fu nds  3,519  16,766
  1,881,115  58,640

  Proprietar y Funds
  Major Fu nd s:
  Cent ral Texas Tu r npike System  14,153  11,680
  G rand Park way Transpor tation Cor p.  6,974  25,299
  SH 249 System  504  419
  SH 288 System  1,806,708
  21,631  1,844,106
  To  t  a  l  $ 1,902,746  $ 1,902,746

  Activity occurring within the same fund is eliminated. Certain reclassifications and eliminations are made between the fund financial
statements and the entity�wide financial statements. Transfers between the governmental or business�type activities and the fiduciary
funds are reported as transfers on the fund financial statements and are reclassified to revenues and expenses, as if they were external
transactions on the entity�wide financial statements. Additional eliminations are made and transfers in and out are netted and presented
in the entity�wide statement of activities as “transfers  �internal activities”.









Page 104  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 115 ===
  Transfers-Internal Activities per the Entity-Wide Financial Statements
  Aug ust 31, 2025 (A mou nts in Thousands)

  Fund Categor y  Other Funds*
  Gover n ment al Act iv it ies  $ 1,891,020
  Busi ness�Ty pe Act ivit ies  $ (1,891,020)

  *A mou nts include capital cont r ibutions of $328.0 thousand f rom Gover n mental Activities to Business�Ty pe Activities.






















  Internal Balances per the Entity-Wide Financial Statements
  Aug ust 31, 2025 (A mou nts in Thousands)

  G over nment al  Business-Type
  Activities  Activities  To  t  a  l
  Cu r rent Liabilit ies:
  Inter nal Balances � Payables  $ (1,822,475)  $ 1,822,475  $ 0

Interfund Transactions

  The state highway fund is considered a shared fund and is appropriated for use by multiple State of Texas agencies. TxDOT is
considered the controlling agency for the State Highway Fund and reports the total cash in state treasury balance for the fund at fiscal
year�end. TxDOT reports interagency transfers in and out with the other agencies that collect and deposit to or expend out of the state
highway fund.

  The following tables detail the balances of transfers to/from and due to/from other state agencies and TxDOT. Approximately
$1.9 billion of the interagency transfers�in balance for the State Highway Fund is related to the net amount of cash collected by Texas
Department of Motor Vehicles for certificate of title fees and motor vehicle registration fees. The transfer�in, received in fiscal 2025,
resulted in an increase to the change to the State Highway Fund cash balance in the State Treasury. Also, the State Highway Fund received
monthly deposits from TCEQ�money to be used for congestion mitigation projects. This amount was approximately $106.9 million.

  On Nov. 4, 2014, Texas voters approved the ballot measure that authorized a constitutional amendment for transportation funding.
Under the amendment, half of the funds that would have previously gone into the Economic Stabilization Fund (ESF), are now deposited
to the state highway fund. TxDOT recorded a due from, in the state highway fund related to Proposition 1 ballot measure in the amount
of $2.5 billion in  fiscal 2025. The Comptroller of Public Accounts transferred this amount to TxDOT in November 2025.

  Austin Campus Consolidation Project Fund captures the activity related to the construction of TxDOT headquarters, which reached
substantial completion on Apr. 30, 2022. Texas Public Financing Authority (TPFA) is the controlling agency of this fund. TxDOT and
TPFA have entered into an agreement whereby TPFA has issued an obligation on behalf of TxDOT to finance the construction of the
building. TxDOT considers this obligation as a long�term liability. $1.1 million reported as due from agencies is the remaining amount
of money that TPFA will provide TxDOT for the remaining construction of the TxDOT headquarters.


























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 105

=== PDF PAGE 116 ===
  TxDOT also has interagency activity with federal funds. See Schedule 1A of this report for more details.


  Transfers In/Out to Other State Agencies
  Aug ust 31, 2025 (A mou nts in Thousands)
  Transfers In  Transfers Out
  Other Agencies  Other Agencies
  Gover nmental Funds
  Major Fu nd s:
  St ate Highway Fu nd  $ 2,033,837  $ 81
  Non major Fu nds  767  6
  To  t  a  l  $ 2,034,604  $ 87




















































  Due From/To Other State Agencies
  Aug ust 31, 2025 (A mou nts in Thousands)
  Due From  D  u  e  To
  Other Agencies  Other Agencies
  Gover nmental Funds
  Major Fu nd s:
  St ate Highway Fu nd  $ 2,800,285  $ 3,608
  Non major Fu nds  1,080
  To  t  a  l  $ 2,801,365  $ 3,608






























































  Pass-Throughs To/From Other State Agencies
  Aug ust 31, 2025 (A mou nts in Thousands)
  State Highway Fund
  Federal Pass�throughs:
  Expenditures  $ (13,795)
  Revenue*  9,125
  To  t  a  l  $ (4,670)

  St at e Pa ss�th roug h s:
  Expenditures  $ (200)
  To  t  a  l  $ (200)

































































































































  * This amou nt represents a ref u nd of revenue to the federal gover n ment


NOTE 12 – CONTINUANCE SUBJECT TO REVIEW

  Under the Texas Sunset Act, TxDOT will be abolished effective Sept. 1, 2029, unless continued in existence by the 91st Legislature
as provided by the Act. If abolished, TxDOT may continue until Sept. 1, 2030 to wind down its operations. In the event that TxDOT is
abolished pursuant to the Texas Sunset Act or other law, Texas Government Code, Section 325.017(f), acknowledges that such action
will not alter the obligation of the state to pay bonded indebtedness and all other obligations of the abolished agency.























Page 106  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 117 ===
NOTE 13 - CLASSIFICATION OF FUND BALANCE AND NET POSITION

  The table below presents a summary of the Aug. 31, 2025 governmental fund balances by major and nonmajor governmental funds.
With the exception of non�spendable fund balances, fund balances are presented based on specific purpose for which the funds are
restricted, committed, assigned or unassigned.

  Governmental Fund Balances –
  Disaggregation of Nonspendable, Restricted, Committed, Assigned and Unassigned Fund Balances
  Aug ust 31, 2025 (A mou nts in Thousands)

  Texas Mobi l it y  Texas Mobi l it y
  St ate H ighway  Fund - Debt  Fund - Capital  To  t  a  l
  M AJOR FU N DS  Fund  Ser vice  Projects  Major Funds

  Non s p e nd able:
  Inventories & Prepaid Items$ 179,569  $ 179,569
  Restricted For:
 Transpor tation�Const r uction  2,246,524  2,246,524
  Debt Service  283,895  283,895
  C  o  m  m  i  t  t  e  d  To :
 Transpor tation�Const r uction  986,830  255,377  1,242,207
  A  s  s  i  g  n  e  d  To :
  Transpor tation  317,487  317,487
  Unassig ned  (807,625)  (807,625)
  To  t  a  l  $ 2,922,785  $ 283,895  $ 255,377  $ 3,462,057

  To  t  a  l
  Special  Debt Service  Capital  Nonmajor
  NON M AJOR F U N DS  General Funds  Revenue Funds  Funds  Projects Funds  Funds
  Non s p e nd able:
  Long Ter m Loans & Receivables$ 400,000  $  $  $  $ 400,000
  Restricted For:
  Capital Projects  1,080  1,080
  Debt Ser vice  36,235  36,235
  C  o  m  m  i  t  t  e  d  To :
  Transpor tation�Const r uction  78,765  6,611  85,376
  A  s  s  i  g  n  e  d  To :
  Transpor tation  2,177  2,177
  Unassig ned  139,111  139,111
  To  t  a  l  $ 620,053  $ 6,611  $ 36,235  $ 1,080  $ 663,979


  Restrictions of net position are listed on the face of the entity�wide and proprietary statements of net position. Balances reported as
restricted in the fund financial statements are reported as restricted in the statement of net position. All other fund financial balances are
reported as unrestricted in the statement of net position.





















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 107

=== PDF PAGE 118 ===
NOTE 14 - ADJUSTMENTS TO FUND BALANCES AND NET POSITION


  Adjustments to Fund Balances/ Net Position
  (A mou nts in Thousands)
  Change in  Change to or
  September 1, 2024,  Accounting  w ithin the
  as Previously  Principle - GASB  Financial  September 1, 2024
  Repor ted  101  Reporting Entity  as Restated
  ENTITY-WIDE FINANCIAL STATEMENTS
  Gover n ment al  Act iv it ies  $ 137,675,188  $ 11,405  $  $ 137,686,593

  GOVERNMENTAL ACTIVITIES
  Major Fu nd s:
  Texas Mobilit y Fu nd  470,401  (470,401)
 Texas Mobility Fund � Debt Service  298,154  298,154
  Texas Mobilit y Fu nd � Capital Projects  172,247  172,247



  During the current fiscal year, TxDOT implemented GASB Statement No. 101, Compensated Absences. In addition to recognizing
the value of unused vacation, compensatory leave, and overtime, TxDOT now includes an estimated amount of earned sick leave—
anticipated to be used by employees in future years—as part of its liability for compensated absences. The impact of this change in
accounting principle is summarized above.

  Prior to fiscal 2025 the Texas Mobility Fund was presented as a single major fund. Due to significant increases in the capital projects
activity in the fund, TxDOT transitioned to reporting two major funds in fiscal 2025: a debt service fund and a capital projects fund.










































Page 108  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 119 ===
NOTE 15 – COMMITMENTS AND CONTINGENCIES

Contingencies

Unpaid Claims and Lawsuits

  The type and volume of activity for which TxDOT is responsible exposes it to a large number of claims and lawsuits. TxDOT has
vigorously contested lawsuits brought against it and has usually prevailed or made settlements substantially less than the amounts
originally sought.

  TxDOT is exposed to claims by contractors. TxDOT will most likely settle these claims at substantially less than the amount originally
sought. However, if a settlement between TxDOT’s claims committee and the contractor cannot be reached, these claims will result
in future litigation. As of Aug. 31, 2025, outstanding contractor claims pending at the TxDOT claims committee totaled $241 million.

  Settlements are paid by the Texas Comptroller of  Public Accounts from the claims and refunds appropriation. The Attorney General’s
office indicates that the lawsuits listed below were pending as of Aug. 31, 2025. TxDOT management’s opinion is that the probable
outcome of these cases will not materially affect the financial position of TxDOT.


  Ty pe of Suit  A mounts i n Cont roversy
  Cont ract  A mou nts claimed range f rom $2 thousand to $142 thousand.  Total claims of amou nts indicated
  is $173 thousand.
  I nverse Condem nat ion  Monetar y amou nts have not been specif ied in any of these cases.
  Declarator y Judgment  Monetar y amou nts have not been specif ied in any of these cases.
  Eminent Domain  Total claims with amou nts indicated range f rom $127 to $17.1 million with a total of $392.4
  m illion.
  Employ ment Law and Related Lawsuits  Monetar y amou nts have not been specif ied in any of these cases. Liabilit y against Tx DOT is
  limited to $600 thousand; however, there is no limit on at tor ney fees and f ront pay.
  To  r  t  C  l  a  i  m  s  Stat utor y limits of liabilit y on these cases are $250 thousand per person or $500 thousand per
  accident.
  Workers’ Compensat ion  Monetar y amou nts have not been specif ied in any of these cases.

Arbitrage

  Rebatable arbitrage defined by Internal Revenue Code (IRC), Section 148, is earnings on tax exempt bond proceeds in excess of the
yield on the bond. The rebatable arbitrage must be repaid to the federal government. Pursuant to the applicable bond Indenture of Trust, a
Rebate Fund will be established under the Indenture to which deposits will be made upon the determination by a verification agent that a
rebate payment may be due. The amount of rebate due to the federal government is determined and payable during each five�year period
and upon final payment of the tax�exempt bonds. IRC Section 148 also provides for certain rebate exceptions, including an exception if
certain spend�out requirements of the bond proceeds are met. TxDOT estimates that rebatable arbitrage liability, if any, will be immaterial
to the agency’s overall financial condition.

Federal Reimbursements and Grants

  TxDOT receives federal financial assistance for specific purposes that are subject to review or audit by the federal grantor agencies.
Entitlement to this assistance is generally conditional upon compliance with the terms and conditions of grant agreements and applicable
federal regulations, including the expenditure of assistance for allowable purposes. Such audits could lead to requests for reimbursements
to grantor agencies for expenditures disallowed under the terms of the grant. Based on prior experience, management believes such
disallowance, if any, will be immaterial.

  On Dec. 16, 2011, TxDOT and the Federal Highway Administration (FHWA) approved and executed a Memorandum of Understanding
(MOU) for FHWA participation in TxDOT’s pass�through funding (PTF) program. This MOU will apply to all pass�through finance (PTF)
projects approved by TxDOT after Feb. 26, 2009 with some stipulations as detailed within the agreement. This agreement was done in
order to facilitate maximum federal reimbursement on TxDOT PTF projects. The MOU is not applicable to any PTF project agreements
executed prior to Feb. 26, 2009. Federal reimbursement for these projects will be set up on an individual basis in separate agreements
between TxDOT and FHWA and with compliance reviews being performed on each project.






Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 109

=== PDF PAGE 120 ===
Significant Commitments

Construction Related Contracts

  As of Aug. 31, 2025, TxDOT had outstanding contractual commitments related to the award of construction contracts, terms of
outstanding design�build contracts and terms requiring contribution of public funds to provide for a portion of construction costs
related to Public�Private/Public Partnerships (PPPs). Of the amounts committed under these contracts, TxDOT expects to receive future
reimbursements from the Federal Highway Administration (FHWA). In addition, the Grand Parkway Transportation Corporation (GPTC),
our blended component unit, has outstanding construction commitments. Disclosure of these construction related commitments and
potential FHWA reimbursement is displayed below.


  Construction Related Contract Commitments
  Aug ust 31, 2025 (A mou nts in T housands)

  Total Remaining
  Commitment  F  H  WA  R  e  i  m  b  u  r  s  e  m  e  n  t  s
  Const r uction Cont racts  $ 24,375,112  $ 9,797,907
  Desig n�Build Projects  2,462,740  701,628
  GPTC Project  95,164
  To  t  a  l  s  $ 26,933,016  $ 10,499,535

Pass-Through Toll Agreements

  Transportation Code, Section 222.104 authorizes TxDOT to enter into an agreement with a public or private entity that provides for
the payment of pass�through tolls to the public or private entity as reimbursement for the design, development, financing, construction,
maintenance, or operation of a toll or non�toll facility on the state highway system by the public or private entity. As of Aug. 31, 2025,
there were 24 active pass�through financing agreements.

  TxDOT recognizes liabilities associated with pass�through toll projects as notes payable as the projects are being constructed. Notes
payable amounts are determined by contractually negotiated agreements with pass�through toll partners. See Note 5 for details on the
payables recognized related to pass�through toll repayment obligations.

  The maximum total remaining repayment commitments for pass�through toll projects executed as of Aug. 31, 2025 was approximately
$297 million. Approximately $1.4 billion was repaid as of Aug. 31, 2025 since the inception of the pass�through toll agreements. The
actual repayment obligation for each agreement is not determinable until total construction costs are known.

Toll Equity Grants and Loan Agreements

  Transportation Code, Section 222.103 authorizes TxDOT to participate, by spending money from any available source, in the
cost of acquisition, construction, maintenance or operation of a toll facility of a public or private entity. The Commission adopted
administrative rules (toll equity rules) to prescribe conditions for the Commission’s financing of such toll facilities. Under these guidelines
the Commission has committed funds in the form of toll equity grants and toll equity loans. As of Aug. 31, 2025, the Commission
has outstanding toll equity grant commitments and toll equity loan commitments totaling $44.8 million and $8.3 billion, respectively.
Payments of these amounts are made subject to executed financial assistance agreements between TxDOT and the applicable public or
private entity.

  The toll equity loan commitment is related to a toll equity loan agreement (TELA) with the GPTC. This agreement makes a loan
available to be drawn on in the event revenues and certain reserves are insufficient to pay certain debt service or operations and
maintenance costs of the toll systems of aforementioned entities.

  The GPTC funds financed by TELA�supported debt are to be used to pay for certain costs relating to the development, construction,
operation, maintenance and financing of Segments D (Harris County), E, F1, F2, G, H, and I and the predevelopment of possible
extensions or expansions of the Grand Parkway. The maximum amount of money that can be paid by TxDOT to GPTC under the TELA
is equal to the aggregate amount of costs that are authorized under Article 8, Section 7�a of the Texas Constitution and Section 222.103
of the Texas Transportation Code, i.e. the “Eligible Costs”.








Page 110  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 121 ===
NOTE 16 – SUBSEQUENT EVENTS

  On Oct. 29, 2025, the Texas Transportation Finance Corporation’s (TTFC’s) SH 288 System Subordinate Tier Toll Revenue and
Refunding Bonds, Series 2025A and Taxable Series 2025B (the Bonds) were successfully issued in the par amount of $1.7 billion.

  TxDOT and TTFC have entered into a Toll Equity Loan Agreement dated Oct. 7, 2025 (the “TELA”).  The TELA sets forth the
representations, commitments and obligations of TTFC and TxDOT in connection with TxDOT’s agreement to advance funds for Eligible
Costs related to the development, construction, operation, maintenance, and financing of the SH 288 System, as paid by TTFC, up to the
Maximum Available Aggregate Amount of $4.4 billion, when revenues and certain fund balances under the Trust Agreement between
TTFC and U.S. Bank Trust Company are insufficient for such purposes.

  Pursuant to a minute order of the Commission adopted on Jul. 30, 2024, and a project agreement dated Oct. 1, 2024, TTFC became
entitled to all revenues from, or produced as a consequence of, the operation of the SH 288 System as a toll facility as of Sep. 1, 2025.
Subsequently, TxDOT and TTFC replaced that project agreement with a “SH 288 System Project Agreement” dated Oct. 29, 2025, which
currently documents TTFC’s rights to the revenues.

  On Nov. 06, 2025, the State of Texas General Obligation Mobility Fund and Refunding Bonds, Series 2025 were successfully issued
in the par amount of $1.7 billion.

  Below is information on the bonds refunded subsequent to Aug. 31, 2025.


  Actual Par Amount  Actual Date of
  Descript ion  Series  (A mou nt in Billions)  Issuance  Purpose

  Ref u nd and prepay in f ull the oustanding
  pr incipal and accr ued and upaid interest
  on the Tx DOT SH F Note. Pay cer tain
  costs relating to the SH288 System.
  Fu nd capitalized interest on the Ser ies
  2025A Bonds. Make deposits to the Rate
  SH288 System Toll Revenue Subordinate  Stabilization Fu nd and Revenue Fu nd. Pay
  Tier Bonds, Ser ies 2025  2025A; 2025B  $  1.7  10/29/2025the costs of issuance of the Bonds.

  Pay for or reimbu rse the State Highway
  Fu nd for pay ment for author ized pu r poses.
  General Obligation Mobilit y Fu nd and  Ref u nd cer tain Outstanding Par it y Debt
  Ref unding Bonds  2025  $  1.7  11/6/2025and to achieve debt ser vice savings.






























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 111

=== PDF PAGE 122 ===
NOTE 17 – RISK MANAGEMENT

  TxDOT is exposed to various risks of loss related to property, general and employer liability, net income, and personnel. TxDOT
and its employees are covered by various immunities and defenses that limit some of these risks of loss, particularly in liability actions
brought against TxDOT or its employees. Remaining exposures are managed by self�insurance arrangements.

  The activity related to claims and judgments for the year is recorded in the table below. Further details of these claims and judgments
are provided in Note 5.


  Claims and Judgments
  Aug ust 31, 2025 (A mou nts in Thousands)

  Beginning
  Balance  Increases  Decreases  Ending Balance

  2025  $ 150,000  4,801  (71,801) $ 83,000

  2024  $ 400,000  6,015  (256,015) $ 150,000


Property and Liability

  TxDOT administers a self�insured workers compensation program. Due to the nature of workers’ compensation claims, amounts are
not reasonably estimable. Claims are paid as they become due.

  TxDOT self�insures the Central Texas Turnpike System, the Interstate Highway 35E Managed Lanes, and the SH 249 System. GPTC
self�insures the Grand Parkway System. Each system or project is insured through funds on deposit within its Rate Stabilization Fund.
Amounts on deposit in the Rate Stabilization Funds for self�insurance have been certified as actuarially sound by AMI Risk Consultants,
Inc for CTTS, I�35E, SH 249 system, and GPTC. To date, neither TxDOT nor GPTC have had to draw upon the Rate Stabilization Fund
to settle any claims, and therefore settlements have not exceeded self�insurance coverage.

  During the fiscal year, the Texas Transportation Commission maintained a Not�for�Profit Entity and Directors, Officers Liability
Insurance Policy Including Employment Practices Claims Coverage in connection with the Central Texas Turnpike System and the SH
249 System. Grand Parkway Transportation Corporation also maintained Directors and Officers Liability insurance and certain public
official’s liability coverage for the Grand Parkway System.

Health, Life and Dental

  Insurance coverage is provided to active state employees and their dependents by one of three health plan administrators. All TxDOT
employees are included in the Texas Employees Group Benefits Program (GBP) administered by the Employees Retirement System of
Texas (ERS).

  Claims for health, life, accidental death and dismemberment (AD&D), disability and dental insurance coverages are established under
the GBP. These coverages are provided through a combination of insurance contracts, a self�funded health plan, a self�funded dental
indemnity plan, HMO contracts and dental health maintenance organizations (DHMO) contracts.

Commitments

  TxDOT incurs commitments related to outstanding construction contracts and comprehensive development agreements. Further detail
of these commitments is provided in Note 15.














Page 112  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 123 ===
NOTE 18 - FINANCIAL REPORTING ENTITY

  As required by Generally Accepted Accounting Principles, the financial statements present TxDOT, a state agency, and its component
units. The component units discussed in this note are included in TxDOT’s reporting entity because of the significance of their operational
and financial relationships with TxDOT.

Blended Component Units

  The Commission is authorized to create Transportation Corporations in Transportation Code, Chapter 431. The Commission approves
the creation of transportation corporations, approves the articles of incorporation, appoints directors and approves by�laws. At any time,
the Commission may terminate and dissolve a transportation corporation. In the event of dissolution or liquidation of a corporation, all
assets shall be turned over to TxDOT.

  As of Aug. 31, 2025, three transportation corporations are authorized by the Commission. In all three instances TxDOT contains the
voting majority, is able to impose its will upon the transportation corporations, and the services of all three transportation corporations’
benefit TxDOT. Furthermore, the three transportation corporations are classified as blended component units.

  The Texas Private Activity Bond Surface Transportation Corporation (TxPABST) acts on behalf of TxDOT in the promotion and
development of transportation facilities, by issuing private activity bonds for projects developed under comprehensive development
agreements (CDAs) entered into by TxDOT. Bonds issued by TxPABST are not legal obligations of the state of Texas and are payable
solely from payments received or on behalf of a CDA developer. See Note 6 for additional details about the TxPABST private activity
bond issuances as of Aug. 31, 2025. TxPABST does not publish financial statements. Further information can be obtained by writing:

  Texas Private Activity Bond Surface Transportation Corporation
  125 East 11th Street
  Austin, Texas 78701

  The Grand Parkway Transportation Corporation (GPTC) acts on behalf of TxDOT in the promotion and development of the Grand
Parkway Project, by issuing bonds and entering into comprehensive development agreements with developers for the design and
construction of several segments of the Grand Parkway project. Bonds issued by GPTC are not legal obligations of the state of Texas
and are payable solely from revenues and other funds of the Grand Parkway System, which is comprised of Segments D in Harris County,
E, F�1, F�2, G, H, I�1, I�2, and B�1 located in Chambers, Harris, Liberty, Montgomery, Galveston and Brazoria Counties. See Note 6
for additional details about the GPTC bond issuances as of Aug. 31, 2025. GPTC has a fiscal year end of Aug. 31, 2025, consistent with
TxDOT. The financial activity of GPTC is reported as a Proprietary fund within the accompanying financial statements of TxDOT. Further
information can be obtained by writing:

  Grand Parkway Transportation Corporation
  Financial Management Division
  125 East 11th Street
  Austin, Texas 78701

  The Texas Transportation Finance Corporation (TTFC) acts on behalf of TxDOT by acquiring, developing, financing, refinancing,
designing, constructing, reconstructing, expanding, tolling, operating or maintaining some or all of any toll projects within the State that
is to be developed by the Texas Department of Transportation (the Department), as determined by the Commission, including executing
contracts with the Department or a development team, borrowing money, assigning rights under contracts and other related matters.
Bonds issued by TTFC are not legal obligations of the state of Texas and are payable solely from the tollway’s revenues and other
dedicated funds. TTFC has a fiscal year�end of Aug. 31, 2025, consistent with TxDOT.  The financial activity of the SH288 System, a
roadway system financed by TTFC, is reported as a Proprietary fund within the accompanying financial statements of TxDOT.  Further
information can be obtained by writing:


  Texas Transportation Finance Corporation
  Financial Management Division
  125 East 11th Street
  Austin, Texas 78701








Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 113

=== PDF PAGE 124 ===
NOTE 19 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY

Changes in Accounting Principles

  The implementation of GASB statements is addressed in Note 1.

Deficit Fund Balance and Net Position

  Grand Parkway Transportation Corporation (GPTC) had a $3.6 billion deficit net position at the end of fiscal 2025. The majority of
the deficit net position was due to the outstanding bond liability balance exceeding the assets owned by the Corporation. GPTC supports
TxDOT by issuing bonds to construct portions of the Grand Parkway project, but does not own any capital assets that are constructed.
Capital Assets of $3.1 billion funded by GPTC are reported in the Governmental Activities column of the statement of net position.

  SH 288 System had a $1.8 billion deficit net position at the end of fiscal 2025. This deficit reflects the combined outstanding principal
and accrued, unpaid interest on the TxDOT SHF Note � an interfund loan received from the State Highway Fund to finance the buyout
of the SH288 managed lanes. Texas Transportation Finance Corporation (TTFC) repaid this loan using proceeds from refunding bonds
issued in October 2025. Although the deficit is presented in the proprietary fund’s financial statements, it represents a temporary internal
financing arrangement and does not indicate a structural imbalance.

  Proposition 1 had a $807.6 million deficit fund balance at the end of fiscal 2025. The deficit was due to the advance funding of
expenditures with proposition 1 prior to the receipt of the annual deposit of fiscal 2025 revenue in Nov. 2025.  Individual funds within
the State Highway Fund can advance fund expenditures as long as appropriation authority is available and the overall cash balance in
the appropriated fund is a positive balance.

  Coronavirus Relief fund had a $4.6 million deficit fund balance at the end of fiscal 2025. The entire deficit fund balance represents
the portion of the federal receivable balance in the fund that was unavailable within 60 days of fiscal year�end.

NOTE 20 – PUBLIC-PRIVATE AND PUBLIC-PUBLIC PARTNERSHIPS (PPPs)

  As of Aug. 31, 2025, TxDOT is a party to seven agreements that are classified as PPPs under the definition established by
GASB Statement No. 94. A PPP arrangement is an arrangement between the transferor (TxDOT) and an operator (a governmental or
nongovernmental entity) to provide public services by conveying control of the right to operate or use a nonfinancial asset, such as
infrastructure or other capital asset, for a period of time in an exchange or exchange�like transaction.

