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  • Transportation Corridor Agencies’ Boards Unanimously Approve Balanced Fiscal Year 2021 Budget with N


    FOR IMMEDIATE RELEASE Lori Olin
    949-754-3419
    lolin@thetollroads.com
    Transportation Corridor Agencies’ Boards Unanimously Approve
    Balanced Fiscal Year 2021 Budget with No Toll Rate Increase
    Years of fiscal responsibility provide economic protection during pandemic
    IRVINE, Calif. (June 17, 2020) – The Transportation Corridor Agencies’ (TCA) two
    Boards of Directors have unanimously approved a Fiscal Year 2021 (FY21) budget that
    addresses the unknown duration and impacts of COVID-19 and reflects a conservative
    approach that focuses on core operating necessities while reducing operating and capital
    expenditures by 51 percent.
    The approved budget of $289.5 million – $135 million for the San Joaquin Hills
    Transportation Corridor Agency (SJHTCA) and $154.5 million for the Foothill/Eastern
    Transportation Corridor Agency (F/ETCA) – allows the Agencies to meet important
    financial obligations, reduce overall expenses and continue to advance priority projects –
    including the completion of Oso Parkway Bridge, the installation of new signage along
    The Toll Roads and completing final design of the 241/91 Express Connector Project.
    “TCA’s history of fiscally responsible management and the steps taken over the last
    several years to manage debt, reduce expenditures and improve ridership have
    positioned the Agencies well to deal with the economic challenges of the pandemic,” said
    Amy Potter, the Agencies’ CFO. “Staff will continue to closely monitor progress as the
    economy recovers and customers return to The Toll Roads and make additional budget
    recommendations to the Board if needed.”
    “I commend TCA staff for their work to completely redraft the nearly-finished FY21 budget
    when the pandemic struck,” said SJHTCA Chairwoman and Mission Viejo Mayor Pro TemTrish Kelley. “From small businesses to large corporations to local households, we are all
    making pandemic-influenced financial decisions and we are all in this together.”
    "This budget demonstrates our commitment to being financially responsible and mindful
    of the public’s concerns during uncertain times,” said F/ETCA Chairwoman and Irvine
    Mayor Christina Shea. “As the economy recovers, The Toll Roads will be there to
    welcome back drivers.”
    “Staff worked closely with the Boards and their Committees over a series of eight
    meetings to ensure that TCA will make all of its bond covenant debt payments and will
    continue to fund the Capital Improvement Projects that are under construction or planned
    for completion by 2025 to reduce congestion and provide improved mobility,” said Samuel
    Johnson, TCA’s interim CEO.
    For detailed transaction tables, financial reports and disclosure statements, visit
    https://thetollroads.com/about/investor.
    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. Fifty-one miles of the system are complete, including the
    73, 133, 241 and 261 Toll Roads. TCA continues to meet the region’s growing need for
    congestion-free transportation alternatives.

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