Department-Operated Facilities

Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

Department-operated Facilities

Garcon Point Bridge Page 57 • $7.1 million total toll revenue • 2.0 million total transactions • SunPass® participation increased to 49.2 percent during the year Mid-Bay Bridge and Walter Francis Spence Parkway Page 65 • $27.3 million total toll revenue • 10.2 million total transactions • SunPass® participation increased slightly to 64.7 percent during the year

FY 2017 Annual Report 55 Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

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FY 2017 Annual Report 56 Florida Department of Transportation ENTERPRISE TOLL OPERATIONS Garcon Point Bridge

6.1 BACKGROUND The Authority entered into a lease-purchase The Garcon Point Bridge is a 3.5-mile bridge that agreement with the Department, whereby the spans Pensacola/East Bay between Garcon Point Department maintains and operates the bridge (south of Milton) and Redfish Point (between Gulf and remits all tolls collected to the Authority as Breeze and Navarre) in southwest Santa Rosa lease payments. The term of the lease runs County. The bridge and roadway segments that concurrently with the bonds, and matures in 2028. comprise this facility are designated as SR 281 At that time the Department will own the bridge, and provide access to the Gulf Breeze peninsula assuming the bonds are fully paid. Should the from areas north and east of Pensacola Bay. On bonds, or any additional issuance of bonds, the south side of the bay, the road continues as a be outstanding in 2028, the lease term will one-mile, two-lane highway that connects to US be extended through the payoff date of the 98. On the north side of the bay, SR 281 connects outstanding bonds. to I-10 approximately 7.5 miles north of the toll plaza. Overall, the distance between US 98 and As a result of low traffic levels and despite four toll I-10 is 12 miles. rate increases, revenues were not enough to meet debt service. Consequently, in April 2011 bond debt Figure 6.1 shows a map of Garcon Point Bridge and service went into default as the Authority was not the surrounding area. The toll plaza is located able to make its July 2011 debt service payment. at the southern end of Garcon Point, and tolls As of FY 2017, the bonds remained in default. are collected in both directions. Beyond the Gulf (It should be noted that the bond documents Breeze peninsula, south of Santa Rosa Sound, clearly advised investors that neither the State the Sikes Bridge (SR 399) and Navarre Bridge of Florida nor Santa Rosa County would have provide access to the resort communities on any responsibility for payment of the bond debt). Santa Rosa Island. The Department, however, continues to operate and maintain the Garcon Point Bridge. Further The Santa Rosa Bay Bridge Authority, established details can be found in Section 6.7 - Revenue in 1984, oversaw the financing and construction Sufficiency. of the Garcon Point Bridge. Construction of this two-lane facility was financed by the Series 1996 When the Garcon Point Bridge opened to traffic Revenue Bonds. The two-lane bridge opened to in May 1999, the toll for passenger cars and other traffic on May 14, 1999. two-axle vehicles was set at $2.00. Based on an adopted toll rate program, tolls were increased every three years. Beginning July 1, 2001 (FY 2002), the toll rate was increased to $2.50 for two-axle vehicles in FY 2002, to $3.00 in FY 2005, to $3.50 in FY 2008 and to $3.75 on January 5, 2011 (FY 2011), reflecting the fourth scheduled toll rate increase. This rate is still in effect today. SunPass® users of two-axle vehicles receive a 50 percent rebate after they reach a threshold of 30 toll transactions per month on the Garcon Point Bridge. Vehicles with three or more axles pay an additional $3.75 per axle calculated using the “N minus 1” method.

FY 2017 Annual Report Garcon Point Bridge 57 Florida Department of Transportation ENTERPRISE TOLL OPERATIONS ; n s h t o ) c . t

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58 Garcon Point Bridge FY 2017 Annual Report Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