  Some PPPs are service concession arrangements (SCAs), for which TxDOT retains the ownership of the underlying assets. An SCA
is a PPP arrangement between a transferor and an operator in which all of the following criteria are met:

  (a)  The transferor conveys to the operator the right and related obligation to provide public services through the use
  and operation of an infrastructure asset in exchange for significant consideration, such as up�front payments, a new
  infrastructure asset, or improvements to an existing infrastructure asset.

  (b)  The operator is compensated through fees collected from third parties. In all active TxDOT PPPs, these fees are in the
  form of tolls.

  (c)  The transferor determines, or retains the authority to modify or approve, the services that the operator is required to
  provide, to whom the operator is required to provide the services and the rates that can be charged for the services.

  (d)  The transferor is entitled to a significant residual interest in the service utility of the infrastructure asset at the end of
  the arrangement.

  TxDOT enters into PPP projects in order to:

  ●  Improve mobility by expanding existing road capacity and introducing managed toll lanes, traditional toll lanes and other strategies
  aimed at reducing traffic congestion.

  ●  Enable TxDOT to deliver these projects faster than would be possible using traditional funding sources.

  ●  Shift the majority of the financial risk to the operator.

  TxDOT may enter into PPPs with both public and private operators. At the end of these arrangements, operations and maintenance
of the projects will transfer to TxDOT.



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  The structure of each PPP is determined by the unique financial aspects of the respective arrangement. In all cases, TxDOT derives
an economic benefit from retaining ownership of the project at the end of the PPP term. The following table summarizes the status, term
and duration of each currently active PPP.

  Public-Private and Public-Public Partnerships
  As of Aug ust 31, 2025

  Par tnerships Name  Construction Status  Ter m of PPP  F Y PPP Be g i n  F Y PPP End
  IH 10 “Kat y Managed Lanes*  Complete  42 ye a r s  2009  2050*
  SH 121 “Sam Raybu r n Tollway”  Complete  47  ye a r s  2 012  2058
  SH 288 � Brazor ia Cou nt y*  Complete  29 yea r s  2 0 21  2049*
  SH 130 Seg ments 5 and 6  Complete  51  y e  a  r  s  2 013  2063
  Nor th Tar rant Exp Seg 1 and 2�West  Complete  47  ye a r s  2 015  2061
  Nor th Tar rant Exp Seg 3A, 3B and 3C  Complete  4 4 yea r s  2 018  2061
  LBJ/ IH�635 Managed Lanes  Complete  47  ye a r s  2  016  2062

  * Estimated. PPP per iod extends u ntil Har r is Cou nt y and Brazor ia Cou nt y f ully reimbu rsed for costs of const r uction and debt ser vice.

  In the year a PPP project opens to traffic, TxDOT records the underlying PPP asset. If TxDOT owns the underlying PPP asset,
  it records the capital asset at its acquisition value, with a corresponding entry to deferred inflows of resources. If TxDOT does not
  own the underlying PPP asset, or if the underlying PPP asset is not the underlying asset of an SCA, TxDOT recognizes a receivable
  based on the operator ’s estimated carrying value of the underlying PPP asset as of the expected date of the ownership transfer, with a
  corresponding entry to deferred inflows of resources. The deferred inflow of resources balance is subsequently reduced, with revenue
  recognized in a systematic and rational manner over the term of the arrangement, beginning when the infrastructure asset is placed
  into operation. Up�front payments received are recorded as assets (cash in State Treasury), with a corresponding deferred inflow of
  resources recognized in the governmental financial statements. Revenue is recognized, and the deferred inflow of resources is reduced
  in a systematic and rational manner over the term of the arrangement.

  The following three projects that TxDOT entered into with governmental operators are PPP arrangements but do not meet the
  definition of a service concession arrangement (SCA).

  1.  IH�10 “Katy Managed Lanes”

  TxDOT entered into a tri�party agreement with Harris County and the Federal Highway Administration to plan, design, construct,
  maintain and operate four managed lanes within the limits of Interstate Highway 10. The managed lanes opened to traffic in fiscal
  2009. It was determined that TxDOT (the transferor) does not have control over toll rate�setting; therefore, the arrangement does not
  meet the criteria for classification as a SCA. A $237.5 million payment for the costs of the managed lane project was made up front
  by Harris County (reported by the Harris County Toll Road Authority, or HCTRA) to TxDOT. The payment was made to reimburse
  TxDOT for construction costs incurred in connection with the development of the toll road project.  The toll road is not owned by
  TxDOT.

  The amount paid up front by Harris County was agreed to be reimbursed with toll revenues from the managed lanes. At the end
  of the arrangement term, ownership of the road will revert to TxDOT once the County has been fully reimbursed. GASB Statement
  No. 94 requires the transferor measure and recognize a receivable with an offset to deferred inflow of resources if the transferor does
  not own the underlying PPP asset. The receivable was measured based on the operator ’s $250 million acquisition value of the asset,
  which includes $237.5 million cash contribution to TxDOT and $12.5 million in�kind contribution by the County.

  2.  SH 121 ”Sam Rayburn  Tollway”

  TxDOT and the North Texas Transportation Authority (NTTA) entered into the SH�121 project agreement in Collin, Dallas, and
  Denton counties. All segments opened to traffic in fiscal 2012. It was determined that TxDOT (the transferor) does not have control
  over toll rate�setting; therefore, the arrangement does not meet the criteria for classification as a SCA. TxDOT received an up�front
  payment of $3.2 billion when the project started. The deferred inflow related to the up�front payment was recognized in the State
  Highway Fund, a governmental fund. A receivable, which was measured based on the acquisition value of the capital asset to be
  returned to TxDOT at the conclusion of the agreement, was recognized on the entity�wide statement of net position.

  3.  SH 288 Brazoria County Project

  TxDOT, Brazoria County, and Brazoria County Toll Road Authority entered into an agreement for the development design,
  construction, financing, operation, and maintenance of SH 288, including two northbound and two southbound toll lanes. The operator,
  Brazoria County and the Brazoria County Toll Road Authority, has the control over the toll rates charged for the service; therefore
  the project does not meet the criteria of an SCA. With the implementation of GASB No. 94, the project is determined to meet the

Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 115

=== PDF PAGE 126 ===
  criteria of a PPP arrangement. Since TxDOT does not own the underlying PPP asset, a receivable of $79.4 million was recognized
  based on the operator ’s acquisition value when the asset was placed into service.

  The other four PPP arrangements of TxDOT meet the criteria of an SCA and have been reported as an SCA.

  1.  SH 130 � Segments 5 & 6

  TxDOT and the SH 130 Concession Company (the Developer) entered into a facility concession arrangement in fiscal 2007.
  Under the terms of the facility concession arrangement, the developer made up�front payments, totaling $143.5 million to TxDOT.
  The toll road opened to traffic in fiscal 2013.

  2.  North Tarrant Express (NTE) � Segments 1 and 2�West

  TxDOT and NTE Mobility Partners, LLC entered into a comprehensive development agreement for a concession for the
  developments of Segments 1 and 2�West of the NTE facility. The toll road opened to traffic in fiscal 2015.

  3.  North Tarrant Expansion (NTE) � Segments 3A, 3B, and 3C

  TxDOT and NTE Mobility Partners Segments 3, LLC (NTE Mobility) entered into a Facility Agreement related to the financing,
  design, construction and maintenance of Segments 3A, 3B, and 3C of the NTE project in Fort Worth. Segments 3A and 3B opened
  to traffic in fiscal 2018. The Segments 3A and 3B project, along with the Segment 3C project, were combined into a single SCA in
  fiscal year 2023, the year Segment 3C opened to traffic, for presentation in this note. The acquisition value associated with Segment
  3C was treated as additional capital improvements to the project.

  4.  LBJ/IH�635 Managed Lanes

  TxDOT entered into a Comprehensive Development Agreement (CDA) with LBJ Development Infrastructure Group, LLC for
  the IH�635 Managed Lanes Project. The final segment opened to traffic in fiscal 2016.



  Grand Parkway Transportation Corporation (GPTC) Initial Project and H & I Project

  Grand Parkway Transportation Corporation (GPTC) is a blended component unit (BCU) of TxDOT. TxDOT and GPTC entered
  into a project agreement for the design, construction, financing, and operation of Segments D through G (the initial project), as well
  as Segments H & I. This arrangement between TxDOT and GPTC is not reported as a PPP in TxDOT’s financial statements under
  GASB Statement No. 94.

  According to GASB Statement No. 94, intangible right�to�use assets are considered capital assets. Reporting the capital asset in
  governmental activities and the intangible right�to�use asset in business�type activities would result in duplicate reporting. On the
  entity�wide financial statements, the intangible right�to�use asset reported by GPTC (BCU) and the associated deferred inflow of
  resources in the governmental activities were eliminated to avoid duplication, while the capital asset remains in the governmental
  activities of TxDOT (the primary government).

  SH 288 Harris County

  TxDOT finalized its $1.7 billion buyout of the SH 288 toll lanes in Harris County from the private company Blue Ridge
  Transportation Group (BTG) on Oct. 8, 2024, ending the public�private partnership. The buyout transferred control of the SH 288
  System to TxDOT. As of Aug. 31, 2025, all prior BTG obligations have been redeemed and prepaid, and neither BTG nor the holders
  of prior BTG obligations retain any rights, interests, or claims in the Project.

  TxDOT has recorded the difference between the buyout payment amount and the unamortized deferred inflow of resources
  associated with upfront payments and capital improvements of the SH 288 System as a special item classified as a PPP loss. There
  was no change to the capital assets associated with the public�private partnership as a result of this termination. The State Highway
  Fund has recorded the toll revenue generated from the SH 288 System since the buyout date. On Sep. 1, 2025, all SH 288 System
  Toll revenue was assigned and transferred to the Texas Transportation Finance Corporation.









Page 116  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 127 ===
  Public-Private and Public-Public Partnership Amounts Recognized
  in Financial Statements – Governmental Activities
  Aug ust 31, 2025 (A mou nts in T housands)

  Cash in State  Receivable for  Deferred Inf  lows
  Arrangement Name  Tr e  a  s u  r  y *  Capital Assets  PPP A s set s  of Resources**
  IH 10 “Kat y Managed Lanes”  $  $  $ 250,000  $ 148,810
  SH 121 “Sam Raybu r n Tollway”  220,662  1,633,394  3,340,494
  SH 288 � Brazor ia Cou nt y  79,427  65,733
  SH 130 Seg ments 5 and 6  10,829  1,628,942  1,322,141
  Nor th Tar rant Exp Seg 1 and 2�West  2,453,624  1,345,008
  Nor th Tar rant Exp Seg 3A ,3B and 3C  2,739,309  1,773,517
  LBJ/ IH�635 Managed Lanes  2,712,285  1,649,047
  To  t  a  l  $ 231,491  $ 9,534,160  $ 1,962,821  $ 9,644,750


  *The balance of cash in state t reasu r y consists of u nspent up�f ront concession pay ments, reimbu rsements for the t raff ic sig nal maintenance, and deposits for
  interoperabilit y fee adjust ments and revenue shar ing.
  ** The defer red inf  lows of resou rces balance that relates to up�f ront pay ments received is recorded in gover n mental f u nd f inancials in the year received.

  In some cases, TxDOT is obligated to make contributions of public funds to the PPP project during the construction period for portions
of the project’s design, construction, or right�of�way costs. Outlays of TxDOT funds related to PPP projects are recorded as additions to
construction in progress as they are incurred.














































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 117

=== PDF PAGE 128 ===
 NOTE 21 – DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED INFLOWS OF RESOURCES

  As of Aug. 31, 2025, TxDOT reported deferred outflows of resources and deferred inflows of resources in the Statement of Net
 Position as presented in the table below.

  Deferred Outflows and Deferred Inflows of Resources
  Statement of Net Position
  As of Aug ust 31, 2025 (A mou nts in T housands)
  Deferred  Deferred
  Out f  lows of  I nf  lows of
  Descript ion  Resources  Resources
  Governmental Activities
  Loss on Bond Ref u nding  $ 27,052 $
  Gain on Bond Ref u nding  64,521
  Pensions ( Note 8  )  145,995  146,261
  Public�Pr ivate or Public�Public Par t nerships (PPPs) ( Note 20)  9,644,750
  Other Postemploy ment Benef its ( Note 10  )  703,832  463,342
  Leases ( Note 7  )  2,965
  Time Rest r icted Appropr iations  465,800
  Total Gover n mental Activities  876,879  10,787,639
  Business-Type Activities
  Loss on Bond Ref u nding  159,568
  Gain on Bond Refunding  111,544
  Total Business�Ty pe Activities  159,568  111,544
  To  t  a  l  $ 1,036,447 $ 10,899,183





























































  Deferred outflows of resources in the amounts of $27.1 million in governmental activities and $159.6 million in business  �type
activities relate to losses on bond refunding transactions. The deferred inflows of $64.5 million reported in governmental activities and
$111.5 million in business�type activities relate to gains on bond refunding transactions. These deferred outflows and inflows are amortized
on a straight�line basis over the remaining life of the old debt, or the life of the new debt, whichever is shorter.

  Deferred inflows of resources of $9.6 billion reported in governmental activities relate to seven different Public�Private or Public�
Public Partnership Arrangements (PPPs), to which TxDOT was a party, as of Aug. 31, 2025. The amount recorded in the financial
statements represents the unamortized portion of the deferred inflow associated with capital improvements and upfront payments that
TxDOT received under the  agreements.

  TxDOT reported $146.0 million in deferred outflows of resources and $146.3 million in deferred inflows of resources in governmental
activities for pension�related adjustments. The reported deferred outflows of resources include TxDOT’s share of pension contributions
made subsequent to the measurement date and the unamortized balance of changes in assumptions used to calculate net pension liability.
The reported deferred inflows of resources consist of the unamortized balance of other changes in the components of net pension liability.

  Deferred outflows of resources of $703.8 million and deferred inflows of resources of $463.3 million reported in governmental
activities relate to other postemployment benefits. The reported deferred outflows of resources include TxDOT’s share of OPEB
contributions made subsequent to the measurement date and the unamortized balance of the net difference between projected and actual
return on plan investments used to calculate net OPEB liability. The reported deferred inflows of resources are the unamortized balances
of differences between expected and actual experience on earnings on OPEB plan investments and changes in assumptions used to
calculate net OPEB liability.

  Deferred inflows of resources of $3.0 million reported for leases represent payments received by TxDOT at or before the lease term
that relate to future periods and the unamortized balance of the initial deferred inflow recognized at transition.

  Deferred inflows of $5.1 billion were reported on the governmental funds balance sheet for State Highway Fund, and $470.4 million
for nonmajor funds as presented in the table as follows. The deferred inflows for taxes, local revenues and federal revenues relate to
unavailable revenues that were earned as of Aug. 31, 2025, but not available within 60 days of year end. The deferred inflows for leases
represent payments received by TxDOT at or before the lease term that related to future periods and the unamortized balance of the initial
deferred inflow recognized at transition. The deferred inflows for appropriations represent appropriations received by TxDOT prior to



Page 118  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 129 ===
time requirements being met.  The deferred inflows for PPPs represent the unamortized upfront payments TxDOT received under the
agreements.


  Deferred Inflows of Resources
  Balance Sheet-Governmental Funds
  As of Aug ust 31, 2025 (A mou nts in T housands)
  Deferred Inf  lows of
  Descript ion  Resources
  State Highway Fund
  Oil and Nat u ral Gas Production Tax  $ 2,524,239
  L ocal Revenue  239,146
  Fe d e r a l  R e ve n u e  3,729
  Motor Fuel Tax  934
  Public�Public or Public�Pr ivate Par t nerships (PPPs) ( Note 20)  2,317,577
  Leases ( Note 7  )  2,965
  Total State Highway Fu nd  5,088,590
  Nonmajor Funds
  Time�Rest r icted Appropr iations  465,800
  Fe d e r a l  R e ve n u e  4,554
  Total Non major f u nds  470,354
  To  t  a  l  $ 5,558,944


































































































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 119

=== PDF PAGE 130 ===


=== PDF PAGE 131 ===
Texas Department of Transportation
Budgetary Comparison Schedule - State Highway Fund
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nt in T housands)


  Budgetar y Amounts
  Actual Amounts  Final to Actual
  Original  Final  Budgetary Basis  Variance
R EV ENU ES
  Ta  x e  s  $ 9,671,637  $ 8,893,295  $ 8,643,438  $ (249,857)
  Fe d e r a l  5,404,254  5,621,575  5,674,800  53,225
  Licenses, Fees and Permits  114,675  114,675  282,169  167,494
  Interest and Invest ment Income  110,933  110,933  291,176  180,243
  Land Income  28,019  28,019
  Set tlement of Claims  58,818  58,818
  Sales of Goods and Ser vices  28,690  28,690  (13,411)  (42,101)
  Other  165,195  165,134  3,511  (161,623)
  Total revenues  15,495,384  14,934,302  14,968,520  34,218


EXPENDITURES
  Transpor tation  17,235,124  21,823,598  13,519,055  8,304,543
  Total Expendit u res  17,235,124  21,823,598  13,519,055  8,304,543


Excess (Def iciency) of Revenues
  Over ( Under) Expendit u res  (1,739,740)  (6,889,296)  1,449,465  8,338,761

OTH ER FI NA NCI NG SOU RCES ( USES)
  Tr  a  n s f e r  s  I  n  4,082,087  4,082,087
  Tr  a  n s f e r  s  O  u t  (762,972)  (762,972)
  Increase in Obligation for Leases/Subscr iptions  39,520  39,520
  Sale of Capital Assets  56,717  56,717
  Available Begin ning Balances  8,446,174  8,446,174  8,446,174  0.0
  Total Other Financing Sou rces ( Uses)  8,446,174  8,446,174  11,861,526  3,415,352

Excess (Def iciency) of Revenue and Other
  Financing Sou rces Over ( Under) Expendit u res
  and Other Financing Uses  $ 6,706,434  $ 1,556,878  $ 13,310,991  $ 11,754,113

























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 121

=== PDF PAGE 132 ===
NOTES TO THE BUDGETARY COMPARISON SCHEDULE

  The budgetary comparison schedule presents comparisons of the legally adopted budget with actual data on a budgetary basis. Since
accounting principles applied for purposes of developing data on a budgetary basis differ significantly from those used to present financial
statements in conformity with generally accepted accounting principles (GAAP), a reconciliation of these differences is required and is
presented below.

  The major reconciling items between the budgetary comparison schedule and the GAAP financial statements are due to the following
items.

Basis of Accounting Differences

  Revenues and expenditures are reported on the cash basis of accounting in the budgetary comparison schedule but are reported on
the modified accrual basis of accounting on the GAAP fund financial statements. Therefore, deferred inflows, receivables and payables
are included as reconciling items.

Perspective Differences

  Certain revenues and expenditures, including debt service are not budgeted by the Legislature. The activity for these programs is
excluded from the budgetary comparison schedule. The beginning cash balances are included as other financing sources in the budgetary
comparison schedule and are not included as financing sources on the GAAP financial statements.


  RECONCILIATION OF BUDGETARY BASIS TO GAAP BASIS
  Aug ust 31, 2025 (A mou nts in T housands)
  State Highway Fund
  Excess of Revenues and Other Financing Sou rces Over
  Expendit u res and Other Financing Uses�
  Act ual Budgetar y Basis  $ 13,310,991

  Basis of Accou nting Differences:
  Receivables and Defer red Inf  lows  185,244
  Payables  (137,030)

  Perspective Differences:
  Begin ning Cash Balances Repor ted as Other Financing Sou rces  (8,446,174)
  Other Expendit u res Not Budgeted  (7,557,444)

  Excess of Revenues and Other Financing
  Sou rces Over Expendit u res and Other
  Financing Uses � GA A P Basis  $ (2,644,413)






















Page 122  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 133 ===
Basis of Budgeting

  The state’s budget is prepared on a cash basis. The Texas Constitution limits appropriation bills to two years. The Legislative Budget
Board (LBB) is required by statute to adopt an estimated rate of growth for the next biennium and calculate a limit on the amount of state
tax revenue, not dedicated by the Texas Constitution, that is available for spending in the next biennium. If the Legislature, by adoption
of a resolution approved by a record vote of a majority of the members of each house, finds that an emergency exists and identifies the
nature of the emergency, the Legislature may provide appropriations in excess of the adopted limit.

  The Governor ’s Budget Office and the LBB initiate the process of submitting budget requests to the Legislature. At final passage of
the General Appropriations Act by the Legislature, it is sent to the Comptroller of Public Accounts for certification. If the Comptroller
certifies that appropriated amounts are available in the affected funds, the bill is sent to the Governor. If not certified, the Legislature may
pass the bill with a four�fifths majority vote. The Governor has the option of vetoing the total bill or specific line�item appropriations but
does not have the authority to reduce a line item of appropriation.

  Upon approval by the Governor, the bill becomes law and is the budget authority for state agencies to spend state funds. The
Comptroller is responsible for controlling, accounting and reporting expenditures in accordance with expenditure budgets.

Legal Level of Budgetary Control

  The Texas Constitution requires the Comptroller to submit a Biennial Revenue Estimate to the Legislature prior to each regular
session. This document contains an itemized estimate of beginning cash balances, anticipated revenues based on laws then in effect and
estimated expenditures from prior appropriations. The Texas Constitution also requires the Comptroller to submit supplementary revenue
estimates at any special session of the Legislature and at other necessary times to show probable changes.

  The level of legal control for the budget is established at the strategy (line item) level by agency. For example, “Right  �of�Way
Acquisition” and “Routine Maintenance” are two of the strategies for TxDOT. The legal level of budgetary control is defined as the
level at which the governing body must approve any over expenditure of appropriations or transfers of appropriated amounts. Agencies
are authorized limited transfer authority between strategies, not to exceed 20 percent, by the General Appropriations Act. Transfers
and expenditures are monitored against the original budget by the Comptroller ’s office to ensure the agency’s authorized budget is not
exceeded.

  The level of legal control is documented in the budget comparison by strategy schedule in the other supplementary information
section, which includes budget and actual expenditure data by strategy line item for TxDOT. State agencies cannot exceed approved
appropriations. In certain emergency situations, the Governor may authorize additional appropriations from deficiency and emergency
appropriation reserves.

  Unexpended appropriations generally lapse 60 days after the fiscal year unless they are encumbered during the 60  �day “lapse”
period. Other appropriations referred to as “reappropriated unexpended balances” represent a continuation of prior year ’s balances for
completion of a program.



























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 123

=== PDF PAGE 134 ===
Page 124  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 135 ===
Schedules of Changes in Net Pension Liabi l it y and Related Rat ios
  For each of the fiscal years presented, the measurement date for the information on the schedules of changes in net pension liability
and related ratios was the prior fiscal year�end.

  Schedule of Changes in Net Pension Liability
  (A mou nts in T housands)

  2025  2024  2023  2022  2 021  2020  2019  2 018  2 017  2 016
  Total Pension Liabilit y
  Ser vice Cost  $ 67,184  $ 66,173  $ 60,040  $ 215,861  $ 183,298  $ 131,802  $ 139,071  $ 132,525  $ 108,528  $ 118,614
  Interest  196,040  202,686  184,513  239,037  252,377  263,616  246,260  228,274  238,733  228,696
  Benef it Changes  (8,462)
  Differences between Expected and
  Actual Experience  40,296  56,640  31,057  (75,186)  51,209  (56,576)  8,840  10,516  12,639  (27,433)
  Assumption Changes  (17,894)  (2,294,877)  638,481  828,735  (190,768)  201,859  501,760  (330,365)
  Benef it Pay ments and Ref u nds  (179,278)  (188,191)  (173,305)  (272,688)  (262,908)  (248,564)  (231,505)  (208,148)  (203,213)  (197,428)
  Change in Propor tional Percentage  (63,721)  48,919  (419,173)  11,253  72,864  33,200  115,111  (73,016)  (22,595)  (2,322)
  Net Change in Total Pension
  Liabilit y  42,627  186,227  (316,868)  (2,176,600)  935,321  952,213  87,009  292,010  635,852  (218,700)

  Total Pension Liabilit y-Beginning 4,189,280  4,003,053  4,319,921  6,496,521  5,561,200  4,608,987  4,521,978  4,229,968  3,594,116  3,812,816
  Total Pension Liabi l it y-Ending (a)$ 4,231,907  $ 4,189,280  $ 4,003,053  $ 4,319,921  $ 6,496,521  $ 5,561, 20 0  $ 4,608,987  $ 4,521,978  $ 4,229,968  $ 3,  5 9  4 ,116

  Plan Fiduciar y Net Posit ion
 Contributions�Employer  $ 85,167  $ 84,133  $ 76,777  $ 74,383  $ 73,792  $ 69,733  $ 67,074  $ 63,666  $ 64,993  $ 48,208
 Contributions�Member  48,249  48,868  43,969  72,249  71,598  67,985  65,798  62,336  63,849  44,524
  Net Investment Income  253,895  132,932  (44,366)  697,718  179,607  74,216  233,808  257,602  120,512  5,486
  Benef it Pay ments and Ref u nds  (179,278)  (188,191)  (173,305)  (272,688)  (262,907)  (248,564)  (231,505)  (208,148)  (203,213)  (197,428)
  Administrative Expense  (2,634)  (2,728)  (1,928)  (2,198)  (2,425)  (2,716)  (2,265)  (2,100)  (1,935)  (2,104)
  Additional One� Time state
 Fu nding  58,018
  Net Change in Plan Fiduciar y Net
  Posit ion  205,399  133,032  (98,853)  569,464  59,665  (39,346)  132,910  173,356  44,206  (101,314)

  Plan Fiduciar y Net Posit ion-
  Beginning  3,290,463  3,157,431  3,256,284  2,686,820  2,627,156  2,666,502  2,533,592  2,360,236  2,316,030  2,417,344
  Plan Fiduciar y Net Posit ion-
  E n d i n g  (  b)  3,495,862  3,290,463  3,157,431  3,256,284  2,686,820  2,627,156  2,666,502  2,533,592  2,360,236  2,316,030

  Net Pension Liabilit y-Ending
  (a) - ( b)  $ 736,045  $ 898,817  $ 845,622  $ 1,063,637  $ 3,809,70 0  $ 2,934,044  $ 1,942,485  $ 1,988,386  $ 1,869,732  $ 1,  2 7 8  , 0  8 6

  Plan Fiduciar y Net Posit ion as a
  percentage of Total Pension
  Liabilit y  8 2  . 61%  78.54%  78.88%  75. 38 %  41. 3 6 %  4 7.  2  4 %  5 7.  8 5 %  56.03%  55. 8 0 %  6 4.4 4%

  Covered Payrol l  $523,745  $506,463  $ 439,10 7  $722 ,978  $ 717,  8  4 7  $ 679, 8 2 4  $ 655, 3 45  $623,828  $638 ,053  $592 , 508

  Net Pension Liabi l it y as a
  percentage of covered payrol l  14  0 . 53%  17 7. 4 7 %  19 2 . 58%  14 7.1 2 %  5 3 0 .71%  4 31.  5 9  %  2 9  6 . 41%  318 .74 %  293.04%  215 .71%

  Notes to Schedule:
  1. The change in total pension liabilit y is due to the change in the single discou nt rate included as an assu mption change.
  2. The covered pay roll is the act ual an nual pay roll for the f iscal year as repor ted by ERS.
















