2020 FOR THE FISCAL YEAR ENDED JUNE 30, 2020 COMPREHENSIVE ANNUAL FINANCIAL REPORT COMPREHENSIVE ANNUAL FINANCIAL REPORT 2 | MARYLAND TRANSPORTATION AUTHORITY2020 | PREPARED BY THE DIVISION OF FINANCE Deborah Sharpless, CPA, Chief Financial Officer Chantelle Green, Director of Finance Kenneth Montgomery, Deputy Director of Finance Luther Dolcar, Director of General Accounting Vicky Dobbins, Financial Reporting Manager MARYLAND TRANSPORTATION AUTHORITY AN ENTERPRISE FUND OF THE STATE OF MARYLAND FOR THE FISCAL YEAR ENDED JUNE 30, 2020 2020 | COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2020 | 3 TABLE OF CONTENTS I. INTRODUCTORY SECTION ...............................................................................................................................7 Certificate of Achievement for Excellence in Financial Reporting .................................................................................. 8 Letter of Transmittal ............................................................................................................................................................... 9 Members of the Maryland Transportation Authority .................................................................................................... 22 MDTA Organizational Chart .............................................................................................................................................. 23 II. FINANCIAL SECTION ....................................................................................................................................25 Report of Independent Public Accountants ........................................................................................................................ 26 Management’s Discussion and Analysis ............................................................................................................................ 28 Basic Financial Statements .................................................................................................................................................. 37 Statement of Net Position ..................................................................................................................................................... 38 Statement of Revenues, Expenses, and Changes in Net Position ................................................................................... 40 Statement of Cash Flows ...................................................................................................................................................... 41 Notes to the Financial Statements ...................................................................................................................................... 43 Required Supplemental Information ................................................................................................................................... 79 Schedule of Required Supplemental Information: MDTA’s Proportionate Share of the Net Pension Liability ...................................................................................................................................................... 80 MDTA Contributions to the Maryland State Retirement and Pension System ............................................................81 Other Supplemental Information ......................................................................................................................................... 82 Combined Schedule of Revenue and Expenses – All Facilities ...................................................................................... 83 Schedule of Toll Transactions – All Facilities (Unaudited) ............................................................................................. 84 Schedule of Toll Revenue – All Facilities ........................................................................................................................... 85 Schedule of Toll Transactions – John F. Kennedy Memorial Highway (Unaudited) .................................................. 86 Schedule of Toll Revenue – John F. Kennedy Memorial Highway ................................................................................. 87 Schedule of Toll Transactions – I-95 Express Toll Lanes (Unaudited) .......................................................................... 88 Schedule of Toll Revenue – I-95 Express Toll Lanes ........................................................................................................ 89 Schedule of Toll Transactions – Thomas J. Hatem Memorial Bridge (Unaudited) ..................................................... 90 Schedule of Toll Revenue – Thomas J. Hatem Memorial Bridge .....................................................................................91 Schedule of Toll Transactions – Harry W. Nice/Thomas “Mac” Middleton Bridge (Unaudited) ............................. 92 Schedule of Toll Revenue – Harry W. Nice/Thomas “Mac” Middleton Bridge ............................................................ 93 Schedule of Toll Transactions – William Preston Lane, Jr. Memorial (Bay) Bridge (Unaudited) ............................. 94 Schedule of Toll Revenue – William Preston Lane, Jr. Memorial (Bay) Bridge ........................................................... 95 Schedule of Toll Transactions – Baltimore Harbor Tunnel (Unaudited) ...................................................................... 96 Schedule of Toll Revenue – Baltimore Harbor Tunnel .................................................................................................... 97 Schedule of Toll Transactions – Francis Scott Key Bridge (Unaudited) ....................................................................... 98 Schedule of Toll Revenue – Francis Scott Key Bridge ...................................................................................................... 99 Schedule of Toll Transactions – Fort McHenry Tunnel (Unaudited) .......................................................................... 100 Schedule of Toll Revenue – Fort McHenry Tunnel .........................................................................................................101 Schedule of Toll Transactions – Intercounty Connector (Unaudited) ........................................................................ 102 4 | MARYLAND TRANSPORTATION AUTHORITY | Schedule of Toll Revenue – Intercounty Connector....................................................................................................... 103 Investment of Funds – Master Investment Schedule ..................................................................................................... 104 Investment of Funds – Transportation Facilities Projects ............................................................................................ 105 Investment of Funds – Intercounty Connector .............................................................................................................. 106 Investment of Funds – BWI Marshall Airport Parking Garage .................................................................................. 107 Investment of Funds – BWI Marshall Airport Consolidated Rental Car Facility .................................................... 108 Investment of Funds – BWI Marshall Airport Passenger Facility Charge Projects .................................................. 109 Investment of Funds – Metrorail Parking Projects .........................................................................................................110 Investment of Funds – Calvert Street Parking Garage ...................................................................................................111 III. STATISTICAL SECTION..............................................................................................................................113 Statistical Section Index ......................................................................................................................................................114 Financial Trends ....................................................................................................................................................................115 Schedule of Net Position .....................................................................................................................................................115 Schedule of Revenue, Expenses, and Changes in Net Position .....................................................................................116 Revenue Capacity .................................................................................................................................................................117 Toll Transactions by Vehicle Class.....................................................................................................................................117 Toll Revenue by Vehicle Class ............................................................................................................................................118 Toll Transactions by Facility ...............................................................................................................................................119 Toll Revenue by Facility ..................................................................................................................................................... 120 History of Toll Rates by Facility .......................................................................................................................................