Table 6.1 shows historical transactions and presented in Table 6.2. Total operating and revenue growth on the Garcon Point Bridge. maintenance expenses have increased slightly Traffic and revenue in the last 10 years has grown from approximately $1.1 million in FY 2007 to $1.3 from 1.7 million transactions and $4.8 million in million in FY 2017. toll revenues to 2.0 million transactions and $7.1 million in toll revenues in FY 2017. Traffic and Table 6.2 - Garcon Point Bridge revenue declined during the period of economic Historical Operating and Routine Maintenance Expenses recession and also decreased as a result of toll FY 2007 through FY 2017 increases. In addition, there was a decline in Routine traffic and revenue as a result of the BP Oil Spill Operating Maintenance Total O&M that occurred in April 2010. Fiscal Expense Expense Expenses Year ($000) ($000) ($000) Compared to FY 2016, total transactions 2007 $1,020 $118 $1,138 2008 1,051 124 1,175 increased 13.3 percent while revenues increased 2009 997 98 1,095 Table 6.1 - Garcon Point Bridge 2010 956 135 1,091 Historical Transactions and Revenue Growth 2011 969 160 1,129 FY 2007 through FY 2017 2012 1,017 196 1,213 Toll Revenue(1) 2013 987 148 1,135 Transactions (000) ($000) 2014 1,014 159 1,173 Fiscal Toll Non Percent Percent Average 2015 1,123 102 1,225 Year Paying Revenue Total Change Amount Change Toll 2016 1,101 82 1,183 2007 1,666 4 1,670 - $4,790 - $2.868 2017 1,128 141 1,269 2008 1,439 4 1,443 (13.6%) 4,767 (0.5%) 3.304 Source: FDOT Office of the Comptroller. 2009 1,312 7 1,319 (8.6) 4,369 (8.3) 3.312 2010 1,264 4 1,268 (3.9) 4,203 (3.8) 3.315 2011 1,243 8 1,251 (1.3) 4,276 1.7 3.418 Maintenance activities that include roadside 2012 1,268 22 1,290 3.1 4,592 7.4 3.560 mowing and upkeep, guardrail repair, shoulder 2013 1,284 26 1,310 1.6 4,736 3.1 3.615 repair, bridge inspection and other routine 2014 1,421 19 1,440 9.9 5,225 10.3 3.628 maintenance items are provided in-house by 2015 1,551 18 1,569 9.0 5,648 8.1 3.600 the department. Toll facilities maintenance and 2016 1,719 18 1,737 10.7 6,327 12.0 3.642 bridge inspections are performed outside the 2017 1,948 20 1,968 13.3 7,146 12.9 3.631 scope of the Asset Maintenance Contract. Source: FDOT Office of the Comptroller and Turnpike Enterprise Finance Office. Note: The non-revenue class includes authorized vehicles that pass through a toll plaza without incurring a toll (i.e., law enforcement, emergency vehicles) and transactions reported during toll suspensions attributable to hurricanes. (1) Toll revenue reported net of the SunPass discount since the facility opened. 6.2 FY 2017 TRANSACTIONS AND 12.9 percent. This increase in transactions and TOLL REVENUE revenue can be attributed to generally improving Monthly transactions and toll revenue on economic conditions in Florida. Pointing to the Garcon Point Bridge during FY 2017 are this recovery, FY 2017 hotel bed tax collections presented in Table 6.3. The second and third in Santa Rosa County were up 17 percent over quarters generated a slightly lower number of FY 2016 collections. transactions and toll revenue as these are not the peak months for travel. Historical operating and routine maintenance expenses from FY 2007 through FY 2017 are Graph 6.1 shows the number of hourly weekday

FY 2017 Annual Report Garcon Point Bridge 59 Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

Table 6.3 - Garcon Point Bridge Monthly Transactions and Toll Revenue hour occurs from 8:00 a.m. to 10:00 a.m. and FY 2017 the afternoon peak occurs from 5:00 p.m. to 7:00 p.m. In addition, midday traffic volumes of Transactions Toll Revenue Month (000) ($000) approximately 300 vehicles per hour show the July 2016 203 $750 relative influence of non-commuters (tourist/ August 169 613 recreational travelers) on the facility. The September 152 549 influence of tourists and recreational travelers 1st Quarter Total 524 1,912 is noticeably more pronounced on the weekends. October 154 554 140 509 November Table 6.4 shows the monthly seasonal transaction December 137 491 variation in FY 2017. On average, approximately 2nd Quarter Total 431 1,554 5,400 vehicles use the bridge each day, up 700 January 2017 132 476 vehicles per day from FY 2016. During the spring February 137 494 and summer months, transactions exceed the March 181 662 3rd Quarter Total 450 1,632 normal pattern observed on this facility due April 180 666 to tourists and seasonal residents with July May 190 687 exceeding the average by 20 percent. January June 193 695 was the lowest month at 20 percent below the 4th Quarter Total 563 2,048 average. Annual Total 1,968 $7,146 Source: FDOT Office of the Comptroller (Annual Toll Revenue) and Turnpike Enterprise Table 6.4 - Garcon Point bridge Finance Office. Note: Transactions represent toll-paying and non-revenue traffic at the mainline plaza. Seasonal Transaction Variation FY 2017 Average Daily Seasonal and weekend transactions of a typical week Month Transactions Factor during FY 2017 on the Garcon Point Bridge. As July 2016 6,500 1.20 indicated, weekday demand for travel on the August 5,400 1.00 facility is the highest during the morning September 5,100 0.94 and evening peak hours. The morning peak October 5,000 0.93 November 4,700 0.87 Graph 6.1 - Garcon point bridge Typical Hourly Transactions December 4,400 0.81 FY 2017 January 2017 4,300 0.80 February 4,900 0.91 600 March 5,800 1.07 500 April 6,000 1.11 400 May 6,100 1.13 300 June 6,400 1.19 200 AADT 5,400 1.00 Transactions 100 0 12 2 4 6 8 10 12 2 4 6 8 10 12 Traffic and revenue contributions for trucks AM AM AM AM AM AM PM PM PM PM PM PM AM on the Garcon Point Bridge are shown in Time of Day Graph 6.2. For FY 2017, trucks accounted Weekday Weekend Source: Data obtained from Turnpike Enterprise Finance Office for the 7-day period beginning for approximately four percent of traffic on Monday, August 15, 2016. the facility. Correspondingly, the revenue

60 Garcon Point Bridge FY 2017 Annual Report Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

Graph 6.2 - Garcon Point bridge Transactions by Axle Class FY 2017

Additional Axles

Two Axles

96% beyond the threshold of 30 transactions on the Garcon Point Bridge toll facility per month. As Revenue Contribution by Axle Class FY 2017 such, drivers of two-axle vehicles are given a 50 10% percent retroactive discount once they exceed the threshold.