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 125

=== PDF PAGE 136 ===
Schedules of Employer Contr ibut ions - Pension

  The information on the schedules of employer contributions was determined as of the end of the fiscal year presented.


  Schedule of Employer Contributions
  (A mou nts in T housands)

  2025  2024  2023  2022  2 0 21  2020  2 019  2 018  2  017  2 016
  Actuarially determined contributions  $ 101, 26 4  $ 85,268  $ 84,132  $ 130,185  $ 115, 532  $ 98,776  $ 92,592  $ 89,848  $ 67,526  $ 65,492
  Act ual Contribution  101,264  85,268  142,151  130,185  74,383  73,792  69,733  67,073  66,253  66,163
  Cont r ibution def iciency (excess)  0  0  (58,019)  0  41,149  24,984  22,859  22,775  1,273  (671)
  Covered pay roll  651,123  523,745  506,463  744,564  722,978  717,847  679,824  655,345  649,179  649,536

  Cont r ibution as a percentage of covered
  pay roll  15.55%  16.28%  28.07%  17.48%  10.29%  10.28%  10.26%  10.23%  10.21%  10.19%

  Notes to Schedule of Employer
  Contribut ions:

  Valuation Date:
  Act uar ially deter mined cont r ibution rates are calculated as
  of Aug ust 31. Members are employers cont r ibute based on
  stat utorily f ixed rates.
  Provisions of the Legacy Pay ment st r uct u re adopted du r ing the
  2021 legislative session were ref  lected in disclosu res for the 2022
  f iscal year and later.

  Methods and Assumpt ions Used to
  Determine Contr ibut ion Rates:
  Act uar ial Cost Method  Ent r y Age Nor mal
  Amor tization Method  Level Percent of Pay roll plus Level Dollar Legacy Pay ment
  Remaining Amor tization Period  UA A L to be eliminated by 2054
  Asset Valuation Method  Marked to market as of Aug ust 31, 2017. Fut u re gains and losses
  each recog nized over closed f ive�year per iod, with allowance of
  direct offset ting of defer rals by subsequent gains or losses.
  Inf  lation  2.30%
  Salar y Increases  0.0 0% to 8.80%
  Invest ment Rate of Ret u r n  7. 0  0  %
  Retirement Age  Exper ience�based table of rates that are specif ic to the t y pe of
  eligibilit y condition. Last updated for the 2024 valuation pu rsuant
  to an exper ience st udy that covered the per iod ending Aug ust 31,
  2023.

  Mor t alit y  2020 State Retirees of Texas (SRT) mor talit y table. Generational
  mor talit y improvements in accordance with the ultimate rates
  f rom the scales published th rough 2020 by Retirement Plans
  Exper ience Com mit tee of the Societ y of Act uar ies (“Ultimate
  M P”) and projected f rom the year 2020. Rates for male LECO
  members are set for ward one year.

  Other Informat ion:
  1. Members and employers cont r ibute based on stat utor ily f ixed rates.
  2. The covered employee pay roll is the act ual an nual pay roll for the f iscal year as repor ted by ERS.
  3. Act uar ially deter mined cont r ibutions for the year ending Aug ust 31, 2025 were deter mined using the act uar ial valuation as of Aug ust 31, 2024 and the assu mptions
  above. New assu mptions were adopted for the act uar ial valuation as of Aug ust 31, 2025 and are ref  lected in the Total Pension Liabilit y.















Page 126  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 137 ===
Schedules of Changes in Net OPEB Liabi l it y and Related Rat ios

  For each of the fiscal years presented, the measurement date for the information on the schedules of changes in net pension liability
and related ratios was the prior fiscal year�end.


  Schedule of Changes in Net OPEB Liability
  (A mou nts in T housands)


  2025  2024  2023  2022  2 021  2020  2019  2 018
  Total OPEB Liabi l it y
  Ser vice Cost  $ 71,586  $ 76,765  $ 120,116  $ 114,899  $ 112,086  $ 88,258  $ 109,497  $ 256,922
  Interest  76,566  77,727  59,256  55,456  77,381  89,418  92,361  136,668
  Change in Benef it Ter ms  (9,908)
  Differences between Expected and Actual
  Experience  (5,526)  (14,884)  (35,851)  (1,159)  (59,568)  (6,513)  (68,487)  (55,942)
  Assumption Changes  109,286  (198,196)  (637,950)  97,327  (183,440)  219,984  (433,607)  (973,369)
  Benef it Pay ments, including Ref u nds of
  Employee�
  Contributions  (64,522)  (61,827)  (52,396)  (56,420)  (53,672)  (54,212)  (48,508)  (81,242)
  Change in Propor tional Percentage  (18,550)  (9,083)  30,803  21,079  (13,547)  (545)  (1,305,600)
  Net Change in Total OPEB Liabi l it y  168,840  (139,406)  (516,022)  231,182  (120,760)  336,390  (1,654,344)  (716,963)

  Total OPEB Liabi l it y-Beginning  2,015,745  2,155,151  2,671,173  2,439,991  2,560,751  2,224,361  3,878,705  4,595,668

  Total OPEB Liabi l it y-Ending (a)  $ 2,184,585  $ 2,015,745  $ 2,155,151  $ 2,671,173  $ 2,439,991  $ 2,560,751  $ 2,224,361  $ 3,878,705

  Plan Fiduciar y Net Posit ion
  Contributions�Employer  $ 58,657  $ 59,245  $ 51,996  $ 56,292  $ 54,469  $ 29,365  $ 22,473  $ 99,328
  Contributions�Non�employer Contributing
  Entities  3,156  3,125  2,730  2,877  2,747  1,477  1,214  5,140
  Contributions�Employee  13,722  13,457  14,162  14,128  16,751  15,355  14,868  21,835
  Contributions�Federal Revenues for
  Medicare Par t D R DS  124  112  118  116  129  108  104
  Other (Federal Revenues and Other
  A d d  i t  i o n  s)  10,697  9,024  8,285  7,785  7,958  6,439  5,587  8,009
  Other (Other Additions)  323  4  2
  Net Investment Income  623  478  55  17  97  243  798  504
  Benef it Pay ments, including Ref u nds of
  Employee� Contributions  (64,522)  (61,827)  (52,396)  (56,420)  (53,672)  (54,212)  (48,508)  (81,242)
  Benef it Pay ments f inanced by Employee�
  Cont r ibutions and Federal Revenues  (24,419)  (22,482)  (22,447)  (21,913)  (24,709)  (21,788)  (20,216)  (29,803)
  Administrative Expense  (591)  (585)  (503)  (632)  (496)  (439)  (426)  (627)
  Net Change in Plan Fiduciar y Net
  Posit ion  (2,230)  547  2,000  2,254  3,276  (23,452)  (24,106)  23,144

  Plan Fiduciar y Net Posit ion-Beginning  39,670  39,123  37,123  34,869  31,593  55,045  79,151  56,007
  Plan Fiduciar y Net Posit ion-Ending ( b)  $ 37,440  $ 39,670  $ 39,123  $ 37,123  $ 34,869  $ 31,593  $ 55,045  $ 79,151

  Net OPEB Liabi l it y-Ending (a) - ( b)  $ 2,147,145  $ 1,976,075  $ 2,116,028  $ 2,634,050  $ 2,405,122  $ 2,529,158  $ 2,169,316  $ 3,799,554

  Plan Fiduciar y Net Position as a Percentage
  of Total OPEB Liabilit y  1.71%  1.97%  1.82%  1.39%  1.43%  1.23%  2.47%  2.04%
  Covered�Employee Pay roll  $ 1,125,128  $ 1,018,094  $ 945,898  $ 924,117  $ 921,100  $ 901,530  $ 881,785  $ 1,309,744
  Net OPEB Liabilit y as a Percentage of
  Covered� Employee Pay roll  190.84%  194.10%  223.71%  285.03%  261.11%  280.54%  246.01%  290.10%

  Notes to Schedule:
  1. This schedule is intended to present 10 years of infor mation. Cu r rently, only eight years of infor mation are available. Infor mation for f ut u re years will be added
  when it becomes available.
  2. Infor mation is presented using an Aug. 31, 2024 measu rement date.
  3. Benef it pay ments are net of member cont r ibutions and Federal Revenues.





Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 127

=== PDF PAGE 138 ===
  Schedule of Employer Contr ibut ions – OPEB


  Schedule of Employer Contributions
  (A mou nts in T housands)
  2025  2024  2023  2022  2 021  2020  2019  2 018
  Actuarially determined contribution  $ 141,663  $ 161,937  $ 148,912  $ 156,808  $ 199,751  $ 188,525  $ 196,639  $ 170,736
  Act ual Contribution  224,761  223,437  220,567  219,022  220,676  218,794  216,838  212,627
  Cont r ibution def iciency (excess)  (83,098)  (61,500)  (71,655)  (62,214)  (20,925)  (30,269)  (20,199)  (41,891)
  Covered�Employee Pay roll  1,190,534  1,125,128  1,018,094  945,898  924,143  921,086  901,530  881,785
  Cont r ibution as a percentage of Covered�
  Employee Pay roll  5.70%  5.50%  6.14%  5.80%  6.42%  6.23%  3.43%  2.70%

  Notes to Schedule of Employer
  Contribut ions:
  Methods and assumpt ions used to
  determine contr ibut ion rates:
  Valuation Date  Aug ust 31, 2024
  Act uar ial Cost Method  Ent r y Age
  Amor tization Method  Level Percent of Pay roll, Open
  Remaining Amor tization Period  3  0  Ye  a  r  s
  Asset Valuation Method  Not applicable
  Actuarial Assumptions:
  Discount Rate  3 . 8 7 %*
  Inf  lation Rate  2.30%
  Projected A n nual Salar y Increase  2.30% to 8.95%, including inf  lation
  A n nual Healthcare Trend Rate
  HealthSelect
  5.60% for FY26, 5.60% for FY27, 5.25% for FY28, 5.00% for FY29, 4.75% for FY30, 4.50% for FY31, decreasing 10 basis points
  per year to an ultimate rate of 4.30% for FY33 and later years
  HealthSelect Medicare Advantage
  36.00% for FY26, 8.00% for FY27, 5.25% for FY28, 5.00% for FY29, 4.75% for FY30, 4.50% for FY31, decreasing 10 basis
  points per year to an ultimate rate of 4.30% for FY33 and later years
  Phar macy
  11.50% for FY26, 11.00% for FY27, 10.00% for FY28, 8.50% for FY29, 7.00% for FY30 decreasing 100 basis points per year to
  5.00% for FY32 and 4.30% for FY33 and later years
  Ad hoc Postemploy ment Benef it Changes  None
  Agg regate Pay roll G row th  2 .7 0 %
  Retirement Age  Exper ience�based tables of rates that are specif ic to the class of employee
  Mor talit y�State Agency Members
  Ser vice Retirees, Su r vivors and Other Inactive Members (Reg ular, Elected, CPO/CO Employee Classes):
  2020 State Retirees of Texas Mor talit y table with a 1 year set for ward for male CPO/CO members. Generational mor talit y
  improvements in accordance with the Ultimate M P�2021 Projection Scale are projected f rom the year 2020.
  Disabilit y Retirees:
  2020 State Retirees of Texas Mor talit y table set for ward th ree years for males and females. Generational mor talit y improvements
  in accordance with the Ultimate M P�2021 Projection Scale are projected f rom the year 2020. Minimu m rates of 3.0% and 2.5%
  apply at all ages for males and females, respectively.
  Active Members:
  Pub�2010 General Employees Active Member Mor talit y table for non�CPO/CO members. Pub�2010 Public Safet y Active
  Member Mor talit y table for CPO/CO members. Generational mor talit y improvements in accordance with the Ultimate M P�2021
  Projection Scale are projected f rom the year 2010.

  *The sou rce of the mu nicipal bond rate is the Bond Buyer Index of general obligations bonds with 20 years to mat u r it y and mixed credit qualit y. The bonds’ average
  credit qualit y is roughly equivalent to Moody’s Investors Ser vice’s Aa2 rating and Standard & Poor’s Cor p.’s A A.

  Other Informat ion:
  This schedule is intended to present 10 years of infor mation. Cu r rently, only eight years of infor mation is available. Infor mation for f ut u re years will be added when it
  becomes available.














Page 128  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 139 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 129

=== PDF PAGE 140 ===


=== PDF PAGE 141 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 131

=== PDF PAGE 142 ===
State Highway Fund Accounts

  Combining Financial Statements

  TxDOT reports the following accounts/sub�funds, which are consolidated into the state highway fund for the financial statements.

  State Highway Fund Accounts � These funds contain the activity related to public road construction, maintenance and
  monitoring of the state’s highway system. The significant ongoing revenue sources are federal revenues and motor fuels taxes,
  which are constitutionally restricted and dedicated to the highway fund.

  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0006  0006  0006 � State Highway Fu nd
  0006  0006  0121 � SH121 Concession�Project Fu nd
  0006  0006  0122 � SH121 Concession�Revolving Fu nd
  0006  0006  0130 � SH130 Concession
  0006  0006  0161 � SH161 Project Fu nd
  0006  0006  0162 � SH161 Revolving Fu nd
  0006  0006  0288 � SH 288 Concession�Project Fu nd
  0006  0006  0321 � Militar y Installation Prog ram�A r my
  0006  0006  0322 � Militar y Installation Prog ram�Nav y
  0006  0006  0323 � Militar y Installation Prog ram�Air force
  0006  0006  0512 � Escrow�Pass�Th r u Toll�Montgomer y Cou nt y
  0006  0006  0635 � LBJ Project Concession Ref u nd
  0006  0006  0807�Collections for Conferences and Seminars
  0006  0006  0820 � NTE Mobilit y Ref i Gain
  0006  0006  0823 � NTE SEG 3A&3B Concession Fu nd
  0899  0006  0997 � SH288 Project O&M Reimbu rsement Fu nd
  0006  0006  1016 � Texas State Cemeter y Com mit tee
  0006  0006  2114 � Su r plus Toll Rev�DFW Con nector
  0006  0006  2183 � Su r plus Toll Rev�Midtow n Express
  0006  0006  2635 � Su r plus Toll Revenue�I635�E Project
  0006  0006  8006 � Depositor y Interest Default Fu nd
  0006  0006  9000 � Deposit Default Fu nd
  0006  0006  9001 � Ret u r ned Items Default Fu nd
  0369  0006  0369 � Federal A mer ican Recover y & Reinvest ment Fu nd
  0899  0006  0835 � I�35E Project Disbu rsing Accou nt
  0899  0006  0997�SH288 Project O&M Reimbu rsement Fu nd
  9999  0006  1835 � I�35E Local Operating Fu nd
  9999  0006  1998 � TxTag Toll Collection Accou nt
  Proposition 1 � This f u nd was created to record, t rack, and repor t the receipt and disbu rsement of the Proposition 1 Fu nd.
  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0006  0006  1006 � Proposition 1 Accou nt
  Proposition 7 � This f u nd was created to record, t rack, and repor t the receipt and disbu rsement of the Proposition 7 Fu nd.
  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0006  0006  1007 � Proposition 7 Accou nt
  State Inf rast r uct u re Ban k Accou nts – This f u nd operates as a revolving loan prog ram that makes loans to public and pr ivate entities to encou rage
  the development of t ranspor tation projects and facilities.
  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0006  0006  0099 � State Inf rast r uct u re Ban k



Page 132  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 143 ===
Texas Department of Transportation
Combining Balance Sheet - State Highway Fund
Aug ust 31, 2025 (A mou nts in T housands)

  State
  H ighway  State
  Fund  Infrastructure
  Accounts  Proposition 1  Proposition 7  Bank  T O TA  L
A S SETS
Cash and Cash Equivalents:
  Cash on Hand  $ 30  $  $  $  $ 30
  Cash in Ban k  5,870  5,870
  Cash in State Treasu r y 1,487,868  (353,510)  2,481,848  338,458  3,954,664
  Cash Equivalents  186,214  186,214
Shor t Ter m Invest ments 9,936  9,936
Receivables:
  Ta  x e  s  266,871  266,871
  Fe d e r a l  485,483  485,483
  Other Intergovernmental 291,672  291,672
  Interest and Dividends 1,193  3,880  5,073
  Accou nts Receivable  143,258  143,258
  Leases  1,440  1,440
Due f rom Other Fu nds  1,877,596  1,877,596
Due f rom Other Agencies 276,046  2,524,239  2,800,285
Consumable Inventories  179,566  179,566
P re paid Item s  3  3
Investments  14,644  14,644
Loans and Cont racts  59,442  257,347  316,789
Rest r icted:
  Cash Equivalents  57,255  57,255
Total Assets  $ 5,344,387  $ 2,170,729  $ 2,481,848  $ 599,685  $ 10,596,649
LI A BILITIES, DEFER R ED I NFLOWS OF
R ESOU RCES, A N D FU N D BA LA NCES
Liabilities:
 Payable s:
  Accounts  1,001,611  449,745  885,956  2,337,312
  Pay roll  115,142  115,142
  Contract Retainage  65,484  65,484
  Deposits  17,212  17,212
 Due to Other Fu nds  23,121  4,370  11,255  38,746
 Due to Other Agencies  3,608  3,608
 Unear ned Revenues  7,771  7,771
  Tot al Liabilit ies  1,233,949  454,115  897,211  0  2,585,275
Defer red Inf  lows of Resou rces:
 Unavailable Revenue  243,808  2,524,239  2,768,047
 Leases  2,965  2,965
 P ublic�Pr ivate or P ublic�P ublic Par t nerships 2,317,577  2,317,577
  Total Defer red Inf  lows of Resou rces 2,564,350  2,524,239  0  0  5,088,589
Fu nd Bala nce s:
 Non s p e nd able:
  Inventory  179,569  179,569
 Rest r icted  62,202  1,584,637  599,685  2,246,524
 Com mit ted  986,830  986,830
 Assig ned  317,487  317,487
 Unassig ned  (807,625)  (807,625)
  Total Fu nd Balances  1,546,088  (807,625)  1,584,637  599,685  2,922,785
Total Liabilities, Defer red Inf  lows of Resou rces, and
Fu nd Balances  $ 5,344,387  $ 2,170,729  $ 2,481,848  $ 599,685  $ 10,596,649





Fiscal Year Ending August 31, 2025 � Texas Department of Transportation Page 133

=== PDF PAGE 144 ===
Texas Department of Transportation
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances - State Highway Fund
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  State
  H ighway  State
  Fund  Infrastructure
  Accounts  Proposition 1  Proposition 7  Bank  T O TA  L
R EV ENU ES
Ta  x e  s  2,923,240  2,739,805  3,214,067  8,877,112
Federal Revenues  5,495,270  5,495,270
Licenses, Fees and Permits  375,328  375,328
Interest & Invest ment Income  136,363  58,215  75,567  22,077  292,222
Net Increase Fair Value  784  784
Land Income  28,413  28,413
Set tlement of Claims  58,818  58,818
Sales of Goods and Ser vices  22,303  22,303
Other Revenues  3,511  3,511
  Total Revenues  9,044,030  2,798,020  3,289,634  22,077  15,153,761

EXPENDITURES
Cu r rent:
  Transpor tation  5,106,555  820,594  57,149  5,984,298
Capit al O utlay  6,163,536  3,598,618  3,650,393  13,412,547
Debt Ser vice:
  Pr incipal  99,498  99,498
  Interest  8,159  8,159
  Other Financing Fees  596  596
  Total Expendit u res  11,378,344  4,419,212  3,707,542  0  19,505,098

Excess (Def iciency) of Revenues
  Over ( Under) Expendit u res  (2,334,314)  (1,621,192)  (417,908)  22,077  (4,351,337)

OTH ER FI NA NCI NG SOU RCES ( USES)
Tr  a  n s f e r  s  I  n  4,082,087  4,082,087
Tr  a  n s f e r  s  O  u t  (515,892)  (247,080)  (762,972)
Increase in Obligations for Leases  39,520  39,520
Sale of Capital Assets  56,717  56,717
  Total Other Financing Sou rces ( Uses)  3,662,432  0  (247,080)  0  3,415,352

SPECIAL ITEMS
  Special Item � PPP Buyout  (1,708,429)  (1,708,429)

Net Change in Fu nd Balances  (380,311)  (1,621,192)  (664,988)  22,077  (2,644,414)

Fu nd Balances, September 1, 2024  1,926,399  813,567  2,249,625  577,608  5,567,199
Fu nd Balances, Aug ust 31, 2025  $ 1,546,088  $  (807,625) $  1,584,637  $  599,685 $  2,922,785
















Page 134  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 145 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 135

=== PDF PAGE 146 ===
Nonmajor Governmental Funds

Combining Financial Statements

  Tx DOT repor ts the following accou nts/sub�f u nds, which are consolidated into the Non major Gover n ment al f u nds for the f inancial st atements.

  General Fu nd � T he general f u nd accou nts for all f inancial resou rces except those accou nted for in other f u nds.

  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0001  0001  0001 � General Revenue Fu nd
  0001  0001  1001 � General Revenue Fu nd�Agency Fu nds
  0 036  0 036  0036 � Traff ic Safet y Crash Records
  0325  0325  0325 � Fed COV ID � 19 Pandemic Relief Fu nd
  0325  0325  0326 � Fed COV ID � 19 Pandemic Relief Fu nd Presidio
  0807  0001  8070 � Child Suppor t Addenda Deductions
  0882  0001  0882 � Cit y Cou nt y MTA & SPD Sales Tax
  0900  0900  0090 � Suspense Fu nd
  0900  0001  0900 � Suspense Fu nd
  0900  0001  9015 � USPS�Over pay ments To Employees
  0900  0001  9016 � War rant Hold Offset�Gc403.0551
  0980  0001  0980 � Direct Deposit Cor rection Fu nd
  0980  0001  9014 � USPS�Direct Deposit Ret u r n
  0999  0001  0998 � Miscellaneous�Utilit y Fu nd ( Non�Cash)
  0999  0999  0999 � Mis�Utilit y Fu nd ( Non�Cash)
  516 7  516 7  5167 � Ship Chan nel Improvement Revolving
  519 9  0001  5199 � GR Acct � Por t Access
  76 0 4  76 0 4  7604 � TPFA G.O. Com mercial Paper Ser ies 2002B Colonial Project Fu nd

  Special Revenue Fu nds � T hese f u nds are used to repor t the proceeds of specif ic revenue sou rces that are rest r icted or com mit ted for specif ied
  pu r poses other than debt ser vice or capit al projects.

  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  018  4  018  4  0184 � Transpor tation Inf rast r uct u re Fu nd

  Debt Ser vice Fu nds � T hese f u nds are used to repor t f inancial resou rces that are rest r icted, com mit ted or assig ned  expendit u re for pr incipal and
  interest.

  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0008  0008  0010 � State Highway Debt Ser vice Fu nd
  0008  0008  0022 � Proposition 12 Debt Ser vice Fu nd

  Capit al Projects Fu nd Accou nts – T hese f u nds repor t the activit y related to the expendit u re of the mobilit y f u nd  bond proceeds on eligble
  t ranspor tation projects.

  Appropr iated Fund  GA A P  Fund  USAS D23 Funds
  0927  0927  0927 � CO/ PolSubdv/ LocGo RO/Air pt Tr
  7517  7517  7517 � TPFA Lease Rev Tx DOT Campus Fu nd






Page 136  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 147 ===
Texas Department of Transportation
Combining Balance Sheet - Nonmajor Governmental Funds
Aug ust 31, 2025 (A mou nts in T housands)

  Special  Debt  Capital  To  t  a  l
  General  Revenue  Ser vice  Projects  Nonmajor
  Fund  Fu nd*  Fund  Fund  Funds
A S SETS
  Cash and Cash Equivalents:
  Cash on Hand  1  $ 1
  Cash in State Treasu r y  135,882  6,612  20,654  448,730  $ 611,878
  Legislative Appropr iations  611,642  611,642
  Receivables:
  Fe d e r a l  14,701  15,581  30,282
  Due f rom Other Fu nds  3,519  3,519
  Due f rom Other Agencies  1,080  1,080
  Loans and Cont racts ( Note 4)  400,000  400,000
Total Assets  $ 1,162,226  $ 6,612  $ 36,235  $ 453,329  $ 1,658,402

LI A BILITIES, DEFER R ED I NFLOWS OF
R ESOU RCES A N D FU N D BA LA NCES
  Liabilities:
  Payable s:
  Accounts  54,735  1  300  55,036
  Pay roll  318  318
  Due to Other Fu nds  16,766  16,766
  Unear ned Revenues  451,949  451,949
  Tot al Liabilit ies  71,819  1  0  452,249  524,069

  Defer red Inf  lows of Resou rces:
  Unavailable Revenues  4,554  4,554
  Time�Rest r icted Appropr iations ( Note 21)  465,800  465,800
  Total Defer red Inf  lows of Resou rces  470,354  0  0  0  470,354


  Fu nd Balances ( Def icits):
  Nonspend able  400,000  400,000
  Rest r icted  36,235  1,080  37,315
  Com mit ted  78,765  6,611  85,376
  Assig ned  2,177  2,177
  Unassig ned  139,111  139,111
  Total Fu nd Balances  620,053  6,611  36,235  1,080  663,979
Total Liabilities, Defer red Inf  lows of Resou rces, and
Fu nd Balances  $ 1,162,226  $ 6,612  $ 36,235  $ 453,329  $ 1,658,402















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 137

=== PDF PAGE 148 ===
Texas Department of Transportation
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Governmental Funds
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  Special  Debt  Capital  To  t  a  l
  General  Revenue  Ser vice  Projects  Nonmajor
  Fund  Fu nd*  Fund  Fund  Funds
R EV ENU ES
  Legislative Appropr iations  323,316  323,316
  Federal Revenues  152,821  32,003  184,824
  Federal Pass�Th rough Revenues  9,125  9,125
  Licenses, Fees and Permits  269  269
  Interest and Invest ment Income  290  12,247  12,537
  Sales of Goods and Ser vices  577  147,645  148,222
  Total Revenues  486,108  290  44,250  147,645  678,293

EXPENDITURES

  Transpor tation  123,874  123,874
  Capit al O utlay  183,006  605  183,611
  Debt Ser vice:
  Pr incipal  435,480  435,480
  Interest  249,288  249,288
  Total Expendit u res  306,880  0  684,768  605  992,253

Excess (Def iciency) of Revenues
  Over ( Under) Expendit u res  179,228  290  (640,518)  147,040  (313,960)

OTH ER FI NA NCI NG SOU RCES ( USES)
  Tr  a  n s f e r  s  I  n  767  625,255  626,022
  Tr  a  n s f e r  s  O  u t  (6)  (147,645)  (147,651)
  Sale of Capital Assets  1,583  1,583
  Total Other Financing Sou rces ( Uses) 2,344  0  625,255  (147,645)  479,954

Net Change in Fu nd Balances  181,572  290  (15,263)  (605)  165,994

Fu nd Balances, September 1, 2024  438,481  6,321  51,498  1,685  497,985
Fu nd Balances, Aug ust 31, 2025  $ 620,053  $ 6,611  $ 36,235  $ 1,080  $ 663,979


*No combining statements presented.


















