MOVING FORWARD FY20 annual report July 1, 2019 - June 30, 2020 What an interesting year it has been.
Despite the COVID-19 pandemic and its impact to traffic in the last quarter of Fiscal Year 2020, the Kansas Turnpike Authority is moving forward.
The year started out strong with KTA exceeding monthly traffic and revenue projections. That changed when traffic sharply declined in March and remained low the remainder of the year. The impact left KTA realizing a 4.03% decrease in toll revenue compared to the prior year.
However, KTA adjusted operations to stay fiscally sound and even with the decreased toll revenue, we met our financial goals. The Turnpike’s net position increased by $28.8M (4.2%) and long-term debt was reduced by $10.7M. Additionally, KTA maintained the highest bond rating it can receive (Aa2 Stable Outlook) from Moody’s Investment Services.
Through it all, KTA remained committed to our projects. System improvements continued, and despite the pandemic, we experienced no significant delays.
Perhaps the most exciting part of FY2020 was KTA’s new strategic initiative, “Driving Change 2025” being adopted. This plan focuses on KTA’s transition to cashless tolling in the next five years.
A recent economic impact study revealed that 12% of Kansas’ economy relies on the Turnpike to help move goods and provide services. We understand the importance of keeping goods and people moving along the Turnpike.
KTA takes pride in our direction and our role in Kansas. We will continue to make progress and keep moving toward a bright future.
On behalf of the board,
Steve Hewitt Turnpike CEO Net position increased by $45.5M (7.1%) and long-term debt decreased by $27.7M Turnpike ACCOMPLISHMENTS
Despite COVID-19, KTA met financial goals. Net position increased by $28.8M (4.2%) and long-term debt decreased by $10.7M.
Toll revenue was over $119.3M, yet was down 4.03% compared to prior year.
Moody’s Investment Services affirmed KTA’s Aa2 Stable Outlook rating, the highest bond rating for the government-owned toll road sector
The percentage of pavement and bridges in “Good” condition exceeded the minimum acceptable condition level.
35M vehicles used the roadway.
93% of customers satisfied with the K-TAG program and87% satisfied with conditions of the roadway, with construction being a deterrent.
2,180 travelers received roadside assistance from the State Farm Safety Assist program.
KHP Troop G troopers: 1,823,642 miles driven 239 impaired drivers removed 16,315 motorists aided 1,788 commercial vehicles 8,117 speeding tickets inspected 1,224 seatbelt/child 307 felony arrests restraint violations 122 stolen vehicles recovered 1,703 vehicles inspected Accountability in the NUMBERS
Balance Sheet | consolidated June 30, 2020 June 30, 2019
Total assets $910,066,987 $891,680,475 Total deferred outflows of resources 6,579,043 6,548,729 Liabilities 194,804,181 205,556,256 Deferred inflows of resources 2,331,661 1,933,484
Total net position $719,510,188 $690,739,464
Statements of Revenue, Expenses & June 30, 2020 June 30, 2019 Change in Net Position | consolidated
Operating revenue $126,064,766 $132,732,292 Operating expenses 97,989,487 87,144,922 Operating income 28,075,279 45,587,370 Non-operating revenues (expenses) 695,445 (55,233) Change in net position 28,770,724 45,532,137 Net position beginning of year 690,739,464 645,207,327 Prior period adjustment — —
Net position | end of year $719,510,188 $690,739,464
At a GLANCE P: Passenger | C : Commercial | D&A : Discounts & Adjustments D&A($481,969) D&A (314,714) C 363,773,398 C C 5,056,731 $43,578,753
P P P 29,652,258 1,214,122,947 $75,272,463
35,023,703 1,577,896,345 $119,333,185 VEHICLES MILES TOLL REVENUE
Average miles per vehicle: 45.46 Average revenue per vehicle: $3.42
To learn more about KTA’s FY20 performance, view a comprehensive financial report located online at https://www.ksturnpike.com/about/annual-report Fiscal Year 2020 HIGHLIGHTS
Board approved a new strategic plan, Driving Change 2025, focused on converting to cashless tolling within this time
KTA’s roadway and bridge systems both exceeded established condition targets
$45.2M invested in ongoing roadway ($28.6M) and bridge ($16.6M) preservation efforts
Capital assets increased to $709.6M
Electronic toll collection increased in FY20 and accounts for 62.63% of collected tolls
Highway speed electronic lanes were introduced at Southern Terminal
Safety enhancements continued with longer ramps and drainage improvements
Since 2016, KTA has raised 51 bridges and invested $27.5M in improvements aiding freight movement
Results of an economic impact study showed 12% of the state economy (gross state product) relies on the Turnpike to help move goods MISSION KTA moves Kansas forward by operating a safe, reliable and customer-valued turnpike system in a fiscally responsible, business-like manner.
VISION KTA is committed to advancing transportation in Kansas through leadership, innovation and partnerships.
GOALS Preserve the turnpike system Sustain financial integrity and stability Improve safety and reliability Partner to deliver Kansas transportation solutions Modernize the Turnpike system
KTA BOARD David Lindstrom, Board Chair Julie Lorenz, Sec. of Transportation & Dir. of Kansas Turnpike Mike Petersen, Senator Richard J. Proehl, Representative Deb Miller, Member
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