Boards Approve Audited Financial Statements for Fiscal Year 2021

Both Boards of Directors unanimously approved the audited financial statements for the year ended June 30, 2021.

The approved audited financial statements for the San Joaquin Hills Transportation Corridor Agency (SJHTCA) show that tolls, fees and fines earned in Fiscal Year 2021 (FY21) totaled $117.4 million compared to $153.6 million in FY20. The 23.5 percent year over year decrease was due to the ongoing pandemic but revenues for the year outperformed the adopted budget by 25 percent.

The approved audited financial statements for the Foothill/Eastern Transportation Corridor Agency (F/ETCA) show that tolls, fees and fines earned in FY21 totaled $158.1 million compared to $177.7 million in FY20. The 11 percent year over year decrease was due to the ongoing pandemic but revenues outperformed the adopted budget by 34 percent.

The independent auditing firm Crowe LLP issued an unmodified opinion – the highest level of assurance that the financial statements are fairly stated in all material respects in accordance with generally accepted accounting principles.

Both Agencies have received unmodified audits every year since TCA’s inception in 1986.

To read the approved audited financial statements, visit: thetollroads.com/about/investor/financial-reports.

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Boards Hear Results of Member Agency Development Impact Fee Audits and Adopt Resolutions for Mitigation Fee Act Reporting

Each year the Boards may authorize an audit of a member agency to determine whether it has accurately collected and remitted development impact fees (DIFs) to the Agencies. The audits are performed by or at the direction of TCA’s Internal Audit department.

Results of the annual member agency DIF audit for the period of January 1, 2020, through December 31, 2020, showed that for the SJHTCA there were only three exceptions noted out of 160 permits reviewed. Member agencies that were part of the audit included the County of Orange, Dana Point, Irvine, Laguna Niguel and Mission Viejo. For the F/ETCA there were only three exceptions noted out of 1,800 permits reviewed. Member agencies that were part of the audit included County of Orange, Dana Point, Irvine, Lake Forest and Yorba Linda. Both Agencies worked with the respective member agencies to resolve the discrepancies.

Pursuant to the Mitigation Fee Act, the Agencies are required to review certain information annually regarding DIFs, including the beginning and ending balance of fees on deposit, the amount of fees collected, interest earned and expenditures during the fiscal year.

Every five years the Agencies are required to make certain findings regarding the fee program including the use to which the fees are to be put, the relationship between the fees and the purpose for which they are charged, all anticipated sources of funding for the improvement paid for by the fees and the approximate dates that the funding is anticipated to be deposited in the Agency account.

 

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First Quarter of FY22 Shows Continued Recovery from Pandemic

Reports from the first quarter of Fiscal Year 22 show that the Agencies are on solid footing as recovery from the pandemic continues. Expenses are under budget, revenues are modestly exceeding projections and 90,000 new accounts were added.

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TCA Serves as Host Agency for 89th IBTTA Annual Meeting

The International Bridge, Tunnel and Turnpike Association held its 89th Annual Meeting in Anaheim this month. TCA served as a host agency for the event and conducted technical tours of The Toll Roads, including some of the Agency’s award-winning environmental mitigation sites.

TCA was successful in securing IBTTA’s commitment to have the meeting in Orange County which included more than 700 delegates attending the meetings for five days during the conference, providing an economic boost to the region.

TCA CEO Samuel Johnson was recognized with IBTTA’s inaugural Distinguished Leadership Academy Alum of the Year Award in recognition of his significant contributions to the transportation and tolling industry and its focus on advancing transportation. He was also presented a resolution of recognition by the Association’s Board of Directors for serving as president during 2020 and guiding the industry through the challenges of the global pandemic.