Page 138  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 149 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 139

=== PDF PAGE 150 ===
Nonmajor General Funds

  Combining Financial Statements

  Tx DOT repor ts the following General Fu nds, which are consolidated into the Non major Gover n ment al f u nds for the f inancial st atements. T he general
  f u nd accou nts for all f inancial resou rces except those accou nted for in other f u nds.

  General Fund
  General Fund
  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0001  0001  0001 � General Revenue Fu nd
  0001  0001  1001 � Unappropr iated General Revenue Fu nd
  0882  0001  0882 � Cit y Cou nt y MTA & SPD Sales Tax
  0980  0001  0980 � Direct Deposit Cor rection Fu nd
  0980  0001  9014 � USPS�Direct Deposit Ret u r n
  0999  0001  0998 � Mis�Utilit y Fu nd ( Non�Cash)
  0807  0001  8070 � Child Suppor t Addenda Deductions
  0900  0001  0900 � Suspense Fu nd
  0900  0001  9015 � USPS�Over pay ments To Employees
  0900  0001  9016 � War rant Hold Offset�Gov t. Code 403.0551

  M iscel laneous - Ut i l it y Fund ( Non- Cash)
  Appropriated
  Fu nd  GA A P  Fu nd  USAS D23 Fu nds
  0999  0999  0999 � Mis�Utilit y Fu nd ( Non�Cash)

  Traf f ic Safet y- Crash Records Informat ion Systems
  Appropr iated Fund  GA A P  Fu nd  USAS D23 Fu nds
  0 036  0 036  0036 � Traff ic Safet y Crash Records

  Colonias Projects Fund
  Appropriated
  Fu nd  GA A P  Fu nd  USAS D23 Fu nds
  76 0 4  76 0 4  7604 � TPFA G.O. Com mercial Paper Ser ies 2002B Colonias Project Fu nd

  Suspense Fund
  Appropriated
  Fu nd  GA A P  Fu nd  USAS D23 Fu nds
  0900  0900  0090 � Suspense Fu nd

  Coronav irus Relief Fund
  Appropriated
  Fu nd  GA A P  Fu nd  USAS D23 Fu nds
  0325  0325  0325 � Fed COV ID � 19 Pandemic Relief Fu nd
  0325  0325  0326 � Fed Covid Relief FD Presidio

  GR Account - Ship Channel Improvement Revolv ing
  Appropr iated Fund  GA A P  Fu nd  USAS D23 Fu nds
  516 7  516 7  5167�Ship Chan nel Improvement Revolving Fu nd

  GR Account - Por t Access Fund
  Appropr iated Fund  GA A P  Fu nd  USAS D23 Fu nds
  519 9  0001  5199 � Por t Access Fu nd





Page 140  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 151 ===
Texas Department of Transportation
Combining Balance Sheet - Nonmajor General Funds
Aug ust 31, 2025 (A mou nts in T housands)

  Traff ic  Ship Channel
  Safety  Colonias  Coronavirus  Improvement
  General  Crash  Projects  Rel ief  Revolv i ng  Por t Acce s s
  Fund  Records  Fund  Fund  Fund  Fund  To  t  a  l
A S SETS
  Cash and Cash Equivalents:
  Cash on Hand  $ 1 $  $  $  $  $  $  1
  Cash in State Treasu r y  4,941  10,266  120,675  135,882
  Legislative Appropr iations  611,642  611,642
  Receivables:
  Fe d e r a l  14,701  14,701
  Loans and Cont racts  400,000  400,000
Total Assets  $ 616,584 $  0 $  0 $  24,967  $  400,000 $  120,675 $  1,162,226

LI A BILITIES, DEFER R ED I NFLOWS OF
R ESOU RCES A N D FU N D BA LA NCES
  Liabilities:
  Payable s:
  Accounts  1  12,824  41,910  54,735
  Pay roll  317  317
  Due to Other Fu nds  4,624  12,143  16,767
  Tot al Liabilit ies  4,942  0  0  24,967  0  41,910  71,819

  Defer red Inf  lows of Resou rces:
  Unavailable Revenues  4,554  4,554
  Time�Rest r icted Appropr iations
  ( Note 21)  465,800  465,800
  Total Defer red Inf  lows of
  Resources  465,800  0  0  4,554  0  0  470,354

  Fu nd Balances ( Def icits):
  Nonspend able  400,000  400,000
  Com mit ted  78,765  78,765
  Assig ned  2,177  2,177
  Unassig ned  143,665  (4,554)  139,111
  Total Fu nd Balances  145,842  0  0  (4,554)  400,000  78,765  620,053

Total Liabilities, Defer red Inf  lows of
Resou rces and Fu nd Balances  $ 616,584 $  0 $  0 $  24,967  $  400,000 $  120,675 $  1,162,226
















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 141

=== PDF PAGE 152 ===
Texas Department of Transportation
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Nonmajor General Funds
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  Traff ic  Ship Channel
  Safety  Colonias  Coronavirus  Improvement
  General  Crash  Projects  Rel ief  Revolv i ng  Por t Acce s s
  Fund  Records  Fund  Fund  Fund  Fund  To  t  a  l
R EV ENU ES
  Legislative Appropr iations  $ 323,316  $  $  $  $  $  $ 323,316
  Federal Revenues  152,821  152,821
  Federal Pass�Th rough Revenues  9,125  9,125
  Licenses, Fees and Permits  269  269
  Sales of Goods and Ser vices  577  577
  Total Revenues  324,162  0  0  161,946  0  0  486,108

EXPENDITURES
Cu r rent:
Transpor tation  22,305  563  204  3,502  97,300  123,874
  Capit al O utlay  20,052  162,954  183,006
  Total Expendit u res  42,357  563  204  166,456  0  97,300  306,880

Excess (Def iciency) of Revenues
  Over ( Under) Expendit u res  281,805  (563)  (204)  (4,510)  0  (97,300)  179,228

OTH ER F I NA NCI NG SOU RCES
( USES)
  Tr  a  n s f e r  s  I  n  563  204  767
  Tr  a  n s f e r  s  O  u t  (6)  (6)
  Sale of Capital Assets  1,583  1,583
Total Other Financing Sou rces ( Uses) 1,577  563  204  0  0  0  2,344
Net Change in Fu nd Balances  283,382  0  0  (4,510)  0  (97,300)  181,572
Fu nd Balances, September 1, 2024  (137,540)  0  0  (44)  400,000  176,065  438,481
Fu nd Balances, Aug ust 31, 2025  $ 145,842  $ 0  $ 0  $ (4,554)  $ 400,000  $ 78,765  $ 620,053


























Page 142  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 153 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 143

=== PDF PAGE 154 ===
Nonmajor Debt Ser v ice Funds

  Combining Financial Statements

  Tx DOT repor ts the following accou nts/sub�f u nds, which are consolidated into the Non major Debt Ser vice f u nds for the f inancial st atements.


  Proposit ion 14 Debt Ser v ice Fund

  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0008  0008  0010 � State Highway Debt Ser vice Fu nd


  Proposit ion 12 Debt Ser v ice Fund

  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0008  0008  0022 � Proposition 12 Debt Ser vice Fu nd


















































Page 144  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 155 ===
Texas Department of Transportation
Combining Balance Sheet - Nonmajor Debt Service Funds
Aug ust 31, 2025 (A mou nts in T housands)

  P  r o p  14
  Debt  Prop 12 Debt  To  t  a  l  N  o  n  m  a  j  o  r
  Ser vice  Ser vice  Debt Service
  Fund  Fund  Funds
A S SETS
  Cash and Cash Equivalents:
  Cash in State Treasu r y  $ 12,962  $ 7,692  $ 20,654
  Receivables:
  Fe d e r a l  10,930  4,651  15,581
Total Assets  $ 23,892  $ 12,343  $ 36,235

LI A BILITIES A N D FU N D BA LA NCES

  Liabilities:
  Tot al Liabilit ies  0  0  0

  Fu nd Balances ( Def icits):
  Rest r icted  23,892  12,343  36,235
  Total Fu nd Balances  23,892  12,343  36,235

Total Liabilities and Fu nd Balances  $ 23,892  $ 12,343  $ 36,235








































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 145

=== PDF PAGE 156 ===
Texas Department of Transportation
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Debt Service Funds
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  P  r o p  14  Prop 12
  Debt  Debt
  Ser vice  Ser vice
  Fund  Fund  To  t  a  l
R EV ENU ES
  Federal Revenues  $ 22,484  $ 9,519  $ 32,003
  Interest and Invest ment Income  6,555  5,692  12,247
  Total Revenues  29,039  15,211  44,250

EXPENDITURES
  Debt Ser vice:
  Pr incipal  297,075  138,405  435,480
  Interest  119,301  129,987  249,288
  Total Expendit u res  416,376  268,392  684,768

Excess (Def iciency) of Revenues
  Over ( Under) Expendit u res  (387,337)  (253,181)  (640,518)

OTH ER FI NA NCI NG SOU RCES ( USES)
  Tr  a  n s f e r  s  I  n  378,175  247,080  625,255
  Total Other Financing Sou rces ( Uses)  378,175  247,080  625,255

Net Change in Fu nd Balances  (9,162)  (6,101)  (15,263)

Fu nd Balances, September 1, 2024  33,054  18,444  51,498

Fu nd Balances, Aug ust 31, 2025  $ 23,892  $ 12,343  $ 36,235






























Page 146  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 157 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 147

=== PDF PAGE 158 ===
Nonmajor Capital Project Funds

  Combining Financial Statements

  Tx DOT repor ts the following accou nts/sub�f u nds, which are consolidated into the Non major Debt Ser vice f u nds for the f inancial st atements.

  Local Government Pol it ical Subdiv ision Road /A ir por t Account


  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  0927  0927  0927 � Local Gover n ment Political Subdivision Road /Air por t Accou nt

  TPFA Lease Revenue


  Appropr iated
  Fund  GA A P  Fund  USAS D23 Funds
  7517  7517  7517 � Austin Campus Consolidation Project Fu nd


















































Page 148  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 159 ===
Texas Department of Transportation
Combining Balance Sheet - Nonmajor Capital Projects Funds
Aug ust 31, 2025 (A mou nts in T housands)

  Local Government
  Pol it ic a l
  Subdiv ision Road /  Aust in Campus
  A ir por t  Consolidation
  Account  Project Fund  To  t  a  l
A S SETS
  Cash and Cash Equivalents:
  Cash in State Treasu r y  $ 448,730  $  $ 448,730
  Due f rom Other Fu nds  3,519  3,519
  Due f rom Other Agencies  1,080  1,080
Total Assets  $ 452,249  $ 1,080  $ 453,329

LI A BILITIES A N D FU N D BA LA NCES
  Liabilities:
  Payable s:
  Accounts  300  300
  Unear ned Revenues  451,949  451,949
  Tot al Liabilit ies  452,249  0  452,249

  Fu nd Bala nce s:
  Rest r icted  1,080  1,080
  Total Fu nd Balances  0  1,080  1,080

Total Liabilities and Fu nd Balances  $ 452,249  $ 1,080  $ 453,329




































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 149

=== PDF PAGE 160 ===
Texas Department of Transportation
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Capital Projects Funds
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nts in T housands)

  Local
  G over nment  Aust i n
  Pol it ic a l  Campus
  Subdivision  Consolidation
  R o a d  /A  i  r  p  o r  t  Project
  Account  Fund  To  t  a  l
R EV ENU ES
  Sales of Goods and Ser vices  $ 147,645  $  $ 147,645
  Total Revenues  147,645  0  147,645

EXPENDITURES
  Cu r rent:
  Capit al O utlay  605  605
  Total Expendit u res  0  605  605

Excess (Def iciency) of Revenues
  Over ( Under) Expendit u res  147,645  (605)  147,040

OTH ER FI NA NCI NG SOU RCES ( USES)
  Tr  a  n s f e r  s  O  u t  (147,645)  0  (147,645)
  Total Other Financing Sou rces ( Uses)  (147,645)  0  (147,645)

Net Change in Fu nd Balances  0  (605)  (605)
Fu nd Balances, September 1, 2024  0  1,685  1,685
Fu nd Balances, Aug ust 31, 2025  $ 0  $ 1,080  $ 1,080

































Page 150  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 161 ===
Texas Department of Transportation
Budget Comparison by Strategy - State Highway Fund
For the Fiscal Year Ended Aug ust 31, 2025 (A mou nt in T housands)

  Ac t ua l
  Expenditures,
Strateg y  Final Budget  Budgetary Basis  Variance
Aviation Ser vices  $ 98,860.000 $ 79,490 $ 19,370
Central Administration  116,073  87,644  28,429
Const r uction Cont racts  2,502,209  1,269,552  1,232,657
Constr uction Contracts � Subaccount  211,500  67,669  143,831
Const r uction G rants & Ser vices  2,017,489  218,645  1,798,844
Cont ract Rail Plan / Desig n  3,870  1,674  2,196
Contracted Plan /Design � Subaccount  4,000  25  3,975
Cont racted Plan ning & Desig n  661,512  167,224  494,288
Cont racted Routine Maintenance  1,266,282  1,535,320  (269,038)
Ferry Operations  53,666  61,289  (7,623)
Gulf Waterway  2,335  287  2,048
Infor mation Resources  304,747  254,817  49,930
Maintenance Cont racts  3,350,237  580,182  2,770,055
Other Debt Ser vice  1,000  24  976
Other Suppor t Ser vices  48,932  41,755  7,177
Plan/Design/Manage  626,426  446,125  180,301
Plan /Design /Manage � Subaccount  4,500  3  4,497
Proposition 1, 2014  4,208,895  4,530,268  (321,373)
Proposition 7, 2015  3,963,215  3,383,927  579,288
Public Transpor tation  98,689  91,326  7,363
Rail Const r uction  20,065  1,710  18,355
Rail Plan/Design/Manage  5,842  2,581  3,261
R ail Safet y  1,208  6  1,202
Research  27,164  24,498  2,666
R ig ht�of�Way Acquisit ion  898,137  (181,598)  1,079,735
R ight�of�Way Acquisition � Subaccou nt  12,500  1,545  10,955
Routine Maintenance  1,135,620  763,856  371,764
Salar y Adjust ments  92,622  0.0  92,622
Traff ic Safety  63,197  69,218  (6,021)
Travel I nfor mat ion  21,659  19,993  1,666
To  t  a  l  $ 21,822,451 $ 13,519,055 $ 8,303,396

Const r uction st rategies can be charged for up to fou r additional f iscal years and non�const r uction st rategies can be charged for up to th ree additional f iscal
years af ter the or iginal appropr iation year. T he 8.3 million budget var iance represents expendit u res expected to be paid in f ut u re f iscal years.


















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 151

=== PDF PAGE 162 ===


=== PDF PAGE 163 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 153

=== PDF PAGE 164 ===
  Financial Trends Information
  These schedules contain trend information intended to help the reader understand how the department’s
  financial position has changed over time.
  Net Position � Government�wide  155
  Changes in Net Position � Entity�Wide  156
  Fund Balances � Governmental Funds  157
  Changes in Fund Balances � Governmental Funds  158

  Revenue Capacity Information
  These schedules contain information intended to help the reader assess the department’s most significant
  revenue sources – taxes and federal revenues.
  Revenue Collections � Taxes � State and TxDOT  159
  Tax Rates  160
  Federal Revenue and Percentage  161
  Traffic and Toll Revenue � Toll Roads  162

  Debt Capacity Information
  These schedules present information intended to assist users in understanding and assessing the department’s
  current levels of outstanding debt and the ability to issue additional debt.
  Ratios of Outstanding Debt by Type  163
  Ratios of General Bonded Debt Outstanding  164
  Pledged Revenue Bond Coverage  165

  Demographic and Economic Information
  These schedules provide demographic and economic indicators intended to help the reader understand the
  socio�economic environment within which the department’s financial activities take place.
  Texas and U.S. Population, Total Personal Income and Per Capita Income  166
  Texas and U.S. Employment and Unemployment Rates  167
  Texas Nonfarm Employment Detail: Number of Jobs  168

  Operating Information
  These schedules provide contextual information about the department’s operations and resources intended to
  assist readers in using financial statement information to understand and assess the department’s economic
  condition.
  Full�Time Equivalent Employees (FTE)  169
  Capital Assets Indicators – Schedule of Assessed Conditions  170
  Capital Assets Indicators – Schedule of State  �Owned Centerline Miles  171
  Capital Assets Indicators – Schedule of Rated Lane Miles Conditions  172
  Annual Letting Volumes by District  173









Page 154  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 165 ===
Texas Department of Transportation
Statistical Section - Financial Trends Information
Net Position - Government-Wide
Last Ten  Fiscal Years
(A mou nts in Millions)

  2 016  2  0 17  2 018  2019  2020
GOVERNMENTAL ACTIVITIES
  Net Invest ment in Capital Assets  $ 71,358  $ 76,120  $ 79,966  $ 85,381  $ 92,952
  Rest r icted  3,438  2,666  5,551  7,964  8,298
  Unrestricted  (212)  (114)  (4,261)  (3,855)  (4,032)
Total Gover n mental Activities Net Position  74,584  78,672  81,256  89,490  97,218

BUSINESS -TYPE ACTIVITIES
  Net Invest ment in Capital Assets  638  597  558  769  719
  Rest r icted  161  272  344  379  406
  Unrestricted  (475)  (619)  (692)  (759)  (849)
Total Business�Ty pe Activities Net Position  324  250  210  389  276

PRIMARY GOVERNMENT
  Net Invest ment in Capital Assets  71,996  76,717  80,524  86,150  93,671
  Rest r icted  3,599  2,938  5,895  8,343  8,704
  Unrestricted  (687)  (733)  (4,953)  (4,614)  (4,881)
Total Pr imar y Gover n ment Net Position  $ 74,908  $ 78,922  $ 81,466  $ 89,879  $ 97,494



  2 021  2022  2023  2024  2025
GOVERNMENTAL ACTIVITIES
  Net Invest ment in Capital Assets  $ 102,427  $ 109,237  $ 118,934  $ 129,859  $ 142,095
  Rest r icted  8,642  11,153  11,705  6,907  4,672
  Unrestricted  (6,061)  (4,900)  (2,935)  909  1,383
Total Gover n mental Activities Net Position  105,008  115,490  127,704  137,675  148,150


BUSINESS -TYPE ACTIVITIES
  Net Invest ment in Capital Assets  752  720  662  644  619
  Rest r icted  431  387  528  511  653
  Unrestricted  (1,090)  (1,212)  (4,466)  (4,317)  (6,113)
Total Business�Ty pe Activities Net Position  93  (105)  (3,276)  (3,162)  (4,841)

PRIMARY GOVERNMENT
  Net Invest ment in Capital Assets  103,179  109,957  119,597  130,503  142,714
  Rest r icted  9,073  11,540  12,233  7,418  5,325
  Unrestricted  (7,151)  (6,112)  (7,402)  (3,408)  (4,730)
Total Pr imar y Gover n ment Net Position  $ 105,101  $ 115,385  $ 124,428  $ 134,513  $ 143,309

Sou rce: Fiscal 2016 � 2025 Tx DOT f inancial statements











Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 155

=== PDF PAGE 166 ===
Texas Department of Transportation
Statistical Section - Financial Trends Information
Changes in Net Position - Entity-Wide
Last Ten  Fiscal Years
(A mou nts in Millions)
  2 016  2 017  2 018  2019  2020  2 021  2022  2023  2024  2025
GOVERNMENTAL ACTIVITIES:
Expenses
  Transpor tation  $ 5,686 $  6,135 $  6,475 $  6,048 $  6,981 $  6,463 $  6,894 $  7,646 $  8,338 $  8,989
To  t  a  l  E  x  p  e  n  s  e  s  5,686  6,135  6,475  6,048  6,981  6,463  6,894  7,646  8,338  8,989

Program Revenues:
  Charges for Ser vices  916  1,114  1,277  1,148  1,141  1,126  1,095  1,149  1,169  1,204
  Operating G rants and Cont r ibutions  3,942  3,835  3,972  4,483  5,901  4,422  4,715  4,443  5,350  5,716
  Capital G rants and Cont r ibutions  39  50  62  117  37  55  59  114  45  36
  Total Prog ram Revenues  4,897  4,999  5,311  5,748  7,079  5,603  5,869  5,706  6,564  6,956
  Total Gover n mental Activities
  Net Program Expense  (789)  (1,136)  (1,164)  (300)  98  (860)  (1,025)  (1,940)  (1,774)  (2,033)

General Revenues:
  Appropriations  219  269  1  17  1  1  274  323
  Ta  x e  s  3,035  3,447  6,589  6,970  6,012  7,067  9,453  9,064  8,719  8,663
  Un rest r icted Invest ment Ear nings  52  77  99  166  141  86  60  424  567  321
  Set tlement of Claims  48  28  21  42  34  44  37  49  50  59
  Other General Revenues  17  9  4  4  2  3  12  2  4
  Gain on Sale of Capital Assets  53  2  18  4  40
  Gain on Other Financial Activit y  1
Special Item �PPP Loss  (843)
  Transfers � Inter nal Activities  (2)  (5)  (26)  (195)  (30)  (39)  (4)  33  31  1,891
  Transfers � Other State Agencies  1,379  1,399  1,496  1,544  1,438  1,584  1,960  1,836  2,098  2,037
  Total General Revenues,
  Cont r ibutions and Transfers  4,801  5,224  8,184  8,533  7,630  8,744  11,510  11,419  11,745  12,496
Changes in Net Position � Gover n mental
Activities  $ 4,012 $  4,088 $  7,020 $  8,233 $  7,728 $  7,884 $  10,485 $  9,479 $  9,971 $  10,463

BUSI NESS -TY PE ACTI V ITIES:
Expenses
  Transpor tation  353  452  491  559  593  607  710  678  704  641
  To  t  a  l  E  x  p  e  n  s  e  s  353  452  491  559  593  607  710  678  704  641

Program Revenues:
  Charges for Ser vices  256  359  397  455  403  377  519  699  747  761
  Operating G rants and Cont r ibutions  2  14  23  77  47  9  (11)  66  102  91
  Capital G rants and Cont r ibutions  12
  Total Prog ram Revenues  258  373  420  544  450  386  508  765  849  852
  Total Business�Ty pe Activities
  Net Program Expense  (95)  (79)  (71)  (15)  (143)  (221)  (202)  87  145  211

General Revenues:
  Un rest r icted Invest ment Ear nings  8
  Set tlement of Claims  5
  Transfers � Inter nal Activities  2  5  26  195  29  39  4  (33)  (31)  (1,891)
  Total General Revenues and
  Tr a n sfe r s  10  5  31  195  29  39  4  (33)  (31)  (1,891)
Changes in Net Position � Business�Ty pe
Activities  (85)  (74)  (40)  180  (114)  (182)  (198)  54  114  (1,680)

Changes in Net Position � Pr imar y
Government  $ 3,927 $  4,014 $  6,980 $  8,413 $  7,614 $  7,702 $  10,287 $  9,533 $  10,085 $  8,783

Sou rce: Fiscal 2016 � 2025 Tx DOT f inancial statements






Page 156  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 167 ===
Texas Department of Transportation
Statistical Section - Financial Trends Information
Fund Balances - Governmental Funds
Last Ten  Fiscal Years
(A mou nts in Millions)


  2 016  2 017  2 018  2019  2020  2 021  2022  2023  2024  2025
STATE H IGH WAY FU N D
  Nonspend able  $ 162  $ 154  $ 146  $ 139  $ 144  $ 147  $ 144  $ 151  $ 168  $ 180
  Restricted  2,622  2,227  3,710  5,485  6,956  6,915  7,097  8,237  3,678  2,247
  Com mit ted  1,140  927  788  720  454  671  632  0.0  908  987
  Assig ned  573  877  1,320  1,119  301  923  0.0  814  317
  Unassig ned  0.0  (367)  0.0  (808)
Total State Highway Fu nd  $ 4,497  $ 4,185  $ 5,964  $ 7,463  $ 7,554  $ 8,034  $ 8,796  $ 8,021  $ 5,567  $ 2,923


TEX AS MOBI LITY FU N D -
DE B T  S E RV  IC E*
  Restricted  $  $  $  $  $  $  $  $  $  $ 284
Total Texas Mobilit y Fu nd �
Debt Ser vice  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 284


TEX AS MOBI LITY FU N D -
CA PI TA L PROJ ECTS*
  Com mit ted  $  $  $  $  $  $  $ 255
Total Texas Mobilit y Fu nd �
Capital Projects  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 255


TEX AS MOBI LITY FU N D*
  Restricted  $ 1,081 $ 910  $ 546  $ 219  $ 218  $ 242  $ 262  $ 281  $ 298  $
  Com mit ted  192  103  147  200  140  172
Total Texas Mobilit y Fu nd  $ 1,081  $ 910  $ 546  $ 411  $ 321  $ 389  $ 462  $ 421  $ 471  $ 0


A LL OTH ER GOV ER NM ENTA L FU N DS
  Nonspend able  $ 400
  Restricted  $ 503 $ 874  $ 605  $ 351  $ 230  $ 334  $ 177  $ 43  $ 53  $ 37
  Com mit ted  72  25  10  11  10  6  6  6  582  85
  Assig ned  6  5  14  7  2
  Unassig ned  7  5  2  16  7  (14)  (1)  (138)  139
Total All Other Governmental
Fu nds  $ 581 $ 911  $ 620  $ 364  $ 256  $ 347  $ 183  $ 55  $ 497  $ 663

Sou rce: Fiscal 2016 � 2025 Tx DOT f inancial statements
*Texas Mobilit y Fu nd was reclassif ied f rom a single major f u nd to t wo major f u nds in f iscal 2025.



