Additional Axles Table 6.5 shows the SunPass® transactions on Garcon Point Bridge during FY 2017. SunPass® usage totaled 968 thousand transactions in FY 2017, resulting in a SunPass® participation Two Axles rate of 49 percent, up from 44 percent in FY 2016. Table 6.5 - Garcon Point Bridge 90% Transactions by Payment Method FY 2017 collected from truck traffic translated into ten Transactions (000) percent of the total revenue on the facility. The Non- Percent revenue percentage for trucks is calculated by Month SunPass® SunPass® Total SunPass® the “N minus 1” toll method. In terms of actual July 2016 74 129 203 36.5% revenues, trucks provided approximately $695 August 77 92 169 45.6 74 78 152 48.7 thousand of the total revenues, while passenger September October 80 74 154 51.9 vehicles comprised the remaining $6.4 million. November 75 65 140 53.6 December 74 63 137 54.0 ® January 2017 76 56 132 57.6 6.3 SUNPASS February 75 62 137 54.7 ® SunPass was implemented on the Garcon March 90 91 181 49.7 Point Bridge concurrent with the opening April 89 91 180 49.4 of the facility. The toll plaza has five lanes, May 95 95 190 50.0 and tolls are collected in both directions with June 89 104 193 46.1 SunPass® technology available in select lanes Total 968 1,000 1,968 (see Appendix A for the lane configurations). Percentage 49.2% 50.8% 100.0% ® Source: Turnpike Enterprise Finance Office. A discount is provided to users of SunPass Note: SunPass and Cash transactions represent toll-paying and non-revenue transactions.

FY 2017 Annual Report Garcon Point Bridge 61 Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

On a daily basis, approximately 2,700 vehicles out FY 2017 are shown in Table 6.7. Actual operating of 5,400 utilize SunPass®. The monthly SunPass® and routine maintenance expenses were participation ranged from 37 percent in July 2016 approximately 2.5 percent, or $33 thousand, to 58 percent in January 2017, peaking during lower than the FY 2017 budget. the winter months due to a lower percentage of Table 6.7 - Garcon Point Bridge tourists. Operating and Routine Maintenance Expenses Revenue attributable to SunPass® for FY 2017 FY 2017 totaled $3.3 million, as shown in Table 6.6. Over/ This amount represents 47 percent of all toll Budget Actual (Under) Type of Expense ($000) ($000) ($000) Variance revenue. The SunPass® revenue amount is net Operating $1,102 $1,128 $26 2.4% ® of the SunPass discount for the facility, which Routine Maintenance 200 141 (59) (29.5) for FY 2017, amounted to approximately $520 Total $1,302 $1,269 ($33) (2.5%) ® thousand. The monthly SunPass revenue Source: FDOT Office of the Comptroller, Turnpike Enterprise Finance Office and the FY 2016 Enterprise Toll Operations Traffic Engineer’s Annual Report. contribution ranged from a low of 34 percent to a high of 54 percent during FY 2017. As shown in Figure 6.2, Garcon Point Bridge has liabilities payable to the Department for Toll Facility Revolving Trust Fund (TFRTF) loans Table 6.6 - Garcon POint Bridge Gross Toll Revenue by Payment Method and an advance from the STTF. As of June 30, FY 2017 2017, the TFRTF balance was approximately $7.9 million, to be repaid when sufficient funds Gross Toll Revenue ($000) Non- Percent become available. Month SunPass® SunPass® Total SunPass® July 2016 $258 $492 $750 34.4% Figure 6.2 - Garcon Point Bridge August 263 350 613 42.9 Flow of Funds September 253 296 549 46.1 Revenue Bonds, Series 1996 October 271 283 554 48.9 November 259 250 509 50.9 Toll Revenue December 253 238 491 51.5 January 2017 257 219 476 54.0 Debt Services February 258 236 494 52.2 March 312 350 662 47.1 April 314 352 666 47.1 Debt Service Reserve May 322 365 687 46.9 June 306 389 695 44.0 Total $3,326 $3,820 $7,146 Administrative Percentage 46.5% 53.5% 100.0% Source: FDOT Office of the Comptroller (Annual Toll Revenue) and Turnpike Enterprise Finance Office. TFRTF Loans

6.4 FY 2017 EXPENSES AND LIABILITIES STTF (Department Funded) Operating, Maintenance, R&R A comparison between actual and budgeted SunPass and Other Improvements operating and routine maintenance expenses in

62 Garcon Point Bridge FY 2017 Annual Report Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

The second liability is an advance for the costs Appendix C contains a detailed description of operating and maintaining the toll facility. of the FY 2018 operating expense budget. The Department, in accordance with the Lease- Subsequent to FY 2018, operating expenses Purchase Agreement between the Department are projected to grow at 2.0 percent annually. and the Santa Rosa Bay Bridge Authority, pays The routine maintenance expense forecast is operating and maintenance expenses on the provided by the Department’s Office of Project bridge. These costs are considered long-term Finance through FY 2023. Subsequent to receivables by the Department. This liability is FY 2023, routine maintenance expenses were to be paid subsequent to the payment of the increased at approximately 2.0 percent annually. TFRTF loans. An analysis of long-term liabilities for FY 2017 is presented in Table 6.8. The long- Table 6.9 - Garcon Point Bridge Projected Operating and Routine Maintenance term liability balance as of June 30, 2017 was Expenses approximately $25.3 million. FY 2018 through FY 2028 Table 6.8 - Garcon Point Bridge Total Long-Term Liability Operating FY 2017 Routine & Routine Operating Maintenance Maintenance Transaction Amount ($000) Fiscal Expense Expense Expenses Year ($000) ($000) ($000) Balance, July 1, 2016 $23,069 2018 $1,047 $424 $1,471 Additions: Costs for FY 2017(1) 2,192 2019 1,068 113 1,181 Balance, June 30, 2017 $25,261 2020 1,089 113 1,202 (1) Costs for FY 2017 include the following: Toll Operations (TOBC - Direct & Indirect), Total Routine Maintenance and Other DSBC Costs (Capital Costs Direct & Capital Costs Indirect). 2021 1,111 113 1,224 2022 1,133 113 1,246 2023 1,156 113 1,269 6.5 NOTEWORTHY EVENTS 2024 1,179 115 1,294 2025 1,203 117 1,320 As noted earlier, despite the adopted toll rate 2026 1,227 119 1,346 increase program, the Santa Rosa Bay Bridge 2027 1,252 122 1,374 Authority is in debt service payment default and 2028 1,277 124 1,401 remains in default at the present time. Note: Operating expenses are based on the budget developed by Turnpike Enterprise Finance Office for FY 2018 and inflated at 2.0 percent annually.

