(a) Development and adoption.- Each year, the Authority shall develop and adopt a 6-year financial forecast for the operations of the Authority.
(b) Submission to General Assembly.- In accordance with § 2-1246 of the State Government Article, the Authority shall submit to the General Assembly:
(1) A draft of the financial forecast on submission of the budget bill to the presiding officers of the General Assembly; and
(2) The financial forecast as approved by the Authority on or before July 1 of each year.
(c) Components.- The financial forecast shall include the following components:
(1) A schedule of operating expenses;
(2) A schedule of revenues, including concessions income, investment income, other income, and transfers from the Department;
(3) A schedule of toll revenues, including the average toll per vehicle, the average toll increase, the number of paid vehicles, and the toll revenue by toll facility by fiscal year;
(4) A schedule of planned bond issuances, including a detailed summary of bonds issued to fund the capital program and bonds issued to fund capitalized interest;
(5) A schedule of debt service in each fiscal year for each bond issuance of all debt issued by the Authority, including debt service estimates of planned bond issuances; and
(6) A summary schedule for the Authority that includes:
(i) The total cash balance;
(ii) The amount of the cash balance that is encumbered;
(iii) The annual cash surplus or deficit;
(iv) Revenues;
(v) Transfers to the Department from the Authority;
(vi) Transfers to the Authority from the Department;
(vii) Bond sales;
(viii) Expenditures for debt service;
(ix) Operating expenses;
(x) Capital expenses;
(xi) Maintenance and operations expense reserve accounts;
(xii) Forecasted bond interest rates;
(xiii) Total bonds outstanding; and
(xiv) Financial coverage ratios, including the ratio of total cash to toll revenues, the debt service coverage ratio, and the rate covenant compliance ratio.
(d) Components - Additional information.- The financial forecast shall include, for each of the components specified in subsection (c) of this section:
(1) Actual information for the last full fiscal year; and
(2) Forecasts of the information for each of the 6 subsequent fiscal years, including the current fiscal year, the fiscal year for the proposed budget, and the next 4 subsequent fiscal years.
(a) Development and adoption.- Each year, the Authority shall develop and adopt a 6-year financial forecast for the operations of the Authority.
(b) Submission to General Assembly.- In accordance with § 2-1246 of the State Government Article, the Authority shall submit to the General Assembly:
(1) A draft of the financial forecast on submission of the budget bill to the presiding officers of the General Assembly; and
(2) The financial forecast as approved by the Authority on or before July 1 of each year.
(c) Components.- The financial forecast shall include the following components:
(1) A schedule of operating expenses;
(2) A schedule of revenues, including concessions income, investment income, other income, and transfers from the Department;
(3) A schedule of toll revenues, including the average toll per vehicle, the average toll increase, the number of paid vehicles, and the toll revenue by toll facility by fiscal year;
(4) A schedule of planned bond issuances, including a detailed summary of bonds issued to fund the capital program and bonds issued to fund capitalized interest;
(5) A schedule of debt service in each fiscal year for each bond issuance of all debt issued by the Authority, including debt service estimates of planned bond issuances; and
(6) A summary schedule for the Authority that includes:
(i) The total cash balance;
(ii) The amount of the cash balance that is encumbered;
(iii) The annual cash surplus or deficit;
(iv) Revenues;
(v) Transfers to the Department from the Authority;
(vi) Transfers to the Authority from the Department;
(vii) Bond sales;
(viii) Expenditures for debt service;
(ix) Operating expenses;
(x) Capital expenses;
(xi) Maintenance and operations expense reserve accounts;
(xii) Forecasted bond interest rates;
(xiii) Total bonds outstanding; and
(xiv) Financial coverage ratios, including the ratio of total cash to toll revenues, the debt service coverage ratio, and the rate covenant compliance ratio.
(d) Components - Additional information.- The financial forecast shall include, for each of the components specified in subsection (c) of this section:
(1) Actual information for the last full fiscal year; and
(2) Forecasts of the information for each of the 6 subsequent fiscal years, including the current fiscal year, the fiscal year for the proposed budget, and the next 4 subsequent fiscal years.
(a) Development and adoption.- Each year, the Authority shall develop and adopt a 6-year financial forecast for the operations of the Authority.
(b) Submission to General Assembly.- In accordance with § 2-1246 of the State Government Article, the Authority shall submit to the General Assembly:
(1) A draft of the financial forecast on submission of the budget bill to the presiding officers of the General Assembly; and
(2) The financial forecast as approved by the Authority on or before July 1 of each year.
(c) Components.- The financial forecast shall include the following components:
(1) A schedule of operating expenses;
(2) A schedule of revenues, including concessions income, investment income, other income, and transfers from the Department;
(3) A schedule of toll revenues, including the average toll per vehicle, the average toll increase, the number of paid vehicles, and the toll revenue by toll facility by fiscal year;
(4) A schedule of planned bond issuances, including a detailed summary of bonds issued to fund the capital program and bonds issued to fund capitalized interest;
(5) A schedule of debt service in each fiscal year for each bond issuance of all debt issued by the Authority, including debt service estimates of planned bond issuances; and
(6) A summary schedule for the Authority that includes:
(i) The total cash balance;
(ii) The amount of the cash balance that is encumbered;
(iii) The annual cash surplus or deficit;
(iv) Revenues;
(v) Transfers to the Department from the Authority;
(vi) Transfers to the Authority from the Department;
(vii) Bond sales;
(viii) Expenditures for debt service;
(ix) Operating expenses;
(x) Capital expenses;
(xi) Maintenance and operations expense reserve accounts;
(xii) Forecasted bond interest rates;
(xiii) Total bonds outstanding; and
(xiv) Financial coverage ratios, including the ratio of total cash to toll revenues, the debt service coverage ratio, and the rate covenant compliance ratio.
(d) Components - Additional information.- The financial forecast shall include, for each of the components specified in subsection (c) of this section:
(1) Actual information for the last full fiscal year; and
(2) Forecasts of the information for each of the 6 subsequent fiscal years, including the current fiscal year, the fiscal year for the proposed budget, and the next 4 subsequent fiscal years.