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 157

=== PDF PAGE 168 ===
Texas Department of Transportation
Statistical Section - Financial Trends Information
Changes in Fund Balances - Governmental Funds
Last Ten  Fiscal Years*
(A mou nts in Millions)

  2 016  2 017  2 018  2019  2020  2 021  2022  2023  2024  2025
R EVENUES
  Legislative Appropriations****  220  274  2  2  17  1  274  323
  Ta  x e  s  3,760  3,115  5,976  6,686  6,546  6,744  7,273  9,645  9,035  8,877
  Federal Revenues  3,993  3,840  3,891  4,258  5,291  5,279  4,668  4,451  5,365  5,702
  Federal Pass�T h rough Revenues  1  1  13  4  40  26  9
  State G rant Pass Th rough Revenues  25
  Licenses, Fees and Per mits  462  504  524  562  560  579  489  597  654  784
  Interest & Invest ment Income  52  78  99  166  141  86  60  424  567  323
Net Increase (Decrease) Fair Value  (3)  2  1
  Land Income  12  13  23  30  19  21  30  30  30  28
  Set tlement of Claims  47  28  21  42  34  44  37  49  50  59
  Sales of Goods and Ser vices  135  280  441  315  251  208  181  269  211  171
  Other Revenues  17  10  4  5  4  2  11  2  4
  To  t  a  l  R  e  v  e  n  u  e  s  8,699  8,143  10,994  12,070  12,899  12,965  12,788  15,477  16,190  16,281

EXPENDITURES
  Transpor tation  3,524  3,595  3,696  3,954  4,278  3,643  4,738  5,165  6,225  6,203
  Capital Outlay  6,052  6,700  6,444  7,292  8,881  9,356  8,184  9,423  12,869  13,600
  Debt Ser vice:
  Principal  393  423  523  595  636  612  627  693  721  721
  Interest  613  665  688  671  674  546  546  532  508  480
  Other Financing Fees  9  11  1  2  14  1  2  1  6  5
  Total Expendit u res  10,591  11,394  11,352  12,514  14,483  14,158  14,097  15,814  20,329  21,009
Excess (Def iciency) of Revenues
  Over ( Under) Expendit u res  (1,892)  (3,251)  (358)  (444)  (1,584)  (1,193)  (1,309)  (337)  (4,138)  (4,728)

OTH ER FI NA NCI NG SOU RCES ( USES)
  Transfers In ( Note 11  )  2,006  2,250  2,509  2,750  2,401  2,538  2,847  2,782  3,519  4,838
  Transfers Out ( Note 11  )  (627)  (851)  (1,035)  (1,209)  (966)  (955)  (887)  (902)  (1,391)  (912)
  Long�Ter m Debt Issued**  615  1,475  326
  Bond Issued for Ref u nding  1,165  859  3,112  1,043  840
  Premiu m / Discou nt on Bonds Issued  307  367  213  142  92
  Pay ment to Escrow on Ref u nding  (1,335)  (1,010)  (3,310)  (1,180)  (928)
  Increase in Obligations for Leases  16  49  34  40
  Sale of Capital Assets  68  12  9  12  27  18  6  18  10  58
  Upf ront Pay ment � Ser vice
  Concession A r rangement  26  1  1  1  1
  Appropr iat ion s L apse d****  (4)  (1)  (2)  (2)  (2)  (2)
Total Other Financing Sou rces ( Uses)  2,225  3,098  1,482  1,552  1,477  1,927  1,982  1,947  2,177  4,028

SPECI A L ITEMS
  Special Item � PPP Buyout
  Expendit u re  1,708

Net Change in Fu nd Balances  333  (153)  1,124  1,108  (107)  734  673  1,610  (1,962)  (2,408)

Fu nd Balance, Begin ning Fiscal Year  5,826  6,159  7,283  8,391  8,284  8,132  8,771  9,441  8,496  6,534
Restatements  (140)  (95)  (3)  (2,555)
Fu nd Balance, Ending Fiscal Year  $ 6,159  $ 6,006  $ 8,407  $ 9,499  $ 8,037  $ 8,771  $ 9,441  $ 8,496  $ 6,534  $ 4,126

Debt Ser vice as a Percentage
  of Noncapital Expendit u res***  22.2%  23.2%  24.7%  24.2%  23.4%  24.1%  19.8%  19.2%  16.5%  16.2%
* This table compr ises the following f u nds: general, special revenue, debt ser vice, and capital projects.
** In f iscal 2016, Long�Ter m Debt Issued was repor ted u nder Bond & Note Proceeds line.
*** In f iscal 2016�2022, Debt Ser vice as a Percentage of Noncapital Expendit u res was updated with cor rect for mula.
**** Appropr iations Lapsed was repor ted in a separate line u nder Other Fianancing Sou rces ( Uses) in f iscal 2016�2021. Star ting f iscal 2022, it was comibined into
Legislative Appropr iations line u nder Revenue.


Page 158  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 169 ===
Texas Department of Transportation
Statistical Section - Revenue Capacity Information
Revenue Collections - Taxes - State and TxDOT
Last Ten  Fical Years*
(A mou nts in Millions, Except Gallons)


  Natural Gas Product ion Tax  Motor Vehicle Sales
  Motor Fuels Tax**  Crude Oi l Product ion Tax***  ***  Sales & Use Tax**** and Rental Tax****
  To  t  a  l
  Fiscal  Gallons  State  Tx  D O T  Gallons  State  Tx  D O T  Gallons  State  Tx  D O T  State  Tx  D O T  State  Tx  D O T  Tx  D O T
  Ye  a  r  Sold  Receipts  Receipts  Produced  Receipts  Receipts  Produced  Receipts  Receipts  Receipts  Receipts  Receipts  Receipts  Receipts
  2 016  18,047  $  3,  514  $  2, 581  1,034  $  1,70  4  $  879  8,139  $  579  $  255  $  28,246  $  45  3,760
  2  017  18,353  $  3, 58 4  $  2,630  1,067  $  2,10 7  $  440  7,435  $  983  $  28,900 $  45  3,115
  2 018  18,895  $  3, 675  $  2,694  1,295  $  3, 392  $  591  7,967  $  1,431  $  144  $  31, 9 3 7  $  982  4,411
  2 019  19,221  $  3,743  $  2,7 35  1,561  $  3,887  $  1,0 72  9,377  $  1,6 8 6  $  31 2  $  34,024  $  4,10  4  8,223
  2020  18,114  $  3, 525  $  2,  611  1,612  $  3,229  $  1,2 58  9,903  $  925  $  407  $  34,099  $  2, 538  6,814
  2 0 21  18,496  $  3, 598  $  2, 58 4  1,433  $  3,449  $  1, 012  10,252  $  1,569  $  122  $  36,020  $  2, 537  5,677  237  6,492
  2022  19,450  $  3,78 4  $  2,7 9 2  1,539  $  6,362  $  1,0 9 4  11,456  $  4,470  $  363  $  42,972  $  2, 538  $  6, 398  $  489  7,276
  2023  19,563  $  3, 832  $  2, 8 21  1,658  $  5, 9 31  $  2,18 6  11,841  $  3, 350  $  1,451  $  46 , 581  $  2, 538  $  6,78 4  $  624  9,620
  2024  19,636  $  3, 8 47  $  2, 813  1,731  $  6,304  $  2,025  12,342  $  2,13 4  $  1,030  $  47,16  0  $  2, 538  $  6,7 9 6  $  629  9,035
  2025  20,001  $  3, 918  $  2,839  1,731  $  6,304  $  2,16 5  12,342  $  2,13 4  $  575  $  47,16  0  $  2,540  $  6,7 9 6  $  714  8,833


*  Pr ior years nu mbers are subject to revisions due to updated infor mation.
**  Motor Fuels include the following:
  Gasoli ne
  Diesel Fuel
  Liquef ied Gas (repealed in 84th Legislative Session 2015)
  Liquef ied and Compressed Nat u ral Gas ( previously included in RO�3009)
***  Under Proposition 1 (Prop 1), voters approved a por tion of oil and gas production taxes to State Highway Fu nd (SH F) in f iscal 2014. The SH F star ted receiving
  Prop 1 f u nds in f iscal 2015.
  For nat u ral gas production tax f iscal 2017 did n’t reach constit utional required level of $599.78 million in the preceeding year.
  On Nov.2, 2015 Texas voters approved Proposition 7 ballot measu re that dedicates a por tion of the revenue f rom the state sales and use tax and motor vehicle
  sales and rental tax to the state highway f u nd.
****  In f iscal 2018, Tx DOT star ted receiving the Prop 7 f u nds deposit of the state sales and use tax revenue af ter the law was enacted.
  In f iscal 2021, Tx DOT star ted receiving the Prop 7 f u nds deposit of state motor vehicle sales and rental tax af ter the law was enacted.


Source:  State of Texas Compt roller of Public Accou nts






















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 159

=== PDF PAGE 170 ===
Texas Department of Transportation
Statistical Section - Revenue Capacity Information
Tax Rates
Last Ten  Fiscal Years



  Crude Oi l  Natural Gas
  Motor Fuel Tax  Motor Fuel Tax  Production Tax  Production Tax  Sales and Use Tax
  Fiscal Year  R at e*  R at e**  Rate***  Rate****  Rate
  2  016  0.20%  0.15%  4.39%  4.22%  6.25%
  2  017  0.20%  0.15%  4.48%  4.43%  6.25%
  2 018  0.20%  0.15%  4.51%  4.73%  6.25%
  2 019  0.20%  0.15%  4.53%  4.56%  6.25%
  2020  0.20%  0.15%  4.50%  4.43%  6.25%
  2 0 21  0.20%  0.15%  4.51%  4.87%  6.25%
  2022  0.20%  0.15%  4.55%  5.33%  6.25%
  2023  0.20%  0.15%  4.56%  5.17%  6.25%
  2024  0.20%  0.15%  4.56%  5.08%  6.25%
  2025  0.20%  0.15%  4.57%  5.39%  6.25%


*  Tax rate for Gasoline and Diesel Fuel
**  Tax rate for Liquef ied Gas and Liquef ied and Compressed Nat u ral Gas
*** Pr ior years are subject to change to to updated infor mation.
**** For Nat u ral Gas Production Tax, the effective tax rates are included for the last ten years. The tax rate of 7.5 percent repor ted in the pr ior years was the reg ular tax
rate.
Sou rce: State of Texas Compt roller of Public Accou nts






































Page 160  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 171 ===
  Texas Department of Transportation
  Statistical Section - Revenue Capacity Information
  Federal Revenue and Percentage
  Last Ten  Fical Years
  (A mou nts in Millions)

  Increase
  Fiscal Year  Federal Revenue  / Decrease  Percentage Change


  2  016  3,994  764  23.7  %
  2  017  3,840  (154)  (3.9)%
  2 018  3,891  51  1.3  %
  2 019  4,258  367  9.4  %
  2020  5,286  1,028  24.1  %
  2 0 21  5,279  (7)  (0.1)%
  2022  4,668  (611)  (11.6)%
  2023  4,451  (217)  (4.6)%
  2024  5,367  916  20.6  %
  2025  5,702  343  6.4  %


  Sou rce: Fiscal 2016�2025 Tx DOT f inancial statements












































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 161

=== PDF PAGE 172 ===
Texas Department of Transportation
Statistical Section - Revenue Capacity Information
Traffic and Toll Revenue - Toll Roads
Last Ten  Fiscal Years



  Annual Vehicle  Annual Toll  Tol l Revenue  Tol l Rate per
  Fiscal Year  Transactions*  Revenue, Net*  Increase/ Decrease  Percentage Change  Transaction
  2  016  210,526,490  248,219,447  68,741,160  38.3%  1.18
  2  017  284,881,295  329,920,341  81,700,895  32.9%  1.16
  2 018  323,480,170  366,457,043  36,536,702  11.1%  1.13
  2 019  345,998,872  420,219,279  53,762,236  14.7%  1.21
  2020  302,596,110  371,837,606  (48,381,673)  (11.5%)  1.23
  2 0 21  334,396,423  352,982,166  (18,855,440)  (5.1%)  1.06
  2022  404,370,703  464,274,592  111,292,426  31.5%  1.15
  2023  470,099,469  606,011,778  141,737,186  30.5%  1.29
  2024  503,188,273  672,411,674  66,399,897  11.0%  1.34
  2025  533,128,187  743,509,541  71,097,785  10.6%  1.39



Note: The above nu mbers are for Cent ral Texas Tu r npike System for f iscal 2016�2025; G rand Park way Transpor tation Cor poration for f iscal 2017�2025 and SH249 for
f iscal 2024�2025. There are other Tx DOT toll roads that are not included here.
* Pr ior years are subject to change according to updated infor mation.


Sou rce: Tx DOT’s Project Finance and Toll Operations Division







































Page 162  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 173 ===
Texas Department of Transportation
Statistical Section - Debt Capacity Information
Ratios of Outstanding Debt by Type
Last Ten  Fiscal Years*
(A mou nts in Millions Except Percent age Dat a and Per Capit a)


  G over nment Act iv it ies  Business-Type Activities
  General  R ight-  R ight-  To  t  a  l  Percentage
  Fiscal  Obligation  Revenue  Notes and  to -Use  Revenue  Notes and  to -Use  Primary  Personal  of Per sona l  Per
  Ye  a  r  Bonds  Bonds  Loans  Obligations  Bonds  Loans  Obligations  G over nment Income  Income  Popu lat ion  Capita**
  2 016  $ 10,795  $ 4,223  $ 1,094  $ 5,166  $ 746  $ 22,024  $ 1,271,058  1.7%  27.8  $ 792
  2  017  $ 11,247  $ 4,733  $ 1,308  $ 5,089  $ 863  $ 23,240  $ 1,341,039  1.7%  28.1  $ 824
  2 018  $ 10,971  $ 4,470  $ 1,256  $ 6,107  $ 1,552  $ 24,356  $ 1,440,800  1.7%  28.5  $ 855
  2 019  $ 10,683  $ 4,202  $ 1,119  $ 6,387  $ 1,575  $ 23,966  $ 1,522,224  1.6%  28.8  $ 832
  2020  $ 10,354  $ 3,941  $ 1,035  $ 7,514  $ 637  $ 23,481  $ 1,591,086  1.5%  29.2  $ 804
  2 0 21  $ 10,048  $ 3,650  $ 1,260  $ 7,505  $ 626  $ 23,089  $ 1,735,174  1.3%  29.5  $ 783
  2022  $ 9,707  $ 3,353  $ 1,189  29  $ 7,484  $ 616  $ 22,378  $ 1,878,030  1.2%  30.0  $ 746
  2023  $ 9,354  $ 3,052  $ 1,057  $ 75  $ 7,423  $ 614  109  $ 21,684  $ 2,039,654  1.1%  30.7  $ 711
  2024  $ 8,889  $ 2,685  $ 968  $ 69  $ 7,243  $ 626  $ 81  $ 20,561  $ 2,158,675  1.0%  31.2  $ 665
  2025  $ 8,404  $ 2,370  $ 902  $ 52  $ 7,185  $ 638  $ 6  $ 19,557  $ 2 , 267,796  0.9%  31.6  $ 619



*  Pr ior years are subject to revisions.
**Calculation based on resident population f ig u res f rom U.S. Bu reau of the Census and Texas Compt roller of Public Accou nts.
Sou rce: Fiscal 2016 � 2025 Tx DOT f inancial statements








































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 163

=== PDF PAGE 174 ===
Texas Department of Transportation
Statistical Section - Debt Capacity Information
Ratios of General Bonded Debt Outstanding
Last Ten  Fiscal Years*
(A mou nts in Millions Except Percent age Dat a and General Bonded Debt Per Capit a)



  2 016  2 017  2 018  2019  2020  2 021  2022  2023  2024  2025
Bonded Debt (General
Obligation Bonds Only)  $  10,795  $  11,247  $  10,971  $  10,683  $  10,354  $  10,048  $  9,707  $  9,354  $  8,889  $  8,404

Percent age Bonded Debt Change
From Pr ior Year  6.0%  4.2%  (2.5%)  (2.6%)  (3.1%)  (3.0%)  (3.4%)  (3.6%)  (5.0%)  (5.5%)

Tax Collections**  $  47,971  $  50,194  $  55,963  $  59,785  $  57,324  $  61,347  $  77,211  $  82,146  $  81,874  $  84,198

Percentage Bonded Debt to Tax
Collections  22.5%  22.4%  19.6%  17.9%  18.1%  16.4%  12.6%  11.4%  10.9%  10.0%

Resident Population  27.8  28.1  28.5  28.8  29.2  29.5  30.0  30.7  31.2  31.6

General Bonded Debt Per Capita $  388.31  $  398.83  $  384.95  $  370.95  $  354.59  $  340.61  $  325.74  $  306.69  $  287.67  $  265.95



* Histor ical data may ref  lect a var iet y of changes in methodolog y, inf  lation factors, pr ice indicators and revisions to inter im census f ig u res made by the U.S. Bu reau of
Econom ic.
** Fiscal 2025 Tax Collections is an estimate.

Sou rce: Bonded debt and tax collection amou nts are f rom the f iscal 2016 � 2025 Tx DOT f inancial statements. Resident population f ig u res are f rom the U.S. Depar t ment
of Com merce, Bu reau of Census and Bu reau of Economic A nalysis.


































Page 164  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 175 ===
Texas Department of Transportation
Statistical Section - Debt Capacity Information
Pledged Revenue Bond Coverage
Last Ten  Fiscal Years
(A mou nts in Millions Except Ratio Dat a)


  2 016  2 017  2 018  2019  2020  2 021  2022  2023  2024  2025
GOVERNMENTAL ACTIVITIES
  State Highway Fu nd Revenue Bonds
  Pledged Revenue A mou nt  $ 8,267  $ 8,450  $ 8,407  $ 8,973  $ 9,362  $ 9,888  $ 9,126  $ 9,003  $ 9,955  $ 10,695
  Operating Expendit u res  8,553  9,563  9,334  10,587  12,938  12,533  12,496  14,162  18,689  19,397
  Net Available Revenue  $ (286)  $ (1,113)  $ (927)  $ (1,614)  $ (3,576)  $ (2,645)  $ (3,370)  $ (5,159)  $ (8,734)  $ (8,702)
  Debt Ser vice � **
  Principal  $ 139 $ 145 $ 216 $ 226  $ 236  $ 248  $ 261  $ 271  $ 283  $ 297
  Interest  176  195  206  186  189  163  153  147  135  119
  Total Debt Ser vice  $ 315  $ 340  $ 422  $ 412  $ 425  $ 411  $ 414  $ 418  $ 418  $ 416
  Coverage R at io  (0.9)  (3.3)  (2.2)  (3.9)  (8.4)  (6.4)  (8.1)  (12.3)  (20.9)  (20.9)


BUSI NESS -TY PE ACTI V ITIES
  Cent ral Texas Tu r npike System
  Pledged Revenue A mou nt  $ 179  $ 208  $ 224  $ 266  $ 229  $ 188  $ 264  $ 366  $ 393  $ 355
  Operating Expendit u res  101  106  111  110  133  176  230  234  285  245
  Net Available Revenue  $ 78  $ 102  $ 113  $ 156  $ 96  $ 12  $ 34  $ 132  $ 108  $ 110
  Debt Ser vice �
  Principal  $ 2 $ 8 $ 14  $ 20  $ 27  $ 36  $ 45  $ 64  $ 78  $ 60
  Interest  107  107  107  107  101  94  94  99  98  100
  Total Debt Ser vice  $ 109  $ 115  $ 121  $ 127  $ 128  $ 130  $ 139  $ 163  $ 176  $ 160
  Coverage R at io  0.7  0.9  0.9  1.2  0.8  0.1  0.2  0.8  0.6  0.7


  G rand Park way Transpor tation
  Cor poration
  Pledged Revenue A mou nt  86  $ 162  $ 186  $ 229  $ 201  $ 195  $ 253  $ 346  $ 381  $ 428
  Operating Expendit u res  77  94  101  108  112  116  160  90  99  78
  Net Available Revenue  9  $ 68  $ 85  $ 121  $ 89  $ 78  $ 93  $ 256  $ 282  $ 350
  Debt Ser vice �
  Principal  $  $  $  $  $  $ 14  $ 18  $ 19  $ 19  $ 3
  Interest  111  105  90  152  131  183  175  168  154  173
  Total Debt Ser vice  111  $ 105  $ 90  $ 152  $ 131  $ 197  $ 193  $ 187  $ 173  $ 176
  Coverage R at io  0  0.6  0.9  0.8  0.7  0.4  0.5  1.4  1.6  2.0


  SH 249 System*
  Pledged Revenue A mou nt  N /A  N /A  N /A $ 2 $ 1 $ 6 $ 16  $ 23  $ 28  $ 32
  Operating Expendit u res  N /A  N /A  N /A  �  0.0
  Net Available Revenue  N /A  N /A  N /A $ 2 $ 1 $ 6 $ 16  $ 23  $ 28  $ 32
  Debt Ser vice �
  Principal  N /A  N /A  N /A $  $  $  $  $  $  $
  Interest  N /A  N /A  N /A  3  8  8  8  8  8  8
  Total Debt Ser vice  N /A  N /A  N /A $ 3 $ 8 $ 8 $ 8 $ 8  $ 8  $ 8
  Coverage R at io  N /A  N /A  N /A  N /A  N /A  N /A  2.0  2.9  3.5  4.0


* SH 249 issued bonds in f iscal 2019. Debt ser vice for f iscal years 2019 –2021 was paid f rom bond proceeds; therefore, coverage ratios are not applicable for those years.
** State Highway Fu nd Revenue Bonds Debt Ser vice amou nt updated for 2020�2025 to include Prop 14 pay ments only.
Sou rce: Fiscal 2016 � 2025 Tx DOT f inancial statements





Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 165

=== PDF PAGE 176 ===
Texas Department of Transportation
Statistical Section - Demographic and Economic Information
Texas and U.S. Population, Total Personal Income and Per Capita Income
Last Ten  Calendar Years*



  Population (Thousands)  Total Personal Income ( Mi l l ions)  Per Capita Income
  Percent  Percent  Percent  Percent  Percent  Percent
  Ye  a  r  Te  x  a  sChanges  U. S .Changes  Te  x  a  sChanges  U. S .Changes  Te  x  a  sChanges  U. S .Changes
  2 016  $ 27,867 1.5%  $ 324,860 0.8%  $ 1,276,331 0.4%  $ 15,887,650 2.7%  $ 45,801 1.9%  $ 48,906 1.9%
  2  017  28,226 1.3%  327,076 0.7%  1,367,826 7.2%  16,662,756 4.9%  48,460 5.8%  50,945 4.2%
  2 018  28,554 1.2%  328,514 0.4%  1,463,790 7.0%  17,528,193 5.2%  51,265 5.8%  53,356 4.7%
  2 019  28,908 1.2%  329,199 0.2%  1,537,206 5.0%  18,363,160 4.8%  53,177 3.7%  55,781 4.5%
  2020  29,274 1.3%  331,855 0.8%  1,602,183 4.2%  19,620,082 6.8%  54,731 2.9%  59,122 6.0%
  2 0 21  29,638 1.2%  332,579 0.2%  1,779,913 11.1%  21,419,498 9.2%  60,055 9.7%  64,404 8.9%
  2022  30,193 1.9%  334,599 0.6%  1,891,499 6.3%  22,088,919 3.1%  62,646 4.3%  66,016 2.5%
  2023  30,799 2.0%  337,492 0.9%  2,020,899 6.8%  23,402,535 5.9%  65,616 4.7%  69,342 5.0%
  2024  31,345 1.8%  340,634 0.9%  2,126,504 5.2%  24,669,308 5.4%  67,842 3.4%  72,422 4.4%
  20 25**  31,721 1.2%  342,496 0.5%  2,238,975 5.3%  25,859,219 4.8%  70,584 4.0%  75,502 4.3%



*The schedule includes the last ten calendar years.  Pr ior years nu mbers are subject to revisions.
** Nu mbers for 2025 include some estimates for the lat ter par t of the year.


Sou rce: U.S. Bu reau of Economic A nalysis, U.S. Bu reau of the Census,  and Texas Compt roller of Public Accou nts








































Page 166  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 177 ===
Texas Department of Transportation
Statistical Section - Demographic and Economic Information
Texas and U.S. Employment and Unemployment Rates
Last Ten  Calendar Years*



  Nonfarm Employment  Unemployment
  ( T h o u s a n d s)  Percentage Rate
  Ye  a  r  Te  x  a  s  Percent Changes  U. S .  Percent Changes  Te  x  a  s  U. S .
  2  016  1 2  ,  017  1. 3%  14  4 ,  332  1. 8 %  4 .7 %  4.9%
  2  017  12 , 2 33  1. 8 %  14  6  ,  611  1. 6%  4.4%  4.4%
  2 018  12 , 523  2 .4%  14  8  ,  8 9  4  1. 6%  3.9 %  3.9 %
  2 019  12  , 815  2 . 3%  150,906  1. 4%  3. 5%  3.7 %
  2020  12 , 273  (4 .  2) %  14 2  ,161  �(5. 8) %  7.7  %  8  .1%
  2 0 21  12  ,7 2 7  3.7 %  14  6  ,  5 7 7  3 .1%  5.6%  5.4%
  2022  13,477  5.9 %  152 , 536  4  .1%  3.9 %  3.7 %
  2023  13,9 2 2  3. 3%  155, 8 79  2.2%  4.0%  3.6%
  2024  14 ,13 0  1. 5%  15 7,  9  6  0  1. 3%  4  .1%  4.0%
  2 0 25**  14,342  1. 5%  159, 6 21  1.1%  4.2%  4.2%



*The schedule includes the last ten calendar years.  Pr ior years nu mbers are subject to revisions.
**Nu mbers for 2025 include some estimates for the lat ter par t of the year.


Sou rce: Texas Workforce Com mission, Texas Compt roller of Public Accou nts and U.S. Bu reau of Labor Statistics.







































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 167

=== PDF PAGE 178 ===
Texas Department of Transportation
Statistical Section - Demographic and Economic Information
Texas Nonfarm Employment Detail: Number of Jobs
Last Ten  Calendar Years*
(A mou nts in T housands)

EM PLOY M ENT BY I N DUST RY  2 016  2 017  2 018  2019  2020  2 021  2022  2023  2024  2025**


G OODS -PRODUCI NG
Nat u ral Resou rces and Mining  213  222  246  249  191  180  201  215  219  223
Constr uction  700  712  740  774  737  737  783  823  854  880
Manufacturing
  Du rables  543  543  566  584  553  553  588  611  621  620
  Nondu rables  305  310  317  324  318  324  339  347  352  355
Total, Goods�Producing  1,761  1,787  1,869  1,931  1,799  1,794  1,911  1,996  2,046  2,078


SERVICE-PROVIDING
Trade, Transpor tation, and Utilities
  W holesale Trade  561  570  587  600  580  593  636  655  656  666
  Retail Trade  1,318  1,322  1,323  1,315  1,273  1,334  1,378  1,396  1,403  1,422
  Transpor tation and Warehousing  473  493  511  534  553  585  637  643  647  656
  Utilities  50  50  51  52  52  53  57  61  65  68
Infor mation  203  204  206  211  200  208  231  233  227  227
Financial Activities
  Finance and Insurance  532  547  557  573  585  614  649  666  669  680
  Real Estate and Rental and Leasing  205  214  222  229  219  226  244  253  257  267
Professional and Business Ser vices
  Professional, Scientif ic and Tech nical  733  750  784  825  831  896  995  1,035  1,048  1,070
  Management, Ad minist rative and
  Suppor t  917  938  965  981  938  1,009  1,081  1,084  1,073  1,063
Educational and Health Ser vices
  Educational Ser vices, Pr ivate  195  202  208  216  209  220  238  247  245  242
  Health Care and Social Assistance  1,430  1,464  1,491  1,526  1,491  1,517  1,568  1,646  1,687  1,736
Leisu re and Hospitalit y  1,290  1,320  1,357  1,397  1,179  1,297  1,411  1,486  1,507  1,531
Other Ser vices  424  427  436  446  398  418  450  470  486  490
Government
  Federal Civilian  198  200  201  204  215  212  211  216  225  223
  State and Local  1,727  1,745  1,755  1,774  1,751  1,750  1,780  1,835  1,889  1,923
Total, Service�Providing  10,256  10,446  10,654  10,883  10,474  10,932  11,566  11,926  12,084  12,264
Total Nonfar m Employ ment  12,017  12,233  12,523  12,814  12,273  12,726  13,477  13,922  14,130  14,342


*Data in the table are an nual averages. Pr ior years are subject to an nual bench mark revisions.
**Nu mbers for 2025 include some estimates for the lat ter par t of the year.


