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Transportation Corridor Agencies Boards Approve Balanced Fiscal Year 2024 Budgets

Continued focus on maintaining the Agencies’ history of cost containment and advancing key transportation improvements

Irvine, Calif. - June 13, 2023

The Transportation Corridor Agencies (TCA) Boards of Directors adopted Fiscal Year 2024 (FY24) budgets with expenditures totaling $290.8 million — $135.7 million for the San Joaquin Hills Transportation Corridor Agency (SJHTCA) and $155.1 million for the Foothill/Eastern Transportation Corridor Agency (F/ETCA) — at the June board meeting.

The Fiscal Year 2024 (FY24) budgets reflect positive transaction and revenue trends while remaining conservative, maintain the Agencies’ history of cost containment, incorporate FY24 activities from the Boards’ approved strategic plan, are aligned with the Agencies’ Debt Management Policies, and meet the fiduciary responsibility to bondholders.

The approval of the budget concludes a thorough and collaborative three-month development process, where members of TCA’s committees provided input.

The adopted budgets reflect a continued focus on strong fiscal management and provide the ability for early bond paydown and a cash-funded capital program.

“These budgets continue to advance important mobility initiatives like the 241/91 Express Connector, a project that will reduce travel times for SR 241 drivers headed north and along State Route 91 in both directions,” said F/ETCA Chair and San Juan Capistrano City Council Member John Taylor. “We applaud the members of TCA’s committees and staff for their commitment to delivering a fiscally responsible budget that supports the Agencies’ Capital Improvement Plan (CIP).”

TCA’s FY24 CIP, also approved by the Boards of Directors, is updated annually to provide a summary of projects completed and an outline of proposed on-system improvements to be delivered by 2030 for residents and commuters.

The budgets reinforce TCA’s commitment to meeting bond obligations following an early paydown of $150.8 million in bond principal through open market bond buybacks in early 2023 that saved the Agencies $150 million in interest, as well as an early paydown of $125 million of bond principal in July 2022, saving $180 million in interest.

“This budget continues an enhanced, refreshed commitment to fiscal stewardship. In recent years, both boards have increased their bond ratings, bolstered credibility and transparency with our 2.3 million accountholders and the public, and reduced future debt obligations by $1.275 billion,” said SJHTCA Chair, TCA Finance Committee Chair, and Newport Beach Mayor Pro Tem Will O’Neill. “The TCA boards will continue to provide reliable infrastructure and high customer service as a regional mobility partner.”

In accordance with TCA policy adopted by the Joint Boards of Directors in 2019, a 2% toll rate adjustment is included in the adopted budgets and will take effect July 1, 2023. The rate adjustment amounts to pennies per transaction for drivers. The Frequent Driver Discount program continues to provide $1 per toll discounts on The Toll Roads for eligible drivers with a TCA prepaid FasTrak® account. Toll rates can be found at

The Transportation Corridor Agencies (TCA) are two joint powers authorities formed by the California Legislature in 1986 to plan, finance, construct and operate Orange County’s public toll road system comprised of the 73, 133, 241 and 261 Toll Roads, which represents 20% of Orange County’s highway system.