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Comprehensive Annual Financial Report for the Year Ended December 31, 2014

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Comprehensive Annual Financial Report for the Year Ended December 31, 2014 NEW JERSEY TURNPIKE AUTHORITY (A Component Unit of the State of New Jersey) Comprehensive Annual Financial Report For the Year Ended December 31, 2014 NEW JERSEY TURNPIKE AUTHORITY (A Component Unit of the State of New Jersey) Comprehensive Annual Financial Report For the Year Ended December 31, 2014 Prepared by: New Jersey Turnpike Authority Finance and Budget Department NEW JERSEY TURNPIKE AUTHORITY (A Component Unit of the State of New Jersey) Comprehensive Annual Financial Report For the Year Ended December 31, 2014 Table of Contents Page INTRODUCTORY SECTION (UNAUDITED) Letter of Transmittal i Mission Statement ii Organizational Chart iii Board of Commissioners and Senior Staff iv Overview of Organization, Background and Functions vi-viii $7 Billion Capital Investment Plan ix-xv Report of Management Under Executive Order No. 37 (Corzine, 2006) xvi-xvii FINANCIAL SECTION: Independent Auditors’ Report 1 Management’s Discussion and Analysis (Unaudited) 3 Basic Financial Statements: Statements of Net Position as of December 31, 2014 and 2013 22 Statements of Revenues, Expenses, and Changes in Net Position for the years ended December 31, 2014 and 2013 23 Statements of Cash Flows for the years ended December 31, 2014 and 2013 24 Notes to the Financial Statements 25 SCHEDULES: 1 Required Supplementary Information (Unaudited) – Schedule of Funding Progress – Other Postemployment Benefits Plan as of December 31, 2014 72 2 Schedule of Net Position – Reconciliation of Bond Resolution to GAAP as of December 31, 2014 73 3 Schedule of Revenues, Expenses and Changes in Net Position – Reconciliation of Bond Resolution to GAAP as of December 31, 2014 74 4 Schedule of Cash Flows – Reconciliation of Bond Resolution to GAAP as of December 31, 2014 75 5 Schedule of Net Revenue Requirement for the years ended December 31, 2014 and 2013 76 6A Schedule of Investments as of December 31, 2014 77 6B Schedule of Investments as of December 31, 2013 78 7 Schedule of Depositories as of December 31, 2014 and 2013 79 8 Schedule of Cost of Investment in Facilities as of December 31, 2014 80 9A Schedule of Bond Indebtedness as of December 31, 2014 81 9B Schedule of Refunded Bond and Note Indebtedness as of December 31, 2014 and 2013 82 10A Schedule of Toll Revenue (Unaudited) for the years ended December 31, 2014 and 2013 83 10B Schedule of Toll Revenue (Unaudited) for the years ended December 31, 2014 and 2013 84 STATISTICAL SECTION (UNAUDITED) Schedule of Net Position (GAAP Basis) – Last Ten Fiscal Years 85 Schedule of Revenues, Expenses and Changes Net Position (GAAP Basis) – Last Ten Fiscal Years 86 Schedule of Capital Assets – Last Ten Fiscal Years 87 Schedule of Toll Transactions by Vehicle Type and Roadway – Last Ten Fiscal Years 88 Schedule of Toll Revenue by Vehicle Type and Roadway – Last Ten Fiscal Years 89 Schedule of Toll Revenue by Toll Type and Roadway – Last Ten Fiscal Years 90 Schedule of Vehicle Miles Traveled – Last Ten Fiscal Years 91 Schedule of Average Toll per Transaction – Last Ten Fiscal Years 92 Schedule of Ten Largest Customers – as of December 31, 2014 and December 31, 2005 93 Schedule of Outstanding Debt per Toll Transaction and Lane Mile – Last Ten Fiscal Years 94 Schedule of Net Revenue Requirement – Last Ten Fiscal Years 95 Schedule of Aggregate Debt Service – as of December 31, 2014 96 Schedule of Full Time Employees (Authorized Positions) – Last Ten Fiscal Years 97 Schedule of State Population and Employment – Last Ten Fiscal Years 98 Schedule of Total Personal Income and Per Capita Income – Last Ten Fiscal Years 99 Schedule of Ten Largest Employers – Last Ten Fiscal Years 100 Schedule of Insurance Coverage – as of December 31, 2014 105 Schedules of Toll Rates – as of December 31, 2014 109 Schedule of Contracts awarded over $100,000 – for the year ended December 31, 2014 131 INTRODUCTORY SECTION (UNAUDITED) Letter of Transmittal New Jersey Turnpike Authority ADMINISTRATION BUILDING - 581 MAIN STREET P.O. BOX 5042 - WOODBRIDGE, NEW JERSEY 07095 TELEPHONE (732) 750-5300 CHRIS CHRISTIE JAMIE FOX, Chairman GOVERNOR RONALD GRAVINO, Vice Chairman MICHAEL R. DuPONT, Treasurer KIM GUADAGNO HAROLD L. HODES, Commissioner LIEUTENANT GOVERNOR RAYMOND M. POCINO, Commissioner ULISES E. DIAZ, Commissioner DANIEL F. BECHT, Commissioner JOHN D. MINELLA, Commissioner March 31, 2015 JOSEPH W. MROZEK, Executive Director Board of Commissioners New Jersey Turnpike Authority 581 Main Street Woodbridge, New Jersey 07095 Commissioners: The New Jersey Turnpike Authority Act of 1948, as amended, restated and