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State of the Agency Mike Snyder, P.E., Executive Director

This report provides an overview of the agency's system, updates on ongoing construction projects, the 5-year work plan, and trends and forecasts. It also includes information on revenue tracking, budget revisions, toll rates, and commitment to quality and safety.

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State of the Agency Mike Snyder, P.E., Executive Director

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  1. State of the Agency Mike Snyder, P.E., Executive Director

  2. State of the Agency • System Overview • Construction Update • 5-Year Work Plan • Trends and Forecast • Summary

  3. Facts: • 105 mile system • Over 300,000 Customers • 91% E-PASS Customer Satisfaction Rating

  4. Construction ProgramFacts • Work Progressing at a Monthly Rate of Between $14 to $18 Million (down from $22 to $30 Million 1 year ago) • Construction Contract Value of Over $530 Million (down from $770 Million 1 year ago), 80% Completed • All Major Projects are On Budget and On, or Ahead, of Schedule • Environmentally Responsible Manner • Traffic Impacts Minimized, Communication with Customers Maximized

  5. Active Construction Project Locations SR 429 Daniel Webster Western Beltway SR 408 Widening SR 414 John Land Apopka Expressway SR 528 BeachLine Main Express Lanes SR 528 Narcoosee Road Interchange SR 417/Innovation Way Interchange SR 417/Boggy Creek Road /South Access Road Interchange SR 417/Moss Park Interchange

  6. 5-Year Work Plan

  7. Revenue Tracking Summary Chart 7/1 – 2/3

  8. Revenue Chart 2009

  9. Local Traffic Trends Monthly Growth Compared to Previous Year

  10. *Source System Revenue vs. Orlando Unemployment *change over previous year

  11. *Source System Revenue vs. Orlando Gas Price *change over previous year

  12. SR 408 Revenue vs. Orlando Unemployment *Source

  13. *Source OIA Passengers

  14. *Source SR 528 Airport Plaza Revenue vs. OIA Passengers * *change over previous year

  15. SR 417 Southern Connector Revenue vs. OIA Passengers *Source

  16. Budget Revisions FY 2009 - Operations, Maintenance and Administration (OM&A) budgets cut by more than 10%

  17. Budget Cuts • Delayed certain capital projects • Reduced toll collection staff • Postponed hiring of administrative staff • Fewer maintenance cycles for roadways – i.e.: mowing, trash pick-up, etc. • Preventative maintenance cycles for equipment • Eliminated implementing budget for traffic management center

  18. Commitment to Quality & Safety • Road Rangers • Florida Highway Patrol • Renewal and Replacement Program

  19. Summary • Existing Construction Projects On Schedule and On Budget • Traffic Universally Down on All Transportation Facilities • Operation, Maintenance and Administration (OM&A) Budgets Cut By More Than 10% • OOCEA Continues Its Commitment to Safety and Quality Transportation in Central Florida

  20. Florida’s Toll Rates

  21. OOCEA Toll Increases • May 1980 • SR 408 (increased $0.05 from $0.20 to $0.25) • SR 528 East Mainline (increased $0.15 from $0.35 to $0.50) • January 1987 • SR 408 (increased $0.25 from $0.25 to $0.50) • SR 528 East Mainline (increased $0.25 from $0.50 to $0.75) • SR 528 Airport Mainline (increased $0.25 from $0.25 to $0.50) • July 1990 • SR 408 all Mainline plazas (increased $0.25 from $0.50 to $0.75) • SR 417 Curry Ford and University Mainline (increased $0.25 from $0.50 to $0.75) • SR 528 East Mainline (increased $0.25 from $0.75 to $1.00) • SR 528 Airport Mainline (increased $0.25 from $0.50 to $0.75) Decreased Tolls • July 1992 • SR 408 Hiawassee and Dean Mainline (decreased $0.25 from $0.75 to $0.50) • SR 417 Curry Ford and University Mainline (decreased $0.25 from $0.75 to $0.50)

  22. Florida Turnpike Enterprise Toll Increases April 1989 40% July 1991 30% July 1993 30% March 2004 25% (cash only) 2011/2012* Statutory CPI increase *State Law requires the Florida Turnpike to index tolls to the CPI or a similar index a minimum of every 5 years, which would indicate the index would be initiated no later than 2012.

