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Transportation Corridor Agencies Boards Approve Fiscal Year 2025 Budgets

Continued focus on the Agencies’ commitment to the early bond paydown program and advancing key transportation improvements.

Irvine, Calif. - June 14, 2024

FY25 Annual BudgetsThe Transportation Corridor Agencies (TCA) Boards of Directors approved Fiscal Year 2025 (FY25) budgets with expenditures totaling $315.1 million — $136.8 million for the San Joaquin Hills Transportation Corridor Agency (SJHTCA) and $178.3 million for the Foothill/Eastern Transportation Corridor Agency (F/ETCA) — at the June board meeting. Key highlights within the FY25 budget include a $200 million early paydown of bond principal for SJHTCA, as well as allocated cash funds to advance three vital capital improvement projects: the 241/91 Express Connector, the 241 Loma Improvements and the 73 Catalina View Improvements. The Boards-approved projects are anticipated to be completed by 2030 or earlier.

In addition, other key budgeted initiatives include:

  • Planning for replacement of operational equipment
  • Safety improvements and modernization of The Toll Roads customer service center and TCA administrative office space
  • Advancement of the Saddle Club preservation property site use plan, allowing public access onsite for biking and hiking
  • Evaluating opportunities to utilize TCA’s $28 million Habitat Conservation Fund
  • Processing partnership with the San Bernardino County Transportation Authority (SBCTA)

The FY25 budgets, set to begin July 1, 2024, reflect positive transaction and revenue trends while remaining conservative, maintain the Agencies’ history of cost containment, incorporate FY25 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 months-long development process, where members of TCA’s committees provided input for the Agencies’ current initiatives and long-term goals.

“The adopted budgets reflect a continued focus on strong fiscal management and provide the ability for early bond paydown, cash-funded capital programs and maintain adequate reserves for future uncertainties,” said John Taylor, F/ETCA Chair and San Juan Capistrano City Council Member. “The Boards-approved early bond paydown program has reduced debt service by nearly $1.4 billion, further enhancing the Agencies’ strong financial position.”

“The Agencies’ budgets continue to advance important capital improvement projects for regional mobility solutions, reinforce our commitment to environmental stewardship and maintain our history of prudent fiscal planning,” said Janine Heft, SJHTCA Chair and Laguna Hills City Council Member. “We applaud the members of TCA’s committees and staff for their commitment to delivering a fiscally responsible budget and are proud of the work being done at TCA to continue to provide residents of Orange County with reliable mobility options that improve their quality of life.”

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, 2024. 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.