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                                                                         Report on Toll Projects For
                                                                         Fiscal Year 2025

                                                                         Pursuant to HB 803, 86TH Texas Legislature


                                                                         February 27, 2026








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Introduction

House Bill 803,            86th Legislature, Regular Session (2019)                                                                                       added Transportation
Code, §372.054, which requires a toll project entity to publish certain financial
information on each of its toll projects. The Texas Department of Transportation
(TxDOT), a toll project entity pursuant to Section 372.001                                                                                          and Chapter 228,                                                                             Texas
Transportation Code, has prepared this report solely for the purpose of satisfying
this requirement. Information presented in this report is for the fiscal year ended
August 31, 2025.


TxDOT-Operated Toll Projects

Revenues and Expenses for Financed Toll Projects
The table                     below sets forth for each TxDOT-operated toll project or system financed
with toll revenue debt, the final maturity of the debt, operating revenues,
operating expenses, repairs and maintenance expenses and debt service for fiscal
year 2025 (FY 2025). The table includes relevant excerpts of financial data solely
for satisfying the requirements of HB 803.

























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 Table 1: FY 2025 Revenues and Expenses of Financed Toll Projects1


                                            Final Maturity                                                                       Repairs &
       System/Project                          of Project/               Operating                 Operating                  Maintenance                          Debt
           (in millions)                     System Debt                 Revenues                 Expenses 2                     Expenses                       Service

         Central Texas
      Turnpike System
   (SH 130 Segments 1                               2042                   $337.64                   $101.87                        $65.14                      $160.34
    –            4, Loop 1, SH 45N
           & SH 45SE)

       Grand Parkway
              System                                                                                                                                                                                                                                                                      2053                                                                                                                                                         $393.32                                                                                                                                         $59.11                                                                                                                                                                                                 $18.97                                                                                                                                                                                   $175.38

        I-35E Managed                               2052                    $40.39                     $6.52                         $8.75                        $8.36
         Lanes Project

        SH 249 System                               2057                    $29.41                     $4.51                         $1.53                        $7.80


1 A State Highway Fund loan was made to the Texas Transportation Finance Corporation to terminate the SH 288
 Comprehensive Development Agreement in 2024. However, the corporation did not have access to the revenues
 during fiscal year 2025 and no debt  service was paid before the State Highway Fund loan was refunded by bonds
 in October 2025. All revenues after expenses were applied to the refunding transaction and the continued
 maintenance costs of the facility.
2 Excludes Depreciation and Amortization


Source: Amounts were obtained from the Annual Financial Report for the FY ended August 31, 2025, of TxDOT or
 of the respective toll project or system, as applicable.

 Surplus Revenues - Financed Toll Projects

 For TxDOT-operated toll projects that are financed with toll revenue debt, revenues
 in excess of debt service and expenses are used to fund project reserve accounts
 customarily required by bond indentures and trust agreements, which results in no
 “surplus   revenues” reportable for any system or project listed in Table 1 for FY 2025.




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 Note that the term “surplus revenues” in this report may differ from similar terms
 defined by the toll project bond indentures.

 Revenues and Expenses for Non-                                                        Financed Toll Projects

 The table                             below     sets forth         operating         revenues and operating and maintenance
 expenses attributable to       each       TxDOT-operated toll project                             not financed with toll
 revenue debt.

 Table 2: FY 2025 Revenues and Expenses of Non-Financed Toll Projects



                   System/Project                                       Operating                     Operating                   Maintenance                        Surplus
                      (in millions)                                     Revenues                      Expenses                       Expenses                       Revenue

    DFW Connector Managed Lanes                                             $2.67                         $0.47                          $1.04                          $1.16
         (SH 114 in Tarrant County)

               I-30 Managed Lanes                                           $3.40                         $0.81                          $2.61                        ($0.02)

      I-635/LBJ East Express Lanes                                          $0.02                         $0.00                          $0.00                          $0.02

        Midtown Express Managed
    Lanes                                                                                                                            (SH 183, SH 114 in Dallas $44.09                                                                                                                                                                                                                      $6.08                                                                                                                                                                                                                                                                                  $2.16                                                                                                                                                                                                                                                                         $0.001
              County and Loop 12)