  23. Chicago Skyway Dallas North Tollway Delaware Turnpike (I-95) Dulles Greenway (VA) E-470 (CO) Garden State Parkway (NJ) Indiana Toll Road Massachusetts Turnpike, Boston Ext. New Jersey Turnpike New York State Thruway Pennsylvania Turnpike Pocahontas 895 (VA) San Joaquin Hills Corridor (CA) SR 241-Foothill/Eastern Toll Road (CA) SR 91 (CA) Toronto 407 Other AgenciesToll Rate Increases Since January 2008

  24. JFK Memorial Highway (MD) Maine Turnpike Massachusetts Turnpike Ohio Turnpike Other AgenciesCurrently Planning Toll Rate Increases

  25. CUTR* Findings: Value of Expressway System to the Central Florida Region Travel Time Savings • Oviedo to Downtown 23.7 min. • Ocoee to Downtown 10.8 min. • Waterford Lakes to Orlando Int’l Airport 13.6 min. *Source: Center for Urban Transportation Research, 2006

  26. Decision Drivers Credit rating Traffic and revenue projections Construction program (including shovel ready projects) Wekiva Parkway

  27. CURRENT2009 No Increase Revenue Impacts Projections down 8% since adoption of fiscal year budget in June 08 Coverage Ratio 2010 Projection 1.23x 2013 Projection 1.36x 2018 Projection 1.61x

  28. Base ForecastFY 2009 2009 – Raise toll by $.25 at mainline and ramps Revenue Impacts 2010: 19% increase over current projections 2013: 25% increase over current projections 2018: 30% increase over current projections Coverage Ratio Minimal coverage ratios from 2009-2012 May raise credit concerns

  29. Base 2009 + Option 1 2009 – Raise toll by $.25 at mainline and ramps 2012 – Introduce index to CPI consistent with FL Turnpike (and every 5 years after) Index all tolls to the higher of CPI or 3% – 15% minimum increase every five years Toll for Electronic Customers will be actual increase Toll for Cash Customers will be rounded in $.25 increments

  30. Base 2009 + Option 1 • Revenue Impacts • 2010: 19% increase over current projections • 2013: 47% increase over current projections • 2018: 71% increase over current projections • Coverage Ratio • Coverage in the first 10 years will average 1.60x (assuming $4.9B of Capital Projects in first 12 years)

  31. Base 2009 + Option 2 2009 Raise toll by $.25 at mainline and ramps 2012 Raise toll by $.25 at mainline and ramps 2017 Introduce index to CPI (and every 5 years after) Index all tolls to CPI – 12% increase (2.4% annual estimate over 5 years) Toll for Electronic Customers will be actual increase Toll for Cash Customers will be rounded in $.25 increments

  32. Base 2009 + Option 2 • Revenue Impacts • 2010 19% increase over current projections • 2013 56% increase over current projections • 2018 83% increase over current projections • Coverage Ratio • Coverage in the first 10 years will average 1.60x (assuming $4.9B of Capital Projects in first 12 years)

  33. Base 2009 + Option 1 or Option 2Impact to Capital Projects 4 Projects Accelerated for Construction SR 408 Widening 1. SR 417 Interchange 2. Goldenrod to Chickasaw SR 429 3. Boy Scout Road to US 441 4. SR 429 at SR 414 Interchange Phase II $648 Million = 18,029 Jobs* *Job multiplier source: Federal Highway Administration (FHWA)

  34. Wekiva ParkwayOOCEA Funded Project$1.8 B (2008 dollars) Open in its entirety (including NW spur to US 441) in FY 2019 Timeline (under Option 1 or 2) From the time of approval by Federal Highway Administration, the conventional schedule of Design, Right of Way Acquisition, and Construction will take approximately 8 years to complete. Construction is the last 4 years of that timeline. There may be opportunities to accelerate the schedule.

  35. Economic Impact Capital Projects Total $3.54 Billion = *65,432 Jobs Base 2009 + Option 1 or Option 2 Priority List $648 Million = *18,029 Jobs Accelerates 4 projects *job multiplier source: Federal Highway Administration (FHWA)

  36. Accelerated Projects

  37. Summary Credit ratings are a very real concern Willingness to take decisive board action is key to credibility with rating services Options 1 and 2 provide some economic opportunities to the community

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