Note:  Due to conf identialit y issues, the names of the ten largest revenue payers are not available.  This table provides alter native infor mation regarding the sou rce of the
state’s major tax revenue.


Sou rce: ISH Mark it, Texas Workforce Com mission, and Texas Compt roller of Public Accou nts











Page 168  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 179 ===
Texas Department of Transportation
Statistical Section - Operating Information
Full-Time Equivalent Employees (FTE)
Last Ten  Fiscal Years


  2 016  2  0 17  2 018  2019  2020

F T E C a p*  11,900  11,900  12,214  12,214  12,527

FTE  11,795  11,369  11,597  11,886  12,097
Cont ractor  77  36  20  19  17
Total Usage  11,872  11,405  11,617  11,905  12,113

Over/Under  (28)  (495)  (596)  (309)  (414)



  2 021  2022  2023  2024  2025


FTE Cap  12,527  12,808  12,808  13,157  13,157

FTE  12,164  12,228  12,580  12,959  13,064
Cont ractor  20  17  18  18  16
Total Usage  12,184  12,244  12,598  12,977  13,080

Over/Under  (343)  (564)  (210)  (180)  (77)






Not e s:
1.  Full�Time Equivalents (FTE) Cap was obtained f rom the General Appropr iations Act (GA A) for each bien niu m.
2.  Usage was deter mined based on Texas State Auditor’s Off ice (SAO) repor ts.
3.  Su m mer Hire FTEs are not included in usage totals.
4.  Over/ Under is the difference bet ween total usage and FTE Cap.
5. Rou nding issues in FY 2021 publication for years 2017 � 2020 (Over/ Under), has been cor rected.
6. This repor t calculates the FTE cou nt by tak ing the average of all fou r quar ters of the cu r rent f iscal year, based on the SAO quer y using act ual hou rs.
























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 169

=== PDF PAGE 180 ===
Texas Department of Transportation
Statistical Section - Operating Information
Capital Assets  Indicators
Schedule of Assessed Conditions
Last Ten  Fiscal Years


  2 016  2  0 17  2 018  2019  2020*

Interstate Condition  78.6%  80.8%  80.3%  80.9%  80.0%
Non�Interstate Condition  77.5%  77.8%  77.8%  79.6%  78.1%
Cent ral Texas Tu r npike System  76.9%  81.9%  79.7%  84.9%  N /A%
Grand Parkway Transpor tation Cor poration  N /A%  0.8988  88.5%  87.7%  89.9%



  2  0 2 1* *  2022***  2023****  2024*****  2025****

Interstate Condition  82.7%  77.8%  79.7%  78.3%  79.5%
Non�Interstate Condition  79.5%  77.8%  79.6%  78.1%  78.7%
Cent ral Texas Tu r npike System  N /A%  N /A%  N /A%  N /A%  N /A%
Grand Parkway Transpor tation Cor poration  88.7%  90.0%  90.6%  90.2%  90.2%


Not e s:
1. Star ting in FY 2020 dist r icts are now inspected ever y other year.  Even�nu mbered dist r icts are inspected du r ing even�nu mbered f iscal years and odd�nu mbered
dist r icts are inspected du r ing odd�nu mbered f iscal years.
2. Toll roads are only inspected by dist r ict request.  The toll road inspections may or may not be entered into Tx M A P.
3. Texas Maintenance Assessment Prog ram (Tx M A P) doesn’t assess GPTC separately.  The infor mation is for inspected on�system roadways.
4.  The GPTC system is an nually inspected by the HT N B Cor poration using the Tx M A P methodolog y to satisf y the Tr ust Indent u re requirements.

*Covid 19 sig nif icantly rest r icted the Tx M A P inspections in FY2020.  Only 6 dist r icts (A BL, AUS, DA L, FTW, ODA, TY L) were inspected and no toll roads were
inspected, including Cent ral Texas Tu r npike System (CTTS).
**Five dist r icts were inspected in FY2021 due to Covid�19 rest r ictions and new Tx M A P policies (PA R, SJT, WAC, AUS, BRY).
***Twelve dist r icts were inspected in FY2022 due to cu r rent Tx M A P policies (A BL,A M A,AUS,BMT,CR P,DA L,ELP,FTW,HOU,LR D,ODA,TY L).
****Thir teen dist r icts were inspected in FY2023 and FY2025 due to cu r rent Tx M A P policies (ATL,BRY,BW D,CHS,LBB,LFK,PA R,PH R,SAT,SJT,WAC,W FS,Y K M).
*****Twelve dist r icts were inspected in FY2024 due to cu r rent Tx M A P policies (A BL,A M A,AUS,BMT,CR P,DA L,ELP,FTW,HOU,LR D,ODA,TY L).


Sou rce:  Assessed conditions provided by Tx DOT’s Maintenance Division
























Page 170  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 181 ===
Texas Department of Transportation
Statistical Section - Operating Information
Capital Assets  Indicators
Schedule of State-Owned Centerline Miles
Last Ten  Calendar Years*


  2 016  2  0 17 *  2 018  2019  2020

Interstate highways  3,417  3,436  3,459  3,459  3,459
U. S . h ig hw ay s  11,905  11,887  11,851  11,852  11,852
St ate h ig hways  16,390  16,426  16,390  16,380  16,404
Far m or Ranch to Market roads  40,910  40,910  40,849  40,846  40,854
Frontage roads  7,453  7,476  7,546  7,570  7,685
Park roads  348  348  349  349  352
Total Miles  80,423  80,483  80,444  80,456  80,606



  2 021  2022  2023  2024  2025


Interstate highways  3,463  3,466  3,476  3,477  3,482
U. S . h ig hw ay s  11,860  11,852  11,842  11,847  11,846
St ate h ig hways  16,420  16,443  16,491  16,498  16,522
Far m or Ranch to Market roads  40,857  40,865  40,870  40,851  40,859
Frontage roads  7,769  7,927  7,968  8,014  8,121
Park roads  351  352  350  348  350
Total Miles  80,720  80,905  80,997  81,035  81,180



* In calendar year 2017, the t ransition f rom the legacy system to GR ID was completed.  Mileage and t raff ic data were repor ted for the f irst time using GR ID, and the
routine work of roadway edits and additions was resu med.


Sou rce:  Centerline miles provided by Tx DOT’s Transpor tation Plan ning and Prog ram Division






























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 171

=== PDF PAGE 182 ===
Texas Department of Transportation
Statistical Section - Operating Information
Capital Assets  Indicators
Schedule of Rated Lane Miles Conditions
Last Ten  Fiscal Years


  2 016  2  0 17  2 018  2019  2020

Total Lane Miles  197,549  197,295  197,438  197,558  198,700
Rated Lane Miles  192,990  196,438  196,120  195,287  197,188
Good or Bet ter Lane Miles  168,521  169,522  172,442  171,804  175,094
% Good or Bet ter Lane Miles  87.3%  86.3%  87.9%  88.0%  88.8%
% Change f rom Pr ior Year  1.5%  0.6%  1.7%  (0.4%)  1.9%



  2 021  2022  2023  2024  2025

Total Lane Miles  201,225  201,928  201,793  201,865  202,516
Rated Lane Miles  200,030  200,763  200,583  200,658  200,794
Good or Bet ter Lane Miles  178,643  179,670  179,903  180,014  181,176
% Good or Bet ter Lane Miles  89.3%  89.5%  89.7%  89.7%  90.2%
% Change f rom Pr ior Year  2.0%  0.6%  0.1%  0.1%  0.6%



Sou rce:  Tx DOT’s Maintenance Division






































Page 172  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 183 ===
Texas Department of Transportation
Statistical Section - Operating Information
Annual Letting Volumes by District
Last Ten  Fiscal Years*

  FISCAL YEAR (1)  FISCAL YEAR  FISCAL YEAR  FISCAL YEAR (2)
DISTR ICT  2016  2017  2018  2019
A BI LEN E  $ 63,022,751  $ 160,694,978  $ 121,489,936  $ 138,752,586
AMARILLO  113,077,003  85,504,649  167,998,768  326,856,692
ATLANTA  67,401,036  78,761,239  63,437,280  126,304,008
AUST I  N  1,037,780,333  410,839,685  318,377,463  472,483,840
BE AU  M O N T  79,188,722  811,913,626  282,016,642  238,375,665
BROW  N  WO O D  45,518,521  106,263,399  57,576,129  24,213,410
B RYA  N  110,318,647  314,391,616  299,014,628  136,485,055
CHILDRESS  44,906,172  25,128,631  47,350,919  67,463,141
COR PUS CHR ISTI  923,737,024  177,319,402  339,242,546  218,098,189
DA  L L A S  869,174,773  563,614,607  1,076,474,888  2,173,382,812
E  L  PA  S  O  124,610,130  138,623,839  89,370,296  410,371,976
FORT WORTH  459,772,358  219,767,645  511,375,835  217,377,942
HOUSTON  1,544,975,058  1,520,167,642  1,326,292,989  872,594,973
LAR EDO  125,151,298  122,323,805  94,340,385  189,067,677
LU BBOCK  130,982,967  83,260,049  148,462,396  217,391,300
LU FK I N  83,056,285  73,646,105  150,835,380  209,465,552
ODESSA  99,214,695  119,019,718  228,458,403  272,348,526
PA  R  I  S  183,043,189  58,711,365  168,628,554  135,161,476
PHARR  156,582,481  92,326,698  125,643,088  490,905,702
SAN ANGELO  67,214,150  52,722,927  138,477,148  110,787,903
SAN ANTONIO  432,866,661  546,179,444  737,033,427  756,550,409
TYLER  185,811,919  86,065,596  144,538,938  153,571,745
WA C  O  175,111,451  132,452,722  135,861,973  623,660,310
WICHITA FALLS  54,509,318  51,117,326  66,452,718  110,712,427
YOA  K U  M  151,439,693  191,951,570  454,212,902  188,731,734
DESIGN  16,975,000  1,830,200  �  12,586,122
TR A FFIC  1,062,711  1,300,000  18,270,663  2,821,940
PU BLIC T R A NSPORTATION  �  �  �  �
R  A  I  L ROA  D  �  �  4,200,000  9,300,000
T TA  �  �  �  �
T PP  �  �  �  �
ITD  �  �  �  �
MARITIME  �  �  �  �
M A I NTENA NCE LET(3)  477,959,088  481,337,738  425,832,268  573,483,420
DISTR ICT A N D DI V ISION TOTA L  7,824,463,434  6,707,236,221  7,741,266,562  9,479,306,532

Number of Construct ion Projects  785  839  898  929
Number of Maintenance Projects(3)  858  861  734  856
Number of Other Obl igat ions(4)  244  150  206  498
Number of Contracts Total  1,887  1,850  1,838  2,283

L  e  t  Ty  p  e  2016  2017  2018  2019
Statewide Let  $ 4,338,709,485  $ 4,774,832,199  $ 5,692,985,382  $ 6,396,672,170
Local Let  517,884,249  400,926,247  256,884,390  170,048,387
Design Bui ld  1,436,262,146  903,238,376  1,126,984,110  2,029,495,810
C DA  690,741,000  -  -  -
Design Bui ld-Work Component  -  -  -  -
Maintenance Let(3)  477,959,088  481,377,738  425,832,268  573,483,420
L  e  t  To  t  a  l  $ 7,461,555,968  $ 6,560,374,560  $ 7,502,686,150  $ 9,169,699,787

Other Obligations(4)  $ 362,907,466  $ 146,901,661  $ 238,580,412  $ 309,606,745
Project Award Total  $ 7,824,463,434  $ 6,707,276,221  $ 7,741,266,562  $ 9,479,306,532


(1) FY 2015 - Rail Safet y section was combined with Traff ic Division therefore, is reported under TR AFFIC.
(2) FY 2018 - Rail Safet y section moved back to Rail Division therefore, is reported under R AILROAD.
(3) Maintenance Let consists of Statewide and Local Let projects for Bridge Preventative Maintenance (BPM), Maintenance Materical Contract (MMC), Traff ic Material
Contract (TMC), and Routine Maintenance.
(4) Other obligations consist of non-let projects such as deferred work components, studies, travel demand models, ride share ser vices, motor assitance programs,
corridor analysis and transfers.













Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 173

=== PDF PAGE 184 ===
  FISCAL YEAR  FISCAL YEAR  FISCAL YEAR  FISCAL YEAR  FISCAL YEAR  FISCAL YEAR
 2020  2021  2022  2023  2024  2025
$ 144,074,370  $ 123,643,364  $ 237,726,693  188,901,157  $ 220,673,700  $ 150,443,503
 204,371,373  213,919,235  145,226,957  300,734,261  617,169,083  261,963,233
 170,155,373  70,643,650  178,168,602  201,650,584  247,466,151  62,332,242
 997,397,361  893,300,720  1,440,892,774  429,380,199  290,614,705  2,299,787,368
 162,053,159  101,878,898  456,575,618  309,994,744  906,024,691  116,733,001
 57,644,093  45,693,617  99,968,843  123,116,728  163,442,947  43,681,603
 98,875,493  141,724,000  305,979,923  183,550,939  83,903,238  1,012,576,156
 38,760,487  38,360,959  45,505,278  99,306,084  121,403,611  50,037,703
 248,856,158  237,992,348  324,119,223  309,481,813  262,504,974  359,105,599
 780,538,851  756,477,282  1,376,716,230  1,600,828,525  2,072,065,945  2,211,447,256
 194,520,644  204,576,622  367,121,507  178,967,508  721,721,219  307,954,743
 457,126,662  277,764,189  1,822,480,655  956,395,101  598,137,196  262,155,853
 1,103,389,793  887,352,440  752,666,980  1,431,240,489  1,157,532,054  1,782,438,761
 236,885,894  99,242,318  100,281,790  510,179,093  278,068,816  151,896,327
 73,951,325  276,251,503  118,936,013  168,693,455  273,273,377  187,701,522
 200,686,780  117,990,743  335,102,924  234,621,898  138,608,143  134,292,796
 489,711,579  321,312,908  372,409,921  539,630,227  611,159,746  184,747,848
 265,251,412  92,298,548  63,280,073  517,399,761  347,020,622  361,918,947
 259,422,832  73,197,181  490,426,061  187,526,520  707,689,561  382,546,054
 86,134,327  159,854,800  108,383,301  206,203,867  132,988,255  119,447,884
 353,450,868  2,274,590,257  852,264,254  1,386,578,964  770,239,338  350,780,292
 129,621,594  127,032,521  203,016,978  359,084,846  333,753,917  188,963,041
 193,877,919  169,291,080  131,008,776  217,654,932  254,423,887  479,021,988
 59,282,205  354,919,346  52,053,150  144,075,737  622,568,680  101,791,967
 486,785,296  187,533,919  131,572,785  683,430,282  1,118,267,125  185,361,080
 �  �  �  �  �  �
 13,700,000  8,195,129  �  7,000,000  �  5,000,000
 �  �  13,151,311  �  8,000,000  �
 5,143,534  1,125,719  1,100,000  2,221,392  9,334,454  9,652,848
 �  �  �  �  �  �
 �  �  �  �  20,565,754  12,705,217
 �  �  �  �  11,000,000  2,000,000
 �  �  �  �  �  43,907,134
 698,965,612  589,191,551  836,976,701  909,517,404  995,062,620  902,354,908
 8,210,634,994  8,845,354,849  11,363,113,319  12,387,366,511  14,094,683,809  12,724,746,876

 808  832  778  1,028  934  809
 1,223  1,306  1,482  1,357  1,267  1,212
 188  90  109  113  196  169
 2,219  2,228  2,369  2,498  2,397  2,190

 2020  2021  2022  2023  2024  2025
$ 6,028,262,450  $ 5,858,542,884  $ 7,526,422,601  $ 9,689,638,812  $ 12,224,931,796  $ 10,241,160,425
 366,564,034  208,356,007  572,542,419  363,723,527  454,798,996  432,007,051
 677,420,161  1,513,539,839  2,231,022,526  699,862,000  -  426,404,420
 -  -  -  -  -  -
 -  -  -  451,409,000  -
 698,965,612  589,191,551  836,976,701  909,517,404  995,062,620  902,354,908
$ 7,771,212,257  $ 8,169,630,281  $ 11,166,964,247  $ 12,114,150,743  $ 13,674,793,412  $ 12,001,926,804

$ 439,422,737  $ 675,724,568  $ 196,149,071  $ 273,215,769  $ 415,648,397  $ 722,820,071
$ 8,210,634,994  $ 8,845,354,849  $ 11,363,113,319  $ 12,387,366,512  $ 14,090,441,809  $ 12,724,746,875




















Page 174  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 185 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 175

=== PDF PAGE 186 ===


=== PDF PAGE 187 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 177

=== PDF PAGE 188 ===
  Section Four


  Other Information

  Schedule 1A - Schedule of Expenditures of Federal Awards (Unaudited)

  Schedule 1B - Schedule of State Grant Pass-Throughs from/
  to State Agencies (Unaudited)


  Schedule 2 - Bond Schedules


  Schedule 2A - Miscellaneous Bond Information


  Schedule 2B - Changes in Bonded Indebtedness


  Schedule 2C - Debt Service Requirements


  Schedule 2D - Analysis of Funds Available for Debt Service


  Schedule 2E - Defeased Outstanding Bonds


  Schedule 2F - Early Extinguishment and Refunding

  Schedule 3 - Matrix of Expenditures Reported by Function-
  Governmental Funds (Unaudited)


  Note: All schedules are presented unrounded (in dollars and cents).















Page 178  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 189 ===
TEXAS DEPARTMENT OF TRANSPORTATION
SCHEDULE 1A-SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended Aug ust 31, 2025

Federal Grantor/  Pass-Through From  Direct
Pass-Through Grantor/  Fe de r a l  Agency  State  Other  Program
Program Title  ALN  Number  Entities  Entities  Amount

Depart ment of Defense (DOD):
Legacy Resource Management Program  12 .632  168,152.08
To  t  a  l  D  O  D :  �  �  168,152.08

Depart ment of the Interior (DOI):
National Fish Passage  15.6 85  48,329.81
To  t  a  l  D  O  D :  �  �  48,329.81

Federal Aviation Administration (FA A):
  Direct Program:
  Air por t Improvement Prog ram  2 0 .10 6  44,335,996.48
  COV ID�19 � Air por t Improvement Prog ram  2 0 .10 6  149,474.22

  Pass�Th rough Fu nds to Other Entities:
  Airport Improvement Program2 0 .10 6  12,054,461.18
  COV ID�19 � Air por t Improvement Prog ram  2 0 .10 6  1,109,410.10
  COV ID�19 � Texas State Tech nical College System  2 0 .10 6  719  13,000.00
Total FA A:  �  �  57,662,341.98

Federal Highway Administration (FHWA):
  Direct Program:
  Highway Research and Development Prog ram  20.200  3,536,166.86
  Highway Plan ning and Const r uction  20.205  5,038,638,214.24
  Highway Training and Education  2 0 . 215  232,399.67
  COV ID�19 � Highway Plan ning and Const r uction  20.205  151,328,563.13

  Pass�Th rough Fu nds:
  Highway Plan ning and Const r uction
  Texas A&M Engineer ing Exper iment Station  20.200  712  904,969.76
  Universit y of Texas at A rling ton  20.200  714  29,161.54
  Texas Souther n Universit y  20.205  717  (74,677.73)
  Universit y of Texas at San A ntonio  20.205  743  270,377.10
  Universit y of Houston  20.205  784  (33,809.87)
Pass�Th rough to Other Entities:
  Highway Research and Development Prog ram  20.200  2,105,145.59
  Highway Plan ning and Const r uction  20.205  168,996,197.67
  COV ID�19 � Highway Plan ning and Const r uction  20.205  1,795,439.25
Total FHWA:  �  �  5,367,728,147.21

Federal Railroad Administration (FR A):
  Direct Program:
  Railroad Safety  2 0 . 3 01  25,845.78
  Capital Assistance to States � Intercit y Passenger Rail Ser vice  2  0 .  317  (19,212.86)
Total FR A:  �  �  6,632.92

Federal Transit Administration (FTA):
  Direct Program:
  Met ropolitan Transpor tation Plan ning and State and Non�
  Met ropolitan Plan ning and Research  20.505  248,241.51
  For mula G rants for Ru ral A reas and Tr ibal Transit Prog ram  20.509  977,781.98
  Rail Fixed Guideway Public Transpor tation System State
  Safet y Oversight For mula G rant Prog ram  20. 528  2,482,973.91

  Pass�Th rough Fu nds to Other Entities:
  Met ropolitan Transpor tation Plan ning and State and Non�
  Met ropolitan Plan ning and Research  20.505  18,773,606.02
  For mula G rants for Ru ral A reas and Tr ibal Transit Prog ram  20.509  64,356,377.36
  Rail Fixed Guideway Public Transpor tation System State
  Safet y Oversight For mula G rant Prog ram  20. 528  293,628.83
  COV ID�19 � For mula G rants for Ru ral A reas and Tr ibal
  Transit Program  20.509  10,084.00
Total FTA:  �  �  87,142,693.61

National Highway Traff ic Safet y Admin. ( NHTSA):
  Direct Program:
  Alcohol Impaired Dr iving Cou nter measu res Incentive �
  G rants I  2 0 . 6 01  18,076.59
  N HTSA Discretionar y Safet y G rants  2 0 . 614  328,464.71
Total NHTSA:  �  �  346,541.30





Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 179

=== PDF PAGE 190 ===
  Through From  Pass-Through To  Through To and
  and Direct  Agency  State  Other  Expenditures
  Program  Number  Entities  Entities  Expenditures  Amount


 168,152.08  168,152.08  168,152.08
 168,152.08  �  �  168,152.08  168,152.08


 48,329.81  48,329.81  48,329.81
 48,329.81  �  �  48,329.81  48,329.81



 44,335,996.48  44,335,996.48  44,335,996.48
 149,474.22  149,474.22  149,474.22


 12,054,461.18  12,054,461.18  12,054,461.18
 1,109,410.10  1,109,410.10  1,109,410.10
 13,000.00  719  13,000.00  13,000.00
 57,662,341.98  13,000.00  13,163,871.28  44,485,470.70  57,662,341.98



 3,536,166.86  3,536,166.86  3,536,166.86
 5,038,638,214.24  5,038,638,214.24  5,038,638,214.24
 232,399.67  232,399.67  232,399.67
 151,328,563.13  151,328,563.13  151,328,563.13



 904,969.76  712  904,969.76  904,969.76
 29,161.54  714  29,161.54  29,161.54
 (74,677.73)  717  (74,677.73)  (74,677.73)
 270,377.10  743  270,377.10  270,377.10
 (33,809.87)  784  (33,809.87)  (33,809.87)

 2,105,145.59  2,105,145.59  2,105,145.59
 168,996,197.67  168,996,197.67  168,996,197.67
 1,795,439.25  1,795,439.25  1,795,439.25
 5,367,728,147.21  1,096,020.80  172,896,782.51  5,193,735,343.90  5,367,728,147.21



 25,845.78  25,845.78  25,845.78
 (19,212.86)  (19,212.86)  (19,212.86)
 6,632.92  �  �  6,632.92  6,632.92



 248,241.51  248,241.51  248,241.51
 977,781.98  977,781.98  977,781.98

 2,482,973.91  2,482,973.91  2,482,973.91



 18,773,606.02  18,773,606.02  18,773,606.02
 64,356,377.36  64,356,377.36  64,356,377.36

 293,628.83  293,628.83  293,628.83
 10,084.00  10,084.00  10,084.00
 87,142,693.61  �  83,433,696.21  3,708,997.40  87,142,693.61



 18,076.59  18,076.59  18,076.59
 328,464.71  328,464.71  328,464.71
 346,541.30  �  �  346,541.30  346,541.30








Page 180  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 191 ===
TEXAS DEPARTMENT OF TRANSPORTATION
SCHEDULE 1A-SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (Continued)
Year Ended Aug ust 31, 2025

Federal Grantor/  Fe de r a l  Pass-Through From  Direct
Pass-Through Grantor/  ALN  Agency  State  Other  Program
Program Title  Number  Number  Entities  Entities  Amount
Off ice of the Secretar y (OST) Administration Secretariat:
  Direct Program:
  National Infrastr ucture Investments  20.933  11,726,234.02
  National Sig nif icant Freight and Highway Projects  20.934  39,478,792.65
  St reng thening Mobilit y & Revolutionizing Transpor tation  2 0 . 9 41  860,830.49
To  t  a  l  O  S T:  �  �  52,065,857.16

Depart ment of the Treasur y (TR EAS):
  COV ID�19 � Coronavir us State A nd Local Fiscal Recover y
  Fu nds  21. 0 2 7  300  9,124,600.00
Total TREAS:  9,124,600.00  �  �

General Ser vices Administration (GSA):
  Pass�Th rough Fu nds:
  Donation of Federal Sur plus Personal Proper ty�NonMonetar y
  Pass�Th rough f rom Texas Facilities Com mission  39. 0  0 3  303  7,468.80
Total GSA:  7,468.80  �  �

Environmental Protection Agency (EPA):
  Direct Program:
  St reng thening Mobilit y & Revolutionizing Transpor tation  6 6.039  36,812.30
  Diesel Emission Reduction Act (DER A) State G rants  66.040  970,733.51
To  t  a  l  E  PA  :  �  �  1,007,545.81

  OTHER CLUSTERS

Federal Transit Cluster:

Federal Transit Ad minist ration (FTA):
  Direct Program:
  Bus and Bus Facilities For mula Prog ram  20. 526  2,969.00

  Pass�Th rough Fu nds to Other Entities:
  Bus and Bus Facilities For mula Prog ram  20. 526  20,479,808.59
Total FTA:  �  �  20,482,777.59


































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 181

=== PDF PAGE 192 ===
  Through From  Pass-Through To  Through To and
  and Direct  Agency  State  Other  Expenditures
  Program  Number  Entities  Entities  Expenditures  Amount