On September 5, 2017 (FY 2018), tolls were suspended for 15 days due to Hurricane Irma 6.7 REVENUE SUFFICIENCY evacuation and recovery efforts. The toll The bond year for the Garcon Point Bridge as suspension resulted in a $331 thousand loss in reported herein runs from July 1 to June 30, revenue collections. corresponding to the Department’s fiscal year.

6.6 EXPENSE FORECASTS Each year, an amount of principal and accrued Projected operating and routine maintenance interest on the outstanding bonds becomes due expenses for FY 2018 through FY 2028 are shown and payable. This amount is known as the annual in Table 6.9. Budgeted operating expenses debt service. As a test of the ability of a facility to for FY 2018 are approximately $1.0 million. repay the annual debt service, a “coverage” ratio The operating expense budget is developed calculation is performed. In accordance with the by the Turnpike Enterprise Finance Office. Series 1996 Bond Resolution, gross revenues are

FY 2017 Annual Report Garcon Point Bridge 63 Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

required to provide 120 percent of the Annual Net Debt Service Requirement (or a 1.2 coverage ratio). The Authority has never met the required coverage ratio.

Effective January 1, 2013, the Bank of New York Mellon (“BNYM”), serving as trustee, formally noticed that all principal on all the outstanding bonds is due and payable immediately. Such notice permits the trustee to make regular distributions to all bondholders from the revenues made available. Also, effective September 7, 2016, the UMB Bank, National Association (“UMB”) replaced the BNYM as the trustee over the bonds.

64 Garcon Point Bridge FY 2017 Annual Report Florida Department of Transportation ENTERPRISE TOLL OPERATIONS Mid-Bay Bridge Authority System 7.1 BACKGROUND The Mid-Bay Bridge Authority (“Authority”) System includes the 3.6-mile, limited access, two-lane, fixed span Mid-Bay (“Bridge”), the 11-mile Walter Francis Spence Parkway (“Parkway”) and the 0.8- mile Danny Wuerffell Way. The Bridge traverses Choctawhatchee Bay, connecting Niceville and Destin in southeast Okaloosa County. The Bridge opened to traffic in June 1993 with one mainline toll plaza located on the north side of the bay. Figure 7.1 shows a map of the Bridge and the roadway segments which run from US 98 to SR 85. The Parkway completely opened to traffic in January 2014. obtain ownership of the facility. The bridge and roadway segments that comprise this facility are designated as SR 293. On the The Authority operates on the Okaloosa County north side of the bay, the Parkway is four lanes to fiscal year which ends September 30. However, Range Road and two lanes to SR 85 except for the for consistency across all Department-owned section of roadway through and in the immediate and Department-operated facilities, all FY 2017 vicinity of the All-Electronic Toll (AET) gantry, data for this facility is reported according to the where it widens to four lanes. On the south side of Department’s fiscal year ending June 30, 2017, the bay, SR 293 continues as a four-lane arterial unless otherwise noted. approach (Danny Wuerffel Way) for approximately one mile and intersects with US 98. Overall, SR Tolls are collected in both directions on the 293 is 15.5 miles in length. The Parkway has full Bridge and Parkway with Parkway tolls one- interchanges at Lakeshore Drive, SR 20, Range half those on the bridge. Further, tolls Road, SR 285, SR 85 and an at-grade intersection on the Parkway are collected using AET at Forest Road (located between Range Road and technology. Users have the option of paying SR 285, north of the toll gantry). with SunPass® or TOLL-BY-PLATE® (TBP). Those electing to pay by TBP have the option The Authority was established in 1986 as a of either setting up a prepaid account (to avoid dependent special district of Okaloosa County service charges) or having a statement sent to to plan, construct, operate, and maintain a them via US mail. bridge traversing Choctawhatchee Bay and other transportation facilities that become On November 17, 2016 the Mid-Bay Bridge part of its System. The Authority entered into a Authority voted to modify the two axle frequent Lease -Purchase Agreement with the Department user SunPass® toll rate by lowering the threshold whereby the Department maintains and operates required to take advantage of the lowest toll rates the System and remits all tolls collected to the from 41-or-more trips per month per account to Authority as lease payments. The lease term runs 32-or-more trips per month per account. This concurrently with the bonds and when the bonds change was effective January 1, 2017. mature and are fully paid, the Department will

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66 Mid-Bay Bridge Authority System FY 2017 Annual Report Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