supplemented, the Turnpike Revenue Bond Resolution of 1991, as amended, restated and supplemented, as well as Executive Orders 122 (McGreevy, 2004) and 37 (Corzine, 2006), require an annual audit of the Authority’s financial statements by a firm of independent auditors. Executive Order 37 (Corzine, 2006) (EO37) additionally requires the Authority, on an annual basis, to prepare a comprehensive report concerning the Authority’s operations. Under EO37, the comprehensive report shall include, among other things, the Authority’s audited financial statements. Accordingly, the Comprehensive Annual Financial Report (CAFR) of the New Jersey Turnpike Authority (Authority) for the year ended December 31, 2014 is hereby submitted. The CAFR is presented in three sections: introductory, financial and statistical. The introductory section includes this letter of transmittal, the Authority’s Board of Commissioners, the Authority’s organizational chart, narrative background information about the Authority and a report of management required under EO37. It also discusses the Authority’s current $7 Billion Capital Investment Plan. The financial section includes the independent auditor’s report, management’s discussion and analysis, the basic financial statements including notes to the financial statements and schedules that provide additional financial information. The statistical section provides trend and operational data, generally on a multi-year basis. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the Authority. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the Authority. All disclosures necessary to enable the reader to gain an understanding of the Authority’s financial activities have been included. We believe that this report provides a full understanding of the Authority’s 2014 financial and operational activities, including the completion of the $2.3 billion widening of the New Jersey Turnpike between Interchanges 6 and 9. This project added 3 travel lanes in each direction between Interchanges 6 and 9, was completed on time and under budget, and added 170 lane miles to the roadway. The Interchange 6 to 9 widening project is designed to relieve heavy and recurring traffic congestion on this section of the New Jersey Turnpike, improve operational and maintenance performance, and provide for the increased demand for capacity in the future. Joseph W. Mrozek Donna Manuelli Executive Director Chief Financial Officer Website address http://www.state.nj.us/turnpike i Mission Statement The New Jersey Turnpike Authority is dedicated to the safe, efficient movement of people and goods over two of the busiest toll roads in America, the New Jersey Turnpike and the Garden State Parkway. Our highways are a critical link in the transportation network of the Northeastern United States and the safest, quickest and most convenient route for hundreds of thousands of commuters, truckers and recreational travelers every day. ii ORGANIZATIONAL CHART BOARD OF COMMISSIONERS Chairman Jamie Fox INTERNAL AUDIT Director of Audit James Carone EXECUTIVE Executive Director Joseph Mrozek EXECUTIVE Secretary to the Authority Sheri Ann Czajkowski EXECUTIVE Chief Operating Officer & Deputy Executive Director INTEGRATED FINANCE AND John F. O’Hern TECHNOLOGY BUDGETS LAW ENGINEERING OPERATIONS SERVICES Chief General Chief Director of Chief Financial Counsel Engineer Operations Information Officer Bruce Harris Robert Fischer Henry Eibel Officer Donna Manuelli Barry Pelletteri HUMAN PMM MAINTENANCE RESOURCES Director of Acting TOLLS Director of Procurement Director of Director of Human and Maintenance Tolls Resources Management Kenneth Robert Quirk Mary-Elizabeth Materials McGoldrick Garrity Andrea Ward 6/10/2015 BOARD OF COMMISSIONERS Member Position Term Expires (1) Jamie Fox Chairman Ex-Officio Ronald Gravino Vice Chairman February 14, 2014 Michael R. DuPont Treasurer February 14, 2013 Harold L. Hodes (2) Commissioner November 24, 2013 Raymond M. Pocino Commissioner February 14, 2011 Ulises E. Diaz Commissioner February 14, 2010 Daniel F. Becht Commissioner February 14, 2012 John D. Minella Commissioner July 9, 2018 (1) According to the New Jersey Turnpike Act of 1948, constituting Chapter 454 of the Laws of New Jersey of 1948, as amended and supplemented, commissioners whose terms have expired serve in a holdover capacity. (2) Resigned from the Board of Commissioners effective January 8, 2015. The seat is currently vacant. iv SENIOR STAFF Joseph W. Mrozek Executive Director John F. O’Hern Chief Operating Officer Sheri Ann Czajkowski Secretary to the Authority Bruce A. Harris General Counsel Robert Fischer Chief Engineer Donna Manuelli Chief Financial Officer Barry Pelletteri Chief Information Officer James Carone Director of Internal
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