 11,726,234.02  11,726,234.02  11,726,234.02
 39,478,792.65  39,478,792.65  39,478,792.65
 860,830.49  860,830.49  860,830.49
 52,065,857.16  �  �  52,065,857.16  52,065,857.16


 9,124,600.00  300  9,124,600.00  9,124,600.00
 9,124,600.00  �  �  9,124,600.00  9,124,600.00




 7,468.80  303  7,468.80  7,468.80
 7,468.80  �  �  7,468.80  7,468.80



 36,812.30  36,812.30  36,812.30
 970,733.51  970,733.51  970,733.51
 1,007,545.81  �  �  1,007,545.81  1,007,545.81







 2,969.00  2,969.00  2,969.00


 20,479,808.59  20,479,808.59  20,479,808.59
 20,482,777.59  �  20,479,808.59  2,969.00  20,482,777.59



































Page 182  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 193 ===
TEXAS DEPARTMENT OF TRANSPORTATION
SCHEDULE 1A-SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (Concluded)
Year Ended Aug ust 31, 2025

Federal Grantor/  Fe de r a l  Pass-Through From  Direct
Pass-Through Grantor/  ALN  Agency  State  Other  Program
Program Title  Number  Number  Entities  Entities  Amount
Federal Transit Administration (FTA):
  Direct Program:
  En hanced Mobilit y of Seniors and Individuals with
  Disabilities  2 0 . 513  1,660,413.28
  Job Access - Reverse Commute Program  2 0 . 516  3.06
  New Freedom Program  2 0 . 521  29,246.33

  En hanced Mobilit y of Seniors and Individuals with Disabilities  2 0 . 513  10,831,283.14
Total FTA:  �  �  12,520,945.81

Highway Safet y Cluster:

National Highway Traff ic Safet y Admin. ( NHTSA):
  Direct Program:
  State and Com mu nit y Highway Safet y  20.60 0  6,862,908.43
  National Pr ior it y Safet y Prog rams  2 0 . 616  9,280,001.41

  Pass-Through Funds:
  State and Com mu nit y Highway Safet y
  Texas Depar t ment of Public Safet y  20.60 0  405  103,833.87
  Texas A&M Ag r iLife Extension Ser vice  20.60 0  555  2,554,134.31
  Universit y of Texas at A rling ton  20.60 0  714  429,105
  Texas A&M Engineer ing Extension Ser vice  20.60 0  716  207,193.59
  Universit y of Texas Medical Branch at Galveston  20.60 0  723  64,584.95
  Texas A&M Transpor tation Instit ute  20.60 0  727  3,339,914.27
  Texas State Universit y  20.60 0  75 4  31,500.65

  National Pr ior it y Safet y Prog rams:
  Texas Depar t ment of Public Safet y  2 0 . 616  405  2,259,655.44
  Texas Alcoholic Beverage Com mission  2 0 . 616  458  469,787.58
  Texas Depar t ment of State Health Ser vices  2 0 . 616  537  1,517,122.62
  Texas A&M Transpor tation Instit ute  2 0 . 616  727  1,617,148.86
  Universit y of Texas at San A ntonio  2 0 . 616  743  1,776.09
  Texas State Universit y  2 0 . 616  75 4  89,899.94

  Pass�Th rough to Other Entities:
  State and Com mu nit y Highway Safet y  20.60 0  13,260,086.73
  National Pr ior it y Safet y Prog rams  2 0 . 616  6,822,484.49
Total NHTSA:  �  �  48,911,137.98

Total Other Clusters  �  �  81,914,861.38

T O TA  L F E DE R  A  L A S SI STA  NC E  $ 9,132,068.80  $ �  $ 5,648,091,103.26



























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 183

=== PDF PAGE 194 ===
  Through From  Pass-Through To  Through To and
  and Direct  Agency  State  Other  Expenditures
  Program  Number  Entities  Entities  Expenditures  Amount


 1,660,413.28  1,660,413.28  1,660,413.28
 3.06  3.06  3.06
 29,246.33  29,246.33  29,246.33


 10,831,283.14  10,831,283.14  10,831,283.14
 12,520,945.81  �  10,831,283.14  1,689,662.67  12,520,945.81





 6,862,908.43  6,862,908.43  6,862,908.43
 9,280,001.41  9,280,001.41  9,280,001.41



 103,833.87  405  103,833.87  103,833.87
 2,554,134.31  555  2,554,134.31  2,554,134.31
 429,104.75  714  429,104.75  429,104.75
 207,193.59  716  207,193.59  207,193.59
 64,584.95  723  64,584.95  64,584.95
 3,339,914.27  727  3,339,914.27  3,339,914.27
 31,500.65  75 4  31,500.65  31,500.65


 2,259,655.44  405  2,259,655.44  2,259,655.44
 469,787.58  458  469,787.58  469,787.58
 1,517,122.62  537  1,517,122.62  1,517,122.62
 1,617,148.86  727  1,617,148.86  1,617,148.86
 1,776.09  743  1,776.09  1,776.09
 89,899.94  75 4  89,899.94  89,899.94


 13,260,086.73  13,260,086.73  13,260,086.73
 6,822,484.49  6,822,484.49  6,822,484.49
 48,911,137.98  12,685,656.92  20,082,571.22  16,142,909.84  48,911,137.98

 81,914,861.38  12,685,656.92  51,393,662.95  17,835,541.51  81,914,861.38

$ 5,657,223,172.06  $ 13,794,677.72  $ 320,888,012.95  $ 5,322,540,481.39  $ 5,657,223,172.06



























Page 184  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 195 ===
TEXAS DEPARTMENT OF TRANSPORTATION
SCHEDULE 1A-SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
For the Fiscal Year Ended Aug ust 31, 2025

Note 1 - Nonmonetar y Assistance

T he “Donation of Federal Su r plus Personal Proper t y” is presented at 23.34% of the federal acquisition cost of $32,000. T he su r plus proper t y is passed
th rough f rom the Texas Facilities Com mission. T he federal g rantor agency is the General Ser vices Ad minist ration (GSA) and the federal A LN nu mber is
39.003. T he estimated fair market value (FM V ) for f iscal year 2025 is $7,469. T he difference of the value of the su r plus proper t y recorded on the federal
schedule and Ex hibit II (Federal Revenues and Federal Pass�T h rough Revenues) is a reconciling item u nder Note 2.

Note 2 - Reconci l iat ion

Per Combined St atement of Revenues, Expendit u res, and Changes in Fu nd
Balances/St atement of Activities � Gover n ment al Fu nds:

  Federal Revenues before Other Adjust ments  $ 5,701,815,411.29
  Federal Pass�Th rough Revenues  9,124,600.00
  Subtotal  $ 5,710,940,011.29


Reconciling Items:
  Federal Su r plus Personal Proper t y Donation ( Non�Monetar y)  7,468.80
  Build A mer ica Bonds Federal Subsidy  (53,724,308.03)

Total Pass�Th rough and Expendit u res per Federal Schedule  $ 5,657,223,172.06


Note 7 - Federal Deferred Inf  low

  Fe d e r a l  Fe d e r a l
  Deferred Revenue  Increase/( Decrease)  Deferred Revenue
  ALN  September 1, 2024  August 31, 2025

  15.6 0 8 18,884.50 $ (18,884.50) $  �
  2 0 .10  6 134,258.91  3,303.61  137,562.52
  20.205 5,012,352.31  2,684,026.43  7,696,378.74
  2 0 . 3 01 10,193.35  (10,193.35)  �
  2  0 .  314 0.01  (0.01)  �
  2  0 .  317 19,212.86  (19,212.86)  �
  20.505 �  118,965.72  118,965.72
  20.509 13,621.00  (13,621.00)  �
  2 0. 526 0.00  100,321.00  100,321.00
  20.60 0 118,930.27  (15,164.25)  103,766.02
  2  0 . 616 �  125,784.47  125,784.47

  Total Defer red Revenue$ 5,327,453.21 $  2,955,325.26  $  8,282,778.47

T he federal defer red inf  low ending balance of $8,282,778.47 per t ains to federal expendit u res which were incu r red and are reimbu rsable f rom the
Depar t ment of the Inter ior, Federal Aviation Ad minist ration, the Federal Highway Ad minist ration, the Federal Rail road Ad minist ration, the Federal Transit
Ad minist ration, and the Environ ment al Protection Agency, but the federal receivable is not collect able within 60 days af ter the end of the f iscal year.




Note 10 - 15% de M inimis Indirect Cost Rate

T he Texas Depar t ment of Transpor t ation did not elect to use the 15% de minimis indirect cost rate allowed u nder the Unifor m Ad minist rative
Requirements, Cost Pr inciples, and Audit Requirements for Federal Awards. T he depar t ment does not cu r rently bill any federal agency for indirect cost.









Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 185

=== PDF PAGE 196 ===
TEXAS DEPARTMENT OF TRANSPORTATION
SCHEDULE 1B-SCHEDULE OF STATE GRANT PASS-THROUGHS FROM/TO STATE AGENCIES
Year Ended Aug ust 31, 2025



Pass-Through To:

Air por t Routine Maintenance  601.0 029
  Texas A&M Universit y System ( Agency 710)  $ 100,000.00


Air por t Routine Maintenance  6 01. 0  0 3 0
  Texas State Tech nical College System (Agency 719)  $ 100,000.00

  Total Pass�Through To Other Agencies  $ 200,000.00





















































Page 186  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 197 ===
Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 187

=== PDF PAGE 198 ===
  Schedule 2 - Bond Schedules









































Page 188  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 199 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2A - MISCELLANEOUS BOND INFORMATION
  For the Fiscal Year Ended Aug ust 31, 2025

  Governmental Activities
  Te  r  m  s  o  f  Scheduled
  Va  r  i  a  b  l  e  Maturit ies
  Bonds Issued  Range of Interest  Interest  First  Last  Fi rst Cal l
  to Date  Rates  Rates  Ye  a  r  Ye  a  r  Date
  General Obl igat ion Bonds:
  Texas Mobi l it y Fund (Self- Suppor t ing)
  Ser ies 2006�B Var iable Rate Bonds  $ 150,000,000.00  VA  R  VA  R  We  e  k  l y  2036  2036  *
  Ser ies 2009�A Taxable Fixed Rate Bonds  1,208,495,000.00  5. 3670 %  5 .  517 0  %  2029  2039  *
  Ser ies 2014 Fixed Rate Ref u nding Bonds**  973,775,000.00  4.0000%  5.0000%  2  016  2034  04/01/2024
  Ser ies 2014�A Fixed Rate Ref u nding Bonds  1,580,160,000.00  4.0000%  5.0000%  2  017  2044  10 / 01 / 2 0 2 4
  Ser ies 2014�B Put Bonds  250,000,000.00  0.6540%  0.6540%  2040  2  0  41  10 / 01 / 2 0 2 5
  Ser ies 2015�A Fixed Rate Ref u nding Bonds  911,360,000.00  3.2000%  5.0000%  2 018  2036  10 / 01 / 2 0 2 5
  Ser ies 2015�B Fixed Rate Ref u nding Bonds  254,105,000.00  5.0000%  5.0000%  2  0 31  2036  10 / 01 / 2 0 2 5
  Ser ies 2017�A Fixed Rate Ref u nding Bonds  296,020,000.00  5.0000%  5.0000%  2030  2034  10 / 01 / 2 0 2 7
  Ser ies 2017�B Fixed Rate Ref u nding Bonds  474,135,000.00  5.0000%  5.0000%  2029  2036  10 / 01 / 2 0 2 7
  Ser ies 2020 Taxable Fixed Rate Ref u nding Bonds  1,270,690,000.00  0. 2 55 0 %  2 .472 0 %  2 0 21  2044  *
  Ser ies 2024 Fixed Rate Ref u nding Bonds  840,260,000.00  5.0000%  5.0000%  2025  2044  10/1/2034
  Total General Obligation Bonds (Self�Suppor ting)  8,209,000,000.00

  Texas Highway Improvement ( Non- Self- Suppor t ing)
  Ser ies 2010�A Taxable Fixed Rate Bonds  815,420,000.00  3. 2030 %  4 . 6 810 %  2 019  2040  *
  Ser ies 2016 Fixed Rate Bonds  615,000,000.00  5.0000%  5.0000%  2  017  2046  04/01/2026
  Ser ies 2016�A Fixed Rate Bonds  588,755,000.00  4.0000%  5.0000%  2 018  2046  04/01/2026
  Ser ies 2019 Taxable Fixed Rate Ref u nding Bonds  705,550,000.00  2.6040%  4.0000%  2 0 21  2044  04/01/2029
  Ser ies 2020 Taxable Fixed Rate Ref u nding Bonds  794,235,000.00  2.5620%  5.0000%  2022  20 42  *
  Ser ies 2024 Fixed Rate Ref u nding Bonds  696,245,000.00  5.0000%  5.0000%  2025  2044  10 / 01 / 2 0 33
  Total General Obligation ( Non�Self Suppor ting)  4,215,205,000.00

  Revenue Bonds:
  State Highway Fund (Self- Suppor t ing)
  Ser ies 2008 Fixed Rate Bonds  162,995,000.00  3.5000%  5. 250 0 %  2 010  2028  04/01/2018
  Ser ies 2010 Taxable Fixed Rate Bonds  1,500,000,000.00  5.0 28 0 %  5 .17 8  0  %  2026  2030  *
  Ser ies 2014�B Var iable Rate Bonds  300,000,000.00  VA  R  VA  R  We  e  k  l y  2 032  2 032  *
  Ser ies 2015 Revenue Ref u nding Bonds  781,080,000.00  3.0000%  5.0000%  2  017  2026  n  /a
  Ser ies 2016�A Fixed Rate Bonds  601,210,000.00  3.0000%  5.0000%  2  017  2030  10 / 01 / 2 0 2 6
  Ser ies 2016�B Fixed Rate Bonds  89,370,000.00  0.430 0 %  0.560 0%  2025  2026  n  /a
  Ser ies 2024 Revenue Ref u nding Bonds  346,820,000.00  5.0000%  5.0000%  2025  2 033  n  /a
  Total Revenue Bonds (Self�Suppor ting)  3,781,475,000.00
  Total Governmental Activities  $ 16,205,680,000.00


  * Bonds are subject to redemption pr ior to their respective mat u r ities at the option of the Com mission.
  **  These bonds are not outstanding as of 08/31/2025










Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 189

=== PDF PAGE 200 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2A - MISCELLANEOUS BOND INFORMATION (Concluded)
  For the Fiscal Year Ended Aug ust 31, 2025

  Business-Type Activities
  Te  r  m  s  o  f  Scheduled
  Va  r  i  a  b  l  e  Maturit ies
  Bonds Issued  Range of Interest  Interest  First  Last  Fi rst Cal l
  to Date  Rates  Rates  Ye  a  r  Ye  a  r  Date
  Revenue Bonds:
  Central Texas Turnpike System (Self- Suppor t ing)
  First Tier Revenue Bonds Ser ies 2002�A
  Non�Callable Capital Appreciation Bonds***  $ 842,056,727.51  4.470 0%  5.75 0  0  %  2 012  2030  n  /a
  Callable Capital Appreciation Bonds**  325,494,476.65  6.0000%  6.1000%  2025  2038  08/15/2012
  First Tier Revenue Ref u nding Bonds Ser ies 2020�A  179,475,000.00  3.0000%  5.0000%  2039  2040  08/15/2030
  First Tier Revenue Ref u nding Bonds Taxable Ser ies 2020�C  279,305,000.00  3.0290%  3.0290%  2  0 31  2  0  41  08/15/2030
  First Tier Revenue Ref u nding Bonds Ser ies 2024�A  386,210,000.00  5.0000%  5.0000%  2 032  2038  08/15/2034
  First Tier Revenue Ref u nding Put Bonds Ser ies 2024�B  225,000,000.00  5.0000%  5.0000%  20 42  20 42  05/15/2030
  Second Tier Revenue Ref u nding Bonds Ser ies 2024�C  1,022,495,000.00  5.0000%  5.0000%  2  0 31  20 42  08/15/2034
  Total Cent ral Texas Tu r npike System (Self�Suppor ting)  3,260,036,204.16

  Blended Component Unit- Grand Parkway Transpor tat ion Cor porat ion****
  Subordinate Tier Toll Revenue Bonds, Ser ies 2013�B
  Conver tible Capital Appreciation Bonds***  489,160,000.00  4.950 0%  5.850 0 %  2029  2048  10 / 01 / 2 0 2 8
  Cu r rent Interest Bonds**  1,137,935,000.00  5.0000%  5. 250 0 %  2048  2 053  10 / 01 / 2 0 2 3
  Subordinate Tier Toll Revenue Bonds, Ser ies 2013�E  361,810,000.00  5.1840%  5.1840%  2036  20 42  *
  Subordinate Tier Toll Revenue Bonds, Ser ies 2018�A  712,100,000.00  5.0000%  5.0000%  2030  2048  04/01/2028
  First Tier Toll Revenue Ref u nding Bonds, Taxable Ser ies 2020�A 220,415,000.00  2 .10 5 0 %  3. 356 0 %  2026  2 052  04/01/2030
  Subordinate Tier Toll Revenue Ref u nding Bonds, Taxable Ser ies
  2020�B  1,293,260,000.00  1.  5 310  %  3. 236 0 %  2020  2 052  04/01/2030
  First Tier Toll Revenue Ref u nding Bonds, Ser ies 2020�C  793,385,000.00  3.0000%  5.0000%  2 033  2050  n  /a
  Subordinate Tier Toll Revenue Ref u nding Put Bonds, Ser ies
  2023  263,225,000.00  5.0000%  5.0000%  2034  2 052  01 / 01 / 2 0 2 8
  Total Blended Component Unit�G rand Park way Transpor tation
  Cor poration  5,271,290,000.00

  State Highway 249 System
  First Tier Toll Revenue Bonds, Ser ies 2019�A
  Cu r rent Interest Bonds  144,085,000.00  5.0000%  5.0000%  2 053  2 057  02/01/2029
  Capital Appreciation Bonds***  126,009,452.54  3. 39 0 0 %  5.1000%  2028  2 053  02/01/2029
  First Tier Toll Revenue Bonds, Taxable Ser ies 2019�B  12,795,000.00  4.550 0%  4.7000%  2030  2 033  02/01/2029
  Total State Highway 249 System  282,889,452.54
  Total Business-Type Activities  $ 8,814,215,656.70


  *  Bonds are subject to redemption pr ior to their respective mat u r ities at the option of the Cor poration or the Com mission
  **  These bonds are not outstanding as of 08/31/2025
  *** Bonds issued to date include interest accreted to pr incipal.
  ****Grand Parkway Transpor tation Cor poration bonds are not obligations of the State.










Page 190  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 201 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2B - CHANGES IN BONDED INDEBTEDNESS
  For the Fiscal Year Ended Aug ust 31, 2025

  Governmental Activities
  Bonds  Bonds  Bonds
  Outstanding  Bonds  Mat ured or  Bonds Refunded  Outstanding
  Descript ion of Issue  09/01/24  Issued  Ret ired  or Ext inguished  08/31/25
  General Obl igat ion Bonds:
  Texas Mobi l it y Fund
  Ser ies 20 06�B  $ 150,000,000.00  $ �  $ �  $ �  $ 150,000,000.00
  Se r ie s 20 09�A  1,197,225,000.00  6,100,000.00  1,191,125,000.00
  S  e  r  i e  s  2  014  289,920,000.00  55,360,000.00  234,560,000.00
 S  e  r  i e  s  2  014�A  588,765,000.00  70,945,000.00  417,820,000.00  100,000,000.00
  S  e  r  i e  s  2  014�B  250,000,000.00  250,000,000.00
  S e  r  i e  s  2 015�A  773,035,000.00  30,875,000.00  742,160,000.00
  S e  r  i e  s  2 015�B  254,105,000.00  254,105,000.00
  S  e  r  i  e  s  2  017�A  296,020,000.00  296,020,000.00
  S  e  r  i  e  s  2  017�B  474,135,000.00  474,135,000.00
  Ser ies 2020  1,201,975,000.00  23,100,000.00  324,475,000.00  854,400,000.00
  Ser ies 2024  840,260,000.00  840,260,000.00


  Texas Highway Improvement
  S e  r  i e  s  2 010�A  639,570,000.00  31,845,000.00  607,725,000.00
  S  e  r  i e  s  2  016  451,000,000.00  20,500,000.00  430,500,000.00
  S  e  r  i e  s  2  016�A  446,620,000.00  20,305,000.00  426,315,000.00
  S e  r  i e  s  2 019  494,910,000.00  3,795,000.00  491,115,000.00
  Ser ies 2020  214,905,000.00  214,905,000.00
  Ser ies 2024  696,245,000.00  61,960,000.00  634,285,000.00
  Total General Obligation Bonds  8,418,430,000.00  840,260,000.00  324,785,000.00  976,855,000.00  7,957,050,000.00

  Revenue Bonds:
  State Highway Fund
  Ser ies 20 08  47,845,000.00  11,060,000.00  36,785,000.00
  S e  r  i e  s  2 010  1,356,650,000.00  75,265,000.00  1,281,385,000.00
  S  e  r  i e  s  2  014�B  300,000,000.00  300,000,000.00
  S e  r  i e  s  2 015  243,430,000.00  95,935,000.00  147,495,000.00
  S  e  r  i e  s  2  016�A  221,850,000.00  36,805,000.00  185,045,000.00
  S  e  r  i e  s  2  016�B  89,370,000.00  20,500,000.00  68,870,000.00
  Ser ies 2024  346,820,000.00  57,510,000.00  289,310,000.00
  Total Revenue Bonds  2,605,965,000.00  0.00  297,075,000.00  0.00  2,308,890,000.00
  Total Gover n mental Activities  $ 11,024,395,000.00  $ 840,260,000.00  $ 621,860,000.00  $ 976,855,000.00  $ 10,265,940,000.00
















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 191

=== PDF PAGE 202 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2B - CHANGES IN BONDED INDEBTEDNESS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Governmental Activities
  Net Bonds  Amounts Due
  Unamor t i z e d  Unamor t i z e d  Outstanding  Within One
  Descript ion of Issue  Premium  Discount  08/31/25  Ye  a  r
  General Obl igat ion Bonds:
  Texas Mobi l it y Fund
  Ser ies 20 06�B  $ �  $ �  $ 150,000,000.00  $ �
  Se r ie s 20 09�A  1,191,125,000.00  7,865,000.00
  S  e  r  i e  s  2  014
 S  e  r  i e  s  2  014�  A  15,191,820.19  115,191,820.19  799,148.88
  S  e  r  i e  s  2  014�  B  250,000,000.00
 S e  r  i e  s  2 015�A  49,680,518.45  791,840,518.45  40,455,916.12
  S e  r  i e  s  2 015�B  20,893,186.60  274,998,186.60  1,985,728.36
  S  e  r  i  e  s  2  017�A  27,184,203.38  323,204,203.38  3,153,629.03
  S  e  r  i  e  s  2  017�B  44,166,513.40  518,301,513.40  4,894,120.60
  Ser ies 2020  854,400,000.00  23,260,000.00
  Ser ies 2024  79,111,260.38  919,371,260.38  140,943,691.67


  Texas Highway Improvement
  S e  r  i e  s  2 010�A  607,725,000.00  32,695,000.00
  S  e  r  i e  s  2  016  61,955,838.00  492,455,838.00  26,132,348.91
  S  e  r  i e  s  2  016�A  55,244,815.94  481,559,815.94  25,327,400.58
  S e  r  i e  s  2 019  2,241,550.36  493,356,550.36  4,146,562.54
  Ser ies 2020  24,106,505.81  239,011,505.81  1,803,628.99
  Ser ies 2024  67,047,887.85  701,332,887.85  72,305,304.85
  Total General Obligation Bonds  446,824,100.36  0.00  8,403,874,100.36  385,767,480.53

  Revenue Bonds:
  State Highway Fund
  Ser ies 20 08  413,094.92  37,198,094.92  11,843,083.16
  S e  r  i e  s  2 010  1,281,385,000.00  77,340,000.00
  S  e  r  i e  s  2  014�  B  300,000,000.00
  S e  r  i e  s  2 015  4,066,303.68  151,561,303.68  92,362,898.58
  S  e  r  i e  s  2  016�A  12,347,728.80  197,392,728.80  70,651,492.91
  S  e  r  i e  s  2  016�B  870,089.67  69,740,089.67  69,740,089.67
  Ser ies 2024  43,084,765.29  332,394,765.29  5,128,798.94
  Total Revenue Bonds  60,781,982.36  0.00  2,369,671,982.36  327,066,363.26
  Total Gover n mental Activities  $ 507,606,082.72  $ 0.00  $ 10,773,546,082.72  $ 712,833,843.79
















Page 192  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 203 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2B - CHANGES IN BONDED INDEBTEDNESS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Business-Type Activities
  Bonds  Bonds  Bonds
  Outstanding  Bonds  Mat ured or  Bonds Refunded  Outstanding
  Descript ion of Issue  09/01/24  Issued  Ret ired  or Ext inguished  08/31/25
  Revenue Bonds:
  Central Texas Turnpike System
  First Tier Bonds Ser ies 2002�A,
  Non�Callable CAB’s  $ 417,265,835.55  $ 24,112,289.41**  $ 60,410,000.00  $ �  $ 380,968,124.96
  First Tier Revenue Ref u nding
  Bonds Ser ies 2020�A  179,475,000.00  179,475,000.00
  First Tier Revenue Ref u nding
  Bonds Taxable Ser ies 2020�C  279,305,000.00  279,305,000.00
  First Tier Revenue Ref u nding
  Bonds ser ies 2024�A  386,210,000.00  386,210,000.00
  First Tier Revenue Ref u nding Put
  Bonds series 2024�B  225,000,000.00  225,000,000.00
  Second Tier Revenue Ref u nding
  Bonds ser ies 2024�C  1,022,495,000.00  1,022,495,000.00

  Blended Component Unit-
  Grand Parkway Transpor tat ion
  C  o  r  p  .* :
  Subordinate Tier Toll Revenue
  Bonds, Series 2013�B:
  C a l lable CA B  489,160,000.00  489,160,000.00
  Subordinate Tier Toll Revenue
  Bonds, Ser ies 2013�E  361,810,000.00  361,810,000.00
  Subordinate Tier Toll Revenue
  Bonds, Ser ies 2018�A  712,100,000.00  712,100,000.00
  First Tier Ref u nding Bonds
  Taxable Ser ies 2020�A  220,415,000.00  220,415,000.00
  Subordinate Tier Ref u nding
  Bonds Taxable Ser ies 2020�B  1,222,475,000.00  2,780,000.00  1,219,695,000.00
  First Tier Ref u nding Bonds Ser ies
  2020�C  793,385,000.00  793,385,000.00
  Subordinate Tier Toll Revenue
  Ref u nding Put Bonds, Ser ies
  2023  263,225,000.00  263,225,000.00

  State Highway 249 System
  First Tier Toll Revenue Bonds
  Ser ies 2019�A:
  Cu r rent Interest Bonds  144,085,000.00  144,085,000.00
  Capital Appreciation Bonds  120,141,913.17  5,867,539.37**  126,009,452.54
  First Tier Toll Revenue Bond
  Taxable Ser ies 2019�B:  12,795,000.00  12,795,000.00
  Total Business�Ty pe Activities  $ 6,849,342,748.72  $ 29,979,828.78  $ 63,190,000.00  $ 0.00  $ 6,816,132,577.50


  *G rand Park way Transpor tation Cor poration debt issuances are not obligations of the State
  **Due to an nual pr incipal accretion.








Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 193

=== PDF PAGE 204 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2B - CHANGES IN BONDED INDEBTEDNESS (Concluded)
  For the Fiscal Year Ended Aug ust 31, 2025

  Business-Type Activities
  Net Bonds  Amounts Due
  Unamor t i z e d  Unamor t i z e d  Outstanding  Within One
  Descript ion of Issue  Premium  Discount  08/31/25  Ye  a  r
  Revenue Bonds:
  Central Texas Turnpike System
  First Tier Bonds Ser ies 2002�A, Non�
  C  a  l  l  a  b  l  e  C A  B ’s  $ �  $ �  $ 380,968,124.96  $ 77,205,000.00
  First Tier Revenue Ref u nding Bonds
  Ser ies 2020�A  29,166,651.88  208,641,651.88  2,042,684.27
  First Tier Revenue Ref u nding Bonds
  Taxable Ser ies 2020�C  279,305,000.00
  First Tier Revenue Ref u nding Bonds
  se r ie s 2024�A  42,781,781.29  428,991,781.29  3,855,802.93
  First Tier Revenue Ref u nding Put
  Bonds series 2024�B  16,302,552.64  241,302,552.64  958,973.68
  Second Tier Revenue Ref u nding Bonds
  ser ies 2024�C  101,154,232.06  1,123,649,232.06  9,538,308.42

  Blended Component Unit- Grand
  Parkway Transpor tat ion Cor p.*:
  Subordinate Tier Toll Revenue Bonds,
  S e r  ie s  2 013�B:
  C a l lable CA B  489,160,000.00
  Subordinate Tier Toll Revenue Bonds,
  S e  r  i e  s  2 013�E  361,810,000.00
  Subordinate Tier Toll Revenue Bonds,
  S  e  r  i e  s  2  018�A  66,454,946.94  778,554,946.94  3,956,112.92
  First Tier Ref u nding Bonds Taxable
  Ser ies 2020�A  220,415,000.00
  Subordinate Tier Ref u nding Bonds
  Taxable Ser ies 2020�B  1,219,695,000.00  2,825,000.00
  First Tier Ref u nding Bonds Ser ies
  2020�C  86,265,191.63  879,650,191.63  3,883,635.87
  Subordinate Tier Toll Revenue
  Ref u nding Put Bonds, Ser ies 2023  16,770,270.18  279,995,270.18  732,574.44

  State Highway 249 System
  First Tier Toll Revenue Bonds Ser ies
  2 019�A:
  Cu r rent Interest Bonds  9,501,683.90  153,586,683.90  315,237.60
  Capital Appreciation Bonds  126,009,452.54
  First Tier Toll Revenue Bond Taxable
  S e  r  i e  s  2 019�B:  12,795,000.00
  Total Business�Ty pe Activities  $ 368,397,310.52  $ 0.00  $ 7,184,529,888.02  $ 105,313,330.13


  *G rand Park way Transpor tation Cor poration debt issuances are not obligations of the State.











Page 194  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 205 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS
  For the Fiscal Year Ended Aug ust 31, 2025

  Governmental Activities
  Descript ion of Issue  Ye  a  r  Principal  Interest
  TMF General Obl igat ion Bonds
  Ser ies 20 06�B  2026  $ 4,620,000.00
  2027  4,620,000.00
  2028  4,624,219.19
  2029  4,615,780.82
  2030  4,620,000.00
  2031�2035  19,890,000.00  22,843,206.49
  2036�2040  130,110,000.00  2,335,828.14
  150,000,000.00  48,279,034.64

  Se r ie s 20 09�A  2026  7,865,000.00  65,650,421.26
  2027  9,755,000.00  65,228,306.70
  2028  11,780,000.00  64,704,755.86
  2029  13,230,000.00  64,072,523.26
  2030  15,490,000.00  63,362,469.16
  2031�2035  116,035,000.00  301,206,959.58
  2036�2040  1,016,970,000.00  189,654,322.96
  1,191,125,000.00  813,879,758.78

  S  e  r  i e  s  2  014�A  2026  4,000,000.00
  2027  4,000,000.00
  2028  4,000,000.00
  2029  4,000,000.00
  2030  4,000,000.00
  2031�2035  20,000,000.00
  2036�2040  20,000,000.00
  2041�2045  100,000,000.00  14,040,000.00
  $ 100,000,000.00  $ 74,040,000.00



























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 195

=== PDF PAGE 206 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  TMF General Obl igat ion Bonds (cont inued)
  S  e  r  i e  s  2  014�B  2026  $ 1,625,000.00
  2027  8,750,000.00
  2028  8,750,000.00
  2029  8,750,000.00
  2030  8,750,000.00
  2031�2035  43,750,000.00
  2036�2040  43,750,000.00
  2041�2045  250,000,000.00  8,169,875.00
  250,000,000.00  132,294,875.00

  S e  r  i e  s  2 015�A  2026  33,300,000.00  34,027,600.00
  2027  35,855,000.00  32,298,725.00
  2028  102,225,000.00  29,176,725.00
  2029  76,970,000.00  25,251,850.00
  2030  109,035,000.00  21,039,225.00
  2031�2035  166,810,000.00  72,236,250.00
  2036�2040  217,965,000.00  11,908,675.00
  742,160,000.00  225,939,050.00

  S e  r  i e  s  2 015�B  2026  12,705,250.00
  2027  12,705,250.00
  2028  12,705,250.00
  2029  12,705,250.00
  2030  12,705,250.00
  2031�2035  89,810,000.00  54,195,000.00
  2036�2040  164,295,000.00  9,606,625.00
  $ 254,105,000.00  $ 127,327,875.00




























Page 196  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 207 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  TMF General Obl igat ion Bonds (cont inued)
  S  e  r  i  e  s  2  017�A  2026  $ 14,801,000.00
  2027  14,801,000.00
  2028  14,801,000.00
  2029  14,801,000.00
  2030  14,801,000.00
  2031�2035  296,020,000.00  46,178,750.00
  296,020,000.00  120,183,750.00

  S  e  r  i  e  s  2  017�B  2026  23,706,750.00
  2027  23,706,750.00
  2028  23,706,750.00
  2029  23,706,750.00
  2030  35,505,000.00  22,819,125.00
  2031�2035  285,940,000.00  75,846,250.00
  2036�2040  152,690,000.00  8,593,500.00
  474,135,000.00  202,085,875.00

  Ser ies 2020  2026  23,260,000.00  17,290,527.22
  2027  17,204,814.14
  2028  20,270,000.00  17,090,998.09
  2029  69,485,000.00  16,496,693.25
  2030  71,750,000.00  15,466,240.71
  2031�2035  196,580,000.00  66,358,059.10
  2036�2040  146,830,000.00  53,321,525.38
  2041�2045  326,225,000.00  26,514,981.00
  $ 854,400,000.00  $ 229,743,838.89





























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 197

=== PDF PAGE 208 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  TMF General Obl igat ion Bonds (concluded)
  Ser ies 2024  2026  $ 128,525,000.00  $ 38,799,875.00
  2027  77,310,000.00  33,654,000.00
  2028  90,405,000.00  29,461,125.00
  2029  82,855,000.00  25,129,625.00
  2030  12,385,000.00  22,748,625.00
  2031�2035  354,005,000.00  61,575,875.00
  2036�2040  25,760,000.00  23,049,750.00
  2041�2045  69,015,000.00  12,211,625.00
  840,260,000.00  246,630,500.00

  Texas Highway Improvement General Obl igat ion Bonds
  S e  r  i e  s  2 010�A  2026  32,695,000.00  28,185,411.66
  2027  33,605,000.00  26,788,354.30
  2028  34,615,000.00  25,232,106.76
  2029  35,660,000.00  23,629,086.10
  2030  36,735,000.00  21,977,671.50
  2031�2035  200,985,000.00  83,300,551.72
  2036�2040  233,430,000.00  33,436,383.02
  607,725,000.00  242,549,565.06

  S  e  r  i e  s  2  016  2026  20,500,000.00  21,525,000.00
  2027  20,500,000.00  20,500,000.00
  2028  20,500,000.00  19,475,000.00
  2029  20,500,000.00  18,450,000.00
  2030  20,500,000.00  17,425,000.00
  2031�2035  102,500,000.00  71,750,000.00
  2036�2040  102,500,000.00  46,125,000.00
  2041�2045  102,500,000.00  20,500,000.00
  2046  20,500,000.00  1,025,000.00
  $ 430,500,000.00  $ 236,775,000.00
























Page 198  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 209 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  Texas Highway Improvement General Obl igat ion Bonds (cont inued)
  S  e  r  i e  s  2  016�A  2026  $ 20,305,000.00  $ 20,909,750.00
  2027  20,305,000.00  19,894,500.00
  2028  20,305,000.00  18,879,250.00
  2029  20,300,000.00  17,864,000.00
  2030  20,300,000.00  16,849,000.00
  2031�2035  101,500,000.00  69,020,000.00
  2036�2040  101,500,000.00  43,645,000.00
  2041�2045  101,500,000.00  18,270,000.00
  2046  20,300,000.00  812,000.00
  426,315,000.00  226,143,500.00

  S e  r  i e  s  2 019  2026  3,945,000.00  15,253,940.19
  2027  4,100,000.00  15,096,140.19
  2028  32,970,000.00  14,932,140.19
  2029  31,110,000.00  13,943,040.19
  2030  17,410,000.00  13,009,740.19
  2031�2035  128,135,000.00  56,809,363.35
  2036�2040  156,395,000.00  34,175,636.40
  2041�2045  117,050,000.00  8,677,406.44
  491,115,000.00  171,897,407.14


  Ser ies 2020  2026  5,505,866.10
  2027  5,505,866.10
  2028  5,505,866.10
  2029  5,505,866.10
  2030  5,505,866.10
  2031�2035  29,210,000.00  27,529,330.50
  2036�2040  136,165,000.00  16,636,347.00
  2041�2045  49,530,000.00  1,893,958.50
  $ 214,905,000.00  $ 73,588,966.50
























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 199

=== PDF PAGE 210 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  Texas Highway Improvement General Obl igat ion Bonds (concluded)
  Ser ies 2024  2026  $ 63,250,000.00  $ 31,714,250.00
  2027  63,120,000.00  28,551,750.00
  2028  35,445,000.00  25,395,750.00
  2029  39,310,000.00  23,623,500.00
  2030  53,805,000.00  21,658,000.00
  2031�2035  217,690,000.00  68,610,000.00
  2036�2040  105,895,000.00  29,994,750.00
  2041�2045  55,770,000.00  5,272,750.00
  634,285,000.00  234,820,750.00

  Total General Obl igat ion Bonds  7,957,050,000.00  3,406,179,746.01

  SHF Revenue Bonds
  Ser ies 20 08  2026  11,640,000.00  1,931,212.50
  2027  12,250,000.00  1,320,112.50
  2028  12,895,000.00  676,987.50
  36,785,000.00  3,928,312.50

  S e  r  i e  s  2 010  2026  77,340,000.00  66,234,105.30
  2027  203,795,000.00  62,345,450.10
  2028  313,355,000.00  51,792,945.00
  2029  337,665,000.00  35,567,423.10
  2030  349,230,000.00  18,083,129.40
  $ 1,281,385,000.00  $ 234,023,052.90
































Page 200  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 211 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  SHF Revenue Bonds (cont inued)
  S  e  r  i e  s  2  014�B  2026  $ 8,250,000.00
  2027  8,250,000.00
  2028  8,257,534.25
  2029  8,242,465.75
  2030  8,250,000.00
  2031�2034  300,000,000.00  13,058,763.75
  300,000,000.00  54,308,763.75

  S e  r  i e  s  2 015  2026  89,445,000.00  5,138,625.00
  2027  58,050,000.00  1,451,250.00
  147,495,000.00  6,589,875.00

  S  e  r  i e  s  2  016�A  2026  66,105,000.00  7,599,625.00
  2027  52,540,000.00  4,633,500.00
  2028  10,920,000.00  3,047,000.00
  2029  11,300,000.00  2,491,500.00
  2030  11,665,000.00  1,917,375.00
  2031�2034  32,515,000.00  812,875.00
  $ 185,045,000.00  $ 20,501,875.00







































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 201

=== PDF PAGE 212 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  SHF Revenue Bonds (concluded)
  S  e  r  i e  s  2  016�B  2026  $ 68,870,000  $ 385,672.00
  68,870,000.00  385,672.00

  Ser ies 2024  2026  14,465,500.00
  2027  14,465,500.00
  2028  14,465,500.00
  2029  14,465,500.00
  2030  14,465,500.00
  2031�2034  289,310,000.00  41,958,000.00
  289,310,000.00  114,285,500.00

  Total Revenue Bonds  2,308,890,000.00  434,023,051.15

  TOTAL GOVERNMENTAL ACTIVITIES  $ 10,  265,9 4 0,0  0  0.0  0  $ 3,840,202,797.16













































Page 202  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 213 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  BUSINESS -TYPE ACTIVITIES
  Descript ion of Issue  Ye  a  r  Principal  Interest
  CTTS Revenue Bonds
  Ser ies 2002�A  Non�callable CA B’s  2026  $ 77,205,000.00
  2027  84,355,000.00
  2028  91,830,000.00
  2029  97,040,000.00
  2030  102,025,000.00
  452,455,000.00  �

  Ser ies 2020�A  2026  7,973,750.00
  2027  7,973,750.00
  2028  7,973,750.00
  2029  7,973,750.00
  2030  7,973,750.00
  2031�2035  39,868,750.00
  2036�2040  179,475,000.00  33,395,000.00
  179,475,000.00  113,132,500.00

  Ser ies 2020�C  2026  8,460,148.50
  2027  8,460,148.50
  2028  8,460,148.50
  2029  8,460,148.50
  2030  8,460,148.50
  2031�2035  495,000.00  42,271,512.58
  2036�2040  147,310,000.00  41,284,967.18
  2041�2045  131,500,000.00  3,983,135.00
  $ 279,305,000.00  $ 129,840,357.26





























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 203

=== PDF PAGE 214 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  CTTS Revenue Bonds (cont inued)
  Ser ies 2024�A  2026  $ 19,310,500.00
  2027  19,310,500.00
  2028  19,310,500.00
  2029  19,310,500.00
  2030  19,310,500.00
  2031�2035  108,375,000.00  90,552,500.00
  2036�2040  277,835,000.00  27,153,250.00
  386,210,000.00  214,258,250.00

  Ser ies 2024�B  2026  11,250,000.00
  2027  11,250,000.00
  2028  11,250,000.00
  2029  11,250,000.00
  2030  11,250,000.00
  2031�2035  45,000,000.00
  2036�2040  45,000,000.00
  2041�2045  225,000,000.00  16,381,600.00
  225,000,000.00  162,631,600.00

  Ser ies 2024�C  2026  51,124,750.00
  2027  51,124,750.00
  2028  51,124,750.00
  2029  51,124,750.00
  2030  51,124,750.00
  2031�2035  551,000,000.00  201,241,250.00
  2036�2040  367,065,000.00  77,595,250.00
  2041�2045  104,430,000.00  7,720,250.00
  $ 1,022,495,000.00  $ 542,180,500.00



























Page 204  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 215 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  Grand Parkway Transpor tat ion Cor p.*
  S e  r  i e  s  2 013�B  2026  $ 27,757,552.50
  2027  27,757,552.50
  2028  27,757,552.50
  2029  27,757,552.50
  2030  2,090,000.00  27,705,825.00
  2031�2035  90,080,000.00  129,426,390.00
  2036�2040  65,995,000.00  99,470,200.00
  2041�2045  75,740,000.00  93,880,062.50
  2046�2050  255,255,000.00  25,607,263.75
  489,160,000.00  487,119,951.25

  S e  r  i e  s  2 013�E  2026  18,756,230.40
  2027  18,756,230.40
  2028  18,756,230.40
  2029  18,756,230.40
  2030  18,756,230.40
  2031�2035  93,781,152.00
  2036�2040  184,865,000.00  78,407,870.40
  2041�2045  176,945,000.00  12,406,219.20
  361,810,000.00  278,376,393.60

  S  e  r  i e  s  2  018�A  2026  35,605,000.00
  2027  35,605,000.00
  2028  35,605,000.00
  2029  35,605,000.00
  2030  35,605,000.00
  2031�2035  84,695,000.00  169,727,125.00
  2036�2040  194,820,000.00  133,911,750.00
  2041�2045  238,745,000.00  78,944,375.00
  2046�2050  193,840,000.00  19,683,500.00
  $ 712,100,000.00  $ 580,291,750.00























Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 205

=== PDF PAGE 216 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  Grand Parkway Transpor tat ion Cor p.* (cont inued)
  Ser ies 2020�A  2026  $ 7,223,846.78
  2027  935,000.00  7,214,005.90
  2028  985,000.00  7,193,551.64
  2029  1,025,000.00  7,171,073.88
  2030  1,075,000.00  7,146,228.87
  2031�2035  6,150,000.00  35,283,090.12
  2036�2040  8,430,000.00  34,260,266.60
  2041�2045  25,945,000.00  32,185,437.65
  2046�2050  94,295,000.00  22,125,444.95
  2 0 51�20 55  81,575,000.00  4,852,020.90
  220,415,000.00  164,654,967.29

  Ser ies 2020�B  2026  2,825,000.00  39,025,403.92
  2027  2,880,000.00  38,973,764.42
  2028  2,935,000.00  38,917,933.54
  2029  2,995,000.00  38,857,568.78
  2030  3,060,000.00  38,792,469.40
  2031�2035  16,390,000.00  192,869,111.91
  2036�2040  18,695,000.00  190,564,650.88
  2041�2045  21,830,000.00  187,424,849.00
  2046�2050  135,460,000.00  180,474,912.20
  2 0 51�20 55  1,012,625,000.00  52,687,014.90
  1,219,695,000.00  998,587,678.95

  Ser ies 2020�C  2026  31,025,400.00
  2027  31,025,400.00
  2028  31,025,400.00
  2029  31,025,400.00
  2030  31,025,400.00
  2031�2035  970,000.00  155,089,750.00
  2036�2040  25,790,000.00  153,280,425.00
  2041�2045  175,020,000.00  136,001,950.00
  2046�2050  518,420,000.00  70,012,350.00
  2 0 51�20 55  73,185,000.00  1,097,775.00
  $ 793,385,000.00  $ 670,609,250.00

















Page 206  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 217 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Continued)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  Grand Parkway Transpor tat ion Cor p. (concluded) *
  Ser ies 2023  2026  $ 13,161,250.00
  2027  13,161,250.00
  2028  13,161,250.00
  2029  13,161,250.00
  2030  13,161,250.00
  2031�2035  345,000.00  65,797,625.00
  2036�2040  9,205,000.00  64,842,375.00
  2041�2045  97,385,000.00  54,060,875.00
  2046�2050  50,125,000.00  37,819,375.00
  2 0 51�20 55  106,165,000.00  6,383,375.00
  $ 263,225,000.00  $ 294,709,875.00

  *G rand Park way Transpor tation Cor p. bonds is a blended component u nit of Tx DOT, these are not obligations of the state.















































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 207

=== PDF PAGE 218 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2C - DEBT SERVICE REQUIREMENTS (Concluded)
  For the Fiscal Year Ended Aug ust 31, 2025

  Descript ion of Issue  Ye  a  r  Principal  Interest
  State Highway 249 System
  S e  r  i e  s  2 019�A  2026  $ 7,204,250.00
  2027  7,204,250.00
  2028  7,204,250.00
  2029  7,204,250.00
  2030  7,204,250.00
  2031�2035  36,021,250.00
  2036�2040  36,021,250.00
  2041�2045  36,021,250.00
  2046�2050  36,021,250.00
  2 0 51�20 55  80,910,000.00  32,262,750.00
  2056�2060  63,175,000.00  4,776,750.00
  144,085,000.00  217,145,750.00

  Ser ies 2019�A CA Bs  2028  335,000.00
  2029  1,030,000.00
  2030
  2031�2035  12,995,000.00
  2036�2040  54,185,000.00
  2041�2045  84,885,000.00
  2046�2050  111,715,000.00
  2 0 51�20 55  55,815,000.00
  320,960,000.00  �

  S e  r  i e  s  2 019�B  2026  594,712.50
  2027  594,712.50
  2028  594,712.50
  2029  594,712.50
  2030  1,455,000.00  594,712.50
  2031�2035  11,340,000.00  1,172,470.00
  12,795,000.00  4,146,032.50

  TOTAL BUSINESS-TYPE ACTIVITIES  $ 7,082,570,000.00  $ 4,857,684,855.85





















Page 208  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 219 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2D - ANALYSIS OF FUNDS AVAILABLE FOR DEBT SERVICE
  For the Fiscal Year Ended Aug ust 31, 2025

  Governmental Activities


  Pledged and Other Sources and Related Expenditures for F Y 2025
  Net Avai lable for Debt Ser v ice  Debt Service

  Operating Expenses/
  Total Pledged  Expenditures and
  Descript ion of Issue  and Other Sources  Capit al Outlay  Principal  Interest
  Texas Mobilit y General Obligation Bonds  $ 576,915,303.92  (A)  $ 186,380,000.00  $ 222,610,609.69


  State Highway Fu nd Revenue Bonds  10,695,104,669.14  (  B)  297,075,000.00  119,300,718.17
  $ 11,272,019,973.06  $ 483,455,000.00  $ 341,911,327.86

  (A) Expenses associated with pledged sou rces were $512,203,820.84.
  (B) Expenses associated with pledged sou rces were $19,505,099,320.90.

  Business-Ty pe and Blended Component Unit Act iv it ies


  Pledged and Other Sources and Related Expenditures for F Y 2025
  Net Avai lable for Debt Ser v ice  Debt Service

  Operating Expenses/
  Total Pledged  Expenditures and
  Descript ion of Issue  and Other Sources  Capit al Outlay  Principal  Interest
  Cent ral Texas Tu r npike System  $ 354,533,631.67  (C )  $ 60,410,000.00  $ 99,934,376.28


  Grand Parkway Transpor tation Cor poration  428,329,946.93  (  D)  2,780,000.00  172,601,886.70

  State Highway 249 System  32,048,094.99  (E)  7,798,962.50

  $ 814,911,673.59  $ 63,190,000.00  $ 280,335,225.48


  (C) Expenses associated with pledged sou rces were $167,004,223.01.
  (D) Expenses associated with pledged sou rces were $78,081,315.46.
  (E) Expenses associated with pledged sou rces were $6,042,807.04.





















Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 209

=== PDF PAGE 220 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2E - DEFEASED BONDS OUTSTANDING
  For the Fiscal Year Ended Aug ust 31, 2025

  P  a  r  Va  l  u  e
  Descr iption of Issue  Year Defeased  Outstanding
  Business-Type Activities
  Central Texas Turnpike System Revenue Bonds
  First Tier Revenue Bonds Ser ies 2002�A Capital Appreciation Bonds*  2 015  6,870,732.03

  Total Business�Ty pe Activities  6,870,732.03

  To  t  a  l  $ 6,870,732.03

  * Includes $5,059,596.13 of accreted interest.




















































Page 210  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

=== PDF PAGE 221 ===
  TEXAS DEPARTMENT OF TRANSPORTATION
  SCHEDULE 2F - EARLY EXTINGUISHEMENT AND REFUNDING
  For the Fiscal Year Ended Aug ust 31, 2025



  A mou nt  For Ref u ndi ng Only
  Exting uished or  Ref u ndi ng  Cash Flow
  Descr ipt ion  Categor y  Ref u nded  Issued Par Value  Increase  Economic Gai n
  Governmental Activities
  Texas Mobilit y Fu nd General Obligation Bonds
  Ser ies 2014 Fixed Rate Ref u nding Bonds  Cu r rent Ref u ndi ng  $ 234,560,000.00  $ 214,130,000.00 $  17,312,550.00 $  15,023,446.49
  Ser ies 2014�A Fixed Rate Ref u nding Bonds  Cu r rent Ref u ndi ng  417,820,000.00  381,905,000.00  30,786,199.80  27,623,062.11
  Ser ies 2020 Taxable Fixed Rate Ref u nding Bonds  Cu r rent Ref u ndi ng  324,475,000.00  244,225,000.00  25,877,783.06  12,158,094.11
  Total Texas Mobilit y Fu nd General Obligation Bonds  976,855,000.00  840,260,000.00  73,976,532.86  54,804,602.71

  Total Govermental Activities  $ 976,855,000.00  $ 840,260,0 0 0.0 0  $ 73,976,532.86  $ 54,804,602.71



















































Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 211

=== PDF PAGE 222 ===
Texas Department of
Transportation
Schedule 3 - Matrix of
Expenditures Reported by
Function - Governmental Funds
For the Fiscal Year Ended Aug ust 31, 2025



  Texas Mobi l it y  Texas Mobi l it y
  St ate H ighway  Fund - Debt  Fund - Capital  Nonmajor  Transportation
  Fund  Ser vice  Projects  Funds  F  u  n  c  t  i  o  n  To  t  a  l


Salar ies and Wages  $ 1,035,944,319.37 $  $  $  $  1,035,944,319.37
Pay roll Related Costs  456,018,617.56  456,018,617.56
Professional Fees and Services  1,897,747,570.78  0  5,435,686.92  1,903,183,257.70
Federal Pass�Th rough Expendit u res  13,794,677.72  13,794,677.72
State Pass�Th rough Expendit u res  200,000.00  200,000.00
Travel  12,564,945.84  12,564,945.84
Mater ials and Supplies  680,965,868.36  651,672.69  681,617,541.05
Communication and Utilities  76,251,131.95  76,251,131.95
Repairs and Maintenance  893,491,560.19  429,889.24  893,921,449.43
Rentals and Leases  40,769,688.33  40,769,688.33
Pr inting and Reproduction  3,002,507.42  14,112.89  3,016,620.31
Claims and Judg ments  71,801,416.52  71,801,416.52
Intergover n ment al Pay ments  262,873,688.18  75,770,244.56  117,073,409.00  455,717,341.74
Public Assistance Pay ments  73,762,458.98  18,685,983.76  92,448,442.74
Other Expendit u res  465,111,108.80  0  267,990.49  465,379,099.29

Total Expenditures  $ 5,984,299,560.00 $  0.00 $  94,456,228.32 $  123,872,761.23 $  6,202,628,549.55



The above schedule represents gover n mental f u nd expendit u res of the t ranspor tation f u nction in the object code detail.































Page 212  Fiscal Year Ending August 31, 2025 � Texas Department of Transportation

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Fiscal Year Ending August 31, 2025 � Texas Department of Transportation  Page 213

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