Currently, two-axle tolls on both the by the BP oil spill, which began with the explosion Bridge and the Parkway are as follows: of the Deepwater Horizon drilling platform on April 20, 2010. While the oil slick moved eastward Bridge: from the waters off of Louisiana to Mississippi • Cash $4.00 and Alabama, and began affecting the beaches • SunPass® (infrequent users, those making in Escambia and Santa Rosa Counties, it only 31-or-less trips per month per account): $3.00 minimally affected Okaloosa Island to the west of • SunPass® (frequent users, those making 32- Destin. or-more trips per month per account): $2.00 Post-oil spill transactions (and toll revenue) began Parkway: an upward climb as tourists began to return to • TOLL-BY-PLATE® $2.00 the area and as the economy began to recover. • SunPass® (infrequent users, those making In fact, Northwest Florida again experienced 31-or-less trips per month per account): $1.50 another positive tourist season. Most currently, • SunPass® (frequent users, those making 32- the first two months of FY 2018 (July and August or-more trips per month per account): $1.00 2017) revealed that the hotel bed tax collections in Okaloosa and Walton counties (combined) Three-or-more axle vehicles (regardless of the were up over 14 percent compared to the same payment method) pay tolls calculated using months in FY 2017. the “N minus 1” method and increase at the rate Table 7.1 - Mid-Bay bridge Authority of $4.00 per axle over the $4.00 cash two-axle toll Historical Transactions and Revenue Growth on the Bridge and $2.00 per axle over the $2.00 State FY 2007 through State FY 2017 TOLL-BY-PLATE® two-axle toll on the Parkway. Toll Revenue Transactions (000) ($000) Fiscal Toll Non Percent Percent Average Year Paying Revenue Total Change Amount Change Toll 7.2 FY 2017 TRANSACTIONS 2007 7,452 3 7,455 - $14,200 - $1.905 AND TOLL REVENUES 2008 7,165 3 7,168 (3.8%) 13,421 (5.5%) 1.872 Generally, both traffic and revenue on the Bridge 2009 6,789 50 6,839 (4.6) 12,586 (6.2) 1.840 have increased over the years. The annual 2010 6,755 4 6,759 (1.2) 12,867 2.2 1.904 increase in traffic and revenue for the facility from 2011 6,476 13 6,489 (4.0) 15,472 20.2 2.384 2012 6,491 30 6,521 0.5 15,699 1.5 2.407 FY 2007 through FY 2017 is presented in Table 7.1. 2013 6,523 42 6,565 0.7 15,797 0.6 2.406 Traffic and toll revenue have grown from 7.5 million 2014(1) 7,644 43 7,687 17.1 17,021 7.7 2.214 transactions and $14.2 million in FY 2007 to 10.2 2015 9,720 54 9,774 27.1 19,954 17.2 2.042 million transactions and $27.3 million in FY 2017. Toll 2016(2) 9,984 52 10,036 2.7 25,371 27.1 2.528 revenues increased due to the toll rate increases 2017 10,105 54 10,159 1.2 27,298 7.6 2.687 and the opening of the Parkway. However, Bridge Source: FDOT Office of the Comptroller and Turnpike Enterprise Finance Office. Notes: The non-revenue class includes authorized vehicles that pass through a toll plaza traffic did decline during the Great Recession as without incurring a toll (i.e., law enforcement, emergency vehicles) and transactions reported during toll suspensions attributable to hurricanes. These data will not match a result of the economic slowdown affecting the the audited data maintained by the Mid-Bay Bridge Authority because of the difference in fiscal years. state of Florida, particularly the reduced level of (1) The Spence Parkway opened to traffic on January 4, 2014. Toll collection on the facility started on January 6, 2014. tourism in Okaloosa and Walton counties. (2) Tolls increased October 1, 2015 and frequent user discount modified on January 1, 2017.

Transactions and revenue during the late spring- In FY 2017 there was an increase of 1.2 percent early summer of 2010 (FY 2011) were also affected in transactions and 7.6 percent in toll revenue,

FY 2017 Annual Report Mid-Bay Bridge Authority System 67 Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

respectively, over FY 2016, with the revenue Graph 7.1 shows the number of hourly weekday increase being partially attributable to the toll and weekend transactions of a typical week rate increase implemented during the prior fiscal during FY 2017 for the Bridge and the Parkway. year. As expected, the demand for travel on the facilities during weekdays is highest during the Monthly transactions and toll revenue morning and evening peak hours. Almost 1,500 on the Bridge and the Parkway facilities vehicles used the Bridge during the morning during FY 2017 are presented in Table 7.2. peak hour from 8:00 a.m. to 9:00 a.m. while, The first quarter (July through September), during the same time period, almost 700 which includes the peak season, experienced vehicles used the Parkway. In the evening the highest revenue of any quarter while the peak period nearly 1,700 vehicles used the fourth quarter (April through June) experienced Bridge and almost 700 vehicles used the the most transactions of any quarter. Graph 7.1 - Mid-Bay Bridge Authority Typical Hourly Weekday Transactions Table 7.2 - Mid-bay bridge Authority State FY 2017 Monthly Transactions and Toll Revenue State FY 2017 2,000 Transactions (000) Toll Revenue ($000) Mid-Bay Spence Mid-Bay Spence 1,500 Month Bridge Parkway Total Bridge Parkway Total 753 325 1,078 $2,529 $503 $3,032 July 2016 1,000 August 631 250 881 2,023 380 2,403 Transactions September 577 231 808 1,854 355 2,209 1st Quarter 500 Total 1,961 806 2,767 6,406 1,238 7,644 October 602 240 842 1,934 364 2,298 0 November 525 192 717 1,663 293 1,956 12AM 2AM 4AM 6AM 8AM 10AM 12PM 2PM 4PM 6PM 8PM 10PM 12AM December 550 185 735 1,712 275 1,987 Midbay Bridge Spence Parkway 2nd Quarter Total 1,677 617 2,294 5,309 932 6,241 Typical Hourly Weekend Transactions January State FY 2017 2017 488 171 659 1,473 244 1,717 February 496 176 672 1,520 257 1,777 2,000 March 633 255 888 1,969 371 2,340 3rd Quarter 1,500 Total 1,617 602 2,219 4,962 872 5,834 April 634 263 897 2,011 379 2,390 May 690 286 976 2,166 404 2,570 1,000 Transactions June 702 304 1,006 2,220 399 2,619 4th Quarter 500 Total 2,026 853 2,879 6,397 1,182 7,579 Annual Total 7,281 2,878 10,159 $23,074 $4,224 $27,298 0 12AM 2AM 4AM 6AM 8AM 10AM 12PM 2PM 4PM 6PM 8PM 10PM 12AM Source: FDOT Office of the Comptroller (Annual Toll Revenue) and Turnpike Enterprise Finance Office. Midbay Bridge Spence Parkway Note: Transactions represent toll-paying and non-revenue traffic at Mid-Bay Bridge and the Spence Parkway plazas. Source: Data obtained from Turnpike Enterprise Finance Office for the 7-day period beginning Monday, October 10, 2016.