            SH 288 Managed Lanes                                          $107.35                        $11.36                          $2.73                         $93.26
         (SH 288 in Harris County)2





1 The excess of $35.85 million will be reserved in the State Highway Fund for use on potential future expansions to
 the corridors.
2 The Texas Transportation Finance Corporation bond financed the SH 288 Managed Lanes project in October
 2025. The project will be displayed in Table 1: Revenues and Expenses of Financed Toll Projects in future reports
 to reflect the financing. All revenues after expenses were applied to the refunding transaction and the continued
 maintenance costs of the facility.

 Surplus Revenues –                Non-                                                        Financed Toll Projects

 The TxDOT-operated toll projects that are not financed are shown in Table 2.  Please
 note that reconstruction of the I-635/LBJ East Express Lanes began in spring 2020


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and tolls                               were       temporarily removed.       TxDOT does not have any operating or
maintenance expenses during the reconstruction.       Operating revenues reported
during fiscal 2025                 represent amounts collected during fiscal 2025                that were billed
to customers prior to the cessation of tolling.


Anticipated Capital Plans

Table 3 sets forth the anticipated capital plans for each toll project or system with
such a plan. Excluded from the estimates are construction activities funded with
bond proceeds or non-toll revenue. Projects to be funded from the surplus revenues
of certain non-financed toll projects in the Dallas-Fort Worth region shown in Table
2 will be programmed in coordination with the North Central Texas Council of
Governments.

Estimated Capital Plan Expenditures are necessarily based on various assumptions
and estimates that are inherently subject to change. Assumptions related to the
foregoing involve judgments with respect to, among other things, future economic,
competitive and market conditions and future business decisions, and may be
revised.
























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Table 3: FY 2026 –             FY 2030 Capital Plans 1


                                                                Estimated Capital Plan
                                     System/Project                    Expenditures                           Planned Capital Activities

              Central Texas Turnpike System                             $189 million                       •     SH 130 Expansion Pre-
                                                                                                                 development
                                                                                                           •     Major Maintenance
                         Grand Parkway System                                                                                                                                                                                               $440 million • Segment B-1 Pre-development
                                                                                                           •                                                                System Expansions
                                                                                                           •     Major Maintenance
                 I-35E Managed Lanes Project                             $18 million                       •     Toll Equipment
                                                                                                           •     Major Maintenance
                                     SH 249 System                        $5 million                       •     Capital Maintenance
                                                                                                           •     Major Maintenance
                         SH 288 Managed Lanes                            $17 million                       •     ROW: Operation Center
                                                                                                                 Parking Project
                                                                                                           •     Major Maintenance
           Midtown Express Managed Lanes                                 $11 million                       •                                                                Major Maintenance






1 For additional information about proposed capital projects, please see the most recent Unified Transportation
Program at the following link: Unified Transportation Program


Toll Projects Operated Under a Comprehensive
Development Agreement

TxDOT may enter into a c                                            omprehensive development agreement (CDA) with a
private developer to design, construct, finance, operate and maintain an eligible
toll project for up to 52 years. A CDA may authorize                                    the private developer to
impose and collect tolls from users of the project over the term of the agreement
until the termination date. (State law specified which TxDOT projects may be
developed under a CDA.  CDA authorization expired in 2017 for all TxDOT projects
except the Grand Parkway.)





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TxDOT has entered into such             CDAs for the development of four               projects, as shown
in Table 4.


Table 4: Project Cost and Termination Year for CDA Projects

                                                                                     Contract Value for
 Project                                                                        Design and Construction                       CDA                                                                                             Termination Year

 SH 130 Segments 5 & 6                                                                       $1 billion                                     2062

 North Tarrant Express Segments 1 & 2W                                                      $1.9 billion                                    2061

 I-635/LBJ Managed Lanes                                                                    $2.1 billion                                    2061

 North Tarrant Express Segments 3A, 3B & 3C                                                  $2 billion                                     2061


































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