68 Mid-Bay Bridge Authority System FY 2017 Annual Report Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

Parkway facility from 5:00 p.m. to 6:00 p.m. occur from November through February, as it On weekends, there is no clear morning or is the off-season for tourists and seasonal evening peak periods indicating that a large residents in northwest Florida. number of non-commuters, many associated with recreational travel, use each of the facilities. The traffic and revenue contributions On Saturdays, however, during the peak from trucks on the Bridge, the Parkway (summer) season, traffic tends to peak during and the combined facilities are shown in the early morning in the northbound direction Graph 7.2. For FY 2017, trucks accounted as tourists check-out of their accommodations and begin their trip home, while in the Graph 7.2 Mid-Bay Bridge Authority Transactions by Axle Class southbound direction traffic tends to peak in State FY 2017 the late morning to late afternoon as tourists 100% arrive to check-in to their accommodations. 99% 2% 2% 3% 98% The monthly transaction variations for 97% the Bridge and the Parkway in FY 2017 are 96% analyzed in Table 7.3. The overall two- 98% 97% 98% way Annual Average Daily Traffic (AADT) 95% for the combined Bridge and Parkway for 94% FY 2017 was 27,800. The peak season occurs 93% in spring and summer. May, June and July were 92% the highest months with July at 25 percent above 91% the average for the combined facilities. January 90% was the lowest month at 24 percent below the Mid-Bay Spence Combined average. Typically, the lowest transaction levels Bridge Parkway 2 axles Additional Axles Table 7.3 - mid-bay bridge authority Seasonal Transaction Variation State FY 2017 Revenue Contribution by Axle Class Average Daily Transactions State FY 2017 Mid-Bay Spence Seasonal 100% Month Bridge Parkway Total Factor July 2016 24,300 10,500 34,800 1.25 98% August 20,400 8,100 28,500 1.03 6% 6% 96% September 19,200 7,700 26,900 0.97 9% October 19,400 7,700 27,100 0.97 94% November 17,500 6,400 23,900 0.86 December 17,700 6,000 23,700 0.85 92% January 2017 15,700 5,500 21,200 0.76 February 17,700 6,300 24,000 0.86 90% March 20,400 8,200 28,600 1.03 88% 94% 91% 94% April 21,100 8,800 29,900 1.08 May 22,200 9,200 31,400 1.13 86% June 23,400 10,100 33,500 1.21 Mid-Bay Bridge Spence Parkway Combined AADT 19,900 7,900 27,800 1.00 2 axles Additional Axles

FY 2017 Annual Report Mid-Bay Bridge Authority System 69 Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

for approximately 2 percent of traffic on Table 7.4 - mid-bay bridge authority Transactions by Payment Method the Bridge, three percent on the Parkway State FY 2017 and two percent on the combined facilities. Transactions (000) Correspondingly, the revenue collected from Non- Percent truck traffic amounted to six percent of the Month SunPass® SunPass® Total SunPass® total on the Bridge, nine percent on the Parkway July 2016 573 505 1,078 53.2% and six percent on the combined facilities. In August 557 324 881 63.2 terms of actual amounts, vehicles with three September 524 284 808 64.9 or more axles provided approximately $1.3 October 547 295 842 65.0 million on the Bridge, $375 thousand on the November 514 203 717 71.7 December 537 198 735 73.1 Parkway and $1.7 million total. January 2017 492 167 659 74.7 7.3 SUNPASS® February 487 185 672 72.5 March 575 313 888 64.8 The Mid-Bay Bridge toll plaza was April 569 328 897 63.4 originally constructed as a three-lane plaza May 610 366 976 62.5 accommodating two-way traffic. In May 1999, June 586 420 1,006 58.3 capacity improvements were completed and Total 6,571 3,588 10,159 the toll plaza was widened from three to six Percentage 64.7% 35.3% 100.0% lanes. The conversion to SunPass® occurred Source: Turnpike Enterprise Finance Office. Notes: Non-SunPass® transactions represent toll-paying and non-revenue transactions. concurrently with the widening in May 1999. The Mid-Bay Bridge toll plaza was expanded and the Parkway is approximately $16.2 million, again in May 2007 from six to eight lanes. Toll nearly 60 percent of all revenue collected on collection on the Parkway is accomplished via the System. The SunPass® revenue amount AET at a four-lane (two lanes each way) toll is net of the SunPass® rebates for the two gantry (See Appendix A for the toll plaza facilities (for those eligible accounts incurring configurations). 32-or-more transactions per calendar month per facility) which, for FY 2017, amounted The percentage of SunPass® transactions on to approximately $1.9 million. Table 7.5 shows the System during FY 2017 is shown in Table 7.4. revenue contributions from SunPass® and As indicated, SunPass® transactions totaled non-SunPass® on the combined facilities by approximately 6.6 million, resulting in a month. Note that while SunPass® contributed participation nearly 65 percent. Individually, 59.2 percent of the total combined toll revenue the SunPass® participation rate on the Bridge in FY 2017, SunPass® comprised approximately during FY 2017 was 67 percent while on the 64.7 percent of the overall, combined facilities Parkway the participation rate was 60 percent. traffic. This is due to the lower (discounted) toll On a monthly basis, the highest SunPass® paid by two-axle SunPass® customers. participation occurred during the winter months (November through February) when 7.4 FY 2017 EXPENSES commuters constitute a larger share of the AND LIABILITIES total volume on both the Bridge and the Historical operating and routine maintenance Parkway. expenses from FY 2007 through FY 2017 are presented in Table 7.6. Operating expenses The resulting SunPass® revenue on the Bridge have increased from approximately $1.9 million

70 Mid-Bay Bridge Authority System FY 2017 Annual Report Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

Table 7.5 - mid-bay bridge authority Gross Toll Revenue by Payment Method Combined, total O&M expenses increased from State FY 2017 $2.2 million in FY 2007 to $3.5 million in FY 2017. FY 2017 operating and routine maintenance Gross Toll Revenue ($000) expenses increased by approximately 8.9 percent, Non- Percent Month SunPass® SunPass® Total SunPass® or $283 thousand, from FY 2016. Beginning July 2016 $1,447 $1,585 $3,032 47.7% in FY 2016, certain revenues no longer offset August 1,380 1,023 2,403 57.4 expense; thus, operating expenses in prior years September 1,313 896 2,209 59.4 appear lower in comparison to years subsequent October 1,371 927 2,298 59.7 to FY 2015. November 1,310 646 1,956 67.0 December 1,361 626 1,987 68.5 Maintenance of the Bridge has been performed January 2017 1,192 525 1,717 69.4 under a private Asset Maintenance Contract February 1,187 590 1,777 66.8 since FY 2005. Maintenance activities include March 1,375 965 2,340 58.8 April 1,365 1,025 2,390 57.1 roadside mowing and upkeep, guardrail repair, May 1,457 1,113 2,570 56.7 shoulder repair, bridge inspection and other June 1,403 1,216 2,619 53.6 routine maintenance. FY 2017 maintenance Total $16,161 $11,137 $27,298 expenses increased $61 thousand. In addition to Percentage 59.2% 40.8% 100.0% routine maintenance expenses, approximately Source: FDOT Office of the Comptroller (Annual Toll Revenue) and Turnpike Enterprise $1.2 million in periodic maintenance and capital Finance Office. improvement expenses were incurred during FY 2017 primarily for toll system enhancement. Table 7.6 - mid-bay bridge authority Florida Department of Transportation Historical Operating and Routine A comparison between actual and budgeted Maintenance Expenses operating and routine maintenance expenses State FY 2007 through State FY 2017 for FY 2017 is presented in Table 7.7. Actual Routine operating expenses of $3.2 million were higher Operating Maintenance Total O&M Expense Expense Expenses Fiscal Year ($000) ($000) ($000) Table 7.7 - mid-bay bridge authority 2007 $1,916 $246 $2,162 Florida Department of Transportation Operating and Routine Maintenance Expenses 2008 2,058 213 2,271 State FY 2017 2009 2,155 195 2,350 2010 1,971 167 2,138 Over/ Budget Actual (Under) 2011 2,061 202 2,263 Type of Expense ($000) ($000) ($000) Variance 2012 2,124 187 2,311 Operating $2,986 $3,191 $205 6.9% 2013 2,045 314 2,359 Routine Maintenance 359 281 (78) (21.7) 2014 2,348 261 2,609 Total $3,345 $3,472 $127 3.8% 2015 2,795 312 3,107 Source: FDOT Office of the Comptroller, Turnpike Enterprise Finance Office and the FY 2016 2016 2,969 220 3,189 Enterprise Toll Operations Traffic Engineer’s Annual Report. 2017 3,191 281 3,472 Source: FDOT Office of the Comptroller. than the FY 2017 budget by approximately $205 thousand, or 6.9 percent, primarily due in FY 2007 to $3.2 million in FY 2017. During the to increased toll collection costs resulting same period, routine maintenance expenses from increased traffic growth. Actual routine increased from $246 thousand to $281 thousand. maintenance expenses of $281 thousand were

FY 2017 Annual Report Mid-Bay Bridge Authority System 71 Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

lower than the FY 2017 budget by approximately be used by the Authority for any lawful purpose $78 thousand, or 21.7 percent. Overall, operating at such time as the Authority shall determine. and routine maintenance expenses for FY 2017 were $127 thousand more than budgeted An analysis of the FY 2017 State Transportation amounts. Trust Fund (STTF) long-term liability is presented in Table 7.8. FY 2017 additions to As reflected in Figure 7.2, moneys in excess of the liability totaled approximately $4.4 million the current operating and maintenance liability and consisted of $3.2 million for operating to the Department shall be applied as follows: and maintenance expenses and $1.2 million 50 percent of the annual amount deposited for capital improvement costs. During FY 2017, shall be transferred to the Department until all $7.2 million reimbursed to the Department outstanding amounts due to the Department comprised of $3.2 million for operating and are fully repaid. The remaining 50 percent is to maintenance expenses, $3.4 million applied to the long-term liability and $0.6 million for prior Figure 7.2 year capital improvement costs. Mid-Bay Bridge Authority Table 7.8 - mid-bay bridge authority Flow of Funds STTF Long-Term Liability Revenue Bonds State FY 2017 ToTollll Revenue Revenue Interest Amount Transaction ($000) Administrative Expenses Balance, July 1, 2016 $11,080 Additions(1) 4,387 Reductions(2) 7,240 Debt Service 1st Senior Lien Balance, June 30, 2017 $8,227 Source: FDOT Office of the Comptroller. (1) Additions represent increases in the long-term liability due Debt Service Reserve to O&M expenses and improvements. (2) As used here, reductions represent reimbursements made 1st Senior Lien by the Authority to the Department from its revenue fund.

Debt Service 7.5 NOTEWORTHY EVENTS 2nd Senior Lien On September 5, 2017 (FY 2018) tolls were suspended for 15 days due to Hurricane Irma Debt Service Reserve evacuation and recovery efforts. Based on 2nd Senior Lien the Department’s estimate, the toll suspension resulted in a $1.1 million loss in revenue STTF (Department Funded) collections. Current O&M Budgeted Amounts Actual Prior Year O&M Net Reimbursed 7.6 EXPENSE FORECASTS 50% 50% The Department’s projected operating and STTF Authority maintenance expenses for FY 2018 through (Department Funded) General Fund FY 2028 are shown in Table 7.9. The operating Until debt is satisfied Any Lawful Purpose Including expenses in FY 2018 represent the budget Operations, Maintenance, Construction, Expansion, R&R, SunPass, Improvements/ Improvements, Enhancements, amount for that fiscal year (see Appendix C for Enhancements or additional reimbursements a detailed description of the operating expense to Department budget). Subsequent to FY 2018, operating

72 Mid-Bay Bridge Authority System FY 2017 Annual Report Florida Department of Transportation ENTERPRISE TOLL OPERATIONS

Table 7.9 - mid-bay bridge authority Florida Department of Transportation FY 2022, respectively. Subsequent years Projected Operating and Maintenance Expenses have been increased at 2.0 percent annually State FY 2018 through State FY 2028 through FY 2028. The notable increase in routine maintenance expenses beginning in Operating Maintenance Expenses Total O&M Expense Routine Periodic(1) Expenses FY 2019 reflects maintenance for the expanded Fiscal Year ($000) ($000) ($000) ($000) footprint of the Parkway and bridge 2018 $2,826 $241 $219 $3,286 maintenance activities required by the asset 2019 2,883 770 425 4,078 maintenance contractor. 2020 2,941 770 296 4,007 2021 3,000 770 119 3,889 7.7 REVENUE SUFFICIENCY 2022 3,060 770 98 3,928 In June 2015, the Authority refinanced all 2023 3,121 770 100 3,991 2024 3,183 786 102 4,071 outstanding debt with issuance of the Series 2025 3,247 801 104 4,152 2015 Revenue Bonds. The total amount of the 2026 3,312 817 106 4,235 bond issue was $285,040,000. 2027 3,378 834 109 4,321 2028 3,446 851 111 4,408 As of September 30, 2017, bonds in the principal Note: Operating expenses are based on the budget developed by Turnpike Enterprise amount of $281.3 million remained outstanding Finance Office for FY 2018 and inflated at 2.0 percent annually. (1) Periodic maintenance expenses were provided by the FDOT Project from the Series 2015. A timeline of Mid-Bay Finance Office based on estimated expenditures from the 5-Year Work Program and are reported on a cash basis. Periodic maintenance expenses beyond FY 2023 Bridge bond sales for the facility is shown in include a minimal level of preservation (excluding extraordinary expense such as major bridge repairs) that are based on FY 2023 expenses increased at 2.0 percent annually. Figure 7.3. expenses are projected to grow at 2.0 percent annually to allow for inflation.

Routine and Periodic Maintenance expenses are provided by the Department’s Office of Project Finance through FY 2023 and Figure 7.3 Mid-Bay Bridge Authority Bond Issues

1991 1993 1997 2004 2007 2008 2011 2015

$30.8 million $57.2 million $13.0 million $21.7 million $25.5 million $143.9 million $227.0 Revenue Revenue Revenue Revenue Revenue Revenue Revenue Bonds Refunding Bonds Refunding Bonds Bonds Bonds Bonds Bonds $25.1 million $2.9 million $23.7 million $10.7 million $24.5 Revenue $29.0 million Revenue $11.5 million Revenue Revenue Taxable Bonds Revenue Bonds Revenue Bonds Refunding Revenue Refunding Bonds Bonds Bonds $34.9 million Bonds $33.5 Revenue Revenue Refunding Bonds Bonds

Note: A list of projects funded by each bond issue is included in Table 1.4 of this report.

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74 Mid-bay Bridge Authority System FY 2017 Annual Report